Delaware
|
000-14703
|
16-1268674
|
(State or Other Jurisdiction of Incorporation)
|
(Commission File Number)
|
(IRS Employer Identification No.)
|
52 South Broad Street
Norwich, New York
|
13815
|
|
(Address of principal executive offices)
|
(Zip code)
|
☒ |
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 each class
|
Trading symbol
|
Name of each exchange on which registered
|
Common Stock, Par Value $0.01 Per Share
|
NBTB
|
The NASDAQ Stock Market LLC
|
Item 8.01. |
Other Events.
|
• |
certain internal financial projections for Salisbury for the years ending December 31, 2022 through December 31, 2025, with reliance upon assumptions concerning Salisbury provided by management of
Salisbury, as well as an estimated long-term net income growth rate of 5.0% per year for the years ending December 31, 2026
through December 31, 2028;
|
• |
research analyst estimates for NBT for the years ending December 31, 2022 through December 31,
2024, as well as an estimated long-term annual net income growth rate of 5.0% per year for the years ending December 31, 2025 through December 31, 2028
|
For the Quarter Ended,
|
For the Year Ended,
|
|||||||||||||||||||||||||||||||||||||||
(Dollars in Thousands)
|
12/31/2022
|
3/31/2023
|
6/30/2023
|
9/30/2023
|
12/31/2023
|
12/31/2024
|
12/31/2025
|
12/31/2026
|
12/31/2027
|
12/31/2028
|
||||||||||||||||||||||||||||||
NBTB Projected Income
|
$
|
40,464
|
$
|
39,793
|
$
|
40,420
|
$
|
40,324
|
$
|
40,184
|
$
|
165,109
|
$
|
173,365
|
$
|
182,033
|
$
|
191,135
|
$
|
200,691
|
• |
the pro forma financial impact of the merger on NBT based on certain assumptions related to
transaction expenses, cost savings, and purchase accounting adjustments, as provided by senior management and representatives of NBT
|
Dollars in Millions
|
||||
Total Credit Mark
|
$
|
18.0
|
||
Credit - Non-PCD Mark
|
$
|
12.6
|
||
Credit - PCD Mark
|
$
|
5.4
|
||
Interest Rate Securities Mark
|
$
|
30.0
|
||
Interest Rate Mark Loans
|
$
|
23.8
|
||
Merger Costs
|
$
|
18.0
|
||
Core Deposit Intangible
|
$
|
24.0
|
||
Cost Savings Estimate
|
$
|
10.7
|
||
Tangible Book Value Dilution – Per
Share(1)
|
$
|
0.49
|
||
Earnings Accretion – Per Share(1)
|
$
|
0.18
|
(1) |
Excludes interest rate marks on loans and securities for tangible book value calculation purposes, and all purchase accounting accretion/amortization for earnings per share calculation purposes.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected SAL Peers
|
Price / TBV (%)
|
Price / LTM EPS (x)
|
Price / Assets (%)
|
|||||||||
Unity Bancorp Inc.
|
132.1
|
8.0
|
12.9
|
|||||||||
Citizens Financial Services
|
181.0
|
10.3
|
12.3
|
|||||||||
Orange County Bancorp Inc.
|
206.5
|
12.8
|
11.3
|
|||||||||
Norwood Financial Corp.
|
203.2
|
9.2
|
13.0
|
|||||||||
Parke Bancorp Inc.
|
99.6
|
6.3
|
13.3
|
|||||||||
Bankwell Financial Group Inc.
|
102.6
|
6.4
|
8.6
|
|||||||||
Chemung Financial Corp.
|
163.9
|
7.9
|
8.6
|
|||||||||
Western New England Bancorp
|
111.3
|
9.4
|
8.5
|
|||||||||
Evans Bancorp Inc.
|
157.7
|
9.7
|
10.1
|
|||||||||
ESSA Bancorp Inc.
|
112.5
|
10.4
|
12.0
|
|||||||||
The Bank Princeton
|
101.0
|
8.4
|
12.7
|
|||||||||
Penns Woods Bancorp Inc.
|
128.0
|
10.6
|
9.9
|
|||||||||
Middlefield Banc Corp.
|
154.7
|
9.9
|
12.2
|
|||||||||
FNCB Bancorp Inc.
|
139.9
|
8.0
|
9.2
|
|||||||||
Franklin Financial Services
|
137.5
|
9.3
|
7.4
|
|||||||||
SB Financial Group Inc.
|
126.2
|
9.5
|
8.8
|
|||||||||
Pathfinder Bancorp Inc.
|
112.1
|
8.8
|
8.2
|
|||||||||
Union Bankshares Inc.
|
232.5
|
8.8
|
8.5
|
|||||||||
Average
|
144.6
|
9.1
|
10.4
|
|||||||||
Median
|
134.8
|
9.2
|
10.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected NBTB Peers
|
Price / TBV (%)
|
Price / LTM EPS (x)
|
Price / Assets (%)
|
|||||||||
Independent Bank Corp.
|
231.3
|
22.6
|
21.2
|
|||||||||
Community Bank System Inc.
|
634.8
|
19.8
|
22.5
|
|||||||||
First Merchants Corp.
|
227.6
|
12.4
|
14.5
|
|||||||||
First Financial Bancorp.
|
276.3
|
12.8
|
15.2
|
|||||||||
Park National Corp.
|
276.3
|
15.9
|
24.4
|
|||||||||
WesBanco, Inc.
|
214.8
|
13.3
|
14.5
|
|||||||||
Heartland Financial USA Inc.
|
220.1
|
10.8
|
10.6
|
|||||||||
Northwest Bancshares, Inc.
|
179.6
|
15.0
|
13.8
|
|||||||||
Provident Financial Services
|
155.1
|
10.3
|
12.4
|
|||||||||
S&T Bancorp Inc.
|
184.6
|
12.2
|
16.0
|
|||||||||
First Busey Corp.
|
191.6
|
11.6
|
11.3
|
|||||||||
Berkshire Hills Bancorp Inc.
|
155.1
|
17.9
|
12.6
|
|||||||||
OceanFirst Financial Corp.
|
143.8
|
12.3
|
11.0
|
|||||||||
First Commonwealth Financial
|
193.7
|
10.9
|
14.3
|
|||||||||
Tompkins Financial Corporation
|
253.0
|
14.2
|
15.5
|
|||||||||
Merchants Bancorp
|
122.1
|
5.7
|
9.5
|
|||||||||
Brookline Bancorp Inc.
|
135.1
|
9.9
|
12.5
|
|||||||||
Customers Bancorp Inc.
|
82.4
|
3.7
|
5.1
|
|||||||||
Premier Financial Corp.
|
194.2
|
10.1
|
12.4
|
|||||||||
Average
|
214.3
|
12.7
|
14.2
|
|||||||||
Median
|
193.7
|
12.3
|
13.8
|
NBT BANCORP INC.
|
||
April 3, 2023 | ||
By:
|
/s/ Scott A. Kingsley
|
|
Scott A. Kingsley
|
||
Executive Vice President and Chief Financial Officer
|