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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

Stock Repurchase Program

Under previously disclosed stock repurchase plans, the Company purchased 769,568 shares of its common stock during the year ended December 31, 2012, for a total of $15.5 million at an average price of $20.13 per share. At December 31, 2012, there were 748,013 shares available for repurchase under a previously disclosed repurchase plan, which expires on December 31, 2013.

Dividend

The NBT Board of Directors declared a 2013 first-quarter cash dividend of $0.20 per share at a meeting held today. The dividend will be paid on March 15, 2013 to shareholders of record as of March 1, 2013.

Corporate Overview

NBT Bancorp Inc. is a financial holding company headquartered in Norwich, N.Y., with total assets of $6.0 billion at December 31, 2012. The company primarily operates through NBT Bank, N.A., a full-service community bank with three divisions, and through two financial services companies. NBT Bank, N.A. has 135 locations, including 95 NBT Bank offices in upstate New York, northwestern Vermont and western Massachusetts, 35 Pennstar Bank offices in northeastern Pennsylvania, and 5 Hampshire First Bank offices in southern New Hampshire. EPIC Advisors, Inc., based in Rochester, N.Y., is a full-service 401(k) plan recordkeeping firm. Mang Insurance Agency, LLC, based in Norwich, N.Y., is a full-service insurance agency. More information about NBT and its divisions can be found on the Internet at: www.nbtbancorp.com , www.nbtbank.com , www.pennstarbank.com , www.hampshirefirst.com , www.epic1st.com and www.manginsurance.com .

Forward-Looking Statements

This news release contains forward-looking statements. These forward-looking statements involve risks and uncertainties and are based on the beliefs and assumptions of the management of NBT Bancorp and its subsidiaries and on the information available to management at the time that these statements were made. There are a number of factors, many of which are beyond NBT's control, that could cause actual conditions, events or results to differ significantly from those described in the forward-looking statements. Factors that may cause actual results to differ materially from those contemplated by such forward-looking statements include, among others, the following possibilities: (1) competitive pressures among depository and other financial institutions may increase significantly; (2) revenues may be lower than expected; (3) changes in the interest rate environment may reduce interest margins; (4) general economic conditions, either nationally or regionally, may be less favorable than expected, resulting in, among other things, a deterioration in credit quality and/or a reduced demand for credit; (5) legislative or regulatory changes, including changes in accounting standards and tax laws, may adversely affect the businesses in which NBT is engaged; (6) competitors may have greater financial resources and develop products that enable such competitors to compete more successfully than NBT; (7) adverse changes may occur in the securities markets or with respect to inflation; (8) disruption of NBT's business as a result of the announcement and pendency of the merger with Alliance Financial Corporation; (9) the risk that NBT's and Alliance's business may not be combined successfully, or such combination may take longer, cost more or otherwise be more difficult than expected; (10) operating costs, customer losses and business disruption following the merger, including adverse effects of relationships with employees, may be greater than expected; and (11) the risk that the anticipated benefits, costs savings and any other savings from the merger may not be fully realized or may take longer than expected to realize.  Forward-looking statements speak only as of the date they are made. Except as required by law, NBT does not update forward-looking statements to reflect subsequent circumstances or events.

       
       
  NBT Bancorp Inc. and Subsidiaries    
  SELECTED FINANCIAL HIGHLIGHTS    
  (unaudited)    
       Net Percent
  2012 2011 Change Change
  (dollars in thousands, except per share data)    
         
Three Months Ended December 31,        
Net Income $13,116 $13,722 ($606) -4%
Diluted Earnings Per Share $0.39 $0.41 ($0.02) -5%
Weighted Average Diluted         
Common Shares Outstanding 33,987,465 33,238,658 748,807 2%
Return on Average Assets (1) 0.86% 0.97% -11 bps -11%
Return on Average Equity (1) 9.01% 10.09% -108 bps -11%
Return on Average Tangible Common Equity (1)(3) 13.25% 14.00% -75 bps -5%
Net Interest Margin (2) 3.83% 3.98% -15 bps -4%
         
Years Ended December 31,        
Net Income $54,558 $57,901 ($3,343) -6%
Diluted Earnings Per Share $1.62 $1.71 ($0.09) -5%
Weighted Average Diluted         
Common Shares Outstanding 33,718,718 33,923,645 (204,927) -1%
Return on Average Assets 0.93% 1.06% -13 bps -12%
Return on Average Equity 9.72% 10.73% -101 bps -9%
Return on Average Tangible Common Equity (3) 14.14% 14.75% -61 bps -4%
Net Interest Margin (2) 3.86% 4.09% -23 bps -6%
         
         
Asset Quality  December 31, December 31,    
  2012 2011    
Nonaccrual Loans $39,676 $38,290    
90 Days Past Due and Still Accruing $2,448 $3,190    
Total Nonperforming Loans $42,124 $41,480    
Other Real Estate Owned $2,276 $2,160    
Total Nonperforming Assets $44,400 $43,640    
Allowance for Loan Losses $69,334 $71,334    
Allowance for Loan Losses to Total Loans 1.62% 1.88%    
Total Nonperforming Loans to Total Loans 0.98% 1.09%    
Total Nonperforming Assets to Total Assets 0.73% 0.78%    
Past Due Loans to Total Loans 0.71% 0.89%    
Allowance for Loan Losses to Total Nonperforming Loans 164.60% 171.97%    
Net Charge-Offs to Average Loans 0.55% 0.56%    
         
Capital        
Equity to Assets 9.64% 9.61%    
Book Value Per Share $17.24 $16.23    
Tangible Book Value Per Share $12.23 $11.70    
Tier 1 Leverage Ratio 8.54% 8.74%    
Tier 1 Capital Ratio 10.82% 11.56%    
Total Risk-Based Capital Ratio 12.07% 12.81%    
 
Quarterly Common Stock Price 2012 2011
Quarter End   High  Low   High  Low
March 31 $24.10 $20.75 $24.98 $21.55
June 30 $22.50 $19.19 $23.32 $20.62
September 30 $22.89 $19.91 $23.25 $17.05
December 31 $22.45 $18.92 $22.63 $17.47
         
(1) Annualized        
(2) Calculated on a FTE basis        
(3) Excludes amortization of intangible assets (net of tax) from net income and intangible assets from total equity    
     
     
NBT Bancorp Inc. and Subsidiaries  December 31,  December 31, 
Consolidated Balance Sheets (unaudited) 2012 2011
(in thousands)    
     
ASSETS    
Cash and due from banks  $ 157,094  $ 128,517
Short term interest bearing accounts  6,574  864
Securities available for sale, at fair value   1,147,999  1,244,619
Securities held to maturity (fair value of $61,535 and $72,198 at December 30, 2012 and 2011, respectively)  60,563  70,811
Trading securities  3,918  3,062
Federal Reserve and Federal Home Loan Bank stock  29,920  27,020
Loans  4,277,616  3,800,203
Less allowance for loan losses  69,334  71,334
Net loans  4,208,282 3,728,869
Premises and equipment, net  77,875  74,541
Goodwill  152,373  132,029
Intangible assets, net  16,962  18,194
Bank owned life insurance  80,702  77,626
Other assets  99,997  92,254
TOTAL ASSETS  $ 6,042,259  $ 5,598,406
     
LIABILITIES AND STOCKHOLDERS' EQUITY    
Deposits:    
Demand (noninterest bearing)  $ 1,242,712  $ 1,052,906
Savings, NOW, and money market  2,558,376  2,381,116
Time  983,261  933,127
Total deposits 4,784,349 4,367,149
Short-term borrowings  162,941  181,592
Long-term debt  367,492  370,344
Trust preferred debentures  75,422  75,422
Other liabilities  69,782  65,789
Total liabilities 5,459,986 5,060,296
     
     
Total stockholders' equity  582,273  538,110
     
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY  $ 6,042,259  $ 5,598,406
     
     
  Three Months Ended Years Ended
NBT Bancorp Inc. and Subsidiaries  December 31,  December 31,
Consolidated Statements of Income (unaudited) 2012 2011 2012 2011
(in thousands, except per share data)    
Interest, fee and dividend income:        
Loans  $ 53,924  $ 51,393  $ 208,458  $ 204,370
Securities available for sale 5,981  7,461  27,005  31,083
Securities held to maturity 549  661  2,378  2,886
Other 403  383  1,556  1,658
Total interest, fee and dividend income  60,857  59,898  239,397  239,997
Interest expense:        
Deposits 4,327  5,330  18,848  23,020
Short-term borrowings 39  39  188  205
Long-term debt 3,627  3,621  14,428  14,404
Trust preferred debentures 411  409  1,730  2,092
Total interest expense  8,404  9,399  35,194  39,721
Net interest income  52,453  50,499  204,203  200,276
Provision for loan losses 6,940  5,576  20,269  20,737
Net interest income after provision for loan losses  45,513  44,923  183,934  179,539
Noninterest income:        
Insurance and other financial services revenue 5,363  4,918  22,387  20,843
Service charges on deposit accounts 4,687  5,405  18,225  21,464
ATM and debit card fees 2,955  2,911  12,358  11,642
Retirement plan administration fees 2,635  2,184  10,097  8,918
Trust 2,489  2,480  9,172  8,864
Bank owned life insurance income 849  716  3,077  3,085
Net securities gains 21  52  599  150
Other 2,963  1,464  11,412  5,345
Total noninterest income  21,962  20,130  87,327  80,311
Noninterest expense:        
Salaries and employee benefits 26,457  25,105  104,815  99,212
Occupancy 4,265  3,967  17,415  16,363
Data processing and communications 3,396  3,186  13,437  12,271
Professional fees and outside services 2,615  2,552  10,463  8,921
Equipment 2,403  2,206  9,627  8,864
Office supplies and postage 1,647  1,655  6,489  6,073
FDIC expenses  1,020  886  3,832  4,267
Advertising  581  1,174  2,889  3,460
Amortization of intangible assets 864  760  3,394  3,046
Loan collection and other real estate owned 509  793  2,560  2,631
Merger  713  649  2,608  804
Other operating 4,122  4,479  16,358  14,764
Total noninterest expense 48,592 47,412 193,887 180,676
Income before income taxes 18,883 17,641 77,374 79,174
Income taxes 5,767  3,919  22,816  21,273
Net income  $ 13,116  $ 13,722  $ 54,558  $ 57,901
Earnings Per Share:        
Basic  $ 0.39  $ 0.42  $ 1.63  $ 1.72
Diluted  $ 0.39  $ 0.41  $ 1.62  $ 1.71
           
           
NBT Bancorp Inc. and Subsidiaries 4Q 3Q 2Q 1Q 4Q
Quarterly Consolidated Statements of Income (unaudited) 2012 2012 2012 2012 2011
(in thousands, except per share data)          
Interest, fee and dividend income:          
Loans  $ 53,924  $ 53,817  $ 50,509  $ 50,208  $ 51,393
Securities available for sale 5,981 6,550 7,108 7,366 7,461
Securities held to maturity 549 572 617 640 661
Other 403 348 413 392 383
Total interest, fee and dividend income 60,857 61,287 58,647 58,606 59,898
Interest expense:          
Deposits 4,327 4,544 4,834 5,143 5,330
Short-term borrowings 39 60 48 41 39
Long-term debt 3,627 3,640 3,580 3,581 3,621
Trust preferred debentures 411 436 434 449 409
Total interest expense 8,404 8,680 8,896 9,214 9,399
Net interest income 52,453 52,607 49,751 49,392 50,499
Provision for loan losses 6,940 4,755 4,103 4,471 5,576
 Net interest income after provision for loan losses 45,513 47,852 45,648 44,921 44,923
Noninterest income:          
Insurance and other financial services revenue 5,363 5,591 5,279 6,154 4,918
Service charges on deposit accounts 4,687 4,626 4,571 4,341 5,405
ATM and debit card fees 2,955 3,378 3,063 2,962 2,911
Retirement plan administration fees 2,635 2,718 2,411 2,333 2,184
Trust  2,489 2,242 2,312 2,129 2,480
Bank owned life insurance income 849 639 618 971 716
Net securities gains 21 26 97 455 52
Other 2,963 2,407 2,331 3,711 1,464
Total noninterest income 21,962 21,627 20,682 23,056 20,130
Noninterest expense:          
Salaries and employee benefits 26,457 26,641 24,992 26,725 25,105
Occupancy 4,265 4,437 4,222 4,491 3,967
Data processing and communications 3,396 3,352 3,431 3,258 3,186
Professional fees and outside services 2,615 2,735 2,388 2,725 2,552
Equipment 2,403 2,435 2,409 2,380 2,206
Office supplies and postage 1,647 1,597 1,574 1,671 1,655
FDIC expenses 1,020 939 942 931 886
Advertising 581 701 805 802 1,174
Amortization of intangible assets 864 870 841 819 760
Loan collection and other real estate owned 509 614 799 638 793
Merger 713 558 826 511  649
Other operating 4,122 4,552 4,161 3,523 4,479
Total noninterest expense 48,592 49,431 47,390 48,474 47,412
Income before income taxes 18,883 20,048 18,940 19,503 17,641
Income taxes 5,767 5,513 5,683 5,853 3,919
Net income   $ 13,116  $ 14,535  $ 13,257  $ 13,650  $ 13,722
Earnings per share:          
Basic  $ 0.39  $ 0.43  $ 0.40  $ 0.41  $ 0.42
Diluted  $ 0.39  $ 0.43  $ 0.40  $ 0.41  $ 0.41
             
             
 Three Months ended December 31,             
    2012     2011  
  Average   Yield/ Average   Yield/
(dollars in thousands) Balance Interest Rates  Balance Interest Rates 
ASSETS            
Short-term interest bearing accounts  $ 72,660  $ 48 0.26%  $ 110,871  $ 79 0.28%
Securities available for sale (1)(2)  1,123,110  6,420 2.27%  1,174,960  7,988 2.70%
Securities held to maturity (1)   60,651  826 5.42%  72,354  997 5.47%
Investment in FRB and FHLB Banks  29,801  356 4.75%  27,021  306 4.49%
Loans(3)   4,264,680  54,141 5.05%  3,758,834  51,640 5.45%
Total interest earning assets  $ 5,550,902  $ 61,791 4.43%  $ 5,144,040  $ 61,010 4.71%
Other assets  503,124      452,623    
Total assets  $ 6,054,026      $ 5,596,663    
             
LIABILITIES AND STOCKHOLDERS' EQUITY            
Money market deposit accounts $1,149,248  $ 408 0.14% $1,067,130  $ 655 0.24%
NOW deposit accounts  752,737  467 0.25%  740,529  568 0.30%
Savings deposits  694,226  131 0.08%  614,030  119 0.08%
Time deposits  1,006,581  3,321 1.31%  919,766  3,988 1.72%
Total interest bearing deposits  $ 3,602,792  $ 4,327 0.48%  $ 3,341,455  $ 5,330 0.63%
Short-term borrowings  150,372  39 0.10%  154,286  39 0.10%
Trust preferred debentures  75,422  411 2.17%  75,422  409 2.15%
Long-term debt  367,312  3,627 3.93%  370,346  3,621 3.88%
Total interest bearing liabilities  $ 4,195,898  $ 8,404 0.80%  $ 3,941,509  $ 9,399 0.95%
Demand deposits  1,210,440      1,043,285    
Other liabilities  68,477      72,315    
Stockholders' equity  579,211      539,554    
Total liabilities and stockholders' equity  $ 6,054,026      $ 5,596,663    
Net interest income (FTE)    53,387      51,611  
Interest rate spread     3.63%     3.76%
Net interest margin     3.83%     3.98%
Taxable equivalent adjustment     934      1,112  
Net interest income    $ 52,453      $ 50,499  
             
(1) Securities are shown at average amortized cost            
(2) Excluding unrealized gains or losses            
(3) For purposes of these computations, nonaccrual loans are included in the average loan balances outstanding        
             
             
 Years ended December 31,             
    2012     2011  
  Average   Yield/ Average   Yield/
(dollars in thousands) Balance Interest Rates  Balance Interest Rates 
ASSETS            
Short-term interest bearing accounts  $ 66,207  $ 179 0.27%  $ 101,224  $ 269 0.27%
Securities available for sale (1)(2)  1,177,969  28,904 2.45%  1,123,215  33,319 2.97%
Securities held to maturity (1)   65,582  3,583 5.46%  81,558  4,350 5.33%
Investment in FRB and FHLB Banks  28,358  1,378 4.86%  27,089  1,389 5.13%
Loans (3)   4,053,420  209,370 5.17%  3,677,931  205,318 5.58%
Total interest earning assets  $ 5,391,536  $ 243,414 4.51%  $ 5,011,017  $ 244,645 4.88%
Other assets  483,248      434,924    
Total assets  $ 5,874,784      $ 5,445,941    
             
LIABILITIES AND STOCKHOLDERS' EQUITY            
Money market deposit accounts  $ 1,116,583  $ 2,054 0.18% $1,070,003  $ 3,592 0.34%
NOW deposit accounts  709,889  1,854 0.26%  685,542  2,313 0.34%
Savings deposits  680,092  522 0.08%  602,918  635 0.11%
Time deposits  993,117  14,418 1.45%  913,330  16,480 1.80%
Total interest bearing deposits  $ 3,499,681  $ 18,848 0.54%  $ 3,271,793  $ 23,020 0.70%
Short-term borrowings  165,742  188 0.11%  153,965  205 0.13%
Trust preferred debentures  75,422  1,730 2.29%  75,422  2,092 2.77%
Long-term debt  368,270  14,428 3.92%  370,035  14,404 3.89%
Total interest bearing liabilities  $ 4,109,115  $ 35,194 0.86%  $ 3,871,215  $ 39,721 1.03%
Demand deposits  1,139,896      966,282    
Other liabilities  64,551      69,063    
Stockholders' equity  561,222      539,381    
Total liabilities and stockholders' equity  $ 5,874,784      $ 5,445,941    
Net interest income (FTE)    208,220      204,924  
Interest rate spread     3.65%     3.85%
Net interest margin     3.86%     4.09%
Taxable equivalent adjustment     4,017      4,648  
Net interest income    $ 204,203      $ 200,276  
             
(1) Securities are shown at average amortized cost            
(2) Excluding unrealized gains or losses            
(3) For purposes of these computations, nonaccrual loans are included in the average loan balances outstanding        
     
     
NBT Bancorp Inc. and Subsidiaries    
Loans (Unaudited)    
     
  December 31, December 31,
(In thousands) 2012 2011
Residential real estate mortgages  $ 651,107  $ 581,511
Commercial  694,799  611,298
Commercial real estate mortgages  1,072,807  888,879
Real estate construction and development  123,078  93,977
Agricultural and agricultural real estate mortgages  112,687  108,423
Consumer  1,047,856  946,470
Home equity  575,282  569,645
Total loans  $ 4,277,616  $ 3,800,203
CONTACT: Martin A. Dietrich, CEO
         Michael J. Chewens, CFO
         NBT Bancorp Inc.
         52 South Broad Street
         Norwich, NY 13815
         607-337-6119

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