x | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
o | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
DELAWARE
|
|
16-1268674
|
(State of Incorporation)
|
|
(I.R.S. Employer Identification No.)
|
Large accelerated filer x
|
Accelerated filer o
|
Non-accelerated filer o
|
Smaller reporting company o
|
PART I
|
FINANCIAL INFORMATION
|
|
|
|
|
Item 1
|
3
|
|
|
|
|
|
3
|
|
|
|
|
|
4
|
|
|
|
|
|
5
|
|
|
|
|
|
5
|
|
|
|
|
|
6
|
|
|
|
|
|
8
|
|
|
|
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Item 2
|
41
|
|
|
|
|
Item 3
|
62
|
|
|
|
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Item 4
|
62
|
|
|
|
|
PART II
|
OTHER INFORMATION
|
|
|
|
|
Item 1
|
63
|
|
Item 1A
|
63
|
|
Item 2
|
63
|
|
Item 3
|
63
|
|
Item 4
|
63
|
|
Item 5
|
63
|
|
Item 6
|
64
|
|
|
|
|
65
|
||
|
|
|
66
|
NBT Bancorp Inc. and Subsidiaries
|
||||||||
|
|
|||||||
|
September 30,
|
December 31,
|
||||||
(In thousands, except share and per share data)
|
2013
|
2012
|
||||||
|
||||||||
Assets
|
||||||||
Cash and due from banks
|
$
|
205,884
|
$
|
157,094
|
||||
Short-term interest bearing accounts
|
2,358
|
6,574
|
||||||
Securities available for sale, at fair value
|
1,385,734
|
1,147,999
|
||||||
Securities held to maturity (fair value $115,620 and $61,535, respectively)
|
118,259
|
60,563
|
||||||
Trading securities
|
5,285
|
3,918
|
||||||
Federal Reserve and Federal Home Loan Bank stock
|
43,490
|
29,920
|
||||||
Loans
|
5,367,231
|
4,277,616
|
||||||
Less allowance for loan losses
|
70,184
|
69,334
|
||||||
Net loans
|
5,297,047
|
4,208,282
|
||||||
Premises and equipment, net
|
86,891
|
77,875
|
||||||
Goodwill
|
265,052
|
152,373
|
||||||
Intangible assets, net
|
26,857
|
16,962
|
||||||
Bank owned life insurance
|
113,821
|
80,702
|
||||||
Other assets
|
118,225
|
99,997
|
||||||
Total assets
|
$
|
7,668,903
|
$
|
6,042,259
|
||||
Liabilities
|
||||||||
Demand (noninterest bearing)
|
$
|
1,595,571
|
$
|
1,242,712
|
||||
Savings, NOW, and money market
|
3,343,837
|
2,558,376
|
||||||
Time
|
1,063,730
|
983,261
|
||||||
Total deposits
|
6,003,138
|
4,784,349
|
||||||
Short-term borrowings
|
373,234
|
162,941
|
||||||
Long-term debt
|
309,009
|
367,492
|
||||||
Junior subordinated debt
|
101,196
|
75,422
|
||||||
Other liabilities
|
86,767
|
69,782
|
||||||
Total liabilities
|
6,873,344
|
5,459,986
|
||||||
Stockholders’ equity
|
||||||||
Preferred stock, $0.01 par value. Authorized 2,500,000 shares at September 30, 2013 and December 31, 2012
|
-
|
-
|
||||||
Common stock, $0.01 par value. Authorized 100,000,000 shares at September 30, 2013 and December 31, 2012; issued 49,651,494at September 30, 2013 and 39,305,131 at December 31, 2012
|
497
|
393
|
||||||
Additional paid-in-capital
|
573,241
|
346,692
|
||||||
Retained earnings
|
377,046
|
357,558
|
||||||
Accumulated other comprehensive loss
|
(23,120
|
)
|
(5,880
|
)
|
||||
Common stock in treasury, at cost, 6,377,701 and 5,529,781 shares at September 30, 2013 and December 31, 2012, respectively
|
(132,105
|
)
|
(116,490
|
)
|
||||
Total stockholders’ equity
|
795,559
|
582,273
|
||||||
Total liabilities and stockholders’ equity
|
$
|
7,668,903
|
$
|
6,042,259
|
NBT Bancorp Inc. and Subsidiaries
|
Three months ended September 30,
|
Nine months ended September 30,
|
||||||||||||||
2013
|
2012
|
2013
|
2012
|
|||||||||||||
(In thousands, except per share data)
|
||||||||||||||||
Interest, fee, and dividend income
|
||||||||||||||||
Interest and fees on loans
|
$
|
61,773
|
$
|
53,817
|
$
|
177,499
|
$
|
154,534
|
||||||||
Securities available for sale
|
6,520
|
6,550
|
18,803
|
21,024
|
||||||||||||
Securities held to maturity
|
804
|
572
|
1,877
|
1,829
|
||||||||||||
Other
|
472
|
348
|
1,363
|
1,153
|
||||||||||||
Total interest, fee, and dividend income
|
69,569
|
61,287
|
199,542
|
178,540
|
||||||||||||
Interest expense
|
||||||||||||||||
Deposits
|
3,999
|
4,544
|
12,445
|
14,521
|
||||||||||||
Short-term borrowings
|
232
|
60
|
341
|
149
|
||||||||||||
Long-term debt
|
2,561
|
3,640
|
9,196
|
10,801
|
||||||||||||
Trust preferred debentures
|
551
|
436
|
1,539
|
1,319
|
||||||||||||
Total interest expense
|
7,343
|
8,680
|
23,521
|
26,790
|
||||||||||||
Net interest income
|
62,226
|
52,607
|
176,021
|
151,750
|
||||||||||||
Provision for loan losses
|
5,198
|
4,755
|
17,258
|
13,329
|
||||||||||||
Net interest income after provision for loan losses
|
57,028
|
47,852
|
158,763
|
138,421
|
||||||||||||
Noninterest income
|
||||||||||||||||
Insurance and other financial services revenue
|
6,038
|
5,591
|
18,686
|
17,024
|
||||||||||||
Service charges on deposit accounts
|
5,055
|
4,626
|
14,311
|
13,538
|
||||||||||||
ATM and debit card fees
|
4,276
|
3,378
|
11,562
|
9,403
|
||||||||||||
Retirement plan administration fees
|
3,062
|
2,718
|
8,701
|
7,462
|
||||||||||||
Trust
|
4,345
|
2,242
|
11,957
|
6,683
|
||||||||||||
Bank owned life insurance
|
913
|
639
|
2,648
|
2,228
|
||||||||||||
Net securities gains
|
329
|
26
|
1,413
|
578
|
||||||||||||
Other
|
3,129
|
2,407
|
8,635
|
8,449
|
||||||||||||
Total noninterest income
|
27,147
|
21,627
|
77,913
|
65,365
|
||||||||||||
Noninterest expense
|
||||||||||||||||
Salaries and employee benefits
|
29,267
|
26,641
|
85,474
|
78,358
|
||||||||||||
Occupancy
|
5,262
|
4,437
|
15,458
|
13,150
|
||||||||||||
Data processing and communications
|
4,059
|
3,352
|
11,368
|
10,041
|
||||||||||||
Professional fees and outside services
|
3,202
|
2,735
|
9,340
|
7,848
|
||||||||||||
Equipment
|
2,988
|
2,435
|
8,480
|
7,224
|
||||||||||||
Office supplies and postage
|
1,640
|
1,597
|
4,886
|
4,842
|
||||||||||||
FDIC expenses
|
1,285
|
939
|
3,688
|
2,812
|
||||||||||||
Advertising
|
722
|
701
|
2,445
|
2,308
|
||||||||||||
Amortization of intangible assets
|
1,346
|
870
|
3,548
|
2,530
|
||||||||||||
Loan collection and other real estate owned
|
886
|
614
|
2,025
|
2,051
|
||||||||||||
Merger expenses
|
326
|
558
|
12,276
|
1,895
|
||||||||||||
Other
|
5,303
|
4,552
|
14,453
|
12,236
|
||||||||||||
Total noninterest expense
|
56,286
|
49,431
|
173,441
|
145,295
|
||||||||||||
Income before income tax expense
|
27,889
|
20,048
|
63,235
|
58,491
|
||||||||||||
Income tax expense
|
8,632
|
5,513
|
19,413
|
17,049
|
||||||||||||
Net income
|
$
|
19,257
|
$
|
14,535
|
$
|
43,822
|
$
|
41,442
|
||||||||
Earnings per share
|
||||||||||||||||
Basic
|
$
|
0.44
|
$
|
0.43
|
$
|
1.06
|
$
|
1.24
|
||||||||
Diluted
|
$
|
0.44
|
$
|
0.43
|
$
|
1.05
|
$
|
1.23
|
|
Three months ended September 30,
|
Nine months ended September 30,
|
||||||||||||||
2013
|
2012
|
2013
|
2012
|
|||||||||||||
(In thousands)
|
|
|
|
|
||||||||||||
Net income
|
$
|
19,257
|
$
|
14,535
|
$
|
43,822
|
$
|
41,442
|
||||||||
Other comprehensive income, net of tax
|
||||||||||||||||
Unrealized net holding (losses) gains arising during the period (pre-tax amounts of ($6,927), $1,463, (33,391) and $1,798)
|
(4,184
|
)
|
878
|
(20,167
|
)
|
1,079
|
||||||||||
Reclassification adjustment for net gains related to securities available for sale included in net income (pre-tax amounts of $329, $26, $1,413 and $578)
|
(197
|
)
|
(16
|
)
|
(848
|
)
|
(347
|
)
|
||||||||
Pension and other benefits:
|
||||||||||||||||
Amortization of prior service cost and actuarial gains (pre-tax amounts of $709, $989, $2,244 and $2,702)
|
426
|
599
|
1,354
|
1,626
|
||||||||||||
Increase in unrecognized actuarial gains (pre-tax amounts of $4,036, $0, $4,036 and $0)
|
2,421
|
-
|
2,421
|
-
|
||||||||||||
Total other comprehensive (loss) income
|
(1,534
|
)
|
1,461
|
(17,240
|
)
|
2,358
|
||||||||||
Comprehensive income
|
$
|
17,723
|
$
|
15,996
|
$
|
26,582
|
$
|
43,800
|
|
Accumulated
|
|||||||||||||||||||||||
|
Additional
|
Other
|
Common
|
|||||||||||||||||||||
|
Common
|
Paid-in-
|
Retained
|
Comprehensive
|
Stock
|
|||||||||||||||||||
|
Stock
|
Capital
|
Earnings
|
Income (Loss)
|
in Treasury
|
Total
|
||||||||||||||||||
(in thousands, except share and per share data)
|
||||||||||||||||||||||||
Balance at December 31, 2011
|
$
|
380
|
$
|
317,329
|
$
|
329,981
|
$
|
(6,104
|
)
|
$
|
(103,476
|
)
|
$
|
538,110
|
||||||||||
Net income
|
-
|
-
|
41,442
|
-
|
-
|
41,442
|
||||||||||||||||||
Cash dividends - $0.60 per share
|
-
|
-
|
(19,966
|
)
|
-
|
-
|
(19,966
|
)
|
||||||||||||||||
Purchase of 769,568 treasury shares
|
-
|
-
|
-
|
-
|
(15,490
|
)
|
(15,490
|
)
|
||||||||||||||||
Net issuance of 1,269,592 shares for acquisition
|
13
|
25,811
|
-
|
-
|
-
|
25,824
|
||||||||||||||||||
|
||||||||||||||||||||||||
Net issuance of 85,943 shares to employee benefit plans and other stock plans, including tax benefit
|
-
|
(764
|
)
|
(196
|
)
|
-
|
1,785
|
825
|
||||||||||||||||
Stock-based compensation
|
-
|
3,558
|
-
|
-
|
-
|
3,558
|
||||||||||||||||||
Other comprehensive income
|
-
|
-
|
-
|
2,358
|
-
|
2,358
|
||||||||||||||||||
Balance at September 30, 2012
|
$
|
393
|
$
|
345,934
|
$
|
351,261
|
$
|
(3,746
|
)
|
$
|
(117,181
|
)
|
$
|
576,661
|
||||||||||
|
||||||||||||||||||||||||
Balance at December 31, 2012
|
$
|
393
|
$
|
346,692
|
$
|
357,558
|
$
|
(5,880
|
)
|
$
|
(116,490
|
)
|
$
|
582,273
|
||||||||||
Net income
|
-
|
-
|
43,822
|
-
|
-
|
43,822
|
||||||||||||||||||
Cash dividends - $0.60 per share
|
-
|
-
|
(24,334
|
)
|
-
|
-
|
(24,334
|
)
|
||||||||||||||||
Purchase of 584,925 treasury shares
|
-
|
-
|
-
|
-
|
(12,459
|
)
|
(12,459
|
)
|
||||||||||||||||
Issuance of 10,346,363 shares, net of 408,957 treasury shares, for acquisition
|
104
|
225,447
|
-
|
-
|
(5,779
|
)
|
219,772
|
|||||||||||||||||
|
||||||||||||||||||||||||
Net issuance of 145,962 shares to employee benefit plans and other stock plans, including tax benefit
|
-
|
(2,469
|
)
|
-
|
-
|
2,623
|
154
|
|||||||||||||||||
Stock-based compensation
|
-
|
3,571
|
-
|
-
|
-
|
3,571
|
||||||||||||||||||
Other comprehensive loss
|
-
|
-
|
-
|
(17,240
|
)
|
-
|
(17,240
|
)
|
||||||||||||||||
Balance at September 30, 2013
|
$
|
497
|
$
|
573,241
|
$
|
377,046
|
$
|
(23,120
|
)
|
$
|
(132,105
|
)
|
$
|
795,559
|
NBT Bancorp Inc. and Subsidiaries
|
Nine Months Ended September 30,
|
|||||||
2013
|
2012
|
|||||||
(In thousands, except per share data)
|
||||||||
Operating activities
|
||||||||
Net income
|
$
|
43,822
|
$
|
41,442
|
||||
Adjustments to reconcile net income to net cash provided by operating activities
|
||||||||
Provision for loan losses
|
17,258
|
13,329
|
||||||
Depreciation and amortization of premises and equipment
|
5,885
|
4,636
|
||||||
Net accretion on securities
|
4,082
|
1,766
|
||||||
Amortization of intangible assets
|
3,548
|
2,530
|
||||||
Stock based compensation
|
3,571
|
3,558
|
||||||
Bank owned life insurance income
|
(2,648
|
)
|
(2,228
|
)
|
||||
Purchases of trading securities
|
(1,022
|
)
|
(705
|
)
|
||||
Unrealized gains in trading securities
|
(345
|
)
|
(84
|
)
|
||||
Deferred income tax expense (benefit)
|
1,126
|
(2,735
|
)
|
|||||
Proceeds from sales of loans held for sale
|
59,231
|
37,922
|
||||||
Originations of loans held for sale
|
(65,722
|
)
|
(47,263
|
)
|
||||
Net gains on sales of loans held for sale
|
(1,168
|
)
|
(1,352
|
)
|
||||
Net security gains
|
(1,413
|
)
|
(578
|
)
|
||||
Net gain on sales of other real estate owned
|
(654
|
)
|
(602
|
)
|
||||
Net decrease in other assets
|
12,016
|
9,316
|
||||||
Net increase (decrease) in other liabilities
|
8,694
|
(1,213
|
)
|
|||||
Net cash provided by operating activities
|
86,261
|
57,739
|
||||||
Investing activities
|
||||||||
Net cash provided by acquisitions
|
80,909
|
53,121
|
||||||
Securities available for sale:
|
||||||||
Proceeds from maturities, calls, and principal paydowns
|
314,104
|
381,160
|
||||||
Proceeds from sales
|
27,593
|
1,791
|
||||||
Purchases
|
(303,497
|
)
|
(329,378
|
)
|
||||
Securities held to maturity:
|
||||||||
Proceeds from maturities, calls, and principal paydowns
|
24,582
|
24,428
|
||||||
Purchases
|
(75,808
|
)
|
(14,959
|
)
|
||||
Net increase in loans
|
(198,057
|
)
|
(234,330
|
)
|
||||
Net increase in Federal Reserve and FHLB stock
|
(5,584
|
)
|
(672
|
)
|
||||
Purchases of premises and equipment
|
(3,409
|
)
|
(4,805
|
)
|
||||
Proceeds from sales of other real estate owned
|
3,470
|
2,411
|
||||||
Net cash used in investing activities
|
(135,697
|
)
|
(121,233
|
)
|
||||
Financing activities
|
||||||||
Net increase in deposits
|
105,369
|
156,761
|
||||||
Net increase (decrease) in short-term borrowings
|
188,689
|
(44,227
|
)
|
|||||
Repayments of long-term debt
|
(163,409
|
)
|
(3,350
|
)
|
||||
Proceeds from the issuance of shares to employee benefit plans and other stock plans
|
154
|
825
|
||||||
Purchase of treasury stock
|
(12,459
|
)
|
(15,490
|
)
|
||||
Cash dividends
|
(24,334
|
)
|
(19,966
|
)
|
||||
Net cash provided by financing activities
|
94,010
|
74,553
|
||||||
Net increase in cash and cash equivalents
|
44,574
|
11,059
|
||||||
Cash and cash equivalents at beginning of period
|
163,668
|
129,381
|
||||||
Cash and cash equivalents at end of period
|
$
|
208,242
|
$
|
140,440
|
Supplemental disclosure of cash flow information
|
Nine Months Ended September 30,
|
|||||||
Cash paid during the period for:
|
2013
|
2012
|
||||||
Interest
|
$
|
24,335
|
$
|
26,951
|
||||
Income taxes paid
|
12,885
|
18,457
|
||||||
Acquisitions:
|
||||||||
Fair value of assets acquired
|
$
|
1,504,415
|
$
|
257,865
|
||||
Fair value of liabilities assumed
|
1,284,632
|
285,012
|
||||||
Fair value of debt issued in asset purchase
|
-
|
150
|
Note 1.
|
Description of Business
|
Note 2.
|
Basis of Presentation
|
Note 3.
|
Acquisitions
|
Consideration paid:
|
||||
NBT Bancorp common stock issued to Alliance common shareholders
|
$
|
225,551
|
||
Cash in lieu of fractional shares paid to Alliance common shareholders
|
11
|
|||
Less treasury shares
|
5,779
|
|||
|
||||
Net consideration paid
|
$
|
219,783
|
||
|
||||
Recognized Amounts of Identifiable Assets Acquired and (Liabilities Assumed) At Fair Value:
|
||||
Cash and short term investments
|
$
|
81,060
|
||
Securities
|
320,618
|
|||
Loans
|
904,473
|
|||
Intangible assets
|
13,161
|
|||
Other assets
|
71,589
|
|||
Deposits
|
(1,113,420
|
)
|
||
Borrowings
|
(126,530
|
)
|
||
Trust preferred debentures
|
(25,774
|
)
|
||
Other liabilities
|
(18,908
|
)
|
||
Total identifiable net assets
|
$
|
106,269
|
||
|
||||
Goodwill
|
$
|
113,514
|
Contractually required principal and interest at acquisition
|
$
|
908,614
|
||
Contractual cash flows not expected to be collected
|
(15,466
|
)
|
||
Expected cash flows at acquisition
|
893,148
|
|||
Interest component of expected cash flows (accretable premium)
|
11,325
|
|||
Fair value of acquired loans
|
$
|
904,473
|
Balance at January 1, 2013
|
$
|
-
|
||
Alliance acquisition
|
11,325
|
|||
Accretion recognized to date
|
(1,950
|
)
|
||
Balance at September 30, 2013
|
$
|
9,375
|
|
Pro forma
|
|||||||
|
Nine months ended September 30,
|
|||||||
|
2013
|
2012
|
||||||
|
||||||||
Net interest income
|
$
|
182,610
|
$
|
182,081
|
||||
Noninterest income
|
82,592
|
78,950
|
||||||
Net income
|
52,933
|
48,609
|
Note 4.
|
Commitments and Contingencies
|
Note 5.
|
Allowance for Loan Losses and Credit Quality of Loans
|
Portfolio
|
Class
|
Commercial Loans
|
Commercial
|
|
Commercial Real Estate
|
|
Agricultural
|
|
Agricultural Real Estate
|
|
Business Banking
|
|
|
Consumer Loans
|
Indirect
|
|
Home Equity
|
|
Direct
|
|
|
Residential Real Estate Mortgages
|
|
|
Residential
|
|||||||||||||||||||
Three months ended September 30
|
Commercial
|
Consumer
|
Real Estate
|
|||||||||||||||||
|
Loans
|
Loans
|
Mortgages
|
Unallocated
|
Total
|
|||||||||||||||
Balance as of June 30, 2013
|
$
|
37,704
|
$
|
26,456
|
$
|
6,806
|
$
|
218
|
$
|
71,184
|
||||||||||
Charge-offs
|
(3,489
|
)
|
(3,746
|
)
|
(374
|
)
|
-
|
(7,609
|
)
|
|||||||||||
Recoveries
|
602
|
733
|
76
|
-
|
1,411
|
|||||||||||||||
Provision
|
980
|
3,744
|
402
|
72
|
5,198
|
|||||||||||||||
Ending Balance as of September 30, 2013
|
$
|
35,797
|
$
|
27,187
|
$
|
6,910
|
$
|
290
|
$
|
70,184
|
||||||||||
|
||||||||||||||||||||
Balance as of June 30, 2012
|
$
|
37,495
|
$
|
27,235
|
$
|
5,943
|
$
|
61
|
$
|
70,734
|
||||||||||
Charge-offs
|
(1,904
|
)
|
(3,446
|
)
|
(480
|
)
|
-
|
(5,830
|
)
|
|||||||||||
Recoveries
|
492
|
574
|
9
|
-
|
1,075
|
|||||||||||||||
Provision
|
1,734
|
2,213
|
809
|
(1
|
)
|
4,755
|
||||||||||||||
Ending Balance as of September 30, 2012
|
$
|
37,817
|
$
|
26,576
|
$
|
6,281
|
$
|
60
|
$
|
70,734
|
||||||||||
|
||||||||||||||||||||
|
Residential
|
|||||||||||||||||||
Nine months ended September 30
|
Commercial
|
Consumer
|
Real Estate
|
|||||||||||||||||
|
Loans
|
Loans
|
Mortgages
|
Unallocated
|
Total
|
|||||||||||||||
Balance as of December 31, 2012
|
$
|
35,624
|
$
|
27,162
|
$
|
6,252
|
$
|
296
|
$
|
69,334
|
||||||||||
Charge-offs
|
(8,009
|
)
|
(11,122
|
)
|
(1,347
|
)
|
-
|
(20,478
|
)
|
|||||||||||
Recoveries
|
1,485
|
2,363
|
179
|
43
|
4,070
|
|||||||||||||||
Provision
|
6,697
|
8,784
|
1,826
|
(49
|
)
|
17,258
|
||||||||||||||
Ending Balance as of September 30, 2013
|
$
|
35,797
|
$
|
27,187
|
$
|
6,910
|
$
|
290
|
$
|
70,184
|
||||||||||
|
||||||||||||||||||||
Balance as of December 31, 2011
|
$
|
38,831
|
$
|
26,049
|
$
|
6,249
|
$
|
205
|
$
|
71,334
|
||||||||||
Charge-offs
|
(4,685
|
)
|
(11,237
|
)
|
(1,130
|
)
|
-
|
(17,052
|
)
|
|||||||||||
Recoveries
|
1,180
|
1,918
|
25
|
-
|
3,123
|
|||||||||||||||
Provision
|
2,491
|
9,846
|
1,137
|
(145
|
)
|
13,329
|
||||||||||||||
Ending Balance as of September 30, 2012
|
$
|
37,817
|
$
|
26,576
|
$
|
6,281
|
$
|
60
|
$
|
70,734
|
Allowance for Loan Losses and Recorded Investment in Loans
|
||||||||||||||||||||
(in thousands)
|
||||||||||||||||||||
|
||||||||||||||||||||
|
Residential
|
|||||||||||||||||||
|
Commercial
|
Consumer
|
Real Estate
|
|||||||||||||||||
|
Loans
|
Loans
|
Mortgages
|
Unallocated
|
Total
|
|||||||||||||||
As of September 30, 2013
|
||||||||||||||||||||
Allowance for loan losses
|
$
|
35,797
|
$
|
27,187
|
$
|
6,910
|
$
|
290
|
$
|
70,184
|
||||||||||
|
||||||||||||||||||||
Allowance for loans individually evaluated for impairment
|
$
|
1,100
|
$
|
-
|
$
|
-
|
$
|
1,100
|
||||||||||||
|
||||||||||||||||||||
Allowance for loans collectively evaluated for impairment
|
$
|
34,697
|
$
|
27,187
|
$
|
6,910
|
$
|
290
|
$
|
69,084
|
||||||||||
|
||||||||||||||||||||
Ending balance of loans
|
$
|
2,378,848
|
$
|
1,960,225
|
$
|
1,028,158
|
$
|
5,367,231
|
||||||||||||
|
||||||||||||||||||||
Ending balance of loans individually evaluated for impairment
|
$
|
15,323
|
$
|
-
|
$
|
-
|
$
|
15,323
|
||||||||||||
Ending balance of acquired loans
|
$
|
432,806
|
$
|
243,469
|
$
|
325,491
|
$
|
1,001,766
|
||||||||||||
Ending balance of loans collectively evaluated for impairment
|
$
|
1,930,719
|
$
|
1,716,756
|
$
|
702,667
|
$
|
4,350,142
|
||||||||||||
|
||||||||||||||||||||
As of December 31, 2012
|
||||||||||||||||||||
Allowance for loan losses
|
$
|
35,624
|
$
|
27,162
|
$
|
6,252
|
$
|
296
|
$
|
69,334
|
||||||||||
|
||||||||||||||||||||
Allowance for loans individually evaluated for impairment
|
$
|
2,848
|
$
|
-
|
$
|
-
|
$
|
2,848
|
||||||||||||
|
||||||||||||||||||||
Allowance for loans collectively evaluated for impairment
|
$
|
32,776
|
$
|
27,162
|
$
|
6,252
|
$
|
296
|
$
|
66,486
|
||||||||||
|
||||||||||||||||||||
Ending balance of loans
|
$
|
2,003,371
|
$
|
1,623,138
|
$
|
651,107
|
$
|
4,277,616
|
||||||||||||
|
||||||||||||||||||||
Ending balance of loans individually evaluated for impairment
|
$
|
11,972
|
$
|
-
|
$
|
-
|
$
|
11,972
|
||||||||||||
|
||||||||||||||||||||
Ending balance of loans collectively evaluated for impairment
|
$
|
1,991,399
|
$
|
1,623,138
|
$
|
651,107
|
$
|
4,265,644
|
(In thousands)
|
September 30, 2013
|
December 31, 2012
|
||||||
ORIGINATED
|
||||||||
Commercial Loans
|
||||||||
Commercial
|
$
|
4,409
|
$
|
4,985
|
||||
Commercial Real Estate
|
8,642
|
7,977
|
||||||
Agricultural
|
1,076
|
699
|
||||||
Agricultural Real Estate
|
868
|
1,038
|
||||||
Business Banking
|
4,949
|
6,738
|
||||||
|
19,944
|
21,437
|
||||||
|
||||||||
Consumer Loans
|
||||||||
Indirect
|
1,440
|
1,557
|
||||||
Home Equity
|
5,965
|
7,247
|
||||||
Direct
|
92
|
266
|
||||||
|
7,497
|
9,070
|
||||||
|
||||||||
Residential Real Estate Mortgages
|
6,666
|
9,169
|
||||||
|
||||||||
|
$
|
34,107
|
$
|
39,676
|
||||
|
||||||||
ACQUIRED
|
||||||||
Commercial Loans
|
||||||||
Commercial
|
$
|
102
|
||||||
Commercial Real Estate
|
1,329
|
|||||||
Business Banking
|
1,338
|
|||||||
|
2,769
|
|||||||
|
||||||||
Consumer Loans
|
||||||||
Indirect
|
258
|
|||||||
Home Equity
|
353
|
|||||||
Direct
|
71
|
|||||||
|
682
|
|||||||
|
||||||||
Residential Real Estate Mortgages
|
3,860
|
|||||||
|
||||||||
|
$
|
7,311
|
||||||
|
||||||||
Total nonaccrual loans
|
$
|
41,418
|
$
|
39,676
|
Age Analysis of Past Due Financing Receivables
|
||||||||||||||||||||||||||||
As of September 30, 2013
|
||||||||||||||||||||||||||||
(in thousands)
|
||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||
|
Greater Than
|
|||||||||||||||||||||||||||
|
31-60 Days
|
61-90 Days
|
90 Days
|
Total
|
Recorded
|
|||||||||||||||||||||||
|
Past Due
|
Past Due
|
Past Due
|
Past Due
|
Total
|
|||||||||||||||||||||||
|
Accruing
|
Accruing
|
Accruing
|
Accruing
|
Non-Accrual
|
Current
|
Loans
|
|||||||||||||||||||||
ORIGINATED
|
||||||||||||||||||||||||||||
Commercial Loans
|
||||||||||||||||||||||||||||
Commercial
|
$
|
76
|
$
|
1,031
|
$
|
-
|
$
|
1,107
|
$
|
4,409
|
$
|
589,008
|
$
|
594,524
|
||||||||||||||
Commercial Real Estate
|
478
|
-
|
-
|
478
|
8,642
|
910,134
|
919,254
|
|||||||||||||||||||||
Agricultural
|
140
|
-
|
-
|
140
|
1,076
|
63,576
|
64,792
|
|||||||||||||||||||||
Agricultural Real Estate
|
-
|
-
|
-
|
-
|
868
|
34,071
|
34,939
|
|||||||||||||||||||||
Business Banking
|
1,900
|
675
|
-
|
2,575
|
4,949
|
325,009
|
332,533
|
|||||||||||||||||||||
|
2,594
|
1,706
|
-
|
4,300
|
19,944
|
1,921,798
|
1,946,042
|
|||||||||||||||||||||
|
||||||||||||||||||||||||||||
Consumer Loans
|
||||||||||||||||||||||||||||
Indirect
|
10,530
|
2,331
|
1,229
|
14,090
|
1,440
|
1,098,286
|
1,113,816
|
|||||||||||||||||||||
Home Equity
|
6,513
|
1,648
|
768
|
8,929
|
5,965
|
527,428
|
542,322
|
|||||||||||||||||||||
Direct
|
625
|
156
|
107
|
888
|
92
|
59,638
|
60,618
|
|||||||||||||||||||||
|
17,668
|
4,135
|
2,104
|
23,907
|
7,497
|
1,685,352
|
1,716,756
|
|||||||||||||||||||||
Residential Real Estate Mortgages
|
2,955
|
172
|
994
|
4,121
|
6,666
|
691,880
|
702,667
|
|||||||||||||||||||||
|
$
|
23,217
|
$
|
6,013
|
$
|
3,098
|
$
|
32,328
|
$
|
34,107
|
$
|
4,299,030
|
$
|
4,365,465
|
||||||||||||||
|
||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||
ACQUIRED
|
||||||||||||||||||||||||||||
Commercial Loans
|
||||||||||||||||||||||||||||
Commercial
|
$
|
70
|
$
|
-
|
$
|
-
|
$
|
70
|
$
|
102
|
$
|
114,202
|
$
|
114,374
|
||||||||||||||
Commercial Real Estate
|
232
|
-
|
-
|
232
|
1,329
|
243,233
|
244,794
|
|||||||||||||||||||||
Business Banking
|
246
|
-
|
-
|
246
|
1,338
|
72,054
|
73,638
|
|||||||||||||||||||||
|
548
|
-
|
-
|
548
|
2,769
|
429,489
|
432,806
|
|||||||||||||||||||||
|
||||||||||||||||||||||||||||
Consumer Loans
|
||||||||||||||||||||||||||||
Indirect
|
526
|
116
|
32
|
674
|
258
|
143,588
|
144,520
|
|||||||||||||||||||||
Home Equity
|
750
|
-
|
154
|
904
|
353
|
89,443
|
90,700
|
|||||||||||||||||||||
Direct
|
113
|
16
|
2
|
131
|
71
|
8,047
|
8,249
|
|||||||||||||||||||||
|
1,389
|
132
|
188
|
1,709
|
682
|
241,078
|
243,469
|
|||||||||||||||||||||
Residential Real Estate Mortgages
|
2,479
|
317
|
-
|
2,796
|
3,860
|
318,835
|
325,491
|
|||||||||||||||||||||
|
$
|
4,416
|
$
|
449
|
$
|
188
|
$
|
5,053
|
$
|
7,311
|
$
|
989,402
|
$
|
1,001,766
|
||||||||||||||
Total Loans
|
$
|
27,633
|
$
|
6,462
|
$
|
3,286
|
$
|
37,381
|
$
|
41,418
|
$
|
5,288,432
|
$
|
5,367,231
|
As of December 31, 2012
|
||||||||||||||||||||||||||||
(in thousands)
|
||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||
|
Greater Than
|
|||||||||||||||||||||||||||
|
31-60 Days
|
61-90 Days
|
90 Days
|
Total
|
Recorded
|
|||||||||||||||||||||||
|
Past Due
|
Past Due
|
Past Due
|
Past Due
|
Total
|
|||||||||||||||||||||||
|
Accruing
|
Accruing
|
Accruing
|
Accruing
|
Non-Accrual
|
Current
|
Loans
|
|||||||||||||||||||||
Commercial Loans
|
||||||||||||||||||||||||||||
Commercial
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
4,985
|
$
|
556,496
|
$
|
561,481
|
||||||||||||||
Commercial Real Estate
|
126
|
-
|
-
|
126
|
7,977
|
966,692
|
974,795
|
|||||||||||||||||||||
Agricultural
|
22
|
-
|
-
|
22
|
699
|
63,037
|
63,758
|
|||||||||||||||||||||
Agricultural Real Estate
|
108
|
-
|
103
|
211
|
1,038
|
36,128
|
37,377
|
|||||||||||||||||||||
Business Banking
|
3,019
|
708
|
45
|
3,772
|
6,738
|
355,450
|
365,960
|
|||||||||||||||||||||
|
3,275
|
708
|
148
|
4,131
|
21,437
|
1,977,803
|
2,003,371
|
|||||||||||||||||||||
|
||||||||||||||||||||||||||||
Consumer Loans
|
||||||||||||||||||||||||||||
Indirect
|
10,956
|
2,477
|
1,205
|
14,638
|
1,557
|
964,802
|
980,997
|
|||||||||||||||||||||
Home Equity
|
6,065
|
1,223
|
681
|
7,969
|
7,247
|
560,066
|
575,282
|
|||||||||||||||||||||
Direct
|
717
|
144
|
84
|
945
|
266
|
65,648
|
66,859
|
|||||||||||||||||||||
|
17,738
|
3,844
|
1,970
|
23,552
|
9,070
|
1,590,516
|
1,623,138
|
|||||||||||||||||||||
Residential Real Estate Mortgages
|
1,839
|
725
|
330
|
2,894
|
9,169
|
639,044
|
651,107
|
|||||||||||||||||||||
|
$
|
22,852
|
$
|
5,277
|
$
|
2,448
|
$
|
30,577
|
$
|
39,676
|
$
|
4,207,363
|
$
|
4,277,616
|
|
September 30, 2013
|
December 31, 2012
|
||||||||||||||||||||||
|
Recorded
|
Unpaid
|
Recorded
|
Unpaid
|
||||||||||||||||||||
|
Investment
|
Principal
|
Investment
|
Principal
|
||||||||||||||||||||
|
Balance
|
Balance
|
Related
|
Balance
|
Balance
|
Related
|
||||||||||||||||||
(in thousands)
|
(Book)
|
(Legal)
|
Allowance
|
(Book)
|
(Legal)
|
Allowance
|
||||||||||||||||||
With no related allowance recorded:
|
||||||||||||||||||||||||
Commercial Loans
|
||||||||||||||||||||||||
Commercial
|
$
|
5,507
|
$
|
5,549
|
$
|
1,651
|
$
|
1,710
|
||||||||||||||||
Commercial Real Estate
|
5,427
|
5,431
|
8,709
|
9,553
|
||||||||||||||||||||
Agricultural
|
1,097
|
1,460
|
940
|
1,286
|
||||||||||||||||||||
Agricultural Real Estate
|
1,529
|
1,936
|
1,713
|
2,026
|
||||||||||||||||||||
Business Banking
|
6,533
|
8,927
|
7,048
|
9,579
|
||||||||||||||||||||
Total Commercial Loans
|
20,093
|
23,303
|
20,061
|
24,154
|
||||||||||||||||||||
|
||||||||||||||||||||||||
Consumer Loans
|
||||||||||||||||||||||||
Home Equity
|
3,304
|
3,496
|
2,553
|
2,657
|
||||||||||||||||||||
|
||||||||||||||||||||||||
Residential Real Estate Mortgages
|
2,234
|
2,626
|
2,011
|
2,308
|
||||||||||||||||||||
|
$
|
25,631
|
$
|
29,425
|
$
|
24,625
|
$
|
29,119
|
||||||||||||||||
|
||||||||||||||||||||||||
With an allowance recorded:
|
||||||||||||||||||||||||
Commercial Loans
|
||||||||||||||||||||||||
Commercial
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
4,335
|
$
|
4,340
|
$
|
2,241
|
||||||||||||
Commercial Real Estate
|
6,216
|
7,838
|
1,100
|
4,068
|
5,689
|
607
|
||||||||||||||||||
Agricultural
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||
Agricultural Real Estate
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||
|
6,216
|
7,838
|
1,100
|
8,403
|
10,029
|
2,848
|
||||||||||||||||||
|
||||||||||||||||||||||||
Total:
|
$
|
31,847
|
$
|
37,263
|
$
|
1,100
|
$
|
33,028
|
$
|
39,148
|
$
|
2,848
|
|
For the three months ended
|
|||||||||||||||
|
September 30, 2013
|
September 30, 2012
|
||||||||||||||
|
Average
|
Interest
|
Average
|
Interest Income
|
||||||||||||
|
Recorded
|
Income
|
Recorded
|
Recognized
|
||||||||||||
(in thousands)
|
Investment
|
Recognized
|
Investment
|
Accrual
|
||||||||||||
Commercial Loans
|
||||||||||||||||
Commercial
|
$
|
3,348
|
$
|
15
|
$
|
1,128
|
$
|
32
|
||||||||
Commercial Real Estate
|
10,751
|
-
|
7,140
|
-
|
||||||||||||
Agricultural
|
1,526
|
-
|
2,876
|
4
|
||||||||||||
Agricultural Real Estate
|
897
|
12
|
1,876
|
12
|
||||||||||||
Business Banking
|
6,581
|
13
|
6,572
|
-
|
||||||||||||
Consumer Loans
|
||||||||||||||||
Home Equity
|
3,064
|
8
|
1,828
|
5
|
||||||||||||
Residential Real Estate Mortgages
|
2,066
|
15
|
1,055
|
1
|
||||||||||||
Total:
|
$
|
28,233
|
$
|
63
|
$
|
22,475
|
$
|
54
|
||||||||
|
||||||||||||||||
|
For the nine months ended
|
|||||||||||||||
|
September 30, 2013
|
September 30, 2012
|
||||||||||||||
|
Average
|
Interest
|
Average
|
Interest Income
|
||||||||||||
|
Recorded
|
Income
|
Recorded
|
Recognized
|
||||||||||||
(in thousands)
|
Investment
|
Recognized
|
Investment
|
Accrual
|
||||||||||||
Commercial Loans
|
||||||||||||||||
Commercial
|
$
|
4,069
|
$
|
45
|
$
|
1,551
|
$
|
101
|
||||||||
Commercial Real Estate
|
10,660
|
51
|
6,481
|
-
|
||||||||||||
Agricultural
|
1,100
|
1
|
2,997
|
40
|
||||||||||||
Agricultural Real Estate
|
1,287
|
36
|
1,926
|
65
|
||||||||||||
Business Banking
|
7,538
|
43
|
7,151
|
-
|
||||||||||||
Consumer Loans
|
||||||||||||||||
Home Equity
|
2,871
|
20
|
1,869
|
17
|
||||||||||||
Residential Real Estate Mortgages
|
2,015
|
42
|
1,043
|
4
|
||||||||||||
Total:
|
$
|
29,540
|
$
|
238
|
$
|
23,018
|
$
|
227
|
•
|
Doubtful
|
•
|
Substandard
|
•
|
Special Mention
|
•
|
Pass
|
•
|
Classified
|
•
|
Non-classified
|
Credit Quality Indicators
|
||||||||||||||||||||
As of September 30, 2013
|
||||||||||||||||||||
|
||||||||||||||||||||
ORIGINATED
|
||||||||||||||||||||
|
Commercial
|
Agricultural
|
||||||||||||||||||
Commercial Credit Exposure
|
Commercial
|
Real Estate
|
Agricultural
|
Real Estate
|
Total
|
|||||||||||||||
By Internally Assigned Grade:
|
||||||||||||||||||||
Pass
|
$
|
574,229
|
$
|
903,073
|
$
|
59,797
|
$
|
31,418
|
$
|
1,568,517
|
||||||||||
Special Mention
|
10,098
|
50
|
389
|
43
|
10,580
|
|||||||||||||||
Substandard
|
10,197
|
16,131
|
4,594
|
3,478
|
34,400
|
|||||||||||||||
Doubtful
|
-
|
-
|
12
|
-
|
12
|
|||||||||||||||
Total
|
$
|
594,524
|
$
|
919,254
|
$
|
64,792
|
$
|
34,939
|
$
|
1,613,509
|
||||||||||
|
||||||||||||||||||||
|
||||||||||||||||||||
Business Banking Credit Exposure
|
Small Business
|
Total
|
||||||||||||||||||
By Internally Assigned Grade:
|
||||||||||||||||||||
Non-classified
|
$
|
313,250
|
$
|
313,250
|
||||||||||||||||
Classified
|
19,283
|
19,283
|
||||||||||||||||||
Total
|
$
|
332,533
|
$
|
332,533
|
||||||||||||||||
|
||||||||||||||||||||
Consumer Credit Exposure
|
||||||||||||||||||||
By Payment Activity:
|
Indirect
|
Home Equity
|
Direct
|
Total
|
||||||||||||||||
Performing
|
$
|
1,111,147
|
$
|
535,589
|
$
|
60,419
|
$
|
1,707,155
|
||||||||||||
Nonperforming
|
2,669
|
6,733
|
199
|
9,601
|
||||||||||||||||
Total
|
$
|
1,113,816
|
$
|
542,322
|
$
|
60,618
|
$
|
1,716,756
|
||||||||||||
|
||||||||||||||||||||
|
Residential
|
|||||||||||||||||||
Residential Mortgage Credit Exposure
|
Mortgage
|
Total
|
||||||||||||||||||
By Payment Activity:
|
||||||||||||||||||||
Performing
|
$
|
695,007
|
$
|
695,007
|
||||||||||||||||
Nonperforming
|
7,660
|
7,660
|
||||||||||||||||||
Total
|
$
|
702,667
|
$
|
702,667
|
Credit Quality Indicators
|
||||||||||||||||
As of September 30, 2013
|
||||||||||||||||
ACQUIRED
|
||||||||||||||||
Commercial Credit Exposure
|
Commercial
|
|||||||||||||||
By Internally Assigned Grade:
|
Commercial
|
Real Estate
|
Agricultural
|
Total
|
||||||||||||
Pass
|
$
|
98,128
|
$
|
221,777
|
$
|
-
|
$
|
319,905
|
||||||||
Special Mention
|
1,602
|
4,762
|
-
|
6,364
|
||||||||||||
Substandard
|
14,644
|
18,255
|
-
|
32,899
|
||||||||||||
Doubtful
|
-
|
-
|
-
|
-
|
||||||||||||
Total
|
$
|
114,374
|
$
|
244,794
|
$
|
-
|
$
|
359,168
|
||||||||
|
||||||||||||||||
Business Banking Credit Exposure
|
||||||||||||||||
By Internally Assigned Grade:
|
Small Business
|
Total
|
||||||||||||||
Non-classified
|
$
|
68,917
|
$
|
68,917
|
||||||||||||
Classified
|
4,721
|
4,721
|
||||||||||||||
Total
|
$
|
73,638
|
$
|
73,638
|
||||||||||||
|
||||||||||||||||
Consumer Credit Exposure
|
||||||||||||||||
By Payment Activity:
|
Indirect
|
Home Equity
|
Direct
|
Total
|
||||||||||||
Performing
|
$
|
144,230
|
$
|
90,193
|
$
|
8,176
|
$
|
242,599
|
||||||||
Nonperforming
|
290
|
507
|
73
|
870
|
||||||||||||
Total
|
$
|
144,520
|
$
|
90,700
|
$
|
8,249
|
$
|
243,469
|
||||||||
|
||||||||||||||||
Residential Mortgage Credit Exposure
|
Residential
|
|||||||||||||||
By Payment Activity:
|
Mortgage
|
Total
|
||||||||||||||
Performing
|
$
|
321,631
|
$
|
321,631
|
||||||||||||
Nonperforming
|
3,860
|
3,860
|
||||||||||||||
Total
|
$
|
325,491
|
$
|
325,491
|
Credit Quality Indicators
|
||||||||||||||||||||
As of December 31, 2012
|
||||||||||||||||||||
|
||||||||||||||||||||
Commercial Credit Exposure
|
Commercial
|
Agricultural
|
||||||||||||||||||
By Internally Assigned Grade:
|
Commercial
|
Real Estate
|
Agricultural
|
Real Estate
|
Total
|
|||||||||||||||
Pass
|
$
|
522,985
|
$
|
901,928
|
$
|
57,347
|
$
|
33,472
|
$
|
1,515,732
|
||||||||||
Special Mention
|
18,401
|
32,135
|
13
|
3
|
50,552
|
|||||||||||||||
Substandard
|
17,351
|
40,732
|
6,362
|
3,902
|
68,347
|
|||||||||||||||
Doubtful
|
2,744
|
-
|
36
|
-
|
2,780
|
|||||||||||||||
Total
|
$
|
561,481
|
$
|
974,795
|
$
|
63,758
|
$
|
37,377
|
$
|
1,637,411
|
||||||||||
|
||||||||||||||||||||
Business Banking. Credit Exposure
|
||||||||||||||||||||
By Internally Assigned Grade:
|
Small Business
|
Total
|
||||||||||||||||||
Non-classified
|
$
|
342,528
|
$
|
342,528
|
||||||||||||||||
Classified
|
23,432
|
23,432
|
||||||||||||||||||
Total
|
$
|
365,960
|
$
|
365,960
|
||||||||||||||||
|
||||||||||||||||||||
Consumer Credit Exposure
|
||||||||||||||||||||
By Payment Activity:
|
Indirect
|
Home Equity
|
Direct
|
Total
|
||||||||||||||||
Performing
|
$
|
978,235
|
$
|
567,354
|
$
|
66,509
|
$
|
1,612,098
|
||||||||||||
Nonperforming
|
2,762
|
7,928
|
350
|
11,040
|
||||||||||||||||
Total
|
$
|
980,997
|
$
|
575,282
|
$
|
66,859
|
$
|
1,623,138
|
||||||||||||
|
||||||||||||||||||||
Residential Mortgage Credit Exposure
|
Residential
|
|||||||||||||||||||
By Payment Activity:
|
Mortgage
|
Total
|
||||||||||||||||||
Performing
|
$
|
641,608
|
$
|
641,608
|
||||||||||||||||
Nonperforming
|
9,499
|
9,499
|
||||||||||||||||||
Total
|
$
|
651,107
|
$
|
651,107
|
Note 6. | Earnings Per Share |
Three months ended September 30,
|
2013
|
2012
|
||||||
(in thousands, except per share data)
|
||||||||
Basic EPS:
|
||||||||
Weighted average common shares outstanding
|
43,711
|
33,619
|
||||||
Net income available to common shareholders
|
19,257
|
14,535
|
||||||
Basic EPS
|
$
|
0.44
|
$
|
0.43
|
||||
Diluted EPS:
|
||||||||
Weighted average common shares outstanding
|
43,711
|
33,619
|
||||||
Dilutive effect of common stock options and restricted stock
|
424
|
342
|
||||||
|
||||||||
Weighted average common shares and common share equivalents
|
44,135
|
33,961
|
||||||
Net income available to common shareholders
|
19,257
|
14,535
|
||||||
Diluted EPS
|
$
|
0.44
|
$
|
0.43
|
||||
|
||||||||
Nine months ended September 30,
|
2013
|
2012
|
||||||
(in thousands, except per share data)
|
||||||||
Basic EPS:
|
||||||||
Weighted average common shares outstanding
|
41,375
|
33,293
|
||||||
Net income available to common shareholders
|
43,822
|
41,442
|
||||||
Basic EPS
|
$
|
1.06
|
$
|
1.24
|
||||
Diluted EPS:
|
||||||||
Weighted average common shares outstanding
|
41,375
|
33,293
|
||||||
Dilutive effect of common stock options and restricted stock
|
394
|
333
|
||||||
|
||||||||
Weighted average common shares and common share equivalents
|
41,769
|
33,626
|
||||||
Net income available to common shareholders
|
43,822
|
41,442
|
||||||
Diluted EPS
|
$
|
1.05
|
$
|
1.23
|
Note 7.
|
Defined Benefit Postretirement Plans
|
|
Pension Benefits
|
Other Benefits
|
||||||||||||||
|
Three months ended September 30,
|
Three months ended September 30,
|
||||||||||||||
Components of net periodic benefit cost:
|
2013
|
2012
|
2013
|
2012
|
||||||||||||
Service cost
|
$
|
604
|
$
|
757
|
$
|
6
|
$
|
6
|
||||||||
Interest cost
|
830
|
774
|
75
|
40
|
||||||||||||
Expected return on plan assets
|
(1,929
|
)
|
(1,676
|
)
|
-
|
-
|
||||||||||
Net amortization
|
711
|
992
|
(2
|
)
|
(3
|
)
|
||||||||||
Total cost (benefit)
|
$
|
216
|
$
|
847
|
$
|
79
|
$
|
43
|
||||||||
|
||||||||||||||||
|
Pension Benefits
|
Other Benefits
|
||||||||||||||
|
Nine months ended September 30,
|
Nine months ended September 30,
|
||||||||||||||
Components of net periodic benefit cost:
|
2013
|
2012
|
2013
|
2012
|
||||||||||||
Service cost
|
$
|
1,813
|
$
|
2,270
|
$
|
18
|
$
|
16
|
||||||||
Interest cost
|
2,489
|
2,322
|
224
|
119
|
||||||||||||
Expected return on plan assets
|
(5,786
|
)
|
(5,026
|
)
|
-
|
-
|
||||||||||
Net amortization
|
2,025
|
2,710
|
219
|
(8
|
)
|
|||||||||||
Total cost (benefit)
|
$
|
541
|
$
|
2,276
|
$
|
461
|
$
|
127
|
Note 8.
|
Junior Subordinated Debt
|
Description
|
Issuance Date
|
Trust
Preferred
Securities
Outstanding
|
Interest Rate
|
Trust
Preferred
Debt
Owed To
Trust
|
Final
Maturity
Date
|
||||||
|
|
|
|
||||||||
CNBF Capital Trust I
|
August-99
|
$
|
18,000
|
3-month LIBOR plus 2.75%
|
$
|
18,720
|
August-29
|
||||
|
|
|
|
||||||||
NBT Statutory Trust I
|
November-05
|
5,000
|
3-month LIBOR plus 1.40%
|
5,155
|
December-35
|
||||||
|
|
|
|
||||||||
NBT Statutory Trust II
|
February-06
|
50,000
|
3-month LIBOR plus 1.40%
|
51,547
|
March-36
|
||||||
|
|
|
|
||||||||
Alliance Financial Capital Trust I
|
December-03
|
10,000
|
3-month LIBOR plus 2.85%
|
10,310
|
January-34
|
||||||
|
|
|
|
||||||||
Alliance Financial Capital Trust II
|
September-06
|
15,000
|
3-month LIBOR plus 1.65%
|
15,464
|
September-36
|
Note 9.
|
Fair Value Measurements and Fair Value of Financial Instruments
|
|
Quoted Prices in
|
Significant Other
|
Significant
|
|||||||||||||
|
Active Markets for
|
Observable
|
Unobservable
|
Balance
|
||||||||||||
|
Identical Assets
|
Inputs
|
Inputs
|
as of
|
||||||||||||
|
(Level 1)
|
(Level 2)
|
(Level 3)
|
September 30, 2013
|
||||||||||||
Assets:
|
||||||||||||||||
Securities Available for Sale:
|
||||||||||||||||
U.S. Treasury
|
$
|
43,804
|
$
|
-
|
$
|
-
|
$
|
43,804
|
||||||||
Federal Agency
|
-
|
295,194
|
-
|
295,194
|
||||||||||||
State & municipal
|
-
|
118,602
|
-
|
118,602
|
||||||||||||
Mortgage-backed
|
-
|
335,206
|
-
|
335,206
|
||||||||||||
Collateralized mortgage obligations
|
-
|
578,210
|
-
|
578,210
|
||||||||||||
Other securities
|
9,671
|
5,047
|
-
|
14,718
|
||||||||||||
Total Securities Available for Sale
|
$
|
53,475
|
$
|
1,332,259
|
$
|
-
|
$
|
1,385,734
|
||||||||
Trading Securities
|
5,285
|
-
|
-
|
5,285
|
||||||||||||
Interest Rate Swaps
|
-
|
1,038
|
-
|
1,038
|
||||||||||||
Total
|
$
|
58,760
|
$
|
1,333,297
|
$
|
-
|
$
|
1,392,057
|
||||||||
|
||||||||||||||||
Liabilities:
|
||||||||||||||||
Interest Rate Swaps
|
$
|
-
|
$
|
1,038
|
$
|
-
|
$
|
1,038
|
||||||||
Total
|
$
|
-
|
$
|
1,038
|
$
|
-
|
$
|
1,038
|
|
Quoted Prices in
|
Significant
|
Significant
|
|||||||||||||
|
Active Markets for
|
Other
|
Unobservable
|
Balance
|
||||||||||||
|
Identical Assets
|
Observable Inputs
|
Inputs
|
as of
|
||||||||||||
|
(Level 1)
|
(Level 2)
|
(Level 3)
|
December 31, 2012
|
||||||||||||
Assets:
|
||||||||||||||||
Securities Available for Sale:
|
||||||||||||||||
U.S. Treasury
|
$
|
64,425
|
$
|
-
|
$
|
-
|
$
|
64,425
|
||||||||
Federal Agency
|
-
|
282,814
|
-
|
282,814
|
||||||||||||
State & municipal
|
-
|
86,802
|
-
|
86,802
|
||||||||||||
Mortgage-backed
|
-
|
250,281
|
-
|
250,281
|
||||||||||||
Collateralized mortgage obligations
|
-
|
449,723
|
-
|
449,723
|
||||||||||||
Other securities
|
11,866
|
2,088
|
-
|
13,954
|
||||||||||||
Total Securities Available for Sale
|
$
|
76,291
|
$
|
1,071,708
|
$
|
-
|
$
|
1,147,999
|
||||||||
Trading Securities
|
3,918
|
-
|
-
|
3,918
|
||||||||||||
Interest Rate Swaps
|
-
|
1,490
|
-
|
1,490
|
||||||||||||
Total
|
$
|
80,209
|
$
|
1,073,198
|
$
|
-
|
$
|
1,153,407
|
||||||||
|
||||||||||||||||
Liabilities:
|
||||||||||||||||
Interest Rate Swaps
|
$
|
-
|
$
|
1,490
|
$
|
-
|
$
|
1,490
|
||||||||
Total
|
$
|
-
|
$
|
1,490
|
$
|
-
|
$
|
1,490
|
|
September 30, 2013
|
December 31, 2013
|
||||||||||||||||||
(In thousands)
|
Fair
Value
Hierarchy
|
Carrying
amount
|
Estimated
fair value
|
Carrying
amount
|
Estimated
fair value
|
|||||||||||||||
Financial assets
|
||||||||||||||||||||
Securities held to maturity
|
2
|
$
|
118,259
|
$
|
115,620
|
$
|
60,563
|
$
|
61,535
|
|||||||||||
Net loans
|
3
|
5,297,047
|
5,358,132
|
4,208,282
|
4,313,244
|
|||||||||||||||
Financial liabilities
|
||||||||||||||||||||
Time deposits
|
2
|
$
|
1,063,730
|
$
|
1,068,888
|
$
|
983,261
|
$
|
994,376
|
|||||||||||
Long-term debt
|
2
|
309,009
|
336,128
|
367,492
|
407,404
|
|||||||||||||||
Trust preferred debentures
|
2
|
101,196
|
103,364
|
75,422
|
74,147
|
Note 10.
|
Securities
|
(In thousands)
|
Amortized cost
|
Unrealized gains
|
Unrealized losses
|
Estimated fair value
|
||||||||||||
September 30, 2013
|
||||||||||||||||
U.S. Treasury
|
$
|
43,359
|
$
|
445
|
$
|
-
|
$
|
43,804
|
||||||||
Federal Agency
|
300,964
|
369
|
6,139
|
295,194
|
||||||||||||
State & municipal
|
117,936
|
2,083
|
1,417
|
118,602
|
||||||||||||
Mortgage-backed:
|
||||||||||||||||
Government-sponsored enterprises
|
303,907
|
7,652
|
960
|
310,599
|
||||||||||||
U.S. government securities
|
23,613
|
1,080
|
86
|
24,607
|
||||||||||||
Collateralized mortgage obligations:
|
||||||||||||||||
Government-sponsored enterprises
|
543,447
|
1,792
|
15,211
|
530,028
|
||||||||||||
U.S. government securities
|
47,330
|
914
|
62
|
48,182
|
||||||||||||
Other securities
|
12,367
|
2,551
|
200
|
14,718
|
||||||||||||
Total securities available for sale
|
$
|
1,392,923
|
$
|
16,886
|
$
|
24,075
|
$
|
1,385,734
|
||||||||
December 31, 2012
|
||||||||||||||||
U.S. Treasury
|
$
|
63,668
|
$
|
757
|
$
|
-
|
$
|
64,425
|
||||||||
Federal Agency
|
281,398
|
1,507
|
91
|
282,814
|
||||||||||||
State & municipal
|
82,675
|
4,127
|
-
|
86,802
|
||||||||||||
Mortgage-backed:
|
||||||||||||||||
Government-sponsored enterprises
|
221,110
|
11,175
|
-
|
232,285
|
||||||||||||
U.S. government securities
|
16,351
|
1,645
|
-
|
17,996
|
||||||||||||
Collateralized mortgage obligations:
|
||||||||||||||||
Government-sponsored enterprises
|
399,147
|
4,418
|
-
|
403,565
|
||||||||||||
U.S. government securities
|
44,825
|
1,333
|
-
|
46,158
|
||||||||||||
Other securities
|
11,210
|
2,832
|
88
|
13,954
|
||||||||||||
Total securities available for sale
|
$
|
1,120,384
|
$
|
27,794
|
$
|
179
|
$
|
1,147,999
|
|
Amortized
|
Unrealized
|
Unrealized
|
Estimated
|
||||||||||||
(In thousands)
|
cost
|
gains
|
losses
|
fair value
|
||||||||||||
September 30, 2013
|
||||||||||||||||
Mortgage-backed
|
$
|
983
|
$
|
122
|
$
|
-
|
$
|
1,105
|
||||||||
Collateralized mortgage oblications
|
63,048
|
-
|
3,251
|
59,797
|
||||||||||||
State & municipal
|
54,228
|
490
|
-
|
54,718
|
||||||||||||
Total securities held to maturity
|
$
|
118,259
|
$
|
612
|
$
|
3,251
|
$
|
115,620
|
||||||||
December 31, 2012
|
||||||||||||||||
Mortgage-backed
|
$
|
1,168
|
$
|
184
|
$
|
-
|
$
|
1,352
|
||||||||
State & municipal
|
59,395
|
788
|
-
|
60,183
|
||||||||||||
Total securities held to maturity
|
$
|
60,563
|
$
|
972
|
$
|
-
|
$
|
61,535
|
|
Less than 12 months
|
12 months or longer
|
Total
|
|||||||||||||||||||||||||||||||||
Security Type:
|
Fair Value
|
Unrealized
losses
|
Number
of
Positions
|
Fair
Value
|
Unrealized
losses
|
Number
of
Positions
|
Fair Value
|
Unrealized
losses
|
Number
of
Positions
|
|||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||
September 30, 2013
|
||||||||||||||||||||||||||||||||||||
Investment securities available for sale:
|
||||||||||||||||||||||||||||||||||||
Federal agency
|
$
|
300,964
|
$
|
(6,139
|
)
|
20
|
$
|
-
|
$
|
-
|
-
|
$
|
300,964
|
$
|
(6,139
|
)
|
20
|
|||||||||||||||||||
State & municipal
|
117,936
|
(1,417
|
)
|
189
|
-
|
-
|
-
|
117,936
|
(1,417
|
)
|
189
|
|||||||||||||||||||||||||
Mortgage-backed
|
327,504
|
(1,046
|
)
|
81
|
-
|
-
|
-
|
327,504
|
(1,046
|
)
|
81
|
|||||||||||||||||||||||||
Collateralized mortgage obligations
|
590,777
|
(15,273
|
)
|
40
|
-
|
-
|
-
|
590,777
|
(15,273
|
)
|
40
|
|||||||||||||||||||||||||
Other securities
|
5,523
|
(170
|
)
|
2
|
218
|
(30
|
)
|
1
|
5,741
|
(200
|
)
|
3
|
||||||||||||||||||||||||
Total securities with unrealized losses
|
$
|
1,342,704
|
$
|
(24,045
|
)
|
332
|
$
|
218
|
$
|
(30
|
)
|
1
|
$
|
1,342,922
|
$
|
(24,075
|
)
|
333
|
||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||
September 30, 2013
|
||||||||||||||||||||||||||||||||||||
Investment securities held to maturity:
|
||||||||||||||||||||||||||||||||||||
Collateralized mortgage obligations
|
$
|
63,048
|
$
|
(3,251
|
)
|
5
|
$
|
-
|
$
|
-
|
-
|
$
|
63,048
|
$
|
(3,251
|
)
|
5
|
|||||||||||||||||||
Total securities with unrealized losses
|
$
|
63,048
|
$
|
(3,251
|
)
|
5
|
$
|
-
|
$
|
-
|
-
|
$
|
63,048
|
$
|
(3,251
|
)
|
5
|
|
Less than 12 months
|
12 months or longer
|
Total
|
|||||||||||||||||||||||||||||||||
|
Fair Value
|
Unrealized
losses
|
Number
of
Positions
|
Fair
Value
|
Unrealized
losses
|
Number
of
Positions
|
Fair Value
|
Unrealized
losses
|
Number
of
Positions
|
|||||||||||||||||||||||||||
December 31, 2012
|
||||||||||||||||||||||||||||||||||||
Investment securities available for sale:
|
||||||||||||||||||||||||||||||||||||
U.S. Treasury
|
$
|
-
|
$
|
-
|
-
|
$
|
-
|
$
|
-
|
-
|
$
|
-
|
$
|
-
|
-
|
|||||||||||||||||||||
Federal agency
|
39,906
|
(91
|
)
|
4
|
-
|
-
|
-
|
39,906
|
(91
|
)
|
4
|
|||||||||||||||||||||||||
State & municipal
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||||||||||||||
Mortgage-backed
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||||||||||||||
Collateralized mortgage obligations
|
23
|
-
|
2
|
-
|
-
|
-
|
23
|
-
|
2
|
|||||||||||||||||||||||||||
Other securities
|
468
|
(6
|
)
|
1
|
167
|
(82
|
)
|
1
|
635
|
(88
|
)
|
2
|
||||||||||||||||||||||||
Total securities with unrealized losses
|
$
|
40,397
|
$
|
(97
|
)
|
7
|
$
|
167
|
$
|
(82
|
)
|
1
|
$
|
40,564
|
$
|
(179
|
)
|
8
|
(In thousands)
|
Amortized
cost
|
Estimated fair
value
|
||||||
Debt securities classified as available for sale
|
||||||||
Within one year
|
$
|
26,527
|
$
|
26,704
|
||||
From one to five years
|
272,953
|
274,104
|
||||||
From five to ten years
|
295,191
|
293,558
|
||||||
After ten years
|
785,885
|
776,650
|
||||||
|
$
|
1,380,556
|
$
|
1,371,016
|
||||
Debt securities classified as held to maturity
|
||||||||
Within one year
|
$
|
25,305
|
$
|
25,412
|
||||
From one to five years
|
22,364
|
22,744
|
||||||
From five to ten years
|
5,054
|
5,059
|
||||||
After ten years
|
65,536
|
62,405
|
||||||
|
$
|
118,259
|
$
|
115,620
|
Note 11.
|
Reclassification Adjustments Out of Other Comprehensive (Loss) Income
|
Detail About Accumulated Other Comprehensive (Loss) Income Components
|
Amount reclassified from accumulated other comprehensive income (loss)
|
Affected line item in the consolidated statement of comprehensive income
|
|||||||
|
Three months ended
|
|
|||||||
|
September 30, 2013
|
September 30, 2012
|
|
||||||
Available for sale securities:
|
|
||||||||
Gains on available for sale securities
|
$
|
(329
|
)
|
$
|
(26
|
)
|
Net securities gains
|
||
Tax benefit
|
132
|
10
|
Income tax expense
|
||||||
Net of tax
|
$
|
(197
|
)
|
$
|
(16
|
)
|
|
||
|
|
||||||||
Pension and other benefits:
|
|
||||||||
Amortization of net gains
|
$
|
765
|
$
|
1,044
|
Salaries and employee benefits
|
||||
Amortization of prior service costs
|
(56
|
)
|
(55
|
)
|
Salaries and employee benefits
|
||||
Tax expense
|
283
|
390
|
Income tax expense
|
||||||
Net of tax
|
$
|
426
|
$
|
599
|
|
||||
|
|
||||||||
Total reclassifications during the period, net of tax
|
$
|
229
|
$
|
583
|
|
||||
|
|
||||||||
Detail About Accumulated Other Comprehensive (Loss) Income Components
|
Amount reclassified from accumulated other comprehensive income (loss)
|
Affected line item in the consolidated statement of comprehensive income
|
|||||||
|
Nine months ended
|
|
|||||||
|
September 30, 2013
|
September 30, 2012
|
|
||||||
Available for sale securities:
|
|
||||||||
Gains on available for sale securities
|
$
|
(1,413
|
)
|
$
|
(578
|
)
|
Net securities gains
|
||
Tax expense
|
565
|
231
|
Income tax expense
|
||||||
Net of tax
|
$
|
(848
|
)
|
$
|
(347
|
)
|
|
||
|
|
||||||||
Pension and other benefits:
|
|
||||||||
Amortization of net gains
|
$
|
2,411
|
$
|
2,869
|
Salaries and employee benefits
|
||||
Amortization of prior service costs
|
(167
|
)
|
(167
|
)
|
Salaries and employee benefits
|
||||
Tax expense
|
890
|
1076
|
Income tax expense
|
||||||
Net of tax
|
$
|
1,354
|
$
|
1,626
|
|
||||
|
|
||||||||
Total reclassifications during the period, net of tax
|
$
|
506
|
$
|
1,279
|
|
· | revise minimum capital requirements and adjust prompt corrective action thresholds; |
· | revise the components of regulatory capital, add a new minimum common equity Tier 1 capital ratio of 4.5% of risk-weighted assets and increase the minimum Tier 1 capital ratio requirement from 4% to 6%; |
· | retain the existing risk-based capital treatment for 1-4 family residential mortgage exposures; |
· | permit most banking organizations, including the Company, to retain, through a one-time permanent election, the existing capital treatment for accumulated other comprehensive income; |
· | implement a new capital conservation buffer of common equity Tier 1 capital equal to 2.5% of risk-weighted assets, which will be in addition to the 4.5% common equity Tier 1 capital ratio and be phased in over a three year period beginning January 1, 2016 which buffer is generally required to make capital distributions and pay executive bonuses; |
· | increase capital requirements for past-due loans, high volatility commercial real estate exposures, and certain short-term loan commitments; |
· | require the deduction of mortgage servicing assets and deferred tax assets that exceed 10% of common equity Tier 1 capital in each category and 15% of common equity Tier 1 capital in the aggregate; and |
· | remove references to credit ratings consistent with the Dodd-Frank Act and establish due diligence requirements for securitization exposures. |
· | Reported net income for the nine months ended September 30, 2013 was $43.8 million, up from $41.4 for the same period in 2013. Reported results for the nine months ending September 30, 2013 include the impact of the acquisition of Alliance Financial Corporation (“Alliance”) since March 8, 2013, including $12.3 million in merger related expenses for the nine months ended September 30, 2013. |
· | Core net income was $51.5 million for the nine months ended September 30, 2013, up 24.9% from $41.2 million for the same period in 2012. Core diluted earnings per share for the nine months ended September 30, 2013 was $1.23, equivalent to the same period in 2012. Core annualized return on average assets and return on average equity were 0.96% and 9.20%, respectively, for the nine months ended September 30, 2013, compared with 0.95% and 9.91%, respectively, for the nine months ended September 30, 2012. (A reconciliation of “core” is presented on the following table) |
· | Net interest margin (on a fully taxable equivalent basis (“FTE”)) was 3.67% for the nine months ended September 30, 2013 as compared to 3.87% for the same period in 2012. |
· | Annualized loan growth for the first nine months of 2013 was 5.8%. |
· | Past due loans as a percentage of total loans were 0.70% at September 30, 2013 as compared to 0.71% at December 31, 2012. |
· | Net charge-offs, annualized, were 0.44% of average loans for the first nine months of 2013, compared to 0.55% for the year ended December 31, 2012. |
|
For the three months
|
For the nine months
|
||||||||||||||
(Dollars in thousands)
|
ended September 30,
|
ended September 30,
|
||||||||||||||
|
2013
|
2012
|
2013
|
2012
|
||||||||||||
Reconciliation of Non-GAAP Financial Measures:
|
||||||||||||||||
Reported net income (GAAP)
|
$
|
19,257
|
$
|
14,535
|
$
|
43,822
|
$
|
41,442
|
||||||||
Adj: Gain on sale of securities, net (net of tax)
|
(228
|
)
|
(18
|
)
|
(981
|
)
|
(405
|
)
|
||||||||
Adj: Other adjustments (net of tax) (1)
|
110
|
239
|
110
|
(365
|
)
|
|||||||||||
Plus: Merger related expenses (net of tax)
|
224
|
388
|
8,529
|
1,322
|
||||||||||||
Reversal of uncertain tax position
|
-
|
(790
|
)
|
-
|
(790
|
)
|
||||||||||
Total Adjustments
|
106
|
(181
|
)
|
7,658
|
(238
|
)
|
||||||||||
Core net income
|
$
|
19,363
|
$
|
14,354
|
$
|
51,480
|
$
|
41,204
|
||||||||
|
||||||||||||||||
Weighted Average Diluted Shares
|
44,135,114
|
33,961,375
|
41,768,796
|
33,626,071
|
||||||||||||
Core Diluted Earnings Per Share
|
$
|
0.44
|
$
|
0.42
|
$
|
1.23
|
$
|
1.23
|
||||||||
|
||||||||||||||||
Performance measures:
|
||||||||||||||||
Core Return on Average Assets (2)
|
1.02
|
%
|
0.96
|
%
|
0.96
|
%
|
0.95
|
%
|
||||||||
Core Return on Average Equity (2)
|
9.67
|
%
|
10.00
|
%
|
9.20
|
%
|
9.91
|
%
|
||||||||
Core Return on Average Tangible Common Equity (2)(3)
|
15.95
|
%
|
14.74
|
%
|
14.75
|
%
|
14.37
|
%
|
|
For the three months
|
For the nine months
|
||||||||||||||
|
ended September 30,
|
ended September 30,
|
||||||||||||||
|
2013
|
2012
|
2013
|
2012
|
||||||||||||
|
||||||||||||||||
Average stockholders equity
|
$
|
794,273
|
$
|
570,880
|
$
|
748,277
|
$
|
555,182
|
||||||||
Less: average goodwill and other intangibles
|
292,271
|
169,445
|
262,277
|
158,035
|
||||||||||||
Average tangible common equity
|
$
|
502,002
|
$
|
401,435
|
$
|
486,000
|
$
|
397,147
|
Three Months ended September 30,
|
|
|
|
|
||||||||||||||||||||
|
|
2013
|
|
|
2012
|
|
||||||||||||||||||
|
Average
|
Yield/
|
Average
|
Yield/
|
||||||||||||||||||||
(dollars in thousands)
|
Balance
|
Interest
|
Rates
|
Balance
|
Interest
|
Rates
|
||||||||||||||||||
ASSETS
|
||||||||||||||||||||||||
Short-term interest bearing accounts
|
$
|
1,955
|
$
|
9
|
1.73
|
%
|
$
|
10,392
|
$
|
11
|
0.43
|
%
|
||||||||||||
Securities available for sale (1)(2)
|
1,387,714
|
6,994
|
2.00
|
%
|
1,168,326
|
7,023
|
2.39
|
%
|
||||||||||||||||
Securities held to maturity (1)
|
118,781
|
1,059
|
3.54
|
%
|
62,746
|
861
|
5.46
|
%
|
||||||||||||||||
Investment in FRB and FHLB Banks
|
43,895
|
465
|
4.20
|
%
|
28,706
|
337
|
4.67
|
%
|
||||||||||||||||
Loans (3)
|
5,309,446
|
62,008
|
4.63
|
%
|
4,197,046
|
54,046
|
5.12
|
%
|
||||||||||||||||
Total interest earning assets
|
$
|
6,861,791
|
$
|
70,535
|
4.08
|
%
|
$
|
5,467,216
|
$
|
62,278
|
4.53
|
%
|
||||||||||||
Other assets
|
671,482
|
504,194
|
||||||||||||||||||||||
Total assets
|
$
|
7,533,273
|
$
|
5,971,410
|
||||||||||||||||||||
|
||||||||||||||||||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY
|
||||||||||||||||||||||||
Money market deposit accounts
|
$
|
1,360,067
|
$
|
528
|
0.15
|
%
|
$
|
1,111,624
|
$
|
495
|
0.18
|
%
|
||||||||||||
NOW deposit accounts
|
877,387
|
285
|
0.13
|
%
|
686,768
|
377
|
0.22
|
%
|
||||||||||||||||
Savings deposits
|
984,093
|
227
|
0.09
|
%
|
706,927
|
149
|
0.08
|
%
|
||||||||||||||||
Time deposits
|
1,081,549
|
2,959
|
1.09
|
%
|
1,035,868
|
3,523
|
1.35
|
%
|
||||||||||||||||
Total interest bearing deposits
|
$
|
4,303,096
|
$
|
3,999
|
0.37
|
%
|
$
|
3,541,187
|
$
|
4,544
|
0.51
|
%
|
||||||||||||
Short-term borrowings
|
383,238
|
232
|
0.24
|
%
|
178,277
|
60
|
0.13
|
%
|
||||||||||||||||
Trust preferred debentures
|
101,196
|
551
|
2.16
|
%
|
75,422
|
436
|
2.30
|
%
|
||||||||||||||||
Long-term debt
|
309,069
|
2,561
|
3.29
|
%
|
367,146
|
3,640
|
3.94
|
%
|
||||||||||||||||
Total interest bearing liabilities
|
$
|
5,096,599
|
$
|
7,343
|
0.57
|
%
|
$
|
4,162,032
|
$
|
8,680
|
0.83
|
%
|
||||||||||||
Demand deposits
|
1,559,506
|
1,173,638
|
||||||||||||||||||||||
Other liabilities
|
82,896
|
64,860
|
||||||||||||||||||||||
Stockholders' equity
|
794,272
|
570,880
|
||||||||||||||||||||||
Total liabilities and stockholders' equity
|
$
|
7,533,273
|
$
|
5,971,410
|
||||||||||||||||||||
Net interest income (FTE)
|
63,192
|
53,598
|
||||||||||||||||||||||
Interest rate spread
|
3.51
|
%
|
3.70
|
%
|
||||||||||||||||||||
Net interest margin
|
3.65
|
%
|
3.90
|
%
|
||||||||||||||||||||
Taxable equivalent adjustment
|
966
|
991
|
||||||||||||||||||||||
Net interest income
|
$
|
62,226
|
$
|
52,607
|
Nine Months ended September 30,
|
|
|
|
|
|
|
||||||||||||||||||
|
|
2013
|
|
|
2012
|
|
||||||||||||||||||
|
Average
|
Yield/
|
Average
|
Yield/
|
||||||||||||||||||||
(dollars in thousands)
|
Balance
|
Interest
|
Rates
|
Balance
|
Interest
|
Rates
|
||||||||||||||||||
ASSETS
|
||||||||||||||||||||||||
Short-term interest bearing accounts
|
$
|
39,191
|
$
|
107
|
0.36
|
%
|
$
|
64,040
|
$
|
131
|
0.27
|
%
|
||||||||||||
Securities available for sale (1)(2)
|
1,338,637
|
20,207
|
2.02
|
%
|
1,196,389
|
22,483
|
2.51
|
%
|
||||||||||||||||
Securities held to maturity (1)
|
78,291
|
2,665
|
4.55
|
%
|
67,237
|
2,757
|
5.48
|
%
|
||||||||||||||||
Investment in FRB and FHLB Banks
|
36,947
|
1,261
|
4.56
|
%
|
27,874
|
1,022
|
4.90
|
%
|
||||||||||||||||
Loans (3)
|
5,018,022
|
178,177
|
4.75
|
%
|
3,982,486
|
155,230
|
5.21
|
%
|
||||||||||||||||
Total interest earning assets
|
$
|
6,511,088
|
$
|
202,417
|
4.16
|
%
|
$
|
5,338,026
|
$
|
181,623
|
4.54
|
%
|
||||||||||||
Other assets
|
644,332
|
476,575
|
||||||||||||||||||||||
Total assets
|
$
|
7,155,420
|
$
|
5,814,601
|
||||||||||||||||||||
|
||||||||||||||||||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY
|
||||||||||||||||||||||||
Money market deposit accounts
|
$
|
1,318,304
|
$
|
1,462
|
0.15
|
%
|
$
|
1,105,616
|
$
|
1,646
|
0.20
|
%
|
||||||||||||
NOW deposit accounts
|
868,167
|
1,174
|
0.18
|
%
|
695,502
|
1,387
|
0.27
|
%
|
||||||||||||||||
Savings deposits
|
914,255
|
581
|
0.08
|
%
|
675,346
|
391
|
0.08
|
%
|
||||||||||||||||
Time deposits
|
1,078,165
|
9,228
|
1.14
|
%
|
988,596
|
11,097
|
1.50
|
%
|
||||||||||||||||
Total interest bearing deposits
|
$
|
4,178,891
|
$
|
12,445
|
0.40
|
%
|
$
|
3,465,060
|
$
|
14,521
|
0.56
|
%
|
||||||||||||
Short-term borrowings
|
261,428
|
341
|
0.17
|
%
|
170,903
|
149
|
0.12
|
%
|
||||||||||||||||
Trust preferred debentures
|
94,965
|
1,539
|
2.17
|
%
|
75,422
|
1,319
|
2.34
|
%
|
||||||||||||||||
Long-term debt
|
348,715
|
9,196
|
3.53
|
%
|
368,592
|
10,801
|
3.91
|
%
|
||||||||||||||||
Total interest bearing liabilities
|
$
|
4,883,999
|
$
|
23,521
|
0.64
|
%
|
$
|
4,079,977
|
$
|
26,790
|
0.88
|
%
|
||||||||||||
Demand deposits
|
1,446,802
|
1,116,210
|
||||||||||||||||||||||
Other liabilities
|
76,342
|
63,232
|
||||||||||||||||||||||
Stockholders' equity
|
748,277
|
555,182
|
||||||||||||||||||||||
Total liabilities and stockholders' equity
|
$
|
7,155,420
|
$
|
5,814,601
|
||||||||||||||||||||
Net interest income (FTE)
|
178,896
|
154,833
|
||||||||||||||||||||||
Interest rate spread
|
3.52
|
%
|
3.66
|
%
|
||||||||||||||||||||
Net interest margin
|
3.67
|
%
|
3.87
|
%
|
||||||||||||||||||||
Taxable equivalent adjustment
|
2,875
|
3,083
|
||||||||||||||||||||||
Net interest income
|
$
|
176,021
|
$
|
151,750
|
Three months ended September 30,
|
|
|
|
|||||||||
|
Increase (Decrease)
|
|||||||||||
|
2013 over 2012
|
|||||||||||
(in thousands)
|
Volume
|
Rate
|
Total
|
|||||||||
|
||||||||||||
Short-term interest bearing accounts
|
$
|
(58
|
)
|
$
|
56
|
$
|
(2
|
)
|
||||
Securities available for sale
|
4,874
|
(4,903
|
)
|
(29
|
)
|
|||||||
Securities held to maturity
|
1,872
|
(1,674
|
)
|
198
|
||||||||
Investment in FRB and FHLB Banks
|
333
|
(205
|
)
|
128
|
||||||||
Loans
|
36,047
|
(28,085
|
)
|
7,962
|
||||||||
Total interest income
|
43,068
|
(34,811
|
)
|
8,257
|
||||||||
|
||||||||||||
Money market deposit accounts
|
345
|
(312
|
)
|
33
|
||||||||
NOW deposit accounts
|
459
|
(551
|
)
|
(92
|
)
|
|||||||
Savings deposits
|
63
|
15
|
78
|
|||||||||
Time deposits
|
908
|
(1,472
|
)
|
(564
|
)
|
|||||||
Short-term borrowings
|
102
|
70
|
172
|
|||||||||
Trust preferred debentures
|
276
|
(161
|
)
|
115
|
||||||||
Long-term debt
|
(526
|
)
|
(553
|
)
|
(1,079
|
)
|
||||||
Total interest expense
|
1,627
|
(2,964
|
)
|
(1,337
|
)
|
|||||||
|
||||||||||||
Change in FTE net interest income
|
$
|
41,441
|
$
|
(31,847
|
)
|
$
|
9,594
|
|||||
|
||||||||||||
Nine months ended September 30,
|
||||||||||||
|
Increase (Decrease)
|
|||||||||||
|
2013 over 2012
|
|||||||||||
(in thousands)
|
Volume
|
Rate
|
Total
|
|||||||||
|
||||||||||||
Short-term interest bearing accounts
|
$
|
(76
|
)
|
$
|
52
|
$
|
(24
|
)
|
||||
Securities available for sale
|
3,586
|
(5,862
|
)
|
(2,276
|
)
|
|||||||
Securities held to maturity
|
569
|
(661
|
)
|
(92
|
)
|
|||||||
Investment in FRB and FHLB Banks
|
352
|
(113
|
)
|
239
|
||||||||
Loans
|
44,448
|
(21,501
|
)
|
22,947
|
||||||||
Total interest income
|
48,879
|
(28,085
|
)
|
20,794
|
||||||||
|
||||||||||||
Money market deposit accounts
|
402
|
(586
|
)
|
(184
|
)
|
|||||||
NOW deposit accounts
|
426
|
(639
|
)
|
(213
|
)
|
|||||||
Savings deposits
|
149
|
41
|
190
|
|||||||||
Time deposits
|
1,426
|
(3,295
|
)
|
(1,869
|
)
|
|||||||
Short-term borrowings
|
99
|
93
|
192
|
|||||||||
Trust preferred debentures
|
371
|
(151
|
)
|
220
|
||||||||
Long-term debt
|
(565
|
)
|
(1,040
|
)
|
(1,605
|
)
|
||||||
Total interest expense
|
2,308
|
(5,577
|
)
|
(3,269
|
)
|
|||||||
|
||||||||||||
Change in FTE net interest income
|
$
|
46,571
|
$
|
(22,508
|
)
|
$
|
24,063
|
|
Three months ended September 30,
|
Nine months ended September 30,
|
||||||||||||||
|
2013
|
2012
|
2013
|
2012
|
||||||||||||
(in thousands)
|
||||||||||||||||
Insurance and other financial services revenue
|
$
|
6,038
|
$
|
5,591
|
$
|
18,686
|
$
|
17,024
|
||||||||
Service charges on deposit accounts
|
5,055
|
4,626
|
14,311
|
13,538
|
||||||||||||
ATM and debit card fees
|
4,276
|
3,378
|
11,562
|
9,403
|
||||||||||||
Retirement plan administration fees
|
3,062
|
2,718
|
8,701
|
7,462
|
||||||||||||
Trust
|
4,345
|
2,242
|
11,957
|
6,683
|
||||||||||||
Bank owned life insurance
|
913
|
639
|
2,648
|
2,228
|
||||||||||||
Net securities gains
|
329
|
26
|
1,413
|
578
|
||||||||||||
Other
|
3,129
|
2,407
|
8,635
|
8,449
|
||||||||||||
Total noninterest income
|
$
|
27,147
|
$
|
21,627
|
$
|
77,913
|
$
|
65,365
|
|
Three months ended September 30,
|
Nine months ended September 30,
|
||||||||||||||
|
2013
|
2012
|
2013
|
2012
|
||||||||||||
(in thousands)
|
||||||||||||||||
Salaries and employee benefits
|
$
|
29,267
|
$
|
26,641
|
$
|
85,474
|
$
|
78,358
|
||||||||
Occupancy
|
5,262
|
4,437
|
15,458
|
13,150
|
||||||||||||
Data processing and communications
|
4,059
|
3,352
|
11,368
|
10,041
|
||||||||||||
Professional fees and outside services
|
3,202
|
2,735
|
9,340
|
7,848
|
||||||||||||
Equipment
|
2,988
|
2,435
|
8,480
|
7,224
|
||||||||||||
Office supplies and postage
|
1,640
|
1,597
|
4,886
|
4,842
|
||||||||||||
FDIC expenses
|
1,285
|
939
|
3,688
|
2,812
|
||||||||||||
Advertising
|
722
|
701
|
2,445
|
2,308
|
||||||||||||
Amortization of intangible assets
|
1,346
|
870
|
3,548
|
2,530
|
||||||||||||
Loan collection and other real estate owned
|
886
|
614
|
2,025
|
2,051
|
||||||||||||
Merger
|
326
|
558
|
12,276
|
1,895
|
||||||||||||
Other
|
5,303
|
4,552
|
14,453
|
12,236
|
||||||||||||
Total noninterest expense
|
$
|
56,286
|
$
|
49,431
|
$
|
173,441
|
$
|
145,295
|
|
September 30,
2013
|
December 31,
2012
|
||||||
Mortgage-backed securities:
|
||||||||
With maturities 15 years or less
|
21
|
%
|
18
|
%
|
||||
With maturities greater than 15 years
|
1
|
%
|
2
|
%
|
||||
Collateral mortgage obligations
|
41
|
%
|
36
|
%
|
||||
Municipal securities
|
11
|
%
|
12
|
%
|
||||
US agency notes
|
22
|
%
|
28
|
%
|
||||
Other
|
4
|
%
|
4
|
%
|
||||
Total
|
100
|
%
|
100
|
%
|
(In thousands)
|
September 30,
2013
|
December 31,
2012
|
||||||
Residential real estate mortgages
|
$
|
1,028,158
|
$
|
651,107
|
||||
Commercial
|
849,095
|
694,799
|
||||||
Commercial real estate mortgages
|
1,302,978
|
1,072,807
|
||||||
Real estate construction and development
|
116,662
|
123,078
|
||||||
Agricultural and agricultural real estate mortgages
|
110,113
|
112,687
|
||||||
Consumer
|
1,327,203
|
1,047,856
|
||||||
Home equity
|
633,022
|
575,282
|
||||||
Total loans
|
$
|
5,367,231
|
$
|
4,277,616
|
|
Acquired
|
|||
|
Balances
|
|||
Residential real estate mortgages
|
$
|
333,105
|
||
Commercial
|
179,672
|
|||
Commercial real estate mortgages
|
117,752
|
|||
Consumer
|
200,470
|
|||
Home equity
|
73,474
|
|||
Total loans
|
$
|
904,473
|
Allowance For Loan Losses
|
||||||||||||||||
|
Three months ended
|
|||||||||||||||
(dollars in thousands)
|
September 30, 2013
|
|
September 30, 2012
|
|
||||||||||||
Balance, beginning of period
|
$
|
71,184
|
$
|
70,734
|
||||||||||||
Recoveries
|
1,411
|
1,075
|
||||||||||||||
Chargeoffs
|
(7,609
|
)
|
|
(5,830
|
)
|
|
||||||||||
Net chargeoffs
|
(6,198
|
)
|
(4,755
|
)
|
||||||||||||
Provision for loan losses
|
5,198
|
|
4,755
|
|
||||||||||||
Balance, end of period
|
$
|
70,184
|
|
$
|
70,734
|
|
||||||||||
Composition of Net Chargeoffs
|
|
|
||||||||||||||
Commercial and agricultural
|
$
|
(2,887
|
)
|
47
|
%
|
$
|
(1,412
|
)
|
30
|
%
|
||||||
Real estate mortgage
|
(298
|
)
|
5
|
%
|
(471
|
)
|
10
|
%
|
||||||||
Consumer
|
(3,013
|
)
|
48
|
%
|
(2,872
|
)
|
60
|
%
|
||||||||
Net chargeoffs
|
$
|
(6,198
|
)
|
100
|
%
|
$
|
(4,755
|
)
|
100
|
%
|
||||||
|
||||||||||||||||
Annualized net chargeoffs to average loans
|
0.46
|
%
|
0.45
|
%
|
||||||||||||
|
||||||||||||||||
Allowance For Loan Losses
|
||||||||||||||||
|
Nine months ended
|
|||||||||||||||
(dollars in thousands)
|
September 30, 2013
|
September 30, 2012
|
||||||||||||||
Balance, beginning of period
|
$
|
69,334
|
$
|
71,334
|
||||||||||||
Recoveries
|
4,070
|
3,123
|
||||||||||||||
Chargeoffs
|
(20,478
|
)
|
(17,052
|
)
|
||||||||||||
Net chargeoffs
|
(16,408
|
)
|
(13,929
|
)
|
||||||||||||
Provision for loan losses
|
17,258
|
13,329
|
||||||||||||||
Balance, end of period
|
$
|
70,184
|
$
|
70,734
|
||||||||||||
Composition of Net Chargeoffs
|
||||||||||||||||
Commercial and agricultural
|
$
|
(6,524
|
)
|
40
|
%
|
$
|
(3,505
|
)
|
25
|
%
|
||||||
Real estate mortgage
|
(1,168
|
)
|
7
|
%
|
(1,105
|
)
|
8
|
%
|
||||||||
Consumer
|
(8,716
|
)
|
53
|
%
|
(9,319
|
)
|
67
|
%
|
||||||||
Net chargeoffs
|
$
|
(16,408
|
)
|
100
|
%
|
$
|
(13,929
|
)
|
100
|
%
|
||||||
|
||||||||||||||||
Annualized net chargeoffs to average loans
|
0.44
|
%
|
0.47
|
%
|
Nonperforming Assets
|
||||||||||||||||
|
September 30,
|
December 31,
|
||||||||||||||
(Dollars in thousands)
|
2013
|
2012
|
||||||||||||||
Nonaccrual loans
|
Amount
|
%
|
Amount
|
%
|
||||||||||||
Commercial and agricultural loans and real estate
|
$
|
17,672
|
43
|
%
|
$
|
20,923
|
53
|
%
|
||||||||
Real estate mortgages
|
9,645
|
23
|
%
|
8,083
|
20
|
%
|
||||||||||
Consumer
|
7,032
|
17
|
%
|
8,440
|
21
|
%
|
||||||||||
Troubled debt restructured loans
|
7,069
|
17
|
%
|
2,230
|
6
|
%
|
||||||||||
Total nonaccrual loans
|
41,418
|
100
|
%
|
39,676
|
100
|
%
|
||||||||||
Loans 90 days or more past due and still accruing
|
||||||||||||||||
Commercial and agricultural loans and real estate
|
-
|
0
|
%
|
148
|
6
|
%
|
||||||||||
Real estate mortgages
|
994
|
30
|
%
|
330
|
13
|
%
|
||||||||||
Consumer
|
2,292
|
70
|
%
|
1,970
|
81
|
%
|
||||||||||
Total loans 90 days or more past due and still accruing
|
3,286
|
100
|
%
|
2,448
|
100
|
%
|
||||||||||
|
||||||||||||||||
Total nonperforming loans
|
44,704
|
42,124
|
||||||||||||||
Other real estate owned (OREO)
|
3,626
|
2,276
|
||||||||||||||
Total nonperforming assets
|
48,330
|
44,400
|
||||||||||||||
Total nonperforming loans to total loans
|
0.83
|
%
|
0.98
|
%
|
||||||||||||
Total nonperforming assets to total assets
|
0.63
|
%
|
0.73
|
%
|
||||||||||||
Allowance for loan losses to total nonperforming loans
|
157.00
|
%
|
164.60
|
%
|
|
Acquired
|
|||
|
Balances
|
|||
Noninterest bearing demand
|
$
|
222,843
|
||
Savings, NOW and money market
|
660,412
|
|||
Time
|
230,165
|
|||
Total
|
$
|
1,113,420
|
Capital Measurements
|
September 30,
2013
|
December 31,
2012
|
||||||
Tier 1 leverage ratio
|
8.79
|
%
|
8.54
|
%
|
||||
Tier 1 capital ratio
|
11.46
|
%
|
11.00
|
%
|
||||
Total risk-based capital ratio
|
12.71
|
%
|
12.25
|
%
|
||||
Cash dividends as a percentage of net income
|
55.53
|
%
|
48.96
|
%
|
||||
Per common share:
|
||||||||
Book value
|
$
|
18.38
|
$
|
17.24
|
||||
Tangible book value (1)
|
$
|
11.64
|
$
|
12.23
|
(1)
|
Stockholders' equity less goodwill and intangible assets divided by common shares outstanding
|
Interest Rate Sensitivity Analysis
|
|
Change in interest rates
|
Percent change in
|
(in bp points)
|
net interest income
|
+200
|
(3.33%)
|
-100
|
(1.60%)
|
(a) | Not applicable |
(b) | Not applicable |
(c) | The table below sets forth the information with respect to purchases made by the Company (as defined in Rule 10b-18(a)(3) under the Securities Exchange Act of 1934), of our common stock during the quarter ended September 30, 2013: |
Period
|
Total Number of
Shares Purchased
|
Average Price Paid
Per Share
|
Total Number of
Shares Purchased as
Part of Publicly
Announced Plans
|
Maximum Number of
Shares That May Yet
be Purchased Under
The Plans (1)
|
||||||||||||
7/1/13 - 7/31/13
|
-
|
$
|
-
|
-
|
1,480,588
|
|||||||||||
8/1/13 - 8/31/13
|
35,400
|
21.70
|
35,400
|
1,445,188
|
||||||||||||
9/1/13 - 9/30/13
|
282,100
|
22.09
|
282,100
|
1,163,088
|
||||||||||||
Total
|
317,500
|
$
|
22.04
|
317,500
|
1,163,088
|
(1) | On October 24, 2011, the NBT Board of Directors authorized a repurchase program for NBT to repurchase up to 1,000,000 shares of its outstanding common stock. Under this stock repurchase plan, the Company purchased 584,925 shares of its common stock during the nine month period ended September 30, 2013, for a total of $12.5 million at an average price of $21.30 per share. At September 30, 2013, there were 163,088 shares available for repurchase under this plan, which expires on December 31, 2013. On July 22, 2013, the NBT Board of Directors authorized a new repurchase program for NBT to repurchase up to an additional 1,000,000 shares of its outstanding common stock. This plan expires on December 31, 2014. |
3.1 Certificate of Incorporation of NBT Bancorp Inc. as amended through May 2, 2012 (filed as Exhibit 3.1 to the Registrant's Form 10-Q for the quarter ended September 30, 2012, filed on November 9, 2012 and incorporated herein by reference).
|
|
3.2 Amended and Restated By-laws of NBT Bancorp Inc., effective May 7, 2013 (filed as Exhibit 3.1 to the Registrant's Form 8-K, filed on May 7, 2013 and incorporated herein by reference).
|
|
3.3 Certificate of Designation of the Series A Junior Participating Preferred Stock (filed as Exhibit A to Exhibit 4.1 of the Registrant’s Form 8-K, filed on November 18, 2004, and incorporated herein by reference).
|
|
4.1 Specimen common stock certificate for NBT's common stock (filed as exhibit 4.3 to the Registrant's Amendment No. 1 to Registration Statement on Form S-4 filed on December 27, 2005 and incorporated herein by reference).
|
|
4.2 Rights Agreement, dated as of November 15, 2004, between NBT Bancorp Inc. and Registrar and Transfer Company, as Rights Agent (filed as Exhibit 4.1 to the Registrant's Form 8-K, file number 0-14703, filed on November 18, 2004, and incorporated by reference herein).
|
|
31.1 Certification of Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|
31.2 Certification of Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|
32.1 Written Statement of the Chief Executive Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
|
32.2 Written Statement of the Chief Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
|
101.INS XBRL Instance Document.
|
|
101.SCH XBRL Taxonomy Extension Schema Document.
|
|
101.CAL XBRL Taxonomy Extension Calculation Linkbase Document.
|
|
101.DEF XBRL Taxonomy Extension Definition Linkbase Document.
|
|
101.LAB XBRL Taxonomy Extension Label Linkbase Document.
|
|
101.PRE XBRL Taxonomy Extension Presentation Linkbase Document.
|
|
By:
|
/s/ Michael J. Chewens | |
Michael J. Chewens, CPA
|
|||
Senior Executive Vice President
|
|||
Chief Financial Officer
|
3.1 Certificate of Incorporation of NBT Bancorp Inc. as amended through May 2, 2012 (filed as Exhibit 3.1 to the Registrant's Form 10-Q for the quarter ended September 30, 2012, filed on November 9, 2012 and incorporated herein by reference).
|
|
3.2 Amended and Restated By-laws of NBT Bancorp Inc., effective May 7, 2013 (filed as Exhibit 3.1 to the Registrant's Form 8-K, filed on May 7, 2013 and incorporated herein by reference).
|
|
3.3 Certificate of Designation of the Series A Junior Participating Preferred Stock (filed as Exhibit A to Exhibit 4.1 of the Registrant’s Form 8-K, filed on November 18, 2004, and incorporated herein by reference).
|
|
4.1 Specimen common stock certificate for NBT's common stock (filed as exhibit 4.3 to the Registrant's Amendment No. 1 to Registration Statement on Form S-4 filed on December 27, 2005 and incorporated herein by reference).
|
|
4.2 Rights Agreement, dated as of November 15, 2004, between NBT Bancorp Inc. and Registrar and Transfer Company, as Rights Agent (filed as Exhibit 4.1 to the Registrant's Form 8-K, file number 0-14703, filed on November 18, 2004, and incorporated by reference herein).
|
|
31.1 Certification of Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|
31.2 Certification of Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|
32.1 Written Statement of the Chief Executive Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
|
32.2 Written Statement of the Chief Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
|
101.INS XBRL Instance Document.
|
|
101.SCH XBRL Taxonomy Extension Schema Document.
|
|
101.CAL XBRL Taxonomy Extension Calculation Linkbase Document.
|
|
101.DEF XBRL Taxonomy Extension Definition Linkbase Document.
|
|
101.LAB XBRL Taxonomy Extension Label Linkbase Document.
|
|
101.PRE XBRL Taxonomy Extension Presentation Linkbase Document.
|
Date: November 12, 2013
|
|
|
|
|
|
By:
|
/s/ Martin A. Dietrich
|
|
Chief Executive Officer
|
Date: November 12, 2013
|
|
|
|
|
|
By:
|
/s/ Michael J. Chewens
|
|
Senior Executive Vice President and
|
||
Chief Financial Officer
|
|
/s/ Martin A. Dietrich
|
|
|
Martin A. Dietrich
|
|
|
Chief Executive Officer
|
|
|
November 12, 2013
|
|
|
/s/ Michael J. Chewens |
|
|
Michael J. Chewens
|
|
|
Senior Executive Vice President and
|
|
|
Chief Financial Officer
|
|
|
November 12, 2013
|
Junior Subordinated Debt
|
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2013
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Junior Subordinated Debt [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Junior Subordinated Debt |
The Company sponsors five business trusts, CNBF Capital Trust I, NBT Statutory Trust I, NBT Statutory Trust II, Alliance Financial Capital Trust I and Alliance Financial Capital Trust II. The trusts were formed for the purpose of issuing company-obligated mandatorily redeemable preferred securities to third-party investors and investing in the proceeds from the sale of such preferred securities solely in junior subordinated debt securities of the Company. The debentures held by each trust are the sole assets of that trust. These five statutory business trusts are collectively referred herein to as “the Trusts.” The Company guarantees, on a limited basis, payments of distributions on the trust preferred securities and payments on redemption of the trust preferred securities. The Trusts are variable interest entities (“VIEs”) for which the Company is not the primary beneficiary, as defined by U.S. GAAP. In accordance with U.S. GAAP, the accounts of the Trusts are not included in the Company’s consolidated financial statements. As of September 30, 2013, the Trusts had the following issues of trust preferred debentures, all held by the Trusts, outstanding (dollars in thousands):
The Company owns all of the common stock of the Trusts, which have issued trust preferred securities in conjunction with the Company issuing trust preferred debentures to the Trusts. The terms of the trust preferred debentures are substantially the same as the terms of the trust preferred securities. |
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