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NBT Bancorp Announces Annual Earnings of $52.4 Million and Stock Buyback; Declares Cash Dividend

01/23/06

NORWICH, NY, Jan 23, 2006 (MARKET WIRE via COMTEX News Network) -- NBT Bancorp Inc. (NBT) (NASDAQ: NBTB) reported today that net income for the year ended December 31, 2005, was $52.4 million, or $1.60 per diluted share, up 6% on a diluted per share basis compared with $50.0 million or $1.51 per diluted share for the same period in 2004. The increase in net income for the year ended December 31, 2005, was primarily the result of increases in net interest income of $7.6 million and noninterest income of $1.6 million partially offset by a $5.5 million increase in noninterest expense. Return on average assets and return on average equity were 1.21% and 15.86%, respectively, for the year ended December 31, 2005, compared with 1.21% and 15.69%, respectively, for the same period in 2004.

Net income for the quarter ended December 31, 2005, was $13.0 million, or $0.40 per diluted share, up 5% on a per diluted share basis from $12.5 million, or $0.38 per diluted share for the same period a year ago. The increase in net income for the quarter ended December 31, 2005, was primarily the result of an increase in net interest income of $1.4 million offset by an increase in income tax expense of $1.3 million. Annualized return on average assets and return on average equity were 1.17% and 15.47%, respectively, for the quarter ended December 31, 2005, compared with 1.18% and 15.08%, respectively, for the same period in 2004.

NBT CEO and President Martin A. Dietrich stated, "I am pleased to see the improvement in earnings over the same periods in 2004. Solid loan growth, supported by strong asset quality, has enabled us to achieve another solid year of results. During 2004 and 2005, we made several investments to expand our presence in the Albany, Binghamton and northeastern Pennsylvania markets. We are pleased with the loan and deposit growth we have experienced in these newer markets. We anticipate that the acquisition of City National Bank and Trust Company will close in the first quarter of 2006. This acquisition coupled with our branch expansion program is an important component for our plan of continued growth. Our team remains committed to increasing our market share through quality growth while focusing on our ultimate goals: to be the premier provider of community banking services in the markets we serve and to enhance our shareholders' value."

Loan and Lease Quality and Provision for Loan and Lease Losses

Nonperforming loans at December 31, 2005 were $14.3 million or 0.47% of total loans and leases compared with $16.2 million or 0.56% of total loans and leases at December 31, 2004. The Company's allowance for loan and lease losses was 1.57% of total loans and leases at December 31, 2005 and 2004. The ratio of the allowance for loan and lease losses to nonperforming loans was 331.92% at December 31, 2005 compared with 277.75% at December 31, 2004. Net charge-offs to average loans and leases for the year ended December 31, 2005, was 0.23% compared with 0.27% for the same period in 2004. For the year and quarter ended December 31, 2005, the provision for loan and lease losses totaled $9.5 million and $2.6 million, respectively, compared with the $9.6 million and $2.8 million for the same periods in 2004.

Net Interest Income

Net interest income for the year ended December 31, 2005 increased 5% to $158.1 million from $150.5 million in the same period for 2004. The Company's net interest margin was 4.01% for the year ended December 31, 2005 compared with 4.03% in 2004. Net interest income was up 4% to $40.0 million for the quarter ended December 31, 2005, compared with $38.7 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 3.97% for the quarter ended December 31, 2005, down from 4.03% for the same period in 2004. The increase in average earning assets was due primarily to loan growth, since average loans were up 6% for the quarter ended December 31, 2005, compared with the same period in 2004. The decrease in net interest margin is primarily attributable to the flattening yield curve, resulting in relatively flat reinvestment rates on investment securities and loans and increasing short-term borrowing and deposit costs. Dietrich added "Our expectation going forward is that our net interest margin will continue to decline given the flat yield curve and pressure on deposit pricing. Continuing the trend in loan growth we've experienced the last four years will be a key factor in overcoming this challenge."

Noninterest Income

Noninterest income for the year ended December 31, 2005, was $42.5 million, up $1.6 million from $40.9 million for the same period in 2004. Excluding net securities losses of $1.2 million for 2005, total noninterest income increased $2.9 million or 7% from the same period in 2004. Net securities losses of $1.2 million resulted from the sale of $47.8 million in securities available for sale to improve investment portfolio yield going forward. Retirement plan administration fees were $4.4 million. This is a new service from the acquisition of EPIC Advisors, Inc. in January 2005. ATM and debit card fees increased $0.6 million compared with the same period a year ago, due to growth from transaction deposit accounts, which has led to an increase in the Company's debit card base. Other income increased $0.9 million from increases in consumer banking fees, mortgage banking income and title insurance revenue. Offsetting these increases was a $3.6 million decrease in broker/dealer and insurance revenue due to the sale of the Company's broker/dealer subsidiary, M. Griffith, Inc. in March 2005.

Noninterest income for the quarter ended December 31, 2005, was $10.4 million, up $0.1 million from $10.3 million for the same period in 2004. Excluding net securities losses of $0.5 million during the quarter ended December 31, 2005, total noninterest income increased $0.6 million or 6% from the same period in 2004. Net securities losses of $0.5 million resulted from the previously mentioned sale of certain securities available for sale, which totaled $22.8 million for the quarter to improve investment portfolio yield going forward. Retirement plan administration fees totaled $1.2 million, from the previously mentioned acquisition of EPIC Advisors, Inc. in January 2005. Offsetting this increase was a $1.0 million decrease in broker/dealer and insurance revenue due to the previously mentioned sale of the Company's broker/dealer subsidiary, M. Griffith, Inc. in March 2005.

Noninterest Expense

Noninterest expense for the year ended December 31, 2005, was $115.3 million, up $5.5 million or 5% from $109.8 million for the same period in 2004. The increase in noninterest expense was due largely to increases in salaries and employee benefits and other expense. Also, 2004 included a $2.0 million goodwill impairment charge. Salaries and employee benefits increased $4.8 million primarily from increases in full-time-equivalent employees and merit increases as well as an increase in retirement costs and incentive compensation. Other operating expense increased $2.1 million, principally 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. The $2.0 million goodwill impairment charge in 2004 resulted from the expected sale of the Company's broker/dealer subsidiary, M Griffith, Inc. in the first quarter of 2005.

Noninterest expense for the quarter ended December 31, 2005, was $29.1 million, down $0.3 million from $29.4 million for the same period in 2004. The decrease in noninterest expense resulted principally from the previously mentioned $2.0 million goodwill impairment charge in 2004 charge offset by a $1.9 million increase in other operating expense in 2005. The increase in other operating expense resulted from the previously mentioned reversal of a previously accrued $1.4 million liability in 2004 that was determined to no longer be required.

Income Taxes

Income tax expense for the quarter ended December 31, 2005, was $5.7 million, up $1.3 million from the $4.4 million recorded during the same period in 2004. The effective rate for the quarter ended December 31, 2005, was 30.5%, compared with 25.8% for the same period in 2004. The increase in tax expense and the effective tax rate for the quarter ended December 31, 2005, compared with the same period in 2004, was due to the reversal of a previously accrued $0.8 million liability that was determined to no longer be required for the quarter ended December 31, 2004.

Balance Sheet

Total assets were $4.4 billion at December 31, 2005 up $0.2 billion from $4.2 billion at December 31, 2004. Loans and leases increased $0.1 billion or 5% from $2.9 billion at December 31, 2004, to $3.0 billion at December 31, 2005. Loan growth was driven predominantly by consumer loans and commercial loans. Total deposits were $3.2 billion at December 31, 2005, up $0.1 billion from $3.1 billion at December 31, 2004. Stockholders' equity was $333.9 million, representing a total-equity-to-total-assets ratio of 7.54% at December 31, 2005 compared with $332.2 million or a total-equity-to-total-assets ratio of 7.89% at December 31, 2004.

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 1,000,000 shares (approximately 3%) of its outstanding common stock from time to time as market conditions warrant in open market and privately negotiated transactions. Currently, there are 503,151 shares remaining under a previous authorization that will be combined with the new authorization, increasing the total shares available for repurchase to 1,503,151. 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 acquired 1,008,114 shares of its common stock at an average price of $22.97 per share, totaling $23.2 million for the year ended December 31, 2005.

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, 2006, to shareholders of record as of March 1, 2006.

Corporate Overview

NBT is a financial holding company headquartered in Norwich, NY, with total assets of $4.4 billion at December 31, 2005. 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 113 locations, including 74 NBT Bank offices in upstate New York and 39 Pennstar Bank offices in northeastern Pennsylvania. EPIC Advisors, Inc., based in Rochester, NY, is a full-service 401(k) plan recordkeeping firm. In June 2005, NBT announced that it had agreed to acquire CNB Bancorp, Inc. (CNB), which has total assets of approximately $400 million and is headquartered in Gloversville, NY. The merger is subject to CNB shareholder approval and is expected to close in the first quarter of 2006. More information about NBT and its divisions can be found on the Internet at www.nbtbancorp.com, www.nbtbank.com, www.pennstarbank.com and www.epic1st.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; (7) the costs that will be incurred from the CNB acquisition and the risk of not obtaining CNB shareholder approval; and (8) 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
                                      2005         2004      Change  Change
                                      ----         ----      ------  ------
                                    (dollars in thousands,
                                     except share and per
                                         share data)
Three Months Ended December 31,
Net Income                          $12,995      $12,491     $  504     4%
Diluted Earnings Per Share            $0.40        $0.38     $ 0.02     5%
Weighted Average Diluted
  Common Shares Outstanding      32,556,147   33,155,085   (598,938)   -2%
Return on Average Assets               1.17%        1.18%     -0.01%   -1%
Return on Average Equity              15.47%       15.08%      0.39%    3%
Net Interest Margin                    3.97%        4.03%     -0.06%   -1%
                                       ----         ----       ----  ----
Twelve Months Ended December 31,
Net Income                          $52,438      $50,047     $2,391     5%
Diluted Earnings Per Share            $1.60        $1.51      $0.09     6%
Weighted Average Diluted
  Common Shares Outstanding      32,710,425   33,086,716   (376,291)   -1%
Return on Average Assets               1.21%        1.21%      0.00%    0%
Return on Average Equity              15.86%       15.69%      0.17%    1%
Net Interest Margin                    4.01%        4.03%     -0.02%    0%
                                       ----         ----       ----  ----
Asset Quality                         December 31, December 31,
                                          2005         2004
                                          ----         ----
Nonaccrual Loans                        $13,419      $14,991
90 Days Past Due and Still Accruing        $878      $ 1,186
Total Nonperforming Loans               $14,297      $16,177
Other Real Estate Owned (OREO)             $265         $428
Total Nonperforming Assets              $14,562      $16,605
Allowance for Loan and Lease Losses     $47,455      $44,932
Year-to-Date (YTD) Net Charge-Offs      $ 6,941      $ 7,334
Allowance to Loans and Leases              1.57%        1.57%
Total Nonperforming Loans to
 Loans and Leases                          0.47%        0.56%
Total Nonperforming Assets to Assets       0.33%        0.39%
Allowance to Nonperforming Loans         331.92%      277.75%
Net Charge-Offs to
  YTD Average Loans and Leases             0.23%        0.27%
                                           ----         ----
Capital
Equity to Assets                           7.54%        7.89%
Book Value Per Share                    $ 10.34      $ 10.11
Tangible Book Value Per Share           $  8.75      $  8.66
Tier 1 Leverage Ratio                      7.16%        7.13%
Tier 1 Capital Ratio                       9.80%        9.78%
Total Risk-Based Capital Ratio            11.05%       11.04%
                                          -----        -----
Quarterly Common Stock Price      2005           2004             2003
Quarter End                   High    Low     High    Low     High    Low
                             -----   -----   -----   -----   -----   -----
March 31                    $25.66  $21.48  $23.00  $21.21  $18.60  $16.76
June 30                     $24.15  $20.10   23.18   19.92   19.94   17.37
September 30                $25.50  $22.79   24.34   21.02   21.76   19.24
December 31                 $23.79  $20.75   26.84   21.94   22.78   19.50
                             -----   -----   -----   -----   -----   -----
                                   NBT Bancorp Inc.
                           SELECTED FINANCIAL HIGHLIGHTS
                                     (unaudited)
                                                          Net    Percent
                                   2005       2004       Change  Change
                               ----------- ----------- --------- -------
                               (dollars in thousands,
                                except share and per
                                     share data)
Balance Sheet as of
 December 31,
Loans                          $ 3,022,657 $ 2,869,921 $ 152,736       5%
Earning Assets                 $ 4,129,350 $ 3,940,565 $ 188,785       5%
Total Assets                   $ 4,426,773 $ 4,212,304 $ 214,469       5%
Deposits                       $ 3,160,196 $ 3,073,838 $  86,358       3%
Stockholders' Equity           $   333,943 $   332,233 $   1,710       1%
                               ----------- ----------- --------- -------
Average Balances
Quarter Ended  December 31,
Loans                          $ 3,012,561 $ 2,843,841 $ 168,720       6%
Securities AFS (excluding
 unrealized gains or losses)   $   965,742 $   956,183 $   9,559       1%
Securities HTM                 $    92,054 $    81,152 $  10,902      13%
Regulatory Equity Investment   $    39,277 $    34,920 $   4,357      12%
Short-Term Interest
 Bearing Accounts              $     7,676 $     7,419 $     257       3%
Total Earning Assets           $ 4,117,310 $ 3,923,514 $ 193,796       5%
Total Assets                   $ 4,393,140 $ 4,206,900 $ 186,240       4%
Interest Bearing Deposits      $ 2,602,145 $ 2,593,393 $   8,752       0%
Non-Interest Bearing Deposits  $   571,999 $   513,795 $  58,204      11%
Short-Term Borrowings          $   396,077 $   299,372 $  96,705      32%
Long-Term Borrowings           $   439,798 $   413,255 $  26,543       6%
Total Interest Bearing
 Liabilities                   $ 3,438,020 $ 3,306,021 $ 131,999       4%
Stockholders' Equity           $   333,450 $   329,543 $   3,907       1%
                               ----------- ----------- --------- -------
Average Balances
Twelve Months Ended
 December 31,
Loans                          $ 2,959,256 $ 2,743,753 $ 215,503       8%
Securities AFS
 (excluding unrealized gains
  or losses)                   $   954,461 $   970,024 $ (15,563)     -2%
Securities HTM                 $    88,244 $    85,771 $   2,473       3%
Regulatory Equity Investment   $    37,607 $    34,813 $   2,794       8%
Short-Term Interest
 Bearing Accounts              $     7,298 $     7,583 $    (285)     -4%
Total Earning Assets           $ 4,046,866 $ 3,841,944 $ 204,922       5%
Total Assets                   $ 4,326,155 $ 4,120,547 $ 205,608       5%
Interest Bearing Deposits      $ 2,615,833 $ 2,555,384 $  60,449       2%
Non-Interest Bearing Deposits  $   543,077 $   492,746 $  50,331      10%
Short-Term Borrowings          $   353,644 $   302,276 $  51,368      17%
Long-Term Borrowings           $   430,487 $   400,053 $  30,434       8%
Total Interest Bearing
 Liabilities                   $ 3,399,964 $ 3,257,713 $ 142,251       4%
Stockholders' Equity           $   330,676 $   318,901 $  11,775       4%
                               ----------- ----------- --------- -------
NBT Bancorp Inc. and Subsidiaries               December 31,   December 31,
Consolidated Balance Sheets (unaudited)             2005           2004
                                                 -----------    -----------
(in thousands)
ASSETS
Cash and due from banks                          $   134,501    $    98,437
Short term interest bearing accounts                   7,987          8,286
Securities available for sale, at fair value         954,474        952,542
Securities held to maturity (fair value
 of $93,701 and $82,712 at December 31, 2005 and
 December 31, 2004, respectively)                     93,709         81,782
Federal Reserve and Federal Home Loan Bank stock      40,259         36,842
Loans and leases                                   3,022,657      2,869,921
Less allowance for loan and lease losses              47,455         44,932
                                                 -----------    -----------
  Net loans and leases                             2,975,202      2,824,989
Premises and equipment, net                           63,693         63,743
Goodwill                                              47,544         45,570
Intangible assets, net                                 3,808          2,013
Bank owned life insurance                             33,648         32,302
Other assets                                          71,948         65,798
                                                 -----------    -----------
TOTAL ASSETS                                     $ 4,426,773    $ 4,212,304
                                                 ===========    ===========
LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits:
 Demand (noninterest bearing)                    $   593,422    $   520,218
 Savings, NOW, and money market                    1,325,166      1,435,561
 Time                                              1,241,608      1,118,059
                                                 -----------    -----------
  Total deposits                                   3,160,196      3,073,838
Short-term borrowings                                444,977        338,823
Long-term debt                                       414,330        394,523
Trust preferred debentures                            23,875         18,720
Other liabilities                                     49,452         54,167
                                                 -----------    -----------
  Total liabilities                                4,092,830      3,880,071
Total stockholders' equity                           333,943        332,233
                                                 ===========    ===========
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY       $ 4,426,773    $ 4,212,304
                                                 ===========    ===========
                                    Three months ended  Twelve months ended
NBT Bancorp Inc. and Subsidiaries       December 31,       December 31,
Consolidated Statements of Income      2005      2004      2005     2004
(unaudited)                         --------- --------- --------- ---------
(in thousands, except per share data)
Interest, fee and dividend income:
Loans and leases                    $  50,726 $  42,983 $ 189,714 $ 163,795
Securities available for sale          10,544    10,398    41,120    42,264
Securities held to maturity               913       761     3,407     3,044
Other                                     575       279     2,126     1,076
                                    --------- --------- --------- ---------
  Total interest, fee
   and dividend income                 62,758    54,421   236,367   210,179
                                    --------- --------- --------- ---------
Interest expense:
Deposits                               14,352    10,299    49,932    39,761
Short-term borrowings                   3,911     1,307    10,984     4,086
Long-term debt                          4,098     3,919    16,114    15,022
Trust preferred debentures                375       235     1,226       823
                                    --------- --------- --------- ---------
  Total interest expense               22,736    15,760    78,256    59,692
                                    --------- --------- --------- ---------
Net interest income                    40,022    38,661   158,111   150,487
Provision for loan and lease losses     2,596     2,750     9,464     9,615
                                    --------- --------- --------- ---------
Net interest income after provision
 for loan and lease losses             37,426    35,911   148,647   140,872
                                    --------- --------- --------- ---------
Noninterest income:
Trust                                   1,234     1,174     5,029     4,605
Service charges on deposit accounts     4,340     4,184    16,894    16,470
ATM and debit card fees                 1,587     1,402     6,162     5,530
Broker/dealer and insurance revenue       527     1,572     3,186     6,782
Net securities (losses) gains            (546)      160    (1,236)      216
Bank owned life insurance income          342       345     1,347     1,487
Retirement plan administration fees     1,212         -     4,426         -
Other                                   1,736     1,503     6,741     5,799
                                    --------- --------- --------- ---------
  Total noninterest income             10,432    10,340    42,549    40,889
                                    --------- --------- --------- ---------
Noninterest expense:
Salaries and employee benefits         13,863    14,308    60,005    55,204
Office supplies and postage             1,222     1,118     4,628     4,459
Occupancy                               2,689     2,416    10,452     9,905
Equipment                               2,120     1,998     8,118     7,573
Professional fees and outside services  1,584     1,583     6,087     6,175
Data processing and communications      2,548     2,740    10,349    10,972
Amortization of intangible assets         142        71       544       284
Loan collection and other real estate
 owned                                    278       431     1,002     1,241
Goodwill impairment                         -     1,950         -     1,950
Other operating                         4,703     2,792    14,120    12,014
                                    --------- --------- --------- ---------
  Total noninterest expense            29,149    29,407   115,305   109,777
                                    --------- --------- --------- ---------
Income before income taxes             18,709    16,844    75,891    71,984
Income taxes                            5,714     4,353    23,453    21,937
                                    --------- --------- --------- ---------
   Net income                       $  12,995 $  12,491 $  52,438 $  50,047
                                    --------- --------- --------- ---------
Earnings Per Share:
     Basic                          $    0.40 $    0.38 $    1.62 $    1.53
     Diluted                        $    0.40 $    0.38 $    1.60 $    1.51
                                    ========= ========= ========= =========
NBT Bancorp Inc. and Subsidiaries      4Q      3Q      2Q      1Q      4Q
Quarterly Consolidated Statements     2005    2005    2005    2005    2004
 of Income (unaudited)              ------- ------- ------- ------- -------
(in thousands, except per share data)
Interest, fee and dividend income:
Loans                               $50,726 $48,784 $46,260 $43,944 $42,983
Securities available for sale        10,544  10,103  10,226  10,247  10,398
Securities held to maturity             913     860     831     803     761
Other                                   575     535     549     467     279
                                    ------- ------- ------- ------- -------
   Total interest, fee and dividend
    income                           62,758  60,282  57,866  55,461  54,421
                                    ------- ------- ------- ------- -------
Interest expense:
Deposits                             14,352  12,842  12,018  10,720  10,299
Short-term borrowings                 3,911   3,005   2,207   1,861   1,307
Long-term debt                        4,098   4,176   4,032   3,808   3,919
Trust preferred debentures              375     308     285     258     235
                                    ------- ------- ------- ------- -------
  Total interest expense             22,736  20,331  18,542  16,647  15,760
                                    ------- ------- ------- ------- -------
Net interest income                  40,022  39,951  39,324  38,814  38,661
Provision for loan and lease losses   2,596   2,752   2,320   1,796   2,750
                                    ------- ------- ------- ------- -------
Net interest income after provision
 for loan and lease losses           37,426  37,199  37,004  37,018  35,911
                                    ------- ------- ------- ------- -------
Noninterest income:
Trust                                 1,234   1,292   1,251   1,252   1,174
Service charges on deposit accounts   4,340   4,314   4,311   3,929   4,184
ATM and debit card fees               1,587   1,631   1,544   1,400   1,402
Broker/dealer and insurance fees        527     571     736   1,352   1,572
Net securities (losses) gains          (546)   (737)     51      (4)    160
Bank owned life insurance income        342     339     333     333     345
Retirement plan administration fees   1,212   1,195   1,156     863       -
Other                                 1,736   1,746   1,673   1,586   1,503
                                    ------- ------- ------- ------- -------
   Total noninterest income          10,432  10,351  11,055  10,711  10,340
                                    ------- ------- ------- ------- -------
Noninterest expense:
Salaries and employee benefits       13,863  15,438  15,253  15,451  14,308
Office supplies and postage           1,222   1,135   1,121   1,150   1,118
Occupancy                             2,689   2,425   2,550   2,788   2,416
Equipment                             2,120   1,971   1,931   2,096   1,998
Professional fees and outside
 services                             1,584   1,447   1,381   1,675   1,583
Data processing and communications    2,548   2,613   2,530   2,658   2,740
Amortization of intangible assets       142     142     142     118      71
Loan collection and other real
 estate owned                           278     115     208     401     431
Goodwill impairment                       -       -       -       -   1,950
Other operating                       4,703   3,293   3,580   2,544   2,792
                                    ------- ------- ------- ------- -------
   Total noninterest expense         29,149  28,579  28,696  28,881  29,407
                                    ------- ------- ------- ------- -------
Income before income taxes           18,709  18,971  19,363  18,848  16,844
Income taxes                          5,714   5,445   6,235   6,059   4,353
                                    ------- ------- ------- ------- -------
   Net income                       $12,995 $13,526 $13,128 $12,789 $12,491
                                    ======= ======= ======= ======= =======
Earnings per share:
   Basic                            $  0.40 $  0.42 $  0.41 $  0.39 $  0.38
   Diluted                          $  0.40 $  0.41 $  0.40 $  0.39 $  0.38
                                    ======= ======= ======= ======= =======

Contact:
Martin A. Dietrich
CEO
Michael J. Chewens
CFO
NBT Bancorp Inc.
52 South Broad Street
Norwich, NY 13815
607-337-6119

SOURCE: NBT Bancorp Inc.

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