NORWICH — NBT Bancorp Inc. (NASDAQ: NBTB) reported that its core net income (excluding net securities gains, merger related expenses, and other items) rose to $18.4 million, or 42 cents a share, in the first quarter, from $14.3 million, or 39 cents, in the year-ago period.
The Norwich–based banking company reported total net income of $18 million, or 41 cents a share, for the first quarter, up from $7.6 million, or 21 cents, a year prior. The 2014 first-quarter results include the full impact of the March 8, 2013 acquisition of Syracuse–based Alliance Financial Corp. Results for the first quarter of 2013 included about $10.7 million in merger-related expenses, NBT said.
NBT said this year’s first quarter was highlighted by strong internal revenue growth, up 5.6 percent, and improving credit quality.
“We are once again pleased to report record net income and strong organic loan growth as we communicate our first quarter 2014 results,” NBT President and CEO Martin Dietrich said in the earnings report. “…We remain attentive to asset quality, expense control and investing in technology and training in our efforts to enhance NBT’s long-term value for our shareholders. We are also pleased to report that, with the rebranding of our Pennsylvania branches in March, all of our banking locations across our five-state footprint are now doing business as NBT Bank, creating operational efficiencies and enabling our customers to more easily identify us and fully access the range of financial services we offer.”
NBT reported its earnings after the close of trading on Monday. As of 2:07 p.m. today, NBT’s stock price was down 7 cents to $22.75.
NBT Bancorp had total assets of $7.8 billion as of March 31, up from $7.7 billion three months ago. The company primarily operates through NBT Bank, N.A., a full-service community bank, and through two financial services companies. NBT Bank has more than 155 branches in upstate New York, northwestern Vermont, western Massachusetts, southern New Hampshire, and northeastern Pennsylvania. EPIC Advisors, Inc., based in Rochester, is a 401(k) plan recordkeeping firm. Mang Insurance Agency, LLC, based in Norwich, is an insurance agency.
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