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NBT Bancorp Inc. Announces 2013 Second Quarter Earnings

Highlights:

  • Core Diluted EPS $0.40, up from $0.39 in the first quarter  
  • Loan growth for the second quarter was 7.4% (annualized)  
  • Net Interest Margin was stable at 3.69%  
  • Leading asset quality indicators showed continued improvement in Q2

NORWICH, N.Y., July 22, 2013 (GLOBE NEWSWIRE) -- NBT Bancorp Inc. (NBT) (Nasdaq:NBTB) reported today net income for the three months ended June 30, 2013 was $16.9 million, up from $7.6 million from the prior quarter, which included $10.7 million in merger related expenses. Reported results from the second quarter of 2013 include the impact of the acquisition of Alliance Financial Corporation ("Alliance"), and $1.3 million in merger related expenses. Reported earnings per diluted share for the three months ended June 30, 2013 was $0.38 as compared to $0.21 from the previous quarter.

Core net income for the three months ended June 30, 2013 was $17.8 million, up 25.0% from $14.3 million from the previous quarter, due primarily to the full quarter impact from the March 8, 2013 acquisition of Alliance. Core diluted earnings per share for the three months ended June 30, 2013 was $0.40, up from $0.39 for the previous quarter.

Reported net income from the six months ended June 30, 2013 was $24.6 million, down from $26.9 million for the same period last year. 2013 results included the impact of the acquisition of Alliance, including approximately $12.0 million in merger related expenses. Reported diluted earnings per share for the six months ended June 30, 2013 was $0.61, as compared to $0.80 for the same period in 2012.

Core net income for the six months ended June 30, 2013 was $32.1 million, up 19.6% from $26.8 million from the same period in 2012, due primarily to the impact of the Alliance acquisition. Core diluted earnings per share for the six months ended June 30, 2013 was $0.79, as compared to $0.80 for the same period last year.

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