Pennstar parent earnings down
SCRANTON - Tightening interest rate margins resulted in a 4.4 percent earnings decline for Pennstar Bank parent NBT Bancorp Inc. in the fourth quarter compared to the year ago quarter.
The bank reported earnings of $13.1 million for the quarter ending Dec. 31. Net income per share for the quarter was 39 cents, down 2 cents from the year-ago period. The bank's net interest margin crimped in the fourth quarter, to 3.83 percent, down from 3.98 percent.
For the year, net income was $54.6 million, down 5.8 percent from 2011. Net income per share was $1.62 per share, down 9 cents from 2011.
NBT has assets of $6 billion with 135 locations including 35 Pennstar offices in Northeast Pennsylvania.