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): October 22,
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
October 22, 2007, NBT Bancorp Inc. issued a press release describing its results
of operations for the quarter and nine months ending September 30, 2007 and
announced a quarterly cash dividend of $0.20 per share to be paid on December
15, 2007 to shareholders of record on December 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:
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Exhibit
No.
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Exhibit
Description
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Press
release text of NBT Bancorp Inc. dated October 22,
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:
October 23, 2007
Page
1
of 9
FOR
IMMEDIATE RELEASE
ATTENTION:
FINANCIAL AND BUSINESS EDITORS
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Contact:
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Martin
A. Dietrich, CEO
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Michael
J. Chewens, CFO
NBT
Bancorp Inc.
52
South
Broad Street
Norwich,
NY 13815
607-337-6119
NBT
BANCORP INC. ANNOUNCES QUARTERLY EARNINGS PER SHARE OF $0.46, UP 28% FROM
THE
SECOND QUARTER; DECLARES CASH DIVIDEND
NORWICH,
NY (October 22, 2007) – NBT Bancorp Inc. (NBT) (NASDAQ: NBTB) reported today
that net income for the three months ended September 30, 2007 was $15.1 million,
up $3.1 million or 25.6%, from the three months ended June 30,
2007. Net income per diluted share for the three months ended
September 30, 2007, was $0.46 per share, compared with $0.36 per share for
the
previous quarter. Return on average assets and return on average
equity were 1.17% and 15.41%, respectively, for the three months ended September
30, 2007, compared with 0.95% and 11.90%, respectively, for the three months
ended June 30, 2007. The increase in net income on a linked quarter
basis, was primarily the result of a $5.0 million decrease in the provision
for
loan and lease losses and a $2.5 million increase in noninterest
income. This was partially offset by a $3.2 million increase in
noninterest expense from the previous period.
Net
income for the three months ended September 30, 2007 was $15.1 million, up
4.2%
or $0.6 million from net income of $14.5 million reported for the same period
in
2006. Net income per diluted share for the three months ended
September 30, 2007, was $0.46 per share, compared with $0.43 per share for
the
same period in 2006. Return on average assets and return on average
equity were 1.17% and 15.41%, respectively, for the three months ended September
30, 2007, compared with 1.15% and 14.89%, respectively, for the same period
in
2006. The increase in net income for the three months ended September 30,
2007
compared to the same period last year, was primarily the result of a $4.0
million increase in noninterest income. This increase in noninterest
income was partially offset by a $2.3 million increase in provision for loan
and
lease losses and a $1.3 million increase in noninterest expense.
Net
income for the nine months ended September 30, 2007 was $41.3 million, down
2.3%
or $1.0 million from net income of $42.3 million reported for the same period
in
2006. Net income per diluted share for the nine month period ended
September 30, 2007 was $1.22 per share, compared with $1.24 per share for
the
same period in 2006. Return on average assets and return on average equity
were
1.08% and 13.77%, respectively, for the nine months ended September 30, 2007,
compared with 1.16% and 14.93%, respectively, for the same period in 2006.
The
decrease in net income for the nine months ended September 30, 2007 was
primarily the result of a $10.7 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 $6.9 million increase in noninterest income
and a $2.0 million decrease in noninterest expense.
The
comparability of financial information for the nine months ended September
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.
Page
2 of 9
Loan
and Lease Quality and Provision for Loan and Lease Losses
Nonperforming
loans at September 30, 2007 were $30.7 million or 0.90% of total loans and
leases compared with $34.4 million or 1.00% at June 30, 2007, $15.3 million
or
0.45% of total loans and leases at December 31, 2006, and $14.5 million or
0.43%
of total loans and leases at September 30, 2006. The increase during
the second quarter of 2007 was primarily due to the addition of one
owner-occupied commercial real estate relationship and several dairy credits
during the quarter. The decrease in nonperforming loans during the
third quarter was due primarily to commercial loan charge-offs and payoffs
during the period as well as loan sales. Annualized net charge-offs
to average loans and leases for the nine months ended September 30, 2007,
were
0.49%, compared with 0.21% for the nine months ended September 30, 2006 and
0.26% for the year ended December 31, 2006. The Company’s allowance
for loan and lease losses was 1.60% of loans and leases at September 30,
2007,
compared with 1.50% at September 30, 2006, and 1.48% at December 31,
2006.
For
the
three months and nine months ended September 30, 2007, the provision for
loan
and lease losses totaled $4.8 million and $16.7 million, respectively, compared
with $2.5 million and $5.9 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 0.1% to $41.2 million for the three months ended
September 30, 2007, compared with $40.9 million for the same period a year
ago. Despite a decrease in the Company’s FTE net interest margin,
from 3.60% for the three months ended September 30, 2006, to 3.56% for the
same
period in 2007, the Company experienced a slight increase in net interest
income
that was primarily attributable to a 2.0% growth in average earning
assets. The growth in average earning assets was due primarily to
consumer loan growth.
Net
interest income was up 0.1% to $123.2 million for the nine months ended
September 30, 2007, compared with $122.4 million for the same period a year
ago.
Despite a decrease in the Company’s fully taxable equivalent (FTE) net interest
margin, from 3.73% for the nine months ended September 30, 2006, to 3.61%
for
the same period in 2007, the Company experienced a slight increase in net
interest income that was primarily attributable to a 4.5% growth in average
earning assets. The growth in average earning assets was due
primarily to consumer loan growth.
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. Given the 50 basis point
cut
in the Federal Funds Target Rate by the Federal Reserve in September 2007,
the
Company expects that its margin and net interest income to remain relatively
flat for the next several quarters.
Noninterest
Income
Noninterest
income for the three months ended September 30, 2007, was $16.5 million,
up $4.0
million or 32.0% from $12.5 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 $2.0 million resulting from the focus on enhancing fee income through
various initiatives. In addition, trust administration income
increased $0.3 million for the three months ended September 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. Net securities gains for the
three months ended September 30, 2007, were $1.5 million compared with nominal
net securities gains for the same period in 2006. Excluding the
effect of these securities transactions, noninterest income increased $2.5
million, or 20.2%, for the three months ended September 30, 2007, compared
with
the same period in 2006.
Page 3 of
9
Noninterest
income for the nine months ended September 30, 2007, was $43.2 million, up
$6.9
million or 19.0% from $36.3 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 $3.2 million as the company focused on enhancing fee income through
various initiatives. In addition, trust administration income
increased $0.7 million for the nine months ended September 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 nine months ended September 30, 2007, increased $0.7 million,
compared with the same period in 2006, as a result of our growing client
base.Net securities gains for the nine months ended September 30, 2007, were
$1.5 million compared with net securities losses of $0.9 million for the
same
period in 2006. Excluding the effect of these securities
transactions, noninterest income increased $4.5 million, or 12.1%, for the
nine
months ended September 30, 2007, compared with the same period in
2006.
Noninterest
Expense and Income Tax Expense
Noninterest
expense for the three months ended September 30, 2007, was $31.2 million,
up
from $29.9 million for the same period in 2006. This 4.4% increase was
principally the result of an increase in professional fees and outside services
of $0.6 million, or 38.7%, from 2006 due primarily to fees and costs related
to
the aforementioned noninterest income initiatives. In addition, other
operating expense for the three months ended September 30, 2007 was $3.4
million, up from $3.0 million for the same period in 2006. This
increase reflects the netting effect in 2006 of flood-related insurance
recoveries. Income tax expense for the three months ended September
30, 2007, was $6.6 million, up from $6.5 million for the same period in
2006. The effective rate for the three months ended September 30,
2007, was 30.2%, down from 30.9% for the same period in 2006. This
decrease in the effective tax rate was due to an increase in tax exempt
income.
Noninterest
expense for the nine months ended September 30, 2007, was $90.1 million,
down
from $92.1 million for the same period in 2006. This decrease was
principally the result of a decrease of $2.8 million, or 6.0%, 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 nine months ended September 30, 2007, was $18.3 million,
down from $18.4 million for the same period in 2006. The effective
rate for the nine months ended September 30, 2007, was 30.7%, up from 30.3%
for
the same period in 2006. The increase in the effective tax rate for
the nine months ended September 30, 2007, compared with the same period in
2006
resulted primarily from a tax refund received in the first quarter of
2006.
NBT
President and CEO Martin A. Dietrich said, “I am very pleased with our strong
earnings during the third quarter. Several factors contributed to our
financial performance during the period including steady growth of our
noninterest income. Our focus on minimizing our reliance on our net
interest margin has resulted in continuous growth in fee income, trust income,
and other noninterest income. In addition, while our net interest
margin has declined slightly, we have been able to maintain stable interest
income in large part due to the growth in our earning assets. I am
proud of the efforts put forth by our dedicated employees and their commitment
in what has been a demanding year, and we will strive to finish the year
on a
strong note.”
Page 4 of
9
Balance
Sheet
Total
assets were $5.2 billion at September 30, 2007, up $91.9 million from $5.1
billion at September 30, 2006, and up $63.5 million from December 31,
2006. Loans and leases were $3.4 billion at September 30, 2007, up
$52.5 million or 1.6% from $3.4 billion at September 30, 2006, and up $9.6
million or 0.3% 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 September 30, 2007, up $162.2 million or 4.3%
from
$3.8 billion at September 30, 2006, and up $153.8 million or 4.1% from $3.8
billion at December 31, 2006. These increases were due primarily to
growth in time deposits, money market accounts and demand deposit accounts.
Stockholders’ equity was $385.6 million, representing total equity to total
assets of 7.49% at September 30, 2007, compared with $399.5 million or total
equity to total asset ratio of 7.90% at September 30, 2006, and $403.8 million
or total equity to total asset ratio of 7.94% at December 31,
2006. The decrease in stockholders’ equity was due in large part to
the stock repurchase plans as mentioned below.
Stock
Repurchase Program
Under
previously disclosed stock repurchase plans, the Company purchased 2,261,267
shares of its common stock during the nine-month period ended September 30,
2007, for a total of $49.0 million at an average price of $21.65 per
share. For the three months ended September 30, 2007, the Company
purchased 1,160,900 shares of its common stock for a total of $23.9 million
at
an average price of $20.60 per share. At September 30, 2007, there
were 475,880 shares available for repurchase under previously announced
plans.
Dividend
Declared
The
NBT
Board of Directors declared a fourth-quarter cash dividend of $0.20 per share
at
a meeting held today. The dividend will be paid on December 15, 2007,
to shareholders of record as of December 1, 2007.
Corporate
Overview
NBT
is a
financial holding company headquartered in Norwich, NY, with total assets
of
$5.2 billion at September 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 119 locations,
including 81 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 5 of
9
NBT
Bancorp Inc. and Subsidiaries
SELECTED
FINANCIAL HIGHLIGHTS
(unaudited)
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2007
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2006
|
Net
Change
|
Percent
Change
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|||||||||||||
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(dollars
in thousands, except per share data)
|
||||||||||||||||
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Nine
Months Ended September 30,
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||||||||||||||||
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Net
Income
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$ |
41,343
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$ |
42,299
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$ | (956 | ) | -2 | % | |||||||
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Diluted
Earnings Per Share
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$ |
1.22
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$ |
1.24
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$ | (0.02 | ) | -2 | % | |||||||
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Weighted
Average Diluted Common Shares Outstanding
|
33,765,835
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34,140,004
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-374,169
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-1 | % | |||||||||||
|
Return
on Average Assets (1)
|
1.08 | % | 1.16 | % | -0.08 | % | -7 | % | ||||||||
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Return
on Average Equity (1)
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13.77 | % | 14.93 | % | -1.16 | % | -8 | % | ||||||||
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Net
Interest Margin (2)
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3.61 | % | 3.73 | % | -0.12 | % | -3 | % | ||||||||
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Three
Months Ended September 30,
|
||||||||||||||||
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Net
Income
|
$ |
15,147
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$ |
14,542
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$ |
605
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4 | % | ||||||||
|
Diluted
Earnings Per Share
|
$ |
0.46
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$ |
0.43
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$ |
0.03
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7 | % | ||||||||
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Weighted
Average Diluted Common Shares Outstanding
|
32,921,286
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34,196,917
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-1,275,631
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-4 | % | |||||||||||
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Return
on Average Assets (1)
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1.17 | % | 1.15 | % | 0.02 | % | 2 | % | ||||||||
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Return
on Average Equity (1)
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15.41 | % | 14.89 | % | 0.52 | % | 3 | % | ||||||||
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Net
Interest Margin (2)
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3.56 | % | 3.60 | % | -0.04 | % | -1 | % | ||||||||
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Asset
Quality
|
September
30,
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December
31,
|
September
30,
|
|||||||||||||
|
2007
|
2006
|
2006
|
||||||||||||||
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Nonaccrual
Loans
|
$ |
29,087
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$ |
13,665
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$ |
12,403
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||||||||||
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90
Days Past Due and Still Accruing
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$ |
1,620
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$ |
1,642
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$ |
2,047
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||||||||||
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Total
Nonperforming Loans
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$ |
30,707
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$ |
15,307
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$ |
14,450
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||||||||||
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Other
Real Estate Owned (OREO)
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$ |
917
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$ |
389
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$ |
395
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||||||||||
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Total
Nonperforming Assets
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$ |
31,624
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$ |
15,696
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$ |
14,845
|
||||||||||
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Allowance
for Loan and Lease Losses
|
$ |
54,808
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$ |
50,587
|
$ |
50,646
|
||||||||||
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Year-to-Date
(YTD) Net Charge-Offs
|
$ |
12,433
|
$ |
8,673
|
$ |
5,130
|
||||||||||
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Allowance
for Loan and Lease Losses to Total Loans and Leases
|
1.60 | % | 1.48 | % | 1.50 | % | ||||||||||
|
Total
Nonperforming Loans to Total Loans and Leases
|
0.90 | % | 0.45 | % | 0.43 | % | ||||||||||
|
Total
Nonperforming Assets to Total Assets
|
0.61 | % | 0.31 | % | 0.29 | % | ||||||||||
|
Allowance
for Loan and Lease Losses to Total Nonperforming Loans
|
178.49 | % | 330.48 | % | 350.49 | % | ||||||||||
|
Annualized
Net Charge-Offs to YTD Average Loans and Leases
|
0.49 | % | 0.26 | % | 0.21 | % | ||||||||||
|
Capital
|
||||||||||||||||
|
Equity
to Assets
|
7.49 | % | 7.94 | % | 7.90 | % | ||||||||||
|
Book
Value Per Share
|
$ |
11.97
|
$ |
11.79
|
$ |
11.73
|
||||||||||
|
Tangible
Book Value Per Share
|
$ |
8.43
|
$ |
8.42
|
$ |
8.33
|
||||||||||
|
Tier
1 Leverage Ratio
|
7.06 | % | 7.57 | % | 7.38 | % | ||||||||||
|
Tier
1 Capital Ratio
|
9.77 | % | 10.42 | % | 10.15 | % | ||||||||||
|
Total
Risk-Based Capital Ratio
|
11.02 | % | 11.67 | % | 11.40 | % | ||||||||||
|
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
|
$ |
23.80
|
$ |
17.10
|
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 6 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 September 30,
|
||||||||||||||||
|
Loans
and Leases
|
$ |
3,422,217
|
$ |
3,369,732
|
$ |
52,485
|
2 | % | ||||||||
|
Earning
Assets
|
$ |
4,757,886
|
$ |
4,673,441
|
$ |
84,445
|
2 | % | ||||||||
|
Total
Assets
|
$ |
5,151,072
|
$ |
5,059,171
|
$ |
91,901
|
2 | % | ||||||||
|
Deposits
|
$ |
3,950,065
|
$ |
3,787,863
|
$ |
162,202
|
4 | % | ||||||||
|
Stockholders’
Equity
|
$ |
385,646
|
$ |
399,549
|
$ | (13,903 | ) | -3 | % | |||||||
|
Average
Balances
|
||||||||||||||||
|
Nine
Months Ended September 30,
|
||||||||||||||||
|
Loans
and Leases
|
$ |
3,419,983
|
$ |
3,271,095
|
$ |
148,888
|
5 | % | ||||||||
|
Securities
Available For Sale
|
||||||||||||||||
|
(excluding
unrealized gains or losses)
|
$ |
1,131,533
|
$ |
1,107,417
|
$ |
24,116
|
2 | % | ||||||||
|
Securities
Held To Maturity
|
$ |
144,693
|
$ |
108,601
|
$ |
36,092
|
33 | % | ||||||||
|
Regulatory
Equity Investment
|
$ |
33,668
|
$ |
40,260
|
$ | (6,592 | ) | -16 | % | |||||||
|
Short-Term
Interest Bearing Accounts
|
$ |
8,523
|
$ |
8,327
|
$ |
196
|
2 | % | ||||||||
|
Total
Earning Assets
|
$ |
4,738,400
|
$ |
4,535,700
|
$ |
202,700
|
4 | % | ||||||||
|
Total
Assets
|
$ |
5,096,608
|
$ |
4,878,785
|
$ |
217,823
|
4 | % | ||||||||
|
Interest
Bearing Deposits
|
$ |
3,273,359
|
$ |
3,002,756
|
$ |
270,603
|
9 | % | ||||||||
|
Non-Interest
Bearing Deposits
|
$ |
633,572
|
$ |
610,265
|
$ |
23,307
|
4 | % | ||||||||
|
Short-Term
Borrowings
|
$ |
279,443
|
$ |
343,557
|
$ | (64,114 | ) | -19 | % | |||||||
|
Long-Term
Borrowings
|
$ |
453,457
|
$ |
489,710
|
$ | (36,253 | ) | -7 | % | |||||||
|
Total
Interest Bearing Liabilities
|
$ |
4,006,259
|
$ |
3,836,023
|
$ |
170,236
|
4 | % | ||||||||
|
Stockholders’
Equity
|
$ |
401,310
|
$ |
379,740
|
$ |
21,570
|
6 | % | ||||||||
|
Average
Balances
|
||||||||||||||||
|
Quarter
Ended September 30,
|
||||||||||||||||
|
Loans
and Leases
|
$ |
3,437,798
|
$ |
3,361,676
|
$ |
76,122
|
2 | % | ||||||||
|
Securities
Available For Sale
|
||||||||||||||||
|
(excluding
unrealized gains or losses)
|
$ |
1,142,009
|
$ |
1,134,668
|
$ |
7,341
|
1 | % | ||||||||
|
Securities
Held To Maturity
|
$ |
144,713
|
$ |
126,654
|
$ |
18,059
|
14 | % | ||||||||
|
Regulatory
Equity Investment
|
$ |
33,637
|
$ |
40,070
|
$ | (6,433 | ) | -16 | % | |||||||
|
Short-Term
Interest Bearing Accounts
|
$ |
7,714
|
$ |
9,869
|
$ | (2,155 | ) | -22 | % | |||||||
|
Total
Earning Assets
|
$ |
4,765,871
|
$ |
4,672,937
|
$ |
92,934
|
2 | % | ||||||||
|
Total
Assets
|
$ |
5,122,096
|
$ |
5,029,197
|
$ |
92,899
|
2 | % | ||||||||
|
Interest
Bearing Deposits
|
$ |
3,267,440
|
$ |
3,154,865
|
$ |
112,575
|
4 | % | ||||||||
|
Non-Interest
Bearing Deposits
|
$ |
656,176
|
$ |
625,282
|
$ |
30,894
|
5 | % | ||||||||
|
Short-Term
Borrowings
|
$ |
322,245
|
$ |
313,099
|
$ |
9,146
|
3 | % | ||||||||
|
Long-Term
Borrowings
|
$ |
429,459
|
$ |
493,580
|
$ | (64,121 | ) | -13 | % | |||||||
|
Total
Interest Bearing Liabilities
|
$ |
4,019,144
|
$ |
3,961,544
|
$ |
57,600
|
1 | % | ||||||||
|
Stockholders’
Equity
|
$ |
389,863
|
$ |
387,771
|
$ |
2,092
|
1 | % | ||||||||
Page 7
of
9
|
NBT
Bancorp Inc. and Subsidiaries
|
September
30,
|
December
31,
|
September
30,
|
|||||||||
|
Consolidated
Balance Sheets (unaudited)
|
2007
|
2006
|
2006
|
|||||||||
|
(in
thousands)
|
||||||||||||
|
ASSETS
|
||||||||||||
|
Cash
and due from banks
|
$ |
139,453
|
$ |
130,936
|
$ |
143,678
|
||||||
|
Short
term interest bearing accounts
|
9,028
|
7,857
|
7,999
|
|||||||||
|
Securities
available for sale, at fair value
|
1,146,524
|
1,106,322
|
1,111,473
|
|||||||||
|
Securities
held to maturity (fair value of $143,483, $136,287 and$134,775
at
September 30, 2007, December 31, 2006 and September 30, 2006,
respectively)
|
143,447
|
136,314
|
134,608
|
|||||||||
|
Federal
Reserve and Federal Home Loan Bank stock
|
33,218
|
38,812
|
39,488
|
|||||||||
|
Loans
and leases
|
3,422,217
|
3,412,654
|
3,369,732
|
|||||||||
|
Less
allowance for loan and lease losses
|
54,808
|
50,587
|
50,646
|
|||||||||
|
Net
loans and leases
|
3,367,409
|
3,362,067
|
3,319,086
|
|||||||||
|
Premises
and equipment, net
|
64,406
|
66,982
|
66,988
|
|||||||||
|
Goodwill
|
103,400
|
103,356
|
102,858
|
|||||||||
|
Intangible
assets, net
|
10,585
|
11,984
|
12,873
|
|||||||||
|
Bank
owned life insurance
|
43,134
|
41,783
|
41,344
|
|||||||||
|
Other
assets
|
90,468
|
81,159
|
78,776
|
|||||||||
|
TOTAL
ASSETS
|
$ |
5,151,072
|
$ |
5,087,572
|
$ |
5,059,171
|
||||||
|
LIABILITIES
AND STOCKHOLDERS' EQUITY
|
||||||||||||
|
Deposits:
|
||||||||||||
|
Demand
(noninterest bearing)
|
$ |
671,729
|
$ |
646,377
|
$ |
634,308
|
||||||
|
Savings,
NOW, and money market
|
1,595,622
|
1,566,557
|
1,577,510
|
|||||||||
|
Time
|
1,682,714
|
1,583,304
|
1,576,045
|
|||||||||
|
Total
deposits
|
3,950,065
|
3,796,238
|
3,787,863
|
|||||||||
|
Short-term
borrowings
|
305,865
|
345,408
|
324,461
|
|||||||||
|
Long-term
debt
|
377,119
|
417,728
|
417,753
|
|||||||||
|
Trust
preferred debentures
|
75,422
|
75,422
|
75,422
|
|||||||||
|
Other
liabilities
|
56,955
|
48,959
|
54,123
|
|||||||||
|
Total
liabilities
|
4,765,426
|
4,683,755
|
4,659,622
|
|||||||||
|
Total
stockholders' equity
|
385,646
|
403,817
|
399,549
|
|||||||||
|
TOTAL
LIABILITIES AND STOCKHOLDERS' EQUITY
|
$ |
5,151,072
|
$ |
5,087,572
|
$ |
5,059,171
|
||||||
Page 8 of
9
|
Three
months ended
|
Nine
months ended
|
|||||||||||||||
|
NBT
Bancorp Inc. and Subsidiaries
|
September
30,
|
September
30,
|
||||||||||||||
|
Consolidated
Statements of Income (unaudited)
|
2007
|
2006
|
2007
|
2006
|
||||||||||||
|
(in
thousands, except per share data)
|
|
|
||||||||||||||
|
Interest,
fee and dividend income:
|
||||||||||||||||
|
Loans
and leases
|
$ |
61,183
|
$ |
59,329
|
$ |
181,680
|
$ |
169,247
|
||||||||
|
Securities
available for sale
|
13,847
|
13,342
|
40,876
|
38,303
|
||||||||||||
|
Securities
held to maturity
|
1,471
|
1,293
|
4,440
|
3,321
|
||||||||||||
|
Other
|
680
|
724
|
2,139
|
1,954
|
||||||||||||
|
Total
interest, fee and dividend income
|
77,181
|
74,688
|
229,135
|
212,825
|
||||||||||||
|
Interest
expense:
|
||||||||||||||||
|
Deposits
|
27,062
|
24,052
|
79,996
|
62,146
|
||||||||||||
|
Short-term
borrowings
|
3,885
|
3,828
|
9,895
|
11,876
|
||||||||||||
|
Long-term
debt
|
3,770
|
4,603
|
12,253
|
12,972
|
||||||||||||
|
Trust
preferred debentures
|
1,277
|
1,285
|
3,817
|
3,423
|
||||||||||||
|
Total
interest expense
|
35,994
|
33,768
|
105,961
|
90,417
|
||||||||||||
|
Net
interest income
|
41,187
|
40,920
|
123,174
|
122,408
|
||||||||||||
|
Provision
for loan and lease losses
|
4,788
|
2,480
|
16,654
|
5,911
|
||||||||||||
|
Net
interest income after provision for loan and lease losses
|
36,399
|
38,440
|
106,520
|
116,497
|
||||||||||||
|
Noninterest
income:
|
||||||||||||||||
|
Trust
|
1,701
|
1,425
|
4,930
|
4,242
|
||||||||||||
|
Service
charges on deposit accounts
|
6,195
|
4,460
|
15,600
|
13,172
|
||||||||||||
|
ATM
and debit card fees
|
2,159
|
1,888
|
6,096
|
5,322
|
||||||||||||
|
Broker/dealer
and insurance revenue
|
1,027
|
1,024
|
3,203
|
2,899
|
||||||||||||
|
Net
securities gains (losses)
|
1,484
|
7
|
1,500
|
(905 | ) | |||||||||||
|
Bank
owned life insurance income
|
467
|
431
|
1,351
|
1,204
|
||||||||||||
|
Retirement
plan administration fees
|
1,586
|
1,450
|
4,779
|
4,112
|
||||||||||||
|
Other
|
1,908
|
1,832
|
5,750
|
6,251
|
||||||||||||
|
Total
noninterest income
|
16,527
|
12,517
|
43,209
|
36,297
|
||||||||||||
|
Noninterest
expense:
|
||||||||||||||||
|
Salaries
and employee benefits
|
15,876
|
15,628
|
44,862
|
47,711
|
||||||||||||
|
Office
supplies and postage
|
1,354
|
1,275
|
3,984
|
3,912
|
||||||||||||
|
Occupancy
|
2,928
|
3,044
|
8,682
|
8,779
|
||||||||||||
|
Equipment
|
1,797
|
2,040
|
5,567
|
6,263
|
||||||||||||
|
Professional
fees and outside services
|
2,256
|
1,627
|
5,840
|
5,259
|
||||||||||||
|
Data
processing and communications
|
2,779
|
2,637
|
8,501
|
7,988
|
||||||||||||
|
Amortization
of intangible assets
|
413
|
471
|
1,232
|
1,260
|
||||||||||||
|
Loan
collection and other real estate owned
|
431
|
222
|
1,036
|
722
|
||||||||||||
|
Other
operating
|
3,393
|
2,974
|
10,409
|
10,190
|
||||||||||||
|
Total
noninterest expense
|
31,227
|
29,918
|
90,113
|
92,084
|
||||||||||||
|
Income
before income taxes
|
21,699
|
21,039
|
59,616
|
60,710
|
||||||||||||
|
Income
taxes
|
6,552
|
6,497
|
18,273
|
18,411
|
||||||||||||
|
Net
income
|
$ |
15,147
|
$ |
14,542
|
$ |
41,343
|
$ |
42,299
|
||||||||
|
Earnings
Per Share:
|
||||||||||||||||
|
Basic
|
$ |
0.46
|
$ |
0.43
|
$ |
1.23
|
$ |
1.25
|
||||||||
|
Diluted
|
$ |
0.46
|
$ |
0.43
|
$ |
1.22
|
$ |
1.24
|
||||||||
Page 9 of
9
|
NBT
Bancorp Inc. and Subsidiaries
|
3Q
|
2Q
|
1Q
|
4Q
|
3Q
|
|||||||||||||||
|
Quarterly
Consolidated Statements of Income (unaudited)
|
2007
|
2007
|
2007
|
2006
|
2006
|
|||||||||||||||
|
(in
thousands, except per share data)
|
||||||||||||||||||||
|
Interest,
fee and dividend income:
|
||||||||||||||||||||
|
Loans
and leases
|
$ |
61,183
|
$ |
60,689
|
$ |
59,808
|
$ |
60,795
|
$ |
59,329
|
||||||||||
|
Securities
available for sale
|
13,847
|
13,562
|
13,467
|
13,296
|
13,342
|
|||||||||||||||
|
Securities
held to maturity
|
1,471
|
1,525
|
1,444
|
1,409
|
1,293
|
|||||||||||||||
|
Other
|
680
|
719
|
740
|
517
|
724
|
|||||||||||||||
|
Total
interest, fee and dividend income
|
77,181
|
76,495
|
75,459
|
76,017
|
74,688
|
|||||||||||||||
|
Interest
expense:
|
||||||||||||||||||||
|
Deposits
|
27,062
|
26,950
|
25,984
|
25,652
|
24,052
|
|||||||||||||||
|
Short-term
borrowings
|
3,885
|
2,918
|
3,092
|
3,572
|
3,828
|
|||||||||||||||
|
Long-term
debt
|
3,770
|
3,997
|
4,486
|
4,091
|
4,603
|
|||||||||||||||
|
Trust
preferred debentures
|
1,277
|
1,272
|
1,268
|
1,277
|
1,285
|
|||||||||||||||
|
Total
interest expense
|
35,994
|
35,137
|
34,830
|
34,592
|
33,768
|
|||||||||||||||
|
Net
interest income
|
41,187
|
41,358
|
40,629
|
41,425
|
40,920
|
|||||||||||||||
|
Provision
for loan and lease losses
|
4,788
|
9,770
|
2,096
|
3,484
|
2,480
|
|||||||||||||||
|
Net
interest income after provision for loan and lease losses
|
36,399
|
31,588
|
38,533
|
37,941
|
38,440
|
|||||||||||||||
|
Noninterest
income:
|
||||||||||||||||||||
|
Trust
|
1,701
|
1,792
|
1,437
|
1,387
|
1,425
|
|||||||||||||||
|
Service
charges on deposit accounts
|
6,195
|
4,936
|
4,469
|
4,418
|
4,460
|
|||||||||||||||
|
ATM
and debit card fees
|
2,159
|
2,041
|
1,896
|
1,764
|
1,888
|
|||||||||||||||
|
Broker/dealer
and insurance fees
|
1,027
|
1,093
|
1,083
|
1,037
|
1,024
|
|||||||||||||||
|
Net
securities gains (losses)
|
1,484
|
21
|
(5 | ) |
30
|
7
|
||||||||||||||
|
Bank
owned life insurance income
|
467
|
450
|
434
|
425
|
431
|
|||||||||||||||
|
Retirement
plan administration fees
|
1,586
|
1,601
|
1,592
|
1,424
|
1,450
|
|||||||||||||||
|
Other
|
1,908
|
2,058
|
1,784
|
1,847
|
1,832
|
|||||||||||||||
|
Total
noninterest income
|
16,527
|
13,992
|
12,690
|
12,332
|
12,517
|
|||||||||||||||
|
Noninterest
expense:
|
||||||||||||||||||||
|
Salaries
and employee benefits
|
15,876
|
13,022
|
15,964
|
15,166
|
15,628
|
|||||||||||||||
|
Office
supplies and postage
|
1,354
|
1,334
|
1,296
|
1,418
|
1,275
|
|||||||||||||||
|
Occupancy
|
2,928
|
2,585
|
3,169
|
2,739
|
3,044
|
|||||||||||||||
|
Equipment
|
1,797
|
1,837
|
1,933
|
2,069
|
2,040
|
|||||||||||||||
|
Professional
fees and outside services
|
2,256
|
1,926
|
1,658
|
2,502
|
1,627
|
|||||||||||||||
|
Data
processing and communications
|
2,779
|
2,845
|
2,877
|
2,466
|
2,637
|
|||||||||||||||
|
Amortization
of intangible assets
|
413
|
410
|
409
|
389
|
471
|
|||||||||||||||
|
Loan
collection and other real estate owned
|
431
|
228
|
377
|
629
|
222
|
|||||||||||||||
|
Other
operating
|
3,393
|
3,827
|
3,189
|
3,504
|
2,974
|
|||||||||||||||
|
Total
noninterest expense
|
31,227
|
28,014
|
30,872
|
30,882
|
29,918
|
|||||||||||||||
|
Income
before income taxes
|
21,699
|
17,566
|
20,351
|
19,391
|
21,039
|
|||||||||||||||
|
Income
taxes
|
6,552
|
5,502
|
6,219
|
5,743
|
6,497
|
|||||||||||||||
|
Net
income
|
$ |
15,147
|
$ |
12,064
|
$ |
14,132
|
$ |
13,648
|
$ |
14,542
|
||||||||||
|
Earnings
per share:
|
||||||||||||||||||||
|
Basic
|
$ |
0.46
|
$ |
0.36
|
$ |
0.41
|
$ |
0.40
|
$ |
0.43
|
||||||||||
|
Diluted
|
$ |
0.46
|
$ |
0.36
|
$ |
0.41
|
$ |
0.40
|
$ |
0.43
|
||||||||||