NORWICH – NBT Bancorp Inc. reported Monday that net income per diluted share for the first quarter was $.43 per share. That’s an increase compared with $.28 per share in the previous quarter, and $.41 this time last year.
First quarter net income was $13.7 million, up $4.7 million, or 52.7 percent from the fourth quarter of last year. Compared to this same period in 2007, total net income was down from $14.1 million, a 2.9 percent decrease.
Total assets were at $5.2 billion as of March 31, up $28 million through the first three months of the year and $129 million since March 31, 2007.
The increase in net income for the first quarter was due to an increase in net interest income, a press release from NBT states, as well as a decrease in the provision for loan and lease losses.
The decrease in net income over the past year was primarily the result of a $4.4 million increase in the provision for loan and lease losses from the prior period, as well as an increase in non-interest expense totaling $3.2 million.
Those increases were partially offset by a $3.4 million increase in net interest income and a $3.4 million increase in non-interest income.
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