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 23,
2007
|
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 23, 2007, NBT Bancorp Inc. issued a press release describing its results
of operations for the quarter ending March 31, 2007 as well as announcing an
increase in quarterly cash dividend to $0.20 per share to be paid on June 15,
2007 to shareholders of record on June 1, 2007. That press release is furnished
as Exhibit 99.1 hereto.
ITEM
9.01 Financial Statements and Exhibits
(d)
The following is being furnished herewith:
|
Exhibit
No.
|
Exhibit
Description
|
|
Press
release text of NBT Bancorp Inc. dated April 23,
2007
|
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 24, 2007
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 A 5.3% INCREASE
IN
QUARTERLY CASH DIVIDEND
NORWICH,
NY (April 23, 2007) - NBT Bancorp Inc. (NBT) (NASDAQ: NBTB) reported today
that
net income for the three months ended March 31, 2007, was $14.1 million,
up 4.0%
or $0.5 million from net income of $13.6 million reported for the same period
in
2006. Net income per diluted share for the three months ended March 31, 2007,
was $0.41 per share, compared with $0.40 per share for the same period in
2006.
Return on average assets and return on average equity were 1.13% and 14.06%,
respectively, for the three months ended March 31, 2007, compared with 1.18%
and
15.11%, respectively, for the same period in 2006. The increase in net income
for the three months ended March 31, 2007, was primarily the result of a
$0.5
million increase in net interest income and a $1.5 million increase in
noninterest income. The aforementioned increases in income were partially
offset
by a $0.4 million increase in noninterest expense, a $0.4 million increase
in
provision for loan and lease losses and a $0.7 million increase in income
tax
expense.
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.
NBT
President and CEO Martin A. Dietrich stated, “Despite the challenges we face in
the current interest rate environment, I am pleased with our earnings
performance for the first quarter. Although our net interest margin continues
to
compress, we have been able to successfully mitigate this compression through
growth in our earning assets. In addition, we have been able to reduce our
reliance on interest income by continuing to post strong noninterest income
results. This, coupled with the dedication, focus and perseverance of our
employees, has enabled us to deliver strong earnings for the quarter. While
2007
promises to be a challenging year for the financial services industry, I
am
encouraged by our results for the first quarter.”
Loan
and Lease Quality and Provision for Loan and Lease Losses
Nonperforming
loans at March 31, 2007, were $17.4 million or 0.51% of total loans and leases
compared with $13.3 million or 0.41% of total loans and leases at March 31,
2006. This increase was mainly attributable to increases in nonperforming
small
business and agricultural loans, primarily due to regional flooding as well
as
falling milk prices. Net charge-offs for the three month period ended March
31,
2007, were $2.1 million, up $0.4 million from the three month period ended
March
31, 2006. Net charge-offs to average loans and leases for the three months
ended
March 31, 2007, were 0.25%, compared with the 0.23% ratio for the three months
ended March 31, 2006. For the three months ended March 31, 2007, the provision
for loan and lease losses totaled $2.1 million, compared with $1.7 million
for
the same period in 2006. The Company’s allowance for loan and lease losses was
1.49% of loans and leases at March 31, 2007, compared with 1.53% at March
31,
2006. The ratio of the allowance for loan and lease losses to nonperforming
loans was 291.16% at March 31, 2007, compared with 373.56% at March 31,
2006.
Page
1 of
9
Net
Interest Income
Net
interest income was up 1.3% to $40.6 million for the three months ended March
31, 2007, compared with $40.1 million for the same period a year ago. Despite
a
decrease in the Company’s fully taxable equivalent (FTE) net interest margin,
from 3.86% for the three months ended March 31, 2006, to 3.63% for the same
period in 2007, the Company experienced an increase in net interest income
that
was attributable to an 8.3% growth in average earning assets. The growth
in
average earning assets was in large part due to organic loan growth,
particularly consumer loans, as well as the acquisition of CNB in February
2006.
The
decline in the net interest margin is due largely to the effect from our
borrowings, money market accounts and time deposits repricing in a higher
interest rate environment. Earning assets, particularly those tied to a fixed
rate, have not realized the benefit of the higher interest rate environment,
since yields on earning assets with terms of 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 to inverted yield
curve. If
the
yield curve remains flat or inverted, we expect net interest income to remain
relatively flat through 2007.
Noninterest
Income
Noninterest
income for the three months ended March 31, 2007, was $12.7 million, up $1.5
million or 13.1% from $11.2 million for the same period in 2006. Fees
from
service charges on deposit accounts and ATM and debit cards collectively
increased $0.5 million from growth in our debit card base as well as growth
in
our demand deposit accounts. Retirement plan administration fees for the
three
months ended March 31, 2007, increased $0.4 million, compared with the same
period in 2006, as a result of our growing client base. Broker/dealer and
insurance revenue for the three months ended March 31, 2007, increased $0.2
million in large part due to the growth in brokerage income from retail
financial services as well as the addition of Hathaway Insurance Agency as
part
of the acquisition of CNB. Bank-owned life insurance income for the three
months
ended March 31, 2007, increased $0.1 million, compared with the same period
in
2006. This increase was due in large part to the acquisition of CNB.
Trust
administration income increased $0.1 million for the three months ended March
31, 2007, compared with the same period in 2006. This increase stems from
the
increased market value of accounts, an increase in customer accounts as a
result
of the acquisition of CNB and successful business development. Other
noninterest income for the three months ended March 31, 2007, decreased $0.6
million, compared with the same period in 2006, primarily as a result of
a gain
on the sale of a branch in 2006. Net securities losses for the three months
ended March 31, 2007, were nominal, compared with net securities losses of
$0.9
million for the three months ended March 31, 2006. Excluding the effect of
these
securities transactions, noninterest income increased $0.5 million, or 4.4%,
for
the three months ended March 31, 2007, compared with the same period in 2006.
Noninterest
Expense and Income Tax Expense
Noninterest
expense for the three months ended March 31, 2007, was $30.9 million, up
from
$30.5 million for the same period in 2006. Office expenses, such as supplies
and
postage, occupancy, equipment and data processing and communications charges,
increased by $0.2 million, or 2.7%, for the three months ended March 31,
2007,
compared with the same period in 2006. Salaries and employee benefits increased
$0.2 million, or 1.4%, for the three months ended March 31, 2007, over the
same
period in 2006. Professional fees and services decreased $0.2 million, or
9.5%,
for the three months ended March 31, 2007, compared with the same period
in 2006
in large part due to a decrease in Information Technology and other consulting
services. Amortization expense increased $0.1 million for the three months
ended
March 31, 2007, over the same period in 2006. This increase was due primarily
to
the acquisition of CNB in February 2006. Loan collection and other real estate
owned expenses increased $0.2 million for the three months ended March 31,
2007,
over the same period in 2006. This increase was due primarily to an increase
in
the amount of real estate taxes paid on foreclosures in 2007 compared with
2006.
Other operating expense for the three months ended March 31, 2007, decreased
$0.1 million, or 4.3%, compared with the same period in 2006. Income tax
expense
for the three months ended March 31, 2007, was $6.2 million, up from $5.6
million for the same period in 2006. The effective rate for the three months
ended March 31, 2007, was 30.6%, up from 29.0% for the same period in 2006.
The
increase in the effective tax rate for the three months ended March 31, 2007,
versus the same period in 2006 resulted primarily from a tax refund received
in
the first quarter of 2006.
Page
2 of
9
Balance
Sheet
Total
assets were $5.1 billion at March 31, 2007, up $214.9 million from $4.9 billion
at March 31, 2006. Loans and leases increased $147.6 million or 4.5% from
$3.2
billion at March 31, 2006, to $3.4 billion at March 31, 2007, due primarily
to
growth in consumer loan products. Total deposits were $4.0 billion at March
31,
2007, up 9.6% from the same period at March 31, 2006, in large part due to
growth in time deposits, money market accounts and savings accounts.
Stockholders’ equity was $407.6 million, representing total equity to total
assets of 7.99% at March 31, 2007, compared with $385.8 million or a total
equity to total asset ratio of 7.90% at March 31, 2006.
Stock
Repurchase Program
On
April
23, 2007, 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 363,180 shares remaining under previous authorizations. These
remaining shares were combined with this new authorization, increasing the
total
shares available for repurchase to 1,363,180. Under the authorized programs
for
the period, the Company purchased 373,967 shares of its common stock during
the
three months ended March 31, 2007, for a total of $8.6 million at an average
price of $22.90 per share.
Dividend
Declared
The
NBT
Board of Directors declared a first-quarter cash dividend of $0.20 per share
at
a meeting held today, representing a $0.01 per share, or 5.3%, increase from
the
cash dividend of $0.19 per share declared during the previous quarter. The
dividend will be paid on June 15, 2007, to shareholders of record as of June
1,
2007.
Page
3 of
9
Corporate
Overview
NBT
is a
financial holding company headquartered in Norwich, NY, with total assets
of
$5.1 billion at March 31, 2007. 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 119 locations, including
80 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. Hathaway Insurance Agency, Inc., based in
Gloversville, NY, is a full-service insurance agency. 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; 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.
Page
4 of
9
|
NBT
Bancorp Inc. and Subsidiaries
SELECTED
FINANCIAL HIGHLIGHTS
|
|||||||||||||
|
(unaudited)
|
|||||||||||||
|
2007
|
2006
|
Net
Change
|
Percent
Change
|
||||||||||
|
(dollars
in thousands, except per share data)
|
|||||||||||||
|
Three
Months Ended March 31,
|
|||||||||||||
|
Net
Income
|
$
|
14,132
|
$
|
13,588
|
$
|
544
|
4%
|
|
|||||
|
Diluted
Earnings Per Share
|
$
|
0.41
|
$
|
0.40
|
$
|
0.01
|
2%
|
|
|||||
|
Weighted
Average Diluted Common Shares Outstanding
|
34,457,082
|
33,746,423
|
711,445
|
2%
|
|
||||||||
|
Return
on Average Assets (1)
|
1.13
|
%
|
1.18
|
%
|
-0.05
|
%
|
-4%
|
|
|||||
|
Return
on Average Equity (1)
|
14.06
|
%
|
15.11
|
%
|
-1.05
|
%
|
-7%
|
|
|||||
|
Net
Interest Margin (2)
|
3.63
|
%
|
3.86
|
%
|
-0.23
|
%
|
-6%
|
|
|||||
|
Asset
Quality
|
March
31,
|
December
31,
|
March
31,
|
||||||||||
|
2007
|
2006
|
2006
|
|||||||||||
|
Nonaccrual
Loans
|
$
|
16,294
|
$
|
13,665
|
$
|
12,616
|
|||||||
|
90
Days Past Due and Still Accruing
|
$
|
1,069
|
$
|
1,642
|
$
|
720
|
|||||||
|
Total
Nonperforming Loans
|
$
|
17,363
|
$
|
15,307
|
$
|
13,336
|
|||||||
|
Other
Real Estate Owned (OREO)
|
$
|
632
|
$
|
389
|
$
|
279
|
|||||||
|
Total
Nonperforming Assets
|
$
|
17,995
|
$
|
15,696
|
$
|
13,615
|
|||||||
|
Allowance
for Loan and Lease Losses
|
$
|
50,554
|
$
|
50,587
|
$
|
49,818
|
|||||||
|
Year-to-Date
(YTD) Net Charge-Offs
|
$
|
2,129
|
$
|
8,673
|
$
|
1,775
|
|||||||
|
Allowance
for Loan and Lease Losses to Total Loans and Leases
|
1.49
|
%
|
1.48
|
%
|
1.53
|
%
|
|||||||
|
Total
Nonperforming Loans to Total Loans and Leases
|
0.51
|
%
|
0.45
|
%
|
0.41
|
%
|
|||||||
|
Total
Nonperforming Assets to Total Assets
|
0.35
|
%
|
0.31
|
%
|
0.28
|
%
|
|||||||
|
Allowance
for Loan and Lease Losses to Total Nonperforming Loans
|
291.16
|
%
|
330.48
|
%
|
373.56
|
%
|
|||||||
|
Annualized
Net Charge-Offs to YTD Average Loans and Leases
|
0.25
|
%
|
0.26
|
%
|
0.23
|
%
|
|
||||||
|
Capital
|
|||||||||||||
|
Equity
to Assets
|
7.99
|
%
|
7.94
|
%
|
7.90
|
%
|
|||||||
|
Book
Value Per Share
|
$
|
11.99
|
$
|
11.79
|
$
|
11.22
|
|||||||
|
Tangible
Book Value Per Share
|
$
|
8.61
|
$
|
8.42
|
$
|
7.84
|
|||||||
|
Tier
1 Leverage Ratio
|
7.60
|
%
|
7.57
|
%
|
7.77
|
%
|
|||||||
|
Tier
1 Capital Ratio
|
10.53
|
%
|
10.42
|
%
|
10.30
|
%
|
|||||||
|
Total
Risk-Based Capital Ratio
|
11.78
|
%
|
11.67
|
%
|
11.56
|
%
|
|
||||||
|
Quarterly
Common Stock Price
|
2007
|
2006
|
2005
|
||||||||||||||||
|
Quarter
End
|
High
|
Low
|
High
|
Low
|
High
|
Low
|
|||||||||||||
|
March
31
|
$
|
25.81
|
$
|
21.73
|
$
|
23.90
|
$
|
21.02
|
$
|
25.66
|
$
|
21.48
|
|||||||
|
June
30
|
23.24
|
21.03
|
24.15
|
20.10
|
|||||||||||||||
|
September
30
|
24.57
|
21.44
|
25.50
|
22.79
|
|||||||||||||||
|
December
31
|
26.47
|
22.36
|
23.79
|
20.75
|
|||||||||||||||
(1)
Annualized
(2)
Calculated on a FTE basis
Page
5 of
9
|
NBT
Bancorp Inc. and Subsidiaries
SELECTED
FINANCIAL HIGHLIGHTS
|
|||||||||||||
|
(unaudited)
|
|||||||||||||
|
2007
|
2006
|
Net
Change
|
Percent
Change
|
||||||||||
|
(dollars
in thousands, except per share data)
|
|||||||||||||
|
Balance
Sheet as of March 31,
|
|||||||||||||
|
Loans
and Leases
|
$
|
3,395,476
|
$
|
3,247,841
|
$
|
147,635
|
5
|
%
|
|||||
|
Earning
Assets
|
$
|
4,718,844
|
$
|
4,529,770
|
$
|
189,074
|
4
|
%
|
|||||
|
Total
Assets
|
$
|
5,100,781
|
$
|
4,885,851
|
$
|
214,930
|
4
|
%
|
|||||
|
Deposits
|
$
|
3,966,655
|
$
|
3,620,061
|
$
|
346,594
|
10
|
%
|
|||||
|
Stockholders’
Equity
|
$
|
407,580
|
$
|
385,754
|
$
|
21,826
|
6
|
%
|
|||||
|
Average
Balances
|
|||||||||||||
|
Quarter
Ended March 31,
|
|||||||||||||
|
Loans
and Leases
|
$
|
3,398,590
|
$
|
3,147,115
|
$
|
251,475
|
8
|
%
|
|||||
|
Securities
Available For Sale
|
|||||||||||||
|
(excluding
unrealized gains or losses)
|
$
|
1,123,414
|
$
|
1,054,370
|
$
|
69,044
|
7
|
%
|
|||||
|
Securities
Held To Maturity
|
$
|
140,856
|
$
|
97,347
|
$
|
43,509
|
45
|
%
|
|||||
|
Regulatory
Equity Investment
|
$
|
34,804
|
$
|
40,549
|
$ |
(5,745
|
)
|
-14
|
%
|
||||
|
Short-Term
Interest Bearing Accounts
|
$
|
9,255
|
$
|
7,742
|
$
|
1,513
|
20
|
%
|
|||||
|
Total
Earning Assets
|
$
|
4,706,919
|
$
|
4,347,123
|
$
|
359,796
|
8
|
%
|
|||||
|
Total
Assets
|
$
|
5,068,491
|
$
|
4,666,163
|
$
|
402,328
|
9
|
%
|
|||||
|
Interest
Bearing Deposits
|
$
|
3,245,152
|
$
|
2,809,696
|
$
|
435,456
|
15
|
%
|
|||||
|
Non-Interest
Bearing Deposits
|
$
|
616,938
|
$
|
591,087
|
$
|
25,851
|
4
|
%
|
|||||
|
Short-Term
Borrowings
|
$
|
265,347
|
$
|
371,632
|
$ |
(106,285
|
)
|
-29
|
%
|
||||
|
Long-Term
Borrowings
|
$
|
482,025
|
$
|
475,755
|
$
|
6,270
|
1
|
%
|
|||||
|
Total
Interest Bearing Liabilities
|
$
|
3,992,524
|
$
|
3,657,083
|
$
|
335,441
|
9
|
%
|
|||||
|
Stockholders’
Equity
|
$
|
407,519
|
$
|
365,015
|
$
|
42,504
|
12
|
%
|
|||||
Page
6 of
9
|
NBT
Bancorp Inc. and Subsidiaries
|
March
31,
|
December
31,
|
March
31,
|
|||||||
|
Consolidated
Balance Sheets (unaudited)
|
2007
|
2006
|
2006
|
|||||||
|
(in
thousands)
|
||||||||||
|
ASSETS
|
||||||||||
|
Cash
and due from banks
|
$
|
132,494
|
$
|
130,936
|
$
|
123,593
|
||||
|
Short
term interest bearing accounts
|
24,598
|
7,857
|
9,675
|
|||||||
|
Securities
available for sale, at fair value
|
1,116,205
|
1,106,322
|
1,112,118
|
|||||||
|
Securities
held to maturity (fair value of $145,762, $136,287 and$102,338
at March
31, 2007, December 31, 2006 and March 31, 2006,
respectively)
|
145,760
|
136,314
|
102,754
|
|||||||
|
Federal
Reserve and Federal Home Loan Bank stock
|
30,487
|
38,812
|
37,962
|
|||||||
|
Loans
and leases
|
3,395,476
|
3,412,654
|
3,247,841
|
|||||||
|
Less
allowance for loan and lease losses
|
50,554
|
50,587
|
49,818
|
|||||||
|
Net
loans and leases
|
3,344,922
|
3,362,067
|
3,198,023
|
|||||||
|
Premises
and equipment, net
|
65,784
|
66,982
|
67,889
|
|||||||
|
Goodwill
|
103,420
|
103,356
|
102,692
|
|||||||
|
Intangible
assets, net
|
11,408
|
11,984
|
13,632
|
|||||||
|
Bank
owned life insurance
|
42,217
|
41,783
|
40,535
|
|||||||
|
Other
assets
|
83,486
|
81,159
|
76,978
|
|||||||
|
TOTAL
ASSETS
|
$
|
5,100,781
|
$
|
5,087,572
|
$
|
4,885,851
|
||||
|
LIABILITIES
AND STOCKHOLDERS' EQUITY
|
||||||||||
|
Deposits:
|
||||||||||
|
Demand
(noninterest bearing)
|
$
|
624,171
|
$
|
646,377
|
$
|
618,531
|
||||
|
Savings,
NOW, and money market
|
1,632,222
|
1,566,557
|
1,546,840
|
|||||||
|
Time
|
1,710,262
|
1,583,304
|
1,454,690
|
|||||||
|
Total
deposits
|
3,966,655
|
3,796,238
|
3,620,061
|
|||||||
|
Short-term
borrowings
|
204,421
|
345,408
|
329,702
|
|||||||
|
Long-term
debt
|
392,792
|
417,728
|
424,865
|
|||||||
|
Trust
preferred debentures
|
75,422
|
75,422
|
75,422
|
|||||||
|
Other
liabilities
|
53,911
|
48,959
|
50,047
|
|||||||
|
Total
liabilities
|
4,693,201
|
4,683,755
|
4,500,097
|
|||||||
|
Total
stockholders' equity
|
407,580
|
403,817
|
385,754
|
|||||||
|
TOTAL
LIABILITIES AND STOCKHOLDERS' EQUITY
|
$
|
5,100,781
|
$
|
5,087,572
|
$
|
4,885,851
|
||||
Page
7 of
9
|
NBT
Bancorp Inc. and Subsidiaries
|
Three
months ended March 31,
|
||||||
|
Consolidated
Statements of Income (unaudited)
|
2007
|
2006
|
|||||
|
(in
thousands, except per share data)
|
|
||||||
|
Interest,
fee and dividend income:
|
|||||||
|
Loans
and leases
|
$
|
59,808
|
$
|
52,833
|
|||
|
Securities
available for sale
|
13,467
|
11,877
|
|||||
|
Securities
held to maturity
|
1,444
|
985
|
|||||
|
Other
|
740
|
611
|
|||||
|
Total
interest, fee and dividend income
|
75,459
|
66,306
|
|||||
|
Interest
expense:
|
|||||||
|
Deposits
|
25,984
|
17,225
|
|||||
|
Short-term
borrowings
|
3,092
|
3,937
|
|||||
|
Long-term
debt
|
4,486
|
4,142
|
|||||
|
Trust
preferred debentures
|
1,268
|
883
|
|||||
|
Total
interest expense
|
34,830
|
26,187
|
|||||
|
Net
interest income
|
40,629
|
40,119
|
|||||
|
Provision
for loan and lease losses
|
2,096
|
1,728
|
|||||
|
Net
interest income after provision for loan and lease losses
|
38,533
|
38,391
|
|||||
|
Noninterest
income:
|
|||||||
|
Trust
|
1,437
|
1,358
|
|||||
|
Service
charges on deposit accounts
|
4,469
|
4,219
|
|||||
|
ATM
and debit card fees
|
1,896
|
1,645
|
|||||
|
Broker/dealer
and insurance revenue
|
1,083
|
908
|
|||||
|
Net
securities losses
|
(5
|
)
|
(934
|
)
|
|||
|
Bank
owned life insurance income
|
434
|
381
|
|||||
|
Retirement
plan administration fees
|
1,592
|
1,231
|
|||||
|
Other
|
1,784
|
2,416
|
|||||
|
Total
noninterest income
|
12,690
|
11,224
|
|||||
|
Noninterest
expense:
|
|||||||
|
Salaries
and employee benefits
|
15,964
|
15,748
|
|||||
|
Office
supplies and postage
|
1,296
|
1,181
|
|||||
|
Occupancy
|
3,169
|
2,988
|
|||||
|
Equipment
|
1,933
|
2,156
|
|||||
|
Professional
fees and outside services
|
1,658
|
1,832
|
|||||
|
Data
processing and communications
|
2,877
|
2,702
|
|||||
|
Amortization
of intangible assets
|
409
|
323
|
|||||
|
Loan
collection and other real estate owned
|
377
|
211
|
|||||
|
Other
operating
|
3,189
|
3,331
|
|||||
|
Total
noninterest expense
|
30,872
|
30,472
|
|||||
|
Income
before income taxes
|
20,351
|
19,143
|
|||||
|
Income
taxes
|
6,219
|
5,555
|
|||||
|
Net
income
|
$
|
14,132
|
$
|
13,588
|
|||
|
Earnings
Per Share:
|
|||||||
|
Basic
|
$
|
0.41
|
$
|
0.41
|
|||
|
Diluted
|
$
|
0.41
|
$
|
0.40
|
|||
Page
8 of
9
|
NBT
Bancorp Inc. and Subsidiaries
|
1Q
|
4Q
|
3Q
|
2Q
|
1Q
|
|||||||||||
|
Quarterly
Consolidated Statements of Income (unaudited)
|
2007
|
2006
|
2006
|
2006
|
2006
|
|||||||||||
|
(in
thousands, except per share data)
|
||||||||||||||||
|
Interest,
fee and dividend income:
|
||||||||||||||||
|
Loans
and leases
|
$
|
59,808
|
$
|
60,795
|
$
|
59,329
|
$
|
57,085
|
$
|
52,833
|
||||||
|
Securities
available for sale
|
13,467
|
13,296
|
13,342
|
13,084
|
11,877
|
|||||||||||
|
Securities
held to maturity
|
1,444
|
1,409
|
1,293
|
1,043
|
985
|
|||||||||||
|
Other
|
740
|
517
|
724
|
619
|
611
|
|||||||||||
|
Total
interest, fee and dividend income
|
75,459
|
76,017
|
74,688
|
71,831
|
66,306
|
|||||||||||
|
Interest
expense:
|
||||||||||||||||
|
Deposits
|
25,984
|
25,652
|
24,052
|
20,869
|
17,225
|
|||||||||||
|
Short-term
borrowings
|
3,092
|
3,572
|
3,828
|
4,111
|
3,937
|
|||||||||||
|
Long-term
debt
|
4,486
|
4,091
|
4,603
|
4,227
|
4,142
|
|||||||||||
|
Trust
preferred debentures
|
1,268
|
1,277
|
1,285
|
1,255
|
883
|
|||||||||||
|
Total
interest expense
|
34,830
|
34,592
|
33,768
|
30,462
|
26,187
|
|||||||||||
|
Net
interest income
|
40,629
|
41,425
|
40,920
|
41,369
|
40,119
|
|||||||||||
|
Provision
for loan and lease losses
|
2,096
|
3,484
|
2,480
|
1,703
|
1,728
|
|||||||||||
|
Net
interest income after provision for loan and lease losses
|
38,533
|
37,941
|
38,440
|
39,666
|
38,391
|
|||||||||||
|
Noninterest
income:
|
||||||||||||||||
|
Trust
|
1,437
|
1,387
|
1,425
|
1,459
|
1,358
|
|||||||||||
|
Service
charges on deposit accounts
|
4,469
|
4,418
|
4,460
|
4,493
|
4,219
|
|||||||||||
|
ATM
and debit card fees
|
1,896
|
1,764
|
1,888
|
1,789
|
1,645
|
|||||||||||
|
Broker/dealer
and insurance fees
|
1,083
|
1,037
|
1,024
|
967
|
908
|
|||||||||||
|
Net
securities (losses) gains
|
(5
|
)
|
30
|
7
|
22
|
(934
|
)
|
|||||||||
|
Bank
owned life insurance income
|
434
|
425
|
431
|
392
|
381
|
|||||||||||
|
Retirement
plan administration fees
|
1,592
|
1,424
|
1,450
|
1,431
|
1,231
|
|||||||||||
|
Other
|
1,784
|
1,847
|
1,832
|
2,003
|
2,416
|
|||||||||||
|
Total
noninterest income
|
12,690
|
12,332
|
12,517
|
12,556
|
11,224
|
|||||||||||
|
Noninterest
expense:
|
||||||||||||||||
|
Salaries
and employee benefits
|
15,964
|
15,166
|
15,628
|
16,335
|
15,748
|
|||||||||||
|
Office
supplies and postage
|
1,296
|
1,418
|
1,275
|
1,456
|
1,181
|
|||||||||||
|
Occupancy
|
3,169
|
2,739
|
3,044
|
2,747
|
2,988
|
|||||||||||
|
Equipment
|
1,933
|
2,069
|
2,040
|
2,067
|
2,156
|
|||||||||||
|
Professional
fees and outside services
|
1,658
|
2,502
|
1,627
|
1,800
|
1,832
|
|||||||||||
|
Data
processing and communications
|
2,877
|
2,466
|
2,637
|
2,649
|
2,702
|
|||||||||||
|
Amortization
of intangible assets
|
409
|
389
|
471
|
466
|
323
|
|||||||||||
|
Loan
collection and other real estate owned
|
377
|
629
|
222
|
289
|
211
|
|||||||||||
|
Other
operating
|
3,189
|
3,504
|
2,974
|
3,885
|
3,331
|
|||||||||||
|
Total
noninterest expense
|
30,872
|
30,882
|
29,918
|
31,694
|
30,472
|
|||||||||||
|
Income
before income taxes
|
20,351
|
19,391
|
21,039
|
20,528
|
19,143
|
|||||||||||
|
Income
taxes
|
6,219
|
5,743
|
6,497
|
6,359
|
5,555
|
|||||||||||
|
Net
income
|
$
|
14,132
|
$
|
13,648
|
$
|
14,542
|
$
|
14,169
|
$
|
13,588
|
||||||
|
Earnings
per share:
|
||||||||||||||||
|
Basic
|
$
|
0.41
|
$
|
0.40
|
$
|
0.43
|
$
|
0.41
|
$
|
0.41
|
||||||
|
Diluted
|
$
|
0.41
|
$
|
0.40
|
$
|
0.43
|
$
|
0.41
|
$
|
0.40
|
||||||
Page
9 of
9