NBT announces second-highest earnings in company history
NORWICH – Two years after posting the highest earnings in the history of the company, NBT Bancorp Inc. has come close to matching those results.
“I am pleased to report that NBT achieved near-record results in 2010, including the second highest net income and earnings per share levels in the history of the company,” said NBT President and CEO Martin Dietrich.
According to a press statement issued by the Norwich-based financial holding company yesterday, net income for the year ending Dec. 31, 2010 was $57.4 million, up 10.4 percent or $5.4 million from 2009. The results are $1 million shy of the company’s record earnings in 2008. This corresponds to a diluted earnings per share of $1.66 for the year, compared to $1.53 per share for 2009. The results rank second only to the $1.80 per share achieved in 2008.
Net income for the three months ending Dec. 31 was $14.4 million, up 4.6 percent from the same quarter in 2009.
“While the economy and the financial services industry continued to face challenges in 2010, our team remained focused on aggressively managing our conservative banking strategy, as well as continued strategic investment and new market expansion to support future growth,” Dietrich stated.
“Ultimately, our success flows directly from the quality of our team members and their commitment to serving the needs of our customers.”
Other accomplishments of note for 2010 include the company’s net interest margin which, at 4.15 percent, was the highest posted since 2003. Non-interest income was $83.9 million, a new company record. Asset quality indicators continued to stabilize as well, with past due loans and net charge-offs down from the previous year even though nonperforming and potential problem loans increased slightly.
Continuing its growth strategy, NBT Bancorp continued to expand its footprint in 2010, concentrating on the Queensbury and Schenectady markets in New York, and Greater Burlington area in Vermont, where it opened a new branch in Williston.
At present, the financial holding company operates two full-service community bank divisions – PennStar Bank which has 37 branches in Northeast Pennsylvania and NBT Bank which has 85 offices in New York and two in Vermont. The company’s portfolio also includes two financial services companies – EPIC Advisors, a full-service 401(k) plan recordkeeping firm based in Rochester, and Mang Insurance, a full-service insurance agency headquarted in Norwich.
NBT’s total assets were $5.3 billion as of Dec. 31, down $ 125.2 million from year end 2009. Loans and leases account for $3.6 billion of total assets, down $35.4 million from the prior year.
In response to the news, the NBT Board of Directors declared a 2011 first quarter cash dividend of $0.20 per share at a meeting held on Monday, Jan. 24. The dividend will be paid on March 15 to shareholders of record as of March 1.
“I am pleased to report that NBT achieved near-record results in 2010, including the second highest net income and earnings per share levels in the history of the company,” said NBT President and CEO Martin Dietrich.
According to a press statement issued by the Norwich-based financial holding company yesterday, net income for the year ending Dec. 31, 2010 was $57.4 million, up 10.4 percent or $5.4 million from 2009. The results are $1 million shy of the company’s record earnings in 2008. This corresponds to a diluted earnings per share of $1.66 for the year, compared to $1.53 per share for 2009. The results rank second only to the $1.80 per share achieved in 2008.
Net income for the three months ending Dec. 31 was $14.4 million, up 4.6 percent from the same quarter in 2009.
“While the economy and the financial services industry continued to face challenges in 2010, our team remained focused on aggressively managing our conservative banking strategy, as well as continued strategic investment and new market expansion to support future growth,” Dietrich stated.
“Ultimately, our success flows directly from the quality of our team members and their commitment to serving the needs of our customers.”
Other accomplishments of note for 2010 include the company’s net interest margin which, at 4.15 percent, was the highest posted since 2003. Non-interest income was $83.9 million, a new company record. Asset quality indicators continued to stabilize as well, with past due loans and net charge-offs down from the previous year even though nonperforming and potential problem loans increased slightly.
Continuing its growth strategy, NBT Bancorp continued to expand its footprint in 2010, concentrating on the Queensbury and Schenectady markets in New York, and Greater Burlington area in Vermont, where it opened a new branch in Williston.
At present, the financial holding company operates two full-service community bank divisions – PennStar Bank which has 37 branches in Northeast Pennsylvania and NBT Bank which has 85 offices in New York and two in Vermont. The company’s portfolio also includes two financial services companies – EPIC Advisors, a full-service 401(k) plan recordkeeping firm based in Rochester, and Mang Insurance, a full-service insurance agency headquarted in Norwich.
NBT’s total assets were $5.3 billion as of Dec. 31, down $ 125.2 million from year end 2009. Loans and leases account for $3.6 billion of total assets, down $35.4 million from the prior year.
In response to the news, the NBT Board of Directors declared a 2011 first quarter cash dividend of $0.20 per share at a meeting held on Monday, Jan. 24. The dividend will be paid on March 15 to shareholders of record as of March 1.
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