NORWICH — Net income dropped nearly 10 percent at NBT Bancorp, Inc. (NASDAQ: NBTB) in the second quarter as the company continued its growth strategy through mergers and acquisitions.
NBT reported second-quarter net income of $13.3 million, down $1.4 million from a year ago, and earnings per share of 40 cents, down from 43 cents. About 2 cents of that reduction stems from $800,000 in merger costs during the quarter.
NBT closed June 8 on its acquisition of Hampshire First Bank and now operates five branches in southern New Hampshire. Earnings beat analysts’ estimates of 38 cents per share.
“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,” NBT President and CEO Martin Dietrich said in a release. “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.”
Strong commercial and consumer loan originations spurred the loan growth, he said. Loans and leases totaled $3.94 billion for the quarter, up from $3.65 billion a year ago.
Total assets were $6 billion on June 30, up 6.6 percent from Dec. 31. Loans and leases were $4.2 billion, up $361 million from December. Total deposits were $4.7 billion, up from $321.9 million in December.
Headquartered in Norwich, NBT Bancorp Inc. (www.nbtbancorp.com) is a financial holding company that operates 132 NBT Bank, N.A. locations and 35 Pennstar Bank locations; EPIC Advisors, Inc., a Rochester–based 401(k) plan recordkeeping firm; and Mang Insurance Agency, LLC of Norwich
Contact DeLore at tdelore@tgbbj.com