NB&T Financial Reports Earnings for First Quarter 2013
23 Abril 2013 - 8:28AM
NB&T Financial Group, Inc. (Nasdaq:NBTF), parent company of The
National Bank and Trust Company ("NB&T"), Wilmington, Ohio,
announced net income for the first quarter of 2013 of $1.0 million,
or $.30 per share. Net income for the first quarter of 2012 was
$361,000, or $.11 per share. Net income is up primarily due to a
$1.2 million decrease in the loan losses provision this quarter,
compared to the first quarter of 2012.
Net interest income was $5.4 million for the first quarter of
2013, compared to $5.6 million for the first quarter of 2012. The
yields on earning assets decreased from 4.06% the same quarter last
year to 3.84% for the current quarter. This drop exceeded the
decrease in funding costs, which only fell to .30% this quarter
from .49% for the same quarter last year. The declining rates on
earning assets were offset by allowing certificates of deposit and
money market accounts with higher costs to run-off and investing
excess short-term funds in loans and higher yielding long-term
securities. As a result, net interest margin increased to 3.50% for
the first quarter of 2013, compared to 3.46% for the same quarter
last year.
The provision for loan losses for the first quarter of 2013 was
$140,000, compared to $1.3 million in the same quarter last year.
Net charge-offs dropped approximately 84% to $230,000 in the first
quarter of 2013, compared to $1.4 million in the first quarter of
2012. This reduction in net charge-offs reduced the historical loss
experience applied to the loan portfolio, resulting in a lower
quarterly year-over-year loan losses provision. Non-performing
loans were $10.4 million at March 31, 2013, compared to $10.6
million at December 31, 2012.
President & CEO, John Limbert, commented, "The current year
is off to a better start than last year, especially in terms of
asset quality. Net charge-offs are down $1.2 million, other real
estate owned is down approximately $1.6 million from the same
quarter last year, despite adding approximately $400,000 in the
first quarter of this year for our closed Parma branch, and
non-accrual loans, at $9.1 million, are the lowest since the third
quarter of 2010."
Total non-interest income was $2.0 million for the first quarter
of 2013, compared to $2.1 million for the first quarter of 2012. In
the first quarter of 2013, the Company realized $36,000 in losses
on the sale of one security, which had been previously considered
other-than-temporarily impaired. Non-interest income is also down
due to a reduction in other income for special processing services
provided to one customer in 2012 and no longer provided in
2013.
Total non-interest expense was $5.9 million for the first
quarter of 2013, compared to $6.0 million for the first quarter of
2012. The decline in expense is due to continued focus on expense
reduction primarily in the areas of personnel and processing
efficiency. In addition, net costs associated with the operation of
other real estate have declined approximately 22%, or $67,000,
compared to the same quarter last year, due to a decline in other
real estate owned balances from $3.5 million at March 31, 2012 to
$1.9 million at March 31, 2013.
On March 19, 2013, the Board of Directors declared a dividend of
$0.30 per share, payable April 22, 2013 to shareholders of record
on March 29, 2013.
CONTACT: Craig Fortin
NB&T Financial Group, Inc.
937-283-3002
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