WILMINGTON, Ohio, Jan. 18, 2011 (GLOBE NEWSWIRE) -- NB&T Financial Group, Inc. (Nasdaq:NBTF), parent company of The National Bank and Trust Company ("NB&T"), Wilmington, Ohio, announced higher net income for 2010 of $8.8 million, or $2.58 per share, compared to net income of $4.0 million, or $1.28 per share, for 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. 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, as well as a $5.8 million increase in net interest income largely offset by a $4.0 million increase in non-interest expenses, and a $3.5 million increase in income taxes. In addition, NBTF realized a pre-tax gain of $1.4 million on the sale of its insurance agency subsidiary in January 2010.
NB&T Financial Reports Earnings For 2010
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