SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
PURSUANT
TO SECTION 13 OR 15(D) OF THE
SECURITIES
EXCHANGE ACT OF 1934
Date
of
Report (Date of earliest event reported): January 24,
2006
|
NBT
BANCORP INC.
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||||
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(Exact
name of registrant as specified in its charter)
|
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DELAWARE
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0-14703
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16-1268674
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||
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(State
or other jurisdiction of incorporation)
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(Commission
File Number)
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(IRS
Employer Identification No.)
|
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52
SOUTH BROAD STREET, NORWICH, NEW YORK
13815
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||||
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(Address
of principal executive offices)
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Registrant's
telephone number, including area code: (607) 337-2265
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Check
the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions:
¨ Written
communication pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
¨ Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
¨ Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
¨ Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
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ITEM
2.02
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Results
of Operations and Financial
Condition
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On
January 23, 2006, NBT Bancorp Inc. issued a press release describing its results
of operations for the year and quarter ending December 31, 2005 as well as
announcing a quarterly dividend of $0.19 per share to be paid on March 15,
2006
to shareholders of record on March 1, 2006. That press release is furnished
as
Exhibit 99.1 hereto.
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ITEM
8.01
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Other
Events
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On
January 23, 2006, NBT Bancorp Inc. announced the approval of a plan to
repurchase up to 1,000,000 shares of its common stock in addition to the 503,151
shares available for repurchase under a previous authorization. A press release
announcing the repurchase program is attached hereto as Exhibit 99.1 and
incorporated herein by reference.
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ITEM
9.01
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Financial
Statements and Exhibits
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{c}
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The
following is being furnished
herewith:
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Exhibit
No.
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Exhibit
Description
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|||
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99.1
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Press
release text of NBT Bancorp Inc. dated January 23,
2006
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SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant
has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
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NBT
BANCORP INC.
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||
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(Registrant)
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||
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/s/
Michael J. Chewens
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Michael
J. Chewens
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Senior
Executive Vice President,
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Chief
Financial Officer and Corporate Secretary
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Date:
January 24, 2006
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Page
1 of
11
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Exhibit
99.1
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FOR
IMMEDIATE RELEASE
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ATTENTION:
FINANCIAL AND BUSINESS EDITORS
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Contact:
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Martin
A. Dietrich, CEO
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Michael
J. Chewens, CFO
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NBT
Bancorp Inc.
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52
South Broad Street
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Norwich,
NY 13815
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607-337-6119
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NBT
BANCORP ANNOUNCES ANNUAL EARNINGS OF $52.4 MILLION AND
STOCK
BUYBACK;
DECLARES CASH DIVIDEND
NORWICH,
NY (January 23, 2006) - NBT Bancorp Inc. (NBT) (NASDAQ: NBTB) reported today
that net income for the year ended December 31, 2005, was $52.4 million, or
$1.60 per diluted share, up 6% on a diluted per share basis compared with $50.0
million or $1.51 per diluted share for the same period in 2004. The increase
in
net income for the year ended December 31, 2005, was primarily the result of
increases in net interest income of $7.6 million and noninterest income of
$1.6
million partially offset by a $5.5 million increase in noninterest expense.
Return on average assets and return on average equity were 1.21% and 15.86%,
respectively, for the year ended December 31, 2005, compared with 1.21% and
15.69%, respectively, for the same period in 2004.
Net
income for the quarter ended December 31, 2005, was $13.0 million, or $0.40
per
diluted share, up 5% on a per diluted share basis from $12.5 million, or $0.38
per diluted share for the same period a year ago. The increase in net income
for
the quarter ended December 31, 2005, was primarily the result of an increase
in
net interest income of $1.4 million offset by an increase in income tax expense
of $1.3 million. Annualized return on average assets and return on average
equity were 1.17% and 15.47%, respectively, for the quarter ended December
31,
2005, compared with 1.18% and 15.08%, respectively, for the same period in
2004.
NBT
CEO
and President Martin A. Dietrich stated, “I am pleased to see the improvement in
earnings over the same periods in 2004. Solid loan growth, supported by strong
asset quality, has enabled us to achieve another solid year of results. During
2004 and 2005, we made several investments to expand our presence in the Albany,
Binghamton and northeastern Pennsylvania markets. We are pleased with the loan
and deposit growth we have experienced in these newer markets. We anticipate
that the acquisition of City National Bank and Trust Company will close in
the
first quarter of 2006. This acquisition coupled with our branch expansion
program is an important component for our plan of continued growth. Our team
remains committed to increasing our market share through quality growth while
focusing on our ultimate goals: to be the premier provider of community banking
services in the markets we serve and to enhance our shareholders’
value.”
Page
2 of 11
Loan
and Lease Quality and Provision for Loan and Lease Losses
Nonperforming
loans at December 31, 2005 were $14.3 million or 0.47% of total loans and leases
compared with $16.2 million or 0.56% of total loans and leases at December
31,
2004. The Company’s allowance for loan and lease losses was 1.57% of total loans
and leases at December 31, 2005 and 2004. The ratio of the allowance for loan
and lease losses to nonperforming loans was 331.92% at December 31, 2005
compared with 277.75% at December 31, 2004. Net charge-offs to average loans
and
leases for the year ended December 31, 2005, was 0.23% compared with 0.27%
for
the same period in 2004. For the year and quarter ended December 31, 2005,
the
provision for loan and lease losses totaled $9.5 million and $2.6 million,
respectively, compared with the $9.6 million and $2.8 million for the same
periods in 2004.
Net
Interest Income
Net
interest income for the year ended December 31, 2005 increased 5% to $158.1
million from $150.5 million in the same period for 2004. The Company’s net
interest margin was 4.01% for the year ended December 31, 2005 compared with
4.03% in 2004. Net interest income was up 4% to $40.0 million for the quarter
ended December 31, 2005, compared with $38.7 million for the same period a
year
ago. The increase in net interest income was due primarily to a 5% increase
in
average earning assets offset by a slight decline in the Company’s net interest
margin, which was 3.97% for the quarter ended December 31, 2005, down from
4.03%
for the same period in 2004. The increase in average earning assets was due
primarily to loan growth, since average loans were up 6% for the quarter ended
December 31, 2005, compared with the same period in 2004. The decrease in net
interest margin is primarily attributable to the flattening yield curve,
resulting in relatively flat reinvestment rates on investment securities and
loans and increasing short-term borrowing and deposit costs. Dietrich added
“Our
expectation going forward is that our net interest margin will continue to
decline given the flat yield curve and pressure on deposit pricing. Continuing
the trend in loan growth we’ve experienced the last four years will be a key
factor in overcoming this challenge.”
Page 3
of 11
Noninterest
Income
Noninterest
income for the year ended December 31, 2005, was $42.5 million, up $1.6 million
from $40.9 million for the same period in 2004. Excluding net securities losses
of $1.2 million for 2005, total noninterest income increased $2.9 million or
7%
from the same period in 2004. Net securities losses of $1.2 million resulted
from the sale of $47.8 million in securities available for sale to improve
investment portfolio yield going forward. Retirement plan administration fees
were $4.4 million. This is a new service from the acquisition of EPIC Advisors,
Inc. in January 2005. ATM and debit card fees increased $0.6 million compared
with the same period a year ago, due to growth from transaction deposit
accounts, which has led to an increase in the Company’s debit card base. Other
income increased $0.9 million from increases in consumer banking fees, mortgage
banking income and title insurance revenue. Offsetting these increases was
a
$3.6 million decrease in broker/dealer and insurance revenue due to the sale
of
the Company’s broker/dealer subsidiary, M. Griffith, Inc. in March 2005.
Noninterest
income for the quarter ended December 31, 2005, was $10.4 million, up $0.1
million from $10.3 million for the same period in 2004. Excluding net securities
losses of $0.5 million during the quarter ended December 31, 2005, total
noninterest income increased $0.6 million or 6% from the same period in 2004.
Net securities losses of $0.5 million resulted from the previously mentioned
sale of certain securities available for sale, which totaled $22.8 million
for
the quarter to improve investment portfolio yield going forward. Retirement
plan
administration fees totaled $1.2 million, from the previously mentioned
acquisition of EPIC Advisors, Inc. in January 2005. Offsetting this increase
was
a $1.0 million decrease in broker/dealer and insurance revenue due to the
previously mentioned sale of the Company’s broker/dealer subsidiary, M.
Griffith, Inc. in March 2005.
Noninterest
Expense
Noninterest
expense for the year ended December 31, 2005, was $115.3 million, up $5.5
million or 5% from $109.8 million for the same period in 2004. The increase
in
noninterest expense was due largely to increases in salaries and employee
benefits and other expense. Also, 2004 included a $2.0 million goodwill
impairment charge. Salaries and employee benefits increased $4.8 million
primarily from increases in full-time-equivalent employees and merit increases
as well as an increase in retirement costs and incentive compensation. Other
operating expense increased $2.1 million, principally from the reversal of
a
previously accrued $1.4 million liability that was determined in the fourth
quarter of 2004 to no longer be required. The $2.0 million goodwill impairment
charge in 2004 resulted from the expected sale of the Company’s broker/dealer
subsidiary, M Griffith, Inc. in the first quarter of 2005.
Page 4
of 11
Noninterest
expense for the quarter ended December 31, 2005, was $29.1 million, down
$0.3
million from $29.4 million for the same period in 2004. The decrease in
noninterest expense resulted principally from the previously mentioned $2.0
million goodwill impairment charge in 2004 charge offset by a $1.9 million
increase in other operating expense in 2005. The increase in other operating
expense resulted from the previously mentioned reversal of a previously accrued
$1.4 million liability in 2004 that was determined to no longer be
required.
Income
Taxes
Income
tax expense for the quarter ended December 31, 2005, was $5.7 million, up $1.3
million from the $4.4 million recorded during the same period in 2004. The
effective rate for the quarter ended December 31, 2005, was 30.5%, compared
with
25.8% for the same period in 2004. The increase in tax expense and the effective
tax rate for the quarter ended December 31, 2005, compared with the same period
in 2004, was due to the reversal of a previously accrued $0.8 million liability
that was determined to no longer be required for the quarter ended December
31,
2004.
Balance
Sheet
Total
assets were $4.4 billion at December 31, 2005 up $0.2 billion from $4.2 billion
at December 31, 2004. Loans and leases increased $0.1 billion or 5% from $2.9
billion at December 31, 2004, to $3.0 billion at December 31, 2005. Loan growth
was driven predominantly by consumer loans and commercial loans. Total deposits
were $3.2 billion at December 31, 2005, up $0.1 billion from $3.1 billion at
December 31, 2004. Stockholders’ equity was $333.9 million, representing a
total-equity-to-total-assets ratio of 7.54% at December 31, 2005 compared with
$332.2 million or a total-equity-to-total-assets ratio of 7.89% at December
31,
2004.
Stock
Buyback
NBT
announced today that the NBT Board of Directors authorized a new repurchase
program whereby NBT intends to repurchase up to an additional 1,000,000 shares
(approximately 3%) of its outstanding common stock from time to time as market
conditions warrant in open market and privately negotiated transactions.
Currently, there are 503,151 shares remaining under a previous authorization
that will be combined with the new authorization, increasing the total shares
available for repurchase to 1,503,151. Under the program no shares will
knowingly be repurchased from officers and directors of NBT or from persons
who
hold in excess of five percent of its outstanding shares of common stock. The
Company acquired 1,008,114 shares of its common stock at an average price of
$22.97 per share, totaling $23.2 million for the year ended December 31,
2005.
Page 5
of 11
Dividend
Declared
The
NBT
Board of Directors declared a quarterly cash dividend of $0.19 per share at
a
meeting held today. The dividend will be paid on March 15, 2006, to shareholders
of record as of March 1, 2006.
Corporate
Overview
NBT
is a
financial holding company headquartered in Norwich, NY, with total assets of
$4.4 billion at December 31, 2005. 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 113 locations, including 74
NBT
Bank offices in upstate New York and 39 Pennstar Bank offices in northeastern
Pennsylvania. EPIC Advisors, Inc., based in Rochester, NY, is a full-service
401(k) plan recordkeeping firm. In June 2005, NBT announced that it had agreed
to acquire CNB Bancorp, Inc. (CNB), which has total assets of approximately
$400
million and is headquartered in Gloversville, NY. The merger is subject to
CNB
shareholder approval and is expected to close in the first quarter of 2006.
More
information about NBT and its divisions can be found on the Internet at
www.nbtbancorp.com,
www.nbtbank.com,
www.pennstarbank.com
and
www.epic1st.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; (7) the costs that will be incurred from the CNB
acquisition and the risk of not obtaining CNB shareholder approval; and (8)
adverse changes may occur in the securities markets or with respect to
inflation. Forward-looking statements speak only as of the date they are made.
Except as required by law, NBT does not undertake to update forward-looking
statements to reflect subsequent circumstances or events.
Page 6
of 11
FINANCIAL
TABLES APPEAR ON FOLLOWING PAGES (7-11).
Page
7 of 11
|
NBT
Bancorp Inc.
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|||||||||||||
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SELECTED
FINANCIAL HIGHLIGHTS
|
|||||||||||||
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(unaudited)
|
|||||||||||||
|
2005
|
2004
|
Net
Change
|
Percent
Change
|
||||||||||
| (dollars in thousands, except share and per share data) | |||||||||||||
|
Three
Months Ended December 31,
|
|||||||||||||
|
Net
Income
|
$
|
12,995
|
$
|
12,491
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$
|
504
|
4%
|
|
|||||
|
Diluted
Earnings Per Share
|
$
|
0.40
|
$
|
0.38
|
$
|
0.02
|
5%
|
|
|||||
|
Weighted
Average Diluted
|
|
|
|
|
|||||||||
|
Common
Shares Outstanding
|
32,556,147
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33,155,085
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(598,938)
|
|
-2%
|
|
|||||||
|
Return
on Average Assets
|
1.17%
|
|
1.18%
|
|
-0.01%
|
|
-1%
|
|
|||||
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Return
on Average Equity
|
15.47%
|
|
15.08%
|
|
0.39%
|
|
3%
|
|
|||||
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Net
Interest Margin
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3.97%
|
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4.03%
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-0.06%
|
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-1%
|
|
|||||
|
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||||||||||
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Twelve
Months Ended December 31,
|
|
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|||||||||||
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Net
Income
|
$
|
52,438
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$
|
50,047
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$
|
2,391
|
5%
|
|
|||||
|
Diluted
Earnings Per Share
|
$
|
1.60
|
$
|
1.51
|
$
|
0.09
|
6%
|
|
|||||
|
Weighted
Average Diluted
|
|
|
|
||||||||||
|
Common
Shares Outstanding
|
32,710,425
|
33,086,716
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(376,291)
|
|
-1%
|
|
|||||||
|
Return
on Average Assets
|
1.21%
|
|
1.21%
|
|
0.00%
|
|
0%
|
|
|||||
|
Return
on Average Equity
|
15.86%
|
|
15.69%
|
|
0.17%
|
|
1%
|
|
|||||
|
Net
Interest Margin
|
4.01%
|
|
4.03%
|
|
-0.02%
|
|
0%
|
|
|||||
|
|
|||||||||||||
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Asset
Quality
|
December
31,
2005
|
December
31,
2004
|
|||||||||||
|
Nonaccrual
Loans
|
$
|
13,419
|
$
|
14,991
|
|||||||||
|
90
Days Past Due and Still Accruing
|
$
|
878
|
$
|
1,186
|
|||||||||
|
Total
Nonperforming Loans
|
$
|
14,297
|
$
|
16,177
|
|||||||||
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Other
Real Estate Owned (OREO)
|
$
|
265
|
$
|
428
|
|||||||||
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Total
Nonperforming Assets
|
$
|
14,562
|
$
|
16,605
|
|||||||||
|
Allowance
for Loan and Lease Losses
|
$
|
47,455
|
$
|
44,932
|
|||||||||
|
Year-to-Date
(YTD) Net Charge-Offs
|
$
|
6,941
|
$
|
7,334
|
|||||||||
|
Allowance
to Loans and Leases
|
1.57%
|
|
1.57%
|
|
|||||||||
|
Total
Nonperforming Loans to Loans and Leases
|
0.47%
|
|
0.56%
|
|
|||||||||
|
Total
Nonperforming Assets to Assets
|
0.33%
|
|
0.39%
|
|
|||||||||
|
Allowance
to Nonperforming Loans
|
331.92%
|
|
277.75%
|
|
|||||||||
|
Net
Charge-Offs to
|
|
|
|||||||||||
|
YTD
Average Loans and Leases
|
0.23%
|
|
0.27%
|
|
|||||||||
|
|
|||||||||||||
|
Capital
|
|
||||||||||||
|
Equity
to Assets
|
7.54%
|
|
7.89%
|
|
|||||||||
|
Book
Value Per Share
|
$
|
10.34
|
$
|
10.11
|
|||||||||
|
Tangible
Book Value Per Share
|
$
|
8.75
|
$
|
8.66
|
|||||||||
|
Tier
1 Leverage Ratio
|
7.16%
|
|
7.13%
|
|
|||||||||
|
Tier
1 Capital Ratio
|
9.80%
|
|
9.78%
|
|
|||||||||
|
Total
Risk-Based Capital Ratio
|
11.05%
|
|
11.04%
|
|
|||||||||
|
Quarterly
Common Stock Price
|
2005
|
2004
|
2003
|
||||||||||||||||
|
Quarter
End
|
High
|
Low
|
High
|
Low
|
High
|
Low
|
|||||||||||||
|
March
31
|
|
$25.66
|
|
$21.48
|
|
$23.00
|
|
$21.21
|
|
$18.60
|
|
$16.76
|
|||||||
|
June
30
|
|
$24.15
|
|
$20.10
|
23.18
|
19.92
|
19.94
|
17.37
|
|||||||||||
|
September
30
|
|
$25.50
|
|
$22.79
|
24.34
|
21.02
|
21.76
|
19.24
|
|||||||||||
|
December
31
|
|
$23.79
|
|
$20.75
|
26.84
|
21.94
|
22.78
|
19.50
|
|||||||||||
Page 8
of 11
|
NBT
Bancorp Inc.
|
|||||||||||||
|
SELECTED
FINANCIAL HIGHLIGHTS
|
|||||||||||||
|
(unaudited)
|
|||||||||||||
|
2005
|
2004
|
Net
Change
|
Percent
Change
|
||||||||||
|
(dollars
in thousands, except share and per share data)
|
|||||||||||||
|
Balance
Sheet as of December 31,
|
|||||||||||||
|
Loans
|
$
|
3,022,657
|
$
|
2,869,921
|
$
|
152,736
|
5
|
%
|
|||||
|
Earning
Assets
|
$
|
4,129,350
|
$
|
3,940,565
|
$
|
188,785
|
5
|
%
|
|||||
|
Total
Assets
|
$
|
4,426,773
|
$
|
4,212,304
|
$
|
214,469
|
5
|
%
|
|||||
|
Deposits
|
$
|
3,160,196
|
$
|
3,073,838
|
$
|
86,358
|
3
|
%
|
|||||
|
Stockholders’
Equity
|
$
|
333,943
|
$
|
332,233
|
$
|
1,710
|
1
|
%
|
|||||
|
Average
Balances
|
|||||||||||||
|
Quarter
Ended December 31,
|
|||||||||||||
|
Loans
|
$
|
3,012,561
|
$
|
2,843,841
|
$
|
168,720
|
6
|
%
|
|||||
|
Securities
AFS (excluding unrealized gains or losses)
|
$
|
965,742
|
$
|
956,183
|
$
|
9,559
|
1
|
%
|
|||||
|
Securities
HTM
|
$
|
92,054
|
$
|
81,152
|
$
|
10,902
|
13
|
%
|
|||||
|
Regulatory
Equity Investment
|
$
|
39,277
|
$
|
34,920
|
$
|
4,357
|
12
|
%
|
|||||
|
Short-Term
Interest Bearing Accounts
|
$
|
7,676
|
$
|
7,419
|
$
|
257
|
3
|
%
|
|||||
|
Total
Earning Assets
|
$
|
4,117,310
|
$
|
3,923,514
|
$
|
193,796
|
5
|
%
|
|||||
|
Total
Assets
|
$
|
4,393,140
|
$
|
4,206,900
|
$
|
186,240
|
4
|
%
|
|||||
|
Interest
Bearing Deposits
|
$
|
2,602,145
|
$
|
2,593,393
|
$
|
8,752
|
0
|
%
|
|||||
|
Non-Interest
Bearing Deposits
|
$
|
571,999
|
$
|
513,795
|
$
|
58,204
|
11
|
%
|
|||||
|
Short-Term
Borrowings
|
$
|
396,077
|
$
|
299,372
|
$
|
96,705
|
32
|
%
|
|||||
|
Long-Term
Borrowings
|
$
|
439,798
|
$
|
413,255
|
$
|
26,543
|
6
|
%
|
|||||
|
Total
Interest Bearing Liabilities
|
$
|
3,438,020
|
$
|
3,306,021
|
$
|
131,999
|
4
|
%
|
|||||
|
Stockholders’
Equity
|
$
|
333,450
|
$
|
329,543
|
$
|
3,907
|
1
|
%
|
|||||
|
Average
Balances
|
|||||||||||||
|
Twelve
Months Ended December 31,
|
|||||||||||||
|
Loans
|
$
|
2,959,256
|
$
|
2,743,753
|
$
|
215,503
|
8
|
%
|
|||||
|
Securities
AFS (excluding unrealized gains or losses)
|
$
|
954,461
|
$
|
970,024
|
$
|
(15,563
|
)
|
-2
|
%
|
||||
|
Securities
HTM
|
$
|
88,244
|
$
|
85,771
|
$
|
2,473
|
3
|
%
|
|||||
|
Regulatory
Equity Investment
|
$
|
37,607
|
$
|
34,813
|
$
|
2,794
|
8
|
%
|
|||||
|
Short-Term
Interest Bearing Accounts
|
$
|
7,298
|
$
|
7,583
|
$
|
(285
|
)
|
-4
|
%
|
||||
|
Total
Earning Assets
|
$
|
4,046,866
|
$
|
3,841,944
|
$
|
204,922
|
5
|
%
|
|||||
|
Total
Assets
|
$
|
4,326,155
|
$
|
4,120,547
|
$
|
205,608
|
5
|
%
|
|||||
|
Interest
Bearing Deposits
|
$
|
2,615,833
|
$
|
2,555,384
|
$
|
60,449
|
2
|
%
|
|||||
|
Non-Interest
Bearing Deposits
|
$
|
543,077
|
$
|
492,746
|
$
|
50,331
|
10
|
%
|
|||||
|
Short-Term
Borrowings
|
$
|
353,644
|
$
|
302,276
|
$
|
51,368
|
17
|
%
|
|||||
|
Long-Term
Borrowings
|
$
|
430,487
|
$
|
400,053
|
$
|
30,434
|
8
|
%
|
|||||
|
Total
Interest Bearing Liabilities
|
$
|
3,399,964
|
$
|
3,257,713
|
$
|
142,251
|
4
|
%
|
|||||
|
Stockholders’
Equity
|
$
|
330,676
|
$
|
318,901
|
$
|
11,775
|
4
|
%
|
|||||
Page 9
of 11
|
NBT
Bancorp Inc. and Subsidiaries
Consolidated
Balance Sheets (unaudited)
|
December
31,
2005
|
December
31,
2004
|
|||||
|
(in
thousands)
|
|||||||
|
ASSETS
|
|||||||
|
Cash
and due from banks
|
$
|
134,501
|
$
|
98,437
|
|||
|
Short
term interest bearing accounts
|
7,987
|
8,286
|
|||||
|
Securities
available for sale, at fair value
|
954,474
|
952,542
|
|||||
|
Securities
held to maturity (fair value of $93,701 and $82,712
at
December 31, 2005 and December 31, 2004, respectively)
|
93,709
|
81,782
|
|||||
|
Federal
Reserve and Federal Home Loan Bank stock
|
40,259
|
36,842
|
|||||
|
Loans
and leases
|
3,022,657
|
2,869,921
|
|||||
|
Less
allowance for loan and lease losses
|
47,455
|
44,932
|
|||||
|
Net
loans and leases
|
2,975,202
|
2,824,989
|
|||||
|
Premises
and equipment, net
|
63,693
|
63,743
|
|||||
|
Goodwill
|
47,544
|
45,570
|
|||||
|
Intangible
assets, net
|
3,808
|
2,013
|
|||||
|
Bank
owned life insurance
|
33,648
|
32,302
|
|||||
|
Other
assets
|
71,948
|
65,798
|
|||||
|
TOTAL
ASSETS
|
$
|
4,426,773
|
$
|
4,212,304
|
|||
|
LIABILITIES
AND STOCKHOLDERS' EQUITY
|
|||||||
|
Deposits:
|
|||||||
|
Demand
(noninterest bearing)
|
$
|
593,422
|
$
|
520,218
|
|||
|
Savings,
NOW, and money market
|
1,325,166
|
1,435,561
|
|||||
|
Time
|
1,241,608
|
1,118,059
|
|||||
|
Total
deposits
|
3,160,196
|
3,073,838
|
|||||
|
Short-term
borrowings
|
444,977
|
338,823
|
|||||
|
Long-term
debt
|
414,330
|
394,523
|
|||||
|
Trust
preferred debentures
|
23,875
|
18,720
|
|||||
|
Other
liabilities
|
49,452
|
54,167
|
|||||
|
Total
liabilities
|
4,092,830
|
3,880,071
|
|||||
|
Total
stockholders' equity
|
333,943
|
332,233
|
|||||
|
TOTAL
LIABILITIES AND STOCKHOLDERS' EQUITY
|
$
|
4,426,773
|
$
|
4,212,304
|
|||
Page 10
of 11
|
NBT
Bancorp Inc. and Subsidiaries
|
Three
months ended
December
31,
|
Twelve
months ended
December
31,
|
|||||||||||
|
Consolidated
Statements of Income (unaudited)
|
2005
|
2004
|
2005
|
2004
|
|||||||||
|
(in
thousands, except per share data)
|
|||||||||||||
|
Interest,
fee and dividend income:
|
|||||||||||||
|
Loans
and leases
|
$
|
50,726
|
$
|
42,983
|
$
|
189,714
|
$
|
163,795
|
|||||
|
Securities
available for sale
|
10,544
|
10,398
|
41,120
|
42,264
|
|||||||||
|
Securities
held to maturity
|
913
|
761
|
3,407
|
3,044
|
|||||||||
|
Other
|
575
|
279
|
2,126
|
1,076
|
|||||||||
|
Total
interest, fee and dividend income
|
62,758
|
54,421
|
236,367
|
210,179
|
|||||||||
|
Interest
expense:
|
|||||||||||||
|
Deposits
|
14,352
|
10,299
|
49,932
|
39,761
|
|||||||||
|
Short-term
borrowings
|
3,911
|
1,307
|
10,984
|
4,086
|
|||||||||
|
Long-term
debt
|
4,098
|
3,919
|
16,114
|
15,022
|
|||||||||
|
Trust
preferred debentures
|
375
|
235
|
1,226
|
823
|
|||||||||
|
Total
interest expense
|
22,736
|
15,760
|
78,256
|
59,692
|
|||||||||
|
Net
interest income
|
40,022
|
38,661
|
158,111
|
150,487
|
|||||||||
|
Provision
for loan and lease losses
|
2,596
|
2,750
|
9,464
|
9,615
|
|||||||||
|
Net
interest income after provision for loan and lease losses
|
37,426
|
35,911
|
148,647
|
140,872
|
|||||||||
|
Noninterest
income:
|
|||||||||||||
|
Trust
|
1,234
|
1,174
|
5,029
|
4,605
|
|||||||||
|
Service
charges on deposit accounts
|
4,340
|
4,184
|
16,894
|
16,470
|
|||||||||
|
ATM
and debit card fees
|
1,587
|
1,402
|
6,162
|
5,530
|
|||||||||
|
Broker/dealer
and insurance revenue
|
527
|
1,572
|
3,186
|
6,782
|
|||||||||
|
Net
securities (losses) gains
|
(546
|
)
|
160
|
(1,236
|
)
|
216
|
|||||||
|
Bank
owned life insurance income
|
342
|
345
|
1,347
|
1,487
|
|||||||||
|
Retirement
plan administration fees
|
1,212
|
-
|
4,426
|
-
|
|||||||||
|
Other
|
1,736
|
1,503
|
6,741
|
5,799
|
|||||||||
|
Total
noninterest income
|
10,432
|
10,340
|
42,549
|
40,889
|
|||||||||
|
Noninterest
expense:
|
|||||||||||||
|
Salaries
and employee benefits
|
13,863
|
14,308
|
60,005
|
55,204
|
|||||||||
|
Office
supplies and postage
|
1,222
|
1,118
|
4,628
|
4,459
|
|||||||||
|
Occupancy
|
2,689
|
2,416
|
10,452
|
9,905
|
|||||||||
|
Equipment
|
2,120
|
1,998
|
8,118
|
7,573
|
|||||||||
|
Professional
fees and outside services
|
1,584
|
1,583
|
6,087
|
6,175
|
|||||||||
|
Data
processing and communications
|
2,548
|
2,740
|
10,349
|
10,972
|
|||||||||
|
Amortization
of intangible assets
|
142
|
71
|
544
|
284
|
|||||||||
|
Loan
collection and other real estate owned
|
278
|
431
|
1,002
|
1,241
|
|||||||||
|
Goodwill
impairment
|
-
|
1,950
|
-
|
1,950
|
|||||||||
|
Other
operating
|
4,703
|
2,792
|
14,120
|
12,014
|
|||||||||
|
Total
noninterest expense
|
29,149
|
29,407
|
115,305
|
109,777
|
|||||||||
|
Income
before income taxes
|
18,709
|
16,844
|
75,891
|
71,984
|
|||||||||
|
Income
taxes
|
5,714
|
4,353
|
23,453
|
21,937
|
|||||||||
|
Net
income
|
$
|
12,995
|
$
|
12,491
|
$
|
52,438
|
$
|
50,047
|
|||||
|
Earnings
Per Share:
|
|||||||||||||
|
Basic
|
$
|
0.40
|
$
|
0.38
|
$
|
1.62
|
$
|
1.53
|
|||||
|
Diluted
|
$
|
0.40
|
$
|
0.38
|
$
|
1.60
|
$
|
1.51
|
|||||
Page 11
of 11
|
NBT
Bancorp Inc. and Subsidiaries
Quarterly
Consolidated Statements of Income (unaudited)
|
4Q
2005
|
3Q
2005
|
2Q
2005
|
1Q
2005
|
4Q
2004
|
|||||||||||
|
(in
thousands, except per share data)
|
||||||||||||||||
|
Interest,
fee and dividend income:
|
||||||||||||||||
|
Loans
|
$
|
50,726
|
$
|
48,784
|
$
|
46,260
|
$
|
43,944
|
$
|
42,983
|
||||||
|
Securities
available for sale
|
10,544
|
10,103
|
10,226
|
10,247
|
10,398
|
|||||||||||
|
Securities
held to maturity
|
913
|
860
|
831
|
803
|
761
|
|||||||||||
|
Other
|
575
|
535
|
549
|
467
|
279
|
|||||||||||
|
Total
interest, fee and dividend income
|
62,758
|
60,282
|
57,866
|
55,461
|
54,421
|
|||||||||||
|
Interest
expense:
|
||||||||||||||||
|
Deposits
|
14,352
|
12,842
|
12,018
|
10,720
|
10,299
|
|||||||||||
|
Short-term
borrowings
|
3,911
|
3,005
|
2,207
|
1,861
|
1,307
|
|||||||||||
|
Long-term
debt
|
4,098
|
4,176
|
4,032
|
3,808
|
3,919
|
|||||||||||
|
Trust
preferred debentures
|
375
|
308
|
285
|
258
|
235
|
|||||||||||
|
Total
interest expense
|
22,736
|
20,331
|
18,542
|
16,647
|
15,760
|
|||||||||||
|
Net
interest income
|
40,022
|
39,951
|
39,324
|
38,814
|
38,661
|
|||||||||||
|
Provision
for loan and lease losses
|
2,596
|
2,752
|
2,320
|
1,796
|
2,750
|
|||||||||||
|
Net
interest income after provision for loan and lease losses
|
37,426
|
37,199
|
37,004
|
37,018
|
35,911
|
|||||||||||
|
Noninterest
income:
|
||||||||||||||||
|
Trust
|
1,234
|
1,292
|
1,251
|
1,252
|
1,174
|
|||||||||||
|
Service
charges on deposit accounts
|
4,340
|
4,314
|
4,311
|
3,929
|
4,184
|
|||||||||||
|
ATM
and debit card fees
|
1,587
|
1,631
|
1,544
|
1,400
|
1,402
|
|||||||||||
|
Broker/dealer
and insurance fees
|
527
|
571
|
736
|
1,352
|
1,572
|
|||||||||||
|
Net
securities (losses) gains
|
(546
|
)
|
(737
|
)
|
51
|
(4
|
)
|
160
|
||||||||
|
Bank
owned life insurance income
|
342
|
339
|
333
|
333
|
345
|
|||||||||||
|
Retirement
plan administration fees
|
1,212
|
1,195
|
1,156
|
863
|
-
|
|||||||||||
|
Other
|
1,736
|
1,746
|
1,673
|
1,586
|
1,503
|
|||||||||||
|
Total
noninterest income
|
10,432
|
10,351
|
11,055
|
10,711
|
10,340
|
|||||||||||
|
Noninterest
expense:
|
||||||||||||||||
|
Salaries
and employee benefits
|
13,863
|
15,438
|
15,253
|
15,451
|
14,308
|
|||||||||||
|
Office
supplies and postage
|
1,222
|
1,135
|
1,121
|
1,150
|
1,118
|
|||||||||||
|
Occupancy
|
2,689
|
2,425
|
2,550
|
2,788
|
2,416
|
|||||||||||
|
Equipment
|
2,120
|
1,971
|
1,931
|
2,096
|
1,998
|
|||||||||||
|
Professional
fees and outside services
|
1,584
|
1,447
|
1,381
|
1,675
|
1,583
|
|||||||||||
|
Data
processing and communications
|
2,548
|
2,613
|
2,530
|
2,658
|
2,740
|
|||||||||||
|
Amortization
of intangible assets
|
142
|
142
|
142
|
118
|
71
|
|||||||||||
|
Loan
collection and other real estate owned
|
278
|
115
|
208
|
401
|
431
|
|||||||||||
|
Goodwill
impairment
|
-
|
-
|
-
|
-
|
1,950
|
|||||||||||
|
Other
operating
|
4,703
|
3,293
|
3,580
|
2,544
|
2,792
|
|||||||||||
|
Total
noninterest expense
|
29,149
|
28,579
|
28,696
|
28,881
|
29,407
|
|||||||||||
|
Income
before income taxes
|
18,709
|
18,971
|
19,363
|
18,848
|
16,844
|
|||||||||||
|
Income
taxes
|
5,714
|
5,445
|
6,235
|
6,059
|
4,353
|
|||||||||||
|
Net
income
|
$
|
12,995
|
$
|
13,526
|
$
|
13,128
|
$
|
12,789
|
$
|
12,491
|
||||||
|
Earnings
per share:
|
||||||||||||||||
|
Basic
|
$
|
0.40
|
$
|
0.42
|
$
|
0.41
|
$
|
0.39
|
$
|
0.38
|
||||||
|
Diluted
|
$
|
0.40
|
$
|
0.41
|
$
|
0.40
|
$
|
0.39
|
$
|
0.38
|
||||||