NBT Bancorp Inc. Announces 2012 Diluted Earnings Per Share Of $1.62 And Organic Loan Growth Of 6.8%; Declares Cash Dividend

NORWICH, N.Y., Jan. 28, 2013 (GLOBE NEWSWIRE) -- NBT Bancorp Inc. (NBT) (Nasdaq:NBTB) reported today net income for the year ended December 31, 2012 was $54.6 million, down $3.3 million, or 5.8%, from the year ended December 31, 2011. Net income per diluted share for the year ended December 31, 2012 was $1.62, down from $1.71 per diluted share for the year ended December 31, 2011. Net interest margin (on a fully taxable equivalent or FTE basis) was 3.86% for the year ended December 31, 2012, down 23 basis points from 4.09% for the year ended December 31, 2011. Return on average assets and return on average equity were 0.93% and 9.72%, respectively, for the year ended December 31, 2012, compared with 1.06% and 10.73%, respectively, for the year ended December 31, 2011.

Net income for the three months ended December 31, 2012 was $13.1 million, down $0.6 million, or 4.4%, from the three months ended December 31, 2011. Net income per diluted share for the three months ended December 31, 2012 was $0.39 per share, down from $0.41 per diluted share for the three months ended December 31, 2011. FTE net interest margin was 3.83% for the three months ended December 31, 2012, down 15 basis points from 3.98% for the three months ended December 31, 2011. Annualized return on average assets and return on average equity were 0.86% and 9.01%, respectively, for the three months ended December 31, 2012, compared with 0.97% and 10.09%, respectively, for the three months ended December 31, 2011.

Selected highlights for 2012 include:

• Significant strategic expansion during 2012:

• 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.
• Acquired and successfully integrated Hampshire First Bank in the second quarter of 2012; now operating 5 branches in southern New Hampshire.
• Acquired three branches in Greene County, New York, which closed on January 21, 2012.

• Net interest margin for 2012 declined 23 basis points as a result of the continued low rate environment on loans and investments.  
• 2012 organic loan growth of 6.8%, offsetting aforementioned margin compression, driven by:

• Consumer loan growth of 10.7%
• Commercial loan growth of 8.7%

• Asset quality indicators showed improvement from last year:

• Nonperforming loans to total loans was 0.98%, down from 1.09% for last year
• Past due loans to total loans was 0.71%, down from 0.89% for last year
• Net charge-off ratio was 0.55%, down from 0.56% for last year.

"Throughout 2012, we worked against a challenging economic and regulatory environment while maintaining our focus on banking fundamentals and enhancing the long-term value of our company," said NBT President and CEO Martin Dietrich. "We are pleased with our results, especially our success in the areas of organic loan growth and integration of seven former Legacy Banks branches and our Hampshire First Bank acquisition. We expect to complete our acquisition of Alliance Financial Corporation and its 26-branch network in central New York in early 2013. This acquisition is another important step in further building our franchise in key markets where we identify strategic opportunities."

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