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): July 26, 2004
NBT BANCORP INC.
- --------------------------------------------------------------------------------
(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
------------------------------------
(Address of principal executive offices)
Registrant's telephone number, including area code: (607) 337-2265
--------------
NOT APPLICABLE
- --------------------------------------------------------------------------------
(Former name or former address, if changed since last report)
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
----------------------------------
(a) Not Applicable
(b) Not Applicable
(c) The following exhibit is furnished as a part of this report:
Exhibit No. Description
----------- -----------
99 Press Release dated July 26, 2004.
ITEM 9. REGULATION FD DISCLOSURE.
--------------
Information being provided under Item 12
On July 26, 2004, NBT Bancorp Inc. issued a press release describing its results
of operations for quarter and six months ending June 30, 2004 as well as
announcing a quarterly dividend of $0.19 per share to be paid on September 15,
2004 to shareholders of record on September 1, 2004. That press release is
furnished as Exhibit 99 hereto.
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.
----------------------------------------
(Registrant)
/s/ Michael J. Chewens
----------------------------------------
Michael J. Chewens
Senior Executive Vice President,
Chief Financial Officer and Corporate Secretary
Date: July 26, 2004
EXHIBIT INDEX
- -------------
Exhibit No. Description
- ----------- -----------
99 Press Release Dated July 26, 2004.
Page 1 of 10
- --------------------------------------------------------------------------------
EXHIBIT 99
FOR IMMEDIATE RELEASE
ATTENTION: FINANCIAL AND BUSINESS EDITORS
- --------------------------------------------------------------------------------
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 $12.6 MILLION;
DECLARES CASH DIVIDEND
NORWICH, NY (July 26, 2004) - NBT Bancorp Inc. (NBT) (NASDAQ: NBTB)
reported today that net income for the quarter ended June 30, 2004, was $12.6
million, or $0.38 per diluted share, up 6% from $11.8 million, or $0.36 per
diluted share for the same period a year ago. Return on average assets and
return on average equity were 1.24% and 16.05%, respectively, for the quarter
ended June 30, 2004, compared with 1.25% and 16.07%, respectively, for the same
period in 2003. The increase in net income for the quarter ended June 30, 2004,
was primarily the result of a $1.2 million increase in net interest income and a
$1.1 million increase in noninterest income that was partially offset by a $1.0
million increase in the provision for loan and lease losses.
Net income for the six months ended June 30, 2004, was $24.9 million, or
$0.75 per diluted share, up 6% compared with $23.4 million or $0.71 per diluted
share for the first six months of 2003. Return on average assets and return on
average equity were 1.24% and 15.89%, respectively, for the six months ended
June 30, 2004, compared with 1.26% and 16.08%, respectively, for the same period
in 2003. The increase in net income for the six months ended June 30, 2004, was
primarily the result of a $2.8 million increase in noninterest income and a $2.3
million increase in net interest income that was partially offset by increases
in the provision for loan and lease losses of $1.2 million and noninterest
expense of $1.3 million.
NBT Chairman and CEO Daryl R. Forsythe stated, "I am pleased to report
solid results for the second quarter of 2004. Key areas that continue to drive
our performance include solid loan growth, higher revenues from noninterest
income sources, strong credit quality, and good expense control. With the
competitive landscape changing as a result of merger activity, we remain focused
on our growth strategy and are taking advantage of the resulting organic growth
opportunities in the Albany and
Page 2 of 10
Binghamton markets. Recently, NBT Bank announced the opening of its 72nd
location in downtown Binghamton in July and relocated a branch in Albany to a
new regional financial services center in May."
LOAN AND LEASE QUALITY AND PROVISION FOR LOAN AND LEASE LOSSES
Nonperforming loans at June 30, 2004 were $13.8 million or 0.50% of total
loans and leases compared with $16.8 million or 0.67% of total loans and leases
at June 30, 2003 and $14.8 million or 0.56% of total loans and leases at
December 31, 2003. The Company's allowance for loan and lease losses was 1.58%
of loans and leases at June 30, 2004 compared to 1.64% at June 30, 2003 and
1.62% at December 31, 2003. The ratio of the allowance for loan and lease losses
to nonperforming loans improved to 315.52% at June 30, 2004 from 242.58% at June
30, 2003 and 287.62% at December 31, 2003. Annualized net charge-offs to average
loans and leases for the six months ended June 30, 2004, were 0.28%, up slightly
from the 0.23% annualized ratio for the six months ended June 30, 2003, and the
ratio for the year ended December 31, 2003 of 0.27%.
For the quarter and six months ended June 30, 2004, the provision for loan
and lease losses totaled $2.4 million and $4.6 million, respectively, compared
with the $1.4 million and $3.4 million for the same periods in 2003. The
increase in the provision for loan and lease losses was due primarily to loan
and lease growth as well as an increase in net charge-offs. Loans and leases at
June 30, 2004 increased 10% when compared to loans and leases at June 30, 2003
and grew at a 9% annualized rate when compared to loans and leases at December
31, 2003. Net charge-offs for the quarter ended June 30, 2004 were up $0.6
million to $2.2 million from $1.7 million for the same period in 2003. The
provision for loan and lease losses represents the charge against current
earnings that is determined by management, through a disciplined credit review
process, as the amount needed to maintain an allowance that is sufficient to
absorb loan and lease losses inherent in the Company's current loan and lease
portfolio.
NET INTEREST INCOME
Net interest income was up 3% to $36.7 million for the quarter ended June
30, 2004, compared to $35.5 million for the same period a year ago. The increase
in net interest income was attributable to 8% growth in average earning assets
for the period offset by a decline in the Company's net interest margin, which
was 3.99% for the quarter ended June 30, 2004, down from the 4.18% for the same
period in 2003. Net interest income for the six months ended June 30, 2004
increased 3% as well to $73.8 million from $71.5 million in the same period for
2003. The increase in net interest income was attributable to 9% growth in
average earning assets for the period offset by a decline in the Company's net
interest margin, which was 4.04% for the six months ended June 30, 2004, down
from the 4.29% for the same
Page 3 of 10
period in 2003. The compression of net interest margin during the six months and
quarter ended June 30, 2004 compared to the same periods last year resulted from
earning assets repricing down at a faster rate than interest-bearing liabilities
due primarily to the continued low rate environment prevalent throughout the
period.
NONINTEREST INCOME
Noninterest income for the quarter ended June 30, 2004 was $10.0 million,
up $1.1 million or 12% from $8.9 million for the same period in 2003. Service
charges on deposit accounts for the quarter ended June 30, 2004 increased $0.3
million or 9% over the same period in 2003. The increase in service charges on
deposit accounts resulted primarily from higher overdraft fees from pricing
adjustments implemented during the second half of 2003. Income from bank owned
life insurance (BOLI) increased $0.4 million for the quarter ended June 30, 2004
over the same period in the prior year resulting from the purchase of $30
million of BOLI in June 2003.
Noninterest income for the six months ended June 30, 2004 was $20.4
million, up $2.8 million or 16% from $17.7 million for the same period in 2003.
Service charges on deposit accounts for the six months ended June 30, 2004
increased $0.8 million or 10% over the same period in 2003. As mentioned
previously, the increase in service charges on deposit accounts resulted
primarily from higher revenue collected for overdraft fees from pricing
adjustments implemented during the second half of 2003. Other income for the six
months ended June 30, 2004 increased $0.6 million or 12% over the same period in
2003. The increase in other income was driven primarily by an increase in
credit-group-life insurance fees totaling $0.4 million. Broker/dealer and
insurance revenue increased $0.4 million or 12%, due primarily to the initiative
to sell financial service products throughout the Bank's 112-branch network
beginning in 2003. Income from BOLI increased $0.8 million for the six months
ended June 30, 2004 over the same period in the prior year resulting from the
previously mentioned purchase of $30 million of BOLI in June 2003.
NONINTEREST EXPENSE
Noninterest expense for the quarter ended June 30, 2004 was $25.9 million,
up slightly from $25.8 million for the same period in 2003. Salaries and
employee benefits for the quarter ended June 30, 2004 increased $0.5 million or
4% over the same period in 2003 mainly from higher salaries from merit increases
and higher employee medical insurance costs. Occupancy expense for the quarter
ended June 30, 2004 increased $0.3 million or 12% over the same period in 2003
primarily from branch expansion in the Albany market. Offsetting these increases
were decreases in loan collection and other real estate owned ("OREO") costs and
other operating expenses. Loan collection and OREO costs for the quarter
Page 4 of 10
ended June 30, 2004 decreased $0.4 million when compared to the same period in
2003 mainly from a $0.3 million gain from the sale of OREO during the current
quarter. Other operating expense for the quarter ended June 30, 2004 decreased
$0.4 million when compared to the same period in 2003 mainly from a $0.6 million
charge for the writedown of a nonmarketable security in 2003.
Noninterest expense for the six months ended June 30, 2004 was $53.1
million, up $1.3 million or 3% from $51.7 million for the same period in 2003.
The increase in noninterest expense was due primarily to increases in salaries
and employee benefits and professional fees and outside services partially
offset by decreases in loan collection and OREO costs and other operating
expense. Salaries and employee benefits increased $1.9 million, mainly from a
$1.1 million increase in salary expense from merit increases and an increase in
employee medical costs of $0.5 million. Professional fees and outside services
increased $0.5 million mainly from increased courier, legal and audit costs.
Loan collection and OREO costs decreased $0.3 million from a decrease in OREO
expenses resulting from a decline in the number of OREO properties under
management as OREO totaled $0.4 million at June 30, 2004 compared to $2.3
million at June 30, 2003. Other operating expense decreased $0.7 million mainly
from the previously mentioned $0.6 million charge for the writedown of a
nonmarketable security in 2003.
BALANCE SHEET
Total assets were $4.1 billion at June 30, 2004 up $0.2 billion from $3.9
billion at June 30, 2003. Loans and leases increased $0.3 billion or 10% from
$2.5 billion at June 30, 2003 to $2.8 billion at June 30, 2004. Loan growth was
fueled by solid production from consumer, commercial and residential real estate
loan products. Total deposits were $3.0 billion at June 30, 2004 and 2003. Core
deposits, which include checking, savings and money market accounts increased
$0.2 billion or 12% from $1.8 billion at June 30, 2003 to $2.0 billion at June
30, 2004 offset by a $0.1 billion decrease in time deposits during the same
period. Stockholders' equity was $307.7 million representing a Tier 1 leverage
ratio of 6.90% at June 30, 2004 compared with $297.9 million or a Tier 1
leverage ratio of 6.72% at June 30, 2003. Under a previously announced stock
repurchase plan, the Company acquired 351,331 shares of its common stock at an
average price of $21.51 per share totaling $7.6 million for the six months ended
June 30, 2004.
DIVIDEND DECLARED
The NBT Board of Directors declared a third quarter cash dividend of $0.19
per share at a meeting held today. The dividend will be paid on September 15,
2004 to shareholders of record as of September 1, 2004.
Page 5 of 10
CORPORATE OVERVIEW
NBT is a financial services holding company headquartered in Norwich, NY,
with total assets of $4.1 billion at June 30, 2004. Mr. Forsythe commented "I
am pleased to announce that on July 19, 2004, the Company successfully completed
the integration of the Central National Bank division into the NBT Bank
division. We now have a single brand in New York and will continue to be the
same community bank staffed by local decision makers who provide quality service
and competitive products." The Company primarily operates through NBT Bank,
N.A., a full-service community bank with two divisions and through a financial
services company. NBT Bank, N.A. has 112 locations, including 72 NBT Bank
offices in upstate New York and 40 Pennstar Bank offices in northeastern
Pennsylvania. NBT also provides financial services products through M. Griffith,
Inc. More information about NBT and its banking divisions can be found on the
Internet at www.nbtbancorp.com, www.nbtbank.com, and www.pennstarbank.com.
------------------ --------------- --------------------
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.
FINANCIAL TABLES APPEAR ON FOLLOWING PAGES (6-10).
Page 6 of 10
NBT BANCORP INC.
SELECTED FINANCIAL HIGHLIGHTS
(unaudited)
NET PERCENT
2004 2003 CHANGE CHANGE
------------------ --------------- ---------- --------
(dollars in thousands, except
share and per share data)
THREE MONTHS ENDED JUNE 30,
Net Income $ 12,568 $ 11,808 $ 760 6%
Diluted Earnings Per Share $ 0.38 $ 0.36 $ 0.02 6%
Weighted Average Diluted
Common Shares Outstanding 33,084,126 32,652,900 431,226 1%
Return on Average Assets 1.24% 1.25% -0.01% -1%
Return on Average Equity 16.05% 16.07% -0.02% 0%
Net Interest Margin 3.99% 4.18% -0.19% -5%
- ---------------------------------------------------------------------------------------------------------
SIX MONTHS ENDED JUNE 30,
Net Income $ 24,939 $ 23,374 $ 1,565 7%
Diluted Earnings Per Share $ 0.75 $ 0.71 $ 0.04 6%
Weighted Average Diluted
Common Shares Outstanding 33,128,783 32,717,725 411,058 1%
Return on Average Assets 1.24% 1.26% -0.02% -2%
Return on Average Equity 15.89% 16.08% -0.19% -1%
Net Interest Margin 4.04% 4.29% -0.25% -6%
- ---------------------------------------------------------------------------------------------------------
ASSET QUALITY JUNE 30, December 31, June 30,
2004 2003 2003
------------------ --------------- ----------
Nonaccrual Loans $ 13,240 $ 13,861 $ 15,906
90 Days Past Due and Still Accruing $ 541 $ 968 $ 642
Troubled Debt Restructuring Loans $ 0 $ 0 $ 295
Total Nonperforming Loans $ 13,781 $ 14,829 $ 16,843
Other Real Estate Owned (OREO) $ 365 $ 1,157 $ 2,280
Total Nonperforming Loans and OREO $ 14,146 $ 15,986 $ 19,123
Nonperforming Securities $ 52 $ 395 $ 735
Total Nonperforming Assets $ 14,198 $ 16,381 $ 19,858
Allowance for Loan and Lease Losses $ 43,482 $ 42,651 $ 40,858
Year-to-Date (YTD) Net Charge-Offs $ 3,720 $ 6,627 $ 2,662
Allowance to Loans and Leases 1.58% 1.62% 1.64%
Total Nonperforming Loans to Loans and Leases 0.50% 0.56% 0.67%
Total Nonperforming Assets to Assets 0.34% 0.40% 0.51%
Allowance to Nonperforming Loans 315.52% 287.62% 242.58%
Annualized Net Charge-Offs to
YTD Average Loans and Leases 0.28% 0.27% 0.23%
- ---------------------------------------------------------------------------------------------------------
CAPITAL
Equity to Assets 7.46% 7.66% 7.60%
Book Value Per Share $ 9.43 $ 9.46 $ 9.19
Tangible Book Value Per Share $ 7.91 $ 7.94 $ 7.64
Tier 1 Leverage Ratio 6.90% 6.76% 6.72%
Tier 1 Capital Ratio 9.74% 9.96% 9.44%
Total Risk-Based Capital Ratio 11.00% 11.21% 10.70%
- ---------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------
QUARTERLY COMMON STOCK PRICE 2004 2003 2002
Quarter End High Low High Low High Low
------ ------ ------ ------ ------ ------
March 31 $23.00 $21.21 $18.60 $16.76 $15.15 $13.15
June 30 $23.18 $19.92 19.94 17.37 19.32 14.00
September 30 21.76 19.24 18.50 16.36
December 31 22.78 19.50 18.60 14.76
- ----------------------------------------------------------------------------------------------------
Page 7 of 10
NBT BANCORP INC.
SELECTED FINANCIAL HIGHLIGHTS
(UNAUDITED)
Net Percent
2004 2003 Change Change
----------------- --------------- --------- --------
(dollars in thousands, except
share and per share data)
BALANCE SHEET AS OF JUNE 30,
Loans $ 2,753,625 $ 2,496,385 $257,240 10%
Earning Assets $ 3,860,751 $ 3,584,137 $276,614 8%
Total Assets $ 4,125,374 $ 3,917,457 $207,917 5%
Deposits $ 3,040,609 $ 2,965,196 $ 75,413 3%
Stockholders' Equity $ 307,675 $ 297,850 $ 9,825 3%
- --------------------------------------------------------------------------------------------------------------
AVERAGE BALANCES
QUARTER ENDED JUNE 30,
Loans $ 2,698,654 $ 2,417,364 $281,290 12%
Securities AFS (excluding unrealized gains or losses) $ 974,046 $ 975,929 ($1,883) 0%
Securities HTM $ 87,802 $ 86,400 $ 1,402 2%
Regulatory Equity Investment $ 33,301 $ 23,987 $ 9,314 39%
Short-Term Interest Bearing Accounts $ 7,282 $ 4,331 $ 2,951 68%
Total Earning Assets $ 3,801,085 $ 3,508,011 $293,074 8%
Total Assets $ 4,073,144 $ 3,773,460 $299,684 8%
Interest Bearing Deposits $ 2,555,590 $ 2,479,636 $ 75,954 3%
Non-Interest Bearing Deposits $ 483,650 $ 448,597 $ 35,053 8%
Short-Term Borrowings $ 283,701 $ 122,794 $160,907 131%
Long-Term Borrowings $ 388,331 $ 358,119 $ 30,212 8%
Total Interest Bearing Liabilities $ 3,227,622 $ 2,960,549 $267,073 9%
Stockholders' Equity $ 314,980 $ 294,659 $ 20,321 7%
- --------------------------------------------------------------------------------------------------------------
AVERAGE BALANCES
YEAR ENDED JUNE 30,
Loans $ 2,672,384 $ 2,386,173 $286,211 12%
Securities AFS (excluding unrealized gains or losses) $ 969,347 $ 976,909 ($7,562) -1%
Securities HTM $ 91,878 $ 83,388 $ 8,490 10%
Regulatory Equity Investment $ 33,648 $ 23,736 $ 9,912 42%
Short-Term Interest Bearing Accounts $ 7,761 $ 4,756 $ 3,005 63%
Total Earning Assets $ 3,775,018 $ 3,474,962 $300,056 9%
Total Assets $ 4,052,714 $ 3,735,711 $317,003 8%
Interest Bearing Deposits $ 2,538,519 $ 2,477,483 $ 61,036 2%
Non-Interest Bearing Deposits $ 476,186 $ 439,398 $ 36,788 8%
Short-Term Borrowings $ 286,658 $ 110,713 $175,945 159%
Long-Term Borrowings $ 387,519 $ 351,931 $ 35,588 10%
Total Interest Bearing Liabilities $ 3,212,696 $ 2,940,127 $272,569 9%
Stockholders' Equity $ 315,522 $ 293,607 $ 21,915 7%
- --------------------------------------------------------------------------------------------------------------
Page 8 of 10
NBT BANCORP INC. AND SUBSIDIARIES JUNE 30, December 31, June 30,
CONSOLIDATED BALANCE SHEETS 2004 2003 2003
- -------------------------------------------------------------------------------------------------------------
(in thousands) (Unaudited) (Unaudited)
ASSETS
Cash and due from banks $ 102,705 $ 125,590 $ 143,884
Short term interest bearing accounts 7,240 2,502 3,576
Securities available for sale, at fair value 980,097 980,961 987,147
Securities held to maturity (fair value of $80,390, $98,576, and 79,766 97,204 92,452
94,339, at June 30, 2004, December 31, 2003 and June 30,
2003, respectively)
Federal Reserve and Federal Home Loan Bank stock 35,994 34,043 29,175
Loans and leases 2,753,625 2,639,976 2,496,385
Less allowance for loan and lease losses 43,482 42,651 40,858
=============================================================================================================
Net loans and leases 2,710,143 2,597,325 2,455,527
Premises and equipment, net 62,008 62,443 61,332
Goodwill 47,521 47,521 47,558
Intangible assets, net 2,189 2,331 2,606
Bank owned life insurance 31,609 30,815 30,014
Other assets 66,102 66,150 64,186
- -------------------------------------------------------------------------------------------------------------
TOTAL ASSETS $ 4,125,374 $ 4,046,885 $ 3,917,457
=============================================================================================================
LIABILITIES, GUARANTEED PREFERRED BENEFICIAL
INTERESTS IN COMPANY'S JUNIOR SUBORDINATE
DEBENTURES AND CAPITAL
Deposits:
Demand (noninterest bearing) $ 490,573 $ 500,303 $ 470,422
Savings, NOW, and money market 1,494,278 1,401,825 1,304,304
Time 1,055,758 1,099,223 1,190,470
- -------------------------------------------------------------------------------------------------------------
Total deposits 3,040,609 3,001,351 2,965,196
Short-term borrowings 349,144 302,931 211,981
Long-term debt 369,567 369,700 370,129
Trust preferred debentures 18,720 - -
Other liabilities 39,659 45,869 55,301
- -------------------------------------------------------------------------------------------------------------
Total liabilities 3,817,699 3,719,851 3,602,607
Guaranteed preferred beneficial interests in
Company's junior subordinated debentures - 17,000 17,000
Total stockholders' equity 307,675 310,034 297,850
=============================================================================================================
TOTAL LIABILITIES, GUARANTEED PREFERRED
BENEFICIAL INTERESTS IN COMPANY'S JUNIOR
SUBORDINATE DEBENTURES AND CAPITAL $ 4,125,374 $ 4,046,885 $ 3,917,457
=============================================================================================================
Page 9 of 10
Three months ended Six months ended
NBT BANCORP INC. AND SUBSIDIARIES June 30, June 30,
CONSOLIDATED STATEMENTS OF INCOME 2004 2003 2004 2003
- ----------------------------------------------------------------------------------------------------
(in thousands, except per share data) (Unaudited)
INTEREST, FEE AND DIVIDEND INCOME:
Loans and leases $ 39,635 $ 39,540 $ 79,529 $ 79,155
Securities available for sale 10,313 10,864 21,082 22,669
Securities held to maturity 755 857 1,552 1,746
Other 235 332 502 658
- ----------------------------------------------------------------------------------------------------
Total interest, fee and dividend income 50,938 51,593 102,665 104,228
- ----------------------------------------------------------------------------------------------------
INTEREST EXPENSE:
Deposits 9,674 12,040 19,719 24,652
Short-term borrowings 794 370 1,587 659
Long-term debt 3,627 3,691 7,242 7,396
Trust preferred debentures 163 - 343 -
- ----------------------------------------------------------------------------------------------------
Total interest expense 14,258 16,101 28,891 32,707
- ----------------------------------------------------------------------------------------------------
Net interest income 36,680 35,492 73,774 71,521
Provision for loan and lease losses 2,428 1,413 4,552 3,353
- ----------------------------------------------------------------------------------------------------
Net interest income after provision for loan losses 34,252 34,079 69,222 68,168
- ----------------------------------------------------------------------------------------------------
NONINTEREST INCOME:
Trust 1,142 1,116 2,249 2,008
Service charges on deposit accounts 4,090 3,764 8,127 7,367
Broker/dealer and insurance revenue 1,783 1,750 3,514 3,142
Net securities gains (losses) 29 38 38 65
Bank owned life insurance income 409 14 794 14
Other 2,536 2,257 5,710 5,085
- ----------------------------------------------------------------------------------------------------
Total noninterest income 9,989 8,939 20,432 17,681
- ----------------------------------------------------------------------------------------------------
NONINTEREST EXPENSE:
Salaries and employee benefits 12,542 12,060 26,655 24,719
Office supplies and postage 1,143 1,011 2,174 2,084
Occupancy 2,446 2,182 5,044 4,708
Equipment 1,781 1,944 3,634 3,710
Professional fees and outside services 1,424 1,240 3,056 2,542
Data processing and communications 2,852 2,720 5,544 5,441
Capital securities - 179 - 370
Amortization of intangible assets 71 155 142 317
Loan collection and other real estate owned 99 476 471 756
Other operating 3,505 3,881 6,345 7,093
- ----------------------------------------------------------------------------------------------------
Total noninterest expense 25,863 25,848 53,065 51,740
- ----------------------------------------------------------------------------------------------------
Income before income taxes 18,378 17,170 36,589 34,109
Income taxes 5,810 5,362 11,650 10,735
- ----------------------------------------------------------------------------------------------------
NET (LOSS) INCOME $ 12,568 $ 11,808 $ 24,939 $ 23,374
- ----------------------------------------------------------------------------------------------------
Earnings Per Share:
Basic $ 0.38 $ 0.36 $ 0.76 $ 0.72
Diluted $ 0.38 $ 0.36 $ 0.75 $ 0.71
====================================================================================================
Page 10 of 10
NBT BANCORP INC. AND SUBSIDIARIES 2Q 1Q 4Q 3Q 2Q
QUARTERLY CONSOLIDATED STATEMENTS OF INCOME 2004 2004 2003 2003 2003
- --------------------------------------------------------------------------------------------------
(in thousands, except per share data) (Unaudited)
INTEREST, FEE AND DIVIDEND INCOME:
Loans $39,635 $39,894 $ 40,082 $39,881 $39,540
Securities available for sale 10,313 10,769 11,311 9,871 10,864
Securities held to maturity 755 797 805 840 857
Other 235 267 84 196 332
- --------------------------------------------------------------------------------------------------
Total interest, fee and dividend income 50,938 51,727 52,282 50,788 51,593
- --------------------------------------------------------------------------------------------------
INTEREST EXPENSE:
Deposits 9,674 10,045 10,369 10,920 12,040
Short-term borrowings 794 793 808 704 370
Long-term debt 3,627 3,615 3,780 3,586 3,691
Trust preferred debentures 163 180 - - -
- --------------------------------------------------------------------------------------------------
Total interest expense 14,258 14,633 14,957 15,210 16,101
- --------------------------------------------------------------------------------------------------
Net interest income 36,680 37,094 37,325 35,578 35,492
Provision for loan and lease losses 2,428 2,124 3,322 2,436 1,413
- --------------------------------------------------------------------------------------------------
Net interest income after provision for loan losses 34,252 34,970 34,003 33,142 34,079
- --------------------------------------------------------------------------------------------------
NONINTEREST INCOME:
Trust 1,142 1,107 1,075 958 1,116
Service charges on deposit accounts 4,090 4,037 4,302 4,164 3,764
Broker/dealer and insurance fees 1,783 1,731 1,964 1,763 1,750
Net securities (losses) gains 29 9 92 18 38
Bank owned life insurance income 409 385 403 398 14
Other 2,536 3,174 2,288 2,672 2,257
- --------------------------------------------------------------------------------------------------
Total noninterest income 9,989 10,443 10,124 9,973 8,939
- --------------------------------------------------------------------------------------------------
NONINTEREST EXPENSE:
Salaries and employee benefits 12,542 14,113 12,355 12,486 12,060
Office supplies and postage 1,143 1,031 1,028 1,104 1,011
Occupancy 2,446 2,598 2,477 2,143 2,182
Equipment 1,781 1,853 2,008 1,909 1,944
Professional fees and outside services 1,424 1,632 1,470 1,421 1,240
Data processing and communications 2,852 2,692 2,671 2,640 2,720
Capital securities - - 181 181 179
Amortization of intangible assets 71 71 145 158 155
Loan collection and other real estate owned 99 372 636 448 476
Other operating 3,505 2,840 3,823 3,493 3,881
- --------------------------------------------------------------------------------------------------
Total noninterest expense 25,863 27,202 26,794 25,983 25,848
- --------------------------------------------------------------------------------------------------
Income (loss) before income taxes 18,378 18,211 17,333 17,132 17,170
Income taxes 5,810 5,840 5,451 5,284 5,362
- --------------------------------------------------------------------------------------------------
NET INCOME (LOSS) $12,568 $12,371 $ 11,882 $11,848 $11,808
==================================================================================================
Earnings per share:
Basic $ 0.38 $ 0.38 $ 0.36 $ 0.36 $ 0.36
Diluted $ 0.38 $ 0.37 $ 0.36 $ 0.36 $ 0.36
==================================================================================================