Business
NBT Bancorp Inc. Announces Record Net Income of $121.0 Million and Diluted Earnings Per Share of $2.74; Declares Cash Dividend
NORWICH, N.Y., Jan. 27, 2020 (GLOBE NEWSWIRE) -- NBT Bancorp Inc. (“NBT” or the “Company”) (NASDAQ: NBTB) reported record net income and diluted earnings per
About this update from Nbt Bancorp Inc.
[{"type":"text","content":"NORWICH, N.Y., Jan. 27, 2020 (GLOBE NEWSWIRE) -- NBT Bancorp Inc. (“NBT” or the “Company”) (NASDAQ: NBTB) reported record net income and diluted earnings per share for the year ended December 31, 2019.\n Net income for the year ended December 31, 2019 was $121.0 million, up 7.5% from $112.6 million for the prior year. Diluted earnings per share for the year ended December 31, 2019 was $2.74, as compared with $2.56 for the prior year, an increase of 7.0%. Net income for the three months ended December 31, 2019 was $29.0 million, down 10.6% from $32.4 million for the third quarter of 2019 and up 1.1% from $28.7 million for the fourth quarter of 2018. Diluted earnings per share for the three months ended December 31, 2019 was $0.66, down 9.5% as compared with $0.73 for the prior quarter and up 1.5% from $0.65 for the fourth quarter of 2018. Highlights: Diluted earnings per share up 7.0% from prior yearFull year 2019 net income up 7.5% from 2018Loan growth for the year ended December 31, 2019 of 3.6% and 6.9% for the fourth quarter, annualized, driven by commercial and residential real estateStrong asset quality continued with nonperforming loans to total loans of 0.40% down 7 basis points from prior quarterTangible equity ratio of 8.84%, up 99 bps from prior year, and tangible book value per share of $19.03, up 14.2% from 2018 “We are pleased to report that NBT achieved a seventh straight year of record net income in 2019 along with a new annual EPS record,” said NBT President and CEO John H. Watt, Jr. “The best team in community banking maintained focus on the fundamentals of our core banking business, including low-cost deposit gathering and prudent loan growth, while advancing our strategic priorities and executing on technology and digital initiatives. Our strong balance sheet, disciplined approach to credit and risk management, and diversified fee businesses provide NBT with optionality as we continue to grow our company, both organically and by acquisition. In the second quarter of 2020, we intend to accelerate the growth of our well-established EPIC Retirement Plan Services business with the acquisition of Alliance Benefit Group of Illinois, Inc. of Peoria, bringing the number of plan participants we support nationwide to 250,000.” Net interest income for the year ended 2019 was $311.6 million, up $5.9 million, or 1.9%, from...