NBT Bancorp, Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2012; Reports Net Charge-Offs for the Fourth Quarter Ended December 31, 2012; Declares Cash Dividend for the First Quarter of 2013, Payable on March 15, 2013
January 28, 2013 at 10:23 pm
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NBT Bancorp, Inc. reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2012. For the quarter, the company's net interest income was $52,453,000 against $50,499,000 a year ago. Total interest, fee and dividend income was $60,857,000 against $59,898,000 a year ago. Net interest income after provision for loan losses was $45,513,000 against $44,923,000 a year ago. Income before income taxes was $18,883,000 against $17,641,000 a year ago. Net income was $13,116,000 against $13,722,000 a year ago. Net income per basic and diluted share was $0.39 against net income per diluted share of $0.41 a year ago. Annualized return on average assets and return on average equity were 0.86% and 9.01%, respectively compared with 0.97% and 10.09%, respectively a year ago. Annualized return on average tangible common equity was 13.25% against 14.00% a year ago.
For the year, the company's net interest income was $204,203,000 against $200,276,000 a year ago. Total interest, fee and dividend income was $239,397,000 against $239,997,000 a year ago. Net interest income after provision for loan losses was $183,934,000 against $179,539,000 a year ago. Income before income taxes was $77,374,000 against $79,174,000 a year ago. Net income was $54,558,000 against $57,901,000 a year ago. Net income per diluted share was $1.62 as compared with $1.71 a year ago. Annualized return on average assets and return on average equity were 0.93% and 9.72%, respectively compared with 1.06% and 10.73%, respectively a year ago. Annualized return on average tangible common equity was 14.14% against 14.75% a year ago. Book value per share as on December 31, 2012 was $17.24 against $16.23 as on December 31, 2011. Tangible book value per share as on December 31, 2012 was $12.23 against $11.70 as on December 31, 2011.
For the quarter, the company reported net charge-offs of $8.3 million against $5.6 million for the three months ended December 31, 2011.
The company's Board of Directors declared a 2013 first-quarter cash dividend of $0.20 per share at a meeting held on January 28, 2013. The dividend will be paid on March 15, 2013 to shareholders of record as of March 1, 2013.
NBT Bancorp Inc. is a financial holding company. The Company primarily operates through NBT Bank, N.A. (the Bank), a full-service community bank, and through two financial services companies. The Bank provides a range of financial products to individuals, corporations and municipalities throughout upstate New York, northeastern Pennsylvania, southern New Hampshire, western Massachusetts, Vermont, southern Maine and central and northwestern Connecticut. Through its network of branch locations, the Bank offers a range of products and services tailored to individuals, businesses and municipalities. Deposit products offered by the Bank include demand deposit accounts, savings accounts, negotiable order of withdrawal (NOW) accounts, and certificate of deposit (CD) accounts. It operates EPIC Advisors, Inc., which is a national benefits administration firm. It operates NBT Insurance Agency, LLC, which is a full-service insurance agency. The Bank has approximately 153 branch locations.
NBT Bancorp, Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2012; Reports Net Charge-Offs for the Fourth Quarter Ended December 31, 2012; Declares Cash Dividend for the First Quarter of 2013, Payable on March 15, 2013