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