NBT Bancorp Inc (NBTB) has reported a 7.35 percent rise in profit for the quarter ended Mar. 31, 2017. The company has earned $20.28 million, or $0.46 a share in the quarter, compared with $18.89 million, or $0.43 a share for the same period last year. Revenue during the quarter grew 3.47 percent to $89.86 million from $86.85 million in the previous year period. Net interest income for the quarter rose 6.06 percent over the prior year period to $68.49 million. Non-interest income for the quarter rose 1.35 percent over the last year period to $28.75 million.
NBT Bancorp Inc has made provision of $7.38 million for loan losses during the quarter, up 21.01 percent from $6.10 million in the same period last year.
Net interest margin contracted 1 basis points to 3.46 percent in the quarter from 3.47 percent in the last year period.
“Our results for the first quarter of 2017 were strong, as indicated by our record first quarter EPS of $0.46 per diluted share and net income of $20.3 million supported by healthy loan and deposit growth,” said NBT president and chief executive officer John H. Watt Jr. “NBT is well positioned to benefit from rising rates. After many years of managing our balance sheet to prepare for a more favorable rate environment, we have experienced growth in net interest income and margin expansion. We are prepared to capture additional margin expansion should conditions remain favorable later this year. As we closed the first quarter, we accelerated the growth of our retirement services business line with the acquisition of Downeast Pension Services, Inc. This retirement plan services company, based in New Gloucester, Maine, deepens our position in the defined benefits area and allows us to expand our presence in eastern New England.”
Investments stood at $1,893.41 million as on Mar. 31, 2017. Shareholders equity was at $926.84 million as on Mar. 31, 2017.
Return on average assets was stable at 0.92 percent in the quarter, when compared with the last year period. At the same time, return on average equity increased 31 basis points to 8.94 percent in the quarter from 8.63 percent in the last year period.
Nonperforming assets moved down 4.19 percent or $1.84 million to $42.01 million on Mar. 31, 2017 from $43.84 million on Mar. 31, 2016. Meanwhile, nonperforming assets to total assets was 0.47 percent in the quarter, down from 0.52 percent in the last year period.
Capital ratios deteriorate
NBT Bancorp Inc witnessed a deterioration in capital ratios during in the quarter. Tier-1 leverage ratio stood at 9.08 percent for the quarter, down from 9.15 percent for the previous year quarter. Equity to assets ratio was 10.36 percent for the quarter, down from 10.41 percent for the previous year quarter. Book value per share for quarter was almost stable at $10.36, when compared with the previous year period.
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