BINGHAMTON – Ideally, NBT Bancorp’s leadership would have liked the bank’s closing stock price of $21.95 per share Monday to have been higher for its annual shareholders meeting Tuesday morning, company officials said.
Ideal situations, however, haven’t necessarily been in the cards for NBT or the industry lately, bank President/CEO Martin Dietrich and Board Chairman Daryl Forsythe told the corporation’s over 100 shareholders gathered inside the Binghamton Holiday Inn galleria.
But in the bank’s case, where there’s been adversity there’s also been unprecedented success – considering its continued streak in 2006 of achieving record earnings each of the past five years.
“These are incredibly challenging times in our industry,” said Dietrich. “We remain in line or above our peer group (of banks).”
Bank stock yielded a 12 percent compounded return with dividends in 2006, with a 16 percent return over the past five years – numbers at or above the average yields of the Nasdaq, Dow Jones, and the S&P 500, according to bank statistics.
However, at one point in 2005, NBT’s stock price reached nearly $27 per share. It’s now hovering at around $22, prompting one shareholder to ask, “If the company is doing well, why isn’t the stock doing so well?”