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 28, 2008
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NBT
BANCORP
INC.
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(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:
|
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 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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On
January
28, 2008, NBT Bancorp Inc. issued
a press
release describing its results of operations for the year and
quarter ending December 31, 2007,
announcing
a quarterly dividend of
$0.20per
share to be paid on March
15,
2008to
shareholders of record on
March 1,
2008,
and stock buyback authorization of an
additional 1,000,000 shares.That
press release is furnished as
Exhibit 99.1 hereto.
(d)The
following is being furnished
herewith:
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ExhibitNo.
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Exhibit
Description
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Press
release text of NBT Bancorp
Inc. dated January
28,
2008
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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.
| 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
29, 2008
Exhibit
99.1
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
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NBT
Bancorp Inc.
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52
South Broad Street
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Norwich,
NY 13815
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607-337-6119
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NBT
BANCORP INC. ANNOUNCES ANNUAL EARNINGS OF $50.3 MILLION; DECLARES CASH DIVIDEND;
AUTHORIZES BUYBACK OF AN ADDITIONAL 1,000,000 SHARES
NORWICH,
NY (January 28, 2008) – NBT Bancorp Inc. (NBT) (NASDAQ: NBTB) reported today
that net income for the year ended December 31, 2007 was $50.3 million, down
$5.6 million, or 10.0%, from net income of $55.9 million reported in
2006. Net income per diluted share for the year ended December 31,
2007 was $1.51 per share, compared with $1.64 per share for
2006. Return on average assets and return on average equity were
0.98% and 12.60%, respectively, for the year ended December 31, 2007, compared
with 1.14% and 14.47%, respectively, for 2006. The decrease in net income for
the year ended December 31, 2007 was primarily the result of a $20.7 million
increase in the provision for loan and lease losses from the prior year, due
to
increases in nonperforming loans and charge-offs. The increase in the
provision for loan and lease losses was partially offset by an $11.1 million,
or
22.8%, increase in noninterest income for the year ended December 31, 2007
as
compared to December 31, 2006. In addition, net interest income for
the year ended December 31, 2007 was $165.0 million, up $1.2 million or 0.7%
from net interest income of $163.8 million reported for the same period in
2006.
Net
income for the three months ended December 31, 2007 was $9.0 million, down
$4.7
million, or 34.2%, from net income of $13.6 million reported for the same period
in 2006. Net income per diluted share for the three months ended
December 31, 2007 was $0.28 per share, compared with $0.40 per share for the
same period in 2006. Return on average assets and return on average
equity were 0.69% and 9.06%, respectively, for the three months ended December
31, 2007, compared with 1.07% and 13.31%, respectively, for the same period
in
2006. The decrease in net income for the three months ended December 31, 2007
was primarily the result of a $10.0 million increase in the provision for loan
and lease losses compared to the same period in 2006. The increase in
the provision for loan and lease losses was partially offset by a $4.2 million,
or 33.7%, increase in noninterest income for the three months ended December
31,
2007 as compared to the three months ended December 31, 2006.
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 said, “The financial services industry
as a
whole was faced with challenging market conditions and credit-quality issues
in
2007. While the dollar amount of NBT's nonperforming loans in the fourth quarter
was similar to that of the third quarter, the potential number of problem loans
in our portfolio decreased 9% from the third quarter and is now consistent
with
levels from the first half of 2007. We remain confident that our conservative
credit approach and disciplined underwriting practices are effective. With
the
exception of the increase in the provision for loan and lease losses already
discussed, I am pleased with the results achieved in other core areas of our
business. These results include a 16% increase in noninterest income, cost
controls in the form of a reduction in noninterest expenses, stable net interest
income due to an increase in earning assets and the expansion of our footprint
through four new branches in key growth markets. While 2008 will be another
challenging year for our industry, we will continue to position ourselves for
future success and strive to deliver value to our shareholders and
customers.”
Page
1 of
10
Loan
and Lease Quality and Provision for Loan and Lease Losses
Nonperforming
loans at December 31, 2007 were $30.6 million or 0.88% of total loans and leases
compared with $30.7 million or 0.90% at September 30, 2007, and $15.3 million
or
0.45% of total loans and leases at December 31, 2006. The increase in
2007 was primarily due to the addition of one owner-occupied commercial real
estate relationship and several dairy credits during the second
quarter. The Company recorded a provision for loan and lease losses
of $13.4 million during the fourth quarter of 2007 compared with $3.5 million
for the fourth quarter of 2006. As previously disclosed, 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 also previously disclosed, 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.
Net
charge-offs totaled $14.1 million and $3.5 million during the fourth quarters
of
2007 and 2006, and $26.5 million and $8.7 million for the years ended December
31, 2007 and 2006, respectively. Net charge-offs to average loans and
leases for the year ended December 31, 2007, were 0.77%, compared with 0.26%
for
the year ended December 31, 2006. The Company’s allowance for loan
and lease losses was 1.57% of loans and leases at December 31, 2007, compared
with 1.48% at December 31, 2006.
For
the
three months and twelve months ended December 31, 2007, the provision for loan
and lease losses totaled $13.4 million and $30.1 million, respectively, compared
with $3.5 million and $9.4 million for the same periods in 2006. The
increase in the provision is primarily due to the increase in nonperforming
loans and charge-offs as previously mentioned.
Net
Interest Income
Net
interest income was up 0.7% to $165.0 million for the year ended December 31,
2007, compared with $163.8 million for the same period a year ago. Despite
a
decrease in the Company’s fully taxable equivalent (FTE) net interest margin,
from 3.70% for 2006, to 3.61% for 2007, the Company experienced a slight
increase in net interest income that was attributable to 3.7% growth in average
earning assets. The Company’s net interest margin was 3.61% for the
quarter ended December 31, 2007, down from 3.63% for the same period in
2006. Despite this decrease, net interest income for the quarter
ended December 31, 2007, increased 1.0%, to $41.9 million, from $41.4 million
in
the same period for 2006, which was attributable to a 1.7% growth in average
earning assets.
Noninterest
Income
Noninterest
income for the year ended December 31, 2007 was $59.7 million, up $11.1 million
or 22.8% from $48.6 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 $6.3
million as the company focused
on enhancing fee
income through various initiatives. In
addition, trust administration
income increased $0.9 million for the year ended December 31, 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 year
ended December 31,
2007, increased $0.8
million, compared with the same period
in 2006, as a result of our growing client base. Net securities
gains for the year ended
December
31, 2007,
were $2.1
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
$8.1
million, or 16.3%,
for the year
ended December 31,
2007, compared with the same
period in
2006.
Page
2 of
10
Noninterest
income for the three months ended December 31, 2007 was $16.5 million, up $4.2
million or 33.7% from $12.3 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 $3.0
million as the company focused
on enhancing fee
income through various initiatives. In
addition, trust administration
income increased $0.2 million for the three months ended December 31, 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
December
31, 2007, were $0.6
million compared with nominal net
securities gains for
the same period in
2006. Excluding the effect of these securities transactions,
noninterest income increased $3.6
million, or 29.1%,
for the three months ended
December
31, 2007, compared with
the same period in
2006.
Noninterest
Expense and Income Tax Expense
Noninterest
expense for the year ended December 31, 2007 was $122.5 million, down slightly
from $123.0 million for the same period in 2006. Office expenses, such as
supplies and postage, occupancy, equipment and data processing and
communications charges remained consistent at approximately $35.6 million for
the years ended December 31, 2007 and December 31, 2006. Salaries and
employee benefits decreased $3.4 million, or 5.3%, for the year ended December
31, 2007 compared with the same period in 2006. This decrease was due
primarily to a reduction in the amount of incentive compensation paid, number
of
employees, and pension expenses incurred in 2007. Professional fees
and outside services increased $1.4 million for the year ended December 31,
2007, compared with the same period in 2006, due primarily to fees and costs
related to the aforementioned noninterest income initiatives. Other
operating expense for the year ended December 31, 2007 increased $1.3 million
compared with the same period in 2006, primarily due to flood-related insurance
recoveries in 2006. Income tax expense for the year ended December
31, 2007 was $21.8 million, down from $24.2 million for the same period in
2006. The effective rate both years ended December 31, 2007 and
December 31, 2006 was 30.2%.
Noninterest
expense for the three months ended December 31, 2007 was $32.4 million, up
from
$30.9 million for the same period in 2006. Office expenses, such as
supplies and postage, occupancy, equipment and data processing and
communications charges increased slightly from $8.7 million for the three months
ended December 31, 2006 to $8.8 million for the three months ended December
31,
2007. Salaries and employee benefits for the three months ended December 31,
2007 decreased $0.5 million from the same period in 2006, mainly due to a
reduction in the number of employees as well as a reduction in the state
unemployment tax rate. Professional fees and services increased $0.8
million for the three months ended December 31, 2007, compared with the same
period in 2006, due primarily to fees and costs related to the aforementioned
noninterest income initiatives. Other operating expense for the three
months ended December 31, 2007 increased $1.1 million compared with the same
period in 2006, primarily due to flood-related insurance recoveries in
2006. Income tax expense for the three months ended December 31, 2007
was $3.5 million, down from $5.7 million for the three months ended December
31,
2006. The effective rate for the three months ended December 31, 2007
was 28.1%, down from 29.6% for the same period in 2006. The decrease
in the effective tax rate for the three months ended December 31, 2007 versus
the same period in 2006 resulted primarily from a change in the amount of
interest income from tax-exempt sources relative to taxable
income.
Page
3 of
10
Balance
Sheet
Total
assets were $5.2 billion at December 31, 2007, up $114.2 million from $5.1
billion at December 31, 2006. Loans and leases increased $43.2
million or 1.3% from $3.4 billion at December 31, 2006, to $3.5 billion at
December 31, 2007, due in large part to an increase in consumer loans of
approximately $107.7 million. The increase in consumer loans for the
year ended December 31, 2007 compared with the year ended December 31, 2006
was
partially offset by decreases in commercial loans and real estate loans totaling
approximately $64.9 million. Total deposits were $3.9 billion at
December 31, 2007, up 2.0% from the same period at December 31, 2006, due in
large part to a $78.5 million, or 12.7%, increase in money market accounts
and a
$20.3 million, or 3.1%, increase in demand deposits over 2006. These
increases were partially offset by a decrease in savings accounts of
approximately $38.1 million, or 7.7%, for the year ended December 31, 2007
compared with the year ended December 31, 2006. Stockholders’ equity
was $397.3 million, representing total equity to total assets ratio of 7.64%
at
December 31, 2007, compared with $403.8 million or a total equity to total
asset
ratio of 7.94% at December 31, 2006.
Stock
Repurchase
Program
Today,
the NBT Board of Directors authorized a new repurchase program for NBT 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. There are 475,880 shares remaining
under previous authorizations, so combined with this new authorization, the
total shares available for repurchase is now 1,475,880. Under
previously disclosed stock repurchase plans, the Company purchased 2,261,267
shares of its common stock during the twelve-month period ended December 31,
2007, for a total of $49.0 million at an average price of $21.65 per
share. There were no stock repurchases during the three months ended
December 31, 2007.
Dividend
Declared
The
NBT
Board of Directors declared a first-quarter cash dividend of $0.20 per share
at
a meeting held today. The dividend will be paid on March 15, 2008, to
shareholders of record as of March 1, 2008.
Corporate
Overview
NBT
is a financial holding company
headquartered in Norwich,
NY,
with total assets of
$5.2 billionatDecember
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
121 locations, including 82
NBTBank offices in upstate
New
York and
39 Pennstar Bankoffices 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.
Page
4 of
10
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
10
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NBT
Bancorp Inc. and Subsidiaries
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||||||||||||||||
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SELECTED
FINANCIAL HIGHLIGHTS
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||||||||||||||||
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(unaudited)
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||||||||||||||||
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Net
|
Percent
|
|||||||||||||||
|
2007
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2006
|
Change
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Change
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|||||||||||||
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(dollars
in thousands, except per share data)
|
||||||||||||||||
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Twelve
Months Ended December 31,
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||||||||||||||||
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Net
Income
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$ | 50,328 | $ | 55,947 | $ | (5,619 | ) | -10 | % | |||||||
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Diluted
Earnings Per Share
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$ | 1.51 | $ | 1.64 | $ | (0.13 | ) | -8 | % | |||||||
|
Weighted
Average Diluted
|
||||||||||||||||
|
Common
Shares Outstanding
|
33,421,078 | 34,206,070 | -784,992 | -2 | % | |||||||||||
|
Return
on Average Assets (1)
|
0.98 | % | 1.14 | % | -0.16 | % | -14 | % | ||||||||
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Return
on Average Equity (1)
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12.60 | % | 14.47 | % | -1.87 | % | -13 | % | ||||||||
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Net
Interest Margin (2)
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3.61 | % | 3.70 | % | -0.09 | % | -2 | % | ||||||||
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Three
Months Ended December 31,
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||||||||||||||||
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Net
Income
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$ | 8,985 | $ | 13,648 | $ | (4,663 | ) | -34 | % | |||||||
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Diluted
Earnings Per Share
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$ | 0.28 | $ | 0.40 | $ | (0.12 | ) | -30 | % | |||||||
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Weighted
Average Diluted
|
||||||||||||||||
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Common
Shares Outstanding
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32,398,179 | 34,402,113 | -2,003,934 | -6 | % | |||||||||||
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Return
on Average Assets (1)
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0.69 | % | 1.07 | % | -0.38 | % | -36 | % | ||||||||
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Return
on Average Equity (1)
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9.06 | % | 13.31 | % | -4.25 | % | -32 | % | ||||||||
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Net
Interest Margin (2)
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3.61 | % | 3.63 | % | -0.02 | % | -1 | % | ||||||||
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Asset
Quality
|
December
31,
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December
31,
|
||||||||||||||
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2007
|
2006
|
|||||||||||||||
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Nonaccrual
Loans
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$ | 29,697 | $ | 13,665 | ||||||||||||
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90
Days Past Due and Still Accruing
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$ | 882 | $ | 1,642 | ||||||||||||
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Total
Nonperforming Loans
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$ | 30,579 | $ | 15,307 | ||||||||||||
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Other
Real Estate Owned
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$ | 560 | $ | 389 | ||||||||||||
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Total
Nonperforming Assets
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$ | 31,139 | $ | 15,696 | ||||||||||||
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Past
Due Loans
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$ | 25,914 | $ | 28,409 | ||||||||||||
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Allowance
for Loan and Lease Losses
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$ | 54,183 | $ | 50,587 | ||||||||||||
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Year-to-Date
(YTD) Net Charge-Offs
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$ | 26,498 | $ | 8,673 | ||||||||||||
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Allowance
for Loan and Lease Losses to Total Loans and Leases
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1.57 | % | 1.48 | % | ||||||||||||
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Total
Nonperforming Loans to Total Loans and Leases
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0.88 | % | 0.45 | % | ||||||||||||
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Total
Nonperforming Assets to Total Assets
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0.60 | % | 0.31 | % | ||||||||||||
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Past
Due Loans to Total Loans and Leases
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0.75 | % | 0.83 | % | ||||||||||||
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Allowance
for Loan and Lease Losses to Total Nonperforming Loans
|
177.19 | % | 330.48 | % | ||||||||||||
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Net
Charge-Offs to YTD Average Loans and Leases
|
0.77 | % | 0.26 | % | ||||||||||||
|
Capital
|
||||||||||||||||
|
Equity
to Assets
|
7.64 | % | 7.94 | % | ||||||||||||
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Book
Value Per Share
|
$ | 12.29 | $ | 11.79 | ||||||||||||
|
Tangible
Book Value Per Share
|
$ | 8.78 | $ | 8.42 | ||||||||||||
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Tier
1 Leverage Ratio
|
7.14 | % | 7.57 | % | ||||||||||||
|
Tier
1 Capital Ratio
|
9.85 | % | 10.42 | % | ||||||||||||
|
Total
Risk-Based Capital Ratio
|
11.10 | % | 11.67 | % | ||||||||||||
|
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
|
$ | 25.00 | $ | 20.58 | 26.47 | 22.36 | 23.79 | 20.75 | ||||||||||||||
|
(1) Annualized
|
||||||||||||||||
|
(2) Calculated
on a FTE basis
|
Page
6 of
10
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NBT
Bancorp Inc. and Subsidiaries
|
||||||||||||||||
|
SELECTED
FINANCIAL HIGHLIGHTS
|
||||||||||||||||
|
(unaudited)
|
||||||||||||||||
|
Net
|
Percent
|
|||||||||||||||
|
2007
|
2006
|
Change
|
Change
|
|||||||||||||
|
(dollars
in thousands, except per share data)
|
||||||||||||||||
|
Balance
Sheet as of December 31,
|
||||||||||||||||
|
Loans
and Leases
|
$ | 3,455,851 | $ | 3,412,654 | $ | 43,197 | 1 | % | ||||||||
|
Earning
Assets
|
$ | 4,783,519 | $ | 4,712,085 | $ | 71,434 | 2 | % | ||||||||
|
Total
Assets
|
$ | 5,201,776 | $ | 5,087,572 | $ | 114,204 | 2 | % | ||||||||
|
Deposits
|
$ | 3,872,093 | $ | 3,796,238 | $ | 75,855 | 2 | % | ||||||||
|
Stockholders’
Equity
|
$ | 397,300 | $ | 403,817 | $ | (6,517 | ) | -2 | % | |||||||
|
Average
Balances
|
||||||||||||||||
|
Twelve
Months Ended December 31,
|
||||||||||||||||
|
Loans
and Leases
|
$ | 3,425,318 | $ | 3,302,080 | $ | 123,238 | 4 | % | ||||||||
|
Securities
Available For Sale
|
||||||||||||||||
|
(excluding
unrealized gains or losses)
|
$ | 1,134,837 | $ | 1,110,405 | $ | 24,432 | 2 | % | ||||||||
|
Securities
Held To Maturity
|
$ | 144,518 | $ | 115,636 | $ | 28,882 | 25 | % | ||||||||
|
Regulatory
Equity Investment
|
$ | 34,022 | $ | 39,437 | $ | (5,415 | ) | -14 | % | |||||||
|
Short-Term
Interest Bearing Accounts
|
$ | 8,395 | $ | 8,116 | $ | 279 | 3 | % | ||||||||
|
Total
Earning Assets
|
$ | 4,747,090 | $ | 4,575,674 | $ | 171,416 | 4 | % | ||||||||
|
Total
Assets
|
$ | 5,109,587 | $ | 4,925,070 | $ | 184,517 | 4 | % | ||||||||
|
Interest
Bearing Deposits
|
$ | 3,273,332 | $ | 3,054,006 | $ | 219,326 | 7 | % | ||||||||
|
Non-Interest
Bearing Deposits
|
$ | 639,423 | $ | 614,055 | $ | 25,368 | 4 | % | ||||||||
|
Short-Term
Borrowings
|
$ | 280,162 | $ | 331,255 | $ | (51,093 | ) | -15 | % | |||||||
|
Long-Term
Borrowings
|
$ | 459,439 | $ | 485,031 | $ | (25,592 | ) | -5 | % | |||||||
|
Total
Interest Bearing Liabilities
|
$ | 4,012,933 | $ | 3,870,292 | $ | 142,641 | 4 | % | ||||||||
|
Stockholders’
Equity
|
$ | 399,299 | $ | 386,553 | $ | 12,746 | 3 | % | ||||||||
|
Average
Balances
|
||||||||||||||||
|
Quarter
Ended December 31,
|
||||||||||||||||
|
Loans
and Leases
|
$ | 3,441,150 | $ | 3,394,024 | $ | 47,126 | 1 | % | ||||||||
|
Securities
Available For Sale
|
||||||||||||||||
|
(excluding
unrealized gains or losses)
|
$ | 1,144,639 | $ | 1,119,271 | $ | 25,368 | 2 | % | ||||||||
|
Securities
Held To Maturity
|
$ | 143,999 | $ | 136,511 | $ | 7,488 | 5 | % | ||||||||
|
Regulatory
Equity Investment
|
$ | 35,073 | $ | 36,995 | $ | (1,922 | ) | -5 | % | |||||||
|
Short-Term
Interest Bearing Accounts
|
$ | 8,015 | $ | 7,492 | $ | 523 | 7 | % | ||||||||
|
Total
Earning Assets
|
$ | 4,772,876 | $ | 4,694,293 | $ | 78,583 | 2 | % | ||||||||
|
Total
Assets
|
$ | 5,148,099 | $ | 5,064,116 | $ | 83,983 | 2 | % | ||||||||
|
Interest
Bearing Deposits
|
$ | 3,273,248 | $ | 3,206,084 | $ | 67,164 | 2 | % | ||||||||
|
Non-Interest
Bearing Deposits
|
$ | 656,784 | $ | 625,301 | $ | 31,483 | 5 | % | ||||||||
|
Short-Term
Borrowings
|
$ | 282,296 | $ | 294,750 | $ | (12,454 | ) | -4 | % | |||||||
|
Long-Term
Borrowings
|
$ | 477,190 | $ | 471,149 | $ | 6,041 | 1 | % | ||||||||
|
Total
Interest Bearing Liabilities
|
$ | 4,032,734 | $ | 3,971,983 | $ | 60,751 | 2 | % | ||||||||
|
Stockholders’
Equity
|
$ | 393,333 | $ | 406,771 | $ | (13,438 | ) | -3 | % | |||||||
Page 7
of
10
|
NBT
Bancorp Inc. and Subsidiaries
|
December
31,
|
December
31,
|
||||||
|
Consolidated
Balance Sheets (unaudited)
|
2007
|
2006
|
||||||
|
(in
thousands)
|
||||||||
|
ASSETS
|
||||||||
|
Cash
and due from banks
|
$ | 155,495 | $ | 130,936 | ||||
|
Short
term interest bearing accounts
|
7,451 | 7,857 | ||||||
|
Securities
available for sale, at fair value
|
1,140,114 | 1,106,322 | ||||||
|
Securities
held to maturity (fair value of $149,519 and $136,287 at December
31, 2007
and December 31, 2006)
|
149,111 | 136,314 | ||||||
|
Federal
Reserve and Federal Home Loan Bank stock
|
38,102 | 38,812 | ||||||
|
Loans
and leases
|
3,455,851 | 3,412,654 | ||||||
|
Less
allowance for loan and lease losses
|
54,183 | 50,587 | ||||||
|
Net
loans and leases
|
3,401,668 | 3,362,067 | ||||||
|
Premises
and equipment, net
|
64,042 | 66,982 | ||||||
|
Goodwill
|
103,398 | 103,356 | ||||||
|
Intangible
assets, net
|
10,173 | 11,984 | ||||||
|
Bank
owned life insurance
|
43,614 | 41,783 | ||||||
|
Other
assets
|
88,608 | 81,159 | ||||||
|
TOTAL
ASSETS
|
$ | 5,201,776 | $ | 5,087,572 | ||||
|
LIABILITIES
AND STOCKHOLDERS' EQUITY
|
||||||||
|
Deposits:
|
||||||||
|
Demand
(noninterest bearing)
|
$ | 666,698 | $ | 646,377 | ||||
|
Savings,
NOW, and money market
|
1,614,289 | 1,566,557 | ||||||
|
Time
|
1,591,106 | 1,583,304 | ||||||
|
Total
deposits
|
3,872,093 | 3,796,238 | ||||||
|
Short-term
borrowings
|
368,467 | 345,408 | ||||||
|
Long-term
debt
|
424,887 | 417,728 | ||||||
|
Trust
preferred debentures
|
75,422 | 75,422 | ||||||
|
Other
liabilities
|
63,607 | 48,959 | ||||||
|
Total
liabilities
|
4,804,476 | 4,683,755 | ||||||
|
Total
stockholders' equity
|
397,300 | 403,817 | ||||||
|
TOTAL
LIABILITIES AND STOCKHOLDERS' EQUITY
|
$ | 5,201,776 | $ | 5,087,572 | ||||
Page 8
of
10
|
Three
months ended
|
Twelve
months ended
|
|||||||||||||||
|
NBT
Bancorp Inc. and Subsidiaries
|
December
31,
|
December
31,
|
||||||||||||||
|
Consolidated
Statements of Income (unaudited)
|
2007
|
2006
|
2007
|
2006
|
||||||||||||
|
(in
thousands, except per share data)
|
||||||||||||||||
|
Interest,
fee and dividend income:
|
||||||||||||||||
|
Loans
and leases
|
$ | 60,817 | $ | 60,795 | $ | 242,497 | $ | 230,042 | ||||||||
|
Securities
available for sale
|
13,971 | 13,296 | 54,847 | 51,599 | ||||||||||||
|
Securities
held to maturity
|
1,458 | 1,409 | 5,898 | 4,730 | ||||||||||||
|
Other
|
736 | 517 | 2,875 | 2,471 | ||||||||||||
|
Total
interest, fee and dividend income
|
76,982 | 76,017 | 306,117 | 288,842 | ||||||||||||
|
Interest
expense:
|
||||||||||||||||
|
Deposits
|
26,578 | 25,652 | 106,574 | 87,798 | ||||||||||||
|
Short-term
borrowings
|
3,048 | 3,572 | 12,943 | 15,448 | ||||||||||||
|
Long-term
debt
|
4,233 | 4,091 | 16,486 | 17,063 | ||||||||||||
|
Trust
preferred debentures
|
1,270 | 1,277 | 5,087 | 4,700 | ||||||||||||
|
Total
interest expense
|
35,129 | 34,592 | 141,090 | 125,009 | ||||||||||||
|
Net
interest income
|
41,853 | 41,425 | 165,027 | 163,833 | ||||||||||||
|
Provision
for loan and lease losses
|
13,440 | 3,484 | 30,094 | 9,395 | ||||||||||||
|
Net
interest income after provision for loan and lease losses
|
28,413 | 37,941 | 134,933 | 154,438 | ||||||||||||
|
Noninterest
income:
|
||||||||||||||||
|
Trust
|
1,584 | 1,387 | 6,514 | 5,629 | ||||||||||||
|
Service
charges on deposit accounts
|
7,142 | 4,418 | 22,742 | 17,590 | ||||||||||||
|
ATM
and debit card fees
|
2,089 | 1,764 | 8,185 | 7,086 | ||||||||||||
|
Broker/dealer
and insurance revenue
|
1,052 | 1,037 | 4,255 | 3,936 | ||||||||||||
|
Net
securities gains (losses)
|
613 | 30 | 2,113 | (875 | ) | |||||||||||
|
Bank
owned life insurance income
|
480 | 425 | 1,831 | 1,629 | ||||||||||||
|
Retirement
plan administration fees
|
1,557 | 1,424 | 6,336 | 5,536 | ||||||||||||
|
Other
|
1,973 | 1,847 | 7,723 | 8,098 | ||||||||||||
|
Total
noninterest income
|
16,490 | 12,332 | 59,699 | 48,629 | ||||||||||||
|
Noninterest
expense:
|
||||||||||||||||
|
Salaries
and employee benefits
|
14,654 | 15,166 | 59,516 | 62,877 | ||||||||||||
|
Office
supplies and postage
|
1,136 | 1,418 | 5,120 | 5,330 | ||||||||||||
|
Occupancy
|
2,948 | 2,739 | 11,630 | 11,518 | ||||||||||||
|
Equipment
|
1,855 | 2,069 | 7,422 | 8,332 | ||||||||||||
|
Professional
fees and outside services
|
3,295 | 2,502 | 9,135 | 7,761 | ||||||||||||
|
Data
processing and communications
|
2,899 | 2,466 | 11,400 | 10,454 | ||||||||||||
|
Amortization
of intangible assets
|
413 | 389 | 1,645 | 1,649 | ||||||||||||
|
Loan
collection and other real estate owned
|
597 | 629 | 1,633 | 1,351 | ||||||||||||
|
Other
operating
|
4,607 | 3,504 | 15,016 | 13,694 | ||||||||||||
|
Total
noninterest expense
|
32,404 | 30,882 | 122,517 | 122,966 | ||||||||||||
|
Income
before income taxes
|
12,499 | 19,391 | 72,115 | 80,101 | ||||||||||||
|
Income
taxes
|
3,514 | 5,743 | 21,787 | 24,154 | ||||||||||||
|
Net
income
|
$ | 8,985 | $ | 13,648 | $ | 50,328 | $ | 55,947 | ||||||||
|
Earnings
Per Share:
|
||||||||||||||||
|
Basic
|
$ | 0.28 | $ | 0.40 | $ | 1.52 | $ | 1.65 | ||||||||
|
Diluted
|
$ | 0.28 | $ | 0.40 | $ | 1.51 | $ | 1.64 | ||||||||
Page 9
of 10
|
NBT
Bancorp Inc. and Subsidiaries Quarterly Consolidated
Statements of Income (unaudited) |
4Q 2007 |
3Q
2007
|
2Q
2007
|
1Q
2007
|
4Q
2006
|
|||||||||||||||
|
(in
thousands, except per share data)
|
||||||||||||||||||||
|
Interest,
fee and dividend income:
|
||||||||||||||||||||
|
Loans
and leases
|
$ | 60,817 | $ | 61,183 | $ | 60,689 | $ | 59,808 | $ | 60,795 | ||||||||||
|
Securities
available for sale
|
13,971 | 13,847 | 13,562 | 13,467 | 13,296 | |||||||||||||||
|
Securities
held to maturity
|
1,458 | 1,471 | 1,525 | 1,444 | 1,409 | |||||||||||||||
|
Other
|
736 | 680 | 719 | 740 | 517 | |||||||||||||||
|
Total
interest, fee and dividend income
|
76,982 | 77,181 | 76,495 | 75,459 | 76,017 | |||||||||||||||
|
Interest
expense:
|
||||||||||||||||||||
|
Deposits
|
26,578 | 27,062 | 26,950 | 25,984 | 25,652 | |||||||||||||||
|
Short-term
borrowings
|
3,048 | 3,885 | 2,918 | 3,092 | 3,572 | |||||||||||||||
|
Long-term
debt
|
4,233 | 3,770 | 3,997 | 4,486 | 4,091 | |||||||||||||||
|
Trust
preferred debentures
|
1,270 | 1,277 | 1,272 | 1,268 | 1,277 | |||||||||||||||
|
Total
interest expense
|
35,129 | 35,994 | 35,137 | 34,830 | 34,592 | |||||||||||||||
|
Net
interest income
|
41,853 | 41,187 | 41,358 | 40,629 | 41,425 | |||||||||||||||
|
Provision
for loan and lease losses
|
13,440 | 4,788 | 9,770 | 2,096 | 3,484 | |||||||||||||||
|
Net
interest income after provision for loan and lease losses
|
28,413 | 36,399 | 31,588 | 38,533 | 37,941 | |||||||||||||||
|
Noninterest
income:
|
||||||||||||||||||||
|
Trust
|
1,584 | 1,701 | 1,792 | 1,437 | 1,387 | |||||||||||||||
|
Service
charges on deposit accounts
|
7,142 | 6,195 | 4,936 | 4,469 | 4,418 | |||||||||||||||
|
ATM
and debit card fees
|
2,089 | 2,159 | 2,041 | 1,896 | 1,764 | |||||||||||||||
|
Broker/dealer
and insurance fees
|
1,052 | 1,027 | 1,093 | 1,083 | 1,037 | |||||||||||||||
|
Net
securities gains (losses)
|
613 | 1,484 | 21 | (5 | ) | 30 | ||||||||||||||
|
Bank
owned life insurance income
|
480 | 467 | 450 | 434 | 425 | |||||||||||||||
|
Retirement
plan administration fees
|
1,557 | 1,586 | 1,601 | 1,592 | 1,424 | |||||||||||||||
|
Other
|
1,973 | 1,908 | 2,058 | 1,784 | 1,847 | |||||||||||||||
|
Total
noninterest income
|
16,490 | 16,527 | 13,992 | 12,690 | 12,332 | |||||||||||||||
|
Noninterest
expense:
|
||||||||||||||||||||
|
Salaries
and employee benefits
|
14,654 | 15,876 | 13,022 | 15,964 | 15,166 | |||||||||||||||
|
Office
supplies and postage
|
1,136 | 1,354 | 1,334 | 1,296 | 1,418 | |||||||||||||||
|
Occupancy
|
2,948 | 2,928 | 2,585 | 3,169 | 2,739 | |||||||||||||||
|
Equipment
|
1,855 | 1,797 | 1,837 | 1,933 | 2,069 | |||||||||||||||
|
Professional
fees and outside services
|
3,295 | 2,256 | 1,926 | 1,658 | 2,502 | |||||||||||||||
|
Data
processing and communications
|
2,899 | 2,779 | 2,845 | 2,877 | 2,466 | |||||||||||||||
|
Amortization
of intangible assets
|
413 | 413 | 410 | 409 | 389 | |||||||||||||||
|
Loan
collection and other real estate owned
|
597 | 431 | 228 | 377 | 629 | |||||||||||||||
|
Other
operating
|
4,607 | 3,393 | 3,827 | 3,189 | 3,504 | |||||||||||||||
|
Total
noninterest expense
|
32,404 | 31,227 | 28,014 | 30,872 | 30,882 | |||||||||||||||
|
Income
before income taxes
|
12,499 | 21,699 | 17,566 | 20,351 | 19,391 | |||||||||||||||
|
Income
taxes
|
3,514 | 6,552 | 5,502 | 6,219 | 5,743 | |||||||||||||||
|
Net
income
|
$ | 8,985 | $ | 15,147 | $ | 12,064 | $ | 14,132 | $ | 13,648 | ||||||||||
|
Earnings
per share:
|
||||||||||||||||||||
|
Basic
|
$ | 0.28 | $ | 0.46 | $ | 0.36 | $ | 0.41 | $ | 0.40 | ||||||||||
|
Diluted
|
$ | 0.28 | $ | 0.46 | $ | 0.36 | $ | 0.41 | $ | 0.40 | ||||||||||
Page 10
of 10