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

Stocks in this article: NBTB

Loan Quality and Provision for Loan Losses

The Company recorded a provision for loan losses of $20.3 million during the year ended December 31, 2012, compared with $20.7 million for the year ended December 31, 2011. Net charge-offs were $22.3 million for the year ended December 31, 2012, up from $20.6 million for the same period in 2011, due primarily to the charge-off of two large commercial loans during the fourth quarter of 2012. Net charge-offs to average loans for the year ended December 31, 2012 was 0.55%, compared to 0.56% for the year ended December 31, 2011.

The Company recorded a provision for loan losses of $6.9 million during the three months ended December 31, 2012, compared with $5.6 million for the three months ended December 31, 2011. Net charge-offs were $8.3 million for the three months ended December 31, 2012 and $5.6 million for the three months ended December 31, 2011.

Past due loans as a percentage of total loans was 0.71% at December 31, 2012, down from 0.89% at December 31, 2011. Nonperforming loans to total loans improved to 0.98% at December 31, 2012 as compared with 1.09% at December 31, 2011.

The allowance for loan losses totaled $69.3 million at December 31, 2012, compared to $71.3 million at December 31, 2011. The allowance for loan losses as a percentage of loans was 1.62% at December 31, 2012, compared to 1.66% at September 30, 2012, 1.70% at June 30, 2012, 1.87% at March 31, 2012, and 1.88% at December 31, 2011. The reduction of the allowance throughout the year was due primarily to the aforementioned improvement in key asset quality indicators, as well as improvement in certain economic indicators. In addition, the reduction in the second quarter of 2012 was due in part 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 10 basis points in the allowance for loan losses as a percentage of total loans as of December 31, 2012.

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