NB&T Financial Reports Earnings For Third Quarter 2010
WILMINGTON, Ohio, Oct. 19, 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 third quarter of 2010 increased 22.7% to $1.2 million, or $.36 per share, from net income of $992,000, or $.32 per share, for the third quarter of 2009. Average earning assets for the third quarter of 2010 were $639.7 million, compared to $506.8 million for the third quarter of 2009. This increase is primarily attributable to the acquisitions 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 nine months of 2010, increasing to $8.1 million, or $2.38 per share, from net income of $2.5 million, or $.79 per share, for the first nine months of 2009. The increase in net income over the same nine months of 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, as well as a $4.5 million increase in net interest income largely offset by a $3.5 million increase in non-interest expenses, and a $3.1 million increase in income taxes. In addition, the Company realized a pre-tax gain of $1.4 million on the sale of its insurance agency in January 2010.
Net interest income was $6.2 million for the third quarter of 2010, compared to $4.8 million for the third quarter of 2009. Net interest margin increased to 3.84% for the third quarter of 2010, compared to 3.72% for the same quarter last year. The net interest margin increased primarily due to two factors. First, average loans outstanding for 2010, which had an average rate of 6.20%, increased $99.5 million, largely a result of the CNB and ANB acquisitions. Second, the average cost of interest-bearing liabilities declined from 1.73% in the third quarter of 2009 to 1.40% in the third quarter of 2010 on increased average deposits of $129.9 million. Due to increased liquidity, the Company was able to lower rates on non-transaction accounts over the last year.
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