|
|
|
(State or other jurisdiction of incorporation or organization) | (Commission File Number) | (I.R.S. Employer Identification No.) |
Written communications 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))
|
Title of class
|
Trading Symbol
|
Name of exchange on which registered
|
||
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|
|
Item 2.02 |
Results of Operations and Financial Condition
|
Item 9.01 |
Financial Statements and Exhibits.
|
Exhibit No.
|
Description
|
|
Press release of NBT Bancorp Inc. October 26, 2021
|
||
104
|
Cover Page Interactive Data File (embedded within the Inline XBRL document)
|
|
NBT BANCORP INC.
|
|
|
|
|
Date: October 26, 2021
|
By:
|
/s/ Scott A. Kingsley
|
|
|
Scott A. Kingsley
|
|
|
Executive Vice President
|
and Chief Financial Officer
|
FOR IMMEDIATE RELEASE
ATTENTION: FINANCIAL AND BUSINESS EDITORS
|
|
Contact:
|
John H. Watt, Jr., President and CEO
|
Scott A. Kingsley, Executive Vice President and CFO
|
|
NBT Bancorp Inc.
|
|
52 South Broad Street
|
|
Norwich, NY 13815
|
|
607-337-6589
|
Net Income
|
■ Net
income of $37.4 million
■ Diluted
earnings per share of $0.86
|
Net Interest Income / NIM
|
■ Net
interest income on a fully taxable equivalent basis was $78.0 million1
■ Net
interest margin (“NIM”) on a fully taxable equivalent basis was 2.88%1, down 12 basis points (“bps”) from the prior quarter
■ Total
cost of deposits of 0.10%
|
PPNR
|
■ PPNR1
was $47.4 million compared to $49.0 million in the second quarter of 2021 and $49.6 million in the third quarter of 2020
|
Loans and Credit
Quality
|
■ Period
end total loans were $7.6 billion, up 1%, annualized, from December 31, 2020
■ Excluding
$276 million and $431 million of PPP loans at September 30, 2021 and December 31, 2020, respectively, period end loans increased $222 million or 3% from December 31, 2020
■ Allowance
for loan losses to total loans of 1.23% (1.28% excluding PPP loans and related allowance), down 8 bps from the second quarter 2021 (down 10 bps excluding PPP loans and related allowance)
■ Net
charge-offs to average loans was 0.11%, annualized (0.12% excluding PPP loans)
■ Nonperforming
loans to total loans was 0.51% (0.53% excluding PPP loans), down from 0.57% in the prior quarter
|
Capital
|
■ Tangible
book value per share2 grew 2% for the quarter and 10% from prior year to $21.95 at September 30, 2021
■ Tangible
equity to assets of 8.13%1
■ CET1
ratio of 12.20%; Leverage ratio of 9.47%
|
■ |
Period end total loans were $7.6 billion at September 30, 2021 and $7.5 billion at December 31, 2020.
|
■ |
Excluding PPP loans, period end loans increased $222 million from December 31, 2020. Commercial and industrial loans increased $15.0 million to $1.5 billion; commercial real estate
loans increased $123.9 million to $2.3 billion; and total consumer loans increased $83.3 million to $3.5 billion.
|
■ |
Total PPP loans as of September 30, 2021 were $276 million (net of unamortized fees). The following activity
occurred during the third quarter of 2021:
|
o |
$84.7 million of loans forgiven
|
o |
$2.9 million of interest and fees recognized into interest income compared to $4.7 million for the second quarter of 2021
|
■ |
Commercial line of credit utilization rate was 21% at September 30, 2021 compared to 22% at June 30, 2021 and compared to 25% at September 30, 2020.
|
■ |
Average total deposits in the third quarter of 2021 were $10.0 billion, compared to $9.9 billion in the second quarter of 2021, driven by increases in non-interest bearing demand
deposit accounts and savings deposit accounts, partly offset by the decrease in money market deposit accounts and time deposits accounts.
|
■ |
Loan to deposit ratio was 74.2% at September 30, 2021, compared to 82.6% at December 31, 2020.
|
■ |
Net interest income for the third quarter of 2021 was $77.7 million, which was down $1.5 million or 1.9% from the second quarter of 2021 and down $0.3 million or 0.3% from the third
quarter of 2020.
|
o |
Excess liquidity resulted in a $40.0 million increase in the average balances of short-term interest bearing accounts with a yield of 0.16%.
|
o |
The average balance of investment securities increased $112.8 million while yields declined 11 bps.
|
o |
Loan yields decreased 12 bps to 3.84% for the quarter. Excluding PPP loans, yields decreased 10 bps from the prior quarter.
|
■ |
Total cost of deposits was 0.10% for the third quarter of 2021, down 2 bps from the prior quarter and down 9 bps from the same period in the prior year.
|
■ |
The cost of interest-bearing liabilities for the three months ended September 30, 2021 was 0.27%, down 2 bps compared to the prior quarter of 0.29% and down 18 bps from the third
quarter of 2020 of 0.45%.
|
■ |
Nonperforming assets to total assets was 0.33% (0.34% excluding PPP loans) compared to 0.38% (0.39% excluding PPP loans) at June 30, 2021 and 0.37% (0.39% excluding PPP loans) at
September 30, 2020.
|
■ |
Provision expense for the three months ended September 30, 2021 was a net benefit of $3.3 million with net charge-offs of $2.2 million. The net provision benefit was $1.9 million less
than the second quarter of 2021 compared to provision expense of $3.3 million in the third quarter of 2020. The increase in net provision benefit from the third quarter of 2020 was primarily due to the impacts of an improved economic forecast
on the required level of allowance for loan losses.
|
■ |
The allowance for loan losses was $93.0 million or 1.23% (1.28% excluding PPP loans and related allowance) of total loans compared to 1.31% (1.38% excluding PPP loans and related
allowance) at June 30, 2021 and 1.51% (1.62% excluding PPP loans and related allowance) at September 30, 2020. The decrease in the level of allowance for credit losses was primarily due to the positive impact the forecasted improving economic
conditions had on expected credit losses.
|
■ |
The reserve for unfunded loan commitments decreased to $5.3 million at September 30, 2021 compared to the prior quarter at $5.8 million.
|
■ |
Total noninterest income, excluding securities gains (losses), was $40.4 million for the three months ended September 30, 2021, up $1.3 million from the prior quarter and up $2.8
million from the prior year quarter.
|
■ |
Service charges on deposit accounts were higher than the prior quarter and the third quarter of 2020, but still significantly below pre-pandemic levels.
|
■ |
ATM and debit card fees were comparable to the prior quarter and higher than the third quarter of 2020 due to increased volume and higher per transaction rates.
|
■ |
Retirement plan administration fees were higher than the prior quarter and higher than the third quarter of 2020 driven by market performance and organic growth in relationships.
|
■ |
Wealth management fees were higher than both the prior quarter and third quarter of 2020 driven by market performance and additional new customers.
|
■ |
Other noninterest income decreased from the prior quarter due to lower swap fee income and decreased from the third quarter of 2020 driven by lower mortgage banking income.
|
■ |
Total noninterest expense for the third quarter of 2021 was up 2.0% from the previous quarter and up 9.9% from the third quarter of 2020.
|
■ |
Salaries and benefits increased from the prior quarter and the third quarter of 2020 due to one additional day of payroll in the third quarter, increased medical expenses and higher
incentive compensation accruals.
|
■ |
Data processing and communications decreased from the prior quarter driven by lower expenses related to processing of PPP loans and was comparable to the third quarter of 2020.
|
■ |
Equipment expense was comparable to the prior quarter and higher than the third quarter of 2020 due to higher technology costs associated with several digital upgrades.
|
■ |
The effective tax rate was 22.8% for the third quarter of 2021 compared to 22.9% for the second quarter of 2021 and 23.8% for the third quarter of 2020. The lower effective tax rate
compared to the third quarter of 2020 was due to the change in the level of taxable income to bring the nine months ended September 30, 2020 estimated effective tax rate to 21.75%.
|
■ |
Capital ratios remain strong with tangible common equity to tangible assets1 at 8.13%. Tangible book value per share2 grew 2% from the prior quarter and 10% from
the prior year quarter to $21.95.
|
■ |
September 30, 2021 CET1 capital ratio of 12.20%, leverage ratio of 9.47% and total risk-based capital ratio of 15.74%.
|
■ |
The Board of Directors approved a fourth-quarter cash dividend of $0.28 per share at a meeting held yesterday, an increase of 3.7% from the amount paid in the fourth quarter of 2020.
The dividend will be paid on December 15, 2021 to shareholders of record as of December 1, 2021.
|
■ |
The Company purchased 119,342 shares of common stock during the third quarter of 2021 at a weighted average price of $35.30 excluding commissions. As of September 30, 2021, there were
1,600,000 shares available for repurchase under this plan, which expires on December 31, 2021.
|
NBT Bancorp Inc. and Subsidiaries
|
||||||||||||||||||||
Selected Financial Data
|
||||||||||||||||||||
(unaudited, dollars in thousands except per share data)
|
||||||||||||||||||||
2021
|
2020
|
|||||||||||||||||||
3rd Q
|
2nd Q
|
1st Q
|
4th Q
|
3rd Q
|
||||||||||||||||
Profitability:
|
||||||||||||||||||||
Diluted earnings per share
|
$
|
0.86
|
$
|
0.92
|
$
|
0.91
|
$
|
0.78
|
$
|
0.80
|
||||||||||
Weighted average diluted common shares outstanding
|
43,631,497
|
43,792,940
|
43,889,889
|
43,973,971
|
43,941,953
|
|||||||||||||||
Return on average assets3
|
1.26
|
%
|
1.39
|
%
|
1.46
|
%
|
1.24
|
%
|
1.29
|
%
|
||||||||||
Return on average equity3
|
12.04
|
%
|
13.42
|
%
|
13.57
|
%
|
11.59
|
%
|
12.09
|
%
|
||||||||||
Return on average tangible common equity1 3
|
15.97
|
%
|
17.93
|
%
|
18.24
|
%
|
15.71
|
%
|
16.51
|
%
|
||||||||||
Net interest margin1 3
|
2.88
|
%
|
3.00
|
%
|
3.17
|
%
|
3.20
|
%
|
3.17
|
%
|
||||||||||
9 Months Ended September 30,
|
||||||||||||||||||||
2021
|
2020
|
|||||||||||||||||||
Profitability:
|
||||||||||||||||||||
Diluted earnings per share
|
$
|
2.69
|
$
|
1.60
|
||||||||||||||||
Weighted average diluted common shares outstanding
|
43,768,647
|
43,996,637
|
||||||||||||||||||
Return on average assets3
|
1.37
|
%
|
0.90
|
%
|
||||||||||||||||
Return on average equity3
|
13.00
|
%
|
8.23
|
%
|
||||||||||||||||
Return on average tangible common equity1 3
|
17.35
|
%
|
11.36
|
%
|
||||||||||||||||
Net interest margin1 3
|
3.01
|
%
|
3.35
|
%
|
||||||||||||||||
2021
|
2020
|
|||||||||||||||||||
3rd Q
|
2nd Q
|
1st Q
|
4th Q
|
3rd Q
|
||||||||||||||||
Balance sheet data:
|
||||||||||||||||||||
Short-term interest bearing accounts
|
$
|
1,131,074
|
$
|
883,758
|
$
|
972,195
|
$
|
512,686
|
$
|
450,291
|
||||||||||
Securities available for sale
|
1,576,030
|
1,534,733
|
1,387,028
|
1,348,698
|
1,197,925
|
|||||||||||||||
Securities held to maturity
|
683,103
|
622,351
|
592,999
|
616,560
|
663,088
|
|||||||||||||||
Net loans
|
7,473,442
|
7,419,127
|
7,528,459
|
7,388,885
|
7,446,143
|
|||||||||||||||
Total assets
|
11,994,411
|
11,574,947
|
11,537,253
|
10,932,906
|
10,850,212
|
|||||||||||||||
Total deposits
|
10,195,178
|
9,785,257
|
9,815,930
|
9,081,692
|
8,958,183
|
|||||||||||||||
Total borrowings
|
313,311
|
304,110
|
308,766
|
406,731
|
446,737
|
|||||||||||||||
Total liabilities
|
10,752,954
|
10,349,891
|
10,346,272
|
9,745,288
|
9,684,101
|
|||||||||||||||
Stockholders’ equity
|
1,241,457
|
1,225,056
|
1,190,981
|
1,187,618
|
1,166,111
|
|||||||||||||||
Capital:
|
||||||||||||||||||||
Equity to assets
|
10.35
|
%
|
10.58
|
%
|
10.32
|
%
|
10.86
|
%
|
10.75
|
%
|
||||||||||
Tangible equity ratio1
|
8.13
|
%
|
8.28
|
%
|
8.00
|
%
|
8.41
|
%
|
8.27
|
%
|
||||||||||
Book value per share
|
$
|
28.65
|
$
|
28.19
|
$
|
27.43
|
$
|
27.22
|
$
|
26.74
|
||||||||||
Tangible book value per share2
|
$
|
21.95
|
$
|
21.50
|
$
|
20.71
|
$
|
20.52
|
$
|
20.02
|
||||||||||
Leverage ratio
|
9.47
|
%
|
9.40
|
%
|
9.60
|
%
|
9.56
|
%
|
9.48
|
%
|
||||||||||
Common equity tier 1 capital ratio
|
12.20
|
%
|
12.12
|
%
|
12.13
|
%
|
11.84
|
%
|
11.63
|
%
|
||||||||||
Tier 1 capital ratio
|
13.39
|
%
|
13.34
|
%
|
13.38
|
%
|
13.09
|
%
|
12.88
|
%
|
||||||||||
Total risk-based capital ratio
|
15.74
|
%
|
15.78
|
%
|
15.92
|
%
|
15.62
|
%
|
15.43
|
%
|
||||||||||
Common stock price (end of period)
|
$
|
36.12
|
$
|
35.97
|
$
|
39.90
|
$
|
32.10
|
$
|
26.82
|
NBT Bancorp Inc. and Subsidiaries
|
||||||||||||||||||||
Asset Quality and Consolidated Loan Balances
|
||||||||||||||||||||
(unaudited, dollars in thousands)
|
||||||||||||||||||||
2021
|
2020
|
|||||||||||||||||||
3rd Q
|
2nd Q
|
1st Q
|
4th Q
|
3rd Q
|
||||||||||||||||
Asset quality:
|
||||||||||||||||||||
Nonaccrual loans
|
$
|
35,737
|
$
|
40,550
|
$
|
43,399
|
$
|
44,647
|
$
|
35,896
|
||||||||||
90 days past due and still accruing
|
2,940
|
2,575
|
2,155
|
3,149
|
2,579
|
|||||||||||||||
Total nonperforming loans
|
38,677
|
43,125
|
45,554
|
47,796
|
38,475
|
|||||||||||||||
Other real estate owned
|
859
|
798
|
1,318
|
1,458
|
1,605
|
|||||||||||||||
Total nonperforming assets
|
39,536
|
43,923
|
46,872
|
49,254
|
40,080
|
|||||||||||||||
Allowance for loan losses
|
93,000
|
98,500
|
105,000
|
110,000
|
114,500
|
|||||||||||||||
Asset quality ratios (total):
|
||||||||||||||||||||
Allowance for loan losses to total loans
|
1.23
|
%
|
1.31
|
%
|
1.38
|
%
|
1.47
|
%
|
1.51
|
%
|
||||||||||
Total nonperforming loans to total loans
|
0.51
|
%
|
0.57
|
%
|
0.60
|
%
|
0.64
|
%
|
0.51
|
%
|
||||||||||
Total nonperforming assets to total assets
|
0.33
|
%
|
0.38
|
%
|
0.41
|
%
|
0.45
|
%
|
0.37
|
%
|
||||||||||
Allowance for loan losses to total nonperforming loans
|
240.45
|
%
|
228.41
|
%
|
230.50
|
%
|
230.14
|
%
|
297.60
|
%
|
||||||||||
Past due loans to total loans4
|
0.46
|
%
|
0.26
|
%
|
0.22
|
%
|
0.37
|
%
|
0.26
|
%
|
||||||||||
Net charge-offs to average loans3
|
0.11
|
%
|
0.07
|
%
|
0.12
|
%
|
0.21
|
%
|
0.12
|
%
|
||||||||||
Asset quality ratios (excluding paycheck protection program):
|
||||||||||||||||||||
Allowance for loan losses to total loans
|
1.28
|
%
|
1.38
|
%
|
1.48
|
%
|
1.56
|
%
|
1.62
|
%
|
||||||||||
Total nonperforming loans to total loans
|
0.53
|
%
|
0.60
|
%
|
0.64
|
%
|
0.68
|
%
|
0.55
|
%
|
||||||||||
Total nonperforming assets to total assets
|
0.34
|
%
|
0.39
|
%
|
0.43
|
%
|
0.47
|
%
|
0.39
|
%
|
||||||||||
Allowance for loan losses to total nonperforming loans
|
240.42
|
%
|
228.36
|
%
|
230.44
|
%
|
230.10
|
%
|
297.53
|
%
|
||||||||||
Past due loans to total loans4
|
0.48
|
%
|
0.27
|
%
|
0.23
|
%
|
0.39
|
%
|
0.28
|
%
|
||||||||||
Net charge-offs to average loans3
|
0.12
|
%
|
0.07
|
%
|
0.13
|
%
|
0.22
|
%
|
0.13
|
%
|
||||||||||
2021
|
2020
|
|||||||||||||||||||
3rd Q
|
2nd Q
|
1st Q
|
4th Q
|
3rd Q
|
||||||||||||||||
Allowance for loan losses as a percentage of loans by segment:
|
||||||||||||||||||||
Commercial & industrial
|
0.83
|
%
|
1.11
|
%
|
1.20
|
%
|
1.34
|
%
|
1.34
|
%
|
||||||||||
Commercial real estate
|
0.93
|
%
|
1.26
|
%
|
1.48
|
%
|
1.49
|
%
|
1.57
|
%
|
||||||||||
Paycheck protection program
|
0.01
|
%
|
0.01
|
%
|
0.01
|
%
|
0.01
|
%
|
0.01
|
%
|
||||||||||
Residential real estate
|
0.93
|
%
|
0.98
|
%
|
1.03
|
%
|
1.07
|
%
|
1.21
|
%
|
||||||||||
Auto
|
0.78
|
%
|
0.76
|
%
|
0.78
|
%
|
0.93
|
%
|
0.92
|
%
|
||||||||||
Other consumer
|
4.57
|
%
|
4.27
|
%
|
4.34
|
%
|
4.55
|
%
|
4.66
|
%
|
||||||||||
Total
|
1.23
|
%
|
1.31
|
%
|
1.38
|
%
|
1.47
|
%
|
1.51
|
%
|
||||||||||
Total excluding PPP loans
|
1.28
|
%
|
1.38
|
%
|
1.48
|
%
|
1.56
|
%
|
1.62
|
%
|
||||||||||
2021
|
2020
|
|||||||||||||||||||
Loans by line of business:
|
3rd Q
|
2nd Q
|
1st Q
|
4th Q
|
3rd Q
|
|||||||||||||||
Commercial
|
$
|
1,466,597
|
$
|
1,479,258
|
$
|
1,466,841
|
$
|
1,451,560
|
$
|
1,458,053
|
||||||||||
Commercial real estate
|
2,320,341
|
2,265,754
|
2,242,289
|
2,196,477
|
2,121,198
|
|||||||||||||||
Paycheck protection program
|
276,195
|
359,738
|
536,494
|
430,810
|
514,558
|
|||||||||||||||
Residential real estate mortgages
|
1,549,684
|
1,512,354
|
1,478,216
|
1,466,662
|
1,448,530
|
|||||||||||||||
Indirect auto
|
873,860
|
899,324
|
913,083
|
931,286
|
989,369
|
|||||||||||||||
Specialty lending
|
692,919
|
602,585
|
577,509
|
579,644
|
566,973
|
|||||||||||||||
Home equity
|
339,316
|
351,469
|
369,633
|
387,974
|
404,346
|
|||||||||||||||
Other consumer
|
47,530
|
47,145
|
49,394
|
54,472
|
57,616
|
|||||||||||||||
Total loans
|
$
|
7,566,442
|
$
|
7,517,627
|
$
|
7,633,459
|
$
|
7,498,885
|
$
|
7,560,643
|
||||||||||
PPP unamortized fees (dollars in millions)
|
$
|
10.5
|
$
|
12.6
|
$
|
14.2
|
$
|
6.9
|
$
|
11.3
|
NBT Bancorp Inc. and Subsidiaries
|
|||||||
Consolidated Balance Sheets
|
|||||||
(unaudited, dollars in thousands)
|
|||||||
September 30,
|
December 31,
|
||||||
Assets
|
2021
|
2020
|
|||||
Cash and due from banks
|
$
|
215,032
|
$
|
159,995
|
|||
Short-term interest bearing accounts
|
1,131,074
|
512,686
|
|||||
Equity securities, at fair value
|
33,013
|
30,737
|
|||||
Securities available for sale, at fair value
|
1,576,030
|
1,348,698
|
|||||
Securities held to maturity (fair value $689,129 and $636,827, respectively)
|
683,103
|
616,560
|
|||||
Federal Reserve and Federal Home Loan Bank stock
|
25,161
|
27,353
|
|||||
Loans held for sale
|
1,024
|
1,119
|
|||||
Loans
|
7,566,442
|
7,498,885
|
|||||
Less allowance for loan losses
|
93,000
|
110,000
|
|||||
Net loans
|
$
|
7,473,442
|
$
|
7,388,885
|
|||
Premises and equipment, net
|
71,928
|
74,206
|
|||||
Goodwill
|
280,541
|
280,541
|
|||||
Intangible assets, net
|
9,578
|
11,735
|
|||||
Bank owned life insurance
|
227,451
|
186,434
|
|||||
Other assets
|
267,034
|
293,957
|
|||||
Total assets
|
$
|
11,994,411
|
$
|
10,932,906
|
|||
Liabilities and stockholders’ equity
|
|||||||
Demand (noninterest bearing)
|
$
|
3,748,162
|
$
|
3,241,123
|
|||
Savings, NOW and money market
|
5,894,743
|
5,207,090
|
|||||
Time
|
552,273
|
633,479
|
|||||
Total deposits
|
$
|
10,195,178
|
$
|
9,081,692
|
|||
Short-term borrowings
|
99,715
|
168,386
|
|||||
Long-term debt
|
14,020
|
39,097
|
|||||
Subordinated debt, net
|
98,380
|
98,052
|
|||||
Junior subordinated debt
|
101,196
|
101,196
|
|||||
Other liabilities
|
244,465
|
256,865
|
|||||
Total liabilities
|
$
|
10,752,954
|
$
|
9,745,288
|
|||
Total stockholders’ equity
|
$
|
1,241,457
|
$
|
1,187,618
|
|||
Total liabilities and stockholders’ equity
|
$
|
11,994,411
|
$
|
10,932,906
|
NBT Bancorp Inc. and Subsidiaries
|
|||||||||||||||
Consolidated Statements of Income
|
|||||||||||||||
(unaudited, dollars in thousands except per share data)
|
|||||||||||||||
Three Months Ended
September 30, |
Nine Months Ended
September 30, |
||||||||||||||
2021
|
2020
|
2021
|
2020
|
||||||||||||
Interest, fee and dividend income
|
|||||||||||||||
Interest and fees on loans
|
$
|
72,817
|
$
|
74,998
|
$
|
222,705
|
$
|
230,996
|
|||||||
Securities available for sale
|
5,898
|
5,603
|
17,204
|
16,956
|
|||||||||||
Securities held to maturity
|
2,976
|
3,734
|
9,454
|
11,751
|
|||||||||||
Other
|
524
|
659
|
1,206
|
2,138
|
|||||||||||
Total interest, fee and dividend income
|
$
|
82,215
|
$
|
84,994
|
$
|
250,569
|
$
|
261,841
|
|||||||
Interest expense
|
|||||||||||||||
Deposits
|
$
|
2,548
|
$
|
4,267
|
$
|
8,582
|
$
|
18,183
|
|||||||
Short-term borrowings
|
28
|
446
|
130
|
3,215
|
|||||||||||
Long-term debt
|
89
|
398
|
301
|
1,184
|
|||||||||||
Subordinated debt
|
1,359
|
1,375
|
4,077
|
1,503
|
|||||||||||
Junior subordinated debt
|
517
|
565
|
1,572
|
2,186
|
|||||||||||
Total interest expense
|
$
|
4,541
|
$
|
7,051
|
$
|
14,662
|
$
|
26,271
|
|||||||
Net interest income
|
$
|
77,674
|
$
|
77,943
|
$
|
235,907
|
$
|
235,570
|
|||||||
Provision for loan losses
|
(3,342
|
)
|
3,261
|
(11,354
|
)
|
51,741
|
|||||||||
Net interest income after provision for loan losses
|
$
|
81,016
|
$
|
74,682
|
$
|
247,261
|
$
|
183,829
|
|||||||
Noninterest income
|
|||||||||||||||
Service charges on deposit accounts
|
$
|
3,489
|
$
|
3,087
|
$
|
9,544
|
$
|
9,613
|
|||||||
ATM and debit card fees
|
8,172
|
7,194
|
23,343
|
19,184
|
|||||||||||
Retirement plan administration fees
|
10,495
|
9,685
|
30,372
|
26,840
|
|||||||||||
Wealth management fees
|
8,783
|
7,695
|
25,099
|
21,791
|
|||||||||||
Insurance services
|
3,720
|
3,742
|
10,689
|
11,303
|
|||||||||||
Bank owned life insurance income
|
1,548
|
1,255
|
4,588
|
4,010
|
|||||||||||
Net securities (losses) gains
|
(100
|
)
|
84
|
568
|
(548
|
||||||||||
Other
|
4,222
|
4,985
|
12,480
|
15,968
|
|||||||||||
Total noninterest income
|
$
|
40,329
|
$
|
37,727
|
$
|
116,683
|
$
|
108,161
|
|||||||
Noninterest expense
|
|||||||||||||||
Salaries and employee benefits
|
$
|
44,190
|
$
|
40,451
|
$
|
128,462
|
$
|
120,918
|
|||||||
Occupancy
|
5,117
|
5,294
|
16,281
|
16,354
|
|||||||||||
Data processing and communications
|
3,881
|
4,058
|
13,039
|
12,370
|
|||||||||||
Professional fees and outside services
|
3,784
|
3,394
|
11,403
|
10,694
|
|||||||||||
Equipment
|
5,577
|
5,073
|
16,247
|
14,494
|
|||||||||||
Office supplies and postage
|
1,364
|
1,530
|
4,478
|
4,621
|
|||||||||||
FDIC expense
|
772
|
645
|
2,243
|
1,949
|
|||||||||||
Advertising
|
583
|
530
|
1,502
|
1,461
|
|||||||||||
Amortization of intangible assets
|
663
|
856
|
2,157
|
2,573
|
|||||||||||
Loan collection and other real estate owned, net
|
706
|
620
|
1,959
|
2,365
|
|||||||||||
Other
|
6,232
|
3,857
|
14,405
|
14,730
|
|||||||||||
Total noninterest expense
|
$
|
72,869
|
$
|
66,308
|
$
|
212,176
|
$
|
202,529
|
|||||||
Income before income tax expense
|
$
|
48,476
|
$
|
46,101
|
$
|
151,768
|
$
|
89,461
|
|||||||
Income tax expense
|
11,043
|
10,988
|
34,193
|
19,267
|
|||||||||||
Net income
|
$
|
37,433
|
$
|
35,113
|
$
|
117,575
|
$
|
70,194
|
|||||||
Earnings Per Share
|
|||||||||||||||
Basic
|
$
|
0.86
|
$
|
0.80
|
$
|
2.71
|
$
|
1.61
|
|||||||
Diluted
|
$
|
0.86
|
$
|
0.80
|
$
|
2.69
|
$
|
1.60
|
NBT Bancorp Inc. and Subsidiaries
|
|||||||||||||||||||
Quarterly Consolidated Statements of Income
|
|||||||||||||||||||
(unaudited, dollars in thousands except per share data)
|
|||||||||||||||||||
2021
|
2020
|
||||||||||||||||||
3rd Q
|
2nd Q
|
1st Q
|
4th Q
|
3rd Q
|
|||||||||||||||
Interest, fee and dividend income
|
|||||||||||||||||||
Interest and fees on loans
|
$
|
72,817
|
$
|
74,795
|
$
|
75,093
|
$
|
76,863
|
$
|
74,998
|
|||||||||
Securities available for sale
|
5,898
|
5,762
|
5,544
|
5,478
|
5,603
|
||||||||||||||
Securities held to maturity
|
2,976
|
3,096
|
3,382
|
3,532
|
3,734
|
||||||||||||||
Other
|
524
|
391
|
291
|
568
|
659
|
||||||||||||||
Total interest, fee and dividend income
|
$
|
82,215
|
$
|
84,044
|
$
|
84,310
|
$
|
86,441
|
$
|
84,994
|
|||||||||
Interest expense
|
|||||||||||||||||||
Deposits
|
$
|
2,548
|
$
|
2,862
|
$
|
3,172
|
$
|
3,887
|
$
|
4,267
|
|||||||||
Short-term borrowings
|
28
|
32
|
70
|
193
|
446
|
||||||||||||||
Long-term debt
|
89
|
88
|
124
|
369
|
398
|
||||||||||||||
Subordinated debt
|
1,359
|
1,359
|
1,359
|
1,339
|
1,375
|
||||||||||||||
Junior subordinated debt
|
517
|
525
|
530
|
545
|
565
|
||||||||||||||
Total interest expense
|
$
|
4,541
|
$
|
4,866
|
$
|
5,255
|
$
|
6,333
|
$
|
7,051
|
|||||||||
Net interest income
|
$
|
77,674
|
$
|
79,178
|
$
|
79,055
|
$
|
80,108
|
$
|
77,943
|
|||||||||
Provision for loan losses
|
(3,342
|
)
|
(5,216
|
)
|
(2,796
|
)
|
(607
|
)
|
3,261
|
||||||||||
Net interest income after provision for loan losses
|
$
|
81,016
|
$
|
84,394
|
$
|
81,851
|
$
|
80,715
|
$
|
74,682
|
|||||||||
Noninterest income
|
|||||||||||||||||||
Service charges on deposit accounts
|
$
|
3,489
|
$
|
3,028
|
$
|
3,027
|
$
|
3,588
|
$
|
3,087
|
|||||||||
ATM and debit card fees
|
8,172
|
8,309
|
6,862
|
6,776
|
7,194
|
||||||||||||||
Retirement plan administration fees
|
10,495
|
9,779
|
10,098
|
9,011
|
9,685
|
||||||||||||||
Wealth management fees
|
8,783
|
8,406
|
7,910
|
7,456
|
7,695
|
||||||||||||||
Insurance services
|
3,720
|
3,508
|
3,461
|
3,454
|
3,742
|
||||||||||||||
Bank owned life insurance income
|
1,548
|
1,659
|
1,381
|
1,733
|
1,255
|
||||||||||||||
Net securities (losses) gains
|
(100
|
)
|
201
|
467
|
160
|
84
|
|||||||||||||
Other
|
4,222
|
4,426
|
3,832
|
5,937
|
4,985
|
||||||||||||||
Total noninterest income
|
$
|
40,329
|
$
|
39,316
|
$
|
37,038
|
$
|
38,115
|
$
|
37,727
|
|||||||||
Noninterest expense
|
|||||||||||||||||||
Salaries and employee benefits
|
$
|
44,190
|
$
|
42,671
|
$
|
41,601
|
$
|
41,016
|
$
|
40,451
|
|||||||||
Occupancy
|
5,117
|
5,291
|
5,873
|
5,280
|
5,294
|
||||||||||||||
Data processing and communications
|
3,881
|
4,427
|
4,731
|
4,157
|
4,058
|
||||||||||||||
Professional fees and outside services
|
3,784
|
4,030
|
3,589
|
4,388
|
3,394
|
||||||||||||||
Equipment
|
5,577
|
5,493
|
5,177
|
5,395
|
5,073
|
||||||||||||||
Office supplies and postage
|
1,364
|
1,615
|
1,499
|
1,517
|
1,530
|
||||||||||||||
FDIC expense
|
772
|
663
|
808
|
739
|
645
|
||||||||||||||
Advertising
|
583
|
468
|
451
|
827
|
530
|
||||||||||||||
Amortization of intangible assets
|
663
|
682
|
812
|
822
|
856
|
||||||||||||||
Loan collection and other real estate owned, net
|
706
|
663
|
590
|
930
|
620
|
||||||||||||||
Other
|
6,232
|
5,416
|
2,757
|
10,133
|
3,857
|
||||||||||||||
Total noninterest expense
|
$
|
72,869
|
$
|
71,419
|
$
|
67,888
|
$
|
75,204
|
$
|
66,308
|
|||||||||
Income before income tax expense
|
$
|
48,476
|
$
|
52,291
|
$
|
51,001
|
$
|
43,626
|
$
|
46,101
|
|||||||||
Income tax expense
|
11,043
|
11,995
|
11,155
|
9,432
|
10,988
|
||||||||||||||
Net income
|
$
|
37,433
|
$
|
40,296
|
$
|
39,846
|
$
|
34,194
|
$
|
35,113
|
|||||||||
Earnings Per Share
|
|||||||||||||||||||
Basic
|
$
|
0.86
|
$
|
0.93
|
$
|
0.91
|
$
|
0.78
|
$
|
0.80
|
|||||||||
Diluted
|
$
|
0.86
|
$
|
0.92
|
$
|
0.91
|
$
|
0.78
|
$
|
0.80
|
NBT Bancorp Inc. and Subsidiaries
|
||||||||||||||||||||||||||||||||||||||||
Average Quarterly Balance Sheets
|
||||||||||||||||||||||||||||||||||||||||
(unaudited, dollars in thousands)
|
||||||||||||||||||||||||||||||||||||||||
Average Balance
|
Yield /
Rates
|
Average Balance
|
Yield /
Rates
|
Average Balance
|
Yield /
Rates
|
Average Balance
|
Yield /
Rates
|
Average Balance
|
Yield /
Rates
|
|||||||||||||||||||||||||||||||
Q3 - 2021
|
Q2 - 2021
|
Q1 - 2021
|
Q4 - 2020
|
Q3 - 2020
|
||||||||||||||||||||||||||||||||||||
Assets
|
||||||||||||||||||||||||||||||||||||||||
Short-term interest bearing accounts
|
$
|
1,014,120
|
0.16
|
%
|
$
|
974,034
|
0.09
|
%
|
$
|
587,358
|
0.09
|
%
|
$
|
552,529
|
0.11
|
%
|
$
|
477,946
|
0.11
|
%
|
||||||||||||||||||||
Securities available for sale1 5
|
1,513,071
|
1.55
|
%
|
1,453,068
|
1.59
|
%
|
1,346,380
|
1.67
|
%
|
1,230,411
|
1.77
|
%
|
1,137,604
|
1.96
|
%
|
|||||||||||||||||||||||||
Securities held to maturity1 5
|
657,314
|
1.95
|
%
|
604,582
|
2.23
|
%
|
607,407
|
2.43
|
%
|
640,422
|
2.36
|
%
|
621,812
|
2.56
|
%
|
|||||||||||||||||||||||||
Investment in FRB and FHLB Banks
|
25,154
|
1.91
|
%
|
25,115
|
2.67
|
%
|
25,606
|
2.45
|
%
|
28,275
|
5.94
|
%
|
29,720
|
7.08
|
%
|
|||||||||||||||||||||||||
Loans1 6
|
7,517,839
|
3.84
|
%
|
7,574,272
|
3.96
|
%
|
7,574,337
|
4.02
|
%
|
7,533,953
|
4.06
|
%
|
7,559,218
|
3.95
|
%
|
|||||||||||||||||||||||||
Total interest earning assets
|
$
|
10,727,498
|
3.05
|
%
|
$
|
10,631,071
|
3.18
|
%
|
$
|
10,141,088
|
3.38
|
%
|
$
|
9,985,590
|
3.46
|
%
|
$
|
9,826,300
|
3.45
|
%
|
||||||||||||||||||||
Other assets
|
1,019,797
|
971,681
|
960,994
|
954,123
|
967,194
|
|||||||||||||||||||||||||||||||||||
Total assets
|
$
|
11,747,295
|
$
|
11,602,752
|
$
|
11,102,082
|
$
|
10,939,713
|
$
|
10,793,494
|
||||||||||||||||||||||||||||||
Liabilities and stockholders’ equity
|
||||||||||||||||||||||||||||||||||||||||
Money market deposit accounts
|
$
|
2,580,570
|
0.19
|
%
|
$
|
2,605,767
|
0.21
|
%
|
$
|
2,484,120
|
0.23
|
%
|
$
|
2,455,510
|
0.27
|
%
|
$
|
2,364,606
|
0.28
|
%
|
||||||||||||||||||||
NOW deposit accounts
|
1,442,678
|
0.05
|
%
|
1,454,751
|
0.05
|
%
|
1,358,955
|
0.05
|
%
|
1,315,370
|
0.05
|
%
|
1,207,064
|
0.05
|
%
|
|||||||||||||||||||||||||
Savings deposits
|
1,691,539
|
0.05
|
%
|
1,660,722
|
0.05
|
%
|
1,547,983
|
0.05
|
%
|
1,465,562
|
0.05
|
%
|
1,447,021
|
0.05
|
%
|
|||||||||||||||||||||||||
Time deposits
|
565,216
|
0.62
|
%
|
591,147
|
0.75
|
%
|
615,343
|
0.93
|
%
|
645,288
|
1.15
|
%
|
684,708
|
1.31
|
%
|
|||||||||||||||||||||||||
Total interest bearing deposits
|
$
|
6,280,003
|
0.16
|
%
|
$
|
6,312,387
|
0.18
|
%
|
$
|
6,006,401
|
0.21
|
%
|
$
|
5,881,730
|
0.26
|
%
|
$
|
5,703,399
|
0.30
|
%
|
||||||||||||||||||||
Short-term borrowings
|
99,703
|
0.11
|
%
|
95,226
|
0.13
|
%
|
115,182
|
0.25
|
%
|
175,597
|
0.44
|
%
|
277,890
|
0.64
|
%
|
|||||||||||||||||||||||||
Long-term debt
|
14,029
|
2.52
|
%
|
14,053
|
2.51
|
%
|
19,913
|
2.53
|
%
|
59,488
|
2.47
|
%
|
64,137
|
2.47
|
%
|
|||||||||||||||||||||||||
Subordinated debt, net
|
98,311
|
5.48
|
%
|
98,204
|
5.55
|
%
|
98,095
|
5.62
|
%
|
97,984
|
5.44
|
%
|
97,934
|
5.59
|
%
|
|||||||||||||||||||||||||
Junior subordinated debt
|
101,196
|
2.03
|
%
|
101,196
|
2.08
|
%
|
101,196
|
2.12
|
%
|
101,196
|
2.14
|
%
|
101,196
|
2.22
|
%
|
|||||||||||||||||||||||||
Total interest bearing liabilities
|
$
|
6,593,242
|
0.27
|
%
|
$
|
6,621,066
|
0.29
|
%
|
$
|
6,340,787
|
0.34
|
%
|
$
|
6,315,995
|
0.40
|
%
|
$
|
6,244,556
|
0.45
|
%
|
||||||||||||||||||||
Demand deposits
|
3,676,883
|
3,542,176
|
3,319,024
|
3,178,410
|
3,111,617
|
|||||||||||||||||||||||||||||||||||
Other liabilities
|
244,125
|
235,536
|
250,991
|
271,206
|
282,265
|
|||||||||||||||||||||||||||||||||||
Stockholders’ equity
|
1,233,045
|
1,203,974
|
1,191,280
|
1,174,102
|
1,155,056
|
|||||||||||||||||||||||||||||||||||
Total liabilities and stockholders’ equity
|
$
|
11,747,295
|
$
|
11,602,752
|
$
|
11,102,082
|
$
|
10,939,713
|
$
|
10,793,494
|
||||||||||||||||||||||||||||||
Interest rate spread
|
2.78
|
%
|
2.89
|
%
|
3.04
|
%
|
3.06
|
%
|
3.00
|
%
|
||||||||||||||||||||||||||||||
Net interest margin (FTE)1
|
2.88
|
%
|
3.00
|
%
|
3.17
|
%
|
3.20
|
%
|
3.17
|
%
|
NBT Bancorp Inc. and Subsidiaries
|
||||||||||||||||||||||||
Average Year-to-Date Balance Sheets
|
||||||||||||||||||||||||
(unaudited, dollars in thousands)
|
||||||||||||||||||||||||
Average
Balance |
Interest
|
Yield/
Rates |
Average
Balance |
Interest
|
Yield/
Rates |
|||||||||||||||||||
Nine Months Ended September 30,
|
2021
|
2020
|
||||||||||||||||||||||
Assets
|
||||||||||||||||||||||||
Short-term interest bearing accounts
|
$
|
860,067
|
$
|
763
|
0.12
|
%
|
$
|
311,577
|
$
|
464
|
0.20
|
%
|
||||||||||||
Securities available for sale1 5
|
1,438,117
|
17,204
|
1.60
|
%
|
1,028,962
|
16,956
|
2.20
|
%
|
||||||||||||||||
Securities held to maturity1 5
|
623,284
|
10,237
|
2.20
|
%
|
619,379
|
12,562
|
2.71
|
%
|
||||||||||||||||
Investment in FRB and FHLB Banks
|
25,290
|
443
|
2.34
|
%
|
35,349
|
1,674
|
6.33
|
%
|
||||||||||||||||
Loans1 6
|
7,555,276
|
222,821
|
3.94
|
%
|
7,437,566
|
231,168
|
4.15
|
%
|
||||||||||||||||
Total interest earning assets
|
$
|
10,502,034
|
$
|
251,468
|
3.20
|
%
|
$
|
9,432,833
|
$
|
262,824
|
3.72
|
%
|
||||||||||||
Other assets
|
984,372
|
938,296
|
||||||||||||||||||||||
Total assets
|
$
|
11,486,406
|
$
|
10,371,129
|
||||||||||||||||||||
Liabilities and stockholders’ equity
|
||||||||||||||||||||||||
Money market deposit accounts
|
$
|
2,557,172
|
$
|
4,022
|
0.21
|
%
|
$
|
2,275,765
|
$
|
8,646
|
0.51
|
%
|
||||||||||||
NOW deposit accounts
|
1,419,102
|
531
|
0.05
|
%
|
1,153,780
|
548
|
0.06
|
%
|
||||||||||||||||
Savings deposits
|
1,633,941
|
625
|
0.05
|
%
|
1,369,219
|
553
|
0.05
|
%
|
||||||||||||||||
Time deposits
|
590,385
|
3,404
|
0.77
|
%
|
762,548
|
8,436
|
1.48
|
%
|
||||||||||||||||
Total interest bearing deposits
|
$
|
6,200,600
|
$
|
8,582
|
0.19
|
%
|
$
|
5,561,312
|
$
|
18,183
|
0.44
|
%
|
||||||||||||
Short-term borrowings
|
103,314
|
130
|
0.17
|
%
|
412,312
|
3,215
|
1.04
|
%
|
||||||||||||||||
Long-term debt
|
15,976
|
301
|
2.52
|
%
|
64,165
|
1,184
|
2.46
|
%
|
||||||||||||||||
Subordinated debt, net
|
98,204
|
4,077
|
5.55
|
%
|
35,750
|
1,503
|
5.62
|
%
|
||||||||||||||||
Junior subordinated debt
|
101,196
|
1,572
|
2.08
|
%
|
101,196
|
2,186
|
2.89
|
%
|
||||||||||||||||
Total interest bearing liabilities
|
$
|
6,519,290
|
$
|
14,662
|
0.30
|
%
|
$
|
6,174,735
|
$
|
26,271
|
0.57
|
%
|
||||||||||||
Demand deposits
|
3,514,005
|
2,800,297
|
||||||||||||||||||||||
Other liabilities
|
243,525
|
256,226
|
||||||||||||||||||||||
Stockholders’ equity
|
1,209,586
|
1,139,871
|
||||||||||||||||||||||
Total liabilities and stockholders’ equity
|
$
|
11,486,406
|
$
|
10,371,129
|
||||||||||||||||||||
Net interest income (FTE)1
|
$
|
236,806
|
$
|
236,553
|
||||||||||||||||||||
Interest rate spread
|
2.90
|
%
|
3.15
|
%
|
||||||||||||||||||||
Net interest margin (FTE)1
|
3.01
|
%
|
3.35
|
%
|
||||||||||||||||||||
Taxable equivalent adjustment
|
$
|
899
|
$
|
983
|
||||||||||||||||||||
Net interest income
|
$
|
235,907
|
$
|
235,570
|
Non-GAAP measures
|
||||||||||||||||||||
(unaudited, dollars in thousands)
|
||||||||||||||||||||
Pre-provision net revenue (“PPNR”)
|
2021
|
2020
|
||||||||||||||||||
3rd Q
|
2nd Q
|
1st Q
|
4th Q
|
3rd Q
|
||||||||||||||||
Net income
|
$
|
37,433
|
$
|
40,296
|
$
|
39,846
|
$
|
34,194
|
$
|
35,113
|
||||||||||
Income tax expense
|
11,043
|
11,995
|
11,155
|
9,432
|
10,988
|
|||||||||||||||
Provision for loan losses
|
(3,342
|
)
|
(5,216
|
)
|
(2,796
|
)
|
(607
|
)
|
3,261
|
|||||||||||
FTE adjustment
|
298
|
299
|
302
|
318
|
325
|
|||||||||||||||
Net securities losses (gains)
|
100
|
(201
|
)
|
(467
|
)
|
(160
|
)
|
(84
|
)
|
|||||||||||
Provision for unfunded loan commitments reserve
|
(470
|
)
|
(80
|
)
|
(500
|
)
|
900
|
-
|
||||||||||||
Nonrecurring expense
|
2,288
|
1,880
|
-
|
4,100
|
-
|
|||||||||||||||
PPNR
|
$
|
47,350
|
$
|
48,973
|
$
|
47,540
|
$
|
48,177
|
$
|
49,603
|
||||||||||
Average Assets
|
$
|
11,747,295
|
$
|
11,602,757
|
$
|
11,102,082
|
$
|
10,939,713
|
$
|
10,793,494
|
||||||||||
Return on Average Assets3
|
1.26
|
%
|
1.39
|
%
|
1.46
|
%
|
1.24
|
%
|
1.29
|
%
|
||||||||||
PPNR Return on Average Assets3
|
1.60
|
%
|
1.69
|
%
|
1.74
|
%
|
1.75
|
%
|
1.83
|
%
|
||||||||||
9 Months Ended September 30,
|
||||||||||||||||||||
2021
|
2020
|
|||||||||||||||||||
Net income
|
$
|
117,575
|
$
|
70,194
|
||||||||||||||||
Income tax expense
|
34,193
|
19,267
|
||||||||||||||||||
Provision for loan losses
|
(11,354
|
)
|
51,741
|
|||||||||||||||||
FTE adjustment
|
899
|
983
|
||||||||||||||||||
Net securities (gains) losses
|
(568
|
)
|
548
|
|||||||||||||||||
Provision for unfunded loan commitments reserve
|
(1,050
|
)
|
1,800
|
|||||||||||||||||
Nonrecurring expense
|
4,168
|
650
|
||||||||||||||||||
PPNR
|
$
|
143,863
|
$
|
145,183
|
||||||||||||||||
Average Assets
|
$
|
11,486,406
|
$
|
10,371,129
|
||||||||||||||||
Return on Average Assets3
|
1.37
|
%
|
0.90
|
%
|
||||||||||||||||
PPNR Return on Average Assets3
|
1.67
|
%
|
1.87
|
%
|
||||||||||||||||
PPNR is a Non-GAAP financial measure that management believes is useful in evaluating the underlying operating results of the Company excluding
the volatility in the provision for loan losses, net securities gains (losses) and non-recurring income and/or expense.
|
||||||||||||||||||||
FTE Adjustment
|
2021
|
2020
|
||||||||||||||||||
3rd Q
|
2nd Q
|
1st Q
|
4th Q
|
3rd Q
|
||||||||||||||||
Net interest income
|
$
|
77,674
|
$
|
79,178
|
$
|
79,055
|
$
|
80,108
|
$
|
77,943
|
||||||||||
Add: FTE adjustment
|
298
|
299
|
302
|
318
|
325
|
|||||||||||||||
Net interest income (FTE)
|
$
|
77,972
|
$
|
79,477
|
$
|
79,357
|
$
|
80,426
|
$
|
78,268
|
||||||||||
Average earning assets
|
$
|
10,727,498
|
$
|
10,631,071
|
$
|
10,141,088
|
$
|
9,985,590
|
$
|
9,826,300
|
||||||||||
Net interest margin (FTE)3
|
2.88
|
%
|
3.00
|
%
|
3.17
|
%
|
3.20
|
%
|
3.17
|
%
|
||||||||||
9 Months Ended September 30,
|
||||||||||||||||||||
2021
|
2020
|
|||||||||||||||||||
Net interest income
|
$
|
235,907
|
$
|
235,570
|
||||||||||||||||
Add: FTE adjustment
|
899
|
983
|
||||||||||||||||||
Net interest income (FTE)
|
$
|
236,806
|
$
|
236,553
|
||||||||||||||||
Average earning assets
|
$
|
10,502,034
|
$
|
9,432,833
|
||||||||||||||||
Net interest margin (FTE)3
|
3.01
|
%
|
3.35
|
%
|
||||||||||||||||
Interest income for tax-exempt securities and loans have been adjusted to a FTE basis using the statutory Federal income tax rate of 21%.
|
Non-GAAP measures
|
||||||||||||||||||||
(unaudited, dollars in thousands)
|
||||||||||||||||||||
Tangible equity to tangible assets
|
2021
|
2020
|
||||||||||||||||||
3rd Q
|
2nd Q
|
1st Q
|
4th Q
|
3rd Q
|
||||||||||||||||
Total equity
|
$
|
1,241,457
|
$
|
1,225,056
|
$
|
1,190,981
|
$
|
1,187,618
|
$
|
1,166,111
|
||||||||||
Intangible assets
|
290,119
|
290,782
|
291,464
|
292,276
|
293,098
|
|||||||||||||||
Total assets
|
$
|
11,994,411
|
$
|
11,574,947
|
$
|
11,537,253
|
$
|
10,932,906
|
$
|
10,850,212
|
||||||||||
Tangible equity to tangible assets
|
8.13
|
%
|
8.28
|
%
|
8.00
|
%
|
8.41
|
%
|
8.27
|
%
|
||||||||||
Return on average tangible common equity
|
2021
|
2020
|
||||||||||||||||||
3rd Q
|
2nd Q
|
1st Q
|
4th Q
|
3rd Q
|
||||||||||||||||
Net income
|
$
|
37,433
|
$
|
40,296
|
$
|
39,846
|
$
|
34,194
|
$
|
35,113
|
||||||||||
Amortization of intangible assets (net of tax)
|
497
|
512
|
609
|
617
|
642
|
|||||||||||||||
Net income, excluding intangibles amortization
|
$
|
37,930
|
$
|
40,808
|
$
|
40,455
|
$
|
34,811
|
$
|
35,755
|
||||||||||
Average stockholders’ equity
|
$
|
1,233,045
|
$
|
1,203,974
|
$
|
1,191,280
|
$
|
1,174,102
|
$
|
1,155,056
|
||||||||||
Less: average goodwill and other intangibles
|
290,492
|
291,133
|
291,921
|
292,725
|
293,572
|
|||||||||||||||
Average tangible common equity
|
$
|
942,553
|
$
|
912,841
|
$
|
899,359
|
$
|
881,377
|
$
|
861,484
|
||||||||||
Return on average tangible common equity3
|
15.97
|
%
|
17.93
|
%
|
18.24
|
%
|
15.71
|
%
|
16.51
|
%
|
||||||||||
9 Months Ended September 30,
|
||||||||||||||||||||
2021
|
2020
|
|||||||||||||||||||
Net income
|
$
|
117,575
|
$
|
70,194
|
||||||||||||||||
Amortization of intangible assets (net of tax)
|
1,618
|
1,930
|
||||||||||||||||||
Net income, excluding intangibles amortization
|
$
|
119,193
|
$
|
72,124
|
||||||||||||||||
Average stockholders’ equity
|
$
|
1,209,586
|
$
|
1,139,871
|
||||||||||||||||
Less: average goodwill and other intangibles
|
291,177
|
291,472
|
||||||||||||||||||
Average tangible common equity
|
$
|
918,409
|
$
|
848,399
|
||||||||||||||||
Return on average tangible common equity3
|
17.35
|
%
|
11.36
|
%
|