Nashville Bank & Trust Reports Third Quarter 2011 Results

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NASHVILLE, Tenn.--(BUSINESS WIRE)-- NBT Holdings Inc. (OTCQB:NBTH), a bank holding company and the parent of Nashville Bank & Trust Company, reported net income of $585,000 for the third quarter of 2011, a 29 percent increase compared with $452,000 for the third quarter of 2010. Earnings per fully diluted share for the quarter ending Sept. 30, 2011 totaled $0.25 versus $0.21 for the same period in 2010.

For the nine months ended Sept. 30, 2011, net income was $1,399,000 compared to $902,000 for the comparable period in 2010, a 55 percent increase. Earnings per fully diluted share rose to $0.61 for the nine-month period compared to $0.42 in 2010.

At Sept. 30, 2011, the bank reported total assets of $233.3 million, an 8 percent increase from Sept. 30, 2010. Over the same period, deposits increased 1 percent to $192.0 million, while total loans rose 9 percent to $174.0 million. At Sept. 30, 2011, the bank’s capital exceeded the FDIC guidelines for a “well capitalized” bank in all categories, including a Tier 1 leverage ratio of 10.47 percent compared with the minimum guideline of 5.0 percent.

Non-interest income for third quarter 2011 was $979,000, compared to $941,000 for same period in 2010, an increase of 4 percent.

“Our bank continues to grow and achieve greater profitability,” said Chief Executive Officer Tom Stumb. “Loans grew $11.3 million in the third quarter and are up 15 percent this year. Our credit quality continues to be very strong. When clients seek our advice on matters of vital importance to their families and their businesses, they see that we practice what we preach: grow and thrive, but exercise prudence in your associations and acceptance of risk.”

A full-service bank and wealth management company, Nashville Bank & Trust services include personal and business loans, depository accounts, wealth management and trust services. Personal, expert service is the bank’s hallmark. Customers benefit from direct contact with senior-level, experienced bank executives who have decision-making authority and a full understanding of the local community and the client’s relationship with the bank.