SECURITIES
AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF
THE
SECURITIES EXCHANGE ACT OF
1934
Date of Report (Date of earliest event
reported): April 28, 2008
NBT
BANCORP
INC.
(Exact name of registrant as specified
in its charter)
|
DELAWARE
|
0-14703
|
16-1268674
|
|
(State or other jurisdiction of
incorporation)
|
(Commission File
Number)
|
(IRS Employer Identification
No.)
|
52 SOUTH BROAD STREET, NORWICH, NEW YORK 13815
(Address of principal executive
offices)
Registrant's telephone number, including
area code: (607) 337-2265
Check the appropriate box below if the
Form 8-K filing is intended to simultaneously satisfy the filing obligation of
the registrant under any of the following provisions:
o Written communication pursuant to Rule
425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule
14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications
pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
o Pre-commencement communications
pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
ITEM 2.02 Results of Operations and
Financial Condition
On April 28, 2008, NBT Bancorp Inc. issued a press
release describing its results of operations for the quarter ending March 31, 2008 and announcing a quarterly dividend of
$0.20 per share to be paid on June 15, 2008 to shareholders of record on
June 1, 2008. That press release is furnished as
Exhibit 99.1 hereto.
ITEM 9.01 Financial Statements and
Exhibits
(d) The following is being furnished
herewith:
|
Exhibit No.
|
Exhibit
Description
|
|
Press release text of NBT Bancorp
Inc. dated April 28, 2008
|
SIGNATURES
Pursuant to the requirements of the
Securities Exchange Act of 1934, the registrant has duly caused this report to
be signed on its behalf by the undersigned hereunto duly
authorized.
|
NBT BANCORP
INC.
|
||
|
(Registrant)
|
||
|
/s/ Michael J.
Chewens
|
||
|
Michael J.
Chewens
|
||
|
Senior Executive Vice
President,
|
||
|
Chief Financial Officer and
Corporate Secretary
|
||
Date: April 29, 2008
Exhibit
99.1
Page
1 of 9
FOR
IMMEDIATE RELEASE
ATTENTION:
FINANCIAL AND BUSINESS EDITORS
Contact: Martin
A. Dietrich, CEO
Michael J. Chewens, CFO
NBT Bancorp Inc.
52 South Broad Street
Norwich, NY 13815
607-337-6119
NBT
BANCORP INC. ANNOUNCES FIRST QUARTER EARNINGS OF $0.43 PER SHARE, UP 54% FROM
THE FOURTH QUARTER OF 2007; DECLARES CASH DIVIDEND
NORWICH,
NY (April 28, 2008) – NBT Bancorp Inc. (NBT) (NASDAQ: NBTB) reported today that
net income per diluted share for the three months ended March 31, 2008 was $0.43
per share, compared with $0.28 per share and $0.41 per share for the three
months ended December 31, 2007 and March 31, 2007,
respectively. Return on average assets and return on average equity
were 1.07% and 13.68%, respectively, for the three months ended March 31, 2008,
compared with 0.69% and 9.06%, respectively, for the three months ended December
31, 2007 and 1.13% and 14.06%, respectively, for the three months ended March
31, 2007. Net income for the three months ended March 31, 2008 was
$13.7 million, up $4.7 million, or 52.7%, from the three months ended December
31, 2007, and down $0.4 million, or 2.9%, from net income of $14.1 million
reported for the three months ended March 31, 2007. The increase in
net income for the three months ended March 31, 2008 as compared with the three
months ended December 31, 2007 was primarily the result of an increase in net
interest income as well as a decrease in the provision for loan and lease losses
in the first quarter of 2008. The decrease in net income for the
three months ended March 31, 2008 as compared with the same period in 2007 was
primarily the result of a $4.4 million increase in the provision for loan and
lease losses from the prior period, as well as an increase in noninterest
expense totaling $3.2 million. These increases were partially offset
by a $3.4 million, or 8.5%, increase in net interest income for the three months
ended March 31, 2008 as compared to the three months ended March 31,
2007. In addition, noninterest income for the three months ended
March 31, 2008 was $16.1 million, up $3.4 million or 26.8% from noninterest
income of $12.7 million reported for the same period in 2007.
NBT
President and CEO Martin A. Dietrich said, “The financial services industry
continues to experience challenging market conditions in 2008. Given
this difficult environment, I am pleased with our results for the first
quarter. In particular, noninterest income was up 26.8% for the first
quarter of 2008, compared with the first quarter of 2007, as we continue to
focus on our fee initiatives as well as other areas of noninterest income that
are so important to our future. In addition, our net interest income
was up 8.5% from the first quarter of 2007, as we experienced growth in earning
assets and an increase in our net interest margin of 21 basis
points. We continue to closely monitor our asset quality and are
encouraged by the improvement in the past due loans from $25.9 million to $19.7
million and the decrease in potential problem loans from $73.3 million to $58.5
million. As a result of the continued dedication and focus of our
team, I am pleased and encouraged by our results in the first quarter of
2008.”
Page 2 of
9
Loan
and Lease Quality and Provision for Loan and Lease Losses
Nonperforming
loans at March 31, 2008 were $30.4 million or 0.87% of total loans and leases
compared with $30.6 million or 0.88% at December 31, 2007. The
allowance for loan and lease losses totaled $56.5 million at March 31, 2008, as
compared to $54.2 million at December 31, 2007 and $50.6 million at March 31,
2007.
The
Company recorded a provision for loan and lease losses of $6.5 million during
the first quarter of 2008 compared with $13.4 million and $2.1 million for the
three months ending December 31, 2007 and March 31, 2007,
respectively. Net charge-offs totaled $4.2 million for the three
month period ending March 31, 2008, down from $14.1 million for the three months
ending December 31, 2007, and up from $2.1 million for the three months ended
March 31, 2007. The decrease in the provision for loan and lease
losses and net charge-offs from December 31, 2007 was due primarily to a
charge-off related to one large commercial loan during the fourth quarter of
2007. The increase in the provision for loan and lease losses and net
charge-offs from the three months ended March 31, 2007 was due primarily to an
additional charge-off in the first quarter of 2008 related to the aforementioned
commercial loan. Net charge-offs to average loans and leases for the
three months ended March 31, 2008, were 0.48%, compared with 1.63% for the three
months ended December 31, 2007, and 0.25% for the three months ended March 31,
2007. The Company’s allowance for loan and lease losses was 1.61% of
loans and leases at March 31, 2008, compared with 1.57% at December 31, 2007 and
1.49% at March 31, 2007.
Net
Interest Income
Net
interest income was up 5.3% to $44.1 million for the three months ended March
31, 2008 compared with the three months ended December 31, 2007, and up 8.5%
compared with $40.6 million for the three months ended March 31, 2007. The
Company’s fully taxable equivalent (FTE) net interest margin increased from
3.61% and 3.63% for the three months ended December 31, 2007 and March 31, 2007,
respectively, to 3.84% for the three months ended March 31, 2008. In
addition, the Company experienced a 1.7% growth in average earning assets for
the three months ending March 31, 2008 as compared to the three months ending
March 31, 2007. The growth in average earning assets for the three
months ended March 31, 2008, as compared to the three months ended March 31,
2007 was due primarily to an increase in average loans and
leases. Although the yield on interest earning assets decreased 22
basis points, the yield on interest bearing liabilities declined 49 basis
points, which contributed to the increase in the net interest margin from the
three months ended March 31, 2007. The yield on money market deposit
accounts declined from 3.45% for the three months ended March 31, 2007 to 2.37%
for the three months ended March 31, 2008, while the yield on time deposits
decreased 30 basis points for the same periods. The yield on short
term borrowings declined 163 basis points for the three months ended March 31,
2008 as compared to the three months ended March 31, 2007, as a result of the
300 basis points drop in the Fed Funds Target Rate from 5.25% at March 31, 2007
to 2.25% at March 31, 2008.
Noninterest
Income
Noninterest
income for the three months ended March 31, 2008 was $16.1 million, up $3.4
million or 26.8% from $12.7 million for the same period in 2007. 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 $2.3 million as the Company focused on enhancing fee
income through various initiatives. In addition, trust administration
income increased $0.3 million for the three month period ended March 31, 2008,
compared with the same period in 2007. This increase stems primarily
from an increase in customer accounts resulting from successful business
development. Other noninterest income increased $0.6 million for the
three month period ended March 31, 2008, compared with the same period in
2007. This increase was due primarily to a $0.4 million gain from the
mandatory redemption of Visa, Inc. common stock associated with its initial
public offering. Net
securities
gains and losses
for the three month periods ended March 31, 2008 and 2007 were nominal and
had no significant effect on noninterest income.
Page 3 of 9
Noninterest
Expense and Income Tax Expense
Noninterest
expense for the three months ended March 31, 2008 was $34.0 million, up from
$30.9 million for the same period in 2007. Office expenses, such as supplies and
postage, occupancy, equipment and data processing and communications charges
were $9.9 million for the three months ended March 31, 2008, up $0.6 million, or
7.2%, from $9.3 million for the three months ended March 31,
2007. This increase was due primarily to increased expenses related
to branch openings. Salaries and employee benefits increased $0.8
million, or 5.0%, for the three months ended March 31, 2008 compared with the
same period in 2007. Professional fees and outside services increased
$1.4 million for the three month period ended March 31, 2008, compared with the
same period in 2007, due primarily to fees and costs related to the
aforementioned noninterest income initiatives. Income tax expense for
the three month period ended March 31, 2008 was $5.9 million, down from $6.2
million for the same period in 2007. The effective rates were 30.2%
and 30.6% for the three month periods ended March 31, 2008 and 2007,
respectively.
Balance
Sheet
Total
assets were $5.2 billion at March 31, 2008, up $28.0 million or 0.5% from $5.2
billion at December 31, 2007, and up $129.0 million or 2.5% from $5.1 billion at
March 31, 2007. Loans and leases were $3.5 billion at March 31, 2008,
up $49.6 million or 1.4% from $3.5 billion at December 31, 2007, and up $110.0
million or 3.2% from $3.4 billion at March 31, 2007. The increase in loans and
leases for the three months ended March 31, 2008 as compared to March 31, 2007
was due in large part to an increase in consumer loans of approximately $136.9
million. This increase in consumer loans was partially offset by
decreases in commercial loans and real estate loans totaling approximately $24.4
million. Total deposits were $3.9 billion at March 31, 2008, down
$17.9 million or 0.5% from $3.9 billion at December 31, 2007, and down $112.4
million or 2.8% from $4.0 billion at March 31, 2007. The decrease
from March 31, 2007 was due in large part to a $185.0 million, or 10.8%,
decrease in time deposit accounts. This decrease was partially offset
by a $48.4 million increase in demand deposit accounts and a $59.6 million
increase in money market accounts from March 31, 2007 to March 31,
2008. Stockholders’ equity was $405.9 million, representing a total
equity to total assets ratio of 7.76% at March 31, 2008, compared with $397.3
million or a total equity to total assets ratio of 7.64% at December 31, 2007,
and $407.6 million or a total equity to total assets ratio of 7.99% at March 31,
2007.
Stock Repurchase
Program
Under previously disclosed stock
repurchase plans, the Company purchased 272,840 shares of its common stock during the three
month period ended March 31, 2008, for a total of $5.9 million at an
average price of $21.77 per share. At March 31, 2008, there were
1,203,040 shares available
for repurchase under previously announced plans.
Page 4 of
9
Dividend
Declared
The NBT
Board of Directors declared a second quarter cash dividend of $0.20 per share at
a meeting held today. The dividend will be paid on June 15, 2008, to
shareholders of record as of June 1, 2008.
Corporate
Overview
NBT is a financial holding company
headquartered in Norwich, NY, with total assets of $5.2 billion at March 31, 2008. 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 122 locations, including 83 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.
Page 5 of
9
NBT
Bancorp Inc. and Subsidiaries
SELECTED
FINANCIAL HIGHLIGHTS
(unaudited)
|
2008
|
2007
|
Net
Change
|
Percent
Change
|
|||||||||||||
|
(dollars
in thousands, except per share data)
|
||||||||||||||||
|
Three
Months Ended March 31,
|
||||||||||||||||
|
Net
Income
|
$ | 13,716 | $ | 14,132 | $ | (416 | ) | -3 | % | |||||||
|
Diluted
Earnings Per Share
|
$ | 0.43 | $ | 0.41 | $ | 0.02 | 5 | % | ||||||||
|
Weighted
Average Diluted Common Shares Outstanding
|
32,251,700 | 34,457,082 | -2,205,382 | -6 | % | |||||||||||
|
Return
on Average Assets (1)
|
1.07 | % | 1.13 | % | -0.06 | % | -5 | % | ||||||||
|
Return
on Average Equity (1)
|
13.68 | % | 14.06 | % | -0.38 | % | -3 | % | ||||||||
|
Net
Interest Margin (2)
|
3.84 | % | 3.63 | % | 0.21 | % | 6 | % | ||||||||
|
Asset
Quality
|
March
31,
|
December
31,
|
March
31,
|
|||||||||||||
|
2008
|
2007
|
2007
|
||||||||||||||
|
Nonaccrual
Loans
|
$ | 29,864 | $ | 29,697 | $ | 16,294 | ||||||||||
|
90
Days Past Due and Still Accruing
|
$ | 543 | $ | 882 | $ | 1,069 | ||||||||||
|
Total
Nonperforming Loans
|
$ | 30,407 | $ | 30,579 | $ | 17,363 | ||||||||||
|
Other
Real Estate Owned
|
$ | 480 | $ | 560 | $ | 632 | ||||||||||
|
Total
Nonperforming Assets
|
$ | 30,887 | $ | 31,139 | $ | 17,995 | ||||||||||
|
Past
Due Loans
|
$ | 19,748 | $ | 25,914 | $ | 28,497 | ||||||||||
|
Allowance
for Loan and Lease Losses
|
$ | 56,500 | $ | 54,183 | $ | 50,554 | ||||||||||
|
Year-to-Date
(YTD) Net Charge-Offs
|
$ | 4,161 | $ | 26,498 | $ | 2,129 | ||||||||||
|
Allowance
for Loan and Lease Losses to Total Loans and Leases
|
1.61 | % | 1.57 | % | 1.49 | % | ||||||||||
|
Total
Nonperforming Loans to Total Loans and Leases
|
0.87 | % | 0.88 | % | 0.51 | % | ||||||||||
|
Total
Nonperforming Assets to Total Assets
|
0.59 | % | 0.60 | % | 0.35 | % | ||||||||||
|
Past
Due Loans to Total Loans and Leases
|
0.56 | % | 0.75 | % | 0.84 | % | ||||||||||
|
Allowance
for Loan and Lease Losses to Total Nonperforming Loans
|
185.81 | % | 177.19 | % | 291.16 | % | ||||||||||
|
Net
Charge-Offs to YTD Average Loans and Leases
|
0.48 | % | 0.77 | % | 0.25 | % | ||||||||||
|
Capital
|
||||||||||||||||
|
Equity
to Assets
|
7.76 | % | 7.64 | % | 7.99 | % | ||||||||||
|
Book
Value Per Share
|
$ | 12.65 | $ | 12.29 | $ | 11.99 | ||||||||||
|
Tangible
Book Value Per Share
|
$ | 9.13 | $ | 8.78 | $ | 8.61 | ||||||||||
|
Tier
1 Leverage Ratio
|
7.17 | % | 7.14 | % | 7.60 | % | ||||||||||
|
Tier
1 Capital Ratio
|
9.75 | % | 9.85 | % | 10.53 | % | ||||||||||
|
Total
Risk-Based Capital Ratio
|
11.00 | % | 11.10 | % | 11.78 | % | ||||||||||
|
Quarterly
Common Stock Price
|
2008
|
2007
|
2006
|
|||||||||||||||||||||
|
Quarter
End
|
High
|
Low
|
High
|
Low
|
High
|
Low
|
||||||||||||||||||
|
March
31
|
$ | 23.65 | $ | 17.95 | $ | 25.81 | $ | 21.73 | $ | 23.90 | $ | 21.02 | ||||||||||||
|
June
30
|
23.45 | 21.80 | 23.24 | 21.03 | ||||||||||||||||||||
|
September
30
|
23.80 | 17.10 | 24.57 | 21.44 | ||||||||||||||||||||
|
December
31
|
25.00 | 20.58 | 26.47 | 22.36 | ||||||||||||||||||||
(1) Annualized
(2) Calculated
on a FTE basis
Page 6 of
9
|
NBT
Bancorp Inc. and Subsidiaries
|
||||||||||||||||
|
SELECTED
FINANCIAL HIGHLIGHTS
|
||||||||||||||||
|
(unaudited)
|
||||||||||||||||
|
Net
|
Percent
|
|||||||||||||||
|
2008
|
2007
|
Change
|
Change
|
|||||||||||||
|
(dollars
in thousands, except per share data)
|
||||||||||||||||
|
Balance
Sheet as of March 31,
|
||||||||||||||||
|
Loans
and Leases
|
$ | 3,505,453 | $ | 3,395,476 | $ | 109,977 | 3 | % | ||||||||
|
Earning
Assets
|
$ | 4,818,733 | $ | 4,710,263 | $ | 108,470 | 2 | % | ||||||||
|
Total
Assets
|
$ | 5,229,771 | $ | 5,100,781 | $ | 128,990 | 3 | % | ||||||||
|
Deposits
|
$ | 3,854,226 | $ | 3,966,655 | $ | (112,429 | ) | -3 | % | |||||||
|
Stockholders’
Equity
|
$ | 405,863 | $ | 407,580 | $ | (1,717 | ) | 0 | % | |||||||
|
Average
Balances
|
||||||||||||||||
|
Three
Months Ended March 31,
|
||||||||||||||||
|
Loans
and Leases
|
$ | 3,466,360 | $ | 3,398,590 | $ | 67,770 | 2 | % | ||||||||
|
Securities
Available For Sale
|
||||||||||||||||
|
(excluding
unrealized gains or losses)
|
$ | 1,120,257 | $ | 1,123,414 | $ | (3,157 | ) | 0 | % | |||||||
|
Securities
Held To Maturity
|
$ | 152,860 | $ | 140,856 | $ | 12,004 | 9 | % | ||||||||
|
Regulatory
Equity Investment
|
$ | 37,509 | $ | 34,804 | $ | 2,705 | 8 | % | ||||||||
|
Short-Term
Interest Bearing Accounts
|
$ | 8,400 | $ | 9,255 | $ | (855 | ) | -9 | % | |||||||
|
Total
Earning Assets
|
$ | 4,785,386 | $ | 4,706,919 | $ | 78,467 | 2 | % | ||||||||
|
Total
Assets
|
$ | 5,164,344 | $ | 5,068,491 | $ | 95,853 | 2 | % | ||||||||
|
Interest
Bearing Deposits
|
$ | 3,232,999 | $ | 3,245,152 | $ | (12,153 | ) | 0 | % | |||||||
|
Non-Interest
Bearing Deposits
|
$ | 659,417 | $ | 616,938 | $ | 42,479 | 7 | % | ||||||||
|
Short-Term
Borrowings
|
$ | 303,576 | $ | 265,347 | $ | 38,229 | 14 | % | ||||||||
|
Long-Term
Borrowings
|
$ | 500,294 | $ | 482,025 | $ | 18,269 | 4 | % | ||||||||
|
Total
Interest Bearing Liabilities
|
$ | 4,036,869 | $ | 3,992,524 | $ | 44,345 | 1 | % | ||||||||
|
Stockholders’
Equity
|
$ | 403,165 | $ | 407,519 | $ | (4,354 | ) | -1 | % | |||||||
Page 7 of
9
|
NBT
Bancorp Inc. and Subsidiaries
|
March
31,
|
December
31,
|
March
31,
|
|||||||||
|
Consolidated
Balance Sheets (unaudited)
|
2008
|
2007
|
2007
|
|||||||||
|
(in
thousands)
|
||||||||||||
|
ASSETS
|
||||||||||||
|
Cash
and due from banks
|
$ | 129,630 | $ | 155,495 | $ | 132,494 | ||||||
|
Short
term interest bearing accounts
|
7,345 | 7,451 | 24,598 | |||||||||
|
Securities
available for sale, at fair value
|
1,127,707 | 1,132,230 | 1,107,624 | |||||||||
|
Securities
held to maturity (fair value of $158,482, $149,519 and $145,762 at March
31, 2008, December 31, 2007 and March 31, 2007,
respectively)
|
157,353 | 149,111 | 145,760 | |||||||||
|
Federal
Reserve and Federal Home Loan Bank stock
|
41,353 | 38,102 | 30,487 | |||||||||
|
Loans
and leases
|
3,505,453 | 3,455,851 | 3,395,476 | |||||||||
|
Less
allowance for loan and lease losses
|
56,500 | 54,183 | 50,554 | |||||||||
|
Net
loans and leases
|
3,448,953 | 3,401,668 | 3,344,922 | |||||||||
|
Premises
and equipment, net
|
64,302 | 64,042 | 65,784 | |||||||||
|
Goodwill
|
103,398 | 103,398 | 103,420 | |||||||||
|
Intangible
assets, net
|
9,782 | 10,173 | 11,408 | |||||||||
|
Bank
owned life insurance
|
44,066 | 43,614 | 42,217 | |||||||||
|
Other
assets
|
95,882 | 96,492 | 92,067 | |||||||||
|
TOTAL
ASSETS
|
$ | 5,229,771 | $ | 5,201,776 | $ | 5,100,781 | ||||||
|
LIABILITIES
AND STOCKHOLDERS' EQUITY
|
||||||||||||
|
Deposits:
|
||||||||||||
|
Demand
(noninterest bearing)
|
$ | 672,616 | $ | 666,698 | $ | 624,171 | ||||||
|
Savings,
NOW, and money market
|
1,656,374 | 1,614,289 | 1,632,222 | |||||||||
|
Time
|
1,525,236 | 1,591,106 | 1,710,262 | |||||||||
|
Total
deposits
|
3,854,226 | 3,872,093 | 3,966,655 | |||||||||
|
Short-term
borrowings
|
399,992 | 368,467 | 204,421 | |||||||||
|
Long-term
debt
|
424,858 | 424,887 | 392,792 | |||||||||
|
Trust
preferred debentures
|
75,422 | 75,422 | 75,422 | |||||||||
|
Other
liabilities
|
69,410 | 63,607 | 53,911 | |||||||||
|
Total
liabilities
|
4,823,908 | 4,804,476 | 4,693,201 | |||||||||
|
Total
stockholders' equity
|
405,863 | 397,300 | 407,580 | |||||||||
|
TOTAL
LIABILITIES AND STOCKHOLDERS' EQUITY
|
$ | 5,229,771 | $ | 5,201,776 | $ | 5,100,781 | ||||||
Page 8 of
9
|
Three
months ended
|
||||||||
|
NBT
Bancorp Inc. and Subsidiaries
|
March
31,
|
|||||||
|
Consolidated
Statements of Income (unaudited)
|
2008
|
2007
|
||||||
|
(in
thousands, except per share data)
|
||||||||
|
Interest,
fee and dividend income:
|
||||||||
|
Loans
and leases
|
$ | 58,617 | $ | 59,808 | ||||
|
Securities
available for sale
|
13,746 | 13,467 | ||||||
|
Securities
held to maturity
|
1,514 | 1,444 | ||||||
|
Other
|
775 | 740 | ||||||
|
Total
interest, fee and dividend income
|
74,652 | 75,459 | ||||||
|
Interest
expense:
|
||||||||
|
Deposits
|
22,698 | 25,984 | ||||||
|
Short-term
borrowings
|
2,340 | 3,092 | ||||||
|
Long-term
debt
|
4,302 | 4,486 | ||||||
|
Trust
preferred debentures
|
1,247 | 1,268 | ||||||
|
Total
interest expense
|
30,587 | 34,830 | ||||||
|
Net
interest income
|
44,065 | 40,629 | ||||||
|
Provision
for loan and lease losses
|
6,478 | 2,096 | ||||||
|
Net
interest income after provision for loan and lease losses
|
37,587 | 38,533 | ||||||
|
Noninterest
income:
|
||||||||
|
Trust
|
1,774 | 1,437 | ||||||
|
Service
charges on deposit accounts
|
6,525 | 4,469 | ||||||
|
ATM
and debit card fees
|
2,097 | 1,896 | ||||||
|
Broker/dealer
and insurance revenue
|
1,107 | 1,083 | ||||||
|
Net
securities gains (losses)
|
15 | (5 | ) | |||||
|
Bank
owned life insurance income
|
452 | 434 | ||||||
|
Retirement
plan administration fees
|
1,708 | 1,592 | ||||||
|
Other
|
2,417 | 1,784 | ||||||
|
Total
noninterest income
|
16,095 | 12,690 | ||||||
|
Noninterest
expense:
|
||||||||
|
Salaries
and employee benefits
|
16,770 | 15,964 | ||||||
|
Office
supplies and postage
|
1,339 | 1,296 | ||||||
|
Occupancy
|
3,610 | 3,169 | ||||||
|
Equipment
|
1,825 | 1,933 | ||||||
|
Professional
fees and outside services
|
3,099 | 1,658 | ||||||
|
Data
processing and communications
|
3,170 | 2,877 | ||||||
|
Amortization
of intangible assets
|
391 | 409 | ||||||
|
Loan
collection and other real estate owned
|
567 | 377 | ||||||
|
Other
operating
|
3,263 | 3,189 | ||||||
|
Total
noninterest expense
|
34,034 | 30,872 | ||||||
|
Income
before income taxes
|
19,648 | 20,351 | ||||||
|
Income
taxes
|
5,932 | 6,219 | ||||||
|
Net
income
|
$ | 13,716 | $ | 14,132 | ||||
|
Earnings
Per Share:
|
||||||||
|
Basic
|
$ | 0.43 | $ | 0.41 | ||||
|
Diluted
|
$ | 0.43 | $ | 0.41 | ||||
Page 9 of
9
|
NBT
Bancorp Inc. and Subsidiaries
|
1Q
|
4Q
|
3Q
|
2Q
|
1Q
|
|||||||||||||||
|
Quarterly
Consolidated Statements of Income (unaudited)
|
2008
|
2007
|
2007
|
2007
|
2007
|
|||||||||||||||
|
(in
thousands, except per share data)
|
||||||||||||||||||||
|
Interest,
fee and dividend income:
|
||||||||||||||||||||
|
Loans
and leases
|
$ | 58,617 | $ | 60,817 | $ | 61,183 | $ | 60,689 | $ | 59,808 | ||||||||||
|
Securities
available for sale
|
13,746 | 13,971 | 13,847 | 13,562 | 13,467 | |||||||||||||||
|
Securities
held to maturity
|
1,514 | 1,458 | 1,471 | 1,525 | 1,444 | |||||||||||||||
|
Other
|
775 | 736 | 680 | 719 | 740 | |||||||||||||||
|
Total
interest, fee and dividend income
|
74,652 | 76,982 | 77,181 | 76,495 | 75,459 | |||||||||||||||
|
Interest
expense:
|
||||||||||||||||||||
|
Deposits
|
22,698 | 26,578 | 27,062 | 26,950 | 25,984 | |||||||||||||||
|
Short-term
borrowings
|
2,340 | 3,048 | 3,885 | 2,918 | 3,092 | |||||||||||||||
|
Long-term
debt
|
4,302 | 4,233 | 3,770 | 3,997 | 4,486 | |||||||||||||||
|
Trust
preferred debentures
|
1,247 | 1,270 | 1,277 | 1,272 | 1,268 | |||||||||||||||
|
Total
interest expense
|
30,587 | 35,129 | 35,994 | 35,137 | 34,830 | |||||||||||||||
|
Net
interest income
|
44,065 | 41,853 | 41,187 | 41,358 | 40,629 | |||||||||||||||
|
Provision
for loan and lease losses
|
6,478 | 13,440 | 4,788 | 9,770 | 2,096 | |||||||||||||||
|
Net
interest income after provision for loan and lease losses
|
37,587 | 28,413 | 36,399 | 31,588 | 38,533 | |||||||||||||||
|
Noninterest
income:
|
||||||||||||||||||||
|
Trust
|
1,774 | 1,584 | 1,701 | 1,792 | 1,437 | |||||||||||||||
|
Service
charges on deposit accounts
|
6,525 | 7,142 | 6,195 | 4,936 | 4,469 | |||||||||||||||
|
ATM
and debit card fees
|
2,097 | 2,089 | 2,159 | 2,041 | 1,896 | |||||||||||||||
|
Broker/dealer
and insurance fees
|
1,107 | 1,052 | 1,027 | 1,093 | 1,083 | |||||||||||||||
|
Net
securities gains (losses)
|
15 | 613 | 1,484 | 21 | (5 | ) | ||||||||||||||
|
Bank
owned life insurance income
|
452 | 480 | 467 | 450 | 434 | |||||||||||||||
|
Retirement
plan administration fees
|
1,708 | 1,557 | 1,586 | 1,601 | 1,592 | |||||||||||||||
|
Other
|
2,417 | 1,973 | 1,908 | 2,058 | 1,784 | |||||||||||||||
|
Total
noninterest income
|
16,095 | 16,490 | 16,527 | 13,992 | 12,690 | |||||||||||||||
|
Noninterest
expense:
|
||||||||||||||||||||
|
Salaries
and employee benefits
|
16,770 | 14,654 | 15,876 | 13,022 | 15,964 | |||||||||||||||
|
Office
supplies and postage
|
1,339 | 1,136 | 1,354 | 1,334 | 1,296 | |||||||||||||||
|
Occupancy
|
3,610 | 2,948 | 2,928 | 2,585 | 3,169 | |||||||||||||||
|
Equipment
|
1,825 | 1,855 | 1,797 | 1,837 | 1,933 | |||||||||||||||
|
Professional
fees and outside services
|
3,099 | 3,295 | 2,256 | 1,926 | 1,658 | |||||||||||||||
|
Data
processing and communications
|
3,170 | 2,899 | 2,779 | 2,845 | 2,877 | |||||||||||||||
|
Amortization
of intangible assets
|
391 | 413 | 413 | 410 | 409 | |||||||||||||||
|
Loan
collection and other real estate owned
|
567 | 597 | 431 | 228 | 377 | |||||||||||||||
|
Other
operating
|
3,263 | 4,607 | 3,393 | 3,827 | 3,189 | |||||||||||||||
|
Total
noninterest expense
|
34,034 | 32,404 | 31,227 | 28,014 | 30,872 | |||||||||||||||
|
Income
before income taxes
|
19,648 | 12,499 | 21,699 | 17,566 | 20,351 | |||||||||||||||
|
Income
taxes
|
5,932 | 3,514 | 6,552 | 5,502 | 6,219 | |||||||||||||||
|
Net
income
|
$ | 13,716 | $ | 8,985 | $ | 15,147 | $ | 12,064 | $ | 14,132 | ||||||||||
|
Earnings
per share:
|
||||||||||||||||||||
|
Basic
|
$ | 0.43 | $ | 0.28 | $ | 0.46 | $ | 0.36 | $ | 0.41 | ||||||||||
|
Diluted
|
$ | 0.43 | $ | 0.28 | $ | 0.46 | $ | 0.36 | $ | 0.41 | ||||||||||