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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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 5.02
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Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
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Exhibit No.
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Exhibit Description
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Press release text of NBT Bancorp Inc. dated January 23, 2012
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NBT BANCORP INC.
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||
(Registrant)
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||
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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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and Chief Financial Officer
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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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●
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Diluted earnings per share of $1.71 was the second highest in the history of the Company.
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·
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Net interest margin declined as a result of the continued low rate environment on loans and investments.
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●
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Despite a challenging environment, the Company achieved 4.1% organic loan growth (5.3% total loan growth).
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●
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Net charge-offs were 0.56% of average loans and leases for the year ended December 31, 2011, down 13 bps from the year ended December 31, 2010; provision for loan and lease losses was down $9.1 million for the same period.
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●
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Significant strategic expansion during 2011:
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●
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Expanded presence in Vermont with two denovo branch openings in Williston and Essex.
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●
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Expanded into Berkshire County, Massachusetts with the successful acquisition and conversion of four branches on October 21, 2011, including about $143 million in deposits and $46 million in loans.
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●
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Announced the acquisition of three branches in Greene County, New York, which closed on January 21, 2012.
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●
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Announced the planned acquisition of Hampshire First Bank, expected to close in the second quarter of 2012.
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●
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Purchased a building in Lenox, MA, which is scheduled to open as a fifth Massachusetts branch in February 2012.
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2011
|
2010
|
Net
Change |
Percent
Change |
|||||||||||||
(dollars in thousands, except per share data)
|
||||||||||||||||
Three Months Ended December 31,
|
||||||||||||||||
Net Income
|
$ | 13,722 | $ | 14,434 | $ | (712 | ) | -5 | % | |||||||
Diluted Earnings Per Share
|
$ | 0.41 | $ | 0.42 | $ | (0.01 | ) | -2 | % | |||||||
Weighted Average Diluted
|
||||||||||||||||
Common Shares Outstanding
|
33,238,658 | 34,590,063 | (1,351,405 | ) | -4 | % | ||||||||||
Return on Average Assets (1)
|
0.97 | % | 1.05 | % | -8 | bp | -8 | % | ||||||||
Return on Average Equity (1)
|
10.09 | % | 10.68 | % | -59 | bp | -6 | % | ||||||||
Net Interest Margin (2)
|
3.98 | % | 4.09 | % | -11 | bp | -3 | % | ||||||||
Year Ended December 31,
|
||||||||||||||||
Net Income
|
$ | 57,901 | $ | 57,404 | $ | 497 | 1 | % | ||||||||
Diluted Earnings Per Share
|
$ | 1.71 | $ | 1.66 | $ | 0.05 | 3 | % | ||||||||
Weighted Average Diluted
|
||||||||||||||||
Common Shares Outstanding
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33,923,645 | 34,508,959 | (585,314 | ) | -2 | % | ||||||||||
Return on Average Assets
|
1.06 | % | 1.05 | % | 1 | bp | 1 | % | ||||||||
Return on Average Equity
|
10.73 | % | 10.92 | % | -19 | bp | -2 | % | ||||||||
Net Interest Margin (2)
|
4.09 | % | 4.15 | % | -6 | bp | -1 | % |
Asset Quality
|
December 31,
2011 |
December 31,
2010 |
||||||
Nonaccrual Loans
|
$ | 38,290 | $ | 42,467 | ||||
90 Days Past Due and Still Accruing
|
$ | 3,190 | $ | 2,325 | ||||
Total Nonperforming Loans
|
$ | 41,480 | $ | 44,792 | ||||
Other Real Estate Owned
|
$ | 2,160 | $ | 901 | ||||
Total Nonperforming Assets
|
$ | 43,640 | $ | 45,693 | ||||
Allowance for Loan and Lease Losses
|
$ | 71,334 | $ | 71,234 | ||||
Year-to-Date (YTD) Net Charge-Offs
|
$ | 20,637 | $ | 25,125 | ||||
Allowance for Loan and Lease Losses to Total Loans and Leases
|
1.88 | % | 1.97 | % | ||||
Total Nonperforming Loans to Total Loans and Leases
|
1.09 | % | 1.24 | % | ||||
Total Nonperforming Assets to Total Assets
|
0.78 | % | 0.86 | % | ||||
Past Due Loans to Total Loans and Leases
|
0.89 | % | 0.86 | % | ||||
Allowance for Loan and Lease Losses to Total Nonperforming Loans
|
171.97 | % | 159.03 | % | ||||
Net Charge-Offs to YTD Average Loans and Leases
|
0.56 | % | 0.69 | % | ||||
Capital
|
||||||||
Equity to Assets
|
9.61 | % | 9.99 | % | ||||
Book Value Per Share
|
$ | 16.23 | $ | 15.51 | ||||
Tangible Book Value Per Share
|
$ | 11.70 | $ | 11.67 | ||||
Tier 1 Leverage Ratio
|
8.74 | % | 9.16 | % | ||||
Tier 1 Capital Ratio
|
11.56 | % | 12.44 | % | ||||
Total Risk-Based Capital Ratio
|
12.81 | % | 13.70 | % |
Quarterly Common Stock Price
|
2011
|
2010
|
|||||||||||
Quarter End
|
High
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Low
|
High
|
Low
|
|||||||||
March 31
|
$ | 24.98 | $ | 21.55 | $ | 23.99 | $ | 19.15 | |||||
June 30
|
$ | 23.32 | $ | 20.62 | $ | 25.96 | $ | 20.21 | |||||
September 30
|
$ | 23.25 | $ | 17.05 | $ | 23.06 | $ | 19.27 | |||||
December 31
|
$ | 22.63 | $ | 17.47 | $ | 24.96 | $ | 21.41 |
December 31,
2011 |
December 31,
2010 |
Net
Change |
Percent
Change |
|||||||||||||
(dollars in thousands)
|
||||||||||||||||
Balance Sheet
|
||||||||||||||||
Loans and Leases
|
$ | 3,800,203 | $ | 3,610,006 | $ | 190,197 | 5 | % | ||||||||
Earning Assets
|
$ | 5,112,831 | $ | 4,914,972 | $ | 197,859 | 4 | % | ||||||||
Total Assets
|
$ | 5,598,406 | $ | 5,338,856 | $ | 259,550 | 5 | % | ||||||||
Deposits
|
$ | 4,367,149 | $ | 4,134,352 | $ | 232,797 | 6 | % | ||||||||
Stockholders’ Equity
|
$ | 538,110 | $ | 533,572 | $ | 4,538 | 1 | % |
2011 | 2010 | |||||||||||
Average Balances
|
(dollars in thousands)
|
|||||||||||
Three Months Ended December 31,
|
||||||||||||
Loans and Leases
|
$ | 3,758,834 | $ | 3,603,867 | $ | 154,967 | ||||||
Securities Available For Sale
|
||||||||||||
(excluding unrealized gains or losses)
|
$ | 1,174,960 | $ | 1,097,887 | $ | 77,073 | ||||||
Securities Held To Maturity
|
$ | 72,354 | $ | 100,204 | $ | (27,850 | ) | |||||
Trading Securities
|
$ | 2,958 | $ | 2,703 | $ | 255 | ||||||
Regulatory Equity Investment
|
$ | 27,021 | $ | 28,911 | $ | (1,890 | ) | |||||
Short-Term Interest Bearing Accounts
|
$ | 110,871 | $ | 187,099 | $ | (76,228 | ) | |||||
Total Earning Assets
|
$ | 5,144,040 | $ | 5,017,968 | $ | 126,072 | ||||||
Total Assets
|
$ | 5,596,663 | $ | 5,449,848 | $ | 146,815 | ||||||
Interest Bearing Deposits
|
$ | 3,341,455 | $ | 3,334,559 | $ | 6,896 | ||||||
Non-Interest Bearing Deposits
|
$ | 1,043,285 | $ | 854,361 | $ | 188,924 | ||||||
Short-Term Borrowings
|
$ | 154,286 | $ | 164,311 | $ | (10,025 | ) | |||||
Long-Term Borrowings
|
$ | 445,768 | $ | 482,279 | $ | (36,511 | ) | |||||
Total Interest Bearing Liabilities
|
$ | 3,941,509 | $ | 3,981,149 | $ | (39,640 | ) | |||||
Stockholders’ Equity
|
$ | 539,554 | $ | 536,197 | $ | 3,357 | ||||||
Average Balances
|
||||||||||||
Year Ended December 31,
|
||||||||||||
Loans and Leases
|
$ | 3,677,931 | $ | 3,629,047 | $ | 48,884 | ||||||
Securities Available For Sale
|
||||||||||||
(excluding unrealized gains or losses)
|
$ | 1,123,215 | $ | 1,088,376 | $ | 34,839 | ||||||
Securities Held To Maturity
|
$ | 81,558 | $ | 128,727 | $ | (47,169 | ) | |||||
Trading Securities
|
$ | 3,086 | $ | 2,563 | $ | 523 | ||||||
Regulatory Equity Investment
|
$ | 27,089 | $ | 31,850 | $ | (4,761 | ) | |||||
Short-Term Interest Bearing Accounts
|
$ | 101,224 | $ | 137,818 | $ | (36,594 | ) | |||||
Total Earning Assets
|
$ | 5,011,017 | $ | 5,015,818 | $ | (4,801 | ) | |||||
Total Assets
|
$ | 5,445,941 | $ | 5,454,334 | $ | (8,393 | ) | |||||
Interest Bearing Deposits
|
$ | 3,271,793 | $ | 3,340,873 | $ | (69,080 | ) | |||||
Non-Interest Bearing Deposits
|
$ | 966,282 | $ | 805,594 | $ | 160,688 | ||||||
Short-Term Borrowings
|
$ | 153,965 | $ | 158,280 | $ | (4,315 | ) | |||||
Long-Term Borrowings
|
$ | 445,457 | $ | 544,931 | $ | (99,474 | ) | |||||
Total Interest Bearing Liabilities
|
$ | 3,871,215 | $ | 4,044,084 | $ | (172,869 | ) | |||||
Stockholders’ Equity
|
$ | 539,381 | $ | 525,474 | $ | 13,907 |
NBT Bancorp Inc. and Subsidiaries
|
December 31,
|
December 31,
|
||||||
Consolidated Balance Sheets (unaudited)
|
2011
|
2010
|
||||||
(in thousands)
|
||||||||
ASSETS
|
||||||||
Cash and due from banks
|
$ | 128,517 | $ | 99,673 | ||||
Short term interest bearing accounts
|
864 | 69,119 | ||||||
Securities available for sale, at fair value
|
1,244,619 | 1,129,368 | ||||||
Securities held to maturity (fair value of $72,198 and $98,759 at December 31, 2011 and December 31, 2010, respectively)
|
70,811 | 97,310 | ||||||
Trading securities
|
3,062 | 2,808 | ||||||
Federal Reserve and Federal Home Loan Bank stock
|
27,020 | 27,246 | ||||||
Loans and leases
|
3,800,203 | 3,610,006 | ||||||
Less allowance for loan and lease losses
|
71,334 | 71,234 | ||||||
Net loans and leases
|
3,728,869 | 3,538,772 | ||||||
Premises and equipment, net
|
74,541 | 67,404 | ||||||
Goodwill
|
132,029 | 114,841 | ||||||
Intangible assets, net
|
18,194 | 17,543 | ||||||
Bank owned life insurance
|
77,626 | 75,301 | ||||||
Other assets
|
92,254 | 99,471 | ||||||
TOTAL ASSETS
|
$ | 5,598,406 | $ | 5,338,856 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY
|
||||||||
Deposits:
|
||||||||
Demand (noninterest bearing)
|
$ | 1,052,906 | $ | 911,741 | ||||
Savings, NOW, and money market
|
2,381,116 | 2,291,833 | ||||||
Time
|
933,127 | 930,778 | ||||||
Total deposits
|
4,367,149 | 4,134,352 | ||||||
Short-term borrowings
|
181,592 | 159,434 | ||||||
Long-term debt
|
370,344 | 369,874 | ||||||
Trust preferred debentures
|
75,422 | 75,422 | ||||||
Other liabilities
|
65,789 | 66,202 | ||||||
Total liabilities
|
5,060,296 | 4,805,284 | ||||||
Total stockholders' equity
|
538,110 | 533,572 | ||||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
|
$ | 5,598,406 | $ | 5,338,856 |
NBT Bancorp Inc. and Subsidiaries
|
Three Months Ended
December 31, |
Year Ended
December 31, |
||||||||||||||
Consolidated Statements of Income (unaudited)
|
2011
|
2010
|
2011
|
2010
|
||||||||||||
(in thousands, except per share data)
|
|
|
||||||||||||||
Interest, fee and dividend income:
|
||||||||||||||||
Loans and leases
|
$ | 51,393 | $ | 52,933 | $ | 204,370 | $ | 213,429 | ||||||||
Securities available for sale
|
7,461 | 7,944 | 31,083 | 36,167 | ||||||||||||
Securities held to maturity
|
661 | 845 | 2,886 | 3,968 | ||||||||||||
Other
|
383 | 627 | 1,658 | 2,174 | ||||||||||||
Total interest, fee and dividend income
|
59,898 | 62,349 | 239,997 | 255,738 | ||||||||||||
Interest expense:
|
||||||||||||||||
Deposits
|
5,330 | 6,727 | 23,020 | 30,354 | ||||||||||||
Short-term borrowings
|
39 | 64 | 205 | 402 | ||||||||||||
Long-term debt
|
3,621 | 4,025 | 14,404 | 18,314 | ||||||||||||
Trust preferred debentures
|
409 | 1,034 | 2,092 | 4,140 | ||||||||||||
Total interest expense
|
9,399 | 11,850 | 39,721 | 53,210 | ||||||||||||
Net interest income
|
50,499 | 50,499 | 200,276 | 202,528 | ||||||||||||
Provision for loan and lease losses
|
5,576 | 6,687 | 20,737 | 29,809 | ||||||||||||
Net interest income after provision for loan and lease losses
|
44,923 | 43,812 | 179,539 | 172,719 | ||||||||||||
Noninterest income:
|
||||||||||||||||
Trust
|
2,480 | 2,261 | 8,864 | 7,722 | ||||||||||||
Service charges on deposit accounts
|
5,405 | 5,657 | 21,464 | 24,041 | ||||||||||||
ATM and debit card fees
|
2,911 | 2,546 | 11,642 | 10,035 | ||||||||||||
Insurance and other financial services revenue
|
4,918 | 4,327 | 20,843 | 18,867 | ||||||||||||
Net securities gains
|
52 | 2,063 | 150 | 3,274 | ||||||||||||
Bank owned life insurance income
|
716 | 872 | 3,085 | 3,316 | ||||||||||||
Retirement plan administration fees
|
2,184 | 2,759 | 8,918 | 10,356 | ||||||||||||
Other
|
1,464 | 1,751 | 5,345 | 6,277 | ||||||||||||
Total noninterest income
|
20,130 | 22,236 | 80,311 | 83,888 | ||||||||||||
Noninterest expense:
|
||||||||||||||||
Salaries and employee benefits
|
25,105 | 23,200 | 99,212 | 93,718 | ||||||||||||
Office supplies and postage
|
1,655 | 1,564 | 6,073 | 6,102 | ||||||||||||
Occupancy
|
3,967 | 3,823 | 16,363 | 15,350 | ||||||||||||
Equipment
|
2,206 | 2,123 | 8,864 | 8,317 | ||||||||||||
Professional fees and outside services
|
2,552 | 2,489 | 8,921 | 9,032 | ||||||||||||
Data processing and communications
|
3,186 | 2,893 | 12,271 | 12,347 | ||||||||||||
Amortization of intangible assets
|
760 | 744 | 3,046 | 3,072 | ||||||||||||
Loan collection and other real estate owned
|
793 | 761 | 2,631 | 3,036 | ||||||||||||
Advertising
|
1,174 | 1,266 | 3,460 | 3,487 | ||||||||||||
FDIC expenses
|
886 | 1,347 | 4,267 | 6,081 | ||||||||||||
Prepayment penalty on long-term debt
|
- | 3,321 | - | 4,526 | ||||||||||||
Other operating
|
5,128 | 3,719 | 15,568 | 13,223 | ||||||||||||
Total noninterest expense
|
47,412 | 47,250 | 180,676 | 178,291 | ||||||||||||
Income before income taxes
|
17,641 | 18,798 | 79,174 | 78,316 | ||||||||||||
Income taxes
|
3,919 | 4,364 | 21,273 | 20,912 | ||||||||||||
Net income
|
$ | 13,722 | $ | 14,434 | $ | 57,901 | $ | 57,404 | ||||||||
Earnings Per Share:
|
||||||||||||||||
Basic
|
$ | 0.42 | $ | 0.42 | $ | 1.72 | $ | 1.67 | ||||||||
Diluted
|
$ | 0.41 | $ | 0.42 | $ | 1.71 | $ | 1.66 |
NBT Bancorp Inc. and Subsidiaries
|
4Q | 3Q | 2Q | 1Q | 4Q | |||||||||||||||
Quarterly Consolidated Statements of Income (unaudited)
|
2011 | 2011 | 2011 | 2011 | 2010 | |||||||||||||||
(in thousands, except per share data)
|
||||||||||||||||||||
Interest, fee and dividend income:
|
||||||||||||||||||||
Loans and leases
|
$ | 51,393 | $ | 50,991 | $ | 51,126 | $ | 50,860 | $ | 52,933 | ||||||||||
Securities available for sale
|
7,461 | 7,771 | 7,947 | 7,904 | 7,944 | |||||||||||||||
Securities held to maturity
|
661 | 680 | 745 | 800 | 845 | |||||||||||||||
Other
|
383 | 342 | 440 | 493 | 627 | |||||||||||||||
Total interest, fee and dividend income
|
59,898 | 59,784 | 60,258 | 60,057 | 62,349 | |||||||||||||||
Interest expense:
|
||||||||||||||||||||
Deposits
|
5,330 | 5,352 | 6,051 | 6,287 | 6,727 | |||||||||||||||
Short-term borrowings
|
39 | 56 | 52 | 58 | 64 | |||||||||||||||
Long-term debt
|
3,621 | 3,621 | 3,591 | 3,571 | 4,025 | |||||||||||||||
Trust preferred debentures
|
409 | 394 | 400 | 889 | 1,034 | |||||||||||||||
Total interest expense
|
9,399 | 9,423 | 10,094 | 10,805 | 11,850 | |||||||||||||||
Net interest income
|
50,499 | 50,361 | 50,164 | 49,252 | 50,499 | |||||||||||||||
Provision for loan and lease losses
|
5,576 | 5,175 | 6,021 | 3,965 | 6,687 | |||||||||||||||
Net interest income after provision for loan and lease losses
|
44,923 | 45,186 | 44,143 | 45,287 | 43,812 | |||||||||||||||
Noninterest income:
|
||||||||||||||||||||
Trust
|
2,480 | 2,090 | 2,258 | 2,036 | 2,261 | |||||||||||||||
Service charges on deposit accounts
|
5,405 | 5,532 | 5,455 | 5,072 | 5,657 | |||||||||||||||
ATM and debit card fees
|
2,911 | 3,135 | 2,928 | 2,668 | 2,546 | |||||||||||||||
Insurance and other financial services revenue
|
4,918 | 5,127 | 5,025 | 5,773 | 4,327 | |||||||||||||||
Net securities gains
|
52 | 12 | 59 | 27 | 2,063 | |||||||||||||||
Bank owned life insurance income
|
716 | 674 | 660 | 1,035 | 872 | |||||||||||||||
Retirement plan administration fees
|
2,184 | 2,295 | 2,268 | 2,171 | 2,759 | |||||||||||||||
Other
|
1,464 | 1,329 | 1,208 | 1,344 | 1,751 | |||||||||||||||
Total noninterest income
|
20,130 | 20,194 | 19,861 | 20,126 | 22,236 | |||||||||||||||
Noninterest expense:
|
||||||||||||||||||||
Salaries and employee benefits
|
25,105 | 25,068 | 24,035 | 25,004 | 23,200 | |||||||||||||||
Office supplies and postage
|
1,655 | 1,531 | 1,342 | 1,545 | 1,564 | |||||||||||||||
Occupancy
|
3,967 | 3,887 | 3,987 | 4,522 | 3,823 | |||||||||||||||
Equipment
|
2,206 | 2,288 | 2,180 | 2,190 | 2,123 | |||||||||||||||
Professional fees and outside services
|
2,552 | 2,215 | 2,088 | 2,066 | 2,489 | |||||||||||||||
Data processing and communications
|
3,186 | 3,054 | 3,117 | 2,914 | 2,893 | |||||||||||||||
Amortization of intangible assets
|
760 | 782 | 771 | 733 | 744 | |||||||||||||||
Loan collection and other real estate owned
|
793 | 676 | 443 | 719 | 761 | |||||||||||||||
Advertising
|
1,174 | 685 | 1,033 | 568 | 1,266 | |||||||||||||||
FDIC expenses
|
886 | 920 | 965 | 1,496 | 1,347 | |||||||||||||||
Prepayment penalty on long-term debt
|
- | - | - | - | 3,321 | |||||||||||||||
Other operating
|
5,128 | 3,940 | 3,196 | 3,304 | 3,719 | |||||||||||||||
Total noninterest expense
|
47,412 | 45,046 | 43,157 | 45,061 | 47,250 | |||||||||||||||
Income before income taxes
|
17,641 | 20,334 | 20,847 | 20,352 | 18,798 | |||||||||||||||
Income taxes
|
3,919 | 5,117 | 6,192 | 6,045 | 4,364 | |||||||||||||||
Net income
|
$ | 13,722 | $ | 15,217 | $ | 14,655 | $ | 14,307 | $ | 14,434 | ||||||||||
Earnings per share:
|
||||||||||||||||||||
Basic
|
$ | 0.42 | $ | 0.46 | $ | 0.43 | $ | 0.42 | $ | 0.42 | ||||||||||
Diluted
|
$ | 0.41 | $ | 0.45 | $ | 0.43 | $ | 0.41 | $ | 0.42 |
Year ended December 31, | 2011 | 2010 | ||||||||||||||||||||||
Average
|
|
Yield/
|
Average
|
|
Yield/
|
|||||||||||||||||||
(dollars in thousands)
|
Balance
|
Interest
|
Rates
|
Balance
|
Interest
|
Rates
|
||||||||||||||||||
ASSETS
|
||||||||||||||||||||||||
Short-term interest bearing accounts
|
$ | 101,224 | $ | 269 | 0.27 | % | $ | 137,818 | $ | 354 | 0.26 | % | ||||||||||||
Securities available for sale (1)(excluding unrealized gains or losses)
|
1,123,215 | 33,319 | 2.97 | % | 1,088,376 | 38,759 | 3.56 | % | ||||||||||||||||
Securities held to maturity (1)
|
81,558 | 4,350 | 5.33 | % | 128,727 | 6,104 | 4.74 | % | ||||||||||||||||
Investment in FRB and FHLB Banks
|
27,089 | 1,389 | 5.13 | % | 31,850 | 1,821 | 5.72 | % | ||||||||||||||||
Loans and leases (2)
|
3,677,931 | 205,318 | 5.58 | % | 3,629,047 | 214,258 | 5.90 | % | ||||||||||||||||
Total interest earning assets
|
$ | 5,011,017 | $ | 244,645 | 4.88 | % | $ | 5,015,818 | $ | 261,296 | 5.21 | % | ||||||||||||
Other assets
|
434,924 | 438,516 | ||||||||||||||||||||||
Total assets
|
$ | 5,445,941 | $ | 5,454,334 | ||||||||||||||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY
|
||||||||||||||||||||||||
Money market deposit accounts
|
$ | 1,070,003 | 3,592 | 0.34 | % | $ | 1,092,789 | $ | 6,273 | 0.57 | % | |||||||||||||
NOW deposit accounts
|
685,542 | 2,313 | 0.34 | % | 709,920 | 2,938 | 0.41 | % | ||||||||||||||||
Savings deposits
|
602,918 | 635 | 0.11 | % | 552,660 | 797 | 0.14 | % | ||||||||||||||||
Time deposits
|
913,330 | 16,480 | 1.80 | % | 985,504 | 20,346 | 2.06 | % | ||||||||||||||||
Total interest bearing deposits
|
$ | 3,271,793 | $ | 23,020 | 0.70 | % | $ | 3,340,873 | $ | 30,354 | 0.91 | % | ||||||||||||
Short-term borrowings
|
153,965 | 205 | 0.13 | % | 158,280 | 402 | 0.25 | % | ||||||||||||||||
Trust preferred debentures
|
75,422 | 2,092 | 2.77 | % | 75,422 | 4,140 | 5.49 | % | ||||||||||||||||
Long-term debt
|
370,035 | 14,404 | 3.89 | % | 469,509 | 18,314 | 3.90 | % | ||||||||||||||||
Total interest bearing liabilities
|
$ | 3,871,215 | $ | 39,721 | 1.03 | % | $ | 4,044,084 | $ | 53,210 | 1.32 | % | ||||||||||||
Demand deposits
|
966,282 | 805,594 | ||||||||||||||||||||||
Other liabilities
|
69,063 | 79,182 | ||||||||||||||||||||||
Stockholders' equity
|
539,381 | 525,474 | ||||||||||||||||||||||
Total liabilities and stockholders' equity
|
$ | 5,445,941 | $ | 5,454,334 | ||||||||||||||||||||
Net interest income (FTE)
|
204,924 | 208,086 | ||||||||||||||||||||||
Interest rate spread
|
3.85 | % | 3.89 | % | ||||||||||||||||||||
Net interest margin
|
4.09 | % | 4.15 | % | ||||||||||||||||||||
Taxable equivalent adjustment
|
4,648 | 5,558 | ||||||||||||||||||||||
Net interest income
|
$ | 200,276 | $ | 202,528 |
Three Months ended December 31,
|
||||||||||||||||||||||||
|
2011
|
|
|
2010
|
|
|||||||||||||||||||
Average
|
|
Yield/
|
Average
|
|
Yield/
|
|||||||||||||||||||
(dollars in thousands)
|
Balance
|
Interest
|
Rates
|
Balance
|
Interest
|
Rates
|
||||||||||||||||||
ASSETS
|
||||||||||||||||||||||||
Short-term interest bearing accounts
|
$ | 110,871 | $ | 79 | 0.28 | % | $ | 187,099 | $ | 135 | 0.29 | % | ||||||||||||
Securities available for sale (1)(excluding unrealized gains or losses)
|
1,174,960 | 7,988 | 2.70 | % | 1,097,887 | 8,433 | 3.05 | % | ||||||||||||||||
Securities held to maturity (1)
|
72,354 | 997 | 5.47 | % | 100,204 | 1,402 | 5.55 | % | ||||||||||||||||
Investment in FRB and FHLB Banks
|
27,021 | 306 | 4.49 | % | 28,911 | 492 | 6.75 | % | ||||||||||||||||
Loans and leases (2)
|
3,758,834 | 51,640 | 5.45 | % | 3,603,867 | 53,160 | 5.85 | % | ||||||||||||||||
Total interest earning assets
|
$ | 5,144,040 | $ | 61,010 | 4.71 | % | $ | 5,017,968 | $ | 63,622 | 5.03 | % | ||||||||||||
Other assets
|
452,623 | 431,880 | ||||||||||||||||||||||
Total assets
|
$ | 5,596,663 | $ | 5,449,848 | ||||||||||||||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY
|
||||||||||||||||||||||||
Money market deposit accounts
|
$ | 1,067,130 | 655 | 0.24 | % | $ | 1,068,707 | $ | 1,188 | 0.44 | % | |||||||||||||
NOW deposit accounts
|
740,529 | 568 | 0.30 | % | 762,567 | 732 | 0.38 | % | ||||||||||||||||
Savings deposits
|
614,030 | 119 | 0.08 | % | 555,622 | 174 | 0.12 | % | ||||||||||||||||
Time deposits
|
919,766 | 3,988 | 1.72 | % | 947,663 | 4,633 | 1.94 | % | ||||||||||||||||
Total interest bearing deposits
|
$ | 3,341,455 | $ | 5,330 | 0.63 | % | $ | 3,334,559 | $ | 6,727 | 0.80 | % | ||||||||||||
Short-term borrowings
|
154,286 | 39 | 0.10 | % | 164,311 | 64 | 0.16 | % | ||||||||||||||||
Trust preferred debentures
|
75,422 | 409 | 2.15 | % | 75,422 | 1,034 | 5.44 | % | ||||||||||||||||
Long-term debt
|
370,346 | 3,621 | 3.88 | % | 406,857 | 4,025 | 3.93 | % | ||||||||||||||||
Total interest bearing liabilities
|
$ | 3,941,509 | $ | 9,399 | 0.95 | % | $ | 3,981,149 | $ | 11,850 | 1.18 | % | ||||||||||||
Demand deposits
|
1,043,285 | 854,361 | ||||||||||||||||||||||
Other liabilities
|
72,315 | 78,141 | ||||||||||||||||||||||
Stockholders' equity
|
539,554 | 536,197 | ||||||||||||||||||||||
Total liabilities and stockholders' equity
|
$ | 5,596,663 | $ | 5,449,848 | ||||||||||||||||||||
Net interest income (FTE)
|
51,611 | 51,772 | ||||||||||||||||||||||
Interest rate spread
|
3.76 | % | 3.85 | % | ||||||||||||||||||||
Net interest margin
|
3.98 | % | 4.09 | % | ||||||||||||||||||||
Taxable equivalent adjustment
|
1,112 | 1,273 | ||||||||||||||||||||||
Net interest income
|
$ | 50,499 | $ | 50,499 |
(In thousands)
|
December 31,
2011 |
December 31,
2010 |
||||||
Residential real estate mortgages
|
$ | 581,511 | $ | 548,394 | ||||
Commercial
|
611,298 | 577,731 | ||||||
Commercial real estate mortgages
|
888,879 | 844,458 | ||||||
Real estate construction and development
|
93,977 | 45,444 | ||||||
Agricultural and agricultural real estate mortgages
|
108,423 | 112,738 | ||||||
Consumer
|
946,470 | 905,563 | ||||||
Home equity
|
569,645 | 575,678 | ||||||
Total loans and leases
|
$ | 3,800,203 | $ | 3,610,006 |