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NBT Bancorp Inc. Announces Record Third Quarter Earnings And A 5% Cash Dividend Increase

NORWICH, N.Y., Oct. 28, 2013 (GLOBE NEWSWIRE) -- NBT Bancorp Inc. (NBT) (Nasdaq:NBTB) reported net income for the three months ended September 30, 2013 of $19.3 million, up from $16.9 million from the prior quarter, and up from $14.5 million for the third quarter of 2012. Reported earnings per diluted share for the three months ended September 30, 2013 was $0.44 as compared to $0.38 from the prior quarter and $0.43 for the third quarter of 2012. The third quarter 2013 earnings represent the third highest quarterly earnings per diluted share reported in the Company's history.

Core net income for the three months ended September 30, 2013 was $19.4 million, up 8.5% from $17.8 million for the prior quarter, and up 34.9% from $14.4 million for the third quarter of 2012. Core diluted earnings per share for the three months ended September 30, 2013 was $0.44, up from $0.40 for the prior quarter, and up from $0.42 for the third quarter of 2012.

Reported net income for the nine months ended September 30, 2013 was $43.8 million, up from $41.4 million for the same period last year. 2013 results included the impact of the acquisition of Alliance in March 2013, including approximately $12.3 million in merger related expenses. Reported diluted earnings per share for the nine months ended September 30, 2013 was $1.05, as compared to $1.23 for the same period in 2012.

Core net income for the nine months ended September 30, 2013 was $51.5 million, up 24.9% from $41.2 million for the same period in 2012, due primarily to the impact of the Alliance acquisition. Core diluted earnings per share for the nine months ended September 30, 2013 was $1.23, equivalent to the same period last year.

Third Quarter Highlights:
  • Core diluted EPS $0.44, up from $0.40 in the prior quarter and $0.42 for the third quarter of 2012
  • Strong loan growth continued in the third quarter (5.7% annualized)
  • Continued progress on operational efficiencies

"We are very pleased with our third quarter results, which were characterized by strong organic loan growth, earnings growth, stable asset quality and continued improvement in operational efficiencies," said NBT President and CEO Martin Dietrich. "In addition, we are especially proud of the successful integration of Alliance Bank into NBT Bank that has strengthened our position in central New York. Through this acquisition, which is the largest in NBT's history, we have achieved the cost savings and operational synergies we identified and ushered in a new era for NBT. Over the last two years, we have added $2 billion to our balance sheet through strategic expansion, providing NBT with significant new growth opportunities in markets where we believe we are well positioned to build upon our foundations and leverage the strong potential that exists. Finally, we are glad to have the opportunity to share our successes with our shareholders in the form of a 5% cash dividend increase."

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