NBT announces second quarter earnings

NORWICH – NBT Bancorp Inc. (NBT) (NASDAQ: NBTB) has reported net income for the six months ended June 30, 2012 was $26.9 million, down $2.1 million, or 7.1%, from the six months ended June 30, 2011. Net income per diluted share for the six months ended June 30, 2012 was $0.80 per share, down from $0.84 per diluted share for the six months ended June 30, 2011.

The company incurred approximately $1.3 million in merger related expenses for the first six months of 2012, which had a negative impact on diluted earnings per share of approximately $0.03. Annualized return on average assets and return on average equity were 0.94% and 9.89%, respectively, for the six months ended June 30, compared with 1.08% and 10.82%, respectively, for the six months ended June 30, 2011. Net interest margin (on a fully taxable equivalent or FTE basis) was 3.86% for the six months ended June 30, 2012, down 26 basis points from 4.12% for the six months ended June 30, 2011.



Net income for the three months ended June 30, 2012 was $13.3 million, down $1.4 million, or 9.5%, from the three months ended June 30, 2011. Net income per diluted share for the three months ended June 30, 2012 was $0.40 per share, down from $0.43 per diluted share for the three months ended June 30, 2011. NBT incurred approximately $0.8 million in merger related expenses for the three months ended June 30, 2012, which had a negative impact on diluted earnings per share of approximately $0.02. Annualized return on average assets and return on average equity were 0.92% and 9.66%, respectively, for the three months ended June 30, 2012, compared with 1.09% and 10.86%, respectively, for the three months ended June 30, 2011. FTE net interest margin was 3.82% for the three months ended June 30, 2012, down 31 basis points from 4.13% for the three months ended June 30, 2011.

Selected highlights for the second quarter of 2012 include:

• Outstanding loan balances as of June 30, 2012 are up $361.0 million from December 31, 2011 driven by:

• 7.5% organic loan growth (annualized)

• Approximately $217 million in loans from the Hampshire First acquisition

• Net interest margin was 3.82% for the second quarter, down 8 basis points on a linked quarter basis, resulting from the continued impact of the low rate environment on loans and investments.

• Annualized net charge-off ratio was 0.48% as compared to 0.60% for the same period last year.

• Past due loans to total loans was 0.54% as of June 30, 2012, compared to 0.89% at December 31, 2011.

• Continued strategic expansion with the completion of the acquisition of Hampshire First Bank on June 8, 2012. The Company now operates 5 branches in southern New Hampshire.

“During the second quarter we continued to demonstrate commitment to strategic investment in our company’s future with extension of our footprint into a fifth state through the successful acquisition of Hampshire First Bank in southern New Hampshire,” said NBT President and CEO Martin Dietrich. “We are also encouraged by our strong loan growth during the first half of 2012, both organic and from our acquisition of Hampshire First Bank. Organic loan growth was spurred by strong commercial and consumer loan originations in our legacy markets, particularly our upstate New York footprint, as well as from our recent expansion into new markets such as Vermont. The economic and regulatory environment continues to present challenges, but we remain focused on the fundamentals of banking and customer service as our community-minded team works to meet the needs of our customers.”

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.

Today's Other Stories



© 2014 Snyder Communications/The Evening Sun
29 Lackawanna Avenue, Norwich, NY 13815 - (607) 334-3276
We're on Facebook