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

Selected highlights for the third quarter of 2012 include:

  • Announced the planned acquisition of Alliance Financial Corporation, a $1.4 billion financial holding company headquartered in Syracuse, N.Y., expected to close in early 2013.
  • Year to date organic loan growth of 8.3% (annualized) driven by:
  • Commercial loan growth of 12.3% (annualized)
  • Consumer loan growth of 12.0% (annualized)
  • Net interest margin was 3.90% for the third quarter of 2012, up 8 basis points on a linked quarter basis.
  • Annualized net charge-off ratio was 0.47% as compared to 0.55% for the same period last year.

"At NBT we continue to leverage opportunities to invest in our future success through acquisition, including our expansion in New England and our recently announced merger agreement with Alliance Financial Corporation," said NBT President and CEO Martin Dietrich. "Acquiring the Alliance franchise in the greater Syracuse market is an exciting opportunity for strategic expansion that will be a great complement to our existing footprint in central New York. In addition, we remain focused on organic growth and banking fundamentals. We are generating strong organic loan growth and maintaining a quality loan portfolio through the efforts of our customer-oriented team of community bankers. We are pleased with our results through the first three quarters of 2012, particularly in light of the pressures that the economy and regulatory environment continue to place on banks."

Loan and Lease Quality and Provision for Loan and Lease Losses

The Company recorded a provision for loan and lease losses of $13.3 million during the nine months ended September 30, 2012, compared with $15.2 million for the nine months ended September 30, 2011. Net charge-offs were $13.9 million for the nine months ended September 30, 2012, down from $15.1 million for the same period in 2011, due primarily to the charge-off of one large commercial loan during the first quarter of 2011, as well as the general improvement in asset quality indicators in 2012. The annualized net charge-off ratio for the nine months ended September 30, 2012 was 0.47%, compared to 0.55% for the nine months ended September 30, 2011.

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