Business
NBT Bancorp Inc. Announces Net Income of $32.4 Million and Diluted Earnings per Share of $0.73; Announces Dividend Increase
NORWICH, N.Y., Oct. 28, 2019 (GLOBE NEWSWIRE) -- NBT Bancorp Inc. (“NBT” or the “Company”) (NASDAQ: NBTB) reported net income and diluted earnings per share
About this update from Nbt Bancorp Inc.
[{"type":"text","content":"NORWICH, N.Y., Oct. 28, 2019 (GLOBE NEWSWIRE) -- NBT Bancorp Inc. (“NBT” or the “Company”) (NASDAQ: NBTB) reported net income and diluted earnings per share for both the three and nine months ended September 30, 2019.\n Net income for the three months ended September 30, 2019 was $32.4 million, up 6.0% from $30.6 million for the second quarter of 2019 and up 8.6% from $29.8 million for the third quarter of 2018. Diluted earnings per share for the three months ended September 30, 2019 was $0.73, as compared with $0.69 for the prior quarter, an increase of 5.8%, and $0.68 for the third quarter of 2018, an increase of 7.4%. Net income for the nine months ended September 30, 2019 was $92.1 million, up 9.7% from $83.9 million for the same period last year. Diluted earnings per share for the nine months ended September 30, 2019 was $2.09, as compared with $1.91 for the same period in 2018, an increase of 9.4%. The third quarter and year-to-date results include a $4.0 million realized gain on the sale of all of NBT’s Visa Class B shares. The realized gain was substantially offset by targeted branch optimization and employee initiatives that resulted in one-time costs in noninterest expense. These initiatives are expected to create future operating efficiencies that will be redeployed in critical technology investments supporting our digital strategy. Highlights: Announced a 3.8% increase in the quarterly dividendQuarterly diluted earnings per share up 5.8% from the prior quarter and up 7.4% from prior yearQuarter-to-date net income up 6.0% from the prior quarter and up 8.6% from prior yearFTE net interest margin of 3.61% for the nine months ended September 30, 2019, up 4 bps from 2018Tangible equity ratio of 8.65%, up 106 bps from the third quarter of 2018Board reauthorized a stock repurchase program “The team at NBT continued to drive earnings growth with year-over-year earnings per share and net income up over 9% despite a challenging interest rate environment,” said NBT President and CEO John H. Watt, Jr. “Our disciplined approach to the allocation of capital remains a priority that will drive ongoing implementation of our strategic growth and digital strategies now and in the years to come. In addition, our capital allocation plans include a 3.8% increase to the quarterly dividend to $0.27 per share.” Net interest income was $78.1 ...