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

10/25/04

NORWICH, N.Y.--(BUSINESS WIRE)--Oct. 25, 2004--NBT Bancorp Inc. (NBT) (NASDAQ: NBTB) reported today that net income for the quarter ended September 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 1.20% and 15.94%, respectively, for the quarter ended September 30, 2004, compared with 1.21% and 16.06%, respectively, for the same period in 2003. The increase in net income for the quarter ended September 30, 2004, was primarily the result of a $2.5 million increase in net interest income that was partially offset by a $1.3 million increase in total noninterest expense and a $0.7 million increase in income tax expense.

Net income for the nine months ended September 30, 2004, was $37.6 million, or $1.14 per diluted share, up 7% compared with $35.2 million or $1.07 per diluted share for the first nine months of 2003. Return on average assets and return on average equity were 1.23% and 15.91%, respectively, for the nine months ended September 30, 2004, compared with 1.24% and 16.09%, respectively, for the same period in 2003. The increase in net income for the nine months ended September 30, 2004, was primarily the result of a $4.7 million increase in net interest income and a $2.9 million increase in total noninterest income that was partially offset by increases in total noninterest expense of $2.6 million, the provision for loan and lease losses of $1.1 million and income tax expense of $1.6 million.

NBT Chairman and CEO Daryl R. Forsythe stated, "The Company delivered another quarter of strong loan growth, which was supported by excellent credit quality and a stable net interest margin. These factors enabled the Company to achieve another solid earnings quarter. Meanwhile, we continue our branch expansion efforts in the Albany, Binghamton and Northeastern Pennsylvania markets. In September, we opened our 113th branch, located in Endicott, NY near Binghamton. In early 2005, we plan on opening two additional branches in downtown Albany and Mountain Top, PA. We look forward to expanding in these markets to further compliment our strong customer base and community banking franchise."

    Loan and Lease Quality and Provision for Loan and Lease Losses

Nonperforming loans at September 30, 2004 were $16.0 million or 0.57% of total loans and leases compared with $16.5 million or 0.65% of total loans and leases at September 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 September 30, 2004 compared to 1.63% at September 30, 2003 and 1.62% at December 31, 2003. The ratio of the allowance for loan and lease losses to nonperforming loans was 278.98% at September 30, 2004 compared to 253.05% at September 30, 2003 and 287.62% at December 31, 2003. Annualized net charge-offs to average loans and leases for the nine months ended September 30, 2004, were 0.25%, up slightly from the 0.24% annualized ratio for the nine months ended September 30, 2003, and down slightly from the ratio for the year ended December 31, 2003 of 0.27%.

For the quarter and nine months ended September 30, 2004, the provision for loan and lease losses totaled $2.3 million and $6.9 million, respectively, compared with the $2.4 million and $5.8 million for the same periods in 2003. The decrease in the provision for loan and lease losses for the quarter ended September 30, 2004 compared to the same period in 2003 resulted mainly from lower net charge-offs, which totaled $1.3 million for the quarter ended September 30, 2004, compared to $1.6 million for the same period in 2003. The increase in the provision for loan and lease losses for the nine months ended September 30, 2004 when compared to the same period in 2003 was due primarily to loan and lease growth as well as an increase in net charge-offs. Loans and leases at September 30, 2004 increased 10% when compared to loans and leases at September 30, 2003. Net charge-offs for the nine months ended September 30, 2004 were up $0.7 million to $5.0 million from $4.3 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 7% to $38.1 million for the quarter ended September 30, 2004, compared to $35.6 million for the same period a year ago. The increase in net interest income was attributable to 7% growth in average earning assets driven by growth in average loans and leases of 10%. The Company has maintained a stable net interest margin in a rising rate environment thus far, as the net interest margin was 3.99% for the quarter ended September 30, 2004, down slightly from the 4.02% for the same period in 2003. Net interest income for the nine months ended September 30, 2004 increased 4% to $111.8 million from $107.1 million in the same period for 2003. 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 4.03% for the nine months ended September 30, 2004, down from the 4.19% for the same period in 2003. The decline of net interest margin during the nine months and quarter ended September 30, 2004 compared to the same periods last year resulted from earning assets repricing down at a faster rate than interest-bearing liabilities during the first-half of 2004.

Noninterest Income

Noninterest income for the quarter ended September 30, 2004 increased slightly to $10.1 million from $10.0 million for the same period in 2003. Trust revenue increased $0.2 million or 23%, primarily from higher personal agency and trust fees primarily from account growth.

Noninterest income for the nine months ended September 30, 2004 was $30.5 million, up $2.9 million or 10% from $27.7 million for the same period in 2003. Service charges on deposit accounts for the nine months ended September 30, 2004 increased $0.8 million or 7% over the same period in 2003. 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 nine months ended September 30, 2004 increased $0.7 million or 9% over the same period in 2003. The increase in other income was driven primarily by increases in fees for consumer and commercial banking activity. Trust revenue was up $0.5 million or 16% primarily from strong account growth. Broker/dealer and insurance revenue increased $0.3 million or 6%, due primarily to the initiative to sell financial service products throughout the Bank's 113-branch network beginning in 2003. Income from Bank Owned Life Insurance (BOLI) increased $0.7 million for the nine months ended September 30, 2004 over the same period in the prior year resulting from the purchase of $30 million of BOLI in June 2003.

Noninterest Expense

Noninterest expense for the quarter ended September 30, 2004 was $27.3 million, up $1.3 million or 5% from $26.0 million for the same period in 2003. Salaries and employee benefits for the quarter ended September 30, 2004 increased $0.9 million or 7% over the same period in 2003 mainly from higher salaries from increases in: merit pay; the number of full-time-equivalent employees (FTE) resulting from branch expansion; and employee medical insurance costs. Occupancy expense for the quarter ended September 30, 2004 increased $0.3 million or 14% over the same period in 2003 primarily from branch expansion in the Albany and Binghamton markets.

Noninterest expense for the nine months ended September 30, 2004 was $80.4 million, up $2.6 million or 3% from $77.7 million for the same period in 2003. The increase in noninterest expense was due primarily to increases in salaries and employee benefits, occupancy expense 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 $2.8 million, mainly from a $1.6 million increase in salary expense from merit and FTE increases and an increase in employee medical costs of $0.8 million. Occupancy expense increased $0.6 million from the previously mentioned expansion in the Albany and Binghamton markets. Professional fees and outside services increased $0.6 million mainly from increased courier, legal and audit costs. Loan collection and OREO costs decreased $0.4 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 September 30, 2004 compared to $1.9 million at September 30, 2003. Other operating expense decreased $0.5 million mainly from a $0.6 million charge for the writedown of a nonmarketable security in 2003.

Balance Sheet

Total assets were $4.2 billion at September 30, 2004 up $0.2 billion from $4.0 billion at September 30, 2003. Loans and leases increased $0.3 billion or 10% from $2.6 billion at September 30, 2003 to $2.8 billion at September 30, 2004. Solid production from consumer, commercial and residential real estate loans drove loan growth. Total deposits were $3.1 billion at September 30, 2004 up $0.1 billion when compared to the same period in 2003. Core deposits, which include checking, savings and money market accounts increased $0.2 billion or 9% from $1.8 billion at September 30, 2003 to $2.0 billion at September 30, 2004 offset by a $0.1 billion decrease in time deposits during the same period. Stockholders' equity was $325.4 million representing a Tier 1 leverage ratio of 6.96% at September 30, 2004 compared with $304.7 million or a Tier 1 leverage ratio of 6.77% at September 30, 2003. Under a previously announced stock repurchase plan, the Company acquired 416,689 shares of its common stock at an average price of $21.56 per share totaling $9.0 million for the nine months ended September 30, 2004.

Dividend Declared

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

Corporate Overview

NBT is a financial services holding company headquartered in Norwich, NY, with total assets of $4.2 billion at September 30, 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 113 locations, including 73 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
 September 30,
Net Income                 $12,617       $11,848          $769      6%
Diluted Earnings Per
 Share                       $0.38         $0.36         $0.02      6%
Weighted Average
 Diluted
  Common Shares
   Outstanding          32,935,584    32,864,477        71,107      0%
Return on Average
 Assets                       1.20%         1.21%        -0.01%    -1%
Return on Average
 Equity                      15.94%        16.06%        -0.12%    -1%
Net Interest Margin           3.99%         4.02%        -0.03%    -1%
----------------------------------------------------------------------

Nine Months Ended
 September 30,
Net Income                 $37,556       $35,222        $2,334      7%
Diluted Earnings Per
 Share                       $1.14         $1.07         $0.07      7%
Weighted Average
 Diluted
  Common Shares
   Outstanding          33,063,675    32,767,180       296,495      1%
Return on Average
 Assets                       1.23%         1.24%        -0.01%    -1%
Return on Average
 Equity                      15.91%        16.09%        -0.18%    -1%
Net Interest Margin           4.03%         4.19%        -0.16%    -4%
----------------------------------------------------------------------

Asset Quality            September     December      September
                          30, 2004     31, 2003       30, 2003
                     ------------------------------------------
Nonaccrual Loans           $14,618       $13,861       $15,274
90 Days Past Due and
 Still Accruing             $1,347          $968        $1,194
Total Nonperforming
 Loans                     $15,965       $14,829       $16,468
Other Real Estate
 Owned (OREO)                 $446        $1,157        $1,871
Total Nonperforming
 Loans and OREO            $16,411       $15,986       $18,339
Nonperforming
 Securities                     $0          $395          $619
Total Nonperforming
 Assets                    $16,411       $16,381       $18,958
Allowance for Loan
 and Lease Losses          $44,539       $42,651       $41,672
Year-to-Date (YTD)
 Net Charge-Offs            $4,977        $6,627        $4,284
Allowance to Loans
 and Leases                   1.58%         1.62%         1.63%
Total Nonperforming
 Loans to Loans and
 Leases                       0.57%         0.56%         0.65%
Total Nonperforming
 Assets to Assets             0.39%         0.40%         0.47%
Allowance to
 Nonperforming Loans        278.98%       287.62%       253.05%
Annualized Net
 Charge-Offs to
     YTD Average
      Loans and
      Leases                  0.25%         0.27%         0.24%
----------------------------------------------------------------------

Capital
Equity to Assets              7.75%         7.66%         7.53%
Book Value Per Share         $9.93         $9.46         $9.32
Tangible Book Value
 Per Share                   $8.42         $7.94         $7.79
Tier 1 Leverage Ratio         6.96%         6.76%         6.77%
Tier 1 Capital Ratio          9.61%         9.96%         9.78%
Total Risk-Based
 Capital Ratio               10.86%        11.21%        11.03%
----------------------------------------------------------------------

---------------------------------------------------------------
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                           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
 September 30,
Loans                           $2,814,553 $2,550,466 $264,087     10%
Earning Assets                  $3,904,928 $3,743,218 $161,710      4%
Total Assets                    $4,201,089 $4,047,237 $153,852      4%
Deposits                        $3,090,629 $2,971,049 $119,580      4%
Stockholders' Equity              $325,378   $304,690  $20,688      7%
----------------------------------------------------------------------

Average Balances
Quarter Ended September 30,
Loans                           $2,784,851 $2,527,099 $257,752     10%
Securities AFS (excluding
 unrealized gains or losses)      $985,202   $966,254  $18,948      2%
Securities HTM                     $78,310    $99,812 ($21,502)   -22%
Regulatory Equity Investment       $37,012    $29,469   $7,543     26%
Short-Term Interest Bearing
 Accounts                           $7,395     $1,642   $5,753    350%
Total Earning Assets            $3,892,770 $3,624,276 $268,494      7%
Total Assets                    $4,168,385 $3,902,609 $265,776      7%
Interest Bearing Deposits       $2,550,737 $2,491,467  $59,270      2%
Non-Interest Bearing Deposits     $504,457   $469,432  $35,025      7%
Short-Term Borrowings             $336,077   $212,568 $123,509     58%
Long-Term Borrowings              $411,647   $369,843  $41,804     11%
Total Interest Bearing
 Liabilities                    $3,298,461 $3,073,878 $224,583      7%
Stockholders' Equity              $314,946   $292,886  $22,060      8%
----------------------------------------------------------------------

Average Balances
Nine Months Ended September 30,
Loans                           $2,710,147 $2,433,665 $276,482     11%
Securities AFS (excluding
 unrealized gains or losses)      $974,671   $973,318   $1,353      0%
Securities HTM                     $87,322    $88,923  ($1,601)    -2%
Regulatory Equity Investment       $34,778    $25,668   $9,110     35%
Short-Term Interest Bearing
 Accounts                           $7,638     $3,706   $3,932    106%
Total Earning Assets            $3,814,556 $3,525,280 $289,276      8%
Total Assets                    $4,091,552 $3,791,955 $299,597      8%
Interest Bearing Deposits       $2,542,621 $2,482,195  $60,426      2%
Non-Interest Bearing Deposits     $485,679   $449,520  $36,159      8%
Short-Term Borrowings             $303,251   $145,038 $158,213    109%
Long-Term Borrowings              $395,621   $357,967  $37,654     11%
Total Interest Bearing
 Liabilities                    $3,241,493 $2,985,200 $256,293      9%
Stockholders' Equity              $315,328   $293,364  $21,964      7%
----------------------------------------------------------------------

NBT Bancorp Inc. and Subsidiaries
Consolidated Balance Sheets           September   December  September
 (Unaudited)                           30, 2004   31, 2003   30, 2003
----------------------------------------------------------------------
(in thousands)

ASSETS
Cash and due from banks                $119,424   $125,590   $120,905
Short term interest bearing accounts      7,427      2,502      2,155
Securities available for sale, at
 fair value                             978,925    980,961  1,076,053
Securities held to maturity (fair
 value of $79,007, $98,576, and          77,826     97,204     97,499
$99,020, at September 30, 2004,
 December 31, 2003
and September 30, 2003, respectively)
Federal Reserve and Federal Home Loan
 Bank stock                              37,042     34,043     35,218
Loans and leases                      2,814,553  2,639,976  2,550,466
Less allowance for loan and lease
 losses                                  44,539     42,651     41,672
----------------------------------------------------------------------
  Net loans and leases                2,770,014  2,597,325  2,508,794
Premises and equipment, net              62,557     62,443     61,857
Goodwill                                 47,521     47,521     47,521
Intangible assets, net                    2,084      2,331      2,474
Bank owned life insurance                31,957     30,815     30,412
Other assets                             66,312     66,150     64,349
----------------------------------------------------------------------
TOTAL ASSETS                         $4,201,089 $4,046,885 $4,047,237
----------------------------------------------------------------------

LIABILITIES, GUARANTEED PREFERRED
 BENEFICIAL INTERESTS IN COMPANY'S
 JUNIOR SUBORDINATE DEBENTURES AND
 CAPITAL
Deposits:
 Demand (noninterest bearing)          $506,652   $500,303   $482,703
 Savings, NOW, and money market       1,513,197  1,401,825  1,364,568
 Time                                 1,070,780  1,099,223  1,123,778
----------------------------------------------------------------------
  Total deposits                      3,090,629  3,001,351  2,971,049
Short-term borrowings                   319,620    302,931    331,964
Long-term debt                          394,545    369,700    369,721
Trust preferred debentures               18,720          -          -
Other liabilities                        52,197     45,869     52,813
----------------------------------------------------------------------
  Total liabilities                   3,875,711  3,719,851  3,725,547

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

Total stockholders' equity              325,378    310,034    304,690
----------------------------------------------------------------------

TOTAL LIABILITIES, GUARANTEED
 PREFERRED BENEFICIAL INTERESTS IN
 COMPANY'S JUNIOR SUBORDINATE
 DEBENTURES AND CAPITAL              $4,201,089 $4,046,885 $4,047,237
----------------------------------------------------------------------

NBT Bancorp Inc. and
 Subsidiaries                    Three months ended  Nine months ended
Consolidated Statements of            September 30,     September 30,
 Income                                2004    2003     2004     2003
----------------------------------------------------------------------
(in thousands, except per share                 (Unaudited)
 data)
Interest, fee and dividend
 income:
Loans and leases                    $41,283 $39,881 $120,812 $119,036
Securities available for sale        10,784   9,871   31,866   32,540
Securities held to maturity             731     840    2,283    2,586
Other                                   295     196      797      854
----------------------------------------------------------------------
  Total interest, fee and
   dividend income                   53,093  50,788  155,758  155,016
----------------------------------------------------------------------
Interest expense:
Deposits                              9,743  10,920   29,462   35,572
Short-term borrowings                 1,192     704    2,779    1,363
Long-term debt                        3,861   3,586   11,103   10,982
Trust preferred debentures              245       -      588        -
----------------------------------------------------------------------
  Total interest expense             15,041  15,210   43,932   47,917
----------------------------------------------------------------------
Net interest income                  38,052  35,578  111,826  107,099
Provision for loan and lease
 losses                               2,313   2,436    6,865    5,789
----------------------------------------------------------------------
Net interest income after
 provision for loan and lease
 losses                              35,739  33,142  104,961  101,310
----------------------------------------------------------------------
Noninterest income:
Trust                                 1,182     958    3,431    2,966
Service charges on deposit
 accounts                             4,159   4,164   12,286   11,531
Broker/dealer and insurance
 revenue                              1,696   1,763    5,210    4,905
Net securities gains                     18      18       56       83
Bank owned life insurance income        348     398    1,142      412
Other                                 2,714   2,672    8,424    7,757
----------------------------------------------------------------------
  Total noninterest income           10,117   9,973   30,549   27,654
----------------------------------------------------------------------
Noninterest expense:
Salaries and employee benefits       13,345  12,486   40,000   37,205
Office supplies and postage           1,167   1,104    3,341    3,188
Occupancy                             2,445   2,143    7,489    6,851
Equipment                             1,941   1,909    5,575    5,619
Professional fees and outside
 services                             1,536   1,421    4,592    3,963
Data processing and
 communications                       2,688   2,640    8,232    8,081
Capital securities                        -     181        -      551
Amortization of intangible
 assets                                  71     158      213      475
Loan collection and other real
 estate owned                           339     448      810    1,204
Other operating                       3,773   3,493   10,118   10,586
----------------------------------------------------------------------
  Total noninterest expense          27,305  25,983   80,370   77,723
----------------------------------------------------------------------
Income before income taxes           18,551  17,132   55,140   51,241
Income taxes                          5,934   5,284   17,584   16,019
----------------------------------------------------------------------
   Net income                       $12,617 $11,848  $37,556  $35,222
----------------------------------------------------------------------
Earnings Per Share:
     Basic                            $0.39   $0.36    $1.15    $1.08
     Diluted                          $0.38   $0.36    $1.14    $1.07
----------------------------------------------------------------------

NBT Bancorp Inc. and
 Subsidiaries
Quarterly Consolidated            3Q      2Q      1Q      4Q      3Q
 Statements of Income            2004    2004    2004    2003    2003
----------------------------------------------------------------------
(in thousands, except per                     (Unaudited)
 share data)
Interest, fee and dividend
 income:
Loans                         $41,283 $39,635 $39,894 $40,082 $39,881
Securities available for
 sale                          10,784  10,313  10,769  11,311   9,871
Securities held to maturity       731     755     797     805     840
Other                             295     235     267      84     196
----------------------------------------------------------------------
  Total interest, fee and
   dividend income             53,093  50,938  51,727  52,282  50,788
----------------------------------------------------------------------
Interest expense:
Deposits                        9,743   9,674  10,045  10,369  10,920
Short-term borrowings           1,192     794     793     808     704
Long-term debt                  3,861   3,627   3,615   3,780   3,586
Trust preferred debentures        245     163     180       -       -
----------------------------------------------------------------------
  Total interest expense       15,041  14,258  14,633  14,957  15,210
----------------------------------------------------------------------
Net interest income            38,052  36,680  37,094  37,325  35,578
Provision for loan and
 lease losses                   2,313   2,428   2,124   3,322   2,436
----------------------------------------------------------------------
Net interest income after
 provision for loan and
 lease losses                  35,739  34,252  34,970  34,003  33,142
----------------------------------------------------------------------
Noninterest income:
Trust                           1,182   1,142   1,107   1,075     958
Service charges on deposit
 accounts                       4,159   4,090   4,037   4,302   4,164
Broker/dealer and insurance
 fees                           1,696   1,783   1,731   1,964   1,763
Net securities gains               18      29       9      92      18
Bank owned life insurance
 income                           348     409     385     403     398
Other                           2,714   2,536   3,174   2,288   2,672
----------------------------------------------------------------------
  Total noninterest income     10,117   9,989  10,443  10,124   9,973
----------------------------------------------------------------------
Noninterest expense:
Salaries and employee
 benefits                      13,345  12,542  14,113  12,355  12,486
Office supplies and postage     1,167   1,143   1,031   1,028   1,104
Occupancy                       2,445   2,446   2,598   2,477   2,143
Equipment                       1,941   1,781   1,853   2,008   1,909
Professional fees and
 outside services               1,536   1,424   1,632   1,470   1,421
Data processing and
 communications                 2,688   2,852   2,692   2,671   2,640
Capital securities                  -       -       -     181     181
Amortization of intangible
 assets                            71      71      71     145     158
Loan collection and other
 real estate owned                339      99     372     636     448
Other operating                 3,773   3,505   2,840   3,823   3,493
----------------------------------------------------------------------
  Total noninterest expense    27,305  25,863  27,202  26,794  25,983
----------------------------------------------------------------------
Income before income taxes     18,551  18,378  18,211  17,333  17,132
Income taxes                    5,934   5,810   5,840   5,451   5,284
----------------------------------------------------------------------
   Net income                 $12,617 $12,568 $12,371 $11,882 $11,848
----------------------------------------------------------------------
Earnings per share:
   Basic                        $0.39   $0.38   $0.38   $0.36   $0.36
   Diluted                      $0.38   $0.38   $0.37   $0.36   $0.36
----------------------------------------------------------------------

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

    SOURCE: NBT Bancorp Inc.
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