NORWICH — Income was down slightly in the first quarter at NBT Bancorp (NASDAQ: NBTB), but the good news far outweighs the bad at the Norwich–based banking company, executives said.
NBT reported net income of $13.7 million, down 4.6 percent from last year. Earnings per share stayed steady at 41 cents.
During the quarter, the company also closed on the purchase of three Legacy Banks branches in Greene County and the customer balances at another branch in Schoharie County. It opened a fifth branch in Lenox, Mass. on Feb. 7 and moved forward with the planned second-quarter acquisition of Hampshire First Bank in New Hampshire.
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“While the still-fragile economy poses ongoing challenges, NBT continues to invest in the future and expand delivery of our unique brand of community banking,” NBT President and CEO Martin Dietrich said in a news release. “Our consistent ability to generate loan growth, coupled with our strong fundamentals and quality team of community-minded bankers will enable NBT to continue to navigate the challenges ahead.”
NBT reported total assets of $5.8 billion as of March 31, up $186.6 million from Dec. 31. Loans and leases totaled $3.8 billion, up from $18.5 million at the end of 2011. Deposits grew $200.3 million from Dec. 31 to $4.6 billion as of March 31.
NBT Bancorp, Inc. 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 tgregory@tgbbj.com
