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NBT Bancorp Inc. Announces Record First Quarter Diluted Earnings Per Share of $0.46

04/24/17

NORWICH, N.Y., April 24, 2017 (GLOBE NEWSWIRE) -- NBT Bancorp Inc. (“NBT”) (NASDAQ:NBTB) reported net income for the quarter ended March 31, 2017 of $20.3 million, up from $18.9 million from the first quarter of 2016. Earnings per diluted share (“EPS”) for the quarter ended March 31, 2017 was $0.46, up from $0.43 for the first quarter of 2016.

2017 First Quarter Highlights:

  • First quarter loan growth of 4.9% (annualized)
     
  • Average demand deposits up 9.6% from the first quarter of 2016
     
  • Net interest margin expands 5 basis points
     
  • Net interest income up 6.1% from the first quarter of 2016
     
  • Adopted new accounting guidance for equity-based transactions

“Our results for the first quarter of 2017 were strong, as indicated by our record first quarter EPS of $0.46 per diluted share and net income of $20.3 million supported by healthy loan and deposit growth,” said NBT President and CEO John H. Watt Jr. “NBT is well positioned to benefit from rising rates. After many years of managing our balance sheet to prepare for a more favorable rate environment, we have experienced growth in net interest income and margin expansion. We are prepared to capture additional margin expansion should conditions remain favorable later this year. As we closed the first quarter, we accelerated the growth of our retirement services business line with the acquisition of Downeast Pension Services, Inc. This retirement plan services company, based in New Gloucester, Maine, deepens our position in the defined benefits area and allows us to expand our presence in eastern New England.”

Net interest income was $68.5 million for the first quarter of 2017, up $1.1 million from the previous quarter. Fully taxable equivalent (“FTE”) net interest margin was 3.46% for the three months ended March 31, 2017, up from 3.41% for the previous quarter. The increase in net interest margin from the previous quarter was driven by an increase in yields on earning assets primarily due to higher interest rates in the quarter and two fewer days in the first quarter. Average interest earning assets were up $164.3 million, or 2.1%, for the first quarter of 2017 as compared to the prior quarter, primarily driven by a $74.3 million increase in securities available for sale and a $55.1 million increase in loans. Interest expense for the first quarter of 2017 was up $0.3 million from the fourth quarter of 2016 and resulted primarily from an increase in short-term interest rates and a higher level of average short-term borrowings to total interest bearing liabilities as a result of seasonal deposit outflows.

Net interest income was $68.5 million for the first quarter of 2017, up $3.9 million from the first quarter of 2016. FTE net interest margin was 3.46% for the three months ended March 31, 2017, down from 3.47% for the first quarter of 2016. Interest income for the first quarter of 2017 was up $4.5 million from the first quarter of 2016 primarily due to 7.4% increase in average interest earning assets. Interest expense for the first quarter of 2017 was up $0.6 million from the same period in 2016 and resulted primarily from increased interest rates and the average balance of interest bearing liabilities.

Noninterest income for the three months ended March 31, 2017 was $28.8 million, up $0.7 million from the fourth quarter of 2016 and up $0.4 million from the same period in 2016. The increase from the prior quarter was primarily driven by a $1.1 million seasonal increase in insurance and other financial services revenue.

Noninterest expense for the three months ended March 31, 2017 was $61.3 million, up $3.6 million from the previous quarter. The increase from the prior quarter was due primarily to a $2.0 million increase in salaries and benefits due primarily to higher stock-based compensation and employee benefits expenses. Occupancy expense increased from the prior quarter by $1.0 million due to seasonal expenses. In addition, other noninterest expense increased $1.2 million from the previous quarter primarily due to a $1.4 million favorable accrual adjustment recorded in the fourth quarter of 2016. Noninterest expense increased $3.1 million from the first quarter of 2016 due primarily to a $1.1 million increase in salaries and benefits expense due primarily to merit pay increases and higher stock-based compensation expense.

During the first quarter of 2017, NBT adopted new accounting guidance for equity-based transactions requiring that all excess tax benefits and tax deficiencies associated with equity-based compensation be recognized as an income tax benefit or expense in the income statement.  Previously, tax effects resulting from changes in NBT’s share price subsequent to the grant date were recorded through stockholders’ equity at the time of vesting or exercise.  The adoption of the accounting guidance resulted in a $1.5 million income tax benefit in the first quarter of 2017, or $0.03 of diluted earnings per share.

Income tax expense for the three months ended March 31, 2017 was $8.3 million, down $1.8 million from the prior quarter and $1.4 million from the first quarter of 2016. The effective tax rate of 29.0% for the first quarter of 2017 was down from 34.0% for the prior quarter and the first quarter of 2016 primarily due to the $1.5 million income tax benefit related to the adoption of new accounting guidance in the first quarter of 2017. Excluding the tax benefit of the new accounting guidance the effective tax rate was 34.3% for the first quarter of 2017.

Asset Quality

Net charge-offs were $6.9 million for the three months ended March 31, 2017, down from $8.6 million for the prior quarter and up from $4.8 million for the same period in 2016. Provision expense was $7.4 million for the three months ended March 31, 2017, as compared with $8.2 million for the prior quarter and $6.1 million for the first quarter of 2016. Annualized net charge-offs to average loans for the first quarter of 2017 was 0.45%, compared with 0.39% for the full year of 2016 and 0.33% for the first quarter of 2016.

Nonperforming loans to total loans was 0.56% at March 31, 2017, down from 0.65% at December 31, 2016 and 0.69% at March 31, 2016. Past due loans as a percentage of total loans were 0.54% at March 31, 2017, down from 0.64% at December 31, 2016 and up from 0.50% at March 31, 2016.

The allowance for loan losses totaled $65.7 million at March 31, 2017, compared to $65.2 million at December 31, 2016 and $64.3 million at March 31, 2016. The allowance for loan losses as a percentage of loans was 1.05% (1.13% excluding acquired loans) at March 31, 2017, consistent with 1.05% (1.13% excluding acquired loans) at December 31, 2016 and 1.08% (1.18% excluding acquired loans) at March 31, 2016.

Balance Sheet

Total assets were $8.9 billion at March 31, 2017, up $78.2 million, or 0.9% from December 31, 2016. Loans were $6.3 billion at March 31, 2017, up $74.2 million from December 31, 2016, due to growth in the commercial, consumer and residential portfolios. Total deposits were $7.2 billion at March 31, 2017, up $211.4 million, or 3.0%, from December 31, 2016. Stockholders’ equity was $926.8 million, representing a total equity-to-total assets ratio of 10.36% at March 31, 2017, compared with $913.3 million or a total equity-to-total assets ratio of 10.30% at December 31, 2016.

Stock Repurchase Program

The Company did not purchase shares of its common stock during the three months ended March 31, 2017. As of March 31, 2017, there were 1,000,000 shares available for repurchase under a plan authorized on March 28, 2016, which expires on December 31, 2017.

Other Events

On April 3, 2017, NBT Bank, N.A. (“NBT Bank”), the wholly owned national bank subsidiary of NBT, acquired Downeast Pension Services, Inc. (“DPS”). DPS, a 25-year-old retirement plan services company based in New Gloucester, Maine, provides full-service, third-party administration for company-sponsored retirement plans. DPS specializes in the defined contribution area. Services offered by DPS include plan design, plan consulting, valuations, compliance testing, contribution calculations and contract administration. This acquisition supports the continued growth of NBT Bank’s retirement services business line. DPS will have access to the resources of NBT Bank’s long-established national retirement services infrastructure to support enhanced service to its customers. DPS will continue to operate as a stand-alone business, retaining its brand and team of professionals.

Corporate Overview

NBT Bancorp Inc. is a financial holding company headquartered in Norwich, N.Y., with total assets of $8.9 billion at March 31, 2017. 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 154 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 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)            
             
    2017     2016    
  1st Q 4th Q 3rd Q 2nd Q 1st Q  
Profitability:            
Diluted Earnings Per Share $ 0.46   $ 0.45   $ 0.46   $ 0.46   $ 0.43    
Weighted Average Diluted            
Common Shares Outstanding   43,883,471     43,703,122     43,562,489     43,453,674     43,707,489    
Return on Average Assets (1)   0.92 %   0.89 %   0.92 %   0.94 %   0.92 %  
Return on Average Equity (1)   8.94 %   8.54 %   8.80 %   9.00 %   8.63 %  
Return on Average Tangible Common Equity (1)(3)   13.24 %   12.68 %   13.16 %   13.54 %   13.17 %  
Net Interest Margin (1)(2)   3.46 %   3.41 %   3.40 %   3.44 %   3.47 %  
             
Balance Sheet Data:            
Securities Available for Sale $    1,367,574   $ 1,338,290   $ 1,288,899   $ 1,271,596   $ 1,259,874    
Securities Held to Maturity     515,793     527,948     485,877     500,840     466,914    
Net Loans     6,206,603     6,132,857     6,094,517     5,974,825     5,903,491    
Total Assets     8,945,485     8,867,268     8,773,024     8,624,780     8,472,964    
Total Deposits     7,185,051     6,973,688     6,949,238     6,740,416     6,905,042    
Total Borrowings     745,462     886,986     800,367     877,926     579,441    
Total Liabilities     8,018,646     7,953,952     7,863,675     7,728,427     7,591,237    
Stockholders' Equity     926,839     913,316     909,349     896,353     881,727    
             
Asset Quality:            
Nonaccrual Loans $    32,674   $ 35,712   $ 40,716   $ 37,397   $ 38,944    
90 Days Past Due and Still Accruing     2,392     4,810     4,444     1,613     2,185    
Total Nonperforming Loans     35,066     40,522     45,160     39,010     41,129    
Other Real Estate Owned     6,940     5,581     2,501     2,211     2,716    
Total Nonperforming Assets     42,006     46,103     47,661     41,221     43,845    
Allowance for Loan Losses     65,700     65,200     65,668     64,568     64,318    
             
Asset Quality Ratios (Total):            
Allowance for Loan Losses to Total Loans   1.05 %   1.05 %   1.07 %   1.07 %   1.08 %  
Total Nonperforming Loans to Total Loans   0.56 %   0.65 %   0.73 %   0.65 %   0.69 %  
Total Nonperforming Assets to Total Assets   0.47 %   0.52 %   0.54 %   0.48 %   0.52 %  
Allowance for Loan Losses to Total Nonperforming Loans   187.36 %   160.90 %   145.41 %   165.52 %   156.38 %  
Past Due Loans to Total Loans   0.54 %   0.64 %   0.57 %   0.60 %   0.50 %  
Net Charge-Offs to Average Loans (1)   0.45 %   0.56 %   0.35 %   0.30 %   0.33 %  
             
Asset Quality Ratios (Originated) (4):            
Allowance for Loan Losses to Loans   1.13 %   1.13 %   1.15 %   1.16 %   1.18 %  
Nonperforming Loans to Loans   0.53 %   0.61 %   0.68 %   0.62 %   0.67 %  
Allowance for Loan Losses to Nonperforming Loans   213.71 %   186.82 %   168.52 %   186.71 %   175.40 %  
Past Due Loans to Loans   0.55 %   0.66 %   0.56 %   0.61 %   0.51 %  
             
Capital:            
Equity to Assets   10.36 %   10.30 %   10.37 %   10.39 %   10.41 %  
Book Value Per Share $    21.34   $ 21.11   $ 21.08   $ 20.85   $ 20.57    
Tangible Book Value Per Share (5) $    14.88   $ 14.61   $ 14.57   $ 14.31   $ 13.99    
Tier 1 Leverage Ratio   9.08 %   9.11 %   9.05 %   9.03 %   9.15 %  
Common Equity Tier 1 Capital Ratio   10.02 %   9.98 %   9.84 %   9.83 %   9.79 %  
Tier 1 Capital Ratio   11.43 %   11.42 %   11.28 %   11.29 %   11.28 %  
Total Risk-Based Capital Ratio   12.40 %   12.39 %   12.27 %   12.29 %   12.29 %  
Common Stock Price (End of Period) $    37.07   $ 41.88   $ 32.87   $ 28.63   $ 26.95    
             
(1) Annualized            
(2) Calculated on a Fully Taxable Equivalent ("FTE") basis            
(3) Non-GAAP measure - excludes amortization of intangible assets (net of tax) from net income and average tangible common equity is calculated as follows:  
             
    2017     2016    
  1st Q 4th Q 3rd Q 2nd Q 1st Q  
             
Net Income $    20,279   $ 19,608   $ 20,001   $ 19,909   $ 18,891    
Amortization of intangible assets (net of tax)     597     582     582     567     670    
  $    20,876   $ 20,190   $ 20,583   $ 20,476   $ 19,561    
             
Average stockholders' equity $    920,047   $ 913,850   $ 904,445   $ 890,053   $ 880,311    
Less: average goodwill and other intangibles     280,774     280,275     282,307     281,709     282,751    
Average tangible common equity $    639,273   $ 633,575   $ 622,138   $ 608,344   $ 597,560    
             
(4)  Non-GAAP measure - Excludes acquired loans            
(5)  Non-GAAP measure - Stockholders' equity less goodwill and intangible assets divided by common shares outstanding      

 

NBT Bancorp Inc. and Subsidiaries     
CONSOLIDATED BALANCE SHEETS    
(unaudited, dollars in thousands)    
     
  March 31, December 31,
ASSETS   2017   2016
Cash and due from banks $    137,308 $ 147,789
Short term interest bearing accounts     4,588   1,392
Securities available for sale, at fair value     1,367,574   1,338,290
Securities held to maturity (fair value of $513,654 and $525,050 at     515,793   527,948
December 31, 2016 and December 31, 2015, respectively)    
Trading securities     10,044   9,259
Federal Reserve and Federal Home Loan Bank stock     42,577   47,033
Loans     6,272,303   6,198,057
Less allowance for loan losses     65,700   65,200
Net loans   6,206,603   6,132,857
Premises and equipment, net     83,144   84,187
Goodwill     265,439   265,439
Intangible assets, net     14,848   15,815
Bank owned life insurance     169,423   168,012
Other assets     128,144   129,247
TOTAL ASSETS $    8,945,485 $ 8,867,268
     
LIABILITIES AND STOCKHOLDERS' EQUITY    
Deposits:    
Demand (noninterest bearing) $    2,205,419 $ 2,195,845
Savings, NOW, and money market     4,153,552   3,905,432
Time     826,080   872,411
Total deposits   7,185,051   6,973,688
Short-term borrowings     540,243   681,703
Long-term debt     104,023   104,087
Junior subordinated debt     101,196   101,196
Other liabilities     88,133   93,278
Total liabilities   8,018,646   7,953,952
     
Total stockholders' equity     926,839   913,316
     
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $    8,945,485 $ 8,867,268
     

 

NBT Bancorp Inc. and Subsidiaries       
CONSOLIDATED STATEMENTS OF INCOME  
(unaudited, dollars in thousands except per share data)      
       
  Three Months Ended  
  March 31,  
    2017   2016  
Interest, fee and dividend income:      
Loans $    64,027 $ 61,230  
Securities available for sale   7,009   5,987  
Securities held to maturity   2,781   2,288  
Other   619   449  
Total interest, fee and dividend income     74,436   69,954  
Interest expense:      
Deposits   3,474   3,597  
Short-term borrowings   1,139   328  
Long-term debt   606   833  
Junior subordinated debt   726   619  
Total interest expense     5,945   5,377  
Net interest income     68,491   64,577  
Provision for loan losses   7,379   6,098  
Net interest income after provision for loan losses     61,112   58,479  
Noninterest income:      
Insurance and other financial services revenue   6,770   6,946  
Service charges on deposit accounts   3,977   3,939  
ATM and debit card fees   4,950   4,583  
Retirement plan administration fees   4,172   3,754  
Trust fees   4,532   4,376  
Bank owned life insurance income   1,411   1,291  
Net securities gains     -    29  
Other   2,938   3,449  
Total noninterest income     28,750   28,367  
Noninterest expense:      
Salaries and employee benefits   33,587   32,441  
Occupancy   6,170   5,491  
Data processing and communications   4,198   4,050  
Professional fees and outside services   3,032   3,231  
Equipment   3,698   3,460  
Office supplies and postage   1,608   1,547  
FDIC insurance     1,178   1,258  
Advertising   390   504  
Amortization of intangible assets   967   1,096  
Loan collection and other real estate owned   1,279   705  
Other operating   5,175   4,441  
Total noninterest expense   61,282   58,224  
Income before income taxes   28,580   28,622  
Income taxes   8,301   9,731  
Net income $    20,279 $ 18,891  
Earnings Per Share:      
Basic $    0.47 $ 0.44  
Diluted $    0.46 $ 0.43  
       


NBT Bancorp Inc. and Subsidiaries          
QUARTERLY CONSOLIDATED STATEMENTS OF INCOME          
(unaudited, dollars in thousands except per share data)          
           
    2017   2016
  1st Q 4th Q 3rd Q 2nd Q 1st Q
Interest, fee and dividend income:          
Loans $   64,027 $ 63,901   $ 63,414 $ 62,449 $ 61,230
Securities available for sale     7,009   6,057     6,013   5,976   5,987
Securities held to maturity     2,781   2,524     2,544   2,496   2,288
Other     619   627     538   454   449
Total interest, fee and dividend income   74,436   73,109     72,509   71,375   69,954
Interest expense:          
Deposits     3,474   3,557     3,607   3,605   3,597
Short-term borrowings     1,139   641     761   579   328
Long-term debt     606   779     819   773   833
Junior subordinated debt     726   707     660   641   619
Total interest expense   5,945   5,684     5,847   5,598   5,377
Net interest income   68,491   67,425     66,662   65,777   64,577
Provision for loan losses     7,379   8,165     6,388   4,780   6,098
Net interest income after provision for loan losses   61,112   59,260     60,274   60,997   58,479
Noninterest income:          
Insurance and other financial services revenue     6,770   5,711     6,114   5,625   6,946
Service charges on deposit accounts     3,977   4,270     4,354   4,166   3,939
ATM and debit card fees     4,950   4,868     5,063   4,934   4,583
Retirement plan administration fees     4,172   4,126     4,129   4,054   3,754
Trust fees     4,532   4,717     4,535   4,937   4,376
Bank owned life insurance income     1,411   1,297     1,336   1,271   1,291
Net securities (losses) gains     -    (674 )   -   1   29
Other     2,938   3,773     4,113   4,626   3,449
Total noninterest income   28,750   28,088     29,644   29,614   28,367
Noninterest expense:          
Salaries and employee benefits     33,587   31,547     32,783   32,931   32,441
Occupancy     6,170   5,160     5,035   5,254   5,491
Data processing and communications     4,198   4,141     4,183   4,121   4,050
Professional fees and outside services     3,032   3,712     3,343   3,331   3,231
Equipment     3,698   3,632     3,656   3,547   3,460
Office supplies and postage     1,608   1,507     1,438   1,676   1,547
FDIC insurance     1,178   1,273     1,287   1,293   1,258
Advertising     390   823     634   595   504
Amortization of intangible assets     967   952     952   928   1,096
Loan collection and other real estate owned     1,279   923     985   845   705
Other operating     5,175   3,969     5,318   5,924   4,441
Total noninterest expense   61,282   57,639     59,614   60,445   58,224
Income before income taxes   28,580   29,709     30,304   30,166   28,622
Income taxes     8,301   10,101     10,303   10,257   9,731
Net income  $   20,279 $ 19,608   $ 20,001 $ 19,909 $ 18,891
Earnings per share:          
Basic $    0.47 $ 0.45   $ 0.46 $ 0.46 $ 0.44
Diluted $    0.46 $ 0.45   $ 0.46 $ 0.46 $ 0.43
           
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
 
Three Months ended,  Q1 - 2017 Q4 - 2016 Q3 - 2016   Q2 - 2016   Q1 - 2016    
ASSETS:                      
Short-term interest bearing accounts $    14,342 1.33 % $ 14,190 0.64 % $ 21,279 0.54 % $ 16,063 0.53 % $ 13,639 0.63 %  
Securities available for sale (1)     1,352,219 2.14 %   1,277,931 1.92 %   1,257,335 1.93 %   1,227,367 1.99 %   1,188,437 2.06 %  
Securities held to maturity (1)     520,283 2.66 %   492,415 2.54 %   494,400 2.54 %   498,493 2.49 %   465,916 2.48 %  
Investment in FRB and FHLB Banks     46,326 5.01 %   39,448 6.09 %   43,552 4.65 %   38,939 4.47 %   33,470 5.14 %  
Loans (2)     6,211,058 4.19 %   6,155,985 4.14 %   6,092,371 4.15 %   6,007,677 4.19 %   5,884,073 4.20 %  
Total interest earning assets $   8,144,228 3.75 % $ 7,979,969 3.69 % $ 7,908,937 3.69 % $ 7,788,539 3.73 % $ 7,585,535 3.75 %  
Other assets     748,476     760,563     754,813     747,074     699,194    
Total assets $   8,892,704   $ 8,740,532   $ 8,663,750   $ 8,535,613   $ 8,284,729    
                       
LIABILITIES AND STOCKHOLDERS' EQUITY:                      
Money market deposit accounts $ 1,688,060 0.21 % $ 1,674,119 0.21 % $ 1,636,815 0.22 % $ 1,709,644 0.22 % $ 1,653,930 0.22 %  
NOW deposit accounts     1,143,231 0.06 %   1,130,578 0.05 %   1,053,590 0.05 %   1,073,881 0.05 %   1,051,959 0.05 %  
Savings deposits     1,176,224 0.05 %   1,145,352 0.06 %   1,146,013 0.06 %   1,143,654 0.06 %   1,105,480 0.06 %  
Time deposits     847,410 1.07 %   890,506 1.06 %   902,185 1.07 %   906,250 1.06 %   921,754 1.04 %  
Total interest bearing deposits $   4,854,925 0.29 % $ 4,840,555 0.29 % $ 4,738,603 0.30 % $ 4,833,429 0.30 % $ 4,733,123 0.31 %  
Short-term borrowings     657,442 0.70 %   523,708 0.49 %   611,339 0.50 %   484,590 0.48 %   369,443 0.36 %  
Long-term debt     104,048 2.36 %   109,656 2.83 %   110,703 2.94 %   124,851 2.55 %   130,420 2.57 %  
Junior subordinated debt     101,196 2.91 %   101,196 2.78 %   101,196 2.59 %   101,196 2.49 %   101,196 2.46 %  
Total interest bearing liabilities $   5,717,611 0.42 % $ 5,575,115 0.41 % $ 5,561,841 0.42 % $ 5,544,066 0.41 % $ 5,334,182 0.41 %  
Demand deposits     2,159,893     2,136,310     2,079,266     1,994,601     1,970,315    
Other liabilities     95,153     115,258     118,198     106,893     99,921    
Stockholders' equity     920,047     913,849     904,445     890,053     880,311    
Total liabilities and stockholders' equity $   8,892,704   $ 8,740,532   $ 8,663,750   $ 8,535,613   $ 8,284,729    
                       
Interest rate spread   3.33 %   3.29 %   3.27 %   3.32 %   3.34 %  
Net interest margin   3.46 %   3.41 %   3.40 %   3.44 %   3.47 %  
                       
(1) Securities are shown at average amortized cost.                    
(2) 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 Fully Taxable-Equivalent ("FTE") basis using the statutory Federal income tax rate of 35%. The following amounts were the tax-equivalent adjustment to interest income for the quarters ending March 31, 2017, December 31, 2016, September 30, 2016, June 30, 2016 and March 31, 2016 respectively (in thousands): $939 ,$921, $900, $874, $856.  
 
 
                     

 

NBT Bancorp Inc. and Subsidiaries          
CONSOLIDATED LOAN BALANCES
(unaudited, dollars in thousands)          
           
           
    2017   2016
  1st Q 4th Q 3rd Q 2nd Q 1st Q
Residential real estate mortgages $    1,275,774 $ 1,262,614 $ 1,240,337 $ 1,219,388 $ 1,211,821
Commercial     1,284,464   1,242,701   1,252,644   1,176,008   1,168,191
Commercial real estate     1,540,472   1,543,301   1,528,498   1,497,683   1,448,920
Consumer     1,669,369   1,641,657   1,625,294   1,629,836   1,620,669
Home equity     502,224   507,784   513,412   516,478   518,208
Total loans $    6,272,303 $ 6,198,057 $ 6,160,185 $ 6,039,393 $ 5,967,809
           
Contact:

John H. Watt Jr., President and CEO
Michael J. Chewens, CFO
NBT Bancorp Inc.52 South Broad StreetNorwich, NY 13815
607-337-6119

NBT Bancorp Inc.
Copyright © 2017 - NBT Bancorp All Right Reserved.