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NBT Bancorp Announces Quarterly Earnings of $12.6 Million; Declares Cash Dividend

07/26/04

NORWICH, N.Y.--(BUSINESS WIRE)--July 26, 2004--NBT Bancorp Inc. (NBT) (NASDAQ: NBTB) reported today that net income for the quarter ended June 30, 2004, was $12.6 million, or $0.38 per diluted share, up 6% from $11.8 million, or $0.36 per diluted share for the same period a year ago. Return on average assets and return on average equity were 1.24% and 16.05%, respectively, for the quarter ended June 30, 2004, compared with 1.25% and 16.07%, respectively, for the same period in 2003. The increase in net income for the quarter ended June 30, 2004, was primarily the result of a $1.2 million increase in net interest income and a $1.1 million increase in noninterest income that was partially offset by a $1.0 million increase in the provision for loan and lease losses.

Net income for the six months ended June 30, 2004, was $24.9 million, or $0.75 per diluted share, up 6% compared with $23.4 million or $0.71 per diluted share for the first six months of 2003. Return on average assets and return on average equity were 1.24% and 15.89%, respectively, for the six months ended June 30, 2004, compared with 1.26% and 16.08%, respectively, for the same period in 2003. The increase in net income for the six months ended June 30, 2004, was primarily the result of a $2.8 million increase in noninterest income and a $2.3 million increase in net interest income that was partially offset by increases in the provision for loan and lease losses of $1.2 million and noninterest expense of $1.3 million.

NBT Chairman and CEO Daryl R. Forsythe stated, "I am pleased to report solid results for the second quarter of 2004. Key areas that continue to drive our performance include solid loan growth, higher revenues from noninterest income sources, strong credit quality, and good expense control. With the competitive landscape changing as a result of merger activity, we remain focused on our growth strategy and are taking advantage of the resulting organic growth opportunities in the Albany and Binghamton markets. Recently, NBT Bank announced the opening of its 72nd location in downtown Binghamton in July and relocated a branch in Albany to a new regional financial services center in May."

    Loan and Lease Quality and Provision for Loan and Lease Losses

Nonperforming loans at June 30, 2004 were $13.8 million or 0.50% of total loans and leases compared with $16.8 million or 0.67% of total loans and leases at June 30, 2003 and $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 1.58% of loans and leases at June 30, 2004 compared to 1.64% at June 30, 2003 and 1.62% at December 31, 2003. The ratio of the allowance for loan and lease losses to nonperforming loans improved to 315.52% at June 30, 2004 from 242.58% at June 30, 2003 and 287.62% at December 31, 2003. Annualized net charge-offs to average loans and leases for the six months ended June 30, 2004, were 0.28%, up slightly from the 0.23% annualized ratio for the six months ended June 30, 2003, and the ratio for the year ended December 31, 2003 of 0.27%.

For the quarter and six months ended June 30, 2004, the provision for loan and lease losses totaled $2.4 million and $4.6 million, respectively, compared with the $1.4 million and $3.4 million for the same periods in 2003. The increase in the provision for loan and lease losses was due primarily to loan and lease growth as well as an increase in net charge-offs. Loans and leases at June 30, 2004 increased 10% when compared to loans and leases at June 30, 2003 and grew at a 9% annualized rate when compared to loans and leases at December 31, 2003. Net charge-offs for the quarter ended June 30, 2004 were up $0.6 million to $2.2 million from $1.7 million for the same period in 2003. The provision for loan and lease losses represents the charge against current earnings that is determined by management, through a disciplined credit review process, as the amount needed to maintain an allowance that is sufficient to absorb loan and lease losses inherent in the Company's current loan and lease portfolio.

Net Interest Income

Net interest income was up 3% to $36.7 million for the quarter ended June 30, 2004, compared to $35.5 million for the same period a year ago. The increase in net interest income was attributable to 8% growth in average earning assets for the period offset by a decline in the Company's net interest margin, which was 3.99% for the quarter ended June 30, 2004, down from the 4.18% for the same period in 2003. Net interest income for the six months ended June 30, 2004 increased 3% as well to $73.8 million from $71.5 million in the same period for 2003. The increase in net interest income was attributable to 9% growth in average earning assets for the period offset by a decline in the Company's net interest margin, which was 4.04% for the six months ended June 30, 2004, down from the 4.29% for the same period in 2003. The compression of net interest margin during the six months and quarter ended June 30, 2004 compared to the same periods last year resulted from earning assets repricing down at a faster rate than interest-bearing liabilities due primarily to the continued low rate environment prevalent throughout the period.

Noninterest Income

Noninterest income for the quarter ended June 30, 2004 was $10.0 million, up $1.1 million or 12% from $8.9 million for the same period in 2003. Service charges on deposit accounts for the quarter ended June 30, 2004 increased $0.3 million or 9% over the same period in 2003. The increase in service charges on deposit accounts resulted primarily from higher overdraft fees from pricing adjustments implemented during the second half of 2003. Income from bank owned life insurance (BOLI) increased $0.4 million for the quarter ended June 30, 2004 over the same period in the prior year resulting from the purchase of $30 million of BOLI in June 2003.

Noninterest income for the six months ended June 30, 2004 was $20.4 million, up $2.8 million or 16% from $17.7 million for the same period in 2003. Service charges on deposit accounts for the six months ended June 30, 2004 increased $0.8 million or 10% over the same period in 2003. As mentioned previously, the increase in service charges on deposit accounts resulted primarily from higher revenue collected for overdraft fees from pricing adjustments implemented during the second half of 2003. Other income for the six months ended June 30, 2004 increased $0.6 million or 12% over the same period in 2003. The increase in other income was driven primarily by an increase in credit-group-life insurance fees totaling $0.4 million. Broker/dealer and insurance revenue increased $0.4 million or 12%, due primarily to the initiative to sell financial service products throughout the Bank's 112-branch network beginning in 2003. Income from BOLI increased $0.8 million for the six months ended June 30, 2004 over the same period in the prior year resulting from the previously mentioned purchase of $30 million of BOLI in June 2003.

Noninterest Expense

Noninterest expense for the quarter ended June 30, 2004 was $25.9 million, up slightly from $25.8 million for the same period in 2003. Salaries and employee benefits for the quarter ended June 30, 2004 increased $0.5 million or 4% over the same period in 2003 mainly from higher salaries from merit increases and higher employee medical insurance costs. Occupancy expense for the quarter ended June 30, 2004 increased $0.3 million or 12% over the same period in 2003 primarily from branch expansion in the Albany market. Offsetting these increases were decreases in loan collection and other real estate owned ("OREO") costs and other operating expenses. Loan collection and OREO costs for the quarter ended June 30, 2004 decreased $0.4 million when compared to the same period in 2003 mainly from a $0.3 million gain from the sale of OREO during the current quarter. Other operating expense for the quarter ended June 30, 2004 decreased $0.4 million when compared to the same period in 2003 mainly from a $0.6 million charge for the writedown of a nonmarketable security in 2003.

Noninterest expense for the six months ended June 30, 2004 was $53.1 million, up $1.3 million or 3% from $51.7 million for the same period in 2003. The increase in noninterest expense was due primarily to increases in salaries and employee benefits and professional fees and outside services partially offset by decreases in loan collection and OREO costs and other operating expense. Salaries and employee benefits increased $1.9 million, mainly from a $1.1 million increase in salary expense from merit increases and an increase in employee medical costs of $0.5 million. Professional fees and outside services increased $0.5 million mainly from increased courier, legal and audit costs. Loan collection and OREO costs decreased $0.3 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 June 30, 2004 compared to $2.3 million at June 30, 2003. Other operating expense decreased $0.7 million mainly from the previously mentioned $0.6 million charge for the writedown of a nonmarketable security in 2003.

Balance Sheet

Total assets were $4.1 billion at June 30, 2004 up $0.2 billion from $3.9 billion at June 30, 2003. Loans and leases increased $0.3 billion or 10% from $2.5 billion at June 30, 2003 to $2.8 billion at June 30, 2004. Loan growth was fueled by solid production from consumer, commercial and residential real estate loan products. Total deposits were $3.0 billion at June 30, 2004 and 2003. Core deposits, which include checking, savings and money market accounts increased $0.2 billion or 12% from $1.8 billion at June 30, 2003 to $2.0 billion at June 30, 2004 offset by a $0.1 billion decrease in time deposits during the same period. Stockholders' equity was $307.7 million representing a Tier 1 leverage ratio of 6.90% at June 30, 2004 compared with $297.9 million or a Tier 1 leverage ratio of 6.72% at June 30, 2003. Under a previously announced stock repurchase plan, the Company acquired 351,331 shares of its common stock at an average price of $21.51 per share totaling $7.6 million for the six months ended June 30, 2004.

Dividend Declared

The NBT Board of Directors declared a third quarter cash dividend of $0.19 per share at a meeting held today. The dividend will be paid on September 15, 2004 to shareholders of record as of September 1, 2004.

Corporate Overview

NBT is a financial services holding company headquartered in Norwich, NY, with total assets of $4.1 billion at June 30, 2004. Mr. Forsythe commented "I am pleased to announce that on July 19, 2004, the Company successfully completed the integration of the Central National Bank division into the NBT Bank division. We now have a single brand in New York and will continue to be the same community bank staffed by local decision makers who provide quality service and competitive products." 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 112 locations, including 72 NBT Bank offices in upstate New York and 40 Pennstar Bank offices in northeastern Pennsylvania. NBT also provides financial services products through M. Griffith, Inc. 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
 June 30,
Net Income                 $12,568       $11,808        $760      6%
Diluted Earnings Per
 Share                       $0.38         $0.36       $0.02      6%
Weighted Average
 Diluted
  Common Shares
   Outstanding          33,084,126    32,652,900     431,226      1%
Return on Average
 Assets                       1.24%         1.25%      -0.01%    -1%
Return on Average
 Equity                      16.05%        16.07%      -0.02%     0%
Net Interest Margin           3.99%         4.18%      -0.19%    -5%
----------------------------------------------------------------------

Six Months Ended June 30,
Net Income                 $24,939       $23,374      $1,565      7%
Diluted Earnings Per
Share                        $0.75         $0.71       $0.04      6%
Weighted Average Diluted
Common Shares
Outstanding             33,128,783    32,717,725     411,058      1%
Return on Average
 Assets                       1.24%         1.26%      -0.02%    -2%
Return on Average
 Equity                      15.89%        16.08%      -0.19%    -1%
Net Interest Margin           4.04%         4.29%      -0.25%    -6%
----------------------------------------------------------------------

Asset Quality               June 30,    December 31,    June 30,
                              2004          2003          2003
                     -----------------------------------------------
Nonaccrual Loans           $13,240       $13,861       $15,906
90 Days Past Due and
 Still Accruing               $541          $968          $642
Troubled Debt
 Restructuring Loans            $0            $0          $295
Total Nonperforming
 Loans                     $13,781       $14,829       $16,843
Other Real Estate
 Owned (OREO)                 $365        $1,157        $2,280
Total Nonperforming
 Loans and OREO            $14,146       $15,986       $19,123
Nonperforming
 Securities                    $52          $395          $735
Total Nonperforming
 Assets                    $14,198       $16,381       $19,858
Allowance for Loan
 and Lease Losses          $43,482       $42,651       $40,858
Year-to-Date (YTD)
 Net Charge-Offs            $3,720        $6,627        $2,662
Allowance to Loans
 and Leases                   1.58%         1.62%         1.64%
Total Nonperforming
 Loans to Loans and
 Leases                       0.50%         0.56%         0.67%
Total Nonperforming
 Assets to Assets             0.34%         0.40%         0.51%
Allowance to
 Nonperforming Loans        315.52%       287.62%       242.58%
Annualized Net
 Charge-Offs to
     YTD Average
      Loans and
      Leases                  0.28%         0.27%         0.23%
----------------------------------------------------------------------

Capital
Equity to Assets              7.46%         7.66%         7.60%
Book Value Per Share         $9.43         $9.46         $9.19
Tangible Book Value
 Per Share                   $7.91         $7.94         $7.64
Tier 1 Leverage Ratio         6.90%         6.76%         6.72%
Tier 1 Capital Ratio          9.74%         9.96%         9.44%
Total Risk-Based
 Capital Ratio               11.00%        11.21%        10.70%
----------------------------------------------------------------------

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                         21.76 19.24   18.50 16.36
December 31                          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 June 30,
Loans                           $2,753,625 $2,496,385 $257,240     10%
Earning Assets                  $3,860,751 $3,584,137 $276,614      8%
Total Assets                    $4,125,374 $3,917,457 $207,917      5%
Deposits                        $3,040,609 $2,965,196  $75,413      3%
Stockholders' Equity              $307,675   $297,850   $9,825      3%
----------------------------------------------------------------------

Average Balances
Quarter Ended June 30,
Loans                           $2,698,654 $2,417,364 $281,290     12%
Securities AFS (excluding
 unrealized gains or losses)      $974,046   $975,929  ($1,883)     0%
Securities HTM                     $87,802    $86,400   $1,402      2%
Regulatory Equity Investment       $33,301    $23,987   $9,314     39%
Short-Term Interest Bearing
 Accounts                           $7,282     $4,331   $2,951     68%
Total Earning Assets            $3,801,085 $3,508,011 $293,074      8%
Total Assets                    $4,073,144 $3,773,460 $299,684      8%
Interest Bearing Deposits       $2,555,590 $2,479,636  $75,954      3%
Non-Interest Bearing Deposits     $483,650   $448,597  $35,053      8%
Short-Term Borrowings             $283,701   $122,794 $160,907    131%
Long-Term Borrowings              $388,331   $358,119  $30,212      8%
Total Interest Bearing
 Liabilities                    $3,227,622 $2,960,549 $267,073      9%
Stockholders' Equity              $314,980   $294,659  $20,321      7%
----------------------------------------------------------------------

Average Balances
Year Ended June 30,
Loans                           $2,672,384 $2,386,173 $286,211     12%
Securities AFS (excluding
 unrealized gains or losses)      $969,347   $976,909  ($7,562)    -1%
Securities HTM                     $91,878    $83,388   $8,490     10%
Regulatory Equity Investment       $33,648    $23,736   $9,912     42%
Short-Term Interest Bearing
 Accounts                           $7,761     $4,756   $3,005     63%
Total Earning Assets            $3,775,018 $3,474,962 $300,056      9%
Total Assets                    $4,052,714 $3,735,711 $317,003      8%
Interest Bearing Deposits       $2,538,519 $2,477,483  $61,036      2%
Non-Interest Bearing Deposits     $476,186   $439,398  $36,788      8%
Short-Term Borrowings             $286,658   $110,713 $175,945    159%
Long-Term Borrowings              $387,519   $351,931  $35,588     10%
Total Interest Bearing
 Liabilities                    $3,212,696 $2,940,127 $272,569      9%
Stockholders' Equity              $315,522   $293,607  $21,915      7%
----------------------------------------------------------------------
NBT Bancorp Inc. and Subsidiaries
                                      June 30,  December 31, June 30,
Consolidated Balance Sheets             2004       2003        2003
----------------------------------------------------------------------
(in thousands)                       (Unaudited)           (Unaudited)

ASSETS
Cash and due from banks                $102,705   $125,590   $143,884
Short term interest bearing accounts      7,240      2,502      3,576
Securities available for sale, at
 fair value                             980,097    980,961    987,147
Securities held to maturity (fair
 value of $80,390, $98,576, and          79,766     97,204     92,452
$94,339, at June 30, 2004, December
 31, 2003 and June 30,
2003, respectively)
Federal Reserve and Federal Home Loan
 Bank stock                              35,994     34,043     29,175
Loans and leases                      2,753,625  2,639,976  2,496,385
Less allowance for loan and lease
 losses                                  43,482     42,651     40,858
----------------------------------------------------------------------
  Net loans and leases                2,710,143  2,597,325  2,455,527
Premises and equipment, net              62,008     62,443     61,332
Goodwill                                 47,521     47,521     47,558
Intangible assets, net                    2,189      2,331      2,606
Bank owned life insurance                31,609     30,815     30,014
Other assets                             66,102     66,150     64,186
----------------------------------------------------------------------
TOTAL ASSETS                         $4,125,374 $4,046,885 $3,917,457
----------------------------------------------------------------------

LIABILITIES, GUARANTEED PREFERRED
BENEFICIAL INTERESTS IN COMPANY'S JUNIOR
SUBORDINATE DEBENTURES AND CAPITAL
Deposits:
 Demand (noninterest bearing)          $490,573   $500,303   $470,422
 Savings, NOW, and money market       1,494,278  1,401,825  1,304,304
 Time                                 1,055,758  1,099,223  1,190,470
----------------------------------------------------------------------
  Total deposits                      3,040,609  3,001,351  2,965,196
Short-term borrowings                   349,144    302,931    211,981
Long-term debt                          369,567    369,700    370,129
Trust preferred debentures               18,720          -          -
Other liabilities                        39,659     45,869     55,301
----------------------------------------------------------------------
  Total liabilities                   3,817,699  3,719,851  3,602,607

Guaranteed preferred beneficial
 interests in
  Company's junior subordinated
   debentures                                 -     17,000     17,000


Total stockholders' equity              307,675    310,034    297,850
----------------------------------------------------------------------

TOTAL LIABILITIES, GUARANTEED
PREFERRED BENEFICIAL INTERESTS IN COMPANY'S
JUNIOR SUBORDINATE DEBENTURES
AND CAPITAL                          $4,125,374 $4,046,885 $3,917,457
----------------------------------------------------------------------
                                 Three months ended   Six months ended
NBT Bancorp Inc. and Subsidiaries     June 30,             June 30,
Consolidated Statements of Income  2004       2003      2004     2003
----------------------------------------------------------------------
(in thousands, except per share    (Unaudited)
 data)
Interest, fee and dividend income:
Loans and leases                      $39,635 $39,540 $79,529 $79,155
Securities available for sale          10,313  10,864  21,082  22,669
Securities held to maturity               755     857   1,552   1,746
Other                                     235     332     502     658
----------------------------------------------------------------------
  Total interest, fee and dividend
   income                              50,938  51,593 102,665 104,228
----------------------------------------------------------------------
Interest expense:
Deposits                                9,674  12,040  19,719  24,652
Short-term borrowings                     794     370   1,587     659
Long-term debt                          3,627   3,691   7,242   7,396
Trust preferred debentures                163       -     343       -
----------------------------------------------------------------------
  Total interest expense               14,258  16,101  28,891  32,707
----------------------------------------------------------------------
Net interest income                    36,680  35,492  73,774  71,521
Provision for loan and lease
 losses                                 2,428   1,413   4,552   3,353
----------------------------------------------------------------------
Net interest income after provision
 for loan losses                       34,252  34,079  69,222  68,168
----------------------------------------------------------------------
Noninterest income:
Trust                                   1,142   1,116   2,249   2,008
Service charges on deposit
 accounts                               4,090   3,764   8,127   7,367
Broker/dealer and insurance
 revenue                                1,783   1,750   3,514   3,142
Net securities gains (losses)              29      38      38      65
Bank owned life insurance income          409      14     794      14
Other                                   2,536   2,257   5,710   5,085
----------------------------------------------------------------------
  Total noninterest income              9,989   8,939  20,432  17,681
----------------------------------------------------------------------
Noninterest expense:
Salaries and employee benefits         12,542  12,060  26,655  24,719
Office supplies and postage             1,143   1,011   2,174   2,084
Occupancy                               2,446   2,182   5,044   4,708
Equipment                               1,781   1,944   3,634   3,710
Professional fees and outside
 services                               1,424   1,240   3,056   2,542
Data processing and communications      2,852   2,720   5,544   5,441
Capital securities                          -     179       -     370
Amortization of intangible assets          71     155     142     317
Loan collection and other real
 estate owned                              99     476     471     756
Other operating                         3,505   3,881   6,345   7,093
----------------------------------------------------------------------
  Total noninterest expense            25,863  25,848  53,065  51,740
----------------------------------------------------------------------
Income before income taxes             18,378  17,170  36,589  34,109
Income taxes                            5,810   5,362  11,650  10,735
----------------------------------------------------------------------
   Net (loss) income                  $12,568 $11,808 $24,939 $23,374
----------------------------------------------------------------------
Earnings Per Share:
     Basic                              $0.38   $0.36   $0.76   $0.72
     Diluted                            $0.38   $0.36   $0.75   $0.71
----------------------------------------------------------------------
NBT Bancorp Inc. and
Subsidiaries
Quarterly Consolidated          2Q        1Q      4Q      3Q      2Q
Statements of Income           2004      2004    2003    2003    2003
----------------------------------------------------------------------
(in thousands, except per                      (Unaudited)
 share data)
Interest, fee and dividend
 income:
Loans                         $39,635 $39,894 $40,082 $39,881 $39,540
Securities available for
 sale                          10,313  10,769  11,311   9,871  10,864
Securities held to maturity       755     797     805     840     857
Other                             235     267      84     196     332
----------------------------------------------------------------------
  Total interest, fee and
   dividend income             50,938  51,727  52,282  50,788  51,593
----------------------------------------------------------------------
Interest expense:
Deposits                        9,674  10,045  10,369  10,920  12,040
Short-term borrowings             794     793     808     704     370
Long-term debt                  3,627   3,615   3,780   3,586   3,691
Trust preferred debentures        163     180       -       -       -
----------------------------------------------------------------------
  Total interest expense       14,258  14,633  14,957  15,210  16,101
----------------------------------------------------------------------
Net interest income            36,680  37,094  37,325  35,578  35,492
Provision for loan and
 lease losses                   2,428   2,124   3,322   2,436   1,413
----------------------------------------------------------------------
Net interest income after
 provision for loan losses     34,252  34,970  34,003  33,142  34,079
----------------------------------------------------------------------
Noninterest income:
Trust                           1,142   1,107   1,075     958   1,116
Service charges on deposit
 accounts                       4,090   4,037   4,302   4,164   3,764
Broker/dealer and insurance
 fees                           1,783   1,731   1,964   1,763   1,750
Net securities (losses)
 gains                             29       9      92      18      38
Bank owned life insurance
 income                           409     385     403     398      14
Other                           2,536   3,174   2,288   2,672   2,257
----------------------------------------------------------------------
  Total noninterest income      9,989  10,443  10,124   9,973   8,939
----------------------------------------------------------------------
Noninterest expense:
Salaries and employee
 benefits                      12,542  14,113  12,355  12,486  12,060
Office supplies and postage     1,143   1,031   1,028   1,104   1,011
Occupancy                       2,446   2,598   2,477   2,143   2,182
Equipment                       1,781   1,853   2,008   1,909   1,944
Professional fees and
 outside services               1,424   1,632   1,470   1,421   1,240
Data processing and
 communications                 2,852   2,692   2,671   2,640   2,720
Capital securities                  -       -     181     181     179
Amortization of intangible
 assets                            71      71     145     158     155
Loan collection and other
 real estate owned                 99     372     636     448     476
Other operating                 3,505   2,840   3,823   3,493   3,881
----------------------------------------------------------------------
  Total noninterest expense    25,863  27,202  26,794  25,983  25,848
----------------------------------------------------------------------
Income (loss) before income
 taxes                         18,378  18,211  17,333  17,132  17,170
Income taxes                    5,810   5,840   5,451   5,284   5,362
----------------------------------------------------------------------
   Net income (loss)          $12,568 $12,371 $11,882 $11,848 $11,808
----------------------------------------------------------------------
Earnings per share:
   Basic                        $0.38   $0.38   $0.36   $0.36   $0.36
   Diluted                      $0.38   $0.37   $0.36   $0.36   $0.36
----------------------------------------------------------------------

    CONTACT: NBT Bancorp Inc., Norwich, NY
             Daryl R. Forsythe
             Michael J. Chewens
             607-337-6416

    SOURCE: NBT Bancorp Inc.
Copyright © 2018 - NBT Bancorp All Right Reserved.