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 27, 2003
NBT BANCORP INC.
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(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
DELAWARE 0-14703 16-1268674
- ---------------------------- ---------------- -------------------
(STATE OR OTHER JURISDICTION (COMMISSION (IRS EMPLOYER
OF INCORPORATION) FILE NUMBER) IDENTIFICATION NO.)
52 SOUTH BROAD STREET, NORWICH, NEW YORK 13815
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(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES)
REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE: (607) 337-2265
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NOT APPLICABLE
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(FORMER NAME OR FORMER ADDRESS, IF CHANGED SINCE LAST REPORT)
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
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(a) NOT APPLICABLE
(b) NOT APPLICABLE
(c) THE FOLLOWING EXHIBIT IS FURNISHED AS A PART OF THIS REPORT:
EXHIBIT NO. DESCRIPTION
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99 PRESS RELEASE DATED OCTOBER 27 2003.
ITEM 9. REGULATION FD DISCLOSURE.
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INFORMATION BEING PROVIDED UNDER ITEM 12
ON OCTOBER 27, 2003, NBT BANCORP INC. ISSUED A PRESS RELEASE DESCRIBING ITS
RESULTS OF OPERATIONS FOR THE NINE MONTHS AND QUARTER ENDING SEPTEMBER 30, 2003
AS WELL AS ANNOUNCING A DIVIDEND DECLARATION TO BE PAID ON DECEMBER 15, 2003 TO
SHAREHOLDERS OF RECORD ON DECEMBER 1, 2003. THAT PRESS RELEASE IS FURNISHED AS
EXHIBIT 99 HERETO. THIS INFORMATION IS BEING FURNISHED PURSUANT TO ITEM 12 OF
FORM 8-K AND IS BEING PRESENTED UNDER ITEM 9 AS PROVIDED IN THE COMMISSION'S
INTERIM GUIDANCE REGARDING FORM 8-K ITEM 11 AND ITEM 12 FILING REQUIREMENTS
(RELEASE NO. 34-47583).
SIGNATURES
PURSUANT TO THE REQUIREMENTS OF THE SECURITIES EXCHANGE ACT OF 1934, THE
REGISTRANT HAS DULY CAUSED THIS REPORT TO BE SIGNED ON ITS BEHALF BY THE
UNDERSIGNED HEREUNTO DULY AUTHORIZED.
NBT BANCORP INC.
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(REGISTRANT)
/S/ MICHAEL J. CHEWENS
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MICHAEL J. CHEWENS
SENIOR EXECUTIVE VICE PRESIDENT,
CHIEF FINANCIAL OFFICER AND CORPORATE
SECRETARY
DATE: OCTOBER 27, 2003
EXHIBIT INDEX
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EXHIBIT NO. DESCRIPTION
- ----------- -----------
99 PRESS RELEASE DATED OCTOBER 27, 2003.
Page 1 of 11
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EXHIBIT 99 - PRESS RELEASE DATE OCTOBER 27, 2003
FOR IMMEDIATE RELEASE
ATTENTION: FINANCIAL AND BUSINESS EDITORS
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Contact: Daryl R. Forsythe, CEO
Michael J. Chewens, CFO
NBT Bancorp Inc.
52 South Broad Street
Norwich, NY 13815
607-337-6416
NBT BANCORP ANNOUNCES QUARTERLY EARNINGS OF $11.8 MILLION;
DECLARES CASH DIVIDEND
NORWICH, NY (October 27, 2003) - NBT Bancorp Inc. (NBT) (NASDAQ: NBTB)
reported today that net income for the quarter ended September 30, 2003 was
$11.8 million, or $0.36 per diluted share, up 6% from $11.4 million, or $0.34
per diluted share for the same period a year ago. Return on average assets and
return on average equity were 1.21% and 16.06%, respectively, for the quarter
ended September 30, 2003, compared with 1.23% and 15.95%, respectively, for the
same period in 2002. The increase in net income for the quarter ended September
30, 2003 was primarily the result of a $1.9 million increase in noninterest
income that was partially offset by a $1.3 million decrease in net interest
income.
Net income for the nine months ended September 30, 2003 was $35.2 million,
or $1.07 per diluted share, up 6% compared with $33.8 million or $1.01 per
diluted share for the first nine months of 2002. Return on average assets and
return on average equity were 1.24% and 16.09%, respectively, for the nine
months ended September 30, 2003, compared with 1.24% and 16.37%, respectively,
for the same period in 2002. The increase in net income for the nine months
ended September 30, 2003 was primarily the result of a $4.4 million increase in
noninterest income that was partially offset by a $3.2 million decrease in net
interest income.
NBT Chairman, President and CEO Daryl R. Forsythe stated, "We are pleased
with our performance for the third quarter and for the year thus far. In spite
of the challenging interest rate environment and economic conditions that have
been less than robust, we achieved solid earnings from strong growth in
noninterest income and loans, improved asset quality and effective expense
control. Our continued focus
Page 2 of 11
on growing customer relationships and providing the highest level of customer
service underscores our strong commitment to the fundamentals of community
banking."
LOAN AND LEASE QUALITY AND PROVISION FOR LOAN AND LEASE LOSSES
Nonperforming loans at September 30, 2003 were $16.5 million or 0.65% of
total loans and leases compared with $30.7 million or 1.30% of total loans and
leases at September 30, 2002 and $26.4 million or 1.12% of total loans and
leases at December 31, 2002. The Company's allowance for loan and lease losses
was 1.63% of loans and leases at September 30, 2003 compared to 1.83% at
September 30, 2002 and 1.70% at December 31, 2002. The ratio of the allowance
for loan and lease losses to nonperforming loans improved to 253.05% at
September 30, 2003 from 141.00% at September 30, 2002 and 152.18% at December
31, 2002. Annualized net charge-offs to average loans and leases for the nine
months ended September 30, 2003, were 0.24%, down from the 0.46% annualized
ratio for the nine months ended September 30, 2002, and down from the ratio for
the year ended December 31, 2002 of 0.58%. Mr. Forsythe commented, "I am
extremely pleased with the positive loan quality trends over the last several
quarters. Our team has worked hard to integrate previous acquisitions and reduce
the overall level of nonperforming loans. We are focused on continuing to grow
the loan portfolio while maintaining a high standard of quality."
For the quarter and nine months ended September 30, 2003, the provision for
loan and lease losses totaled $2.4 million and $5.8 million, respectively,
compared with the $2.4 million and $6.5 million for the same periods in 2002.
The provision for the quarter ended September 30, 2003 remained relatively
unchanged when compared with the same period in the prior year and was higher
than the previous two quarters of the current fiscal year, due mainly to strong
loan growth. The decrease in the provision for loan and lease losses for the
nine months ended September 30, 2003 when compared with the same period in 2002
was due primarily to lower net charge-offs and a decrease in nonperforming
loans.
NET INTEREST INCOME
Net interest income was down 4% to $35.4 million for the quarter ended
September 30, 2003, compared to $36.7 million for the same period a year ago.
The decrease in net interest income was attributable to the decline in the
Company's net interest margin, which was 4.00% for the quarter ended September
30, 2003, down from the 4.35% for the same period in 2002. Net interest income
for the nine months ended September 30, 2003 decreased 3% to $106.9 million from
$110.1 million in the same period for 2002. The Company's net interest margin
was 4.19% for the nine months ended September 30, 2003 compared to 4.47% for the
same period a year ago. The compression of net interest margin
Page 3 of 11
during the nine months and quarter ended September 30, 2003 compared to the same
periods last year resulted from earning assets repricing down at a faster rate
than interest-bearing liabilities. This net interest margin compression was also
affected by a high level of prepayments from mortgage-related loans and
securities, the proceeds of which were reinvested at lower rates. Additionally,
prepayments from mortgage-related securities accelerated the rate of
amortization of premiums during quarter ended September 30, 2003, resulting in a
lower net interest margin.
NONINTEREST INCOME
Noninterest income for the quarter ended September 30, 2003 was $10.0
million, up $1.9 million or 24% from $8.0 million for the same period in 2002.
Service charges on deposit accounts for the quarter ended September 30, 2003
increased $0.6 million or 18% over the same period in 2002. The increase in
service charges on deposit accounts resulted primarily from higher overdraft
fees. The increase in overdraft fees was driven primarily by the combination of
continued growth in core deposit products as well as several pricing adjustments
implemented during 2002 and 2003. Broker/dealer and insurance revenue increased
$0.4 million or 27% for the quarter ended September 30, 2003 over the same
period in 2002, driven by the Company's initiative to offer these products
throughout the Bank branch network, this initiative was implemented at the end
of 2002. Income from bank owned life insurance (BOLI) increased $0.4 million for
the quarter ended September 30, 2003 over the same period in the prior year
resulting from the purchase of $30 million in BOLI in June 2003.
Noninterest income for the nine months ended September 30, 2003 was $27.7
million, up $4.4 million or 19% from $23.3 million for the same period in 2002.
Service charges on deposit accounts for the nine months ended September 30, 2003
increased $1.7 million or 17% over the same period in 2002. The increase in
service charges on deposit accounts resulted primarily from higher revenue
collected for overdraft fees and continued growth in core deposits. Other income
for the nine months ended September 30, 2003 increased $0.8 million or 12% over
the same period in 2002. The increase in other income was driven primarily by
strong growth in ATM fees. Securities transactions resulted in a $0.1 million
net gain for the nine months ended September 30, 2003 and a $0.4 million net
loss for the same period in 2002 primarily as a result of a write-down of an
impaired security. Also, broker/dealer and insurance revenue increased $0.5
million or 12%, due primarily to the previously mentioned initiative related to
the sale of these products throughout the Bank's 111-branch network. Revenue
from trust services increased $0.6 million or 25% for the nine months ended
September 30, 2003 over the same period in 2002, due in part to higher fees
collected for estate management services as well as an increase
Page 4 of 11
in assets under management resulting from improved stock market conditions and
an increase in the number of managed trust accounts.
NONINTEREST EXPENSE
Noninterest expense for the quarter ended September 30, 2003 was $25.8
million, up $0.5 million or 2% from $25.3 million for the same period in 2002.
The increase in noninterest expense resulted primarily from an increase in
salaries and benefits of $0.8 million. The increase in salaries and benefits was
driven primarily by higher salaries expense resulting from an increase in
full-time-equivalent employees and merit increases.
Noninterest expense for the nine months ended September 30, 2003 was $77.5
million, up $0.9 million or 1% from $76.6 million for the same period in 2002.
The increase in noninterest expense was due primarily to increases in other
operating expense, salaries and employee benefits and occupancy expense
partially offset by decreases in loan collection and OREO expenses and
professional fees and outside services. Other operating expense increased $1.4
million, primarily from a $0.6 million charge for the writedown of venture
capital investments and increased insurance costs. Loan collection and OREO
expenses decreased $1.0 million from gains on the sale of OREO and a decrease in
nonperforming loans. Professional fees and outside services decreased $0.9
million primarily from a $0.4 million charge related to an adverse judgement
against the Company in 2002 as well as legal fees incurred during 2002 for the
recovery of deposit overdraft writeoffs.
BALANCE SHEET
Total assets were $4.0 billion at September 30, 2003 up $0.3 billion from
$3.7 billion at September 30, 2002. Loans and leases increased $0.2 billion or
8% from $2.4 billion at September 30, 2002 to $2.6 billion at September 30,
2003. Loan growth has increased at an annual rate of 11% from December 31, 2002
levels. Loan growth was fueled primarily by consumer loans and residential real
estate, which experienced strong growth during the second and third quarters of
2003. Total deposits were $3.0 billion at September 30, 2003, up $0.1 billion
from $2.9 billion at September 30, 2002. Core deposits, which include checking,
savings and money market accounts increased $0.2 billion or 15% from $1.6
billion at September 30, 2002 to $1.8 billion at September 30, 2003 offset by a
$0.2 billion decrease in time deposits during the same period. Stockholders'
equity was $304.7 million representing a Tier 1 leverage ratio of 6.77% at
September 30, 2003 compared with $287.7 million or a Tier 1 leverage ratio of
6.60% at September 30, 2002.
Page 5 of 11
DIVIDEND DECLARED
The NBT Board of Directors declared a third quarter cash dividend of $0.17
per share at a meeting held today. The dividend will be paid on December 15,
2003 to shareholders of record as of December 1, 2003.
CORPORATE OVERVIEW
NBT is a financial services holding company headquartered in Norwich, NY,
with combined assets of $4.0 billion at September 30, 2003. The Company
primarily operates through one full-service community bank with three geographic
divisions and through a financial services company. NBT Bank, N.A. has 111
locations, including 44 NBT Bank offices and 27 Central National Bank offices in
upstate New York and 40 Pennstar Bank offices in northeastern Pennsylvania. Mr.
Forsythe commented "On October 6, 2003, we opened our 111th full service office,
located in Guilderland, New York. This opening of this Central National Bank
location expands our presence in the Capital Region to six branches. We are
excited about the opportunity to offer our brand of community banking to a
larger customer base in this important market." NBT also provides financial
services products through M. Griffith, Inc. More information about NBT's banking
divisions can be found on the Internet at www.nbtbank.com, www.pennstarbank.com
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and www.canajocnb.com.
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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 Inc. 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
Page 6 of 11
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.
FINANCIAL TABLES APPEAR ON FOLLOWING PAGES (7-11).
Page 7 of 11
NBT BANCORP INC.
SELECTED FINANCIAL HIGHLIGHTS
(unaudited)
NET PERCENT
2003 2002 CHANGE CHANGE
---- ---- ------ -------
(dollars in thousands, except share and
per share data)
THREE MONTHS ENDED SEPTEMBER 30,
Net Income $ 11,848 $ 11,412 $ 436 4%
Diluted Earnings Per Share $ 0.36 $ 0.34 $ 0.02 6%
Weighted Average Diluted
Common Shares Outstanding 32,864,477 33,294,750 (430,273) -1%
Return on Average Assets 1.21% 1.23% -0.02% -2%
Return on Average Equity 16.06% 15.95% 0.11% 1%
Net Interest Margin 4.00% 4.35% -0.35% -8%
===================================================================================================================
NINE MONTHS ENDED SEPTEMBER 30,
Net Income $ 35,222 $ 33,755 $ 1,467 4%
Diluted Earnings Per Share $ 1.07 $ 1.01 $ 0.06 6%
Weighted Average Diluted
Common Shares Outstanding 32,767,180 33,330,096 (562,916) -2%
Return on Average Assets 1.24% 1.24% 0.00% 0%
Return on Average Equity 16.09% 16.37% -0.28% -2%
Net Interest Margin 4.19% 4.47% -0.28% -6%
===================================================================================================================
===================================================================================================================
ASSET QUALITY SEPTEMBER 30, DECEMBER 31, SEPTEMBER 30,
2003 2002 2002
---- ---- ----
Nonaccrual Loans $ 15,274 $ 24,009 $ 29,481
90 Days Past Due and Still Accruing $ 1,194 $ 1,976 $ 838
Troubled Debt Restructuring Loans $ 0 $ 409 $ 412
Total Nonperforming Loans $ 16,468 $ 26,394 $ 30,731
Other Real Estate Owned (OREO) $ 1,871 $ 2,947 $ 3,092
Total Nonperforming Loans and OREO $ 18,339 $ 29,341 $ 33,823
Nonperforming Securities $ 619 $ 1,122 $ 1,312
Total Nonperforming Assets $ 18,958 $ 30,463 $ 35,135
Allowance for Loan and Lease Losses $ 41,672 $ 40,167 $ 43,330
Year-to-Date (YTD) Net Charge-Offs $ 4,284 $ 13,652 $ 7,943
Allowance to Loans and Leases 1.63% 1.70% 1.83%
Total Nonperforming Loans to Loans and Leases 0.65% 1.12% 1.30%
Total Nonperforming Assets to Assets 0.47% 0.82% 0.94%
Allowance to Nonperforming Loans 253.05% 152.18% 141.00%
Annualized Net Charge-Offs to
YTD Average Loans and Leases 0.24% 0.58% 0.46%
===================================================================================================================
CAPITAL
Equity to Assets 7.53% 7.85% 7.71%
Book Value Per Share $ 9.32 $ 8.96 $ 8.79
Tangible Book Value Per Share $ 7.79 $ 7.47 $ 7.31
Tier 1 Leverage Ratio 6.77% 6.73% 6.60%
Tier 1 Capital Ratio 9.78% 9.93% 9.74%
Total Risk-Based Capital Ratio 11.03% 11.18% 10.98%
===================================================================================================================
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QUARTERLY COMMON STOCK PRICE* 2003 2002 2001
Quarter End High Low High Low High Low
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March 31 $ 18.60 $16.76 $15.15 $13.15 $17.50 $13.25
June 30 19.94 17.37 19.32 14.00 25.42** 14.30
September 30 21.76 19.24 18.50 16.36 17.30 13.50
December 31 18.60 14.76 15.99 12.55
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*historical NBT Bancorp Inc. only
**This price was reported on June 29, 2001, a day on which the Nasdaq Stock
Market experienced computerized trading disruptions which, among other things,
forced it to extend its regular trading session and cancel its late trading
session. Subsequently the Nasdaq Stock Market recalculated and republished
several closing stock prices (not including NBT Bancorp Inc., for which had
reported a closing price of $19.30). Excluding trading on June 29, 2001, the
high sales price for the quarter ended June 30, 2001 was $16.75.
Page 8 of 11
NBT BANCORP INC.
SELECTED FINANCIAL HIGHLIGHTS
(UNAUDITED)
Net Percent
2003 2002 Change Change
---- ---- ------ ------
(dollars in thousands, except share
and per share data)
BALANCE SHEET AS OF SEPTEMBER 30,
Loans & Leases $ 2,550,466 $ 2,367,688 $ 182,778 8%
Earning Assets $ 3,743,218 $ 3,450,443 $ 292,775 8%
Total Assets $ 4,047,237 $ 3,729,947 $ 317,290 9%
Deposits $ 2,971,049 $ 2,921,965 $ 49,084 2%
Stockholders' Equity $ 304,690 $ 287,652 $ 17,038 6%
=================================================================================================================
AVERAGE BALANCES
QUARTER ENDED SEPTEMBER 30,
Loans & Leases $ 2,527,099 $ 2,350,015 $ 177,084 8%
Securities AFS (excluding unrealized gains or losses) $ 966,254 $ 965,055 $ 1,199 0%
Securities HTM $ 99,812 $ 86,840 $ 12,972 15%
Trading Securities $ 69 $ 260 ($191) -73%
Regulatory Equity Investment $ 29,469 $ 22,718 $ 6,751 30%
Short-Term Interest Bearing Accounts $ 1,573 $ 15,374 ($13,801) -90%
Total Earning Assets $ 3,624,276 $ 3,440,262 $ 184,014 5%
Total Assets $ 3,902,609 $ 3,683,209 $ 219,400 6%
Interest Bearing Deposits $ 2,491,467 $ 2,457,053 $ 34,414 1%
Non-Interest Bearing Deposits $ 469,432 $ 426,733 $ 42,699 10%
Short-Term Borrowings $ 212,568 $ 106,018 $ 106,550 101%
Long-Term Borrowings $ 369,843 $ 350,650 $ 19,193 5%
Trust Preferred Debentures * $ 17,000 $ 0 $ 17,000 -
Total Interest Bearing Liabilities $ 3,090,878 $ 2,913,721 $ 177,157 6%
Stockholders' Equity $ 292,886 $ 283,810 $ 9,076 3%
=================================================================================================================
AVERAGE BALANCES
NINE MONTHS ENDED SEPTEMBER 30,
Loans & Leases $ 2,433,665 $ 2,330,096 $ 103,569 4%
Securities AFS (excluding unrealized gains or losses) $ 973,318 $ 939,634 $ 33,684 4%
Securities HTM $ 88,923 $ 96,009 ($7,086) -7%
Trading Securities $ 157 $ 198 ($41) -21%
Regulatory Equity Investment $ 25,668 $ 21,582 $ 4,086 19%
Short-Term Interest Bearing Accounts $ 3,549 $ 13,584 ($10,035) -74%
Total Earning Assets $ 3,525,280 $ 3,401,103 $ 124,177 4%
Total Assets $ 3,791,955 $ 3,636,846 $ 155,109 4%
Interest Bearing Deposits $ 2,482,195 $ 2,470,560 $ 11,635 0%
Non-Interest Bearing Deposits $ 449,520 $ 415,033 $ 34,487 8%
Short-Term Borrowings $ 145,038 $ 89,521 $ 55,517 62%
Long-Term Borrowings $ 357,967 $ 329,623 $ 28,344 9%
Trust Preferred Debentures * $ 5,610 $ 0 $ 5,610 -
Total Interest Bearing Liabilities $ 2,990,810 $ 2,889,704 $ 101,106 3%
Stockholders' Equity $ 293,364 $ 276,305 $ 17,059 6%
=================================================================================================================
* - The Company adopted Statement of Financial Accounting Standards (SFAS)
No. 150, "Accounting for Certain Financial Instruments with Characteristics
of both Liabilities and Equity" on July 1, 2003. The adoption of SFAS No.
150 resulted in the reclassification of $17 million of guaranteed preferred
beneficial interests in the Company's junior subordinated debentures from
minority interest to liabilities. This standard is applied on a prospective
basis, accordingly, interest cost associated with these debentures is
classified as interest expense for the quarter ended September 30, 2003 and
is classified as capital securities expense as a component of noninterest
expense for the first two quarters of 2003.
Page 9 of 11
NBT BANCORP INC. AND SUBSIDIARIES SEPTEMBER 30, December 31, September 30,
CONSOLIDATED BALANCE SHEETS (UNAUDITED) 2003 2002 2002
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(in thousands)
ASSETS
Cash and due from banks $ 120,905 $ 121,824 $ 133,739
Short term interest bearing accounts 2,098 2,799 5,671
Trading securities, at fair value 57 203 237
Securities available for sale, at fair value 1,076,053 1,007,583 993,786
Securities held to maturity (fair value of $99,020, $84,517, and 97,499 82,514 87,272
89,880, at September 30, 2003, December 31, 2002 and
September 30, 2002, respectively)
Federal Reserve and Federal Home Loan Bank stock 35,218 23,699 22,630
Loans and leases 2,550,466 2,355,932 2,367,688
Less allowance for loan and lease losses 41,672 40,167 43,330
=================================================================================================================
Net loans and leases 2,508,794 2,315,765 2,324,358
Premises and equipment, net 61,857 61,261 61,193
Goodwill 47,521 46,121 46,121
Intangible assets, net 2,474 2,246 2,413
Bank owned life insurance 30,412 - -
Other assets 64,349 59,711 52,527
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TOTAL ASSETS $ 4,047,237 $ 3,723,726 $ 3,729,947
=================================================================================================================
LIABILITIES, GUARANTEED PREFERRED BENEFICIAL
INTERESTS IN COMPANY'S JUNIOR SUBORDINATE
DEBENTURES AND CAPITAL
Deposits:
Demand (noninterest bearing) $ 482,703 $ 449,201 $ 452,250
Savings, NOW, and money market 1,364,568 1,183,603 1,156,204
Time 1,123,778 1,289,236 1,313,511
- -----------------------------------------------------------------------------------------------------------------
Total deposits 2,971,049 2,922,040 2,921,965
Short-term borrowings 331,964 105,601 113,242
Long-term debt 369,721 345,475 350,603
Trust preferred debentures 17,000 - -
Other liabilities 52,813 41,228 39,485
- -----------------------------------------------------------------------------------------------------------------
Total liabilities 3,742,547 3,414,344 3,425,295
Guaranteed preferred beneficial interests in
Company's junior subordinated debentures - 17,000 17,000
Total stockholders' equity 304,690 292,382 287,652
- -=================================================================================================================
TOTAL LIABILITIES, GUARANTEED PREFERRED
BENEFICIAL INTERESTS IN COMPANY'S JUNIOR
SUBORDINATE DEBENTURES AND CAPITAL $ 4,047,237 $ 3,723,726 $ 3,729,947
=================================================================================================================
Page 10 of 11
Three months ended Nine months ended
NBT BANCORP INC. AND SUBSIDIARIES September 30, September 30,
CONSOLIDATED STATEMENTS OF INCOME 2003 2002 2003 2002
- ------------------------------------------------------------------------------------------------------------------------------
(in thousands, except per share data) (Unaudited)
INTEREST, FEE AND DIVIDEND INCOME:
Loans and leases $ 39,881 $ 41,970 $ 119,036 $ 125,587
Securities available for sale 9,871 13,778 32,540 42,075
Securities held to maturity 840 1,010 2,586 3,309
Other 196 253 854 852
- ------------------------------------------------------------------------------------------------------------------------------
Total interest, fee and dividend income 50,788 57,011 155,016 171,823
- ------------------------------------------------------------------------------------------------------------------------------
INTEREST EXPENSE:
Deposits 10,920 15,748 35,572 49,004
Short-term borrowings 704 417 1,363 1,052
Long-term debt 3,586 4,139 10,982 11,633
Trust preferred debentures 181 - 181 -
- ------------------------------------------------------------------------------------------------------------------------------
Total interest expense 15,391 20,304 48,098 61,689
- ------------------------------------------------------------------------------------------------------------------------------
Net interest income 35,397 36,707 106,918 110,134
Provision for loan and lease losses 2,436 2,424 5,789 6,527
- ------------------------------------------------------------------------------------------------------------------------------
Net interest income after provision for loan and lease losses 32,961 34,283 101,129 103,607
- ------------------------------------------------------------------------------------------------------------------------------
NONINTEREST INCOME:
Trust 958 743 2,966 2,366
Service charges on deposit accounts 4,164 3,531 11,531 9,820
Broker/dealer and insurance revenue 1,763 1,393 4,905 4,371
Net securities gains (losses) 18 (6) 83 (439)
Bank owned life insurance 398 - 412 -
Other 2,672 2,380 7,757 7,136
- ------------------------------------------------------------------------------------------------------------------------------
Total noninterest income 9,973 8,041 27,654 23,254
- ------------------------------------------------------------------------------------------------------------------------------
NONINTEREST EXPENSE:
Salaries and employee benefits 12,486 11,720 37,205 36,591
Office supplies and postage 1,104 1,116 3,188 3,240
Occupancy 2,143 2,032 6,851 6,297
Equipment 1,909 1,672 5,619 5,204
Professional fees and outside services 1,421 1,446 3,963 4,843
Data processing and communications 2,640 2,705 8,081 7,868
Amortization of intangible assets 158 177 475 610
Loan collection and other real estate owned 448 570 1,204 2,245
Capital securities - 221 370 667
Other operating 3,493 3,661 10,586 9,029
- ------------------------------------------------------------------------------------------------------------------------------
Total noninterest expense 25,802 25,320 77,542 76,594
- ------------------------------------------------------------------------------------------------------------------------------
Income before income taxes 17,132 17,004 51,241 50,267
Income taxes 5,284 5,592 16,019 16,512
- ------------------------------------------------------------------------------------------------------------------------------
NET INCOME $ 11,848 $ 11,412 $ 35,222 $ 33,755
- ------------------------------------------------------------------------------------------------------------------------------
Earnings Per Share:
Basic $ 0.36 $ 0.35 $ 1.08 $ 1.02
Diluted $ 0.36 $ 0.34 $ 1.07 $ 1.01
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Page 11 of 11
NBT BANCORP INC. AND SUBSIDIARIES 3Q 2Q 1Q 4Q 3Q
QUARTERLY CONSOLIDATED STATEMENTS OF INCOME 2003 2003 2003 2002 2002
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(in thousands, except per share data) (Unaudited)
INTEREST, FEE AND DIVIDEND INCOME:
Loans and leases $ 39,881 $39,540 $39,615 $41,598 $41,970
Securities available for sale 9,871 10,864 11,805 12,329 13,778
Securities held to maturity 840 857 889 951 1,010
Other 196 332 326 521 253
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Total interest, fee and dividend income 50,788 51,593 52,635 55,399 57,011
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INTEREST EXPENSE:
Deposits 10,920 12,040 12,612 14,328 15,748
Short-term borrowings 704 370 289 282 417
Long-term debt 3,586 3,691 3,705 4,103 4,139
Trust preferred debentures 181 - - - -
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Total interest expense 15,391 16,101 16,606 18,713 20,304
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Net interest income 35,397 35,492 36,029 36,686 36,707
Provision for loan and lease losses 2,436 1,413 1,940 2,546 2,424
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Net interest income after provision for loan and lease losses 32,961 34,079 34,089 34,140 34,283
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NONINTEREST INCOME:
Trust 958 1,116 892 860 743
Service charges on deposit accounts 4,164 3,764 3,603 4,055 3,531
Broker/dealer and insurance fees 1,763 1,750 1,392 1,409 1,393
Net securities gains (losses) 18 38 27 26 (6)
Bank owned life insurance 398 14 - - -
Other 2,672 2,257 2,828 1,917 2,380
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Total noninterest income 9,973 8,939 8,742 8,267 8,041
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NONINTEREST EXPENSE:
Salaries and employee benefits 12,486 12,060 12,659 11,621 11,720
Office supplies and postage 1,104 1,011 1,073 1,206 1,116
Occupancy 2,143 2,182 2,526 2,036 2,032
Equipment 1,909 1,944 1,766 1,862 1,672
Professional fees and outside services 1,421 1,240 1,302 1,746 1,446
Data processing and communications 2,640 2,720 2,721 2,725 2,705
Amortization of intangible assets 158 155 162 164 177
Loan collection and other real estate owned 448 476 280 601 570
Capital securities - 179 191 172 221
Other operating 3,493 3,881 3,212 3,728 3,661
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Total noninterest expense 25,802 25,848 25,892 25,861 25,320
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Income before income taxes 17,132 17,170 16,939 16,546 17,004
Income taxes 5,284 5,362 5,373 5,302 5,592
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NET INCOME $ 11,848 $11,808 $11,566 $11,244 $11,412
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Earnings per share:
Basic $ 0.36 $ 0.36 $ 0.36 $ 0.34 $ 0.35
Diluted $ 0.36 $ 0.36 $ 0.35 $ 0.34 $ 0.34
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