NBT Bancorp Inc. Announces First Quarter Diluted Earnings Per Share of $0.41, Net Income of $13.7 Million; Organic Loan Growth of 4.2%
NORWICH, N.Y., Apr 23, 2012 (GlobeNewswire via COMTEX) --NBT Bancorp Inc. (NBT) (Nasdaq:NBTB) reported today net income for the three months ended March 31, 2012 was $13.7 million, down $0.6 million, or 4.6%, from the three months ended March 31, 2011. Net income per diluted share for the three months ended March 31, 2012 was $0.41 per share, equal to the net income per diluted share for the three months ended March 31, 2011. Annualized return on average assets and return on average equity were 0.97% and 10.12%, respectively, for the three months ended March 31, 2012, compared with 1.08% and 10.78%, respectively, for the three months ended March 31, 2011. Net interest margin (on a fully taxable equivalent or FTE basis) was 3.90% for the three months ended March 31, 2012, down 21 basis points from 4.11% for the three months ended March 31, 2011.
Selected highlights for the first quarter of 2012 include:
- Diluted earnings per share of $0.41 equaled last year's first quarter results.
- Outstanding loan balances as of March 31, 2012 are up 5.3% from a year ago, driven by 4.2% organic growth for the same period. Average loan balances for the quarter ending March 31, 2012 compared to March 31, 2011 were up the same.
- Net interest margin was 3.90% for the first quarter, down from the same period of 2011, resulting from the continued impact of the low rate environment on loans and investments.
- Annualized net charge-off ratio was 0.47% as compared to 0.59% for the same period last year.
- Past due loans to total loans and leases was 0.58% as compared to 0.89% at December 31, 2011.
- Continued strategic expansion:
- In New York: Closed on three branches in Greene County and customer balances of a branch in Schoharie County on January 21, 2012.
- In Massachusetts: Opened a fifth Massachusetts branch in Lenox on February 7, 2012.
- In New Hampshire: Acquisition of Hampshire First Bank is expected to close in the second quarter of 2012.
"While the still-fragile economy poses ongoing challenges, NBT continues to invest in the future and expand delivery of our unique brand of community banking," said NBT President and CEO Martin Dietrich. "During the first quarter of 2012, we were pleased to add locations in Greene County, N.Y., and to open our fifth office in Western Massachusetts. In the second quarter, we look forward to entering a fifth state with the completion of our acquisition of Hampshire First Bank. Our consistent ability to generate loan growth, coupled with our strong fundamentals and quality team of community-minded bankers will enable NBT to continue to navigate the challenges ahead."
Loan and Lease Quality and Provision for Loan and Lease Losses
The Company recorded a provision for loan and lease losses of $4.5 million during the three months ended March 31, 2012, as compared with $4.0 million for the three months ended March 31, 2011. Net charge-offs were $4.5 million for the three months ended March 31, 2012, down from $5.3 million for the same period in 2011, due primarily to the charge-off of one large commercial loan during the first quarter of 2011. The annualized net charge-off ratio for the three months ended March 31, 2012 was 0.47% compared to 0.59% for the three months ended March 31, 2011.
Past due loans as a percentage of total loans was 0.58% at March 31, 2012, as compared with 0.89% at December 31, 2011. Nonperforming loans increased to $45.9 million or 1.20% of total loans and leases at March 31, 2012 compared with $41.5 million or 1.09% at December 31, 2011, due to an increase in nonaccrual loans related to one commercial relationship, which has been specifically reserved for by the Company during the three months ended March 31, 2012
Improvement in certain general asset quality indicators reduced the allowance which was offset by the aforementioned specific credit. The allowance for loan and lease losses totaled $71.3 million at March 31, 2012 and December 31, 2011. The allowance for loan and lease losses as a percentage of loans and leases was 1.87% at March 31, 2012 as compared to 1.88% at December 31, 2011.
Net Interest Income
Net interest income was up slightly to $49.4 million for the three months ended March 31, 2012, compared with $49.3 million for the three months ended March 31, 2011. The Company's FTE net interest margin was 3.90% for the three months ended March 31, 2012, down from 4.11% for the three months ended March 31, 2011. The increase in average earning assets in the first quarter of 2012 as compared to the first quarter of 2011 offset the decline in net interest margin, resulting in a relatively flat net interest income for the periods.
While the yield on interest bearing liabilities decreased 20 basis points, the yield on interest earning assets declined 38 basis points, resulting in margin compression for the three months ended March 31, 2012, compared to the same period for 2011. The yield on securities available for sale was 2.61% for the three months ended March 31, 2012, as compared with 3.14% for the three months ended March 31, 2011. This decrease was due primarily to the reinvestment of cash flows from maturing securities and cash received from branch acquisitions into lower yielding securities in the current rate environment. The average balance of securities available for sale for the first quarter of 2012 was $1.2 billion, up approximately $114.7 million, or 10.4%, from the first quarter of 2011. This increase was due primarily to reinvestment of maturing held to maturity securities into available for sale securities, and investment of liquidity from acquisition activity and deposit growth into available for sale securities. The yield on loans and leases was 5.33% for the three months ended March 31, 2012, as compared with 5.73% for the three months ended March 31, 2011. The average balance of loans and leases for the first quarter of 2012 was $3.8 billion, up approximately $193.3 million, or 5.3% (4.2% organic), from the first quarter of 2011. The rate on time deposits was 1.63% for the three months ended March 31, 2012, as compared with 1.90% for the three months ended March 31, 2011, while the rate on money market deposit accounts was 0.23% for the three months ended March 31, 2012, as compared with 0.42% for the three months ended March 31, 2011.
Noninterest Income
Noninterest income for the three months ended March 31, 2012 was $23.1 million, up 14.6% or $3.0 million, compared with $20.1 million for the same period in 2011. Insurance and other financial services revenue increased approximately $0.4 million for the three months ended March 31, 2012, as compared to the three months ended March 31, 2011. This increase was due primarily to the acquisition of an insurance agency during the second quarter of 2011 and an increase in brokerage commission revenue from new business. ATM and debit card fees increased approximately $0.3 million for the three months ended March 31, 2012, as compared to the three months ended March 31, 2011, due primarily to an increase in card usage. Other noninterest income increased approximately $2.4 million for the three months ended March 31, 2012 as compared to March 31, 2011. This increase was due primarily to a $1.1 million payoff gain on a purchased commercial real estate loan as well as a prepayment penalty fee collected totaling $0.8 million during the first quarter of 2012, related to a previously disclosed loss of a retirement plan client. The Company also realized net securities gains of approximately $0.5 million during the first quarter of 2012. These increases were offset by a decrease in service charges on deposit accounts of approximately $0.7 million, or 14.4%, for the three months ended March 31, 2012, as compared with the same period in 2011 primarily due to a decrease in overdraft fee income.
Noninterest Expense and Income Tax Expense
Noninterest expense for the three months ended March 31, 2012 was $48.5 million, up $3.4 million or 7.6%, for the same period in 2011. Salaries and employee benefits increased $1.7 million, or 6.9%, for the three months ended March 31, 2012, compared with the same period in 2011. This increase was due primarily to increases in full-time-equivalent employees from branch acquisitions and merit increases. Professional fees and outside services increased $0.7 million, or 31.9%, for the three months ended March 31, 2012 as compared to the same period in 2011. This increase was due primarily to $0.3 million in legal expenses incurred related to a class action lawsuit. Data processing and communications expenses increased approximately $0.3 million, or 11.8%, for the three months ended March 31, 2012 as compared to the same period in 2011, due primarily to strategic expansion into new markets. Other operating expenses increased approximately $0.7 million for the three months ended March 31, 2012, as compared to the same period in 2011. This increase was due primarily to merger related expenses of $0.5 million incurred during the first quarter of 2012, with no other significant drivers. These increases were partially offset by a decrease in Federal Deposit Insurance Corporation ("FDIC") expenses of approximately $0.6 million for the three months ended March 31, 2012 as compared to the three months ended March 31, 2011. This decrease was due to the FDIC redefining the deposit insurance assessment base effective the second quarter of 2011. Income tax expense for the three month period ended March 31, 2012 was $5.9 million, down from $6.0 million for the same period in 2011. The effective tax rate was 30.0% for the three months ended March 31, 2012, as compared to 29.7% for the same period in 2011.
Balance Sheet
Total assets were $5.8 billion at March 31, 2012, up $186.6 million or 3.3% from December 31, 2011. Loans and leases were $3.8 billion at March 31, 2012, up $18.5 million from December 31, 2011. Total deposits were $4.6 billion at March 31, 2012, up $200.3 million from December 31, 2011. Stockholders' equity was $548.7 million, representing a total equity-to-total assets ratio of 9.49% at March 31, 2012, compared with $538.1 million or a total equity-to-total assets ratio of 9.61% at December 31, 2011.
Stock Repurchase Program
The Company did not purchase any shares of its common stock during the three month period ended March 31, 2012. At March 31, 2012, there were 1,517,581 shares available for repurchase under two previously announced stock repurchase plans, which both expire on December 31, 2013.
Dividend
The Company anticipates that the NBT Board of Directors will declare a regular 2012 second-quarter cash dividend at their next scheduled meeting, which will be held on May 1, 2012.
Corporate Overview
NBT Bancorp Inc. is a financial holding company headquartered in Norwich, N.Y., with total assets of $5.8 billion at March 31, 2012. 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 132 locations, including 89 NBT Bank offices in upstate New York, five NBT Bank offices in western Massachusetts, three NBT Bank offices in northwestern Vermont and 35 Pennstar Bank offices in northeastern Pennsylvania. EPIC Advisors, Inc., based in Rochester, N.Y., is a full-service 401(k) plan recordkeeping firm. Mang Insurance Agency, LLC, 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.pennstarbank.com, www.epic1st.com and www.manginsurance.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
2012 2011 Change Change
--------------- ---------- ----------- -------
(dollars in thousands,
except per share data)
Three Months Ended March 31,
Net Income $13,650 $14,307 ($657) -5%
Diluted Earnings Per Share $0.41 $0.41 $0.00 0%
Weighted Average Diluted
Common Shares Outstanding 33,441,652 34,650,368 (1,208,716) -3%
Return on Average Assets (1) 0.97% 1.08% -11 bp -10%
Return on Average Equity (1) 10.12% 10.78% -66 bp -6%
Net Interest Margin (2) 3.90% 4.11% -21 bp -5%
------------------------------- --------------- ---------- ----------- -------
December
Asset Quality March 31, 31,
2012 2011
--------------- ----------
Nonaccrual Loans $44,481 $38,290
90 Days Past Due and Still
Accruing $1,437 $3,190
Total Nonperforming Loans $45,918 $41,480
Other Real Estate Owned $1,954 $2,160
Total Nonperforming Assets $47,872 $43,640
Allowance for Loan and Lease
Losses $71,334 $71,334
Allowance for Loan and Lease
Losses to Total Loans and
Leases 1.87% 1.88%
Total Nonperforming Loans to
Total Loans and Leases 1.20% 1.09%
Total Nonperforming Assets to
Total Assets 0.83% 0.78%
Past Due Loans to Total Loans
and Leases 0.58% 0.89%
Allowance for Loan and Lease
Losses to Total Nonperforming
Loans 155.35% 171.97%
Net Charge-Offs to YTD Average
Loans and Leases (1) 0.47% 0.56%
------------------------------- --------------- ---------- ----------- -------
Capital
Equity to Assets 9.49% 9.61%
Book Value Per Share $16.51 $16.23
Tangible Book Value Per Share $11.94 $11.70
Tier 1 Leverage Ratio 8.80% 8.74%
Tier 1 Capital Ratio 11.64% 11.56%
Total Risk-Based Capital Ratio 12.90% 12.81%
------------------------------- --------------- ---------- ----------- -------
------------------------------- --------------- ----------
Quarterly Common Stock Price 2012 2011
Quarter End High Low High
--------------- Low
$24.98
March 31 $24.10 $20.75 $21.55
$23.32
June 30 $20.62
$23.25
September 30 $17.05
$22.63
December 31 $17.47
------------------------------- --------------- ----------
(1) Annualized
(2) Calculated on a FTE basis
NBT Bancorp Inc. and
Subsidiaries
SELECTED FINANCIAL
HIGHLIGHTS
(unaudited)
December
March 31, 31, Net Percent
2012 2011 Change Change
------------ ---------- --------- -------
(dollars in thousands)
Balance Sheet
Loans and Leases $3,818,666 $3,800,203 $18,463 0%
Earning Assets $5,319,419 $5,112,831 $206,588 4%
Total Assets $5,784,973 $5,598,406 $186,567 3%
Deposits $4,567,404 $4,367,149 $200,255 5%
Stockholders' Equity $548,733 $538,110 $10,623 2%
------------------------- ------------ ---------- --------- -------
March 31, March 31,
2012 2011
------------ ----------
Average Balances (dollars in thousands)
Three Months Ended
Loans and Leases $3,809,461 $3,616,191 $193,270
Securities Available For
Sale
(excluding unrealized
gains or losses) $1,212,766 $1,098,042 $114,724
Securities Held To
Maturity $70,542 $94,098 ($23,556)
Trading Securities $3,298 $2,969 $329
Regulatory Equity
Investment $27,020 $27,246 ($226)
Short-Term Interest
Bearing Accounts $80,127 $141,309 ($61,182)
Total Earning Assets $5,199,916 $4,976,886 $223,030
Total Assets $5,659,458 $5,397,057 $262,401
Interest Bearing Deposits $3,382,603 $3,289,925 $92,678
Non-Interest Bearing
Deposits $1,062,557 $904,748 $157,809
Short-Term Borrowings $162,806 $153,374 $9,432
Long-Term Borrowings $445,817 $445,401 $416
Total Interest Bearing
Liabilities $3,991,226 $3,888,700 $102,526
Stockholders' Equity $542,628 $538,211 $4,417
------------------------- ------------ ---------- ---------
NBT Bancorp Inc. and Subsidiaries March 31, December 31, Consolidated Balance Sheets (unaudited) 2012 2011 ------------------------------ ------------- ------------- (in thousands) ASSETS Cash and due from banks $ 108,400 $ 128,517 Short term interest bearing accounts 191,204 864 Securities available for sale, at fair value 1,243,122 1,244,619 Securities held to maturity (fair value of $71,570and $72,198 70,280 70,811 at March 31, 2012 and December 31, 2011, respectively) Trading securities 3,736 3,062 Federal Reserve and Federal Home Loan Bank stock 27,020 27,020 Loans and leases 3,818,666 3,800,203 Less allowance for loan and lease losses 71,334 71,334 ------------------------------ ------------- ------------- Net loans and leases 3,747,332 3,728,869 Premises and equipment, net 75,232 74,541 Goodwill 133,614 132,029 Intangible assets, net 18,130 18,194 Bank owned life insurance 78,597 77,626 Other assets 88,306 92,254 ------------------------------ ------------- ------------- TOTAL ASSETS $ 5,784,973 $ 5,598,406 ------------------------------ ------------- ------------- LIABILITIES AND STOCKHOLDERS' EQUITY Deposits: Demand (noninterest bearing) $ 1,111,563 $ 1,052,906 Savings, NOW, and money market 2,492,811 2,381,116 Time 963,030 933,127 ------------------------------ ------------- ------------- Total deposits 4,567,404 4,367,149 Short-term borrowings 165,977 181,592 Long-term debt 370,490 370,344 Trust preferred debentures 75,422 75,422 Other liabilities 56,947 65,789 ------------------------------ ------------- ------------- Total liabilities 5,236,240 5,060,296 Total stockholders' equity 548,733 538,110 ------------------------------ ------------- ------------- TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 5,784,973 $ 5,598,406 ------------------------------ ------------- -------------
Three Months Ended
NBT Bancorp Inc. and
Subsidiaries March 31,
Consolidated Statements of
Income (unaudited) 2012 2011
------------------------------ ---------- ---------
(in thousands, except per
share data)
Interest, fee and dividend
income:
Loans and leases $ 50,208 $ 50,860
Securities available for sale 7,366 7,904
Securities held to maturity 640 800
Other 392 493
------------------------------ ---------- ---------
Total interest, fee and
dividend income 58,606 60,057
------------------------------ ---------- ---------
Interest expense:
Deposits 5,143 6,287
Short-term borrowings 41 58
Long-term debt 3,581 3,571
Trust preferred debentures 449 889
------------------------------ ---------- ---------
Total interest expense 9,214 10,805
------------------------------ ---------- ---------
Net interest income 49,392 49,252
Provision for loan and lease
losses 4,471 3,965
------------------------------ ---------- ---------
Net interest income after
provision for loan and lease
losses 44,921 45,287
------------------------------ ---------- ---------
Noninterest income:
Insurance and other financial
services revenue 6,154 5,773
Service charges on deposit
accounts 4,341 5,072
ATM and debit card fees 2,962 2,668
Retirement plan administration
fees 2,333 2,171
Trust 2,129 2,036
Bank owned life insurance
income 971 1,035
Net securities gains 455 27
Other 3,711 1,344
------------------------------ ---------- ---------
Total noninterest income 23,056 20,126
------------------------------ ---------- ---------
Noninterest expense:
Salaries and employee benefits 26,725 25,004
Occupancy 4,491 4,522
Data processing and
communications 3,258 2,914
Professional fees and outside
services 2,725 2,066
Equipment 2,380 2,190
Office supplies and postage 1,671 1,545
FDIC expenses 931 1,496
Advertising 802 568
Amortization of intangible
assets 819 733
Loan collection and other real
estate owned 638 719
Other operating 4,034 3,304
------------------------------ ---------- ---------
Total noninterest expense 48,474 45,061
------------------------------ ---------- ---------
Income before income taxes 19,503 20,352
Income taxes 5,853 6,045
------------------------------ ---------- ---------
Net income $ 13,650 $ 14,307
------------------------------ ---------- ---------
Earnings Per Share:
Basic $ 0.41 $ 0.42
Diluted $ 0.41 $ 0.41
------------------------------ ---------- ---------
NBT Bancorp Inc. and
Subsidiaries 1Q 4Q 3Q 2Q 1Q
Quarterly Consolidated
Statements of Income
(unaudited) 2012 2011 2011 2011 2011
------------------------------ --------- --------- --------- --------- ---------
(in thousands, except per
share data)
Interest, fee and dividend
income:
Loans and leases $ 50,208 $ 51,393 $ 50,991 $ 51,126 $ 50,860
Securities available for sale 7,366 7,461 7,771 7,947 7,904
Securities held to maturity 640 661 680 745 800
Other 392 383 342 440 493
------------------------------ --------- --------- --------- --------- ---------
Total interest, fee and
dividend income 58,606 59,898 59,784 60,258 60,057
------------------------------ --------- --------- --------- --------- ---------
Interest expense:
Deposits 5,143 5,330 5,352 6,051 6,287
Short-term borrowings 41 39 56 52 58
Long-term debt 3,581 3,621 3,621 3,591 3,571
Trust preferred debentures 449 409 394 400 889
------------------------------ --------- --------- --------- --------- ---------
Total interest expense 9,214 9,399 9,423 10,094 10,805
------------------------------ --------- --------- --------- --------- ---------
Net interest income 49,392 50,499 50,361 50,164 49,252
Provision for loan and lease
losses 4,471 5,576 5,175 6,021 3,965
------------------------------ --------- --------- --------- --------- ---------
Net interest income after
provision for loan and lease
losses 44,921 44,923 45,186 44,143 45,287
------------------------------ --------- --------- --------- --------- ---------
Noninterest income:
Insurance and other financial
services revenue 6,154 4,918 5,127 5,025 5,773
Service charges on deposit
accounts 4,341 5,405 5,532 5,455 5,072
ATM and debit card fees 2,962 2,911 3,135 2,928 2,668
Retirement plan administration
fees 2,333 2,184 2,295 2,268 2,171
Trust 2,129 2,480 2,090 2,258 2,036
Bank owned life insurance
income 971 716 674 660 1,035
Net securities gains 455 52 12 59 27
Other 3,711 1,464 1,329 1,208 1,344
------------------------------ --------- --------- --------- --------- ---------
Total noninterest income 23,056 20,130 20,194 19,861 20,126
------------------------------ --------- --------- --------- --------- ---------
Noninterest expense:
Salaries and employee benefits 26,725 25,105 25,068 24,035 25,004
Occupancy 4,491 3,967 3,887 3,987 4,522
Data processing and
communications 3,258 3,186 3,054 3,117 2,914
Professional fees and outside
services 2,725 2,552 2,215 2,088 2,066
Equipment 2,380 2,206 2,288 2,180 2,190
Office supplies and postage 1,671 1,655 1,531 1,342 1,545
FDIC expenses 931 886 920 965 1,496
Advertising 802 1,174 685 1,033 568
Amortization of intangible
assets 819 760 782 771 733
Loan collection and other real
estate owned 638 793 676 443 719
Other operating 4,034 5,128 3,940 3,196 3,304
------------------------------ --------- --------- --------- --------- ---------
Total noninterest expense 48,474 47,412 45,046 43,157 45,061
------------------------------ --------- --------- --------- --------- ---------
Income before income taxes 19,503 17,641 20,334 20,847 20,352
Income taxes 5,853 3,919 5,117 6,192 6,045
------------------------------ --------- --------- --------- --------- ---------
Net income $ 13,650 $ 13,722 $ 15,217 $ 14,655 $ 14,307
------------------------------ --------- --------- --------- --------- ---------
Earnings per share:
Basic $ 0.41 $ 0.42 $ 0.46 $ 0.43 $ 0.42
Diluted $ 0.41 $ 0.41 $ 0.45 $ 0.43 $ 0.41
------------------------------ --------- --------- --------- --------- ---------
Three Months ended March 31,
2012 2011
Average
------------- Yield/ Average Yield/
(dollars in thousands) Balance Interest Rates Balance Interest Rates
------------------------------- ------------- ---------- ------ ------------- ---------- ------
ASSETS
Short-term interest bearing
accounts $80,127 $35 0.18% $141,309 $69 0.20%
Securities available for sale
(1)(excluding unrealized gains
or losses) 1,212,766 7,855 2.61% 1,098,042 8,501 3.14%
Securities held to maturity (1) 70,542 965 5.50% 94,098 1,202 5.18%
Investment in FRB and FHLB
Banks 27,020 357 5.31% 27,246 425 6.33%
Loans and leases (2) 3,809,461 50,445 3,616,191 51,092
------------- ---------- 5.33% ------------- ---------- 5.73%
Total interest earning assets $ 5,199,916 $ 59,657 $ 61,289
---------- 4.61% $ 4,976,886 ---------- 4.99%
Other assets 459,542 420,171
------------- -------------
Total assets $ 5,659,458 $ 5,397,057
------------- -------------
LIABILITIES AND STOCKHOLDERS'
EQUITY
Money market deposit accounts $1,089,347 612 0.23% $1,085,882 $ 1,116 0.42%
NOW deposit accounts 694,937 530 0.31% 698,141 635 0.37%
Savings deposits 641,969 114 0.07% 574,370 165 0.12%
Time deposits 956,350 3,887 931,532 4,371
------------- ---------- 1.63% ------------- ---------- 1.90%
Total interest bearing deposits $ 3,382,603 $ 5,143 0.61% $ 3,289,925 $ 6,287 0.78%
Short-term borrowings 162,806 41 0.10% 153,374 58 0.15%
Trust preferred debentures 75,422 449 2.40% 75,422 889 4.78%
Long-term debt 370,395 3,581 369,979 3,571
------------- ---------- 3.89% ------------- ---------- 3.91%
Total interest bearing
liabilities $ 3,991,226 $ 9,214
---------- 0.93% $ 3,888,700 $ 10,805 1.13%
Demand deposits 1,062,557 904,748
Other liabilities 63,047 65,398
Stockholders' equity 542,628 538,211
------------- -------------
Total liabilities and
stockholders' equity $ 5,659,458 $ 5,397,057
------------- -------------
Net interest income (FTE) 50,443 50,484
---------- ----------
Interest rate spread 3.68% 3.86%
Net interest margin 3.90% 4.11%
Taxable equivalent adjustment 1,051 1,232
---------- ----------
Net interest income $ 49,392 $ 49,252
========== ==========
(1) Securities are shown at
average amortized cost
(2) For purposes of these computations, nonaccrual loans
are included in the average loan balances outstanding
NBT Bancorp Inc. and Subsidiaries
Loans and Leases (Unaudited)
March 31, December 31,
(In thousands) 2012 2011
------------------------------------- ------------ ------------
Residential real estate mortgages $581,709 $581,511
Commercial 631,019 611,298
Commercial real estate mortgages 896,149 888,879
Real estate construction and
development 88,316 93,977
Agricultural and agricultural real
estate mortgages 106,790 108,423
Consumer 954,910 946,470
Home equity 559,773 569,645
------------ ------------
Total loans and leases $ 3,818,666 $ 3,800,203
============ ============
This news release was distributed by GlobeNewswire, www.globenewswire.com
SOURCE: NBT Bancorp Inc.
CONTACT: Martin A. Dietrich, CEO
Michael J. Chewens, CFO
NBT Bancorp Inc.
52 South Broad Street
Norwich, NY 13815
607-337-6119