NBT Bancorp Inc. in Norwich reported earnings for 2011 at $1.71 per share, the second highest in the company's history.
The net income was up from $1.66 the previous year, a media release said. Net income for 2011 was $57.9 million, up $500,000 or 0.9 percent, from the previous year. The highest earnings per share was $1.80 in 2008, officials said Tuesday.
NBT Bancorp., parent company of NBT Bank, also reported 2011 highlights including 5.3 percent total loan growth despite a challenging economy. In strategic growth, the company expanded into Berkshire County, Mass., by acquiring four branches in October and announced other acquisitions.
At the close of business Friday, NBT Bank acquired branches in Greenville, Oak Hill, and Windham, Greene County, a media release Monday said. NBT Bank also purchased the deposits and loans of the Middleburgh, Schoharie County, banking location owned by Berkshire Bank.
"We're pleased to report that the period from 2008 through 2011 is the most profitable four-year term in NBT's history, particularly since it's been an extremely challenging time for our industry," Martin Dietrich, NBT president and chief executive officer, said in a prepared statement. "Through the efforts of our quality people, we continue to focus on aggressive management of our conservative banking strategy and strategic investments in our future."
NBT Bank has a network of 131 banking locations in four states.
Oneonta financial services office listed in Fortune magazine
Edward Jones, a financial services firm with an office in Oneonta, ranked No. 5 on Fortune magazine's "100 Best Companies to Work For" list for 2010, a recent media release said.
Sarah Manchester, adviser in the Southside Oneonta office, said the company has been included on the list 12 times. Edward Jones' 13 listings have included consecutive No. 1 rankings in 2002 and 2003 and top 10 rankings for nine years, the release said.
Fortune works with the Great Place to Work Institute to conduct the survey of corporate America, and 280 companies participated in the most-recent study. The score is based on attitudes toward management and details about pay and benefits, among other topics.
Edward Jones, which has headquarters in St. Louis, has more than 12,000 financial advisers.
Community Bank System reports growth, a record result
Community Bank System Inc. reported fourth-quarter net income was a record, and 2011 income was up.
The company also reported a dividend increase, an agreement to expand bank branches and acquisition in benefits consulting business holdings, a media release said. The company acquired Wilber Corp. of Oneonta and its Wilber National Bank last April.
Community Bank System net income in the fourth quarter was $19 million, an increase of 19.5 percent from $15.9 million in the fourth quarter of 2010. Full year 2011 net income of $73.1 million was up 15.5 percent from the year ended Dec. 31, 2010, the release said.
"Our team produced another quarter and year with record earnings despite significant economic headwinds in 2011," President and Chief Executive Officer Mark E. Tryniski said in the release. "We continued to focus on building additional value into our enterprise through selective acquisitions, disciplined lending and a consistent approach to business."
Community Bank System, based in DeWitt near Syracuse, announced Friday that it had entered into agreements to acquire 19 branch-banking centers across its upstate markets.
The transaction is expected to close during the third quarter of 2012, subject to regulatory review and approval.
On Jan. 18, the company's board of directors approved a quarterly dividend on its common stock of 26 cents per share, up 2 cents or 8.3 percent, payable April 10 to shareholders of record March 15.
Community Bank System Inc. plans a public offering of $50 million of its common stock, in part to provide additional capital to support the branch-banking expansion, the release said.
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