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): October 26, 2009
NBT
BANCORP INC.
(Exact
name of registrant as specified in its charter)
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DELAWARE
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0-14703
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16-1268674
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(State
or other jurisdiction of incorporation)
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(Commission
File Number)
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(IRS
Employer Identification No.)
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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:
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£
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Written
communication pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
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£
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Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
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£
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Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
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£
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Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
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ITEM
2.02 Results of Operations and Financial Condition
On
October 26, 2009, NBT Bancorp Inc. issued a press release describing its results
of operations for the quarter and nine months ending September 30, 2009 and
announcing a quarterly dividend of $0.20 per share to be paid on December 15,
2009 to shareholders of record on December 1, 2009. That press release is
furnished as Exhibit 99.1 hereto.
ITEM
9.01 Financial Statements and Exhibits
(d)
The following is being furnished herewith:
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Exhibit
No.
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Exhibit
Description
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Press
release text of NBT Bancorp Inc. dated October 26,
2009
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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.
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NBT BANCORP INC.
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(Registrant)
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/s/ Michael J. Chewens
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Michael
J. Chewens
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Senior
Executive Vice President,
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Chief
Financial Officer and Corporate
Secretary
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Date:
October 27, 2009
Exhibit
99.1
FOR
IMMEDIATE RELEASE
ATTENTION:
FINANCIAL AND BUSINESS EDITORS
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Contact:
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Martin
A. Dietrich, CEO
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Michael
J. Chewens, CFO
NBT
Bancorp Inc.
52 South
Broad Street
Norwich,
NY 13815
607-337-6119
NBT
BANCORP INC. ANNOUNCES THIRD QUARTER EARNINGS OF $0.40 PER SHARE; DECLARES CASH
DIVIDEND
NORWICH,
NY (October 26, 2009) – NBT Bancorp Inc. (NBT) (NASDAQ: NBTB) reported today net
income per diluted share for the three months ended September 30, 2009 of $0.40
per share, as compared with $0.46 per share for the three months ended September
30, 2008. Annualized return on average assets and return on average
equity were 0.99% and 11.01%, respectively, for the three months ended September
30, 2009, compared with 1.13% and 14.58%, respectively, for the three months
ended September 30, 2008. Net income for the three months ended
September 30, 2009 was $13.6 million, down $1.5 million, or 10.0%, from $15.1
million for the third quarter last year.
Net
income per diluted share for the nine months ended September 30, 2009 was $1.13
per share, as compared with $1.34 per share for the nine months ended September
30, 2008. Annualized return on average assets and return on average
equity were 0.95% and 10.89%, respectively, for the nine months ended September
30, 2009, compared with 1.11% and 14.26%, respectively, for the nine months
ended September 30, 2008. Net income for the nine months ended
September 30, 2009 was $38.2 million, down $5.2 million, or 12.1%, from the nine
months ended September 30, 2008.
For the
three months ended September 30, 2009, FDIC expenses increased $0.9 million over
the three months ended September 30, 2008. For the nine months ended
September 30, 2009, FDIC expenses increased $6.1 million over the nine months
ended September 30, 2008, including the special assessment of approximately $2.5
million. The FDIC premium increases and special assessment had a
$0.02 and $0.13 effect on diluted earnings per share for the three months ended
September 30, 2009 and for the nine months ended September 30, 2009,
respectively. For the three months ended September 30, 2009, pension
expenses increased $0.7 million over the three months ended September 30,
2008. For the nine months ended September 30, 2009, pension expenses
increased $2.2 million over the nine months ended September 30,
2008. The pension expense increases had a $0.01 and $0.04 effect on
diluted earnings per share for the three months ended September 30, 2009 and for
the nine months ended September 30, 2009, respectively.
NBT
President and CEO Martin Dietrich said: “I am pleased with our performance
through the first three quarters of 2009. Our overall earnings are at a level
similar to our record year in 2008, except for increased FDIC and pension
expenses. Like all FDIC-insured institutions, our results have been affected by
significantly higher FDIC premiums. Despite these higher premiums, we have been
able to maintain a strong net interest margin, control our expenses and keep a
watchful eye on asset quality. Our focus on these fundamentals is helping to
maintain the overall strength of our balance sheet. Our ongoing efforts to grow
noninterest income have been bolstered in part by the impact of our acquisition
of the Mang Insurance Agency, LLC.”
Page 1 of
14
Loan
and Lease Quality and Provision for Loan and Lease Losses
Nonperforming
loans at September 30, 2009 were $39.2 million or 1.08% of total loans and
leases compared with $40.2 million or 1.10% at June 30, 2009, and $26.5 million
or 0.73% at December 31, 2008. The increase in nonperforming loans at
September 30, 2009 as compared with December 31, 2008 was primarily the result
of an increase in nonaccrual loans, due mostly to three commercial credits and
four agricultural credits which were identified as potential problem loans in
prior quarters as well as an increase in retail nonaccruals. The
three commercial credits consist of a community center, a physical therapy
office and a real estate holding company. The allowance for loan and
lease losses totaled $64.7 million at September 30, 2009, $62.7 million at June
30, 2009, and $58.6 million at December 31, 2008. The increase from
December 31, 2008 was mostly due to an increase in specific reserves on two of
the aforementioned commercial credits and two of the aforementioned agricultural
credits, in addition to increased reserve levels on certain types of consumer
loans. These specific reserves, along with worsening economic
conditions, also contributed to the increase in the Company’s allowance for loan
and lease losses as a percentage of loans, which was 1.79% of loans and leases
at September 30, 2009, 1.72% at June 30, 2009, and 1.60% at December 31,
2008. Past due loans as a percentage of total loans increased to
1.00% at September 30, 2009, as compared with 0.81% at June 30, 2009 and 0.91%
at December 31, 2008.
The
Company recorded a provision for loan and lease losses of $9.1 million during
the third quarter of 2009 compared with $9.2 million during the second quarter
of 2009, and $7.2 million during the third quarter of 2008. The
increase in the provision for loan and lease losses for the three months ended
September 30, 2009 as compared with the three months ended September 30, 2008
was due primarily to an increase in net charge-offs which totaled $7.2 million
for the three month period ending September 30, 2009, up from $5.9 million for
the three months ending September 30, 2008, due primarily to a charge-off
related to one large agricultural loan during the third quarter of
2009. Net charge-offs to average loans and leases for the three
months ended September 30, 2009 were 0.79%, compared with 0.65% for the three
months ended September 30, 2008.
The
Company recorded a provision for loan and lease losses of $24.8 million during
the nine months ended September 30, 2009 compared with $19.5 million during the
nine months ended September 30, 2008. The increase in the provision
for loan and lease losses for the nine months ended September 30, 2009 was due
primarily to the aforementioned charge-off and an increase in specific reserves
on certain impaired loans, along with worsening economic
conditions. Net charge-offs totaled $18.7 million for the nine month
period ending September 30, 2009, up from $17.8 million for the nine months
ending September 30, 2008. Net charge-offs to average loans and
leases for the nine months ended September 30, 2009 were 0.68%, compared with
0.67% for the nine months ended September 30, 2008.
Net
Interest Income
Net
interest income was up 3.5% to $48.7 million for the three months ended
September 30, 2009 compared with $47.0 million for the three months ended
September 30, 2008. The Company’s fully taxable equivalent (FTE) net interest
margin was 3.98% for the three months ended September 30, 2009, as compared with
3.94% for the three months ended September 30, 2008. In addition, the
Company experienced a 1.9% growth in average earning assets for the three months
ending September 30, 2009 as compared with the three months ending September 30,
2008, due primarily to increases in average loans and leases and average
short-term interest bearing accounts. As a result of our excess
liquidity, our Federal Funds sold position had a negative impact of 9 bp on our
net interest margin for the three months ended September 30,
2009.
Page 2 of
14
Although
the yield on interest earning assets decreased 61 basis points, the yield on
interest bearing liabilities declined 74 basis points, which contributed to the
increase in the net interest margin for the three months ended September 30,
2009 compared to the same period for 2008. The yield on time deposits
was 2.57% for the three months ended September 30, 2009, as compared with 3.47%
for the three months ended September 30, 2008. The yield on money
market deposit accounts was 1.28% for the three months ended September 30, 2009,
as compared with 1.83% for the three months ended September 30,
2008. The yield on short term borrowings declined 154 basis points
for the three months ended September 30, 2009 as compared to the three months
ended September 30, 2008 as a result of the 175 basis point drop in the Fed
Funds Target Rate from 2.00% at September 30, 2008 to 0.25% at September 30,
2009.
Net
interest income was up 5.6% to $144.8 million for the nine months ended
September 30, 2009 compared with $137.1 million for the nine months ended
September 30, 2008. The Company’s fully taxable equivalent (FTE) net interest
margin was 4.00% for the nine months ended September 30, 2009, as compared with
3.91% for the nine months ended September 30, 2008. In addition, the
Company experienced a 2.8% growth in average earning assets for the nine months
ending September 30, 2009 as compared with the nine months ending September 30,
2008, due primarily to increases in average loans and leases and short term
interest bearing accounts. As a result of our excess liquidity, our
Federal Funds sold position had a negative impact of 7 bp on our net interest
margin for the nine months ended September 30, 2009.
Although
the yield on interest earning assets decreased 59 basis points, the yield on
interest bearing liabilities declined 80 basis points, which contributed to the
increase in the net interest margin for the nine months ended September 30, 2009
compared to the same period for 2008. The yield on time deposits was
2.75% for the nine months ended September 30, 2009, as compared with 3.80% for
the nine months ended September 30, 2008. The yield on money market
deposit accounts was 1.32% for the nine months ended September 30, 2009, as
compared with 1.95% for the nine months ended September 30,
2008. The yield on short term borrowings declined 209
basis points for the nine months ended September 30, 2009 as compared to the
nine months ended September 30, 2008 as a result of the aforementioned drop in
the Fed Funds Target Rate.
Noninterest
Income
Noninterest
income for the three months ended September 30, 2009 was $20.9 million, up $1.9
million or 10.0% from $19.0 million for the same period in 2008. The
increase in noninterest income was due primarily to an increase in insurance and
broker/dealer revenue, which increased approximately $2.0 million for the three
month period ended September 30, 2009 as compared with the three month period
ended September 30, 2008. This increase was due primarily to revenue
generated by Mang Insurance Agency, LLC, which was acquired on September 1,
2008. In addition, retirement plan administration fees increased
approximately $1.0 million for the three month period ended September 30, 2009
as compared with the three month period ended September 30, 2008 as a result of
organic growth from new business. These increases were partially
offset by a decrease in net securities gains of approximately $1.4 million for
the three months ended September 30, 2009 as compared with the three months
ended September 30, 2008.
Noninterest
income for the nine months ended September 30, 2009 was $60.3 million, up $8.8
million or 17.1% from $51.5 million for the same period in 2008. The
increase in noninterest income was due primarily to an increase in insurance and
broker/dealer revenue, which increased approximately $9.1 million for the nine
month period ended September 30, 2009 as compared with the nine month period
ended September 30, 2008. This increase was due primarily to revenue
generated by Mang Insurance Agency, LLC as previously mentioned. In
addition, retirement plan administration fees increased approximately $1.5
million for the nine month period ended September 30, 2009 as compared with the
nine month period ended September 30, 2008 as a result of organic growth from
new business. These increases were partially offset by a decrease in
net securities gains of approximately $1.4 million for the nine months ended
September 30, 2009 as compared with the nine months ended September 30,
2008.
Page 3 of
14
Noninterest
Expense and Income Tax Expense
Noninterest
expense for the three months ended September 30, 2009 was $41.0 million, up from
$37.1 million for the same period in 2008. FDIC expenses increased
approximately $0.9 million for the three months ended September 30, 2009,
compared with the same period in 2008 due to recurring FDIC premiums, which
increased to $1.5 million for the three months ended September 30, 2009 as
compared with $0.6 million for the same period last year. Salaries
and employee benefits increased $4.4 million, or 26.2%, for the three months
ended September 30, 2009 compared with the same period in 2008. This
increase was due primarily to increases in full-time-equivalent employees during
2009, largely due to the aforementioned acquisition and de novo branch
activity. In addition, the Company experienced an increase of
approximately $0.7 million in pension expenses for the three months ended
September 30, 2009 as compared with the same period in
2008. Amortization of intangible assets was $0.8 million for the
three months ended September 30, 2009, up from $0.5 million for same period in
2008 due to the aforementioned acquisition. In addition,
professional fees and outside services expenses increased approximately $0.5
million, or 22.0%, for the three months ended September 30, 2009 as compared
with the three months ended September 30, 2008. This increase was due
primarily to non-recurring systems consulting services. These
increases were partially offset by an impairment on lease residual assets
incurred during the third quarter of 2008 totaling $2.0 million. The
increases were also partially offset by a decrease in other operating
expenses. For the three month period ended September 30, 2009, other
operating expenses totaled $3.7 million, down $1.0 million or 20.0%, from $4.7
million for the three months ended September 30, 2008. This decrease
resulted primarily from a decrease in losses incurred from sales of certain
returned lease vehicles totaling approximately $0.9 million during the third
quarter of 2008, due to reduced values of the vehicles. Income tax
expense for the three month period ended September 30, 2009 was $5.8 million,
down from $6.7 million for the same period in 2008. The effective
rates were 30.0% and 30.7% for the three month periods ended September 30, 2009
and 2008, respectively.
Noninterest
expense for the nine months ended September 30, 2009 was $125.3 million, up from
$106.5 million for the same period in 2008. FDIC expenses increased
approximately $6.1 million for the nine months ended September 30, 2009,
compared with the same period in 2008. This increase was due to the
special assessment imposed by the FDIC totaling approximately $2.5 million
during the second quarter of 2009, in addition to increased recurring FDIC
premiums. Salaries and employee benefits increased $12.1 million, or
24.0%, for the nine months ended September 30, 2009 compared with the same
period in 2008. This increase was due primarily to increases in
full-time-equivalent employees during 2009, largely due to the aforementioned
acquisition and de novo branch activity. In addition, the Company
experienced increases of approximately $2.2 million and $0.9 million in pension
and medical expenses, respectively, for the nine months ended September 30, 2009
as compared with the same period in 2008. Amortization of intangible
assets was $2.5 million for the nine months ended September 30, 2009, up from
$1.2 million for same period in 2008 due to the aforementioned
acquisition. Occupancy expenses were up approximately $0.9 million
for the nine months ended September 30, 2009 as compared with the nine months
ended September 30, 2008. This increase was due primarily to the
aforementioned acquisition and de novo branch activity during the
period. Income tax expense for the nine month period ended September
30, 2009 was $16.9 million, down from $19.2 million for the same period in
2008. The effective rates were 30.7% and 30.6% for the nine month
periods ended September 30, 2009 and 2008, respectively.
Page 4 of
14
Balance
Sheet
Total
assets were $5.5 billion at September 30, 2009, up $148.3 million or 2.8% from
$5.3 billion at December 31, 2008. Loans and leases were $3.6 billion
at September 30, 2009 and December 31, 2008. The Company experienced
a shift from residential real estate mortgages, which decreased by approximately
$84.7 million, or 11.7%, from December 31, 2008 to September 30, 2009, to
consumer loans, which increased by approximately $75.6 million, or 9.5%, from
December 31, 2008 to September 30, 2009. Total deposits were $4.1
billion at September 30, 2009, up $181.2 million or 4.6% from December 31,
2008. The increase from December 31, 2008 was due in large part to a
$318.9 million, or 16.9%, increase in NOW, savings and money market accounts,
partially offset by a $196.6 million decrease in time
deposits. Stockholders’ equity was $497.5 million, representing a
total equity-to-total assets ratio of 9.07% at September 30, 2009, compared with
$431.8 million or a total equity-to-total assets ratio of 8.09% at December 31,
2008. The increase in stockholders’ equity was due in large part to
the Company completing a public offering of 1,576,230 shares of its common stock
on April 1, 2009 and raising approximately $33.5 million in net
proceeds.
Stock
Repurchase Program
Today,
the NBT Board of Directors authorized a new repurchase program for NBT to
repurchase up to an additional 1,000,000 shares (approximately 3%) of its
outstanding common stock, effective January 1, 2010, as market conditions
warrant in open market and privately negotiated transactions. The
plan expires on December 31, 2011. At September 30, 2009, there were
1,000,000 shares available for repurchase under a previously announced stock
repurchase plan. This plan was authorized on January 28, 2008 in the
amount of 1,000,000 shares and expires on December 31, 2009. The
Company made no purchases of its common stock securities during the nine months
ended September 30, 2009.
Dividend
Declared
The NBT
Board of Directors declared a 2009 fourth-quarter cash dividend of $0.20 per
share at a meeting held today. The dividend will be paid on December 15, 2009,
to shareholders of record as of December 1, 2009.
Corporate
Overview
NBT
Bancorp Inc. is a financial holding company headquartered in Norwich, NY, with
total assets of $5.5 billion at September 30, 2009. 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 123 locations, including 84 NBT Bank offices in upstate New York, 38
Pennstar Bank offices in northeastern Pennsylvania and a regional office in
Burlington, Vermont. EPIC Advisors, Inc., based in Rochester, NY, is
a full-service 401(k) plan recordkeeping firm. Mang Insurance
Agency, LLC, based in Norwich, 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.manginsurance.com.
Page 5 of
14
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 6 of
14
NBT
Bancorp Inc. and Subsidiaries
SELECTED
FINANCIAL HIGHLIGHTS
(unaudited)
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2009
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2008
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Net
Change
|
Percent
Change
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|||||||||||||
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(dollars
in thousands, except per share data)
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||||||||||||||||
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Three
Months Ended September 30,
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||||||||||||||||
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Net
Income
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$ | 13,578 | $ | 15,083 | $ | (1,505 | ) | -10 | % | |||||||
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Diluted
Earnings Per Share
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$ | 0.40 | $ | 0.46 | $ | (0.06 | ) | -13 | % | |||||||
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Weighted
Average Diluted Common Shares Outstanding
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34,342,125 | 32,453,307 | 1,888,818 | 6 | % | |||||||||||
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Return
on Average Assets (1)
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0.99 | % | 1.13 | % | -0.14 | % | -12 | % | ||||||||
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Return
on Average Equity (1)
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11.01 | % | 14.58 | % | -3.57 | % | -24 | % | ||||||||
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Net Interest Margin (2)
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3.98 | % | 3.94 | % | 0.04 | % | 1 | % | ||||||||
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Nine
Months Ended September 30,
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||||||||||||||||
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Net
Income
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$ | 38,210 | $ | 43,456 | $ | (5,246 | ) | -12 | % | |||||||
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Diluted
Earnings Per Share
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$ | 1.13 | $ | 1.34 | $ | (0.21 | ) | -16 | % | |||||||
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Weighted
Average Diluted Common Shares Outstanding
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33,780,769 | 32,315,744 | 1,465,025 | 5 | % | |||||||||||
|
Return
on Average Assets
|
0.95 | % | 1.11 | % | -0.16 | % | -14 | % | ||||||||
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Return
on Average Equity
|
10.89 | % | 14.26 | % | -3.37 | % | -24 | % | ||||||||
|
Net Interest Margin (2)
|
4.00 | % | 3.91 | % | 0.09 | % | 2 | % | ||||||||
|
Asset
Quality
|
September 30,
2009
|
June 30,
2009
|
December 31,
2008
|
|||||||||||||
|
Nonaccrual
Loans
|
$ | 35,614 | $ | 37,646 | $ | 24,191 | ||||||||||
|
90
Days Past Due and Still Accruing
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$ | 3,543 | $ | 2,529 | $ | 2,305 | ||||||||||
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Total
Nonperforming Loans
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$ | 39,157 | $ | 40,175 | $ | 26,496 | ||||||||||
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Other
Real Estate Owned
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$ | 3,319 | $ | 1,688 | $ | 665 | ||||||||||
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Total
Nonperforming Assets
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$ | 42,476 | $ | 41,863 | $ | 27,161 | ||||||||||
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Past
Due Loans
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$ | 36,252 | $ | 29,545 | $ | 33,098 | ||||||||||
|
Allowance
for Loan and Lease Losses
|
$ | 64,650 | $ | 62,734 | $ | 58,564 | ||||||||||
|
Year-to-Date
(YTD) Net Charge-Offs
|
$ | 18,665 | $ | 11,480 | $ | 22,800 | ||||||||||
|
Allowance
for Loan and Lease Losses to Total Loans and Leases
|
1.79 | % | 1.72 | % | 1.60 | % | ||||||||||
|
Total
Nonperforming Loans to Total Loans and Leases
|
1.08 | % | 1.10 | % | 0.73 | % | ||||||||||
|
Total
Nonperforming Assets to Total Assets
|
0.77 | % | 0.77 | % | 0.51 | % | ||||||||||
|
Past
Due Loans to Total Loans and Leases
|
1.00 | % | 0.81 | % | 0.91 | % | ||||||||||
|
Allowance
for Loan and Lease Losses to Total Nonperforming Loans
|
165.10 | % | 156.15 | % | 221.03 | % | ||||||||||
|
Net Charge-Offs to YTD Average Loans and
Leases
|
0.68 | % | 0.63 | % | 0.64 | % | ||||||||||
|
Capital
|
||||||||||||||||
|
Equity
to Assets
|
9.07 | % | 8.09 | % | ||||||||||||
|
Book
Value Per Share
|
$ | 14.49 | $ | 13.24 | ||||||||||||
|
Tangible
Book Value Per Share
|
$ | 10.52 | $ | 9.01 | ||||||||||||
|
Tier
1 Leverage Ratio
|
8.30 | % | 7.17 | % | ||||||||||||
|
Tier
1 Capital Ratio
|
11.20 | % | 9.75 | % | ||||||||||||
|
Total Risk-Based Capital
Ratio
|
12.46 | % | 11.00 | % | ||||||||||||
|
Quarterly
Common Stock Price
|
2009
|
2008
|
2007
|
|||||||||||||||||||||
|
Quarter
End
|
High
|
Low
|
High
|
Low
|
High
|
Low
|
||||||||||||||||||
|
March
31
|
$ | 28.37 | $ | 15.42 | $ | 23.65 | $ | 17.95 | $ | 25.81 | $ | 21.73 | ||||||||||||
|
June
30
|
$ | 25.22 | $ | 20.49 | 25.00 | 20.33 | 23.45 | 21.80 | ||||||||||||||||
|
September
30
|
$ | 24.16 | $ | 20.57 | 36.47 | 19.05 | 23.80 | 17.10 | ||||||||||||||||
|
December 31
|
30.83 | 21.71 | 25.00 | 20.58 | ||||||||||||||||||||
(1) Annualized
(2) Calculated
on a FTE basis
Page 7 of
14
SELECTED
FINANCIAL HIGHLIGHTS
(unaudited)
|
September 30,
2009
|
December 31,
2008
|
Net
Change
|
Percent
Change
|
|||||||||||||
|
(dollars
in thousands, except per share data)
|
||||||||||||||||
|
Balance
Sheet
|
||||||||||||||||
|
Loans
and Leases
|
$ | 3,615,890 | $ | 3,651,911 | $ | (36,021 | ) | -1 | % | |||||||
|
Earning
Assets
|
$ | 5,036,086 | $ | 4,933,099 | $ | 102,987 | 2 | % | ||||||||
|
Total
Assets
|
$ | 5,484,387 | $ | 5,336,088 | $ | 148,299 | 3 | % | ||||||||
|
Deposits
|
$ | 4,104,473 | $ | 3,923,258 | $ | 181,215 | 5 | % | ||||||||
|
Stockholders’ Equity
|
$ | 497,542 | $ | 431,845 | $ | 65,697 | 15 | % | ||||||||
| 2009 | 2008 | |||||||||||||||
|
Average
Balances
|
(dollars
in thousands, except per share data)
|
|||||||||||||||
|
Three
Months Ended September 30,
|
||||||||||||||||
|
Loans
and Leases
|
$ | 3,627,803 | $ | 3,605,700 | $ | 22,103 | 1 | % | ||||||||
|
Securities
Available For Sale (excluding unrealized gains or losses)
|
$ | 1,082,655 | $ | 1,116,089 | $ | (33,434 | ) | -3 | % | |||||||
|
Securities
Held To Maturity
|
$ | 161,915 | $ | 148,397 | $ | 13,518 | 9 | % | ||||||||
|
Trading
Securities
|
$ | 2,109 | $ | 2,266 | $ | (157 | ) | -7 | % | |||||||
|
Regulatory
Equity Investment
|
$ | 37,372 | $ | 40,401 | $ | (3,029 | ) | -7 | % | |||||||
|
Short-Term
Interest Bearing Accounts
|
$ | 99,501 | $ | 4,077 | $ | 95,424 | 2341 | % | ||||||||
|
Total
Earning Assets
|
$ | 5,009,246 | $ | 4,914,664 | $ | 94,582 | 2 | % | ||||||||
|
Total
Assets
|
$ | 5,415,374 | $ | 5,301,640 | $ | 113,734 | 2 | % | ||||||||
|
Interest
Bearing Deposits
|
$ | 3,316,011 | $ | 3,258,301 | $ | 57,710 | 2 | % | ||||||||
|
Non-Interest
Bearing Deposits
|
$ | 737,064 | $ | 706,803 | $ | 30,261 | 4 | % | ||||||||
|
Short-Term
Borrowings
|
$ | 132,459 | $ | 154,567 | $ | (22,108 | ) | -14 | % | |||||||
|
Long-Term
Borrowings
|
$ | 660,838 | $ | 701,155 | $ | (40,317 | ) | -6 | % | |||||||
|
Total
Interest Bearing Liabilities
|
$ | 4,109,308 | $ | 4,114,023 | $ | (4,715 | ) | 0 | % | |||||||
|
Stockholders’ Equity
|
$ | 489,140 | $ | 411,459 | $ | 77,681 | 19 | % | ||||||||
|
Average
Balances
|
||||||||||||||||
|
Nine
Months Ended September 30,
|
||||||||||||||||
|
Loans
and Leases
|
$ | 3,646,437 | $ | 3,544,787 | $ | 101,650 | 3 | % | ||||||||
|
Securities
Available For Sale (excluding unrealized gains or losses)
|
$ | 1,085,746 | $ | 1,112,582 | $ | (26,836 | ) | -2 | % | |||||||
|
Securities
Held To Maturity
|
$ | 146,350 | $ | 153,010 | $ | (6,660 | ) | -4 | % | |||||||
|
Trading
Securities
|
$ | 1,801 | $ | 2,388 | $ | (587 | ) | -25 | % | |||||||
|
Regulatory
Equity Investment
|
$ | 38,143 | $ | 39,730 | $ | (1,587 | ) | -4 | % | |||||||
|
Short-Term
Interest Bearing Accounts
|
$ | 76,523 | $ | 6,517 | $ | 70,006 | 1074 | % | ||||||||
|
Total
Earning Assets
|
$ | 4,993,199 | $ | 4,856,626 | $ | 136,573 | 3 | % | ||||||||
|
Total
Assets
|
$ | 5,405,331 | $ | 5,236,130 | $ | 169,201 | 3 | % | ||||||||
|
Interest
Bearing Deposits
|
$ | 3,336,644 | $ | 3,229,338 | $ | 107,306 | 3 | % | ||||||||
|
Non-Interest
Bearing Deposits
|
$ | 708,513 | $ | 678,277 | $ | 30,236 | 4 | % | ||||||||
|
Short-Term
Borrowings
|
$ | 133,668 | $ | 238,200 | $ | (104,532 | ) | -44 | % | |||||||
|
Long-Term
Borrowings
|
$ | 683,830 | $ | 615,383 | $ | 68,447 | 11 | % | ||||||||
|
Total
Interest Bearing Liabilities
|
$ | 4,154,142 | $ | 4,082,921 | $ | 71,221 | 2 | % | ||||||||
|
Stockholders’ Equity
|
$ | 469,236 | $ | 407,127 | $ | 62,109 | 15 | % | ||||||||
Page 8 of
14
|
NBT
Bancorp Inc. and Subsidiaries
|
September 30,
|
December 31,
|
||||||
|
Consolidated Balance Sheets
(unaudited)
|
2009
|
2008
|
||||||
|
(in
thousands)
|
||||||||
|
ASSETS
|
||||||||
|
Cash
and due from banks
|
$ | 127,001 | $ | 107,409 | ||||
|
Short
term interest bearing accounts
|
118,224 | 2,987 | ||||||
|
Securities
available for sale, at fair value
|
1,132,423 | 1,119,665 | ||||||
|
Securities
held to maturity (fair value of $170,851 and $141,308at September 30, 2009
and December 31, 2008, respectively)
|
168,658 | 140,209 | ||||||
|
Trading
securities
|
2,263 | 1,407 | ||||||
|
Federal
Reserve and Federal Home Loan Bank stock
|
37,103 | 39,045 | ||||||
|
Loans
and leases
|
3,615,890 | 3,651,911 | ||||||
|
Less allowance for loan and lease
losses
|
64,650 | 58,564 | ||||||
|
Net
loans and leases
|
3,551,240 | 3,593,347 | ||||||
|
Premises
and equipment, net
|
65,652 | 65,241 | ||||||
|
Goodwill
|
114,942 | 114,838 | ||||||
|
Intangible
assets, net
|
21,371 | 23,367 | ||||||
|
Bank
owned life insurance
|
73,430 | 72,276 | ||||||
|
Other assets
|
72,080 | 56,297 | ||||||
|
TOTAL ASSETS
|
$ | 5,484,387 | $ | 5,336,088 | ||||
|
LIABILITIES
AND STOCKHOLDERS' EQUITY
|
||||||||
|
Deposits:
|
||||||||
|
Demand
(noninterest bearing)
|
$ | 744,383 | $ | 685,495 | ||||
|
Savings,
NOW, and money market
|
2,204,456 | 1,885,551 | ||||||
|
Time
|
1,155,634 | 1,352,212 | ||||||
|
Total
deposits
|
4,104,473 | 3,923,258 | ||||||
|
Short-term
borrowings
|
147,792 | 206,492 | ||||||
|
Long-term
debt
|
579,712 | 632,209 | ||||||
|
Trust
preferred debentures
|
75,422 | 75,422 | ||||||
|
Other liabilities
|
79,446 | 66,862 | ||||||
|
Total
liabilities
|
4,986,845 | 4,904,243 | ||||||
|
Total stockholders' equity
|
497,542 | 431,845 | ||||||
|
TOTAL LIABILITIES AND STOCKHOLDERS'
EQUITY
|
$ | 5,484,387 | $ | 5,336,088 | ||||
Page 9 of
14
|
Three
months ended
|
Nine
months ended
|
|||||||||||||||
|
NBT
Bancorp Inc. and Subsidiaries
|
September 30,
|
September 30,
|
||||||||||||||
|
Consolidated Statements of Income
(unaudited)
|
2009
|
2008
|
2009
|
2008
|
||||||||||||
|
(in
thousands, except per share data)
|
||||||||||||||||
|
Interest,
fee and dividend income:
|
||||||||||||||||
|
Loans
and leases
|
$ | 54,666 | $ | 58,154 | $ | 164,963 | $ | 173,991 | ||||||||
|
Securities
available for sale
|
11,116 | 13,451 | 35,162 | 40,614 | ||||||||||||
|
Securities
held to maturity
|
1,239 | 1,343 | 3,682 | 4,335 | ||||||||||||
|
Other
|
615 | 673 | 1,582 | 2,187 | ||||||||||||
|
Total interest, fee and dividend
income
|
67,636 | 73,621 | 205,389 | 221,127 | ||||||||||||
|
Interest
expense:
|
||||||||||||||||
|
Deposits
|
12,002 | 18,351 | 38,964 | 59,761 | ||||||||||||
|
Short-term
borrowings
|
142 | 763 | 413 | 4,465 | ||||||||||||
|
Long-term
debt
|
5,761 | 6,310 | 17,956 | 16,241 | ||||||||||||
|
Trust preferred debentures
|
1,049 | 1,154 | 3,211 | 3,547 | ||||||||||||
|
Total interest expense
|
18,954 | 26,578 | 60,544 | 84,014 | ||||||||||||
|
Net
interest income
|
48,682 | 47,043 | 144,845 | 137,113 | ||||||||||||
|
Provision for loan and lease
losses
|
9,101 | 7,179 | 24,751 | 19,460 | ||||||||||||
|
Net interest income after provision for loan and
lease losses
|
39,581 | 39,864 | 120,094 | 117,653 | ||||||||||||
|
Noninterest
income:
|
||||||||||||||||
|
Trust
|
1,668 | 1,720 | 4,838 | 5,593 | ||||||||||||
|
Service
charges on deposit accounts
|
7,110 | 7,414 | 20,357 | 20,877 | ||||||||||||
|
ATM
and debit card fees
|
2,443 | 2,334 | 6,993 | 6,656 | ||||||||||||
|
Insurance
and broker/dealer revenue
|
4,368 | 2,338 | 13,926 | 4,811 | ||||||||||||
|
Net
securities gains
|
129 | 1,510 | 146 | 1,543 | ||||||||||||
|
Bank
owned life insurance income
|
683 | 923 | 2,225 | 2,438 | ||||||||||||
|
Retirement
plan administration fees
|
2,412 | 1,461 | 6,347 | 4,840 | ||||||||||||
|
Other
|
2,037 | 1,262 | 5,453 | 4,718 | ||||||||||||
|
Total noninterest income
|
20,850 | 18,962 | 60,285 | 51,476 | ||||||||||||
|
Noninterest
expense:
|
||||||||||||||||
|
Salaries
and employee benefits
|
21,272 | 16,850 | 62,646 | 50,526 | ||||||||||||
|
Office
supplies and postage
|
1,426 | 1,322 | 4,385 | 3,992 | ||||||||||||
|
Occupancy
|
3,481 | 3,359 | 11,256 | 10,396 | ||||||||||||
|
Equipment
|
1,997 | 1,908 | 6,024 | 5,595 | ||||||||||||
|
Professional
fees and outside services
|
2,691 | 2,205 | 7,820 | 7,825 | ||||||||||||
|
Data
processing and communications
|
3,305 | 3,155 | 9,924 | 9,440 | ||||||||||||
|
Amortization
of intangible assets
|
827 | 462 | 2,465 | 1,231 | ||||||||||||
|
Loan
collection and other real estate owned
|
755 | 505 | 2,177 | 1,802 | ||||||||||||
|
Impairment
on lease residual assets
|
- | 2,000 | - | 2,000 | ||||||||||||
|
FDIC
expenses
|
1,535 | 614 | 7,096 | 986 | ||||||||||||
|
Other operating
|
3,743 | 4,678 | 11,483 | 12,722 | ||||||||||||
|
Total noninterest expense
|
41,032 | 37,058 | 125,276 | 106,515 | ||||||||||||
|
Income
before income taxes
|
19,399 | 21,768 | 55,103 | 62,614 | ||||||||||||
|
Income taxes
|
5,821 | 6,685 | 16,893 | 19,158 | ||||||||||||
|
Net income
|
$ | 13,578 | $ | 15,083 | $ | 38,210 | $ | 43,456 | ||||||||
|
Earnings
Per Share:
|
||||||||||||||||
|
Basic
|
$ | 0.40 | $ | 0.47 | $ | 1.14 | $ | 1.36 | ||||||||
|
Diluted
|
$ | 0.40 | $ | 0.46 | $ | 1.13 | $ | 1.34 | ||||||||
Page 10 of
14
|
NBT
Bancorp Inc. and Subsidiaries
|
3Q
|
2Q
|
1Q
|
4Q
|
3Q
|
|||||||||||||||
|
Quarterly Consolidated Statements of Income
(unaudited)
|
2009
|
2009
|
2009
|
2008
|
2008
|
|||||||||||||||
|
(in
thousands, except per share data)
|
||||||||||||||||||||
|
Interest,
fee and dividend income:
|
||||||||||||||||||||
|
Loans
and leases
|
$ | 54,666 | $ | 54,886 | $ | 55,411 | $ | 58,164 | $ | 58,154 | ||||||||||
|
Securities
available for sale
|
11,116 | 11,671 | 12,375 | 13,434 | 13,451 | |||||||||||||||
|
Securities
held to maturity
|
1,239 | 1,209 | 1,234 | 1,253 | 1,343 | |||||||||||||||
|
Other
|
615 | 606 | 361 | 436 | 673 | |||||||||||||||
|
Total interest, fee and dividend
income
|
67,636 | 68,372 | 69,381 | 73,287 | 73,621 | |||||||||||||||
|
Interest
expense:
|
||||||||||||||||||||
|
Deposits
|
12,002 | 13,123 | 13,839 | 16,371 | 18,351 | |||||||||||||||
|
Short-term
borrowings
|
142 | 124 | 147 | 382 | 763 | |||||||||||||||
|
Long-term
debt
|
5,761 | 5,998 | 6,197 | 6,401 | 6,310 | |||||||||||||||
|
Trust preferred debentures
|
1,049 | 1,076 | 1,086 | 1,200 | 1,154 | |||||||||||||||
|
Total interest expense
|
18,954 | 20,321 | 21,269 | 24,354 | 26,578 | |||||||||||||||
|
Net
interest income
|
48,682 | 48,051 | 48,112 | 48,933 | 47,043 | |||||||||||||||
|
Provision for loan and lease
losses
|
9,101 | 9,199 | 6,451 | 7,721 | 7,179 | |||||||||||||||
|
Net interest income after provision for loan and
lease losses
|
39,581 | 38,852 | 41,661 | 41,212 | 39,864 | |||||||||||||||
|
Noninterest
income:
|
||||||||||||||||||||
|
Trust
|
1,668 | 1,761 | 1,409 | 1,685 | 1,720 | |||||||||||||||
|
Service
charges on deposit accounts
|
7,110 | 6,950 | 6,297 | 7,266 | 7,414 | |||||||||||||||
|
ATM
and debit card fees
|
2,443 | 2,368 | 2,182 | 2,176 | 2,334 | |||||||||||||||
|
Insurance
and broker/dealer revenue
|
4,368 | 4,220 | 5,338 | 3,915 | 2,338 | |||||||||||||||
|
Net
securities gains (losses)
|
129 | 17 | - | (8 | ) | 1,510 | ||||||||||||||
|
Bank
owned life insurance income
|
683 | 670 | 872 | 2,484 | 924 | |||||||||||||||
|
Retirement
plan administration fees
|
2,412 | 2,194 | 1,741 | 1,468 | 1,461 | |||||||||||||||
|
Other
|
2,037 | 1,665 | 1,751 | 1,244 | 1,261 | |||||||||||||||
|
Total noninterest income
|
20,850 | 19,845 | 19,590 | 20,230 | 18,962 | |||||||||||||||
|
Noninterest
expense:
|
||||||||||||||||||||
|
Salaries
and employee benefits
|
21,272 | 19,947 | 21,427 | 20,633 | 16,850 | |||||||||||||||
|
Office
supplies and postage
|
1,426 | 1,429 | 1,530 | 1,354 | 1,322 | |||||||||||||||
|
Occupancy
|
3,481 | 3,610 | 4,165 | 3,385 | 3,359 | |||||||||||||||
|
Equipment
|
1,997 | 2,005 | 2,022 | 1,944 | 1,908 | |||||||||||||||
|
Professional
fees and outside services
|
2,691 | 2,407 | 2,722 | 2,651 | 2,205 | |||||||||||||||
|
Data
processing and communications
|
3,305 | 3,324 | 3,295 | 3,254 | 3,155 | |||||||||||||||
|
Amortization
of intangible assets
|
827 | 825 | 813 | 874 | 462 | |||||||||||||||
|
Loan
collection and other real estate owned
|
755 | 674 | 748 | 692 | 505 | |||||||||||||||
|
Impairment
on lease residual assets
|
- | - | - | - | 2,000 | |||||||||||||||
|
FDIC
expenses
|
1,535 | 4,032 | 1,529 | 827 | 614 | |||||||||||||||
|
Other operating
|
3,743 | 3,686 | 4,054 | 4,684 | 4,678 | |||||||||||||||
|
Total noninterest expense
|
41,032 | 41,939 | 42,305 | 40,298 | 37,058 | |||||||||||||||
|
Income
before income taxes
|
19,399 | 16,758 | 18,946 | 21,144 | 21,768 | |||||||||||||||
|
Income taxes
|
5,821 | 5,198 | 5,874 | 6,247 | 6,685 | |||||||||||||||
|
Net income
|
$ | 13,578 | $ | 11,560 | $ | 13,072 | $ | 14,897 | $ | 15,083 | ||||||||||
|
Earnings
per share:
|
||||||||||||||||||||
|
Basic
|
$ | 0.40 | $ | 0.34 | $ | 0.40 | $ | 0.46 | $ | 0.47 | ||||||||||
|
Diluted
|
$ | 0.40 | $ | 0.34 | $ | 0.40 | $ | 0.45 | $ | 0.46 | ||||||||||
Page 11 of
14
|
Three
months ended September 30,
|
||||||||||||||||||||||||
|
2009
|
2008
|
|||||||||||||||||||||||
|
Average
|
Yield/
|
Average
|
Yield/
|
|||||||||||||||||||||
|
(dollars in thousands)
|
Balance
|
Interest
|
Rates
|
Balance
|
Interest
|
Rates
|
||||||||||||||||||
|
ASSETS
|
||||||||||||||||||||||||
|
Short-term
interest bearing accounts
|
$ | 99,501 | $ | 74 | 0.30 | % | $ | 4,077 | $ | 20 | 1.95 | % | ||||||||||||
|
Securities
available for sale (1)(excluding unrealized gains or
losses)
|
1,082,655 | 11,859 | 4.35 | % | 1,116,089 | 14,159 | 5.05 | % | ||||||||||||||||
|
Securities
held to maturity (1)
|
161,915 | 1,871 | 4.58 | % | 148,397 | 2,026 | 5.43 | % | ||||||||||||||||
|
Investment
in FRB and FHLB Banks
|
37,372 | 541 | 5.74 | % | 40,401 | 653 | 6.43 | % | ||||||||||||||||
|
Loans
and leases (2)
|
3,627,803 | 54,857 | 6.00 | % | 3,605,700 | 58,371 | 6.44 | % | ||||||||||||||||
|
Total
interest earning assets
|
5,009,246 | $ | 69,202 | 5.48 | % | 4,914,664 | $ | 75,229 | 6.09 | % | ||||||||||||||
|
Trading
securities
|
2,109 | 2,266 | ||||||||||||||||||||||
|
Other
assets
|
$ | 404,019 | 384,710 | |||||||||||||||||||||
|
Total
assets
|
$ | 5,415,374 | $ | 5,301,640 | ||||||||||||||||||||
|
LIABILITIES
AND STOCKHOLDERS' EQUITY
|
||||||||||||||||||||||||
|
Money
market deposit accounts
|
$ | 1,025,345 | $ | 3,317 | 1.28 | % | $ | 779,954 | $ | 3,593 | 1.83 | % | ||||||||||||
|
NOW
deposit accounts
|
$ | 582,307 | 694 | 0.47 | % | 491,673 | 1,060 | 0.86 | % | |||||||||||||||
|
Savings
deposits
|
$ | 509,258 | 217 | 0.17 | % | 474,602 | 514 | 0.43 | % | |||||||||||||||
|
Time
deposits
|
1,199,101 | 7,774 | 2.57 | % | 1,512,072 | 13,184 | 3.47 | % | ||||||||||||||||
|
Total
interest bearing deposits
|
3,316,011 | 12,002 | 1.44 | % | 3,258,301 | 18,351 | 2.24 | % | ||||||||||||||||
|
Short-term
borrowings
|
$ | 132,459 | 142 | 0.42 | % | 154,567 | 763 | 1.96 | % | |||||||||||||||
|
Trust
preferred debentures
|
$ | 75,422 | 1,049 | 5.52 | % | 75,422 | 1,154 | 6.09 | % | |||||||||||||||
|
Long-term
debt
|
$ | 585,416 | 5,761 | 3.90 | % | 625,733 | 6,310 | 4.01 | % | |||||||||||||||
|
Total
interest bearing liabilities
|
4,109,308 | $ | 18,954 | 1.83 | % | 4,114,023 | $ | 26,578 | 2.57 | % | ||||||||||||||
|
Demand
deposits
|
$ | 737,064 | 706,803 | |||||||||||||||||||||
|
Other
liabilities
|
$ | 79,862 | 69,355 | |||||||||||||||||||||
|
Stockholders'
equity
|
489,140 | 411,459 | ||||||||||||||||||||||
|
Total
liabilities and stockholders' equity
|
$ | 5,415,374 | $ | 5,301,640 | ||||||||||||||||||||
|
Net
interest income (FTE)
|
50,248 | 48,651 | ||||||||||||||||||||||
|
Interest
rate spread
|
3.64 | % | 3.52 | % | ||||||||||||||||||||
|
Net
interest margin
|
3.98 | % | 3.94 | % | ||||||||||||||||||||
|
Taxable
equivalent adjustment
|
1,566 | 1,608 | ||||||||||||||||||||||
|
Net
interest income
|
48,682 | $ | 47,043 | |||||||||||||||||||||
(1)
Securities are shown at average amortized cost
(2) For
purposes of these computations, nonaccrual loans are included in the average
loan balances outstanding
Page 12 of
14
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Nine
months ended September 30,
|
||||||||||||||||||||||||
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2009
|
2008
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|||||||||||||||||||||||
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Average
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Yield/
|
Average
|
Yield/
|
|||||||||||||||||||||
|
(dollars in thousands)
|
Balance
|
Interest
|
Rates
|
Balance
|
Interest
|
Rates
|
||||||||||||||||||
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ASSETS
|
||||||||||||||||||||||||
|
Short-term
interest bearing accounts
|
$ | 76,523 | $ | 150 | 0.26 | % | $ | 6,517 | $ | 145 | 2.98 | % | ||||||||||||
|
Securities
available for sale (1)(excluding unrealized gains or
losses)
|
1,085,746 | 37,399 | 4.61 | % | 1,112,582 | 42,689 | 5.13 | % | ||||||||||||||||
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Securities
held to maturity (1)
|
146,350 | 5,553 | 5.07 | % | 153,010 | 6,544 | 5.71 | % | ||||||||||||||||
|
Investment
in FRB and FHLB Banks
|
38,143 | 1,432 | 5.02 | % | 39,730 | 2,042 | 6.87 | % | ||||||||||||||||
|
Loans
and leases (2)
|
3,646,437 | 165,578 | 6.07 | % | 3,544,787 | 174,635 | 6.58 | % | ||||||||||||||||
|
Total
interest earning assets
|
4,993,199 | $ | 210,112 | 5.63 | % | 4,856,626 | $ | 226,055 | 6.22 | % | ||||||||||||||
|
Trading
securities
|
1,801 | 2,388 | ||||||||||||||||||||||
|
Other
assets
|
$ | 410,331 | 377,116 | |||||||||||||||||||||
|
Total
assets
|
$ | 5,405,331 | $ | 5,236,130 | ||||||||||||||||||||
|
LIABILITIES
AND STOCKHOLDERS' EQUITY
|
||||||||||||||||||||||||
|
Money
market deposit accounts
|
$ | 995,233 | $ | 9,806 | 1.32 | % | $ | 736,313 | $ | 10,724 | 1.95 | % | ||||||||||||
|
NOW
deposit accounts
|
$ | 571,478 | 2,328 | 0.54 | % | 464,396 | 2,943 | 0.85 | % | |||||||||||||||
|
Savings
deposits
|
$ | 497,040 | 631 | 0.17 | % | 469,335 | 1,780 | 0.51 | % | |||||||||||||||
|
Time
deposits
|
1,272,893 | 26,199 | 2.75 | % | 1,559,294 | 44,314 | 3.80 | % | ||||||||||||||||
|
Total
interest bearing deposits
|
3,336,644 | 38,964 | 1.56 | % | 3,229,338 | 59,761 | 2.47 | % | ||||||||||||||||
|
Short-term
borrowings
|
$ | 133,668 | 413 | 0.41 | % | 238,200 | 4,465 | 2.50 | % | |||||||||||||||
|
Trust
preferred debentures
|
$ | 75,422 | 3,211 | 5.69 | % | 75,422 | 3,547 | 6.28 | % | |||||||||||||||
|
Long-term
debt
|
$ | 608,408 | 17,956 | 3.95 | % | 539,961 | 16,241 | 4.02 | % | |||||||||||||||
|
Total
interest bearing liabilities
|
4,154,142 | $ | 60,544 | 1.95 | % | 4,082,921 | $ | 84,014 | 2.75 | % | ||||||||||||||
|
Demand
deposits
|
$ | 708,513 | 678,277 | |||||||||||||||||||||
|
Other
liabilities
|
$ | 73,440 | 67,805 | |||||||||||||||||||||
|
Stockholders'
equity
|
469,236 | 407,127 | ||||||||||||||||||||||
|
Total
liabilities and stockholders' equity
|
$ | 5,405,331 | $ | 5,236,130 | ||||||||||||||||||||
|
Net
interest income (FTE)
|
149,568 | 142,041 | ||||||||||||||||||||||
|
Interest
rate spread
|
3.67 | % | 3.47 | % | ||||||||||||||||||||
|
Net
interest margin
|
4.00 | % | 3.91 | % | ||||||||||||||||||||
|
Taxable
equivalent adjustment
|
4,723 | 4,928 | ||||||||||||||||||||||
|
Net
interest income
|
$ | 144,845 | $ | 137,113 | ||||||||||||||||||||
(1)
Securities are shown at average amortized cost
(2) For
purposes of these computations, nonaccrual loans are included in the average
loan balances outstanding
Page 13 of
14
NBT
Bancorp Inc. and Subsidiaries
Loans
and Leases (Unaudited)
|
(In thousands)
|
September 30,
2009
|
December 31,
2008
|
||||||
|
Residential
real estate mortgages
|
$ | 638,001 | $ | 722,723 | ||||
|
Commercial
|
545,001 | 572,059 | ||||||
|
Commercial
real estate mortgages
|
683,623 | 669,720 | ||||||
|
Real
estate construction and development
|
77,391 | 67,859 | ||||||
|
Agricultural
and agricultural real estate mortgages
|
122,691 | 113,566 | ||||||
|
Consumer
|
870,766 | 795,123 | ||||||
|
Home
equity
|
609,571 | 627,603 | ||||||
|
Lease
financing
|
68,846 | 83,258 | ||||||
|
Total
loans and leases
|
$ | 3,615,890 | $ | 3,651,911 | ||||
Page 14 of 14