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): January 15, 2008
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 CFR230.425)
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o
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Soliciting
material pursuant to
Rule 14a-12 under the Exchange Act (17 CFR240.14a-12)
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o
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Pre-commencement
communications
pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR240.14d-2(b))
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Pre-commencement
communications
pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR240.13e-4(c))
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ITEM
2.02 Results of Operations
and Financial Condition
On
January
15, 2008, NBT Bancorp Inc.
issued a press
release announcing its
preliminary fourth quarter and annual results. That
press release is furnished as
Exhibit 99.1 hereto.
ITEM
9.01 Financial Statements and
Exhibits
(d)
The
following is being furnished
herewith:
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:
January
16, 2008
Page 1 of
2
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 PRELIMINARY FOURTH QUARTER AND ANNUAL RESULTS
NORWICH,
NY (January 15, 2008) – NBT Bancorp Inc. (NBT) (NASDAQ: NBTB) reported today
that it expects to report diluted earnings per share of $0.28 and $1.51 for
the
three and twelve months ended December 31, 2007, respectively. These
preliminary results include a provision for loan and lease losses for the
three
months ended December 31, 2007 of $13.4 million. This provision
compares to the provision for loan and lease losses of $4.8 million for the
third quarter of 2007 and $3.5 million for the fourth quarter of 2006.
Within
the $13.4 million of provision for loan and lease losses during the fourth
quarter was approximately $8.6 million related to one large commercial
loan. During the quarter, $6.0 million of the loan was charged
off. As the Company previously disclosed in its Form 10-Q for the
quarter ended September 30, 2007, this loan was current as of September 30,
2007, but subsequently became past due 30 days for the first time, and was
being
closely monitored.
Based
on
these preliminary results, the Company expects the allowance for loan and
lease
losses to total loans to be 1.57% at December 31, 2007, as compared to 1.60%
at
September 30, 2007 and 1.48% at December 31, 2006. The allowance for
loan and lease losses to nonperforming loans was 177%, 178%, and 330% at
December 31, 2007, September 30, 2007, and December 31, 2006,
respectively. Nonperforming loans remained relatively flat from
the last quarter at approximately $30.6 million at December 31, 2007 as compared
to $30.7 million at September 30, 2007. In addition, potential
problem loans decreased to $73.3 million at December 31, 2007 as compared
to
$80.6 million at September 30, 2007, but up from $69.8 million at December
31,
2006. For additional information, see the selected financial
information below.
NBT
President and CEO Martin A. Dietrich
said, “While
our nonperforming loans were
consistent with the previous quarter, the potential problem loans in our
portfolio decreased 9% from the third quarter and are now consistent with
the
first half of the year. We remain confident
that our
conservative credit culture and disciplined underwriting practices are effective,
particularly during periods
of economic uncertainty.”
NBT
is a financial holding company
headquartered in Norwich,
NY,
that primarily operates through NBT
Bank, N.A., a full-service community bank with two divisions, and through
two
financial services companies. NBT Bank, N.A. has
121locations,
including 82NBT
Bank offices in upstate New Yorkand
39Pennstar
Bank offices in
northeastern Pennsylvania.
EPICAdvisors,
Inc., based in Rochester,
NY,
is a full-service 401(k) plan
recordkeeping firm. Hathaway Insurance Agency, Inc., based in Gloversville,
NY,
is a full-service insurance
agency. More information about NBT and its divisions can be found on
the Internet at: www.nbtbancorp.com,
www.nbtbank.com,
www.pennstarbank.com,
www.epic1st.com and
www.hathawayagency.com.
Page 2 of
2
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Selected
Financial
Data (in thousands)
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2007
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Q4-2007 | Q3-2007 | Q2-2007 | Q1-2007 | Q4-2006 | |||||||||||||||
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Net
Income
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$ | 8,985 | $ | 15,147 | $ | 12,064 | $ | 14,132 | $ | 13,648 | ||||||||||
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Average
Diluted Shares Outstanding
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32,398 | 32,921 | 33,936 | 34,457 | 34,402 | |||||||||||||||
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Diluted
Earnings Per Share
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0.28 | 0.46 | 0.36 | 0.41 | 0.40 | |||||||||||||||
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Net
Charge-Offs
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$ | 14,065 | $ | 7,038 | $ | 3,267 | $ | 2,129 | $ | 3,543 | ||||||||||
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Provision
for Loan and Lease Losses
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13,440 | 4,788 | 9,770 | 2,096 | 3,484 | |||||||||||||||
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Allowance
for Loan and Lease Losses
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$ | 54,183 | $ | 54,808 | $ | 57,058 | $ | 50,554 | $ | 50,587 | ||||||||||
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Nonperforming
Loans
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30,579 | 30,707 | 34,419 | 17,363 | 15,307 | |||||||||||||||
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Total
Loans and Leases
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3,455,851 | 3,422,217 | 3,432,300 | 3,395,476 | 3,412,654 | |||||||||||||||
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Past
Due Loans
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25,914 | 24,044 | 29,332 | 28,497 | 28,409 | |||||||||||||||
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Allowance
for Loan and Lease Losses to Total Loans and Leases
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1.57 | % | 1.60 | % | 1.66 | % | 1.49 | % | 1.48 | % | ||||||||||
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Allowance
for Loan and Lease Losses to Nonperforming Loans
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177 | % | 178 | % | 166 | % | 291 | % | 330 | % | ||||||||||
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Past
Due Loans to Total Loans and Leases
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0.75 | % | 0.70 | % | 0.85 | % | 0.84 | % | 0.83 | % | ||||||||||
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Potential
Problem Loans
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73,281 | 80,622 | 72,262 | 70,942 | 69,844 | |||||||||||||||
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.