NBT Bancorp net income jumps in second quarter

NORWICH — NBT Bancorp, Inc. (NASDAQ: NBTB) reported net income of $16.9 million in the second quarter, up from $7.6 million in the first quarter and $13.3 million in the second quarter of 2012.

Excluding adjustments for merger-related expenses and other matters, NBT generated core net income of $17.8 million in the second quarter, up from $14.3 million in the first quarter and $13.7 million in the year-ago period.

Norwich–based NBT posted earnings per share (EPS) of 38 cents and core EPS of 40 cents in the second quarter, compared to 21 cents and 39 cents, respectively, in the first quarter and 40 cents and 41 cents, respectively, in the second quarter of 2012.

Reported results from the second quarter of 2013 include the impact of the acquisition of Alliance Financial Corp. and $1.3 million in merger-related expenses, NBT said.

 ”Our recent acquisition of Alliance and our consistent ability to generate organic loan growth are key drivers of these results that demonstrate our combined focus on banking fundamentals and disciplined, strategic acquisition[s] are yielding positive results,” NBT CEO Martin Dietrich said in a news release. “We continue to operate in an environment that presents both economic and regulatory challenges, but our seasoned team of financial professionals remains focused on delivering long-term value to our shareholders and customers.”

NBT had total assets of $7.5 billion on June 30, up $1.5 billion (about $1.4 billion from the Alliance acquisition), or 25 percent, since Dec. 31, 2012. 

NBT reported its earnings after the close of trading Monday. It also announced that its board of directors has authorized a new stock repurchase program. NBT says it will buy back up to an additional 1 million shares (about 2 percent) of its outstanding common stock, as market conditions warrant in open market and privately negotiated transactions. This plan goes into effect Wednesday and expires on Dec. 31, 2014, the banking company announced.

Shares of NBT were trading up 26 cents, or 1.1 percent, to $22.72 in late afternoon trading Tuesday.

The company primarily operates through NBT Bank, N.A., a full-service community bank with three geographic divisions, and through two financial-services companies. NBT Bank has 161 locations — including 121 NBT Bank offices in upstate New York, northwestern Vermont, and western Massachusetts; 35 Pennstar Bank offices in northeastern Pennsylvania; and 5 Hampshire First Bank offices in southern New Hampshire.

NBT Bancorp also owns EPIC Advisors, Inc., a Rochester–based 401(k) plan recordkeeping firm, and Mang Insurance Agency, LLC, a Norwich–based insurance agency. 

Contact Rombel at arombel@cnybj.com