NBT Bancorp Inc. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2016; Reports Net Charge-Offs for the Fourth Quarter of 2016
January 23, 2017 at 09:15 pm
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NBT Bancorp Inc. announced unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2016. The company reported net income of $78.4 million, up from $76.4 million from the prior year. Earnings per diluted share for the year ended December 31, 2016 was $1.80, up from $1.72 for the prior year. Net interest income was $264.4 million for the year ended December 31, 2016, up $11.8 million, or 4.7%, from 2015. Return on average assets was 0.92% against 0.96% a year ago. Return on average equity was 8.74% against 8.70% a year ago. Income before income taxes was $118.801 million against $116.628 million a year ago.
Net income for the three months ended December 31, 2016 was $19.6 million, up from $19.1 million for the same period last year. Diluted earnings per share for the three months ended December 31, 2016 was $0.45, up from $0.43 for the same period last year. Net interest income was $67.4 million for the fourth quarter of 2016, up $0.8 million, or 1.1%, from the previous quarter and up $3.9 million, or 6.2%, from the fourth quarter of 2015. Return on average assets was 0.89% against 0.93% a year ago. Return on average equity was 8.54% against 8.58% a year ago. Book Value Per share was $21.11. Income before income taxes was $29.709 million against $29.585 million a year ago.
Net charge-offs were $8.6 million for the three months ended December 31, 2016, up from $5.3 million for the prior quarter and up from $7.6 million for the fourth quarter of 2015. In the prior quarter, higher charge-offs from the commercial and consumer portfolios accounted for the increase.
NBT Bancorp Inc. is a financial holding company. The Company primarily operates through NBT Bank, N.A. (the Bank), a full-service community bank, and through two financial services companies. The Bank provides a range of financial products to individuals, corporations and municipalities throughout upstate New York, northeastern Pennsylvania, southern New Hampshire, western Massachusetts, Vermont, southern Maine and central and northwestern Connecticut. Through its network of branch locations, the Bank offers a range of products and services tailored to individuals, businesses and municipalities. Deposit products offered by the Bank include demand deposit accounts, savings accounts, negotiable order of withdrawal (NOW) accounts, and certificate of deposit (CD) accounts. It operates EPIC Advisors, Inc., which is a national benefits administration firm. It operates NBT Insurance Agency, LLC, which is a full-service insurance agency. The Bank has approximately 153 branch locations.
NBT Bancorp Inc. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2016; Reports Net Charge-Offs for the Fourth Quarter of 2016