NASHVILLE, Tenn.--(BUSINESS WIRE)--NBT Holdings Inc. (OTC Markets:NBTH), a bank holding company and the parent of Nashville Bank & Trust Company, reported net income of $847,000 for the third quarter of 2012, a 45 percent increase compared to $585,000 for the third quarter of 2011. Earnings per fully diluted share for the quarter ending Sept. 30, 2012 totaled $0.37 versus $0.25 for the same period in 2011.
For the nine months, ending Sept. 30, 2012, net income was $2,056,000 compared to $1,400,000 for the comparable period in 2011, a 47 percent increase. Earnings per fully diluted share rose to $0.90 for the nine-month period compared to $0.61 in 2011.
On Sept. 30, 2012, the bank reported total assets of $277.8 million, a 19 percent increase from Sept. 30, 2011. During the same period, deposits increased 17 percent to $225.4 million, while total loans were flat at $174.3 million. On Sept. 30, 2012, the Bank’s Tier 1 leverage ratio was 9.68 percent.
Non-interest income for the third quarter of 2012 was $1,345,000, compared to $979,000 during the same period in 2011, an increase of 37 percent. Non-interest income included $190,000 of gains on sales of securities and insurance commissions that are not expected to recur regularly, amounting to $0.05 per share, after tax.
On Sept. 30, 2012 the Tangible Book Value per share was $12.61 compared to $11.16 the same time a year ago.
“This was the best quarter in our eight-year history,” said CEO Tom Stumb. “Growth in deposits, increases in wealth management revenue and tight expense control pushed us to record earnings. Our loan portfolio continues to perform well; asset quality has remained very strong throughout the last several difficult years.”
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.