NORWICH — NBT Bancorp, Inc. (NASDAQ: NBTB) on Monday reported net income of more than $19 million, or 44 cents per diluted share, in the third quarter that ended Sept. 30.
Those figures are up from more than $14 million, or 43 cents per share, during the same time period a year ago, the banking company said in its earnings release.
The third quarter earnings represent the third-highest quarterly earnings per diluted share reported in the company’s history, according to NBT Bancorp.
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“Strong” organic loan growth, earnings growth, stable-asset quality, and continued improvement in operational efficiencies characterized the company’s third-quarter results, Martin Dietrich, president and CEO of NBT Bancorp, said in the news release.
“In addition, we are especially proud of the successful integration of Alliance Bank into NBT Bank that has strengthened our position in Central New York. Through this acquisition, which is the largest in NBT’s history, we have achieved the cost savings and operational synergies we identified and ushered in a new era for NBT. Over the last two years, we have added $2 billion to our balance sheet through strategic expansion, providing NBT with significant new growth opportunities in markets where we believe we are well positioned to build upon our foundations and leverage the strong potential that exists,” Dietrich said.
He also announced a 5 percent cash-dividend increase to share the banking company’s “successes with our shareholders.”
NBT reported its earnings after the close of trading on Monday.
NBT had total assets of $7.7 billion on Sept. 30, up $1.6 billion (approximately $1.4 billion from Alliance acquisition), or nearly 27 percent, from Dec. 31, 2012. Loans were $5.4 billion at Sept. 30, 2013, up $1.1 billion from Dec. 31, 2012, primarily due to about $904 million from the Alliance acquisition coupled with “strong” organic loan growth during the second and third quarters of 2013.
Total deposits were $6 billion on Sept. 30, up $1.2 billion from Dec. 31, 2012, primarily due to the Alliance acquisition.
Under a previously disclosed stock-repurchase plan, the company purchased nearly 585,000 shares of its common stock during the nine-month period that ended September 30, for a total of $12.5 million at an average price of $21.30 per share.
As of Sept. 30, more than 163,088 shares remained available for repurchase under this plan, which expires Dec. 31.
On July 22, the NBT board of directors authorized a new repurchase program for NBT to repurchase up to an additional 1 million shares of its outstanding common stock. This plan expires on Dec. 31, 2014.
Shares of NBT Bancorp were trading up 22 cents, or less than 1 percent, at $24.86 per share late this morning, according to Yahoo Finance.
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 160 locations — including 125 NBT Bank offices in upstate New York, northwestern Vermont, and western Massachusetts; 35 Pennstar Bank offices in northeastern Pennsylvania; and five 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 Reinhardt at ereinhardt@cnybj.com
