DELAWARE
|
0-14703
|
16-1268674
|
(State
or other jurisdiction of incorporation)
|
(Commission
File Number)
|
(IRS
Employer Identification
No.)
|
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))
|
(d)
|
The
following is being furnished
herewith:
|
Exhibit
No.
|
Exhibit
Description
|
Press
release text of NBT Bancorp Inc. dated July 24,
2006
|
|
NBT
BANCORP INC.
|
|
|
(Registrant)
|
|
|
|
|
|
|
|
|
/s/
Michael J. Chewens
|
|
|
Michael
J. Chewens
|
|
|
Senior
Executive Vice President,
|
|
|
Chief
Financial Officer and Corporate
Secretary
|
Contact:
|
Martin
A. Dietrich, CEO
|
Michael
J. Chewens, CFO
|
NBT
Bancorp Inc.
|
52
South Broad Street
|
Norwich,
NY 13815
|
607-337-6119
|
2006
|
2005
|
Net
Change
|
Percent
Change
|
||||||||||
(dollars
in thousands, except per share data)
|
|
||||||||||||
Three
Months Ended June 30,
|
|||||||||||||
Net
Income
|
$
|
14,169
|
$
|
13,128
|
$
|
1,041
|
8
|
%
|
|||||
Diluted
Earnings Per Share
|
$
|
0.41
|
$
|
0.40
|
$
|
0.01
|
2
|
%
|
|||||
Weighted
Average Diluted
|
|||||||||||||
Common
Shares Outstanding
|
34,471,723
|
32,583,600
|
1,888,123
|
6
|
%
|
||||||||
Return
on Average Assets
|
1.15
|
%
|
1.22
|
%
|
-0.07
|
%
|
-6
|
%
|
|||||
Return
on Average Equity
|
14.71
|
%
|
16.21
|
%
|
-1.50
|
%
|
-9
|
%
|
|||||
Net
Interest Margin
|
3.73
|
%
|
4.02
|
%
|
-0.29
|
%
|
-7
|
%
|
|||||
Six
Months Ended June 30,
|
|||||||||||||
Net
Income
|
$
|
27,757
|
$
|
25,917
|
$
|
1,840
|
7
|
%
|
|||||
Diluted
Earnings Per Share
|
$
|
0.81
|
$
|
0.79
|
$
|
0.02
|
3
|
%
|
|||||
Weighted
Average Diluted
|
|||||||||||||
Common
Shares Outstanding
|
34,111,076
|
32,779,403
|
1,331,673
|
4
|
%
|
||||||||
Return
on Average Assets
|
1.17
|
%
|
1.23
|
%
|
-0.06
|
%
|
-5
|
%
|
|||||
Return
on Average Equity
|
14.93
|
%
|
15.99
|
%
|
-1.06
|
%
|
-7
|
%
|
|||||
Net
Interest Margin
|
3.80
|
%
|
4.06
|
%
|
-0.26
|
%
|
-6
|
%
|
|||||
|
|
|
|||||||||||
Asset
Quality
|
June
30,
2006
|
December
31,
2005
|
June
30,
2005
|
||||||||||
Nonaccrual
Loans
|
$
|
12,277
|
$
|
13,419
|
$
|
13,041
|
|||||||
90
Days Past Due and Still Accruing
|
$
|
580
|
$
|
878
|
$
|
450
|
|||||||
Total
Nonperforming Loans
|
$
|
12,857
|
$
|
14,297
|
$
|
13,491
|
|||||||
Other
Real Estate Owned (OREO)
|
$
|
423
|
$
|
265
|
$
|
395
|
|||||||
Total
Nonperforming Assets
|
$
|
13,280
|
$
|
14,562
|
$
|
13,886
|
|||||||
Allowance
for Loan and Lease Losses
|
$
|
50,148
|
$
|
47,455
|
$
|
46,411
|
|||||||
Year-to-Date
(YTD) Net Charge-Offs
|
$
|
3,148
|
$
|
6,941
|
$
|
2,637
|
|||||||
Allowance
to Loans and Leases
|
1.50
|
%
|
1.57
|
%
|
1.55
|
%
|
|||||||
Total
Nonperforming Loans to Loans and Leases
|
0.38
|
%
|
0.47
|
%
|
0.45
|
%
|
|||||||
Total
Nonperforming Assets to Assets
|
0.27
|
%
|
0.33
|
%
|
0.32
|
%
|
|||||||
Allowance
to Nonperforming Loans
|
390.04
|
%
|
331.92
|
%
|
344.01
|
%
|
|||||||
Net
Charge-Offs to
|
|||||||||||||
YTD
Average Loans and Leases
|
0.20
|
%
|
0.23
|
%
|
0.18
|
%
|
|||||||
|
|||||||||||||
Capital
|
|||||||||||||
Equity
to Assets
|
7.56
|
%
|
7.54
|
%
|
7.55
|
%
|
|||||||
Book
Value Per Share
|
$
|
11.15
|
$
|
10.34
|
$
|
10.22
|
|||||||
Tangible
Book Value Per Share
|
$
|
7.72
|
$
|
8.75
|
$
|
8.62
|
|||||||
Tier
1 Leverage Ratio
|
7.27
|
%
|
7.16
|
%
|
6.91
|
%
|
|||||||
Tier
1 Capital Ratio
|
9.90
|
%
|
9.80
|
%
|
9.23
|
%
|
|||||||
Total
Risk-Based Capital Ratio
|
11.15
|
%
|
11.05
|
%
|
10.48
|
%
|
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
|
$
|
23.24
|
$
|
21.03
|
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
|
2006
|
|
2005
|
|
Net
Change
|
|
Percent
Change
|
|||||||
(dollars
in thousands, except per share data)
|
|||||||||||||
Balance
Sheet as of June 30,
|
|||||||||||||
Loans
|
$
|
3,347,876
|
$
|
2,995,964
|
$
|
351,912
|
12
|
%
|
|||||
Earning
Assets
|
$
|
4,636,111
|
$
|
4,087,964
|
$
|
548,147
|
13
|
%
|
|||||
Total
Assets
|
$
|
4,995,912
|
$
|
4,381,364
|
$
|
614,548
|
14
|
%
|
|||||
Deposits
|
$
|
3,747,901
|
$
|
3,178,059
|
$
|
569,842
|
18
|
%
|
|||||
Stockholders’
Equity
|
$
|
377,606
|
$
|
330,749
|
$
|
46,857
|
14
|
%
|
|||||
Average
Balances
|
|||||||||||||
Quarter
Ended June 30,
|
|||||||||||||
Loans
|
$
|
3,302,136
|
$
|
2,943,631
|
$
|
358,505
|
12
|
%
|
|||||
Securities
Available For Sale
|
|||||||||||||
(excluding
unrealized gains or losses)
|
$
|
1,132,330
|
$
|
955,166
|
$
|
177,164
|
19
|
%
|
|||||
Securities
Held To Maturity
|
$
|
101,481
|
$
|
88,401
|
$
|
13,080
|
15
|
%
|
|||||
Regulatory
Equity Investment
|
$
|
40,166
|
$
|
36,617
|
$
|
3,549
|
10
|
%
|
|||||
Short-Term
Interest Bearing Accounts
|
$
|
7,346
|
$
|
6,411
|
$
|
935
|
15
|
%
|
|||||
Total
Earning Assets
|
$
|
4,583,459
|
$
|
4,030,226
|
$
|
553,233
|
14
|
%
|
|||||
Total
Assets
|
$
|
4,937,007
|
$
|
4,307,004
|
$
|
630,003
|
15
|
%
|
|||||
Interest
Bearing Deposits
|
$
|
3,039,915
|
$
|
2,657,197
|
$
|
382,718
|
14
|
%
|
|||||
Non-Interest
Bearing Deposits
|
$
|
614,049
|
$
|
521,348
|
$
|
92,701
|
18
|
%
|
|||||
Short-Term
Borrowings
|
$
|
422,007
|
$
|
320,151
|
$
|
101,856
|
32
|
%
|
|||||
Long-Term
Borrowings
|
$
|
424,176
|
$
|
430,452
|
($6,276
|
)
|
-1
|
%
|
|||||
Total
Interest Bearing Liabilities
|
$
|
3,886,097
|
$
|
3,407,800
|
$
|
478,297
|
14
|
%
|
|||||
Stockholders’
Equity
|
$
|
386,183
|
$
|
324,801
|
$
|
61,382
|
19
|
%
|
|||||
Average
Balances
|
|||||||||||||
Six
Months Ended June 30,
|
|||||||||||||
Loans
|
$
|
3,225,053
|
$
|
2,910,426
|
$
|
314,627
|
11
|
%
|
|||||
Securities
Available For Sale
|
|||||||||||||
(excluding
unrealized gains or losses)
|
$
|
1,093,566
|
$
|
954,013
|
$
|
139,553
|
15
|
%
|
|||||
Securities
Held To Maturity
|
$
|
99,425
|
$
|
86,602
|
$
|
12,823
|
15
|
%
|
|||||
Regulatory
Equity Investment
|
$
|
40,357
|
$
|
36,576
|
$
|
3,781
|
10
|
%
|
|||||
Short-Term
Interest Bearing Accounts
|
$
|
7,543
|
$
|
6,569
|
$
|
974
|
15
|
%
|
|||||
Total
Earning Assets
|
$
|
4,465,944
|
$
|
3,994,186
|
$
|
471,758
|
12
|
%
|
|||||
Total
Assets
|
$
|
4,802,333
|
$
|
4,272,507
|
$
|
529,826
|
12
|
%
|
|||||
Interest
Bearing Deposits
|
$
|
2,925,441
|
$
|
2,630,965
|
$
|
294,476
|
11
|
%
|
|||||
Non-Interest
Bearing Deposits
|
$
|
602,632
|
$
|
513,447
|
$
|
89,185
|
17
|
%
|
|||||
Short-Term
Borrowings
|
$
|
423,639
|
$
|
324,912
|
$
|
98,727
|
30
|
%
|
|||||
Long-Term
Borrowings
|
$
|
423,142
|
$
|
421,890
|
$
|
1,252
|
0
|
%
|
|||||
Total
Interest Bearing Liabilities
|
$
|
3,772,222
|
$
|
3,377,767
|
$
|
394,455
|
12
|
%
|
|||||
Stockholders’
Equity
|
$
|
375,658
|
$
|
327,360
|
$
|
48,298
|
15
|
%
|
NBT
Bancorp Inc. and Subsidiaries
|
June
30,
|
December
31,
|
|
June
30,
|
||||||
Consolidated
Balance Sheets (unaudited)
|
2006
|
2005
|
|
2005
|
||||||
(in
thousands)
|
||||||||||
ASSETS
|
||||||||||
Cash
and due from banks
|
$
|
136,005
|
$
|
134,501
|
$
|
118,358
|
||||
Short
term interest bearing accounts
|
9,575
|
7,987
|
6,078
|
|||||||
Securities
available for sale, at fair value
|
1,100,416
|
954,474
|
961,944
|
|||||||
Securities
held to maturity (fair value of $109,562, $93,701 and
|
110,331
|
93,709
|
88,771
|
|||||||
$89,465
at June 30, 2006, December 31, 2005 and
|
||||||||||
June
30, 2005, respectively)
|
||||||||||
Federal
Reserve and Federal Home Loan Bank stock
|
40,338
|
40,259
|
39,442
|
|||||||
Loans
and leases
|
3,347,876
|
3,022,657
|
2,995,964
|
|||||||
Less
allowance for loan and lease losses
|
50,148
|
47,455
|
46,411
|
|||||||
Net
loans and leases
|
3,297,728
|
2,975,202
|
2,949,553
|
|||||||
Premises
and equipment, net
|
66,948
|
63,693
|
64,133
|
|||||||
Goodwill
|
102,803
|
47,544
|
47,544
|
|||||||
Intangible
assets, net
|
13,338
|
3,808
|
4,092
|
|||||||
Bank
owned life insurance
|
40,926
|
33,648
|
32,968
|
|||||||
Other
assets
|
77,504
|
71,948
|
68,481
|
|||||||
TOTAL
ASSETS
|
$
|
4,995,912
|
$
|
4,426,773
|
$
|
4,381,364
|
||||
LIABILITIES
AND STOCKHOLDERS' EQUITY
|
||||||||||
Deposits:
|
||||||||||
Demand
(noninterest bearing)
|
$
|
642,901
|
$
|
593,422
|
$
|
569,046
|
||||
Savings,
NOW, and money market
|
1,567,171
|
1,325,166
|
1,386,720
|
|||||||
Time
|
1,537,829
|
1,241,608
|
1,222,293
|
|||||||
Total
deposits
|
3,747,901
|
3,160,196
|
3,178,059
|
|||||||
Short-term
borrowings
|
320,637
|
444,977
|
384,171
|
|||||||
Long-term
debt
|
421,736
|
414,330
|
419,377
|
|||||||
Trust
preferred debentures
|
75,422
|
23,875
|
18,720
|
|||||||
Other
liabilities
|
52,610
|
49,452
|
50,288
|
|||||||
Total
liabilities
|
4,618,306
|
4,092,830
|
4,050,615
|
|||||||
Total
stockholders' equity
|
377,606
|
333,943
|
330,749
|
|||||||
TOTAL
LIABILITIES AND STOCKHOLDERS' EQUITY
|
$
|
4,995,912
|
$
|
4,426,773
|
$
|
4,381,364
|
NBT
Bancorp Inc. and Subsidiaries
|
Three
months ended
June
30,
|
Six
months ended
June
30,
|
|||||||||||
Consolidated
Statements of Income (unaudited)
|
2006
|
2005
|
2006
|
2005
|
|||||||||
(in
thousands, except per share data)
|
|||||||||||||
Interest,
fee and dividend income:
|
|||||||||||||
Loans
and leases
|
$
|
57,085
|
$
|
46,260
|
$
|
109,918
|
$
|
90,204
|
|||||
Securities
available for sale
|
13,084
|
10,226
|
24,961
|
20,473
|
|||||||||
Securities
held to maturity
|
1,043
|
831
|
2,028
|
1,634
|
|||||||||
Other
|
619
|
549
|
1,230
|
1,016
|
|||||||||
Total
interest, fee and dividend income
|
71,831
|
57,866
|
138,137
|
113,327
|
|||||||||
Interest
expense:
|
|||||||||||||
Deposits
|
20,869
|
12,018
|
38,094
|
22,738
|
|||||||||
Short-term
borrowings
|
4,111
|
2,207
|
8,048
|
4,068
|
|||||||||
Long-term
debt
|
4,227
|
4,032
|
8,369
|
7,840
|
|||||||||
Trust
preferred debentures
|
1,255
|
285
|
2,138
|
543
|
|||||||||
Total
interest expense
|
30,462
|
18,542
|
56,649
|
35,189
|
|||||||||
Net
interest income
|
41,369
|
39,324
|
81,488
|
78,138
|
|||||||||
Provision
for loan and lease losses
|
1,703
|
2,320
|
3,431
|
4,116
|
|||||||||
Net
interest income after provision for loan and lease losses
|
39,666
|
37,004
|
78,057
|
74,022
|
|||||||||
Noninterest
income:
|
|||||||||||||
Trust
|
1,459
|
1,251
|
2,817
|
2,503
|
|||||||||
Service
charges on deposit accounts
|
4,493
|
4,311
|
8,712
|
8,240
|
|||||||||
ATM
and debit card fees
|
1,789
|
1,544
|
3,434
|
2,944
|
|||||||||
Broker/dealer
and insurance revenue
|
967
|
736
|
1,875
|
2,088
|
|||||||||
Net
securities gains (losses)
|
22
|
51
|
(912
|
)
|
47
|
||||||||
Bank
owned life insurance income
|
392
|
333
|
773
|
666
|
|||||||||
Retirement
plan administration fees
|
1,431
|
1,156
|
2,662
|
2,019
|
|||||||||
Other
|
2,003
|
1,673
|
4,419
|
3,259
|
|||||||||
Total
noninterest income
|
12,556
|
11,055
|
23,780
|
21,766
|
|||||||||
Noninterest
expense:
|
|||||||||||||
Salaries
and employee benefits
|
16,335
|
15,253
|
32,083
|
30,705
|
|||||||||
Office
supplies and postage
|
1,456
|
1,121
|
2,637
|
2,271
|
|||||||||
Occupancy
|
2,747
|
2,550
|
5,735
|
5,338
|
|||||||||
Equipment
|
2,067
|
1,931
|
4,223
|
4,027
|
|||||||||
Professional
fees and outside services
|
1,800
|
1,381
|
3,632
|
3,056
|
|||||||||
Data
processing and communications
|
2,649
|
2,530
|
5,351
|
5,188
|
|||||||||
Amortization
of intangible assets
|
466
|
142
|
789
|
260
|
|||||||||
Loan
collection and other real estate owned
|
289
|
208
|
500
|
609
|
|||||||||
Other
operating
|
3,885
|
3,580
|
7,216
|
6,123
|
|||||||||
Total
noninterest expense
|
31,694
|
28,696
|
62,166
|
57,577
|
|||||||||
Income
before income taxes
|
20,528
|
19,363
|
39,671
|
38,211
|
|||||||||
Income
taxes
|
6,359
|
6,235
|
11,914
|
12,294
|
|||||||||
Net
income
|
$
|
14,169
|
$
|
13,128
|
$
|
27,757
|
$
|
25,917
|
|||||
Earnings
Per Share:
|
|||||||||||||
Basic
|
$
|
0.41
|
$
|
0.41
|
$
|
0.82
|
$
|
0.80
|
|||||
Diluted
|
$
|
0.41
|
$
|
0.40
|
$
|
0.81
|
$
|
0.79
|
NBT
Bancorp Inc. and Subsidiaries
|
2Q
|
1Q
|
4Q
|
3Q
|
2Q
|
|||||||||||
Quarterly
Consolidated Statements of Income (unaudited)
|
2006
|
2006
|
2005
|
2005
|
2005
|
|||||||||||
(in
thousands, except per share data)
|
||||||||||||||||
Interest,
fee and dividend income:
|
||||||||||||||||
Loans
|
$
|
57,085
|
$
|
52,833
|
$
|
50,726
|
$
|
48,784
|
$
|
46,260
|
||||||
Securities
available for sale
|
13,084
|
11,877
|
10,544
|
10,103
|
10,226
|
|||||||||||
Securities
held to maturity
|
1,043
|
985
|
913
|
860
|
831
|
|||||||||||
Other
|
619
|
611
|
575
|
535
|
549
|
|||||||||||
Total
interest, fee and dividend income
|
71,831
|
66,306
|
62,758
|
60,282
|
57,866
|
|||||||||||
Interest
expense:
|
||||||||||||||||
Deposits
|
20,869
|
17,225
|
14,352
|
12,842
|
12,018
|
|||||||||||
Short-term
borrowings
|
4,111
|
3,937
|
3,911
|
3,005
|
2,207
|
|||||||||||
Long-term
debt
|
4,227
|
4,142
|
4,098
|
4,176
|
4,032
|
|||||||||||
Trust
preferred debentures
|
1,255
|
883
|
375
|
308
|
285
|
|||||||||||
Total
interest expense
|
30,462
|
26,187
|
22,736
|
20,331
|
18,542
|
|||||||||||
Net
interest income
|
41,369
|
40,119
|
40,022
|
39,951
|
39,324
|
|||||||||||
Provision
for loan and lease losses
|
1,703
|
1,728
|
2,596
|
2,752
|
2,320
|
|||||||||||
Net
interest income after provision for loan and lease losses
|
39,666
|
38,391
|
37,426
|
37,199
|
37,004
|
|||||||||||
Noninterest
income:
|
||||||||||||||||
Trust
|
1,459
|
1,358
|
1,234
|
1,292
|
1,251
|
|||||||||||
Service
charges on deposit accounts
|
4,493
|
4,219
|
4,340
|
4,314
|
4,311
|
|||||||||||
ATM
and debit card fees
|
1,789
|
1,645
|
1,587
|
1,631
|
1,544
|
|||||||||||
Broker/dealer
and insurance fees
|
967
|
908
|
527
|
571
|
736
|
|||||||||||
Net
securities gains (losses)
|
22
|
(934
|
)
|
(546
|
)
|
(737
|
)
|
51
|
||||||||
Bank
owned life insurance income
|
392
|
381
|
342
|
339
|
333
|
|||||||||||
Retirement
plan administration fees
|
1,431
|
1,231
|
1,212
|
1,195
|
1,156
|
|||||||||||
Other
|
2,003
|
2,416
|
1,736
|
1,746
|
1,673
|
|||||||||||
Total
noninterest income
|
12,556
|
11,224
|
10,432
|
10,351
|
11,055
|
|||||||||||
Noninterest
expense:
|
||||||||||||||||
Salaries
and employee benefits
|
16,335
|
15,748
|
13,863
|
15,438
|
15,253
|
|||||||||||
Office
supplies and postage
|
1,456
|
1,181
|
1,222
|
1,135
|
1,121
|
|||||||||||
Occupancy
|
2,747
|
2,988
|
2,689
|
2,425
|
2,550
|
|||||||||||
Equipment
|
2,067
|
2,156
|
2,120
|
1,971
|
1,931
|
|||||||||||
Professional
fees and outside services
|
1,800
|
1,832
|
1,584
|
1,447
|
1,381
|
|||||||||||
Data
processing and communications
|
2,649
|
2,702
|
2,548
|
2,613
|
2,530
|
|||||||||||
Amortization
of intangible assets
|
466
|
323
|
142
|
142
|
142
|
|||||||||||
Loan
collection and other real estate owned
|
289
|
211
|
278
|
115
|
208
|
|||||||||||
Other
operating
|
3,885
|
3,331
|
4,703
|
3,293
|
3,580
|
|||||||||||
Total
noninterest expense
|
31,694
|
30,472
|
29,149
|
28,579
|
28,696
|
|||||||||||
Income
before income taxes
|
20,528
|
19,143
|
18,709
|
18,971
|
19,363
|
|||||||||||
Income
taxes
|
6,359
|
5,555
|
5,714
|
5,445
|
6,235
|
|||||||||||
Net
income
|
$
|
14,169
|
$
|
13,588
|
$
|
12,995
|
$
|
13,526
|
$
|
13,128
|
||||||
Earnings
per share:
|
||||||||||||||||
Basic
|
$
|
0.41
|
$
|
0.41
|
$
|
0.40
|
$
|
0.42
|
$
|
0.41
|
||||||
Diluted
|
$
|
0.41
|
$
|
0.40
|
$
|
0.40
|
$
|
0.41
|
$
|
0.40
|