SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
PURSUANT
TO SECTION 13 OR 15(D) OF THE
SECURITIES
EXCHANGE ACT OF 1934
Date
of Report (Date of earliest event reported): July 23, 2007
NBT
BANCORP INC.
(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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(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
(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:
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o
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Written
communication pursuant to Rule 425 under the Securities Act (17
CFR
230.425)
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o
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Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
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o
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Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act
(17 CFR
240.14d-2(b))
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o
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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 Results of Operations and Financial Condition
On
July 23, 2007, NBT Bancorp Inc. issued a press release describing its results
of
operations for the quarter and six months ending June 30, 2007, announcing
an
increase in quarterly cash dividend to $0.20 per share to be paid on September
15, 2007 to shareholders of record on September 1, 2007, and authorizing
buyback
of an additional 1,000,000 shares. That press release is furnished as
Exhibit 99.1 hereto.
ITEM
9.01 Financial Statements and Exhibits
(d)
The following is being furnished herewith:
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Exhibit
No.
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Exhibit
Description
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Press
release text of NBT Bancorp Inc. dated July 23,
2007
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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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(Registrant)
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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:
July 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 QUARTERLY EARNINGS OF $12.1 MILLION; DECLARES CASH
DIVIDEND; AUTHORIZES BUYBACK OF AN ADDITIONAL 1,000,000
SHARES
NORWICH,
NY (July 23, 2007) – NBT Bancorp Inc. (NBT) (NASDAQ: NBTB) reported today that
net income for the six months ended June 30, 2007, was $26.2 million, down
5.6%
or $1.6 million from net income of $27.8 million reported for the same period
in
2006. Net income per diluted share for the six month period ended
June 30, 2007, was $0.77 per share, compared with $0.81 per share for the same
period in 2006. Return on average assets and return on average equity were
1.04%
and 12.98%, respectively, for the six months ended June 30, 2007, compared
with
1.17% and 14.93%, respectively, for the same period in 2006. The decrease in
net
income for the six months ended June 30, 2007, was primarily the result of
an
$8.4 million increase in provision for loan and lease losses compared to the
same period last year. This increase in expense was partially offset
by a $2.9 million increase in noninterest income and a $3.3 million decrease
in
noninterest expense.
Net
income for the three months ended June 30, 2007, was $12.1 million, down 14.9%
or $2.1 million from net income of $14.2 million reported for the same period
in
2006. Net income per diluted share for the three months ended June
30, 2007, was $0.36 per share, compared with $0.41 per share for the same period
in 2006. Return on average assets and return on average equity were
0.95% and 11.90%, respectively, for the three months ended June 30, 2007,
compared with 1.15% and 14.71%, respectively, for the same period in 2006.
The
decrease in net income for the three months ended June 30, 2007, was primarily
the result of an $8.1 million increase in provision for loan and lease losses
compared to the same period last year. This increase in expense was
partially offset by a $1.4 million increase in noninterest income and a $3.7
million decrease in noninterest expense.
The
comparability of financial information for the six months ended June 30, 2007
and 2006, 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.
Loan
and Lease Quality and Provision for Loan and Lease Losses
Nonperforming
loans at June 30, 2007, were $34.4 million or 1.00% of total loans and leases
compared with $17.4 million or 0.51% of total loans and leases at March 31,
2007, $15.3 million or 0.45% of total loans and leases at December 31, 2006,
and
$12.9 million or 0.38% of total loans and leases at June 30,
2006. This increase is primarily due to one owner-occupied commercial
real estate relationship, as well as several dairy
credits. Annualized net charge-offs to average loans and leases for
the six months ended June 30, 2007, were 0.32%, compared with 0.20% for the
six
months ended June 30, 2006 and 0.26% for the year ended December 31,
2006. The Company’s allowance for loan and lease losses was 1.66% of
loans and leases at June 30, 2007, compared with 1.50% at June 30, 2006, and
1.48% at December 31, 2006.
Page
1 of
9
For
the
three months and six months ended June 30, 2007, the provision for loan and
lease losses totaled $9.8 million and $11.9 million, respectively, compared
with
$1.7 million and $3.4 million for the same periods in 2006. The
increase in the provision is primarily due to the increase in nonperforming
loans and charge-offs.
Net
Interest Income
Net
interest income was up 0.6% to $82.0 million for the six months ended June
30,
2007, compared with $81.5 million for the same period a year ago. Despite a
decrease in the Company’s fully taxable equivalent (FTE) net interest margin,
from 3.80% for the six months ended June 30, 2006, to 3.63% for the same period
in 2007, the Company experienced a slight increase in net interest income that
was primarily attributable to an 5.8% growth in average earning
assets. The growth in average earning assets was due primarily to
consumer loan growth.
Net
interest income remained consistent at $41.4 million for the three months ended
June 30, 2007, compared with the same period a year ago. Despite a decrease
in
the Company’s FTE net interest margin, from 3.73% for the three months ended
June 30, 2006, to 3.63% for the same period in 2007, the Company’s net interest
income remained steady. This was primarily attributable to a 3.5%
growth in average earning assets. The growth in average earning
assets was due to organic loan growth, particularly consumer loans.
The
decline in the net interest margin from the prior year 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 current
interest rate environment. Our net interest margin has remained flat
from the prior quarter and if the yield curve remains flat or inverted, we
expect net interest income to remain relatively flat through 2007.
NBT
President and CEO Martin A. Dietrich said, “The increase in non-performing loans
is generally limited to the areas already mentioned above and we believe we
have
recognized these issues in a timely and prudent manner. Despite the increased
level of non-performing loans, I remain pleased with our financial performance
this year given the challenging environment in which we operate. A sharp focus
on our cost structure, as well as steady growth in certain fee income categories
has improved our efficiency ratio. In addition, our margin, which had compressed
for several quarters, held steady in the second quarter compared to the
first.”
Noninterest
Income
Noninterest
income for the six months ended June 30, 2007, was $26.7 million, up $2.9
million or 12.2% from $23.8 million for the same period in 2006. The
increase in noninterest income was due primarily to an increase in fees from
service charges on deposit accounts and ATM and debit cards, which collectively
increased $1.2 million from growth in our debit card base as well as growth
in our demand deposit accounts. In addition, trust administration
income increased $0.4 million for the six months ended June 30, 2007, compared
with the same period in 2006. This increase stems from market
appreciation of existing accounts and an increase in customer accounts resulting
from successful business development. Retirement plan administration
fees for the three months ended June 30, 2007, increased $0.5 million,
compared with the same period in 2006, as a result of our growing client
base.Net securities losses for the six months ended June 30, 2006, were $0.9
million. Excluding the effect of these securities transactions,
noninterest income increased $2.0 million, or 8.0%, for the six months ended
June 30, 2007, compared with the same period in 2006.
Page
2 of
9
Noninterest
income for the three months ended June 30, 2007, was $14.0 million, up $1.4
million or 11.4% from $12.6 million for the same period in 2006. The
increase in noninterest income was due primarily to an increase in fees from
service charges on deposit accounts and ATM and debit cards, which collectively
increased $0.7 million from growth in our debit card base as well as growth
in our demand deposit accounts. In addition, trust administration
income increased $0.3 million for the three months ended June 30, 2007, compared
with the same period in 2006. This increase stems from market
appreciation of existing accounts and an increase in customer accounts resulting
from successful business development. Retirement plan administration
fees for the three months ended June 30, 2007, increased $0.2 million,
compared with the same period in 2006, as a result of our growing client
base.
Noninterest
Expense and Income Tax Expense
Noninterest
expense for the six months ended June 30, 2007, was $58.9 million, down from
$62.2 million for the same period in 2006. This decrease was
principally the result of a decrease of $3.1 million, or 9.7%, in salaries
and
employee benefits. This decrease was due primarily to a reduction in
incentive compensation and pension expenses incurred in 2007. Income
tax expense for the six months ended June 30, 2007, was $11.7 million, down
from
$11.9 million for the same period in 2006. The effective rate for the
six months ended June 30, 2007, was 30.9%, up from 30.0% for the same period
in
2006. The increase in the effective tax rate for the six months ended
June 30, 2007, compared with the same period in 2006 resulted primarily from
a
tax refund received in the first quarter of 2006.
Noninterest
expense for the three months ended June 30, 2007, was $28.0 million, down from
$31.7 million for the same period in 2006. This decrease was principally the
result of a decrease of $3.3 million, or 20.3%, in salaries and employee
benefits. This decrease was due primarily to a reduction in incentive
compensation and pension expenses incurred during the first six months of
2007. Office expenses, such as supplies and postage, occupancy,
equipment and data processing and communications charges, decreased by $0.3
million, or 3.6%, for the three months ended June 30, 2007, compared with the
same period in 2006. Income tax expense for the three months ended
June 30, 2007, was $5.5 million, down from $6.4 million for the same period
in
2006. The effective rate for the three months ended June 30, 2007,
was 31.3%, up from 31.0% for the same period in 2006.
Balance
Sheet
Total
assets were $5.1 billion at June 30, 2007, up $125.7 million from $5.0 billion
at June 30, 2006, and up $34.1 million from December 31, 2006. Loans
and leases were $3.4 billion at June 30, 2007, up $84.4 million or 2.5% from
$3.3 billion at June 30, 2006, and up $19.6 million or 0.6% from $3.4 billion
at
December 31, 2006. These increases were due primarily to an increase
in consumer loans. Total deposits were $4.0 billion at June 30, 2007,
up $211.3 million or 5.6% from $3.7 billion at June 30, 2006, and up $162.9
million or 4.3% from $3.8 billion at December 31, 2006. These
increases were due primarily to growth in time deposits, money market accounts
and savings accounts. Stockholders’ equity was $390.9 million, representing
total equity to total assets of 7.63% at June 30, 2007, compared with $377.6
million or total equity to total asset ratio of 7.56% at June 30, 2006, and
$403.8 million or total equity to total asset ratio of 7.94% at December 31,
2006.
Page
3 of
9
Stock
Repurchase Program
On
July 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 636,780 shares remaining under previous
authorizations. These remaining shares were combined with this new
authorization, increasing the total shares available for repurchase to
1,636,780.
Under
previously mentioned stock repurchase plans, the Company purchased 1,100,367
shares of its common stock during the six-month period ended June 30, 2007,
for
a total of $25.0 million at an average price of $22.76 per share. For
the three-month period ended June 30, 2007, the Company purchased 726,400 shares
of its common stock for a total of $16.5 million at an average price of $22.69
per share.
Dividend
Declared
The
NBT
Board of Directors declared a third-quarter cash dividend of $0.20 per share
at
a meeting held today. The dividend will be paid on September 15,
2007, to shareholders of record as of September 1, 2007.
Corporate
Overview
NBT
is a
financial holding company headquartered in Norwich, NY, with total assets of
$5.1 billion at June 30, 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 118 locations,
including 80 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. 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)
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Net
|
Percent
|
|||||||||||||||
|
2007
|
2006
|
Change
|
Change
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|||||||||||||
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(dollars
in thousands, except per share data)
|
||||||||||||||||
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Six
Months Ended June 30,
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||||||||||||||||
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Net
Income
|
$ |
26,196
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$ |
27,757
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$ | (1,561 | ) | -6 | % | |||||||
|
Diluted
Earnings Per Share
|
$ |
0.77
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$ |
0.81
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$ | (0.04 | ) | -5 | % | |||||||
|
Weighted
Average Diluted
|
||||||||||||||||
|
Common
Shares Outstanding
|
34,195,110
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34,111,076
|
84,034
|
0 | % | |||||||||||
|
Return
on Average Assets (1)
|
1.04 | % | 1.17 | % | -0.13 | % | -11 | % | ||||||||
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Return
on Average Equity (1)
|
12.98 | % | 14.93 | % | -1.95 | % | -13 | % | ||||||||
|
Net
Interest Margin (2)
|
3.63 | % | 3.80 | % | -0.17 | % | -4 | % | ||||||||
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Three
Months Ended June 30,
|
||||||||||||||||
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Net
Income
|
$ |
12,064
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$ |
14,169
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$ | (2,105 | ) | -15 | % | |||||||
|
Diluted
Earnings Per Share
|
$ |
0.36
|
$ |
0.41
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$ | (0.05 | ) | -12 | % | |||||||
|
Weighted
Average Diluted
|
||||||||||||||||
|
Common
Shares Outstanding
|
33,936,096
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34,471,723
|
-535,627
|
-2 | % | |||||||||||
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Return
on Average Assets (1)
|
0.95 | % | 1.15 | % | -0.20 | % | -17 | % | ||||||||
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Return
on Average Equity (1)
|
11.90 | % | 14.71 | % | -2.81 | % | -19 | % | ||||||||
|
Net
Interest Margin (2)
|
3.63 | % | 3.73 | % | -0.10 | % | -3 | % | ||||||||
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Asset
Quality
|
June
30,
|
December
31,
|
June
30,
|
|||||||||||||
|
2007
|
2006
|
2006
|
||||||||||||||
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Nonaccrual
Loans
|
$ |
33,730
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$ |
13,665
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$ |
12,277
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||||||||||
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90
Days Past Due and Still Accruing
|
$ |
689
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$ |
1,642
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$ |
580
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||||||||||
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Total
Nonperforming Loans
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$ |
34,419
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$ |
15,307
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$ |
12,857
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||||||||||
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Other
Real Estate Owned (OREO)
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$ |
981
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$ |
389
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$ |
423
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||||||||||
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Total
Nonperforming Assets
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$ |
35,400
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$ |
15,696
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$ |
13,280
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||||||||||
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Allowance
for Loan and Lease Losses
|
$ |
57,058
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$ |
50,587
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$ |
50,148
|
||||||||||
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Year-to-Date
(YTD) Net Charge-Offs
|
$ |
5,395
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$ |
8,673
|
$ |
3,148
|
||||||||||
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Allowance
for Loan and Lease Losses to Total Loans and Leases
|
1.66 | % | 1.48 | % | 1.50 | % | ||||||||||
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Total
Nonperforming Loans to Total Loans and Leases
|
1.00 | % | 0.45 | % | 0.38 | % | ||||||||||
|
Total
Nonperforming Assets to Total Assets
|
0.69 | % | 0.31 | % | 0.27 | % | ||||||||||
|
Allowance
for Loan and Lease Losses to Total Nonperforming Loans
|
165.77 | % | 330.48 | % | 390.04 | % | ||||||||||
|
Annualized
Net Charge-Offs to
|
||||||||||||||||
|
YTD
Average Loans and Leases
|
0.32 | % | 0.26 | % | 0.20 | % | ||||||||||
|
Capital
|
||||||||||||||||
|
Equity
to Assets
|
7.63 | % | 7.94 | % | 7.56 | % | ||||||||||
|
Book
Value Per Share
|
$ |
11.72
|
$ |
11.79
|
$ |
11.15
|
||||||||||
|
Tangible
Book Value Per Share
|
$ |
8.29
|
$ |
8.42
|
$ |
7.72
|
||||||||||
|
Tier
1 Leverage Ratio
|
7.37 | % | 7.57 | % | 7.27 | % | ||||||||||
|
Tier
1 Capital Ratio
|
10.21 | % | 10.42 | % | 9.90 | % | ||||||||||
|
Total
Risk-Based Capital Ratio
|
11.46 | % | 11.67 | % | 11.15 | % | ||||||||||
|
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
|
$ |
23.45
|
$ |
21.80
|
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 June 30,
|
||||||||||||||||
|
Loans
and Leases
|
$ |
3,432,300
|
$ |
3,347,876
|
$ |
84,424
|
3 | % | ||||||||
|
Earning
Assets
|
$ |
4,756,527
|
$ |
4,636,111
|
$ |
120,416
|
3 | % | ||||||||
|
Total
Assets
|
$ |
5,121,634
|
$ |
4,995,912
|
$ |
125,722
|
3 | % | ||||||||
|
Deposits
|
$ |
3,959,166
|
$ |
3,747,901
|
$ |
211,265
|
6 | % | ||||||||
|
Stockholders’
Equity
|
$ |
390,934
|
$ |
377,606
|
$ |
13,328
|
4 | % | ||||||||
|
Average
Balances
|
||||||||||||||||
|
Six
Months Ended June 30,
|
||||||||||||||||
|
Loans
and Leases
|
$ |
3,410,928
|
$ |
3,225,053
|
$ |
185,875
|
6 | % | ||||||||
|
Securities
Available For Sale
|
||||||||||||||||
|
(excluding
unrealized gains or losses)
|
$ |
1,126,209
|
$ |
1,093,566
|
$ |
32,643
|
3 | % | ||||||||
|
Securities
Held To Maturity
|
$ |
144,683
|
$ |
99,425
|
$ |
45,258
|
46 | % | ||||||||
|
Regulatory
Equity Investment
|
$ |
33,684
|
$ |
40,357
|
$ | (6,673 | ) | -17 | % | |||||||
|
Short-Term
Interest Bearing Accounts
|
$ |
8,934
|
$ |
7,543
|
$ |
1,391
|
18 | % | ||||||||
|
Total
Earning Assets
|
$ |
4,724,438
|
$ |
4,465,944
|
$ |
258,494
|
6 | % | ||||||||
|
Total
Assets
|
$ |
5,083,653
|
$ |
4,802,333
|
$ |
281,320
|
6 | % | ||||||||
|
Interest
Bearing Deposits
|
$ |
3,276,368
|
$ |
2,925,441
|
$ |
350,927
|
12 | % | ||||||||
|
Non-Interest
Bearing Deposits
|
$ |
622,083
|
$ |
602,632
|
$ |
19,451
|
3 | % | ||||||||
|
Short-Term
Borrowings
|
$ |
257,687
|
$ |
359,039
|
$ | (101,352 | ) | -28 | % | |||||||
|
Long-Term
Borrowings
|
$ |
465,655
|
$ |
487,742
|
$ | (22,087 | ) | -5 | % | |||||||
|
Total
Interest Bearing Liabilities
|
$ |
3,999,710
|
$ |
3,772,222
|
$ |
227,488
|
6 | % | ||||||||
|
Stockholders’
Equity
|
$ |
407,128
|
$ |
375,658
|
$ |
31,470
|
8 | % | ||||||||
|
Average
Balances
|
||||||||||||||||
|
Quarter
Ended June 30,
|
||||||||||||||||
|
Loans
and Leases
|
$ |
3,423,130
|
$ |
3,302,136
|
$ |
120,994
|
4 | % | ||||||||
|
Securities
Available For Sale
|
||||||||||||||||
|
(excluding
unrealized gains or losses)
|
$ |
1,128,973
|
$ |
1,132,330
|
$ | (3,357 | ) | 0 | % | |||||||
|
Securities
Held To Maturity
|
$ |
148,467
|
$ |
101,481
|
$ |
46,986
|
46 | % | ||||||||
|
Regulatory
Equity Investment
|
$ |
32,576
|
$ |
40,166
|
$ | (7,590 | ) | -19 | % | |||||||
|
Short-Term
Interest Bearing Accounts
|
$ |
8,618
|
$ |
7,346
|
$ |
1,272
|
17 | % | ||||||||
|
Total
Earning Assets
|
$ |
4,741,764
|
$ |
4,583,459
|
$ |
158,305
|
3 | % | ||||||||
|
Total
Assets
|
$ |
5,098,649
|
$ |
4,937,007
|
$ |
161,642
|
3 | % | ||||||||
|
Interest
Bearing Deposits
|
$ |
3,307,241
|
$ |
3,039,915
|
$ |
267,326
|
9 | % | ||||||||
|
Non-Interest
Bearing Deposits
|
$ |
627,172
|
$ |
614,049
|
$ |
13,123
|
2 | % | ||||||||
|
Short-Term
Borrowings
|
$ |
250,112
|
$ |
346,585
|
$ | (96,473 | ) | -28 | % | |||||||
|
Long-Term
Borrowings
|
$ |
449,464
|
$ |
499,598
|
$ | (50,134 | ) | -10 | % | |||||||
|
Total
Interest Bearing Liabilities
|
$ |
4,006,817
|
$ |
3,886,098
|
$ |
120,719
|
3 | % | ||||||||
|
Stockholders’
Equity
|
$ |
406,741
|
$ |
386,183
|
$ |
20,558
|
5 | % | ||||||||
Page
6 of
9
|
NBT
Bancorp Inc. and Subsidiaries
Consolidated
Balance Sheets (unaudited)
|
June
30,
2007
|
December
31,
2006
|
June
30,
2006
|
|||||||||
|
(in
thousands)
|
||||||||||||
|
ASSETS
|
||||||||||||
|
Cash
and due from banks
|
$ |
134,058
|
$ |
130,936
|
$ |
136,005
|
||||||
|
Short
term interest bearing accounts
|
7,252
|
7,857
|
9,575
|
|||||||||
|
Securities
available for sale, at fair value
|
1,118,124
|
1,106,322
|
1,100,416
|
|||||||||
|
Securities
held to maturity (fair value of $146,944, $136,287 and $109,562
at June 30, 2007, December 31, 2006 and June
30, 2006, respectively)
|
147,537
|
136,314
|
110,331
|
|||||||||
|
Federal
Reserve and Federal Home Loan Bank stock
|
33,061
|
38,812
|
40,338
|
|||||||||
|
Loans
and leases
|
3,432,300
|
3,412,654
|
3,347,876
|
|||||||||
|
Less
allowance for loan and lease losses
|
57,058
|
50,587
|
50,148
|
|||||||||
|
Net
loans and leases
|
3,375,242
|
3,362,067
|
3,297,728
|
|||||||||
|
Premises
and equipment, net
|
65,286
|
66,982
|
66,948
|
|||||||||
|
Goodwill
|
103,412
|
103,356
|
102,803
|
|||||||||
|
Intangible
assets, net
|
10,998
|
11,984
|
13,338
|
|||||||||
|
Bank
owned life insurance
|
42,667
|
41,783
|
40,926
|
|||||||||
|
Other
assets
|
83,997
|
81,159
|
77,504
|
|||||||||
|
TOTAL
ASSETS
|
$ |
5,121,634
|
$ |
5,087,572
|
$ |
4,995,912
|
||||||
|
LIABILITIES
AND STOCKHOLDERS' EQUITY
|
||||||||||||
|
Deposits:
|
||||||||||||
|
Demand
(noninterest bearing)
|
$ |
681,732
|
$ |
646,377
|
$ |
642,901
|
||||||
|
Savings,
NOW, and money market
|
1,606,473
|
1,566,557
|
1,567,171
|
|||||||||
|
Time
|
1,670,961
|
1,583,304
|
1,537,829
|
|||||||||
|
Total
deposits
|
3,959,166
|
3,796,238
|
3,747,901
|
|||||||||
|
Short-term
borrowings
|
290,387
|
345,408
|
320,637
|
|||||||||
|
Long-term
debt
|
352,151
|
417,728
|
421,736
|
|||||||||
|
Trust
preferred debentures
|
75,422
|
75,422
|
75,422
|
|||||||||
|
Other
liabilities
|
53,574
|
48,959
|
52,610
|
|||||||||
|
Total
liabilities
|
4,730,700
|
4,683,755
|
4,618,306
|
|||||||||
|
Total
stockholders' equity
|
390,934
|
403,817
|
377,606
|
|||||||||
|
TOTAL
LIABILITIES AND STOCKHOLDERS' EQUITY
|
$ |
5,121,634
|
$ |
5,087,572
|
$ |
4,995,912
|
||||||
Page
7 of
9
|
Three
months ended
June
30,
|
Six
months ended
June
30,
|
|||||||||||||||
|
Consolidated
Statements of Income (unaudited)
|
2007
|
2006
|
2007
|
2006
|
||||||||||||
|
(in
thousands, except per share data)
|
|
|
||||||||||||||
|
Interest,
fee and dividend income:
|
||||||||||||||||
|
Loans
and leases
|
$ |
60,689
|
$ |
57,085
|
$ |
120,497
|
$ |
109,918
|
||||||||
|
Securities
available for sale
|
13,562
|
13,084
|
27,029
|
24,961
|
||||||||||||
|
Securities
held to maturity
|
1,525
|
1,043
|
2,969
|
2,028
|
||||||||||||
|
Other
|
719
|
619
|
1,459
|
1,230
|
||||||||||||
|
Total
interest, fee and dividend income
|
76,495
|
71,831
|
151,954
|
138,137
|
||||||||||||
|
Interest
expense:
|
||||||||||||||||
|
Deposits
|
26,950
|
20,869
|
52,934
|
38,094
|
||||||||||||
|
Short-term
borrowings
|
2,918
|
4,111
|
6,010
|
8,048
|
||||||||||||
|
Long-term
debt
|
3,997
|
4,227
|
8,483
|
8,369
|
||||||||||||
|
Trust
preferred debentures
|
1,272
|
1,255
|
2,540
|
2,138
|
||||||||||||
|
Total
interest expense
|
35,137
|
30,462
|
69,967
|
56,649
|
||||||||||||
|
Net
interest income
|
41,358
|
41,369
|
81,987
|
81,488
|
||||||||||||
|
Provision
for loan and lease losses
|
9,770
|
1,703
|
11,866
|
3,431
|
||||||||||||
|
Net
interest income after provision for loan and lease losses
|
31,588
|
39,666
|
70,121
|
78,057
|
||||||||||||
|
Noninterest
income:
|
||||||||||||||||
|
Trust
|
1,792
|
1,459
|
3,229
|
2,817
|
||||||||||||
|
Service
charges on deposit accounts
|
4,936
|
4,493
|
9,405
|
8,712
|
||||||||||||
|
ATM
and debit card fees
|
2,041
|
1,789
|
3,937
|
3,434
|
||||||||||||
|
Broker/dealer
and insurance revenue
|
1,093
|
967
|
2,176
|
1,875
|
||||||||||||
|
Net
securities gains (losses)
|
21
|
22
|
16
|
(912 | ) | |||||||||||
|
Bank
owned life insurance income
|
450
|
392
|
884
|
773
|
||||||||||||
|
Retirement
plan administration fees
|
1,601
|
1,431
|
3,193
|
2,662
|
||||||||||||
|
Other
|
2,058
|
2,003
|
3,842
|
4,419
|
||||||||||||
|
Total
noninterest income
|
13,992
|
12,556
|
26,682
|
23,780
|
||||||||||||
|
Noninterest
expense:
|
||||||||||||||||
|
Salaries
and employee benefits
|
13,022
|
16,335
|
28,986
|
32,083
|
||||||||||||
|
Office
supplies and postage
|
1,334
|
1,456
|
2,630
|
2,637
|
||||||||||||
|
Occupancy
|
2,585
|
2,747
|
5,754
|
5,735
|
||||||||||||
|
Equipment
|
1,837
|
2,067
|
3,770
|
4,223
|
||||||||||||
|
Professional
fees and outside services
|
1,926
|
1,800
|
3,584
|
3,632
|
||||||||||||
|
Data
processing and communications
|
2,845
|
2,649
|
5,722
|
5,351
|
||||||||||||
|
Amortization
of intangible assets
|
410
|
466
|
819
|
789
|
||||||||||||
|
Loan
collection and other real estate owned
|
228
|
289
|
605
|
500
|
||||||||||||
|
Other
operating
|
3,827
|
3,885
|
7,016
|
7,216
|
||||||||||||
|
Total
noninterest expense
|
28,014
|
31,694
|
58,886
|
62,166
|
||||||||||||
|
Income
before income taxes
|
17,566
|
20,528
|
37,917
|
39,671
|
||||||||||||
|
Income
taxes
|
5,502
|
6,359
|
11,721
|
11,914
|
||||||||||||
|
Net
income
|
$ |
12,064
|
$ |
14,169
|
$ |
26,196
|
$ |
27,757
|
||||||||
|
Earnings
Per Share:
|
||||||||||||||||
|
Basic
|
$ |
0.36
|
$ |
0.41
|
$ |
0.77
|
$ |
0.82
|
||||||||
|
Diluted
|
$ |
0.36
|
$ |
0.41
|
$ |
0.77
|
$ |
0.81
|
||||||||
Page
8 of
9
|
NBT
Bancorp Inc. and Subsidiaries
Quarterly
Consolidated Statements of Income (unaudited)
|
2Q
2007
|
1Q
2007
|
4Q
2006
|
3Q
2006
|
2Q
2006
|
|||||||||||||||
|
(in
thousands, except per share data)
|
||||||||||||||||||||
|
Interest,
fee and dividend income:
|
||||||||||||||||||||
|
Loans
and leases
|
$ |
60,689
|
$ |
59,808
|
$ |
60,795
|
$ |
59,329
|
$ |
57,085
|
||||||||||
|
Securities
available for sale
|
13,562
|
13,467
|
13,296
|
13,342
|
13,084
|
|||||||||||||||
|
Securities
held to maturity
|
1,525
|
1,444
|
1,409
|
1,293
|
1,043
|
|||||||||||||||
|
Other
|
719
|
740
|
517
|
724
|
619
|
|||||||||||||||
|
Total
interest, fee and dividend income
|
76,495
|
75,459
|
76,017
|
74,688
|
71,831
|
|||||||||||||||
|
Interest
expense:
|
||||||||||||||||||||
|
Deposits
|
26,950
|
25,984
|
25,652
|
24,052
|
20,869
|
|||||||||||||||
|
Short-term
borrowings
|
2,918
|
3,092
|
3,572
|
3,828
|
4,111
|
|||||||||||||||
|
Long-term
debt
|
3,997
|
4,486
|
4,091
|
4,603
|
4,227
|
|||||||||||||||
|
Trust
preferred debentures
|
1,272
|
1,268
|
1,277
|
1,285
|
1,255
|
|||||||||||||||
|
Total
interest expense
|
35,137
|
34,830
|
34,592
|
33,768
|
30,462
|
|||||||||||||||
|
Net
interest income
|
41,358
|
40,629
|
41,425
|
40,920
|
41,369
|
|||||||||||||||
|
Provision
for loan and lease losses
|
9,770
|
2,096
|
3,484
|
2,480
|
1,703
|
|||||||||||||||
|
Net
interest income after provision for loan and lease losses
|
31,588
|
38,533
|
37,941
|
38,440
|
39,666
|
|||||||||||||||
|
Noninterest
income:
|
||||||||||||||||||||
|
Trust
|
1,792
|
1,437
|
1,387
|
1,425
|
1,459
|
|||||||||||||||
|
Service
charges on deposit accounts
|
4,936
|
4,469
|
4,418
|
4,460
|
4,493
|
|||||||||||||||
|
ATM
and debit card fees
|
2,041
|
1,896
|
1,764
|
1,888
|
1,789
|
|||||||||||||||
|
Broker/dealer
and insurance fees
|
1,093
|
1,083
|
1,037
|
1,024
|
967
|
|||||||||||||||
|
Net
securities gains (losses)
|
21
|
(5 | ) |
30
|
7
|
22
|
||||||||||||||
|
Bank
owned life insurance income
|
450
|
434
|
425
|
431
|
392
|
|||||||||||||||
|
Retirement
plan administration fees
|
1,601
|
1,592
|
1,424
|
1,450
|
1,431
|
|||||||||||||||
|
Other
|
2,058
|
1,784
|
1,847
|
1,832
|
2,003
|
|||||||||||||||
|
Total
noninterest income
|
13,992
|
12,690
|
12,332
|
12,517
|
12,556
|
|||||||||||||||
|
Noninterest
expense:
|
||||||||||||||||||||
|
Salaries
and employee benefits
|
13,022
|
15,964
|
15,166
|
15,628
|
16,335
|
|||||||||||||||
|
Office
supplies and postage
|
1,334
|
1,296
|
1,418
|
1,275
|
1,456
|
|||||||||||||||
|
Occupancy
|
2,585
|
3,169
|
2,739
|
3,044
|
2,747
|
|||||||||||||||
|
Equipment
|
1,837
|
1,933
|
2,069
|
2,040
|
2,067
|
|||||||||||||||
|
Professional
fees and outside services
|
1,926
|
1,658
|
2,502
|
1,627
|
1,800
|
|||||||||||||||
|
Data
processing and communications
|
2,845
|
2,877
|
2,466
|
2,637
|
2,649
|
|||||||||||||||
|
Amortization
of intangible assets
|
410
|
409
|
389
|
471
|
466
|
|||||||||||||||
|
Loan
collection and other real estate owned
|
228
|
377
|
629
|
222
|
289
|
|||||||||||||||
|
Other
operating
|
3,827
|
3,189
|
3,504
|
2,974
|
3,885
|
|||||||||||||||
|
Total
noninterest expense
|
28,014
|
30,872
|
30,882
|
29,918
|
31,694
|
|||||||||||||||
|
Income
before income taxes
|
17,566
|
20,351
|
19,391
|
21,039
|
20,528
|
|||||||||||||||
|
Income
taxes
|
5,502
|
6,219
|
5,743
|
6,497
|
6,359
|
|||||||||||||||
|
Net
income
|
$ |
12,064
|
$ |
14,132
|
$ |
13,648
|
$ |
14,542
|
$ |
14,169
|
||||||||||
|
Earnings
per share:
|
||||||||||||||||||||
|
Basic
|
$ |
0.36
|
$ |
0.41
|
$ |
0.40
|
$ |
0.43
|
$ |
0.41
|
||||||||||
|
Diluted
|
$ |
0.36
|
$ |
0.41
|
$ |
0.40
|
$ |
0.43
|
$ |
0.41
|
||||||||||
Page
9 of
9