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NBT Bancorp Inc. Announces Third Quarter Diluted Earnings Per Share Of $0.43; Strong Loan Growth

NORWICH, N.Y., Oct. 22, 2012 (GLOBE NEWSWIRE) -- NBT Bancorp Inc. (NBT) (Nasdaq:NBTB) reported today net income for the nine months ended September 30, 2012 was $41.4 million, down $2.7 million, or 6.2%, from the nine months ended September 30, 2011. Net income per diluted share for the nine months ended September 30, 2012 was $1.23 per share, down from $1.29 per diluted share for the nine months ended September 30, 2011. The Company incurred approximately $1.9 million in merger related expenses for the first nine months of 2012, as compared to $0.2 million for the same period in 2011. Merger related expenses had a negative impact on diluted earnings per share of approximately $0.04 in 2012, and a nominal impact in 2011. Annualized return on average assets and return on average equity were 0.95% and 9.97%, respectively, for the nine months ended September 30, 2012, compared with 1.09% and 10.95%, respectively, for the nine months ended September 30, 2011. Net interest margin (on a fully taxable equivalent or FTE basis) was 3.87% for the nine months ended September 30, 2012, down 26 basis points from 4.13% for the nine months ended September 30, 2011.

Net income for the three months ended September 30, 2012 was $14.5 million, down $0.7 million, or 4.5%, from the three months ended September 30, 2011. Net income per diluted share for the three months ended September 30, 2012 was $0.43 per share, down from $0.45 per diluted share for the three months ended September 30, 2011. The Company incurred approximately $0.6 million in merger related expenses for the three months ended September 30, 2012, as compared to $0.2 million for the same period in 2011. Merger related expenses had a negative impact on diluted earnings per share of approximately $0.01 for the three months ended September 30, 2012, and a nominal impact for the same period in 2011. Annualized return on average assets and return on average equity were 0.97% and 10.13%, respectively, for the three months ended September 30, 2012, compared with 1.12% and 11.21%, respectively, for the three months ended September 30, 2011. FTE net interest margin was 3.90% for the three months ended September 30, 2012, down 24 basis points from 4.14% for the three months ended September 30, 2011.

Stock quotes in this article: NBTB 

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