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): January 25, 2010
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NBT
BANCORP INC.
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(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:
£ Written
communication pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
£ Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
£
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act
(17 CFR 240.14d-2(b))
£
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
January 25, 2010, NBT Bancorp Inc. issued a press release describing its results
of operations for the year and quarter ending December 31, 2009 and announcing a
quarterly dividend of $0.20 per share to be paid on March 15, 2010 to
shareholders of record on March 1, 2010. 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 January 25,
2010
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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:
January 26, 2010
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 ANNUAL EARNINGS OF $1.53 PER DILUTED SHARE; DECLARES CASH
DIVIDEND
NORWICH,
NY (January 25, 2010) – NBT Bancorp Inc. (NBT) (NASDAQ: NBTB) reported today net
income per diluted share for the three months ended December 31, 2009 of $0.40
per share, as compared with $0.45 per share for the three months ended December
31, 2008. Annualized return on average assets and return on average
equity were 1.00% and 10.92%, respectively, for the three months ended December
31, 2009, compared with 1.11% and 13.88%, respectively, for the three months
ended December 31, 2008. Net interest margin was 4.15% for the three
months ended December 31, 2009, up 9 basis points (“bp”) from 4.06% for the
three months ended December 31, 2008. Net income for the three months
ended December 31, 2009 was $13.8 million, down $1.1 million, or 7.4%, from
$14.9 million for the fourth quarter last year.
Net
income per diluted share for the year ended December 31, 2009 was $1.53 per
share, as compared with $1.80 per share for the year ended December 31,
2008. Return on average assets and return on average equity were
0.96% and 10.90%, respectively, for the year ended December 31, 2009, compared
with 1.11% and 14.16%, respectively, for the year ended December 31,
2008. Net interest margin was 4.04% for the year ended December 31,
2009, up 9 bp from 3.95% for the year ended December 31, 2008. Net
income for the year ended December 31, 2009 was $52.0 million, down $6.3
million, or 10.9%, from the year ended December 31, 2008.
For the
three months ended December 31, 2009, FDIC expenses increased $0.5 million over
the three months ended December 31, 2008. For the year ended December
31, 2009, FDIC expenses increased $6.6 million over the year ended December 31,
2008, including the special assessment of approximately $2.5
million. The FDIC premium increases had a $0.01 effect on diluted
earnings per share for the three months ended December 31, 2009 and the FDIC
premium increases and special assessment had a $0.14 effect on diluted earnings
per share for the year ended December 31, 2009. For the three months
ended December 31, 2009, pension expenses increased $0.6 million over the three
months ended December 31, 2008. For the year ended December 31, 2009,
pension expenses increased $2.8 million over the year ended December 31,
2008. The pension expense increases had a $0.02 and $0.06 effect on
diluted earnings per share for the three months ended December 31, 2009 and for
the year ended December 31, 2009, respectively.
NBT
President and CEO Martin Dietrich said: “Many banks have struggled this past
year. I am pleased that NBT achieved strong 2009 results in what
remained a very challenging economic environment. Our earnings were at a level
similar to our record year in 2008, except for increased FDIC and pension
expenses. We achieved these results by continuing to focus on the fundamentals,
including a strong balance sheet, an active lending program and strategic
investments. Our successful capital raise in the second quarter, expansion into
Vermont and the full-year impact of our acquisition of the Mang Insurance Agency
are all examples of the ways we are continuing to invest in our future and
position our company to benefit when the economy begins to
recover.”
Page 1 of
14
Loan
and Lease Quality and Provision for Loan and Lease Losses
Nonperforming
loans at December 31, 2009 were $41.3 million or 1.13% of total loans and leases
compared with $39.2 million or 1.08% at September 30, 2009 and $26.5 million or
0.73% at December 31, 2008. The increase in nonperforming loans at
December 31, 2009 as compared with December 31, 2008 was primarily the result of
specific commercial and agricultural credits.
The
allowance for loan and lease losses totaled $66.6 million at December 31, 2009,
$64.7 million at September 30, 2009 and $58.6 million at December 31,
2008. The increase from December 31, 2008 was due to an increase in
specific reserves on specific nonaccrual loans in addition to increased reserve
levels on certain loan types warranted by trends in economic factors during the
year. As loans and leases are flat year over year, the allowance for loan losses
as a percentage of loans and leases increased to 1.83% at December 31, 2009 from
1.60% at December 31, 2008 Past due loans as a percentage of total
loans has improved to 0.89% at December 31, 2009, as compared with 1.00% at
September 30, 2009 and 0.91% at December 31, 2008 which reflects the Company’s
continued commitment to diligent collection efforts.
The
Company recorded a provision for loan and lease losses of $8.6 million during
the fourth quarter of 2009 compared with $7.7 million during the fourth quarter
of 2008. The increase in the provision for loan and lease losses for
the three months ended December 31, 2009 as compared with the three months ended
December 31, 2008 was due primarily to an increase in net charge-offs which
totaled $6.7 million for the three month period ending December 31, 2009, up
from $5.0 million for the three months ending December 31, 2008 due to continued
effects of the economic recession. Net charge-offs to average loans
and leases for the three months ended December 31, 2009 were 0.75%, compared
with 0.79% for the three months ended September 30, 2009, and 0.55% for the
three months ended December 31, 2008.
The
Company recorded a provision for loan and lease losses of $33.4 million for the
year ended December 31, 2009 compared with $27.2 million for the year ended
December 31, 2008. The increase in the provision for loan and lease
losses for the year ended December 31, 2009 was due primarily to an increase in
net charge-offs which totaled $25.4 million for the year ended December 31,
2009, up from $22.8 million for the year ended December 31, 2008. Net
charge-offs to average loans and leases for the year ended December 31, 2009
were 0.70%, compared with 0.64% for the year ended December 31,
2008.
Net
Interest Income
Net
interest income was up 5.5% to $51.6 million for the three months ended December
31, 2009 compared with $48.9 million for the three months ended December 31,
2008. The Company’s fully taxable equivalent (FTE) net interest margin was 4.15%
for the three months ended December 31, 2009, as compared with 4.06% for the
three months ended December 31, 2008. The Company experienced a 2.6%
growth in average earning assets for the three months ending December 31, 2009
as compared with the three months ending December 31, 2008, due primarily to
increases in average short-term interest bearing accounts and average securities
held to maturity. As a result of our excess liquidity, our Federal
Funds sold position had a negative impact of 11 bp on our net interest margin
for the three months ended December 31, 2009.
Although
the yield on interest earning assets decreased 59 basis points, the yield on
interest bearing liabilities declined 77 basis points, which contributed to the
increase in the net interest margin for the three months ended December 31, 2009
compared to the same period for 2008. The yield on time deposits was
2.23% for the three months ended December 31, 2009, as compared with 3.27% for
the three months ended December 31, 2008. The yield on money market
deposit accounts was 0.88% for the three months ended December 31, 2009, as
compared with 1.61% for the three months ended December 31, 2008. The
yield on short term borrowings declined 49 basis points for the three months
ended December 31, 2009 as compared to the three months ended December 31, 2008
as a result of the 175 basis point drop in the Fed Funds Target Rate during the
fourth quarter of 2008.
Page 2 of
14
Net
interest income was up 5.6% to $196.5 million for the year ended December 31,
2009 compared with $186.0 million for the year ended December 31, 2008. The
Company’s fully taxable equivalent (FTE) net interest margin was 4.04% for the
year ended December 31, 2009, as compared with 3.95% for the year ended December
31, 2008. In addition, the Company experienced a 2.8% growth in
average earning assets for the year ended December 31, 2009 as compared with the
year ended December 31, 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 8 bp
on our net interest margin for the year ended December 31, 2009.
Although
the yield on interest earning assets decreased 59 basis points, the yield on
interest bearing liabilities declined 79 basis points, which contributed to the
increase in the net interest margin for the year ended December 31, 2009
compared to the year ended December 31, 2008. The yield on time
deposits was 2.64% for the year ended December 31, 2009, as compared with 3.68%
for the year ended December 31, 2008. The yield on money market
deposit accounts was 1.20% for the year ended December 31, 2009, as compared
with 1.85% for the year ended December 31, 2008. The
yield on short term borrowings declined 178 basis points for the year ended
December 31, 2009 as compared to the year ended December 31, 2008 as a result of
the 400 bp drop in the Fed Funds Target Rate during 2008.
Noninterest
Income
Noninterest
income for the three months ended December 31, 2009 was $19.8 million, down $0.4
million or 1.9% from $20.2 million for the same period in 2008. The
decrease in noninterest income was due primarily to a decrease in bank owned
life insurance income of approximately $1.6 million for the three months ended
December 31, 2009 as compared to the three months ended December 31, 2008 due
primarily to a death benefit realized during the fourth quarter of 2008 from a
life insurance policy. In addition, service charges on deposit
accounts decreased approximately $0.5 million for the three month period ending
December 31, 2009 as compared to the same period in 2008. These
decreases were partially offset by an increase in retirement plan administration
fees of approximately $1.3 million for the three month period ended December 31,
2009 as compared with the three month period ended December 31, 2008 as a result
of organic growth from new business. In addition, trust income
increased approximately $0.2 million for the three months ended December 31,
2009 as compared to the same period in 2008 as a result of an increase in fair
value of trust assets under administration.
Noninterest
income for the year ended December 31, 2009 was $80.1 million, up $8.4 million
or 11.7% from $71.7 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 $9.0 million for the year
ended December 31, 2009 as compared with the year ended December 31,
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 $2.8
million for the year ended December 31, 2009 as compared with the year ended
December 31, 2008 as a result of organic growth from new
business. These increases were partially offset by a decrease in bank
owned life insurance income of approximately $1.8 million for the year ended
December 31, 2009 as compared to the year ended December 31,
2008. This decrease was primarily due to the aforementioned death
benefit realized during the fourth quarter of 2008 from a life insurance
policy. In addition, net securities gains decreased by approximately
$1.4 million for the year ended December 31, 2009 as compared with the year
ended December 31, 2008
Page 3 of
14
Noninterest
Expense and Income Tax Expense
Noninterest
expense for the three months ended December 31, 2009 was $45.3 million, up from
$40.3 million for the same period in 2008. Salaries and employee
benefits increased $2.3 million, or 11.1%, for the three months ended December
31, 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 $0.6 million and
$0.4 million in pension and medical expenses, respectively, for the three months
ended December 31, 2009 as compared with the same period in
2008. FDIC expenses increased approximately $0.5 million to $1.3
million for the three months ended December 31, 2009, compared to $0.8 million
for the same period in 2008 due to an increase in recurring FDIC premiums, which
increased to $1.3 million for the three months ended December 31, 2009 as
compared with $0.8 million for the same period last
year. For the three month period ended December 31, 2009,
other operating expenses totaled $6.5 million, up $1.8 million or 38.6%, from
$4.7 million for the three months ended December 31, 2008. This
increase resulted from a prepayment penalty incurred to payoff long-term debt
during the fourth quarter of 2009 and a termination fee associated with the
early termination of a vendor contract in the fourth quarter of
2009. Income tax expense for the three month period ended December
31, 2009 was $3.7 million, down from $6.2 million for the same period in
2008. The decrease in income tax expense is primarily the result of
the decrease in pre-tax income.
Noninterest
expense for the year ended December 31, 2009 was $170.6 million, up from $146.8
million for the same period in 2008. Salaries and employee benefits
increased $14.4 million, or 20.2%, for the year ended December 31, 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 $2.8 million and $1.3 million
in pension and medical expenses, respectively, for the year ended December 31,
2009 as compared with the same period in 2008. FDIC expenses
increased approximately $6.6 million for the year ended December 31, 2009,
compared with the year ended December 31, 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. Amortization of intangible assets was $3.2 million for
the year ended December 31, 2009, up $1.1 million from $2.1 million for same
period in 2008 due to the aforementioned acquisition. Occupancy
expenses were up approximately $1.1 million for the year ended December 31, 2009
as compared with the year ended December 31, 2008. This increase was
due primarily to the aforementioned acquisition and de novo branch activity
during the period. Income tax expense for the year ended December 31,
2009 was $20.6 million, down from $25.4 million for the same period in
2008. The decrease in income tax expense is primarily the result of
the decrease in pre-tax income.
Balance
Sheet
Total
assets were $5.5 billion at December 31, 2009, up $127.9 million or 2.4% from
$5.3 billion at December 31, 2008. Loans and leases were $3.6 billion
at December 31, 2009, down $6.5 million from December 31, 2008. The
Company experienced a shift from residential real estate mortgages, which
decreased by approximately $99.8 million, or 13.8%, from December 31, 2008 to
December 31, 2009, to consumer loans, which increased by approximately $61.8
million, or 7.8%, from December 31, 2008 to December 31, 2009. Total
deposits were $4.1 billion at December 31, 2009, up $169.8 million or 4.3% from
December 31, 2008. The increase from December 31, 2008 was due in
large part to a $384.2 million, or 20.4%, increase in NOW, savings and money
market accounts, and an increase in demand deposit accounts of $104.5
million. These increases were partially offset by a $318.9 million
decrease in time deposits. Stockholders’ equity was $505.1 million,
representing a total equity-to-total assets ratio of 9.24% at December 31, 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.
Page 4 of
14
Stock
Repurchase Program
On
October 26, 2009, 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. On December 31, 2009, the
repurchase program previously authorized on January 28, 2008 to repurchase up to
1,000,000 shares expired. The Company made no purchases of its common
stock securities during the year ended December 31, 2009.
Dividend
Declared
The NBT
Board of Directors declared a 2010 first-quarter cash dividend of $0.20 per
share at a meeting held today. The dividend will be paid on March 15, 2010, to
shareholders of record as of March 1, 2010.
Corporate
Overview
NBT
Bancorp Inc. is a financial holding company headquartered in Norwich, NY, with
total assets of $5.5 billion at December 31, 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 one 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)
|
Net
|
Percent
|
|||||||||||||||
|
2009
|
2008
|
Change
|
Change
|
|||||||||||||
|
(dollars
in thousands, except per share data)
|
||||||||||||||||
|
Three
Months Ended December 31,
|
||||||||||||||||
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Net
Income
|
$ | 13,801 | $ | 14,897 | $ | (1,096 | ) | -7 | % | |||||||
|
Diluted
Earnings Per Share
|
$ | 0.40 | $ | 0.45 | $ | (0.05 | ) | -11 | % | |||||||
|
Weighted
Average Diluted
|
||||||||||||||||
|
Common
Shares Outstanding
|
34,348,189 | 32,758,405 | 1,589,784 | 5 | % | |||||||||||
|
Return
on Average Assets (1)
|
1.00 | % | 1.11 | % | -11 | bp | -10 | % | ||||||||
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Return
on Average Equity (1)
|
10.92 | % | 13.88 | % | -296 | bp | -21 | % | ||||||||
|
Net Interest Margin (2)
|
4.15 | % | 4.06 | % | 9 | bp | 2 | % | ||||||||
|
Year
Ended December 31,
|
||||||||||||||||
|
Net
Income
|
$ | 52,011 | $ | 58,353 | $ | (6,342 | ) | -11 | % | |||||||
|
Diluted
Earnings Per Share
|
$ | 1.53 | $ | 1.80 | $ | (0.27 | ) | -15 | % | |||||||
|
Weighted
Average Diluted
|
||||||||||||||||
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Common
Shares Outstanding
|
33,902,517 | 32,427,193 | 1,475,324 | 5 | % | |||||||||||
|
Return
on Average Assets
|
0.96 | % | 1.11 | % | -15 | bp | -14 | % | ||||||||
|
Return
on Average Equity
|
10.90 | % | 14.16 | % | -326 | bp | -23 | % | ||||||||
|
Net Interest Margin (2)
|
4.04 | % | 3.95 | % | 9 | bp | 2 | % | ||||||||
|
Asset
Quality
|
December 31,
|
December 31,
|
|||||||
|
2009
|
2008
|
||||||||
|
Nonaccrual
Loans
|
$ | 38,746 | $ | 24,191 | |||||
|
90
Days Past Due and Still Accruing
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$ | 2,526 | $ | 2,305 | |||||
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Total
Nonperforming Loans
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$ | 41,272 | $ | 26,496 | |||||
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Other
Real Estate Owned
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$ | 2,358 | $ | 665 | |||||
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Total
Nonperforming Assets
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$ | 43,630 | $ | 27,161 | |||||
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Past
Due Loans
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$ | 32,349 | $ | 33,098 | |||||
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Potential
Problem Loans
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$ | 79,072 | $ | 95,423 | |||||
|
Allowance
for Loan and Lease Losses
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$ | 66,550 | $ | 58,564 | |||||
|
Year-to-Date
(YTD) Net Charge-Offs
|
$ | 25,406 | $ | 22,800 | |||||
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Allowance
for Loan and Lease Losses to Total Loans and Leases
|
1.83 | % | 1.60 | % | |||||
|
Total
Nonperforming Loans to Total Loans and Leases
|
1.13 | % | 0.73 | % | |||||
|
Total
Nonperforming Assets to Total Assets
|
0.80 | % | 0.51 | % | |||||
|
Past
Due Loans to Total Loans and Leases
|
0.89 | % | 0.91 | % | |||||
|
Allowance
for Loan and Lease Losses to Total Nonperforming Loans
|
161.25 | % | 221.03 | % | |||||
|
Net Charge-Offs to YTD Average Loans and
Leases
|
0.70 | % | 0.64 | % | |||||
|
Capital
|
|||||||||
|
Equity
to Assets
|
9.24 | % | 8.09 | % | |||||
|
Book
Value Per Share
|
$ | 14.69 | $ | 13.24 | |||||
|
Tangible
Book Value Per Share
|
$ | 10.75 | $ | 9.01 | |||||
|
Tier
1 Leverage Ratio
|
8.35 | % | 7.17 | % | |||||
|
Tier
1 Capital Ratio
|
11.34 | % | 9.75 | % | |||||
|
Total Risk-Based Capital
Ratio
|
12.59 | % | 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
|
$ | 23.59 | $ | 19.43 | 30.83 | 21.71 | 25.00 | 20.58 | ||||||||||||||||
(1) Annualized
(2) Calculated
on a FTE basis
Page 7 of
14
SELECTED
FINANCIAL HIGHLIGHTS
(unaudited)
|
December 31,
|
December 31,
|
Net
|
Percent
|
|||||||||||||
|
2009
|
2008
|
Change
|
Change
|
|||||||||||||
|
(dollars
in thousands, except per share data)
|
||||||||||||||||
|
Balance
Sheet
|
||||||||||||||||
|
Loans
and Leases
|
$ | 3,645,398 | $ | 3,651,911 | $ | (6,513 | ) | 0 | % | |||||||
|
Earning
Assets
|
$ | 5,009,251 | $ | 4,933,099 | $ | 76,152 | 2 | % | ||||||||
|
Total
Assets
|
$ | 5,464,026 | $ | 5,336,088 | $ | 127,938 | 2 | % | ||||||||
|
Deposits
|
$ | 4,093,046 | $ | 3,923,258 | $ | 169,788 | 4 | % | ||||||||
|
Stockholders’ Equity
|
$ | 505,123 | $ | 431,845 | $ | 73,278 | 17 | % | ||||||||
| 2009 | 2008 | |||||||||||||||
|
Average
Balances
|
(dollars
in thousands, except per share data)
|
|||||||||||||||
|
Three
Months Ended December 31,
|
||||||||||||||||
|
Loans
and Leases
|
$ | 3,628,244 | $ | 3,634,346 | $ | (6,102 | ) | 0 | % | |||||||
|
Securities
Available For Sale
|
||||||||||||||||
|
(excluding
unrealized gains or losses)
|
$ | 1,124,877 | $ | 1,117,469 | $ | 7,408 | 1 | % | ||||||||
|
Securities
Held To Maturity
|
$ | 165,108 | $ | 140,141 | $ | 24,967 | 18 | % | ||||||||
|
Trading
Securities
|
$ | 2,312 | $ | 1,855 | $ | 457 | 25 | % | ||||||||
|
Regulatory
Equity Investment
|
$ | 37,091 | $ | 39,751 | $ | (2,660 | ) | -7 | % | |||||||
|
Short-Term
Interest Bearing Accounts
|
$ | 122,104 | $ | 17,151 | $ | 104,953 | 612 | % | ||||||||
|
Total
Earning Assets
|
$ | 5,077,424 | $ | 4,948,858 | $ | 128,566 | 3 | % | ||||||||
|
Total
Assets
|
$ | 5,499,273 | $ | 5,349,609 | $ | 149,664 | 3 | % | ||||||||
|
Interest
Bearing Deposits
|
$ | 3,352,879 | $ | 3,267,893 | $ | 84,986 | 3 | % | ||||||||
|
Non-Interest
Bearing Deposits
|
$ | 748,451 | $ | 695,696 | $ | 52,755 | 8 | % | ||||||||
|
Short-Term
Borrowings
|
$ | 159,050 | $ | 181,032 | $ | (21,982 | ) | -12 | % | |||||||
|
Long-Term
Borrowings
|
$ | 654,592 | $ | 708,867 | $ | (54,275 | ) | -8 | % | |||||||
|
Total
Interest Bearing Liabilities
|
$ | 4,166,521 | $ | 4,157,792 | $ | 8,729 | 0 | % | ||||||||
|
Stockholders’ Equity
|
$ | 501,225 | $ | 426,918 | $ | 74,307 | 17 | % | ||||||||
|
Average
Balances
|
||||||||||||||||
|
Year
Ended December 31,
|
||||||||||||||||
|
Loans
and Leases
|
$ | 3,641,852 | $ | 3,567,299 | $ | 74,553 | 2 | % | ||||||||
|
Securities
Available For Sale
|
||||||||||||||||
|
(excluding
unrealized gains or losses)
|
$ | 1,095,609 | $ | 1,113,810 | $ | (18,201 | ) | -2 | % | |||||||
|
Securities
Held To Maturity
|
$ | 151,078 | $ | 149,775 | $ | 1,303 | 1 | % | ||||||||
|
Trading
Securities
|
$ | 1,929 | $ | 2,254 | $ | (325 | ) | -14 | % | |||||||
|
Regulatory
Equity Investment
|
$ | 37,878 | $ | 39,735 | $ | (1,857 | ) | -5 | % | |||||||
|
Short-Term
Interest Bearing Accounts
|
$ | 88,012 | $ | 9,190 | $ | 78,822 | 858 | % | ||||||||
|
Total
Earning Assets
|
$ | 5,014,429 | $ | 4,879,809 | $ | 134,620 | 3 | % | ||||||||
|
Total
Assets
|
$ | 5,429,009 | $ | 5,264,655 | $ | 164,354 | 3 | % | ||||||||
|
Interest
Bearing Deposits
|
$ | 3,340,735 | $ | 3,239,029 | $ | 101,706 | 3 | % | ||||||||
|
Non-Interest
Bearing Deposits
|
$ | 718,580 | $ | 682,656 | $ | 35,924 | 5 | % | ||||||||
|
Short-Term
Borrowings
|
$ | 140,066 | $ | 223,830 | $ | (83,764 | ) | -37 | % | |||||||
|
Long-Term
Borrowings
|
$ | 676,461 | $ | 638,882 | $ | 37,579 | 6 | % | ||||||||
|
Total
Interest Bearing Liabilities
|
$ | 4,157,262 | $ | 4,101,741 | $ | 55,521 | 1 | % | ||||||||
|
Stockholders’ Equity
|
$ | 477,299 | $ | 412,102 | $ | 65,197 | 16 | % | ||||||||
Page 8 of
14
|
NBT
Bancorp Inc. and Subsidiaries
|
December 31,
|
December 31,
|
||||||
|
Consolidated Balance Sheets
(unaudited)
|
2009
|
2008
|
||||||
|
(in
thousands)
|
||||||||
|
ASSETS
|
||||||||
|
Cash
and due from banks
|
$ | 107,980 | $ | 107,409 | ||||
|
Short
term interest bearing accounts
|
79,181 | 2,987 | ||||||
|
Securities
available for sale, at fair value
|
1,116,758 | 1,119,665 | ||||||
|
Securities
held to maturity (fair value of $161,851 and $141,308at December 31, 2009
and December 31, 2008, respectively)
|
159,946 | 140,209 | ||||||
|
Trading
securities
|
2,410 | 1,407 | ||||||
|
Federal
Reserve and Federal Home Loan Bank stock
|
35,979 | 39,045 | ||||||
|
Loans
and leases
|
3,645,398 | 3,651,911 | ||||||
|
Less allowance for loan and lease
losses
|
66,550 | 58,564 | ||||||
|
Net
loans and leases
|
3,578,848 | 3,593,347 | ||||||
|
Premises
and equipment, net
|
66,221 | 65,241 | ||||||
|
Goodwill
|
114,938 | 114,838 | ||||||
|
Intangible
assets, net
|
20,590 | 23,367 | ||||||
|
Bank
owned life insurance
|
74,322 | 72,276 | ||||||
|
Other assets
|
106,853 | 56,297 | ||||||
|
TOTAL ASSETS
|
$ | 5,464,026 | $ | 5,336,088 | ||||
|
LIABILITIES
AND STOCKHOLDERS' EQUITY
|
||||||||
|
Deposits:
|
||||||||
|
Demand
(noninterest bearing)
|
$ | 789,989 | $ | 685,495 | ||||
|
Savings,
NOW, and money market
|
2,269,779 | 1,885,551 | ||||||
|
Time
|
1,033,278 | 1,352,212 | ||||||
|
Total
deposits
|
4,093,046 | 3,923,258 | ||||||
|
Short-term
borrowings
|
155,977 | 206,492 | ||||||
|
Long-term
debt
|
554,698 | 632,209 | ||||||
|
Trust
preferred debentures
|
75,422 | 75,422 | ||||||
|
Other liabilities
|
79,760 | 66,862 | ||||||
|
Total
liabilities
|
4,958,903 | 4,904,243 | ||||||
|
Total stockholders' equity
|
505,123 | 431,845 | ||||||
|
TOTAL LIABILITIES AND STOCKHOLDERS'
EQUITY
|
$ | 5,464,026 | $ | 5,336,088 | ||||
Page 9 of
14
|
Three
months ended
|
Year
ended
|
|||||||||||||||
|
NBT
Bancorp Inc. and Subsidiaries
|
December 31,
|
December 31,
|
||||||||||||||
|
Consolidated Statements of Income
(unaudited)
|
2009
|
2008
|
2009
|
2008
|
||||||||||||
|
(in
thousands, except per share data)
|
||||||||||||||||
|
Interest,
fee and dividend income:
|
||||||||||||||||
|
Loans
and leases
|
$ | 55,361 | $ | 58,164 | $ | 220,324 | $ | 232,155 | ||||||||
|
Securities
available for sale
|
10,810 | 13,434 | 45,972 | 54,048 | ||||||||||||
|
Securities
held to maturity
|
1,212 | 1,253 | 4,894 | 5,588 | ||||||||||||
|
Other
|
621 | 436 | 2,203 | 2,623 | ||||||||||||
|
Total interest, fee and dividend
income
|
68,004 | 73,287 | 273,393 | 294,414 | ||||||||||||
|
Interest
expense:
|
||||||||||||||||
|
Deposits
|
9,532 | 16,371 | 48,496 | 76,132 | ||||||||||||
|
Short-term
borrowings
|
139 | 382 | 552 | 4,847 | ||||||||||||
|
Long-term
debt
|
5,673 | 6,401 | 23,629 | 22,642 | ||||||||||||
|
Trust preferred debentures
|
1,036 | 1,200 | 4,247 | 4,747 | ||||||||||||
|
Total interest expense
|
16,380 | 24,354 | 76,924 | 108,368 | ||||||||||||
|
Net
interest income
|
51,624 | 48,933 | 196,469 | 186,046 | ||||||||||||
|
Provision for loan and lease
losses
|
8,641 | 7,721 | 33,392 | 27,181 | ||||||||||||
|
Net interest income after provision for loan and
lease losses
|
42,983 | 41,212 | 163,077 | 158,865 | ||||||||||||
|
Noninterest
income:
|
||||||||||||||||
|
Trust
|
1,881 | 1,685 | 6,719 | 7,278 | ||||||||||||
|
Service
charges on deposit accounts
|
6,808 | 7,266 | 27,165 | 28,143 | ||||||||||||
|
ATM
and debit card fees
|
2,346 | 2,176 | 9,339 | 8,832 | ||||||||||||
|
Insurance
and broker/dealer revenue
|
3,799 | 3,915 | 17,725 | 8,726 | ||||||||||||
|
Net
securities (losses)/gains
|
(2 | ) | (8 | ) | 144 | 1,535 | ||||||||||
|
Bank
owned life insurance income
|
910 | 2,484 | 3,135 | 4,923 | ||||||||||||
|
Retirement
plan administration fees
|
2,739 | 1,468 | 9,086 | 6,308 | ||||||||||||
|
Other
|
1,365 | 1,244 | 6,818 | 5,961 | ||||||||||||
|
Total noninterest income
|
19,846 | 20,230 | 80,131 | 71,706 | ||||||||||||
|
Noninterest
expense:
|
||||||||||||||||
|
Salaries
and employee benefits
|
22,919 | 20,633 | 85,565 | 71,159 | ||||||||||||
|
Office
supplies and postage
|
1,472 | 1,354 | 5,857 | 5,346 | ||||||||||||
|
Occupancy
|
3,608 | 3,385 | 14,864 | 13,781 | ||||||||||||
|
Equipment
|
2,115 | 1,944 | 8,139 | 7,539 | ||||||||||||
|
Professional
fees and outside services
|
2,688 | 2,651 | 10,508 | 10,476 | ||||||||||||
|
Data
processing and communications
|
3,314 | 3,254 | 13,238 | 12,694 | ||||||||||||
|
Amortization
of intangible assets
|
781 | 874 | 3,246 | 2,105 | ||||||||||||
|
Loan
collection and other real estate owned
|
589 | 692 | 2,766 | 2,494 | ||||||||||||
|
Impairment
on lease residual assets
|
- | - | - | 2,000 | ||||||||||||
|
FDIC
expenses
|
1,312 | 827 | 8,408 | 1,813 | ||||||||||||
|
Other operating
|
6,492 | 4,684 | 17,975 | 17,406 | ||||||||||||
|
Total noninterest expense
|
45,290 | 40,298 | 170,566 | 146,813 | ||||||||||||
|
Income
before income taxes
|
17,539 | 21,144 | 72,642 | 83,758 | ||||||||||||
|
Income taxes
|
3,738 | 6,247 | 20,631 | 25,405 | ||||||||||||
|
Net income
|
$ | 13,801 | $ | 14,897 | $ | 52,011 | $ | 58,353 | ||||||||
|
Earnings
Per Share:
|
||||||||||||||||
|
Basic
|
$ | 0.40 | $ | 0.46 | $ | 1.54 | $ | 1.81 | ||||||||
|
Diluted
|
$ | 0.40 | $ | 0.45 | $ | 1.53 | $ | 1.80 | ||||||||
Page 10 of
14
|
NBT
Bancorp Inc. and Subsidiaries
|
4Q
|
3Q
|
2Q
|
1Q
|
4Q
|
|||||||||||||||
|
Quarterly Consolidated Statements of Income
(unaudited)
|
2009
|
2009
|
2009
|
2009
|
2008
|
|||||||||||||||
|
(in
thousands, except per share data)
|
||||||||||||||||||||
|
Interest,
fee and dividend income:
|
||||||||||||||||||||
|
Loans
and leases
|
$ | 55,361 | $ | 54,666 | $ | 54,886 | $ | 55,411 | $ | 58,164 | ||||||||||
|
Securities
available for sale
|
10,810 | 11,116 | 11,671 | 12,375 | 13,434 | |||||||||||||||
|
Securities
held to maturity
|
1,212 | 1,239 | 1,209 | 1,234 | 1,253 | |||||||||||||||
|
Other
|
621 | 615 | 606 | 361 | 436 | |||||||||||||||
|
Total interest, fee and dividend
income
|
68,004 | 67,636 | 68,372 | 69,381 | 73,287 | |||||||||||||||
|
Interest
expense:
|
||||||||||||||||||||
|
Deposits
|
9,532 | 12,002 | 13,123 | 13,839 | 16,371 | |||||||||||||||
|
Short-term
borrowings
|
139 | 142 | 124 | 147 | 382 | |||||||||||||||
|
Long-term
debt
|
5,673 | 5,761 | 5,998 | 6,197 | 6,401 | |||||||||||||||
|
Trust preferred debentures
|
1,036 | 1,049 | 1,076 | 1,086 | 1,200 | |||||||||||||||
|
Total interest expense
|
16,380 | 18,954 | 20,321 | 21,269 | 24,354 | |||||||||||||||
|
Net
interest income
|
51,624 | 48,682 | 48,051 | 48,112 | 48,933 | |||||||||||||||
|
Provision for loan and lease
losses
|
8,641 | 9,101 | 9,199 | 6,451 | 7,721 | |||||||||||||||
|
Net interest income after provision for loan and
lease losses
|
42,983 | 39,581 | 38,852 | 41,661 | 41,212 | |||||||||||||||
|
Noninterest
income:
|
||||||||||||||||||||
|
Trust
|
1,881 | 1,668 | 1,761 | 1,409 | 1,685 | |||||||||||||||
|
Service
charges on deposit accounts
|
6,808 | 7,110 | 6,950 | 6,297 | 7,266 | |||||||||||||||
|
ATM
and debit card fees
|
2,346 | 2,443 | 2,368 | 2,182 | 2,176 | |||||||||||||||
|
Insurance
and broker/dealer revenue
|
3,799 | 4,368 | 4,220 | 5,338 | 3,915 | |||||||||||||||
|
Net
securities (losses)/gains
|
(2 | ) | 129 | 17 | - | (8 | ) | |||||||||||||
|
Bank
owned life insurance income
|
910 | 683 | 670 | 872 | 2,484 | |||||||||||||||
|
Retirement
plan administration fees
|
2,739 | 2,412 | 2,194 | 1,741 | 1,468 | |||||||||||||||
|
Other
|
1,365 | 2,037 | 1,665 | 1,751 | 1,244 | |||||||||||||||
|
Total noninterest income
|
19,846 | 20,850 | 19,845 | 19,590 | 20,230 | |||||||||||||||
|
Noninterest
expense:
|
||||||||||||||||||||
|
Salaries
and employee benefits
|
22,919 | 21,272 | 19,947 | 21,427 | 20,633 | |||||||||||||||
|
Office
supplies and postage
|
1,472 | 1,426 | 1,429 | 1,530 | 1,354 | |||||||||||||||
|
Occupancy
|
3,608 | 3,481 | 3,610 | 4,165 | 3,385 | |||||||||||||||
|
Equipment
|
2,115 | 1,997 | 2,005 | 2,022 | 1,944 | |||||||||||||||
|
Professional
fees and outside services
|
2,688 | 2,691 | 2,407 | 2,722 | 2,651 | |||||||||||||||
|
Data
processing and communications
|
3,314 | 3,305 | 3,324 | 3,295 | 3,254 | |||||||||||||||
|
Amortization
of intangible assets
|
781 | 827 | 825 | 813 | 874 | |||||||||||||||
|
Loan
collection and other real estate owned
|
589 | 755 | 674 | 748 | 692 | |||||||||||||||
|
FDIC
expenses
|
1,312 | 1,535 | 4,032 | 1,529 | 827 | |||||||||||||||
|
Other operating
|
6,492 | 3,743 | 3,686 | 4,054 | 4,684 | |||||||||||||||
|
Total noninterest expense
|
45,290 | 41,032 | 41,939 | 42,305 | 40,298 | |||||||||||||||
|
Income
before income taxes
|
17,539 | 19,399 | 16,758 | 18,946 | 21,144 | |||||||||||||||
|
Income taxes
|
3,738 | 5,821 | 5,198 | 5,874 | 6,247 | |||||||||||||||
|
Net income
|
$ | 13,801 | $ | 13,578 | $ | 11,560 | $ | 13,072 | $ | 14,897 | ||||||||||
|
Earnings
per share:
|
||||||||||||||||||||
|
Basic
|
$ | 0.40 | $ | 0.40 | $ | 0.34 | $ | 0.40 | $ | 0.46 | ||||||||||
|
Diluted
|
$ | 0.40 | $ | 0.40 | $ | 0.34 | $ | 0.40 | $ | 0.45 | ||||||||||
Page 11 of
14
Three
months ended December 31,
|
2009
|
2008
|
|||||||||||||||||||||||
|
Average
|
Yield/
|
Average
|
Yield/
|
|||||||||||||||||||||
|
(dollars in thousands)
|
Balance
|
Interest
|
Rates
|
Balance
|
Interest
|
Rates
|
||||||||||||||||||
|
ASSETS
|
||||||||||||||||||||||||
|
Short-term
interest bearing accounts
|
$ | 122,104 | $ | 87 | 0.28 | % | $ | 17,151 | $ | 41 | 0.95 | % | ||||||||||||
|
Securities
available for sale (1)(excluding unrealized gains or
losses)
|
1,124,877 | 11,552 | 4.07 | % | 1,117,469 | 14,152 | 5.04 | % | ||||||||||||||||
|
Securities
held to maturity (1)
|
165,108 | 1,832 | 4.40 | % | 140,141 | 1,886 | 5.35 | % | ||||||||||||||||
|
Investment
in FRB and FHLB Banks
|
37,091 | 533 | 5.70 | % | 39,751 | 395 | 3.95 | % | ||||||||||||||||
|
Loans
and leases (2)
|
3,628,244 | 55,551 | 6.07 | % | 3,634,346 | 58,381 | 6.39 | % | ||||||||||||||||
|
Total
interest earning assets
|
$ | 5,077,424 | $ | 69,555 | 5.43 | % | $ | 4,948,858 | $ | 74,855 | 6.02 | % | ||||||||||||
|
Trading
securities
|
2,312 | 1,855 | ||||||||||||||||||||||
|
Other
assets
|
419,537 | 398,896 | ||||||||||||||||||||||
|
Total
assets
|
$ | 5,499,273 | $ | 5,349,609 | ||||||||||||||||||||
|
LIABILITIES
AND STOCKHOLDERS' EQUITY
|
||||||||||||||||||||||||
|
Money
market deposit accounts
|
$ | 1,067,763 | $ | 2,359 | 0.88 | % | $ | 904,052 | $ | 3,649 | 1.61 | % | ||||||||||||
|
NOW
deposit accounts
|
688,376 | 831 | 0.48 | % | 546,418 | 1,191 | 0.87 | % | ||||||||||||||||
|
Savings
deposits
|
505,131 | 195 | 0.15 | % | 462,319 | 382 | 0.33 | % | ||||||||||||||||
|
Time
deposits
|
1,091,609 | 6,147 | 2.23 | % | 1,355,103 | 11,149 | 3.27 | % | ||||||||||||||||
|
Total
interest bearing deposits
|
$ | 3,352,879 | $ | 9,532 | 1.13 | % | $ | 3,267,893 | $ | 16,371 | 1.99 | % | ||||||||||||
|
Short-term
borrowings
|
159,050 | 139 | 0.35 | % | 181,032 | 382 | 0.84 | % | ||||||||||||||||
|
Trust
preferred debentures
|
75,422 | 1,036 | 5.45 | % | 75,422 | 1,200 | 6.33 | % | ||||||||||||||||
|
Long-term
debt
|
579,170 | 5,673 | 3.89 | % | 633,445 | 6,401 | 4.02 | % | ||||||||||||||||
|
Total
interest bearing liabilities
|
$ | 4,166,521 | $ | 16,380 | 1.56 | % | $ | 4,157,792 | $ | 24,354 | 2.33 | % | ||||||||||||
|
Demand
deposits
|
748,451 | 695,696 | ||||||||||||||||||||||
|
Other
liabilities
|
83,076 | 69,203 | ||||||||||||||||||||||
|
Stockholders'
equity
|
501,225 | 426,918 | ||||||||||||||||||||||
|
Total
liabilities and stockholders' equity
|
$ | 5,499,273 | $ | 5,349,609 | ||||||||||||||||||||
|
Net
interest income (FTE)
|
53,175 | 50,501 | ||||||||||||||||||||||
|
Interest
rate spread
|
3.87 | % | 3.69 | % | ||||||||||||||||||||
|
Net
interest margin
|
4.15 | % | 4.06 | % | ||||||||||||||||||||
|
Taxable
equivalent adjustment
|
1,551 | 1,568 | ||||||||||||||||||||||
|
Net
interest income
|
$ | 51,624 | $ | 48,933 | ||||||||||||||||||||
(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
Year
ended December 31,
|
2009
|
2008
|
|||||||||||||||||||||||
|
Average
|
Yield/
|
Average
|
Yield/
|
|||||||||||||||||||||
|
(dollars in thousands)
|
Balance
|
Interest
|
Rates
|
Balance
|
Interest
|
Rates
|
||||||||||||||||||
|
ASSETS
|
||||||||||||||||||||||||
|
Short-term
interest bearing accounts
|
$ | 88,012 | $ | 238 | 0.27 | % | $ | 9,190 | $ | 186 | 2.03 | % | ||||||||||||
|
Securities
available for sale (1)(excluding unrealized gains or
losses)
|
1,095,609 | 48,951 | 4.47 | % | 1,113,810 | 56,841 | 5.10 | % | ||||||||||||||||
|
Securities
held to maturity (1)
|
151,078 | 7,385 | 4.89 | % | 149,775 | 8,430 | 5.63 | % | ||||||||||||||||
|
Investment
in FRB and FHLB Banks
|
37,878 | 1,966 | 5.19 | % | 39,735 | 2,437 | 6.13 | % | ||||||||||||||||
|
Loans
and leases (2)
|
3,641,852 | 221,128 | 6.07 | % | 3,567,299 | 233,016 | 6.53 | % | ||||||||||||||||
|
Total
interest earning assets
|
$ | 5,014,429 | $ | 279,668 | 5.58 | % | $ | 4,879,809 | $ | 300,910 | 6.17 | % | ||||||||||||
|
Trading
securities
|
1,929 | 2,254 | ||||||||||||||||||||||
|
Other
assets
|
412,651 | 382,592 | ||||||||||||||||||||||
|
Total
assets
|
$ | 5,429,009 | $ | 5,264,655 | ||||||||||||||||||||
|
LIABILITIES
AND STOCKHOLDERS' EQUITY
|
||||||||||||||||||||||||
|
Money
market deposit accounts
|
$ | 1,013,514 | $ | 12,165 | 1.20 | % | $ | 778,477 | $ | 14,373 | 1.85 | % | ||||||||||||
|
NOW
deposit accounts
|
600,943 | 3,159 | 0.53 | % | 485,014 | 4,133 | 0.85 | % | ||||||||||||||||
|
Savings
deposits
|
499,079 | 826 | 0.17 | % | 467,572 | 2,161 | 0.46 | % | ||||||||||||||||
|
Time
deposits
|
1,227,199 | 32,346 | 2.64 | % | 1,507,966 | 55,465 | 3.68 | % | ||||||||||||||||
|
Total
interest bearing deposits
|
$ | 3,340,735 | $ | 48,496 | 1.45 | % | $ | 3,239,029 | $ | 76,132 | 2.35 | % | ||||||||||||
|
Short-term
borrowings
|
140,066 | 552 | 0.39 | % | 223,830 | 4,847 | 2.17 | % | ||||||||||||||||
|
Trust
preferred debentures
|
75,422 | 4,247 | 5.63 | % | 75,422 | 4,747 | 6.29 | % | ||||||||||||||||
|
Long-term
debt
|
601,039 | 23,629 | 3.93 | % | 563,460 | 22,642 | 4.02 | % | ||||||||||||||||
|
Total
interest bearing liabilities
|
$ | 4,157,262 | $ | 76,924 | 1.85 | % | $ | 4,101,741 | $ | 108,368 | 2.64 | % | ||||||||||||
|
Demand
deposits
|
718,580 | 682,656 | ||||||||||||||||||||||
|
Other
liabilities
|
75,868 | 68,156 | ||||||||||||||||||||||
|
Stockholders'
equity
|
477,299 | 412,102 | ||||||||||||||||||||||
|
Total
liabilities and stockholders' equity
|
$ | 5,429,009 | $ | 5,264,655 | ||||||||||||||||||||
|
Net
interest income (FTE)
|
202,744 | 192,542 | ||||||||||||||||||||||
|
Interest
rate spread
|
3.73 | % | 3.53 | % | ||||||||||||||||||||
|
Net
interest margin
|
4.04 | % | 3.95 | % | ||||||||||||||||||||
|
Taxable
equivalent adjustment
|
6,275 | 6,496 | ||||||||||||||||||||||
|
Net
interest income
|
$ | 196,469 | $ | 186,046 | ||||||||||||||||||||
(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)
|
At December 31,
|
||||||||
|
(In thousands)
|
2009
|
2008
|
||||||
|
Residential
real estate mortgages
|
$ | 622,898 | $ | 722,723 | ||||
|
Commercial
|
581,870 | 572,059 | ||||||
|
Commercial
real estate
|
718,235 | 669,720 | ||||||
|
Real
estate construction and development
|
76,721 | 67,859 | ||||||
|
Agricultural
and agricultural real estate mortgages
|
122,466 | 113,566 | ||||||
|
Consumer
|
856,956 | 795,123 | ||||||
|
Home
equity
|
603,585 | 627,603 | ||||||
|
Lease
financing
|
62,667 | 83,258 | ||||||
|
Total
loans and leases
|
$ | 3,645,398 | $ | 3,651,911 | ||||
Page
14 of 14