WILMINGTON, Ohio, July 20, 2010 (GLOBE NEWSWIRE) -- NB&T Financial Group, Inc. (Nasdaq:NBTF), parent company of The National Bank and Trust Company ("NB&T"), Wilmington, Ohio, announced net income for the second quarter of 2010 increased 57.0% to $1.3 million, or $.37 per diluted share, from net income of $809,000, or $.26 per diluted share, for the second quarter of 2009. Average earning assets for the second quarter of 2010 were $648.2 million, compared to $488.3 million, for the second quarter of 2009. Most of this growth is attributable to the acquisition of Community National Bank ("CNB") in December 2009 and American National Bank ("ANB") in March 2010. These acquisitions also contributed to net income for the first half of 2010 increasing to $6.9 million, or $2.02 per diluted share, from net income of $1.5 million, or $.47 per diluted share, for the first half of 2009. The increase in net income over last year is primarily due to the bargain purchase pre-tax gain of approximately $7.6 million in the Federal Deposit Insurance Corporation ("FDIC") assisted acquisition of certain of the assets and liabilities of ANB. In addition, the Company realized a pre-tax gain of $1.4 million on the sale of its insurance agency in January 2010.
NB&T Financial Reports Earnings For Second Quarter 2010
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