NBT Bancorp Inc. reported core net
income for the three months ended March 31
was $14.3 million, up 8.5 percent from $13.2
million for the same period in 2012. Core diluted
earnings per share for the three months
was $0.39, equivalent to the same period last
year, according to company officials.
Core annualized return on average assets
and return on average equity were 0.90 percent
and 9.01 percent, respectively, for the first
quarter of 2013, compared with 0.94 percent
and 9.76 percent, respectively, for the three
months ended March 31, 2012.
Company officials said reported results from
the first quarter of 2013 include the impact
of the acquisition of Alliance Financial Corp.
since March 8, including approximately $10.7
million in merger-related expenses.
Reported net income for the quarter was $7.6 million, down from $13.7 million for the same period in 2012, officials said.
The company said highlights for the first quarter of 2013 include completing the acquisition of Alliance on March 8, a $1.4 billion financial holding company headquartered in Syracuse; net interest income up 5.6 percent from the first quarter of 2012; non-interest income was up 9.4 percent compared to the first quarter of 2012; insurance and financial services revenue was up 12 percent over last year; and trust revenue up 36.8 percent over last year.