SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): April 24, 2002
NB&T FINANCIAL GROUP, INC.
---------------------------
(Exact name of registrant as specified in its charter)
OHIO 0-23134 31-1004998
------------ --------- ----------
(State or other jurisdiction of (Commission File No.) (IRS Employer I.D. No.)
incorporation)
48 N. South Street, Wilmington, Ohio 45177
--------------------------------------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (937) 382-1441
----------------------------
ITEM 5. OTHER EVENTS.
The following was contained in a press release issued by NB&T Financial Group,
Inc., on or about April 24, 2002.
NB&T Financial Group, Inc. (Company), parent company of The National Bank and
Trust Company, Wilmington, Ohio, (Bank) announced that net income per share
increased 11.1% to $.50 for the first quarter of 2002, from $.45 per share for
the first quarter of 2001. Net income for the quarter increased to $1.54
million, compared to $1.45 million for the same quarter last year.
Net interest income increased 22.9% during the first quarter of 2002 compared to
the same quarter last year. Although interest income decreased 2.5%, interest
expense decreased 21.7% when comparing these two amounts to the same period last
year. Average loans increased 2.3%, while their average yield decreased from
8.62% in the first quarter of 2001 to 7.81% in the first quarter of 2002.
Average securities increased 40.6%, but their average tax-equivalent yield
decreased from 7.03% for the first quarter last year to 5.71% for the first
quarter of this year. Average interest-bearing liabilities increased 17.6% from
last year, and were primarily invested in the securities portfolio. The cost of
interest-bearing liabilities decreased from 5.03% during the first quarter of
last year to 3.35% in the first quarter of this year.
Non-interest income was $1.96 million, 15.0% above the first quarter of 2001.
The increase was primarily due to increases in service charges on deposits and
insurance agency commissions. Non-interest expense increased 26.7% from the
first quarter of last year, the primary reasons being increases in salaries and
benefits expense and occupancy and equipment expense related to the opening of
three new branches, the acquisition of The Sabina Bank, and the acquisition of
two insurance agencies during 2001.
Performance ratios for the first quarter of 2002 included a return on assets of
...91%, and a return on equity of 12.15%.
Total assets grew 14.2% from last year to $686.6 million. Net loans were $374.7
million, an increase of 3.2%, and total deposits increased 16.7% to $494.5
million. Book value per share was $15.81 and equity to assets was 7.39% as of
March 31, 2002.
On March 19, 2002 the Board of Directors declared a dividend of $0.23 per share
payable April 25, 2002, to shareholders of record on March 31, 2002. This is an
increase of 9.5% from the first quarter of 2001.
SIGNATURES
----------
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
NB&T Financial Group, Inc.
By: /s/ Charles L. Dehner
----------------------
Charles L. Dehner
Executive Vice President,
Chief Financial Officer
Date: April 24, 2002