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NBT Bancorp Inc. Announces Diluted Earnings Per Share of $0.43 for the First Quarter of 2016

04/25/16

NORWICH, N.Y., April 25, 2016 (GLOBE NEWSWIRE) -- NBT Bancorp Inc. (NBT) (NASDAQ:NBTB) reported net income for the first quarter of 2016 of $18.9 million, up from $18.2 million for the prior year.  Diluted earnings per share for the three months ended March 31, 2016 was $0.43, up from $0.41 for the prior year. 

2016 First Quarter Highlights:

  • First quarter loan growth of 5.8% (annualized)
     
  • Average demand deposits up 11.3% from the first quarter of 2015
     
  • Net interest income up 3.9% from the first quarter of 2015
     
  • Positive trends continue for asset quality indicators:
    • Past due loans to total loans improved to 0.50% at March 31, 2016 from 0.62% at December 31, 2015
    • Annualized net charge-offs to average loans improved to 0.33% for the first quarter of 2016 from 0.38% for the full year of 2015


“Our first quarter 2016 results demonstrate our strong financial performance and sustained favorable trends in organic loan and deposit growth and asset quality indicators,” said NBT President and CEO Martin Dietrich. “As NBT continues to grow and respond to our changing business environment, we remain deeply rooted in our core values, including superior customer service, continuous improvement, community involvement and teamwork. We also continue to focus on cultivating long-term value for our shareholders through our investments in our people, technology and business strategies.”

Net interest income was $64.6 million for the first quarter of 2016, up $1.1 million from the previous quarter, and up $2.4 million from the first quarter of 2015.  Fully taxable equivalent (“FTE”) net interest margin was 3.47% for the three months ended March 31, 2016, up from 3.42% for the previous quarter and down from 3.60% for the first quarter of 2015.  The increase from the previous quarter was driven by an increase in yields on earning assets, partially offset by slightly higher costs of interest bearing liabilities.  Average interest earning assets were up $127.1 million, or 1.7%, for the first quarter of 2016 as compared to the prior quarter.  This increase was driven primarily by a $117.8 million increase in average securities available for sale from the fourth quarter of 2015 to the first quarter of 2016.  Yields on earning assets increased by 5 basis points from 3.70% during the fourth quarter of 2015 to 3.75% for the first quarter of 2016.  This increase was driven by an 8 basis-point increase in loan yields from the fourth quarter of 2015 to the first quarter of 2016.  The increase in average earning assets and yields on earning assets in the first quarter of 2016 resulted in a $1.2 million increase in interest income from the fourth quarter of 2015.  Interest expense for the first quarter of 2016 was up $0.1 million from the fourth quarter of 2015 and resulted primarily from a 2.0% increase in average interest bearing liabilities during the first quarter of 2016 as well as a 1 basis-point increase in the rates paid on interest bearing liabilities for the same period.  Interest expense for the first quarter of 2016 was up $0.3 million from the same period in 2015 and resulted primarily from a 5.2% increase in average interest bearing liabilities during the first quarter of 2016 as well as a 1 basis-point increase in the rates paid on interest bearing liabilities as compared to the first quarter of 2015.        

Noninterest income for the three months ended March 31, 2016 was $28.4 million, down $4.1 million from the fourth quarter of 2015, and up $1.8 million from the same period in 2015.  The decrease from the prior quarter was primarily driven by a $3.0 million gain in the fourth quarter of 2015 from the sale of an equity investment.  In addition, other noninterest income was down $1.1 million in the first quarter of 2016 as compared with the fourth quarter of 2015 due primarily to a favorable settlement of a prior accrual in the fourth quarter of 2015.  Service charges on deposit accounts were down $0.4 million from the fourth quarter of 2015 to the first quarter of 2016 due to seasonal overdraft charges in the fourth quarter of 2015.  Retirement plan administration fees and trust revenue were both down $0.4 million from the fourth quarter of 2015 primarily due to less favorable market conditions during the first quarter of 2016 compared with the fourth quarter of 2015.  These decreases were partially offset by an $0.8 million increase in insurance and other financial services revenue in the first quarter of 2016 as compared with the prior quarter due to seasonality.  In addition, bank-owned life insurance income was up $0.4 million from the fourth quarter of 2015 due primarily to death benefits received during the first quarter of 2016.             

Noninterest expense for the three months ended March 31, 2016 was $58.2 million, down $2.4 million from the previous quarter, and up $0.5 million from the same period in 2015.  The decrease from the prior quarter was due primarily to a $1.1 million decrease in other noninterest expense from the fourth quarter of 2015 to the first quarter of 2016.  This decrease was due to timing of various operating expense items.  In addition, salaries and employee benefits decreased $0.6 million in the first quarter of 2016 as compared with the fourth quarter of 2015 driven by contract termination costs incurred during the fourth quarter of 2015, partially offset by higher retirement plan costs during the first quarter of 2016.     

Asset Quality

Net charge-offs were $4.8 million for the three months ended March 31, 2016, down from $7.6 million for the prior quarter, and up from $4.6 million for the same period in 2015.  Provision expense was $6.1 million for the three months ended March 31, 2016, as compared with $5.8 million for the prior quarter, and $3.6 million for the first quarter of 2015.  Provision expense was higher than the previous quarter and the prior year primarily due to loan growth.  Annualized net charge-offs to average loans for the first quarter of 2016 was 0.33%, compared with 0.38% for the full year of 2015 and 0.34% for the first quarter of 2015.

Nonperforming loans to total loans was 0.69% at March 31, 2016, up from 0.64% for the prior quarter, and down from 0.85% at March 31, 2015.  Past due loans as a percentage of total loans were 0.51% at March 31, 2016, down from 0.64% at December 31, 2015, and 0.56% at March 31, 2015.   

The allowance for loan losses totaled $64.3 million at March 31, 2016, compared to $63.0 million at December 31, 2015, and $65.4 million at March 31, 2015.  The allowance for loan losses as a percentage of loans was 1.08% (1.18% excluding acquired loans with no related allowance recorded) at March 31, 2016, compared to 1.07% (1.18% excluding acquired loans with no related allowance recorded) at December 31, 2015 and 1.16% (1.29% excluding acquired loans with no related allowance recorded) at March 31, 2015. 

Balance Sheet

Total assets were $8.5 billion at March 31, 2016, up $210.3 million, or 2.5% from December 31, 2015.  Loans were $6.0 billion at March 31, 2016, up $84.7 million from December 31, 2015, due to loan growth in the first quarter of 2016.  The increase in loans in the first quarter resulted from growth in the commercial, residential and consumer portfolios.  Consumer loan growth was supplemented with approximately $30 million in loans from LendingClub Corporation as part of the Company’s ongoing relationship which began with the sale of Springstone LLC in the second quarter of 2014.   Total deposits were $6.9 billion at March 31, 2016, up $300.2 million, or 4.5%, from December 31, 2015.  Stockholders’ equity was $881.7 million, representing a total equity-to-total assets ratio of 10.41% at March 31, 2016, compared with $882.0 million or a total equity-to-total assets ratio of 10.67% at December 31, 2015.

Stock Repurchase Program

The Company purchased 675,535 shares of its common stock during the first quarter of 2016 at an average price of $25.45 per share under a previously announced plan.  As of March 31, 2016, there were 277,313 shares available for repurchase under this plan announced on July 27, 2015 and set to expire on December 31, 2016.  On March 28, 2016, the NBT Board of Directors authorized a new program for NBT to repurchase up to an additional 1,000,000 shares of its outstanding common stock.  This plan expires on December 31, 2017.

Corporate Overview

NBT Bancorp Inc. is a financial holding company headquartered in Norwich, N.Y., with total assets of $8.5 billion at March 31, 2016.  The company primarily operates through NBT Bank, N.A., a full-service community bank, and through two financial services companies.  NBT Bank, N.A. has 155 banking locations with offices in New York, Pennsylvania, Vermont, Massachusetts, New Hampshire and Maine. EPIC Advisors, Inc., based in Rochester, N.Y., is a full-service 401(k) plan recordkeeping firm. NBT-Mang Insurance Agency, based in Norwich, N.Y., 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.epic1st.com and www.nbtmang.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 update forward-looking statements to reflect subsequent circumstances or events.

Non-GAAP Measures

This press release contains financial information determined by methods other than in accordance with accounting principles generally accepted in the United States of America (GAAP).  These measures adjust GAAP measures to exclude the effects of acquisition related intangible amortization expense on earnings and equity as well as providing a fully taxable equivalent yield on securities and loans.  Where non-GAAP disclosures are used in this press release, the comparable GAAP measure, as well as a reconciliation to the comparable GAAP measure, is provided in the accompanying tables.  Management believes that these non-GAAP measures provided useful information that is important to an understanding of the results of NBT’s core business as well as provide information standard in the financial institution industry.  Non-GAAP measures should not be considered a substitute for financial measures determined in accordance with GAAP and investors should consider NBT’s performance and financial condition as reported under GAAP and all other relevant information when assessing the performance or financial condition of NBT.

NBT Bancorp Inc. and Subsidiaries          
SELECTED FINANCIAL DATA          
(unaudited, dollars in thousands except per share data)          
           
    2016     2015  
  1st Q 4th Q 3rd Q 2nd Q 1st Q
Profitability:          
Diluted Earnings Per Share $ 0.43   $ 0.43   $ 0.45   $ 0.43   $ 0.41  
Weighted Average Diluted          
Common Shares Outstanding   43,707,489     44,072,049     44,262,426     44,530,123     44,641,913  
Return on Average Assets (1)   0.92 %   0.93 %   0.97 %   0.97 %   0.94 %
Return on Average Equity (1)   8.63 %   8.58 %   8.97 %   8.81 %   8.46 %
Return on Average Tangible Common Equity (1)(5)   13.17 %   13.04 %   13.66 %   13.47 %   13.08 %
Net Interest Margin (1)(2)   3.47 %   3.42 %   3.48 %   3.51 %   3.60 %
           
Balance Sheet Data:          
Securities Available for Sale $ 1,259,874   $ 1,174,544   $ 1,058,397   $ 1,129,249   $ 1,071,654  
Securities Held to Maturity $ 466,914   $ 471,031   $ 470,758   $ 454,312   $ 456,773  
Net Loans $ 5,903,491   $ 5,820,115   $ 5,806,129   $ 5,705,929   $ 5,557,664  
Total Assets $ 8,472,964   $ 8,262,646   $ 8,178,976   $ 8,081,892   $ 7,877,527  
Total Deposits $ 6,905,042   $ 6,604,843   $ 6,600,627   $ 6,371,479   $ 6,479,437  
Total Borrowings $ 579,441   $ 674,124   $ 594,163   $ 743,893   $ 425,143  
Total Liabilities $ 7,591,237   $ 7,380,642   $ 7,302,760   $ 7,205,921   $ 7,000,033  
Stockholders' Equity $ 881,727   $ 882,004   $ 876,216   $ 875,971   $ 877,494  
           
Asset Quality:          
Nonaccrual Loans $ 38,944   $ 33,744   $ 42,524   $ 42,286   $ 45,053  
90 Days Past Due and Still Accruing     2,185       3,662       3,790       1,994       2,601  
Total Nonperforming Loans     41,129       37,406       46,314       44,280       47,654  
Other Real Estate Owned     2,716       4,666       4,855       4,649        4,387  
Total Nonperforming Assets     43,845       42,072       51,169       48,929       52,041  
Allowance for Loan Losses     64,318       63,018       64,859       64,959       65,359  
           
Asset Quality Ratios (Total):          
Allowance for Loan Losses to Total Loans   1.08 %   1.07 %   1.10 %   1.13 %   1.16 %
Total Nonperforming Loans to Total Loans   0.69 %   0.64 %   0.79 %   0.77 %   0.85 %
Total Nonperforming Assets to Total Assets   0.52 %   0.51 %   0.63 %   0.61 %   0.66 %
Allowance for Loan Losses to Total Nonperforming Loans   156.38 %   168.47 %   140.04 %   146.70 %   137.15 %
Past Due Loans to Total Loans   0.50 %   0.62 %   0.63 %   0.61 %   0.54 %
Net Charge-Offs to Average Loans (1)   0.33 %   0.51 %   0.35 %   0.30 %   0.34 %
           
Asset Quality Ratios (Originated) (3):          
Allowance for Loan Losses to Loans   1.18 %   1.18 %   1.21 %   1.24 %   1.29 %
Nonperforming Loans to Loans   0.67 %   0.61 %   0.63 %   0.59 %   0.69 %
Allowance for Loan Losses to Nonperforming Loans   175.40 %   193.00 %   192.49 %   208.99 %   188.68 %
Past Due Loans to Loans   0.51 %   0.64 %   0.67 %   0.64 %   0.56 %
           
Capital:          
Equity to Assets   10.41 %   10.67 %   10.71 %   10.84 %   11.14 %
Book Value Per Share $ 20.57   $ 20.31   $ 20.29   $ 20.05   $ 19.95  
Tangible Book Value Per Share (4) $ 13.99   $ 13.79   $ 13.80   $ 13.61   $ 13.52  
Tier 1 Leverage Ratio   9.15 %   9.44 %   9.34 %   9.57 %   9.72 %
Common Equity Tier 1 Capital Ratio   9.79 %   10.20 %   10.04 %   10.22 %   10.46 %
Tier 1 Capital Ratio   11.28 %   11.73 %   11.57 %   11.78 %   12.05 %
Total Risk-Based Capital Ratio   12.29 %   12.74 %   12.62 %   12.84 %   13.15 %
Common Stock Price (End of Period) $ 26.95   $ 27.88   $ 26.94   $ 26.17   $ 25.06  
           
(1)  Annualized          
(2)  Calculated on a Fully Tax Equivalent ("FTE") basis          
(3)  Excludes acquired loans          
(4)  Non-GAAP measure - Stockholders' equity less goodwill and intangible assets divided by common shares outstanding  
(5)  Non-GAAP measure - excludes amortization of intangible assets (net of tax) from net income and average tangible common equity is calculated as follows:
           
    2016     2015  
  1st Q 4th Q 3rd Q 2nd Q 1st Q
           
Net Income $   18,891   $   19,127   $   19,851   $   19,281   $   18,166  
Amortization of intangible assets (net of tax)     670       750        712       725       784  
  $   19,561   $   19,877   $   20,563   $   20,006   $   18,950  
           
Average stockholders' equity $   880,311   $   884,743   $   878,305   $   878,164   $   871,074  
Less: average goodwill and other intangibles     282,751       279,904       281,048       282,272       283,508  
Average tangible common equity $   597,560   $   604,839   $   597,257   $   595,892   $   587,566  

 






NBT Bancorp Inc. and Subsidiaries    
CONSOLIDATED BALANCE SHEETS    
(unaudited, dollars in thousands)    
     
  March 31, December 31,
ASSETS   2016     2015  
Cash and due from banks $   139,909   $   130,593  
Short term interest bearing accounts     15,601       9,704  
Securities available for sale, at fair value     1,259,874       1,174,544  
Securities held to maturity (fair value of $475,110 and $473,140 at     466,914        471,031  
March 31, 2016 and December 31, 2015, respectively)    
Trading securities     8,905       8,377  
Federal Reserve and Federal Home Loan Bank stock     32,262       36,673  
Loans      5,967,809       5,883,133  
Less allowance for loan losses     64,318       63,018  
Net loans   5,903,491     5,820,115  
Premises and equipment, net     86,407       88,826  
Goodwill      265,957       265,957  
Intangible assets, net     16,168       17,265  
Bank owned life insurance     161,878       117,044  
Other assets     115,598       122,517  
TOTAL ASSETS $   8,472,964   $   8,262,646  
     
LIABILITIES AND STOCKHOLDERS' EQUITY    
Deposits:    
Demand (noninterest bearing) $   2,008,763   $   1,998,165  
Savings, NOW, and money market     4,007,621       3,697,851  
Time     888,658       908,827  
Total deposits   6,905,042     6,604,843  
Short-term borrowings     347,868       442,481  
Long-term debt     130,377       130,447  
Junior subordinated debt     101,196       101,196  
Other liabilities     106,754       101,675  
Total liabilities   7,591,237     7,380,642  
     
Total stockholders' equity     881,727       882,004  
     
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $   8,472,964   $   8,262,646  

 






NBT Bancorp Inc. and Subsidiaries    
CONSOLIDATED STATEMENTS OF INCOME    
(unaudited, dollars in thousands except per share data)  
     
  Three Months Ended
  March 31,
    2016     2015  
Interest, fee and dividend income:    
Loans $   61,230   $   59,518  
Securities available for sale   5,987       4,945  
Securities held to maturity   2,288       2,283  
Other   449       480  
Total interest, fee and dividend income     69,954       67,226  
Interest expense:    
Deposits   3,597       3,573  
Short-term borrowings   328       121  
Long-term debt   833       826  
Junior subordinated debt   619       540  
Total interest expense     5,377       5,060  
Net interest income      64,577       62,166  
Provision for loan losses   6,098       3,642  
Net interest income after provision for loan losses     58,479       58,524  
Noninterest income:    
Insurance and other financial services revenue   6,946       6,374  
Service charges on deposit accounts   3,939       4,072  
ATM and debit card fees   4,583       4,248  
Retirement plan administration fees   3,754       3,196  
Trust   4,376       4,450  
Bank owned life insurance income   1,291       1,559  
Net securities gains   29       14  
Other   3,449       2,621  
Total noninterest income     28,367       26,534  
Noninterest expense:    
Salaries and employee benefits   32,441       30,182  
Occupancy   5,491       6,066  
Data processing and communications   4,050       4,103  
Professional fees and outside services   3,231       3,497  
Equipment   3,460       3,249  
Office supplies and postage   1,547       1,619  
FDIC expenses     1,258       1,198  
Advertising   504       719  
Amortization of intangible assets   1,096       1,284  
Loan collection and other real estate owned   705       872  
Other operating   4,441        4,913  
Total noninterest expense   58,224     57,702  
Income before income taxes   28,622     27,356  
Income taxes   9,731       9,190  
Net income $   18,891   $   18,166  
Earnings Per Share:    
Basic $   0.44   $   0.41  
Diluted $   0.43   $   0.41  

 

 



NBT Bancorp Inc. and Subsidiaries          
QUARTERLY CONSOLIDATED STATEMENTS OF INCOME          
(unaudited, dollars in thousands except per share data)          
       
    2016     2015  
  1st Q 4th Q 3rd Q 2nd Q 1st Q
Interest, fee and dividend income:          
Loans $   61,230   $   60,781   $   61,656   $   59,873   $   59,518  
Securities available for sale   5,987     5,204     5,125     5,144     4,945  
Securities held to maturity   2,288     2,317     2,318     2,315     2,283  
Other   449     469     401     395     480  
Total interest, fee and dividend income   69,954     68,771     69,500     67,727     67,226  
Interest expense:          
Deposits   3,597     3,613     3,554     3,517     3,573  
Short-term borrowings   328     222     296     144     121  
Long-term debt   833     848     845     836     826  
Junior subordinated debt   619     576     560     545     540  
Total interest expense   5,377     5,259     5,255     5,042     5,060  
Net interest income   64,577     63,512     64,245     62,685     62,166  
Provision for loan losses   6,098     5,779     4,966     3,898     3,642  
Net interest income after provision for loan losses   58,479     57,733     59,279     58,787     58,524  
Noninterest income:          
Insurance and other financial services revenue   6,946     6,139     5,862     5,836     6,374  
Service charges on deposit accounts   3,939     4,350     4,349     4,285     4,072  
ATM and debit card fees   4,583     4,541     4,780     4,679     4,248  
Retirement plan administration fees   3,754     4,135     3,249     3,566     3,196  
Trust   4,376     4,769     4,611     5,196     4,450  
Bank owned life insurance income   1,291     916     931     928     1,559  
Net securities gains   29     3,044     3     26     14  
Gain on the sale of Springstone investment   -     -     4,179     -     -  
Other   3,449     4,577     3,297     3,699     2,621  
Total noninterest income   28,367     32,471     31,261     28,215     26,534  
Noninterest expense:          
Salaries and employee benefits   32,441     33,078     30,227     30,831     30,182  
Occupancy   5,491     5,291     5,326     5,412     6,066  
Data processing and communications   4,050     3,990     4,207     4,288     4,103  
Professional fees and outside services   3,231     3,378     3,137     3,395     3,497  
Equipment   3,460     3,491     3,352     3,316     3,249  
Office supplies and postage   1,547     1,545     1,576     1,627     1,619  
FDIC expenses   1,258     1,312     1,355     1,280     1,198  
Advertising   504     780     421     734     719  
Amortization of intangible assets   1,096     1,228     1,165     1,187     1,284  
Loan collection and other real estate owned   705     1,027     699     22     872  
Other operating   4,441     5,499     8,426     5,872     4,913  
Total noninterest expense   58,224     60,619     59,891     57,964     57,702  
Income before income taxes   28,622     29,585     30,649     29,038     27,356  
Income taxes   9,731     10,458     10,798     9,757     9,190  
Net income $   18,891   $   19,127   $   19,851   $   19,281   $   18,166  
Earnings per share:          
Basic $   0.44   $   0.44   $   0.45   $   0.44   $   0.41  
Diluted $   0.43   $   0.43   $   0.45   $   0.43   $   0.41  
           
Note:  Year-to-date (YTD) EPS may not equal sum of quarters due to share count differences.    


 




NBT Bancorp Inc. and Subsidiaries                    
AVERAGE QUARTERLY BALANCE SHEETS                  
(unaudited, dollars in thousands)                    
  Average
Balance
Yield /
Rates
Average
Balance
Yield /
Rates
Average
Balance
Yield /
Rates
Average
Balance
Yield /
Rates
Average
Balance
Yield /
Rates
  Q1 - 2016 Q4 - 2015 Q3 - 2015   Q2 - 2015   Q1 - 2015  
ASSETS:                    
Short-term interest bearing accounts $   13,639     0.63 % $   13,494     0.34 % $   8,100     0.32 % $   9,854     0.36 % $   9,156     0.30 %
Securities available for sale (1)(2)     1,188,437     2.06 %     1,070,643     1.97 %     1,079,206     1.92 %     1,067,619     1.98 %     1,018,880     2.02 %
Securities held to maturity (1)     465,916     2.48 %     470,027     2.43 %     460,252     2.44 %      452,948     2.49 %     454,957     2.47 %
Investment in FRB and FHLB Banks     33,470     5.14 %     32,263     5.63 %     37,358     4.19 %     31,564     4.90 %     30,931     6.20 %
Loans (3)     5,884,073     4.20 %     5,872,011     4.12 %     5,824,311     4.21 %     5,688,159     4.24 %     5,586,942     4.33 %
Total interest earning assets $   7,585,535     3.75 % $   7,458,438     3.70 % $   7,409,227     3.77 % $   7,250,144     3.79 % $   7,100,866     3.89 %
Other assets     699,194         693,981         690,768         685,523         696,091    
Total assets $   8,284,729     $   8,152,419     $   8,099,995     $   7,935,667     $   7,796,957    
                     
LIABILITIES AND STOCKHOLDERS' EQUITY:                    
Money market deposit accounts $ 1,653,930     0.22 % $ 1,626,644     0.22 % $ 1,557,651     0.22 % $ 1,598,898     0.20 % $ 1,544,488     0.21 %
NOW deposit accounts     1,051,959     0.05 %     1,039,563     0.05 %     963,744     0.05 %     974,504     0.05 %     972,263     0.05 %
Savings deposits     1,105,480     0.06 %     1,079,757     0.06 %     1,085,680     0.06 %     1,080,954     0.06 %     1,040,031     0.06 %
Time deposits     921,754     1.04 %     918,875     1.05 %     939,542     1.01 %     968,714     1.00 %     1,014,904     1.00 %
Total interest bearing deposits $   4,733,123     0.31 % $   4,664,839     0.31 % $   4,546,617     0.31 % $   4,623,070     0.31 % $   4,571,686     0.32 %
Short-term borrowings     369,443     0.36 %     332,742     0.26 %     456,663     0.26 %     302,693     0.19 %     265,420     0.19 %
Long-term debt     130,420     2.57 %     130,522     2.58 %     130,680     2.56 %      130,743     2.56 %     130,879     2.56 %
Junior subordinated debt     101,196     2.46 %     101,196     2.26 %     101,196     2.20 %     101,196     2.16 %     101,196     2.16 %
Total interest bearing liabilities $   5,334,182     0.41 % $   5,229,299     0.40 % $   5,235,156     0.40 % $   5,157,702     0.39 % $   5,069,181     0.40 %
Demand deposits     1,970,315         1,944,820         1,894,555         1,815,705         1,770,703    
Other liabilities     99,921         93,557         91,979         84,096         85,999    
Stockholders' equity     880,311         884,743         878,305         878,164         871,074    
Total liabilities and stockholders' equity $   8,284,729     $   8,152,419     $   8,099,995     $   7,935,667     $   7,796,957    
                     
Interest rate spread     3.34 %     3.30 %     3.37 %     3.40 %     3.49 %
Net interest margin     3.47 %     3.42 %     3.48 %     3.51 %     3.60 %
                     
(1) Securities are shown at average amortized cost 
(2) Excluding unrealized gains or losses 
(3) For purposes of these computations, nonaccrual loans are included in the average loan balances outstanding 
Note:  Interest income for tax-exempt securities and loans has been adjusted to a taxable-equivalent basis using the statutory Federal income tax rate of 35% 






NBT Bancorp Inc. and Subsidiaries            
AVERAGE YEAR-TO-DATE BALANCE SHEETS          
(unaudited, dollars in thousands)            
  Average   Yield/ Average   Yield/
  Balance Interest Rates Balance Interest Rates
Three Months ended March 31,   2016     2015  
ASSETS:            
Short-term interest bearing accounts $ 13,639   $ 21     0.63 % $   9,156   $   7     0.30 %
Securities available for sale (1)(2)     1,188,437       6,090     2.06 %     1,018,880       5,084     2.02 %
Securities held to maturity (1)     465,916       2,870     2.48 %     454,957       2,766     2.47 %
Investment in FRB and FHLB Banks     33,470       428     5.14 %     30,931       473     6.20 %
Loans (3)     5,884,073       61,401     4.20 %     5,586,942       59,704     4.33 %
Total interest earning assets $   7,585,535   $   70,810     3.75 %     7,100,866   $   68,034     3.89 %
Other assets     699,194           696,091      
Total assets $   8,284,729       $   7,796,957      
             
LIABILITIES AND STOCKHOLDERS' EQUITY:            
Money market deposit accounts $ 1,653,930       912     0.22 % $   1,544,488   $   786     0.21 %
NOW deposit accounts     1,051,959       132     0.05 %     972,263       123     0.05 %
Savings deposits     1,105,480       158     0.06 %     1,040,031       162     0.06 %
Time deposits     921,754       2,395     1.04 %     1,014,904       2,502     1.00 %
Total interest bearing deposits $   4,733,123   $   3,597     0.31 % $   4,571,686   $   3,573     0.32 %
Short-term borrowings     369,443       328     0.36 %     265,420       121     0.19 %
Long-term debt     130,420       833     2.57 %     130,879       826     2.56 %
Junior subordinated debt     101,196       619     2.46 %     101,196       540     2.16 %
Total interest bearing liabilities $   5,334,182   $   5,377     0.41 % $   5,069,181   $   5,060     0.40 %
Demand deposits     1,970,315           1,770,703      
Other liabilities     99,921           85,999      
Stockholders' equity     880,311           871,074      
Total liabilities and stockholders' equity $   8,284,729       $   7,796,957      
Net interest income (FTE)        65,433           62,974    
Interest rate spread       3.34 %       3.49 %
Net interest margin       3.47 %       3.60 %
Taxable equivalent adjustment       856           808    
Net interest income   $   64,577       $   62,166    
             
(1) Securities are shown at average amortized cost 
(2) Excluding unrealized gains or losses 
(3) For purposes of these computations, nonaccrual loans are included in the average loan balances outstanding 
Note:  Interest income for tax-exempt securities and loans has been adjusted to a taxable-equivalent basis using the statutory Federal income tax rate of 35%

 





NBT Bancorp Inc. and Subsidiaries          
CONSOLIDATED LOAN BALANCES          
(unaudited, dollars in thousands)          
           
           
    2016     2015  
  1st Q 4th Q 3rd Q 2nd Q 1st Q
Residential real estate mortgages $   1,211,821   $   1,196,780   $   1,177,195   $   1,154,416   $   1,125,886  
Commercial     1,168,191       1,159,089       1,167,007       1,147,586       1,140,114  
Commercial real estate     1,448,920       1,430,618       1,435,378       1,423,489       1,349,940  
Consumer     1,620,669       1,568,204       1,549,844       1,495,160       1,452,070  
Home equity     518,208       528,442       541,564       550,237       555,013  
Total loans $   5,967,809   $   5,883,133   $   5,870,988   $   5,770,888   $   5,623,023  

 

 

Contact:

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

NBT Bancorp Inc.
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