This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

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

The Company recorded a provision for loan and lease losses of $4.8 million during the three months ended September 30, 2012, compared with $5.2 million for the three months ended September 30, 2011. Net charge-offs were $4.8 million and the annualized net charge-off ratio was 0.45% for the three months ended September 30, 2012. Net charge-offs were $4.3 million and the annualized net charge-off ratio was 0.47% for the three months ended September 30, 2011.

Past due loans as a percentage of total loans was 0.65% at September 30, 2012, up from 0.54% at June 30, 2012, and down from 0.89% at December 31, 2011. Nonperforming loans remained flat at $45.6 million September 30, 2012 compared with June 30, 2012, and up from $41.5 million at December 31, 2011.

The allowance for loan and lease losses totaled $70.7 million at September 30, 2012, compared to $71.3 million at December 31, 2011. The allowance for loan losses as a percentage of loans and leases was 1.66% at September 30, 2012, compared to 1.88% at December 31, 2011. This reduction was due primarily to acquired loans that were recorded at fair value at acquisition. As acquired loans do not have a related allowance recorded, the acquisition resulted in a decrease of 9 basis points in the allowance for loan losses as a percentage of total loans as of September 30, 2012.  The balance of the reduced allowance is due to improvement in asset quality indicators throughout the year, as well as improvement in certain economic indicators.

Net Interest Income

Net interest income was up to $151.8 million for the nine months ended September 30, 2012, compared with $149.8 million for the nine months ended September 30, 2011. The Company's FTE net interest margin was 3.87% for the nine months ended September 30, 2012, down from 4.13% for the nine months ended September 30, 2011.  Average earning assets for the nine months ended September 30, 2012 was $5.3 billion, compared to $5.0 billion for the same period of 2011. This increase offset the decline in net interest margin, resulting in a $2.0 million increase in net interest income for nine months ended September 30, 2012.

3 of 9

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 17,776.12 -200.19 -1.11%
S&P 500 2,067.89 -18.35 -0.88%
NASDAQ 4,900.8850 -46.5560 -0.94%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs