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): April 24,
2006
NBT
BANCORP INC.
(Exact
name of registrant as specified in its charter)
|
DELAWARE
|
0-14703
|
16-1268674
|
|
(State
or other jurisdiction of
incorporation)
|
(Commission
File
Number)
|
(IRS
Employer Identification
No.)
|
52
SOUTH BROAD STREET, NORWICH, NEW YORK 13815
(Address
of principal executive offices)
Registrant's
telephone number, including area code: (607) 337-2265
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:
o
Written communication pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
o
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
o
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
Act
(17 CFR 240.14d-2(b))
o
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
Act
(17 CFR 240.13e-4(c))
ITEM
2.02 Results of Operations and Financial Condition
On
April 24, 2006, NBT Bancorp Inc. issued a press release describing its results
of operations for the year and quarter ending March 31, 2006 as well as
announcing a quarterly dividend of $0.19 per share to be paid on June 15, 2006
to shareholders of record on June 1, 2006. That press release is furnished
as
Exhibit 99.1 hereto.
ITEM
9.01 Financial Statements and Exhibits
{c}
The following is being furnished herewith:
|
Exhibit
No.
|
Exhibit
Description
|
|
Press
release text of NBT Bancorp Inc. dated April 24,
2006
|
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:
April 25, 2006
Page
1 of
10
Exhibit
99.1
FOR
IMMEDIATE RELEASE
ATTENTION:
FINANCIAL AND BUSINESS EDITORS
|
Contact:
|
Martin
A. Dietrich, CEO
|
Michael
J. Chewens, CFO
NBT
Bancorp Inc.
52
South
Broad Street
Norwich,
NY 13815
607-337-6119
NBT
BANCORP INC. ANNOUNCES FIRST-QUARTER RESULTS AND DECLARES QUARTERLY CASH
DIVIDEND
NORWICH,
NY (April 24, 2006) - NBT Bancorp Inc. (NBT) (NASDAQ: NBTB) today reported
net
income for the three months ended March 31, 2006, of $13.6 million, up 6% or
$0.8 million from net income of $12.8 million reported for the same period
in
2005. Net income per diluted share for the three months ended March 31, 2006,
was $0.40, an increase of $0.01 from the $0.39 per diluted share earned in
the
same period in 2005. Return on average assets and return on average equity
were
1.18% and 15.11%, respectively, for the three months ended March 31, 2006,
compared with 1.23% and 15.74%, respectively, for the same period in 2005.
The
comparability of financial information is affected by the acquisition of CNB
Bancorp, Inc. (“CNB”). Operating results include the operations of CNB from the
date of acquisition, which was February 10, 2006.
The
results for the three months ended March 31, 2006, were driven primarily by
increases in net interest income of $1.3 million and noninterest income of
$0.5
million as well as a $0.5 million decrease in income tax expense partially
offset by an increase in noninterest expense of $1.6 million compared with
the
same period in 2005.
Results
for the three months ended March 31, 2006, include $0.7 million in pre-tax
share-based payment expense related to stock options resulting from the adoption
of Statement of Financial Accounting Standards No. 123 (revised 2004) (FAS
123R), “Share-Based
Payment”, which requires companies to measure and recognize compensation expense
for all share-based payments starting in 2006. The adoption of FAS 123R lowered
diluted earnings per share by $0.01 for the three months ended March 31,
2006.
Page
2
of
10
In
commenting on the results, NBT President and CEO Martin A. Dietrich stated,
“I
am very pleased with the quality of our earnings performance in the first
quarter. Our operating success was driven by solid noninterest income and loan
growth. In addition, we were able to further improve the credit quality of
our
loan portfolio. We also completed the acquisition of CNB in the first quarter
and are happy to embark on our new partnership with its customers, employees,
directors and stockholders. All of these successes helped drive the financial
results reflected in our earnings growth.”
Loan
and Lease Quality and Provision for Loan and Lease Losses
Nonperforming
loans totaled $13.3 million at March 31, 2006, and represented 0.41% of total
loans and leases, compared with $14.3 million and 0.47% at December 31, 2005,
and $17.4 million and 0.60% at March 31, 2005. Annualized net charge-offs to
average loans and leases for the three months ended March 31, 2006, were 0.23%,
compared with the 0.19% annualized ratio for the three months ended March 31,
2005, and the year-to-date December 31, 2005, rate of 0.23%. The allowance
for
loan and lease losses as a percentage of total loans and leases was 1.53% at
March 31, 2006, compared with 1.57% at December 31, 2005, and March 31, 2005.
The ratio of the allowance for loan and lease losses to nonperforming loans
was
373.56% at March 31, 2006, compared with 331.92% at December 31, 2005 and
261.28% at March 31, 2005. For the three months ended March 31, 2006, the
provision for loan and lease losses totaled $1.7 million compared with the
$1.8
million provided in the same period in 2005.
Net
Interest Income and Net Interest Margin
Net
interest income for the three months ended March 31, 2006, increased 3% to
$40.1
million from $38.8 million for the same period in 2005. The increase in net
interest income was driven primarily by an increase in average earning assets
of
$389.5 million or 10%. The increase in average earning assets resulted primarily
from a $270.3 million increase in average loans and leases, including $103.2
million of acquired loans from CNB on February 10, 2006. Organic average loan
and lease growth was 6% for the three months ended March 31, 2006, compared
with
the same period in 2005. Average investment securities (excluding unrealized
gains or losses) increased $114.1 million for the period, principally from
the
CNB transaction. The Company’s net interest margin decreased 23 basis points
(“bp”) for the three months ended March 31, 2006 to 3.86% from 4.09% for the
same period in 2005. The Company’s net interest margin of 3.86%, declined 11 bp
during the three months ended March 31, 2006, compared with the net interest
margin of 3.97% for the three months ended December 31, 2005. The decline in
the
net interest margin is due largely to the effect from our borrowings, money
market accounts and time deposits repricing in the higher interest rate
environment. Meanwhile, earning assets, particularly those tied to a fixed
rate,
have not realized the benefit of the higher interest rate environment, since
rates for earning assets with terms three years or longer have remained
relatively flat during this period. The Company anticipates that margin pressure
will persist into the next several quarters given the flat yield
curve.
Page 3
of
10
Noninterest
Income
Noninterest
income for the three months ended March 31, 2006, totaled $11.2 million, up
$0.5
million from the $10.7 million reported in the same period of 2005. Included
in
noninterest income for the three months ended March 31, 2006 were $0.9 million
in net losses from investment securities sales and a $0.5 million gain from
a
branch sale in March 2006. Excluding the effect of these transactions for the
three months ended March 31, 2006, noninterest income increased $1.0 million
or
9% compared with the same period in 2005. Retirement plan administration fees
for the three months ended March 31, 2006, increased $0.4 million compared
with
the same period in 2005. This increase resulted from a full quarter of revenue
for the three months ended March 31, 2006 compared with a partial quarter of
revenue in the same period in 2005 when we acquired EPIC Advisors, Inc. in
January 2005. Excluding the $0.5 million gain on sale of a branch mentioned
above, other noninterest income increased $0.4 million compared with the same
period in 2005, principally from increases in retail and commercial banking
fees. Fees from service charges on deposit accounts and ATM and debit cards
collectively increased $0.5 million from solid growth in demand deposit
accounts. Broker/dealer and insurance revenue for the three months ended March
31, 2006, decreased $0.4 million, primarily from the sale of the Company’s
broker/dealer subsidiary M. Griffith Inc., in March 2005.
Noninterest
Expense and
Income Tax Expense
Total
noninterest expense for the three months ended March 31, 2006, increased $1.6
million compared with the same period for 2005. Salaries and employee benefits
for the three months ended March 31, 2006, increased $0.3 million over the
same
period in 2005, primarily from the previously mentioned stock option expense
of
$0.7 million that reflects the adoption of FAS 123R. Other operating expense
increased $0.8 million for the three months ended March 31, 2006, compared
with
the same period in 2005, primarily from merger related expenses. Income tax
expense for the quarter ended March 31, 2006, was $5.6 million, down $0.5
million from the $6.1 million recorded during the same period in 2005. The
effective rate for the quarter ended March 31, 2006, was 29.0%, down from 32.1%
for the same period in 2005. The decrease in tax expense and the effective
tax
rate for the quarter ended March 31, 2006, resulted primarily from a settlement
for a tax refund claim of $0.5 million.
Page
4
of
10
Balance
Sheet
Total
assets were $4.9 billion at March 31, 2006, up $630.4 million from $4.3 billion
at March 31, 2005. The increase in total assets resulted primarily from the
CNB
transaction and organic loan growth. Loans and leases were $3.2 billion at
March
31, 2006, up 12% from the $2.9 billion at March 31, 2005. Loan and lease growth
was driven primarily by the CNB transaction, which accounted for $197.6 million
of the increase; the remaining increase was driven by organic growth from
commercial and consumer loans. Goodwill and intangible assets increased $64.5
million at March 31, 2006, compared with March 31, 2005, as a result of the
CNB
transaction. Total deposits increased $451.1 million or 14%, totaling $3.6
billion at March 31, 2006, compared with $3.2 billion at March 31, 2005.
Deposits assumed from the CNB transaction totaled $336.5 million; the remaining
growth for deposits was driven mainly by increases in demand deposit and time
accounts. Trust preferred debentures increased $56.7 million, totaling $75.4
million at March 31, 2006, compared with $18.7 million at March 31, 2005. The
increase in trust preferred debentures resulted mainly from funding the cash
portion of the CNB transaction. Stockholders’ equity was $385.8 million,
representing a total-equity-to-total-assets ratio of 7.90% at March 31, 2006,
compared with $319.2 million or a total-equity-to-total-assets ratio of 7.50%
at
March 31, 2005.
CNB
Acquisition
On
February 10, 2006, the Company completed its previously announced acquisition
of
CNB. With the completion of the acquisition, City National Bank and Trust
Company merged into NBT Bank, N.A., adding nine full-service community banking
offices to the NBT Bank division branch network. On an aggregate basis, CNB
stockholders received approximately $39 million in cash and 2,059,000 shares
of
NBT common stock. The aggregate transaction value was approximately $89.0
million.
Stock
Repurchase Program
On
January 23, 2006, 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, as market conditions warrant
in open market and privately negotiated transactions. When this repurchase
was
authorized, there were 503,151 shares remaining under a previous authorization
that was combined with the new authorization, increasing the total shares
available for repurchase to 1,503,151. Under the authorized programs for the
period, the Company purchased 178,404 shares of its common stock during the
three months ended March 31, 2006, for a total of $4.1 million at an average
price of $22.73 per share.
Dividend
Declared
The
NBT
Board of Directors declared a second quarter 2006 cash dividend of $0.19 per
share at a meeting held today. The dividend will be paid on June 15, 2006,
to
shareholders of record as of June 1, 2006.
Page
5 of
10
Corporate
Overview
NBT
is a
financial holding company headquartered in Norwich, NY, with total assets of
$4.9 billion at March 31, 2006. The Company primarily operates through NBT
Bank,
N.A., a full-service community bank with two divisions and through two financial
services companies. NBT Bank, N.A. has 121 locations, including 83 NBT Bank
offices in upstate New York and 38 Pennstar Bank offices in northeastern
Pennsylvania. EPIC Advisors, Inc., based in Rochester, NY, is a full-service
401(k) plan recordkeeping firm. More information about NBT and its divisions
can
be found on the Internet at www.nbtbancorp.com,
www.nbtbank.com,
www.pennstarbank.com,
www.epic1st.com
and
www.hathawayagency.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) NBT may fail to realize projected cost savings,
revenue enhancements and the accretive effect of the CNB acquisition on our
earnings; 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.
FINANCIAL
TABLES APPEAR ON FOLLOWING PAGES (6-10).
Page 6 of
10
NBT
Bancorp Inc.
SELECTED
FINANCIAL HIGHLIGHTS
(unaudited)
|
2006
|
2005
|
Net
Change
|
Percent
Change
|
||||||||||
|
(dollars
in thousands, except per share data)
|
|||||||||||||
|
Three
Months Ended March 31,
|
|||||||||||||
|
Net
Income
|
|
$13,588
|
|
$12,789
|
|
$799
|
6%
|
|
|||||
|
Diluted
Earnings Per Share
|
|
$0.40
|
|
$0.39
|
|
$0.01
|
3%
|
|
|||||
|
Weighted
Average Diluted
|
|
|
|
||||||||||
|
Common
Shares Outstanding
|
33,746,423
|
32,977,381
|
769,042
|
2%
|
|
||||||||
|
Return
on Average Assets
|
1.18%
|
|
1.23%
|
|
-0.05%
|
|
-4%
|
|
|||||
|
Return
on Average Equity
|
15.11%
|
|
15.74%
|
|
-0.63%
|
|
-4%
|
|
|||||
|
Net
Interest Margin
|
3.86%
|
|
4.09%
|
|
-0.23%
|
|
-6%
|
|
|||||
|
|
|
|
|||||||||||
|
Asset
Quality
|
March
31,
|
December
31,
|
March
31,
|
||||||||||
|
|
2006
|
2005
|
2005
|
||||||||||
|
Nonaccrual
Loans
|
|
$12,616
|
|
$13,419
|
|
$16,612
|
|||||||
|
90
Days Past Due and Still Accruing
|
|
$720
|
|
$878
|
|
$760
|
|||||||
|
Total
Nonperforming Loans
|
|
$13,336
|
|
$14,297
|
|
$17,372
|
|||||||
|
Other
Real Estate Owned (OREO)
|
|
$279
|
|
$265
|
|
$438
|
|||||||
|
Total
Nonperforming Assets
|
|
$13,615
|
|
$14,562
|
|
$17,810
|
|||||||
|
Allowance
for Loan and Lease Losses
|
|
$49,818
|
|
$47,455
|
|
$45,389
|
|||||||
|
Year-to-Date
(YTD) Net Charge-Offs
|
|
$1,775
|
|
$6,941
|
|
$1,339
|
|||||||
|
Allowance
to Loans and Leases
|
1.53%
|
|
1.57%
|
|
1.57%
|
|
|||||||
|
Total
Nonperforming Loans to Loans and Leases
|
0.41%
|
|
0.47%
|
|
0.60%
|
|
|||||||
|
Total
Nonperforming Assets to Assets
|
0.28%
|
|
0.33%
|
|
0.42%
|
|
|||||||
|
Allowance
to Nonperforming Loans
|
373.56%
|
|
331.92%
|
|
261.28%
|
|
|||||||
|
Net
Charge-Offs to
|
|
|
|
||||||||||
|
YTD
Average Loans and Leases
|
0.23%
|
|
0.23%
|
|
0.19%
|
|
|||||||
|
|
|
|
|||||||||||
|
Capital
|
|
|
|||||||||||
|
Equity
to Assets
|
7.90%
|
|
7.54%
|
|
7.50%
|
|
|||||||
|
Book
Value Per Share
|
|
$11.22
|
|
$10.34
|
|
$9.85
|
|||||||
|
Tangible
Book Value Per Share
|
|
$7.84
|
|
$8.75
|
|
$8.25
|
|||||||
|
Tier
1 Leverage Ratio
|
7.77%
|
|
7.16%
|
|
6.89%
|
|
|||||||
|
Tier
1 Capital Ratio
|
10.30%
|
|
9.80%
|
|
9.41%
|
|
|||||||
|
Total
Risk-Based Capital Ratio
|
11.56%
|
|
11.05%
|
|
10.67%
|
|
|||||||
|
Quarterly
Common Stock Price
|
2006
|
2005
|
2004
|
||||||||||||||||
|
Quarter
End
|
High
|
Low
|
High
|
Low
|
High
|
Low
|
|||||||||||||
|
March
31
|
|
$23.90
|
|
$21.02
|
|
$25.66
|
|
$21.48
|
|
$23.00
|
|
$21.21
|
|||||||
|
June
30
|
24.15
|
20.10
|
23.18
|
19.92
|
|||||||||||||||
|
September
30
|
25.50
|
22.79
|
24.34
|
21.02
|
|||||||||||||||
|
December
31
|
23.79
|
20.75
|
26.84
|
21.94
|
|||||||||||||||
Page 7 of
10
NBT
Bancorp Inc.
SELECTED
FINANCIAL HIGHLIGHTS
(unaudited)
|
2006
|
2005
|
Net
Change
|
Percent
Change
|
||||||||||
|
(dollars
in thousands, except per share data)
|
|||||||||||||
|
Balance
Sheet as of March 31,
|
|||||||||||||
|
Loans
|
$
|
3,247,841
|
$
|
2,898,187
|
$
|
349,654
|
12
|
%
|
|||||
|
Earning
Assets
|
$
|
4,529,770
|
$
|
3,984,545
|
$
|
545,225
|
14
|
%
|
|||||
|
Total
Assets
|
$
|
4,885,851
|
$
|
4,255,439
|
$
|
630,412
|
15
|
%
|
|||||
|
Deposits
|
$
|
3,620,061
|
$
|
3,168,927
|
$
|
451,134
|
14
|
%
|
|||||
|
Stockholders’
Equity
|
$
|
385,754
|
$
|
319,239
|
$
|
66,515
|
21
|
%
|
|||||
|
Average
Balances
|
|||||||||||||
|
Quarter
Ended March 31,
|
|||||||||||||
|
Loans
|
$
|
3,147,115
|
$
|
2,876,853
|
$
|
270,262
|
9
|
%
|
|||||
|
Securities
Available For Sale
|
|||||||||||||
|
(excluding
unrealized gains or losses)
|
$
|
1,054,370
|
$
|
952,848
|
$
|
101,522
|
11
|
%
|
|||||
|
Securities
Held To Maturity
|
$
|
97,347
|
$
|
84,783
|
$
|
12,564
|
15
|
%
|
|||||
|
Regulatory
Equity Investment
|
$
|
40,549
|
$
|
36,535
|
$
|
4,014
|
11
|
%
|
|||||
|
Short-Term
Interest Bearing Accounts
|
$
|
7,742
|
$
|
6,578
|
$
|
1,164
|
18
|
%
|
|||||
|
Total
Earning Assets
|
$
|
4,347,123
|
$
|
3,957,597
|
$
|
389,526
|
10
|
%
|
|||||
|
Total
Assets
|
$
|
4,666,163
|
$
|
4,237,627
|
$
|
428,536
|
10
|
%
|
|||||
|
Interest
Bearing Deposits
|
$
|
2,809,696
|
$
|
2,604,441
|
$
|
205,255
|
8
|
%
|
|||||
|
Non-Interest
Bearing Deposits
|
$
|
591,087
|
$
|
505,457
|
$
|
85,630
|
17
|
%
|
|||||
|
Short-Term
Borrowings
|
$
|
371,632
|
$
|
329,726
|
$
|
41,906
|
13
|
%
|
|||||
|
Long-Term
Borrowings
|
$
|
475,755
|
$
|
413,233
|
$
|
62,522
|
15
|
%
|
|||||
|
Total
Interest Bearing Liabilities
|
$
|
3,657,083
|
$
|
3,347,400
|
$
|
309,683
|
9
|
%
|
|||||
|
Stockholders’
Equity
|
$
|
365,015
|
$
|
329,947
|
$
|
35,068
|
11
|
%
|
|||||
Page 8 of
10
|
NBT
Bancorp Inc. and Subsidiaries
|
March
31,
|
December
31,
|
March
31,
|
|||||||
|
Consolidated
Balance Sheets (unaudited)
|
2006
|
2005
|
2005
|
|||||||
|
(in
thousands)
|
||||||||||
|
ASSETS
|
||||||||||
|
Cash
and due from banks
|
$
|
123,593
|
$
|
134,501
|
$
|
106,520
|
||||
|
Short
term interest bearing accounts
|
9,675
|
7,987
|
5,783
|
|||||||
|
Securities
available for sale, at fair value
|
1,112,118
|
954,474
|
950,555
|
|||||||
|
Securities
held to maturity (fair value of $102,338, $93,701 and
|
102,754
|
93,709
|
87,063
|
|||||||
|
$87,407
at March 31, 2006, December 31, 2005 and
|
||||||||||
|
March
31, 2005, respectively)
|
||||||||||
|
Federal
Reserve and Federal Home Loan Bank stock
|
37,962
|
40,259
|
36,942
|
|||||||
|
Loans
and leases
|
3,247,841
|
3,022,657
|
2,898,187
|
|||||||
|
Less
allowance for loan and lease losses
|
49,818
|
47,455
|
45,389
|
|||||||
|
Net
loans and leases
|
3,198,023
|
2,975,202
|
2,852,798
|
|||||||
|
Premises
and equipment, net
|
67,889
|
63,693
|
63,806
|
|||||||
|
Goodwill
|
102,692
|
47,544
|
47,544
|
|||||||
|
Intangible
assets, net
|
13,632
|
3,808
|
4,234
|
|||||||
|
Bank
owned life insurance
|
40,535
|
33,648
|
32,634
|
|||||||
|
Other
assets
|
76,978
|
71,948
|
67,560
|
|||||||
|
TOTAL
ASSETS
|
$
|
4,885,851
|
$
|
4,426,773
|
$
|
4,255,439
|
||||
|
LIABILITIES
AND STOCKHOLDERS' EQUITY
|
||||||||||
|
Deposits:
|
||||||||||
|
Demand
(noninterest bearing)
|
$
|
618,531
|
$
|
593,422
|
$
|
509,077
|
||||
|
Savings,
NOW, and money market
|
1,546,840
|
1,325,166
|
1,467,265
|
|||||||
|
Time
|
1,454,690
|
1,241,608
|
1,192,585
|
|||||||
|
Total
deposits
|
3,620,061
|
3,160,196
|
3,168,927
|
|||||||
|
Short-term
borrowings
|
329,702
|
444,977
|
307,514
|
|||||||
|
Long-term
debt
|
424,865
|
414,330
|
394,500
|
|||||||
|
Trust
preferred debentures
|
75,422
|
23,875
|
18,720
|
|||||||
|
Other
liabilities
|
50,047
|
49,452
|
46,539
|
|||||||
|
Total
liabilities
|
4,500,097
|
4,092,830
|
3,936,200
|
|||||||
|
Total
stockholders' equity
|
385,754
|
333,943
|
319,239
|
|||||||
|
TOTAL
LIABILITIES AND STOCKHOLDERS' EQUITY
|
$
|
4,885,851
|
$
|
4,426,773
|
$
|
4,255,439
|
||||
Page 9 of
10
|
NBT
Bancorp Inc. and Subsidiaries
|
Three
months ended
March
31,
|
||||||
|
Consolidated
Statements of Income (unaudited)
|
2006
|
2005
|
|||||
|
(in
thousands, except per share data)
|
|||||||
|
Interest,
fee and dividend income:
|
|||||||
|
Loans
and leases
|
$
|
52,833
|
$
|
43,944
|
|||
|
Securities
available for sale
|
11,877
|
10,247
|
|||||
|
Securities
held to maturity
|
985
|
803
|
|||||
|
Other
|
611
|
467
|
|||||
|
Total
interest, fee and dividend income
|
66,306
|
55,461
|
|||||
|
Interest
expense:
|
|||||||
|
Deposits
|
17,225
|
10,720
|
|||||
|
Short-term
borrowings
|
3,937
|
1,861
|
|||||
|
Long-term
debt
|
4,142
|
3,808
|
|||||
|
Trust
preferred debentures
|
883
|
258
|
|||||
|
Total
interest expense
|
26,187
|
16,647
|
|||||
|
Net
interest income
|
40,119
|
38,814
|
|||||
|
Provision
for loan and lease losses
|
1,728
|
1,796
|
|||||
|
Net
interest income after provision for loan and lease losses
|
38,391
|
37,018
|
|||||
|
Noninterest
income:
|
|||||||
|
Trust
|
1,358
|
1,252
|
|||||
|
Service
charges on deposit accounts
|
4,219
|
3,929
|
|||||
|
ATM
and debit card fees
|
1,645
|
1,400
|
|||||
|
Broker/dealer
and insurance revenue
|
908
|
1,352
|
|||||
|
Net
securities losses
|
(934
|
)
|
(4
|
)
|
|||
|
Bank
owned life insurance income
|
381
|
333
|
|||||
|
Retirement
plan administration fees
|
1,231
|
863
|
|||||
|
Other
|
2,416
|
1,586
|
|||||
|
Total
noninterest income
|
11,224
|
10,711
|
|||||
|
Noninterest
expense:
|
|||||||
|
Salaries
and employee benefits
|
15,748
|
15,451
|
|||||
|
Office
supplies and postage
|
1,181
|
1,150
|
|||||
|
Occupancy
|
2,988
|
2,788
|
|||||
|
Equipment
|
2,156
|
2,096
|
|||||
|
Professional
fees and outside services
|
1,832
|
1,675
|
|||||
|
Data
processing and communications
|
2,702
|
2,658
|
|||||
|
Amortization
of intangible assets
|
323
|
118
|
|||||
|
Loan
collection and other real estate owned
|
211
|
401
|
|||||
|
Other
operating
|
3,331
|
2,544
|
|||||
|
Total
noninterest expense
|
30,472
|
28,881
|
|||||
|
Income
before income taxes
|
19,143
|
18,848
|
|||||
|
Income
taxes
|
5,555
|
6,059
|
|||||
|
Net
income
|
$
|
13,588
|
$
|
12,789
|
|||
|
Earnings
Per Share:
|
|||||||
|
Basic
|
$
|
0.41
|
$
|
0.39
|
|||
|
Diluted
|
$
|
0.40
|
$
|
0.39
|
|||
Page 10 of
10
|
NBT
Bancorp Inc. and Subsidiaries
Quarterly
Consolidated Statements of Income (unaudited)
|
1Q
2006
|
4Q
2005
|
3Q
2005
|
2Q
2005
|
1Q
2005
|
|||||||||||
|
(in
thousands, except per share data)
|
||||||||||||||||
|
Interest,
fee and dividend income:
|
||||||||||||||||
|
Loans
|
$
|
52,833
|
$
|
50,726
|
$
|
48,784
|
$
|
46,260
|
$
|
43,944
|
||||||
|
Securities
available for sale
|
11,877
|
10,544
|
10,103
|
10,226
|
10,247
|
|||||||||||
|
Securities
held to maturity
|
985
|
913
|
860
|
831
|
803
|
|||||||||||
|
Other
|
611
|
575
|
535
|
549
|
467
|
|||||||||||
|
Total
interest, fee and dividend income
|
66,306
|
62,758
|
60,282
|
57,866
|
55,461
|
|||||||||||
|
Interest
expense:
|
||||||||||||||||
|
Deposits
|
17,225
|
14,352
|
12,842
|
12,018
|
10,720
|
|||||||||||
|
Short-term
borrowings
|
3,937
|
3,911
|
3,005
|
2,207
|
1,861
|
|||||||||||
|
Long-term
debt
|
4,142
|
4,098
|
4,176
|
4,032
|
3,808
|
|||||||||||
|
Trust
preferred debentures
|
883
|
375
|
308
|
285
|
258
|
|||||||||||
|
Total
interest expense
|
26,187
|
22,736
|
20,331
|
18,542
|
16,647
|
|||||||||||
|
Net
interest income
|
40,119
|
40,022
|
39,951
|
39,324
|
38,814
|
|||||||||||
|
Provision
for loan and lease losses
|
1,728
|
2,596
|
2,752
|
2,320
|
1,796
|
|||||||||||
|
Net
interest income after provision for loan and lease losses
|
38,391
|
37,426
|
37,199
|
37,004
|
37,018
|
|||||||||||
|
Noninterest
income:
|
||||||||||||||||
|
Trust
|
1,358
|
1,234
|
1,292
|
1,251
|
1,252
|
|||||||||||
|
Service
charges on deposit accounts
|
4,219
|
4,340
|
4,314
|
4,311
|
3,929
|
|||||||||||
|
ATM
and debit card fees
|
1,645
|
1,587
|
1,631
|
1,544
|
1,400
|
|||||||||||
|
Broker/dealer
and insurance fees
|
908
|
527
|
571
|
736
|
1,352
|
|||||||||||
|
Net
securities (losses) gains
|
(934
|
)
|
(546
|
)
|
(737
|
)
|
51
|
(4
|
)
|
|||||||
|
Bank
owned life insurance income
|
381
|
342
|
339
|
333
|
333
|
|||||||||||
|
Retirement
plan administration fees
|
1,231
|
1,212
|
1,195
|
1,156
|
863
|
|||||||||||
|
Other
|
2,416
|
1,736
|
1,746
|
1,673
|
1,586
|
|||||||||||
|
Total
noninterest income
|
11,224
|
10,432
|
10,351
|
11,055
|
10,711
|
|||||||||||
|
Noninterest
expense:
|
||||||||||||||||
|
Salaries
and employee benefits
|
15,748
|
13,863
|
15,438
|
15,253
|
15,451
|
|||||||||||
|
Office
supplies and postage
|
1,181
|
1,222
|
1,135
|
1,121
|
1,150
|
|||||||||||
|
Occupancy
|
2,988
|
2,689
|
2,425
|
2,550
|
2,788
|
|||||||||||
|
Equipment
|
2,156
|
2,120
|
1,971
|
1,931
|
2,096
|
|||||||||||
|
Professional
fees and outside services
|
1,832
|
1,584
|
1,447
|
1,381
|
1,675
|
|||||||||||
|
Data
processing and communications
|
2,702
|
2,548
|
2,613
|
2,530
|
2,658
|
|||||||||||
|
Amortization
of intangible assets
|
323
|
142
|
142
|
142
|
118
|
|||||||||||
|
Loan
collection and other real estate owned
|
211
|
278
|
115
|
208
|
401
|
|||||||||||
|
Other
operating
|
3,331
|
4,703
|
3,293
|
3,580
|
2,544
|
|||||||||||
|
Total
noninterest expense
|
30,472
|
29,149
|
28,579
|
28,696
|
28,881
|
|||||||||||
|
Income
before income taxes
|
19,143
|
18,709
|
18,971
|
19,363
|
18,848
|
|||||||||||
|
Income
taxes
|
5,555
|
5,714
|
5,445
|
6,235
|
6,059
|
|||||||||||
|
Net
income
|
$
|
13,588
|
$
|
12,995
|
$
|
13,526
|
$
|
13,128
|
$
|
12,789
|
||||||
|
Earnings
per share:
|
||||||||||||||||
|
Basic
|
$
|
0.41
|
$
|
0.40
|
$
|
0.42
|
$
|
0.41
|
$
|
0.39
|
||||||
|
Diluted
|
$
|
0.40
|
$
|
0.40
|
$
|
0.41
|
$
|
0.40
|
$
|
0.39
|
||||||