NBT Bancorp Inc. Announces Annual Earnings of $50.3 Million; Declares Cash Dividend; Authorizes Buyback of an Additional 1,000,000 Shares
Net income for the three months ended December 31, 2007 was $9.0 million, down $4.7 million, or 34.2%, from net income of $13.6 million reported for the same period in 2006. Net income per diluted share for the three months ended December 31, 2007 was $0.28 per share, compared with $0.40 per share for the same period in 2006. Return on average assets and return on average equity were 0.69% and 9.06%, respectively, for the three months ended December 31, 2007, compared with 1.07% and 13.31%, respectively, for the same period in 2006. The decrease in net income for the three months ended December 31, 2007 was primarily the result of a $10.0 million increase in the provision for loan and lease losses compared to the same period in 2006. The increase in the provision for loan and lease losses was partially offset by a $4.2 million, or 33.7%, increase in noninterest income for the three months ended December 31, 2007 as compared to the three months ended December 31, 2006.
The comparability of financial information is affected by the acquisition of CNB Bancorp, Inc. ("CNB"). Operating results include the operations of CNB from the date of acquisition, which was February 10, 2006.
NBT President and CEO Martin A. Dietrich said, "The financial services industry as a whole was faced with challenging market conditions and credit-quality issues in 2007. While the dollar amount of NBT's nonperforming loans in the fourth quarter was similar to that of the third quarter, the potential number of problem loans in our portfolio decreased 9% from the third quarter and is now consistent with levels from the first half of 2007. We remain confident that our conservative credit approach and disciplined underwriting practices are effective. With the exception of the increase in the provision for loan and lease losses already discussed, I am pleased with the results achieved in other core areas of our business. These results include a 16% increase in noninterest income, cost controls in the form of a reduction in noninterest expenses, stable net interest income due to an increase in earning assets and the expansion of our footprint through four new branches in key growth markets. While 2008 will be another challenging year for our industry, we will continue to position ourselves for future success and strive to deliver value to our shareholders and customers."
Loan and Lease Quality and Provision for Loan and Lease Losses
Nonperforming loans at December 31, 2007 were $30.6 million or 0.88% of total loans and leases compared with $30.7 million or 0.90% at September 30, 2007, and $15.3 million or 0.45% of total loans and leases at December 31, 2006. The increase in 2007 was primarily due to the addition of one owner-occupied commercial real estate relationship and several dairy credits during the second quarter. The Company recorded a provision for loan and lease losses of $13.4 million during the fourth quarter of 2007 compared with $3.5 million for the fourth quarter of 2006. As previously disclosed, within the $13.4 million of provision for loan and lease losses during the fourth quarter was approximately $8.6 million related to one large commercial loan. During the quarter, $6.0 million of the loan was charged off. As also previously disclosed, this loan was current as of September 30, 2007, but subsequently became past due 30 days for the first time, and was being closely monitored.
Net charge-offs totaled $14.1 million and $3.5 million during the fourth quarters of 2007 and 2006, and $26.5 million and $8.7 million for the years ended December 31, 2007 and 2006, respectively. Net charge-offs to average loans and leases for the year ended December 31, 2007, were 0.77%, compared with 0.26% for the year ended December 31, 2006. The Company's allowance for loan and lease losses was 1.57% of loans and leases at December 31, 2007, compared with 1.48% at December 31, 2006.
For the three months and twelve months ended December 31, 2007, the provision for loan and lease losses totaled $13.4 million and $30.1 million, respectively, compared with $3.5 million and $9.4 million for the same periods in 2006. The increase in the provision is primarily due to the increase in nonperforming loans and charge-offs as previously mentioned.
Net Interest Income
Net interest income was up 0.7% to $165.0 million for the year ended December 31, 2007, compared with $163.8 million for the same period a year ago. Despite a decrease in the Company's fully taxable equivalent (FTE) net interest margin, from 3.70% for 2006, to 3.61% for 2007, the Company experienced a slight increase in net interest income that was attributable to 3.7% growth in average earning assets. The Company's net interest margin was 3.61% for the quarter ended December 31, 2007, down from 3.63% for the same period in 2006. Despite this decrease, net interest income for the quarter ended December 31, 2007, increased 1.0%, to $41.9 million, from $41.4 million in the same period for 2006, which was attributable to a 1.7% growth in average earning assets.
Noninterest Income
Noninterest income for the year ended December 31, 2007 was $59.7 million, up $11.1 million or 22.8% from $48.6 million for the same period in 2006. The increase in noninterest income was due primarily to an increase in fees from service charges on deposit accounts and ATM and debit cards, which collectively increased $6.3 million as the company focused on enhancing fee income through various initiatives. In addition, trust administration income increased $0.9 million for the year ended December 31, 2007, compared with the same period in 2006. This increase stems from market appreciation of existing accounts and an increase in customer accounts resulting from successful business development. Retirement plan administration fees for the year ended December 31, 2007, increased $0.8 million, compared with the same period in 2006, as a result of our growing client base. Net securities gains for the year ended December 31, 2007, were $2.1 million compared with net securities losses of $0.9 million for the same period in 2006. Excluding the effect of these securities transactions, noninterest income increased $8.1 million, or 16.3%, for the year ended December 31, 2007, compared with the same period in 2006.
Noninterest income for the three months ended December 31, 2007 was $16.5 million, up $4.2 million or 33.7% from $12.3 million for the same period in 2006. The increase in noninterest income was due primarily to an increase in fees from service charges on deposit accounts and ATM and debit cards, which collectively increased $3.0 million as the company focused on enhancing fee income through various initiatives. In addition, trust administration income increased $0.2 million for the three months ended December 31, 2007, compared with the same period in 2006. This increase stems from market appreciation of existing accounts and an increase in customer accounts resulting from successful business development. Net securities gains for the three months ended December 31, 2007, were $0.6 million compared with nominal net securities gains for the same period in 2006. Excluding the effect of these securities transactions, noninterest income increased $3.6 million, or 29.1%, for the three months ended December 31, 2007, compared with the same period in 2006.
Noninterest Expense and Income Tax Expense
Noninterest expense for the year ended December 31, 2007 was $122.5 million, down slightly from $123.0 million for the same period in 2006. Office expenses, such as supplies and postage, occupancy, equipment and data processing and communications charges remained consistent at approximately $35.6 million for the years ended December 31, 2007 and December 31, 2006. Salaries and employee benefits decreased $3.4 million, or 5.3%, for the year ended December 31, 2007 compared with the same period in 2006. This decrease was due primarily to a reduction in the amount of incentive compensation paid, number of employees, and pension expenses incurred in 2007. Professional fees and outside services increased $1.4 million for the year ended December 31, 2007, compared with the same period in 2006, due primarily to fees and costs related to the aforementioned noninterest income initiatives. Other operating expense for the year ended December 31, 2007 increased $1.3 million compared with the same period in 2006, primarily due to flood-related insurance recoveries in 2006. Income tax expense for the year ended December 31, 2007 was $21.8 million, down from $24.2 million for the same period in 2006. The effective rate both years ended December 31, 2007 and December 31, 2006 was 30.2%.
Noninterest expense for the three months ended December 31, 2007 was $32.4 million, up from $30.9 million for the same period in 2006. Office expenses, such as supplies and postage, occupancy, equipment and data processing and communications charges increased slightly from $8.7 million for the three months ended December 31, 2006 to $8.8 million for the three months ended December 31, 2007. Salaries and employee benefits for the three months ended December 31, 2007 decreased $0.5 million from the same period in 2006, mainly due to a reduction in the number of employees as well as a reduction in the state unemployment tax rate. Professional fees and services increased $0.8 million for the three months ended December 31, 2007, compared with the same period in 2006, due primarily to fees and costs related to the aforementioned noninterest income initiatives. Other operating expense for the three months ended December 31, 2007 increased $1.1 million compared with the same period in 2006, primarily due to flood-related insurance recoveries in 2006. Income tax expense for the three months ended December 31, 2007 was $3.5 million, down from $5.7 million for the three months ended December 31, 2006. The effective rate for the three months ended December 31, 2007 was 28.1%, down from 29.6% for the same period in 2006. The decrease in the effective tax rate for the three months ended December 31, 2007 versus the same period in 2006 resulted primarily from a change in the amount of interest income from tax-exempt sources relative to taxable income.
Balance Sheet
Total assets were $5.2 billion at December 31, 2007, up $114.2 million from $5.1 billion at December 31, 2006. Loans and leases increased $43.2 million or 1.3% from $3.4 billion at December 31, 2006, to $3.5 billion at December 31, 2007, due in large part to an increase in consumer loans of approximately $107.7 million. The increase in consumer loans for the year ended December 31, 2007 compared with the year ended December 31, 2006 was partially offset by decreases in commercial loans and real estate loans totaling approximately $64.9 million. Total deposits were $3.9 billion at December 31, 2007, up 2.0% from the same period at December 31, 2006, due in large part to a $78.5 million, or 12.7%, increase in money market accounts and a $20.3 million, or 3.1%, increase in demand deposits over 2006. These increases were partially offset by a decrease in savings accounts of approximately $38.1 million, or 7.7%, for the year ended December 31, 2007 compared with the year ended December 31, 2006. Stockholders' equity was $397.3 million, representing total equity to total assets ratio of 7.64% at December 31, 2007, compared with $403.8 million or a total equity to total asset ratio of 7.94% at December 31, 2006.
Stock Repurchase Program
Today, the NBT Board of Directors authorized a new repurchase program for NBT to repurchase up to an additional 1,000,000 shares (approximately 3%) of its outstanding common stock, as market conditions warrant in open market and privately negotiated transactions. There are 475,880 shares remaining under previous authorizations, so combined with this new authorization, the total shares available for repurchase is now 1,475,880. Under previously disclosed stock repurchase plans, the Company purchased 2,261,267 shares of its common stock during the twelve-month period ended December 31, 2007, for a total of $49.0 million at an average price of $21.65 per share. There were no stock repurchases during the three months ended December 31, 2007.
Dividend Declared
The NBT Board of Directors declared a first-quarter cash dividend of $0.20 per share at a meeting held today. The dividend will be paid on March 15, 2008, to shareholders of record as of March 1, 2008.
Corporate Overview
NBT is a financial holding company headquartered in Norwich, NY, with total assets of $5.2 billion at December 31, 2007. The Company primarily operates through NBT Bank, N.A., a full-service community bank with two divisions, and through two financial services companies. NBT Bank, N.A. has 121 locations, including 82 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. Hathaway Insurance Agency, Inc., based in Gloversville, NY, is a full-service insurance agency. More information about NBT and its divisions can be found on the Internet at: www.nbtbancorp.com, www.nbtbank.com, www.pennstarbank.com, www.epic1st.com and www.hathawayagency.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. and Subsidiaries
SELECTED FINANCIAL HIGHLIGHTS
(unaudited)
Net Percent
2007 2006 Change Change
------------ ------------ ---------- ----------
(dollars in thousands,
except per share data)
Twelve Months Ended
December 31,
Net Income $ 50,328 $ 55,947 ($ 5,619) -10%
Diluted Earnings Per
Share $ 1.51 $ 1.64 ($ 0.13) -8%
Weighted Average
Diluted
Common Shares
Outstanding 33,421,078 34,206,070 -784,992 -2%
Return on Average
Assets (1) 0.98% 1.14% -0.16% -14%
Return on Average
Equity (1) 12.60% 14.47% -1.87% -13%
Net Interest Margin (2) 3.61% 3.70% -0.09% -2%
============ ============ ========== ==========
Three Months Ended
December 31,
Net Income $ 8,985 $ 13,648 ($ 4,663) -34%
Diluted Earnings Per
Share $ 0.28 $ 0.40 ($ 0.12) -30%
Weighted Average
Diluted
Common Shares
Outstanding 32,398,179 34,402,113 -2,003,934 -6%
Return on Average
Assets (1) 0.69% 1.07% -0.38% -36%
Return on Average
Equity (1) 9.06% 13.31% -4.25% -32%
Net Interest Margin (2) 3.61% 3.63% -0.02% -1%
============ ============ ========== ==========
Asset Quality December 31, December 31,
2007 2006
------------ ------------
Nonaccrual Loans $ 29,697 $ 13,665
90 Days Past Due and
Still Accruing $ 882 $ 1,642
Total Nonperforming
Loans $ 30,579 $ 15,307
Other Real Estate Owned $ 560 $ 389
Total Nonperforming
Assets $ 31,139 $ 15,696
Past Due Loans $ 25,914 $ 28,409
Allowance for Loan and
Lease Losses $ 54,183 $ 50,587
Year-to-Date (YTD) Net
Charge-Offs $ 26,498 $ 8,673
Allowance for Loan and
Lease Losses to Total
Loans and Leases 1.57% 1.48%
Total Nonperforming
Loans to Total Loans
and Leases 0.88% 0.45%
Total Nonperforming
Assets to Total Assets 0.60% 0.31%
Past Due Loans to Total
Loans and Leases 0.75% 0.83%
Allowance for Loan and
Lease Losses to Total
Nonperforming Loans 177.19% 330.48%
Net Charge-Offs to YTD
Average Loans and
Leases 0.77% 0.26%
============ ============
Capital
Equity to Assets 7.64% 7.94%
Book Value Per Share $ 12.29 $ 11.79
Tangible Book Value Per
Share $ 8.78 $ 8.42
Tier 1 Leverage Ratio 7.14% 7.57%
Tier 1 Capital Ratio 9.85% 10.42%
Total Risk-Based
Capital Ratio 11.10% 11.67%
============ ============
Quarterly Common Stock Price
2007 2006 2005
Quarter End High Low High Low High Low
------------------ ---------------- -----------------
March 31 $ 25.81 $ 21.73 $ 23.90 $ 21.02 $ 25.66 $ 21.48
June 30 $ 23.45 $ 21.80 23.24 21.03 24.15 20.10
September 30 $ 23.80 $ 17.10 24.57 21.44 25.50 22.79
December 31 $ 25.00 $ 20.58 26.47 22.36 23.79 20.75
------------------ ---------------- -----------------
(1) Annualized
(2) Calculated on a FTE basis
NBT Bancorp Inc. and Subsidiaries
SELECTED FINANCIAL HIGHLIGHTS
(unaudited)
Net Percent
2007 2006 Change Change
----------- ----------- --------- -------
(dollars in thousands,
except per share data)
Balance Sheet as of December
31,
Loans and Leases $ 3,455,851 $ 3,412,654 $ 43,197 1%
Earning Assets $ 4,783,519 $ 4,712,085 $ 71,434 2%
Total Assets $ 5,201,776 $ 5,087,572 $ 114,204 2%
Deposits $ 3,872,093 $ 3,796,238 $ 75,855 2%
Stockholders' Equity $ 397,300 $ 403,817 $ (6,517) -2%
=========== =========== ========= =======
Average Balances
Twelve Months Ended December
31,
Loans and Leases $ 3,425,318 $ 3,302,080 $ 123,238 4%
Securities Available For Sale
(excluding unrealized gains or
losses) $ 1,134,837 $ 1,110,405 $ 24,432 2%
Securities Held To Maturity $ 144,518 $ 115,636 $ 28,882 25%
Regulatory Equity Investment $ 34,022 $ 39,437 $ (5,415) -14%
Short-Term Interest Bearing
Accounts $ 8,395 $ 8,116 $ 279 3%
Total Earning Assets $ 4,747,090 $ 4,575,674 $ 171,416 4%
Total Assets $ 5,109,587 $ 4,925,070 $ 184,517 4%
Interest Bearing Deposits $ 3,273,332 $ 3,054,006 $ 219,326 7%
Non-Interest Bearing Deposits $ 639,423 $ 614,055 $ 25,368 4%
Short-Term Borrowings $ 280,162 $ 331,255 $ (51,093) -15%
Long-Term Borrowings $ 459,439 $ 485,031 $ (25,592) -5%
Total Interest Bearing
Liabilities $ 4,012,933 $ 3,870,292 $ 142,641 4%
Stockholders' Equity $ 399,299 $ 386,553 $ 12,746 3%
=========== =========== ========= =======
Average Balances
Quarter Ended December 31,
Loans and Leases $ 3,441,150 $ 3,394,024 $ 47,126 1%
Securities Available For Sale
(excluding unrealized gains or
losses) $ 1,144,639 $ 1,119,271 $ 25,368 2%
Securities Held To Maturity $ 143,999 $ 136,511 $ 7,488 5%
Regulatory Equity Investment $ 35,073 $ 36,995 $ (1,922) -5%
Short-Term Interest Bearing
Accounts $ 8,015 $ 7,492 $ 523 7%
Total Earning Assets $ 4,772,876 $ 4,694,293 $ 78,583 2%
Total Assets $ 5,148,099 $ 5,064,116 $ 83,983 2%
Interest Bearing Deposits $ 3,273,248 $ 3,206,084 $ 67,164 2%
Non-Interest Bearing Deposits $ 656,784 $ 625,301 $ 31,483 5%
Short-Term Borrowings $ 282,296 $ 294,750 $ (12,454) -4%
Long-Term Borrowings $ 477,190 $ 471,149 $ 6,041 1%
Total Interest Bearing
Liabilities $ 4,032,734 $ 3,971,983 $ 60,751 2%
Stockholders' Equity $ 393,333 $ 406,771 $ (13,438) -3%
=========== =========== ========= =======
NBT Bancorp Inc. and Subsidiaries December 31, December 31,
Consolidated Balance Sheets (unaudited) 2007 2006
------------- -------------
(in thousands)
ASSETS
Cash and due from banks $ 155,495 $ 130,936
Short term interest bearing accounts 7,451 7,857
Securities available for sale, at fair value 1,140,114 1,106,322
Securities held to maturity (fair value of
$149,519 and $136,287 at December 31, 2007
and December 31, 2006) 149,111 136,314
Federal Reserve and Federal Home Loan Bank
stock 38,102 38,812
Loans and leases 3,455,851 3,412,654
Less allowance for loan and lease losses 54,183 50,587
============= =============
Net loans and leases 3,401,668 3,362,067
Premises and equipment, net 64,042 66,982
Goodwill 103,398 103,356
Intangible assets, net 10,173 11,984
Bank owned life insurance 43,614 41,783
Other assets 88,608 81,159
------------- -------------
TOTAL ASSETS $ 5,201,776 $ 5,087,572
============= =============
LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits:
Demand (noninterest bearing) $ 666,698 $ 646,377
Savings, NOW, and money market 1,614,289 1,566,557
Time 1,591,106 1,583,304
------------- -------------
Total deposits 3,872,093 3,796,238
Short-term borrowings 368,467 345,408
Long-term debt 424,887 417,728
Trust preferred debentures 75,422 75,422
Other liabilities 63,607 48,959
------------- -------------
Total liabilities 4,804,476 4,683,755
Total stockholders' equity 397,300 403,817
============= =============
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 5,201,776 $ 5,087,572
============= =============
NBT Bancorp Inc. and Three months ended Twelve months ended
Subsidiaries December 31, December 31,
Consolidated Statements of
Income (unaudited) 2007 2006 2007 2006
--------- --------- ---------- ---------
(in thousands, except per share
data)
Interest, fee and dividend
income:
Loans and leases $ 60,817 $ 60,795 $ 242,497 $ 230,042
Securities available for sale 13,971 13,296 54,847 51,599
Securities held to maturity 1,458 1,409 5,898 4,730
Other 736 517 2,875 2,471
--------- --------- ---------- ---------
Total interest, fee and
dividend income 76,982 76,017 306,117 288,842
--------- --------- ---------- ---------
Interest expense:
Deposits 26,578 25,652 106,574 87,798
Short-term borrowings 3,048 3,572 12,943 15,448
Long-term debt 4,233 4,091 16,486 17,063
Trust preferred debentures 1,270 1,277 5,087 4,700
--------- --------- ---------- ---------
Total interest expense 35,129 34,592 141,090 125,009
--------- --------- ---------- ---------
Net interest income 41,853 41,425 165,027 163,833
Provision for loan and lease
losses 13,440 3,484 30,094 9,395
--------- --------- ---------- ---------
Net interest income after
provision for loan and lease
losses 28,413 37,941 134,933 154,438
--------- --------- ---------- ---------
Noninterest income:
Trust 1,584 1,387 6,514 5,629
Service charges on deposit
accounts 7,142 4,418 22,742 17,590
ATM and debit card fees 2,089 1,764 8,185 7,086
Broker/dealer and insurance
revenue 1,052 1,037 4,255 3,936
Net securities gains (losses) 613 30 2,113 (875)
Bank owned life insurance income 480 425 1,831 1,629
Retirement plan administration
fees 1,557 1,424 6,336 5,536
Other 1,973 1,847 7,723 8,098
--------- --------- ---------- ---------
Total noninterest income 16,490 12,332 59,699 48,629
--------- --------- ---------- ---------
Noninterest expense:
Salaries and employee benefits 14,654 15,166 59,516 62,877
Office supplies and postage 1,136 1,418 5,120 5,330
Occupancy 2,948 2,739 11,630 11,518
Equipment 1,855 2,069 7,422 8,332
Professional fees and outside
services 3,295 2,502 9,135 7,761
Data processing and
communications 2,899 2,466 11,400 10,454
Amortization of intangible assets 413 389 1,645 1,649
Loan collection and other real
estate owned 597 629 1,633 1,351
Other operating 4,607 3,504 15,016 13,694
--------- --------- ---------- ---------
Total noninterest expense 32,404 30,882 122,517 122,966
--------- --------- ---------- ---------
Income before income taxes 12,499 19,391 72,115 80,101
Income taxes 3,514 5,743 21,787 24,154
--------- --------- ---------- ---------
Net income $ 8,985 $ 13,648 $ 50,328 $ 55,947
--------- --------- ---------- ---------
Earnings Per Share:
Basic $ 0.28 $ 0.40 $ 1.52 $ 1.65
Diluted $ 0.28 $ 0.40 $ 1.51 $ 1.64
========= ========= ========== =========
NBT Bancorp Inc. and
Subsidiaries
Quarterly Consolidated
Statements of Income 4Q 3Q 2Q 1Q 4Q
(unaudited) 2007 2007 2007 2007 2006
--------- --------- --------- -------- ---------
(in thousands, except per
share data)
Interest, fee and
dividend income:
Loans and leases $ 60,817 $ 61,183 $ 60,689 $ 59,808 $ 60,795
Securities available for
sale 13,971 13,847 13,562 13,467 13,296
Securities held to
maturity 1,458 1,471 1,525 1,444 1,409
Other 736 680 719 740 517
--------- --------- --------- -------- ---------
Total interest, fee and
dividend income 76,982 77,181 76,495 75,459 76,017
--------- --------- --------- -------- ---------
Interest expense:
Deposits 26,578 27,062 26,950 25,984 25,652
Short-term borrowings 3,048 3,885 2,918 3,092 3,572
Long-term debt 4,233 3,770 3,997 4,486 4,091
Trust preferred
debentures 1,270 1,277 1,272 1,268 1,277
--------- --------- --------- -------- ---------
Total interest expense 35,129 35,994 35,137 34,830 34,592
--------- --------- --------- -------- ---------
Net interest income 41,853 41,187 41,358 40,629 41,425
Provision for loan and
lease losses 13,440 4,788 9,770 2,096 3,484
--------- --------- --------- -------- ---------
Net interest income after
provision for loan and
lease losses 28,413 36,399 31,588 38,533 37,941
--------- --------- --------- -------- ---------
Noninterest income:
Trust 1,584 1,701 1,792 1,437 1,387
Service charges on
deposit accounts 7,142 6,195 4,936 4,469 4,418
ATM and debit card fees 2,089 2,159 2,041 1,896 1,764
Broker/dealer and
insurance fees 1,052 1,027 1,093 1,083 1,037
Net securities gains
(losses) 613 1,484 21 (5) 30
Bank owned life insurance
income 480 467 450 434 425
Retirement plan
administration fees 1,557 1,586 1,601 1,592 1,424
Other 1,973 1,908 2,058 1,784 1,847
--------- --------- --------- -------- ---------
Total noninterest
income 16,490 16,527 13,992 12,690 12,332
--------- --------- --------- -------- ---------
Noninterest expense:
Salaries and employee
benefits 14,654 15,876 13,022 15,964 15,166
Office supplies and
postage 1,136 1,354 1,334 1,296 1,418
Occupancy 2,948 2,928 2,585 3,169 2,739
Equipment 1,855 1,797 1,837 1,933 2,069
Professional fees and
outside services 3,295 2,256 1,926 1,658 2,502
Data processing and
communications 2,899 2,779 2,845 2,877 2,466
Amortization of
intangible assets 413 413 410 409 389
Loan collection and other
real estate owned 597 431 228 377 629
Other operating 4,607 3,393 3,827 3,189 3,504
--------- --------- --------- -------- ---------
Total noninterest
expense 32,404 31,227 28,014 30,872 30,882
--------- --------- --------- -------- ---------
Income before income
taxes 12,499 21,699 17,566 20,351 19,391
Income taxes 3,514 6,552 5,502 6,219 5,743
--------- --------- --------- -------- ---------
Net income $ 8,985 $ 15,147 $ 12,064 $ 14,132 $ 13,648
========= ========= ========= ======== =========
Earnings per share:
Basic $ 0.28 $ 0.46 $ 0.36 $ 0.41 $ 0.40
Diluted $ 0.28 $ 0.46 $ 0.36 $ 0.41 $ 0.40
========= ========= ========= ======== =========
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.