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

While the yield on interest bearing liabilities decreased 17 basis points, the yield on interest earning assets declined 40 basis points, resulting in margin compression for the nine months ended September 30, 2012, compared to the same period for 2011.  The yield on securities available for sale was 2.51% for the nine months ended September 30, 2012, compared with 3.06% for the nine months ended September 30, 2011. This decrease was due primarily to the reinvestment of cash flows from maturing securities and cash received from branch acquisitions in 2011 and the first quarter of 2012 into lower yielding securities in the current rate environment. The average balance of securities available for sale for the nine months ended September 30, 2012 was $1.2 billion, up approximately $90.6 million, or 8.2%, from the nine months ended September 30, 2011. This increase was due primarily to reinvestment of maturing held to maturity securities into available for sale securities, and investment of liquidity from branch acquisition activity and deposit growth into available for sale securities. The yield on loans and leases was 5.21% for the nine months ended September 30, 2012, compared with 5.63% for the nine months ended September 30, 2011. The average balance of loans and leases for the nine months ended September 30, 2012 was $4.0 billion, up approximately $331.8 million, or 9.1%, from the nine months ended September 30, 2011.  The reduction in yields on earning assets was partially offset by a reduction in rates paid on interest bearing liabilities. The rate on time deposits was 1.50% for the nine months ended September 30, 2012, compared with 1.83% for the nine months ended September 30, 2011. The rate on money market deposit accounts was 0.20% for the nine months ended September 30, 2012, compared with 0.37% for the nine months ended September 30, 2011.

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