NBT announces year-to-date net income of $29M, declares dividend
NORWICH – NBT Bancorp Inc. (NBT) (NASDAQ: NBTB) reported today net income for the six months ended June 30, 2011 was $29.0 million, up $0.6 million, or 2.0 percent, from the six months ended June 30, 2010.
Net income per diluted share for the six months ended June 30, 2011 was $0.84 per share, up from $0.82 per diluted share for the six months ended June 30, 2010. Annualized return on average assets and return on average equity were 1.08 percent and 10.82 percent, respectively, for the six months ended June 30, 2011, compared with 1.04 percent and 11.07 percent, respectively, for the six months ended June 30, 2010.
Net income for the three months ended June 30, 2011 was $14.7 million, up $0.2 million, or 1.6 percent, from the three months ended June 30, 2010. Net income per diluted share for the three months ended June 30, 2011 was $0.43 per share, up from $0.42 per diluted share for the three months ended June 30, 2010. Annualized return on average assets and return on average equity were 1.09 percent and 10.86 percent, respectively, for the three months ended June 30, 2011, compared with 1.06 percent and 11.09 percent, respectively, for the three months ended June 30, 2010. Net interest margin (FTE) was 4.13 percent for the three months ended June 30, 2011, down slightly from 4.14 percent for the three months ended June 30, 2010.
Key items for the first six months of 2011 include:
• Diluted earnings per share of $0.84 for the first six months of 2011 was the second highest in the Company’s history; second to $0.88 for the same period in 2008.
• Net interest margin was 4.12 percent for the first six months of 2011, down from 4.17 percent for the same period of 2010, a result of the continued low rate environment on loan and investment yields.
• Net charge-offs were 0.60 percent of average loans and leases for the first six months of 2011, down 6 bps from the first six months of 2010; provision for loan and lease losses was down $5.6 million for the same period.
• Continued strategic expansion with the announcement of the acquisition of four branches in Berkshire County, Massachusetts, pending regulatory approval.
“Our near record earnings for the first six months of 2011 are further evidence of our company’s strong performance. Our financial results for 2008 through 2010 represented the most profitable three year term in our company’s history, during a period of time when the banking industry had record losses. We continue to make investments to further strengthen our already strong foundation to better position us for future success. Our recent announcement to expand into western Massachusetts with the acquisition of four Legacy Banks branches is another exciting investment we are making in our future. Our strong balance sheet and earnings momentum, along with a passionate and professional team of employees, continues to position us well to take advantage of new growth opportunities,” said NBT President and CEO Martin Dietrich.
The NBT Board of Directors declared a 2011 third-quarter cash dividend of $0.20 per share at a meeting held today. The dividend will be paid on Sept. 15, 2011 to shareholders of record as of Sept. 1, 2011.
Net income per diluted share for the six months ended June 30, 2011 was $0.84 per share, up from $0.82 per diluted share for the six months ended June 30, 2010. Annualized return on average assets and return on average equity were 1.08 percent and 10.82 percent, respectively, for the six months ended June 30, 2011, compared with 1.04 percent and 11.07 percent, respectively, for the six months ended June 30, 2010.
Net income for the three months ended June 30, 2011 was $14.7 million, up $0.2 million, or 1.6 percent, from the three months ended June 30, 2010. Net income per diluted share for the three months ended June 30, 2011 was $0.43 per share, up from $0.42 per diluted share for the three months ended June 30, 2010. Annualized return on average assets and return on average equity were 1.09 percent and 10.86 percent, respectively, for the three months ended June 30, 2011, compared with 1.06 percent and 11.09 percent, respectively, for the three months ended June 30, 2010. Net interest margin (FTE) was 4.13 percent for the three months ended June 30, 2011, down slightly from 4.14 percent for the three months ended June 30, 2010.
Key items for the first six months of 2011 include:
• Diluted earnings per share of $0.84 for the first six months of 2011 was the second highest in the Company’s history; second to $0.88 for the same period in 2008.
• Net interest margin was 4.12 percent for the first six months of 2011, down from 4.17 percent for the same period of 2010, a result of the continued low rate environment on loan and investment yields.
• Net charge-offs were 0.60 percent of average loans and leases for the first six months of 2011, down 6 bps from the first six months of 2010; provision for loan and lease losses was down $5.6 million for the same period.
• Continued strategic expansion with the announcement of the acquisition of four branches in Berkshire County, Massachusetts, pending regulatory approval.
“Our near record earnings for the first six months of 2011 are further evidence of our company’s strong performance. Our financial results for 2008 through 2010 represented the most profitable three year term in our company’s history, during a period of time when the banking industry had record losses. We continue to make investments to further strengthen our already strong foundation to better position us for future success. Our recent announcement to expand into western Massachusetts with the acquisition of four Legacy Banks branches is another exciting investment we are making in our future. Our strong balance sheet and earnings momentum, along with a passionate and professional team of employees, continues to position us well to take advantage of new growth opportunities,” said NBT President and CEO Martin Dietrich.
The NBT Board of Directors declared a 2011 third-quarter cash dividend of $0.20 per share at a meeting held today. The dividend will be paid on Sept. 15, 2011 to shareholders of record as of Sept. 1, 2011.
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