NBT Bancorp Announces Annual Earnings of $50.0 Million and Stock Buyback; Declares Cash Dividend
NORWICH, N.Y.--(BUSINESS WIRE)--Jan. 24, 2005--NBT Bancorp Inc. (NBT) (NASDAQ:NBTB) reported today that net income for the year ended December 31, 2004, was $50.0 million, or $1.51 per diluted share, up 6% compared with $47.1 million or $1.43 per diluted share for the same period in 2003. The increase in net income for the year ended December 31, 2004, was primarily the result of increases in net interest income of $6.1 million and noninterest income of $3.1 million that was partially offset by a $5.3 million increase in noninterest expense. Return on average assets and return on average equity were 1.21% and 15.69%, respectively, for the year ended December 31, 2004, compared with 1.22% and 15.90%, respectively, for the same period in 2003.
Net income for the quarter ended December 31, 2004, was $12.5 million, or $0.38 per diluted share, up 6% on a per diluted share basis from $11.9 million, or $0.36 per diluted share for the same period a year ago. The increase in net income for the quarter ended December 31, 2004, was primarily the result of an increase in net interest income of $1.3 million as well as decreases in the provision for loan and lease losses of $0.6 million and income tax expense of $1.1 million that was partially offset by a $2.6 million increase in noninterest expense. Annualized return on average assets and return on average equity were 1.18% and 15.08%, respectively, for the quarter ended December 31, 2004, compared with 1.17% and 15.47%, respectively, for the same period in 2003.
NBT Chairman and CEO Daryl R. Forsythe stated, "With net income just over $50 million, NBT delivered another year of solid performance in 2004. Our performance continues to be driven by strong loan growth and maintaining excellent credit quality. Our expansion efforts in the Albany and Binghamton markets helped contribute to another solid year of strong core deposit growth. As in 2004, 2005 will be a year of investment in our newer banking markets, as NBT plans to continue expansion in Albany and northeastern Pennsylvania to complement the solid foundation we have built for continuing growth while building additional shareholder value."
Loan and Lease Quality and Provision for Loan and Lease Losses
Nonperforming loans at December 31, 2004 were $16.2 million or 0.56% of total loans and leases compared with $14.8 million or 0.56% of total loans and leases at December 31, 2003. The Company's allowance for loan and lease losses was 1.57% of loans and leases at December 31, 2004 compared with 1.62% at December 31, 2003. The ratio of the allowance for loan and lease losses to nonperforming loans was 277.75% at December 31, 2004 compared with 287.62% at December 31, 2003. Net charge-offs to average loans and leases for the year ended December 31, 2004 and 2003, were 0.27%, respectively.
For the year and quarter ended December 31, 2004, the provision for loan and lease losses totaled $9.6 million and $2.8 million, respectively, compared with the $9.1 million and $3.3 million for the same periods in 2003. The increase in the provision for loan and lease losses for the year ended December 31, 2004, when compared with the same period in 2003 resulted mainly from continued loan growth and a slight increase in nonperforming loans. The decrease in the provision for the quarter ended December 31, 2004, when compared with the same period in the prior year was due to a higher net charge-off rate for the quarter ended December 31, 2003, as well as a stronger loan growth rate for that same period.
Net Interest Income
Net interest income for the year ended December 31, 2004 increased 4% to $150.5 million from $144.4 million in the same period for 2003. The Company's net interest margin was 4.03% for the year ended December 31, 2004 compared with 4.16% in 2003. Net interest income was up 4% to $38.7 million for the quarter ended December 31, 2004, compared with $37.3 million for the same period a year ago. The increase in net interest income was due primarily to a 5% increase in average earning assets offset by a slight decline in the Company's net interest margin, which was 4.03% for the quarter ended December 31, 2004, down from 4.07% for the same period in 2003. The increase in average earning assets was due primarily to loan growth, as average loans were up 9% for the quarter ended December 31, 2004, when compared with the same period in 2003. The Company's net interest margin of 4.03% for the quarter ended December 31, 2004, improved from the net interest margin for the quarter ended September 30, 2004 of 3.99%, as the Company benefited from the recent increases in the federal funds rate during the second half of 2004.
Noninterest Income
Noninterest income for the year ended December 31, 2004 was $40.9 million, up $3.1 million or 8% from $37.8 million for the same period in 2003. Service charges on deposit accounts for the year ended December 31, 2004, increased $0.6 million or 4% over the same period in 2003. The increase in service charges on deposit accounts resulted primarily from higher revenue collected for overdraft fees. Revenue from trust services increased $0.6 million or 14% for the year ended December 31, 2004, over the same period in 2003, due in part to an increase in assets under management resulting from improved stock market conditions and an increase in the number of managed asset accounts. Income from BOLI increased $0.7 million for the year ended December 31, 2004, over the same period in the prior year resulting from the purchase of $30 million in BOLI in June 2003. Other income increased $1.3 million or 13% primarily from increases in revenue from ATM fees and other consumer and commercial banking fees. Noninterest income for the quarter ended December 31, 2004 was $10.3 million, up $0.2 million from $10.1 million for the same period in 2003.
Noninterest Expense
Noninterest expense for the year ended December 31, 2004, was $109.8 million, up $5.3 million or 5% from $104.5 million for the same period in 2003. The increase in noninterest expense was due largely to increases in salaries and employee benefits, occupancy expense, professional fees and outside services and a $2.0 million goodwill impairment charge partially offset by decreases in loan collection and OREO expenses and other operating expense. Salaries and employee benefits increased $4.5 million primarily from increases in full-time-equivalent employees and merit increases as well as an increase in medical insurance costs and incentive compensation. Occupancy expense increased $0.6 million primarily from branch expansion in the Albany and Binghamton markets. Professional fees and outside services increased $0.7 million mainly from higher courier, legal and audit costs. The $2.0 million goodwill impairment charge resulted from the expected sale of the Company's broker/dealer subsidiary in the first quarter of 2005. Loan collection and OREO costs decreased $0.6 million from a decrease in OREO expenses resulting from a decline in the number of OREO properties under management as OREO totaled $0.4 million at December 31, 2004, compared to $1.2 million at December 31, 2003. Other operating expense decreased $1.3 million primarily from the reversal of a previously accrued $1.4 million liability that was determined in the fourth quarter of 2004 to no longer be required.
Noninterest expense for the quarter ended December 31, 2004, was $29.4 million, up $2.6 million or 10% from $26.8 million for the same period in 2003. The increase in noninterest expense resulted principally from increases in salaries and benefits of $1.7 million and the previously mentioned $2.0 million goodwill impairment charge offset by an $0.8 million decrease in other operating expense. The increase in salaries and benefits was driven primarily by higher salaries expense resulting from an increase in full-time-equivalent employees and merit increases as well as increases in medical insurance and retirement expense. The decrease in other operating expense resulted from the previously mentioned reversal of a previously accrued $1.4 million liability that was determined to no longer be required.
Income Taxes
Income tax expense for the quarter ended December 31, 2004, was $4.4 million, down $1.1 million from the $5.5 million recorded during the same period in 2003. The effective rate for the quarter ended December 31, 2004, was 25.8%, down from 31.4% for the same period in 2003. The decrease in tax expense and the effective tax rate for the quarter ended December 31, 2004, was due to the reversal of a previously accrued $0.8 million liability that was determined to no longer be required.
Balance Sheet
Total assets were $4.2 billion at December 31, 2004 up $0.2 billion from $4.0 billion at December 31, 2003. Loans and leases increased $0.2 billion or 9% from $2.6 billion at December 31, 2003 to $2.9 billion at December 31, 2004. Loan growth was driven predominantly by consumer loans and commercial loans. Total deposits were $3.1 billion at December 31, 2004, up $0.1 billion from $3.0 billion at December 31, 2003. Core deposits, which include checking, savings and money market accounts increased $0.1 billion or 3% from $1.9 billion at December 31, 2003 to $2.0 billion at December 31, 2004. Meanwhile, average core deposits for the year ended December 31, 2004 increased 12% to $2.0 billion from $1.8 billion for the same period in 2003. Stockholders' equity was $332.2 million representing a Tier 1 leverage ratio of 7.13% at December 31, 2004 compared with $310.0 million or a Tier 1 leverage ratio of 6.76% at December 31, 2003.
Dividend Declared
The NBT Board of Directors declared a quarterly cash dividend of $0.19 per share at a meeting held today. The dividend will be paid on March 15, 2005, to shareholders of record as of March 1, 2005.
Other Matters
NBT announced today that it has acquired EPIC Advisors, Inc. ("EPIC"), effective January 21, 2004. EPIC, located in Rochester, NY, is engaged primarily in the administration of corporate pension and 401 (k) plans. NBT President Martin A. Dietrich stated, "EPIC is a growing, well-managed firm with a great group of employees and the right customer base for us. The acquisition of EPIC will allow us to offer our Trust customers additional services from a quality firm. EPIC will play an important role in diversifying our revenue channels and strengthening our position as a full-service financial resource provider for our customers." NBT also announced today that it has entered into a definitive agreement to sell its broker-dealer subsidiary, M. Griffith, Inc. The sale is expected to be completed during the first quarter of 2005.
Stock Buyback
NBT announced today that the NBT Board of Directors authorized a new repurchase program whereby NBT intends to repurchase up to an additional 1,500,000 shares (approximately 5%) of its outstanding common stock from time to time as market conditions warrant in open market and privately negotiated transactions. Currently, there are 719,800 shares remaining under a previous authorization that will be superseded by the new repurchase program. Under the program no shares will knowingly be repurchased from officers and directors of NBT or from persons who hold in excess of five percent of its outstanding shares of common stock. The Company repurchased a total of 423,989 shares in the year ended December 31, 2004, at an average price of $21.58 per share. Total cash paid for these repurchases was $9.1 million. Total shares outstanding at December 31, 2004 were 32.9 million shares, compared to 32.8 million shares at December 31, 2003.
Corporate Overview
NBT is a financial services holding company headquartered in Norwich, NY, with total assets of $4.2 billion at December 31, 2004. The Company primarily operates through NBT Bank, N.A., a full-service community bank with two divisions and through a financial services company. NBT Bank, N.A. has 114 locations, including 73 NBT Bank offices in upstate New York and 41 Pennstar Bank offices in northeastern Pennsylvania. More information about NBT and its banking divisions can be found on the Internet at www.nbtbancorp.com, www.nbtbank.com, and www.pennstarbank.com.
Forward-Looking Statements
This news release contains forward-looking statements. These forward-looking statements involve risks and uncertainties and are based on the beliefs and assumptions of the management of NBT Bancorp and its subsidiaries and on the information available to management at the time that these statements were made. There are a number of factors, many of which are beyond NBT's control, that could cause actual conditions, events or results to differ significantly from those described in the forward-looking statements. Factors that may cause actual results to differ materially from those contemplated by such forward-looking statements include, among others, the following possibilities: (1) competitive pressures among depository and other financial institutions may increase significantly; (2) revenues may be lower than expected; (3) changes in the interest rate environment may reduce interest margins; (4) general economic conditions, either nationally or regionally, may be less favorable than expected, resulting in, among other things, a deterioration in credit quality and/or a reduced demand for credit; (5) legislative or regulatory changes, including changes in accounting standards and tax laws, may adversely affect the businesses in which NBT is engaged; (6) competitors may have greater financial resources and develop products that enable such competitors to compete more successfully than NBT; and (7) adverse changes may occur in the securities markets or with respect to inflation. Forward-looking statements speak only as of the date they are made. Except as required by law, NBT does not undertake to update forward-looking statements to reflect subsequent circumstances or events.
NBT Bancorp Inc.
SELECTED FINANCIAL HIGHLIGHTS
(unaudited)
Net Percent
2004 2003 Change Change
------------ ------------ ------------ ------------
(dollars in thousands,
except share and per
share data)
Three Months Ended
December 31,
Net Income $12,491 $11,882 $609 5%
Diluted Earnings
Per Share $0.38 $0.36 $0.02 6%
Weighted Average
Diluted
Common Shares
Outstanding 33,155,085 33,070,298 84,787 0%
Return on Average
Assets 1.18% 1.17% 0.01% 1%
Return on Average
Equity 15.08% 15.47% -0.39% -3%
Net Interest
Margin 4.03% 4.07% -0.04% -1%
----------------------------------------------------------------------
Twelve Months Ended
December 31,
Net Income $50,047 $47,104 $2,943 6%
Diluted Earnings
Per Share $1.51 $1.43 $0.08 6%
Weighted Average
Diluted
Common Shares
Outstanding 33,086,716 32,843,582 243,134 1%
Return on Average
Assets 1.21% 1.22% -0.01% -1%
Return on Average
Equity 15.69% 15.90% -0.21% -1%
Net Interest
Margin 4.03% 4.16% -0.13% -3%
----------------------------------------------------------------------
Asset Quality December 31, December 31,
2004 2003
------------ ------------
Nonaccrual Loans $14,991 $13,861
90 Days Past Due
and Still
Accruing $1,186 $968
Total
Nonperforming
Loans $16,177 $14,829
Other Real Estate
Owned (OREO) $428 $1,157
Total
Nonperforming
Loans and OREO $16,605 $15,986
Nonperforming
Securities $0 $395
Total
Nonperforming
Assets $16,605 $16,381
Allowance for Loan
and Lease Losses $44,932 $42,651
Year-to-Date (YTD)
Net Charge-Offs $7,334 $6,627
Allowance to Loans
and Leases 1.57% 1.62%
Total
Nonperforming
Loans to Loans
and Leases 0.56% 0.56%
Total
Nonperforming
Assets to Assets 0.39% 0.40%
Allowance to
Nonperforming
Loans 277.75% 287.62%
Annualized Net
Charge-Offs to
YTD Average
Loans and
Leases 0.27% 0.27%
----------------------------------------------------------------------
Capital
Equity to Assets 7.89% 7.66%
Book Value Per
Share $10.11 $9.46
Tangible Book
Value Per Share $8.66 $7.94
Tier 1 Leverage
Ratio 7.13% 6.76%
Tier 1 Capital
Ratio 9.78% 9.96%
Total Risk-Based
Capital Ratio 11.04% 11.21%
----------------------------------------------------------------------
----------------------------------------------------------------------
Quarterly Common
Stock Price 2004 2003 2002
Quarter End High Low High Low High Low
------ ------ ------ ------ ------ ------
March 31 $23.00 $21.21 $18.60 $16.76 $15.15 $13.15
June 30 $23.18 $19.92 19.94 17.37 19.32 14.00
September 30 $24.34 $21.02 21.76 19.24 18.50 16.36
December 31 $26.84 $21.94 22.78 19.50 18.60 14.76
----------------------------------------------------------------------
NBT Bancorp Inc.
SELECTED FINANCIAL HIGHLIGHTS
(unaudited)
Net Percent
2004 2003 Change Change
------------ ------------ ------------ ------------
(dollars in thousands,
except share and per
share data)
Balance Sheet as
of December 31,
Loans $2,869,921 $2,639,976 $229,945 9%
Earning Assets $3,940,565 $3,741,131 $199,434 5%
Total Assets $4,212,304 $4,046,885 $165,419 4%
Deposits $3,073,838 $3,001,351 $72,487 2%
Stockholders'
Equity $332,233 $310,034 $22,199 7%
----------------------------------------------------------------------
Average Balances
Quarter Ended
December 31,
Loans $2,843,841 $2,597,259 $246,582 9%
Securities AFS
(excluding
unrealized gains
or losses) $956,183 $1,018,157 ($61,974) -6%
Securities HTM $81,152 $95,581 ($14,429) -15%
Regulatory Equity
Investment $34,920 $35,383 ($463) -1%
Short-Term
Interest Bearing
Accounts $7,419 $2,321 $5,098 220%
Total Earning
Assets $3,923,514 $3,748,701 $174,813 5%
Total Assets $4,206,900 $4,032,250 $174,650 4%
Interest Bearing
Deposits $2,593,393 $2,485,494 $107,899 4%
Non-Interest
Bearing Deposits $513,795 $480,141 $33,654 7%
Short-Term
Borrowings $299,372 $324,737 ($25,365) -8%
Long-Term
Borrowings $413,255 $369,712 $43,543 12%
Total Interest
Bearing
Liabilities $3,306,021 $3,179,943 $126,078 4%
Stockholders'
Equity $329,543 $304,915 $24,628 8%
----------------------------------------------------------------------
Average Balances
Year Ended
December 31,
Loans $2,743,753 $2,474,899 $268,854 11%
Securities AFS
(excluding
unrealized
gains or losses) $970,024 $984,620 ($14,596) -1%
Securities HTM $85,771 $90,601 ($4,830) -5%
Regulatory Equity
Investment $34,813 $28,117 $6,696 24%
Short-Term
Interest Bearing
Accounts $7,538 $3,358 $4,180 124%
Total Earning
Assets $3,841,944 $3,581,595 $260,349 7%
Total Assets $4,120,547 $3,852,523 $268,024 7%
Interest Bearing
Deposits $2,555,384 $2,483,026 $72,358 3%
Non-Interest
Bearing Deposits $492,746 $457,238 $35,508 8%
Short-Term
Borrowings $302,276 $190,332 $111,944 59%
Long-Term
Borrowings $400,053 $360,928 $39,125 11%
Total Interest
Bearing
Liabilities $3,257,713 $3,034,286 $223,427 7%
Stockholders'
Equity $318,901 $296,276 $22,625 8%
----------------------------------------------------------------------
NBT Bancorp Inc. and Subsidiaries December 31, December 31,
Consolidated Balance Sheets 2004 2003
----------------------------------------------------------------------
(in thousands) (Unaudited)
ASSETS
Cash and due from banks $ 98,437 $ 125,590
Short term interest bearing accounts 8,286 2,502
Securities available for sale, at fair
value 952,542 980,961
Securities held to maturity (fair value
of $82,712 and $98,576 81,782 97,204
at December 31, 2004 and December 31,
2003 respectively)
Federal Reserve and Federal Home Loan
Bank stock 36,842 34,043
Loans and leases 2,869,921 2,639,976
Less allowance for loan and lease losses 44,932 42,651
----------------------------------------------------------------------
Net loans and leases 2,824,989 2,597,325
Premises and equipment, net 63,743 62,443
Goodwill 45,570 47,521
Intangible assets, net 2,013 2,331
Bank owned life insurance 32,302 30,815
Other assets 65,798 66,150
----------------------------------------------------------------------
TOTAL ASSETS $ 4,212,304 $ 4,046,885
----------------------------------------------------------------------
LIABILITIES, GUARANTEED PREFERRED BENEFICIAL
INTERESTS IN COMPANY'S JUNIOR SUBORDINATE
DEBENTURES AND CAPITAL
Deposits:
Demand (noninterest bearing) $ 520,218 $ 500,303
Savings, NOW, and money market 1,435,561 1,401,825
Time 1,118,059 1,099,223
----------------------------------------------------------------------
Total deposits 3,073,838 3,001,351
Short-term borrowings 338,823 302,931
Long-term debt 394,523 369,700
Trust preferred debentures 18,720 -
Other liabilities 54,167 45,869
----------------------------------------------------------------------
Total liabilities 3,880,071 3,719,851
Guaranteed preferred beneficial
interests in
Company's junior subordinated
debentures - 17,000
Total stockholders' equity 332,233 310,034
----------------------------------------------------------------------
TOTAL LIABILITIES, GUARANTEED PREFERRED
BENEFICIAL INTERESTS IN COMPANY'S JUNIOR
SUBORDINATE DEBENTURES AND CAPITAL $ 4,212,304 $ 4,046,885
----------------------------------------------------------------------
NBT Bancorp Inc. and
Subsidiaries Three months ended Twelve months ended
Consolidated Statements of December 31, December 31,
Income 2004 2003 2004 2003
----------------------------------------------------------------------
(in thousands, except per (Unaudited)
share data)
Interest, fee and dividend
income:
Loans and leases $42,983 $40,082 $163,795 $159,118
Securities available for sale 10,398 11,311 42,264 43,851
Securities held to maturity 761 805 3,044 3,391
Other 279 84 1,076 938
----------------------------------------------------------------------
Total interest, fee and
dividend income 54,421 52,282 210,179 207,298
----------------------------------------------------------------------
Interest expense:
Deposits 10,299 10,369 39,761 45,941
Short-term borrowings 1,307 808 4,086 2,171
Long-term debt 3,919 3,780 15,022 14,762
Trust preferred debentures 235 - 823 -
----------------------------------------------------------------------
Total interest expense 15,760 14,957 59,692 62,874
----------------------------------------------------------------------
Net interest income 38,661 37,325 150,487 144,424
Provision for loan and lease
losses 2,750 3,322 9,615 9,111
----------------------------------------------------------------------
Net interest income after
provision for loan and lease
losses 35,911 34,003 140,872 135,313
----------------------------------------------------------------------
Noninterest income:
Trust 1,174 1,075 4,605 4,041
Service charges on deposit
accounts 4,184 4,302 16,470 15,833
Broker/dealer and insurance
revenue 1,572 1,964 6,782 6,869
Net securities gains 160 92 216 175
Bank owned life insurance
income 345 403 1,487 815
Other 2,905 2,288 11,329 10,045
----------------------------------------------------------------------
Total noninterest income 10,340 10,124 40,889 37,778
----------------------------------------------------------------------
Noninterest expense:
Salaries and employee
benefits 14,063 12,355 54,063 49,560
Office supplies and postage 1,118 1,028 4,459 4,216
Occupancy 2,416 2,477 9,905 9,328
Equipment 1,998 2,008 7,573 7,627
Professional fees and outside
services 1,583 1,470 6,175 5,433
Data processing and
communications 2,740 2,671 10,972 10,752
Capital securities - 181 - 732
Amortization of intangible
assets 71 145 284 620
Loan collection and other
real estate owned 431 636 1,241 1,840
Goodwill impairment 1,950 - 1,950 -
Other operating 3,037 3,823 13,155 14,409
----------------------------------------------------------------------
Total noninterest expense 29,407 26,794 109,777 104,517
----------------------------------------------------------------------
Income before income taxes 16,844 17,333 71,984 68,574
Income taxes 4,353 5,451 21,937 21,470
----------------------------------------------------------------------
Net income $12,491 $11,882 $ 50,047 $ 47,104
----------------------------------------------------------------------
Earnings Per Share:
Basic $ 0.38 $ 0.36 $ 1.53 $ 1.45
Diluted $ 0.38 $ 0.36 $ 1.51 $ 1.43
----------------------------------------------------------------------
NBT Bancorp Inc. and
Subsidiaries
Quarterly Consolidated 4Q 3Q 2Q 1Q 4Q
Statements of Income 2004 2004 2004 2004 2003
----------------------------------------------------------------------
(in thousands, except (Unaudited)
per share data)
Interest, fee and
dividend income:
Loans $ 42,983 $41,283 $39,635 $39,894 $40,082
Securities available for
sale 10,398 10,784 10,313 10,769 11,311
Securities held to
maturity 761 731 755 797 805
Other 279 295 235 267 84
----------------------------------------------------------------------
Total interest, fee
and dividend income 54,421 53,093 50,938 51,727 52,282
----------------------------------------------------------------------
Interest expense:
Deposits 10,299 9,743 9,674 10,045 10,369
Short-term borrowings 1,307 1,192 794 793 808
Long-term debt 3,919 3,861 3,627 3,615 3,780
Trust preferred
debentures 235 245 163 180 -
----------------------------------------------------------------------
Total interest expense 15,760 15,041 14,258 14,633 14,957
----------------------------------------------------------------------
Net interest income 38,661 38,052 36,680 37,094 37,325
Provision for loan and
lease losses 2,750 2,313 2,428 2,124 3,322
----------------------------------------------------------------------
Net interest income
after provision for
loan and lease losses 35,911 35,739 34,252 34,970 34,003
----------------------------------------------------------------------
Noninterest income:
Trust 1,174 1,182 1,142 1,107 1,075
Service charges on
deposit accounts 4,184 4,159 4,090 4,037 4,302
Broker/dealer and
insurance fees 1,572 1,696 1,783 1,731 1,964
Net securities gains 160 18 29 9 92
Bank owned life
insurance income 345 348 409 385 403
Other 2,905 2,714 2,536 3,174 2,288
----------------------------------------------------------------------
Total noninterest
income 10,340 10,117 9,989 10,443 10,124
----------------------------------------------------------------------
Noninterest expense:
Salaries and employee
benefits 14,063 13,345 12,542 14,113 12,355
Office supplies and
postage 1,118 1,167 1,143 1,031 1,028
Occupancy 2,416 2,445 2,446 2,598 2,477
Equipment 1,998 1,941 1,781 1,853 2,008
Professional fees and
outside services 1,583 1,536 1,424 1,632 1,470
Data processing and
communications 2,740 2,688 2,852 2,692 2,671
Capital securities - - - - 181
Amortization of
intangible assets 71 71 71 71 145
Loan collection and
other real estate owned 431 339 99 372 636
Goodwill impairment 1,950 - - - -
Other operating 3,037 3,773 3,505 2,840 3,823
----------------------------------------------------------------------
Total noninterest
expense 29,407 27,305 25,863 27,202 26,794
----------------------------------------------------------------------
Income before income
taxes 16,844 18,551 18,378 18,211 17,333
Income taxes 4,353 5,934 5,810 5,840 5,451
----------------------------------------------------------------------
Net income $ 12,491 $12,617 $12,568 $12,371 $11,882
----------------------------------------------------------------------
Earnings per share:
Basic $ 0.38 $ 0.38 $ 0.38 $ 0.38 $ 0.36
Diluted $ 0.38 $ 0.38 $ 0.38 $ 0.37 $ 0.36
----------------------------------------------------------------------
CONTACT: NBT Bancorp Inc.
Daryl R. Forsythe, CEO
Michael J. Chewens, CFO
607-337-6416
SOURCE: NBT Bancorp Inc.