NBT Bancorp Q2 Profit Rises

NBT Bancorp Q2 Profit Rises - Quick Facts

Date: 26 July 2010

(RTTNews) - NBT Bancorp Inc. (NBTB) reported that its second-quarter net income rose to $14.42 million or $0.42 per share, from $11.56 million or $0.34 per share in the same quarter last year.

The Company recorded a provision for loan and lease losses of $6.4 million during the second quarter of 2010, consistent with net charge-offs during the period of $6.2 million. The Company recorded a provision for loan and lease losses of $9.2 million during the second quarter of 2009, as compared with net charge-offs during the period of $5.8 million.

Net interest income was up 5.3% to $50.6 million compared with $48.1 million last year. Noninterest income was $20.3 million, up $0.5 million or 2.4% from $19.8 million for the same period in 2009.

The NBT Board of Directors declared a 2010 third-quarter cash dividend of $0.20 per share. The dividend will be paid on September 15, 2010 to shareholders of record as of September 1, 2010.

NBT President and CEO Martin Dietrich said: "We are very pleased with our financial performance during the second quarter of 2010. Especially encouraging is our nearly 25% gain in net income from the same quarter last year. We are also encouraged by the continuing improvement in our asset quality. While the economy remains challenging, we believe we are well positioned in terms of our performance and strategic investments for future growth."

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