NBT net income dips
during first quarter

NORWICH — Net income was down for NBT Bancorp in the first quarter compared to the start of 2011, the company announced.

Net income for the quarter was $13.7 million, down $600,000 (4.6 percent) from the same period in 2011. Net income per share for the quarter was 41 cents, the same as the year before.

"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," said NBT President and Chief Executive Officer Martin Dietrich. "During the first quarter of 2012, we were pleased to add locations in Greene County, N.Y., and to open our fifth office in Western Massachusetts. In the second quarter, we look forward to entering a fifth state with the completion of our acquisition of Hampshire First Bank. 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."

Net interest income was up slightly to $49.4 million for the quarter, compared with $49.3 million for the start of 2011.

Total company assets were $5.8 billion at the end of the quarter, up $186.6 million (3.3 percent) from the end of 2011. Loans and leases were $3.8 billion, up $18.5 million. Total deposits were $4.6 billion, up $200.3 million.

Stockholders’ equity was $548.7 million, representing a total equity-to-total assets ratio of 9.49 percent at the end of the quarter, compared with $538.1 million or a total equity-to-total assets ratio of 9.61 percent at the end of 2011.

The company did not purchase any shares of its common stock during the quarter. There were 1,517,581 shares available for repurchase under two previously announced stock repurchase plans, which both expire at the end of 2013.

The company anticipates that its Board of Directors will declare a regular 2012 second-quarter cash dividend at its next scheduled meeting today.

NBT Bancorp is a financial holding company headquartered in Norwich. The company primarily operates through NBT Bank, a community bank with two divisions, and through two financial services companies. NBT Bank has 132 locations, including 89 offices in upstate New York, five offices in western Massachusetts, three offices in northwestern Vermont and 35 Pennstar Bank offices in northeastern Pennsylvania. EPIC Advisors, based in Rochester, is a 401(k) plan recordkeeping firm. Mang Insurance Agency is based in Norwich.