Noninterest expense for the three months ended December 31, 2012 was $48.6 million, up $1.2 million or 2.5%, for the same period in 2011. Salaries and employee benefits increased $1.4 million, or 5.4%, for the three months ended December 31, 2012, compared with the same period in 2011. This increase was due primarily to increases in full-time-equivalent employees from acquisitions, merit increases, and increased pension expense. Occupancy expenses for the three months ended December 31, 2012 increased $0.3 million, or 7.5%, over the same period in 2011 primarily due to aforementioned expansion. These increases were partially offset by a decrease in advertising expenses of approximately $0.6 million for the three months ended December 31, 2012 as compared to the same period in 2011, due primarily to expense reduction initiatives. In addition, other operating expenses decreased $0.4 million for the three months ended December 31, 2012 as compared to the same period in 2011, due to various cost cutting initiatives. Income tax expense for the three month period ended December 31, 2012 was $5.8 million, up from $3.9 million for the same period in 2011. The effective tax rate was 30.5% for the three months ended December 31, 2012, compared to 22.22% for the same period in 2011. The relatively low effective tax rate in 2011 was driven primarily by the aforementioned tax audit settlement.Balance Sheet
NBT Bancorp Inc. Announces 2012 Diluted Earnings Per Share Of $1.62 And Organic Loan Growth Of 6.8%; Declares Cash Dividend
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