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Business Beat

January 25, 2012

NBT Bancorp announces near-record earnings

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

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