DELAWARE
|
0-14703
|
16-1268674
|
(State or other jurisdiction of incorporation)
|
(Commission File Number)
|
(IRS Employer Identification No.)
|
(d) | The following is being furnished herewith: |
Exhibit No. | Exhibit Description |
99.1 | Press release text of NBT Bancorp Inc. dated October 26, 2015 |
NBT BANCORP INC.
|
||
(Registrant)
|
||
/s/ Michael J. Chewens
|
||
Michael J. Chewens
|
||
Senior Executive Vice President
|
||
and Chief Financial Officer
|
Contact:
|
Martin A. Dietrich, CEO
|
Michael J. Chewens, CFO
|
|
NBT Bancorp Inc.
|
|
52 South Broad Street
|
|
Norwich, NY 13815
|
|
607-337-6119
|
·
|
Third quarter organic loan growth (annualized) of 6.9% driven by:
|
o
|
Consumer – 14.5%
|
o
|
Residential mortgage – 7.8%
|
o
|
Commercial – 4.8%
|
·
|
Year to date organic loan growth (annualized) was 6.6%
|
·
|
Recognized contingent gain of $4.2 million during the third quarter of 2015 from the 2014 sale of our ownership interest in Springstone, which allowed us to further our branch optimization strategy taking $3.3 million in reorganization costs during the third quarter of 2015
|
·
|
Average demand deposits for the nine months ended September 30, 2015 were up 11.4% from the same period in 2014
|
·
|
Asset quality indicators remained strong:
|
o
|
Nonperforming loans to total loans was 0.79% at September 30, 2015, as compared with 0.82% at December 31, 2014
|
o
|
Past due loans to total loans was 0.63% at September 30, 2015, as compared with 0.69% at December 31, 2014
|
o
|
Annualized net charge-offs to average loans was 0.35% for the third quarter of 2015, as compared with 0.36% for the same period last year
|
NBT Bancorp Inc. and Subsidiaries
|
||||||||||||||||||||
SELECTED FINANCIAL DATA
|
||||||||||||||||||||
(unaudited, dollars in thousands except per share data)
|
||||||||||||||||||||
2015
|
2014 | |||||||||||||||||||
3rd Q
|
2nd Q
|
1st Q
|
4th Q
|
3rd Q
|
||||||||||||||||
Reconciliation of Non-GAAP Financial Measures:
|
||||||||||||||||||||
Reported net income (GAAP)
|
$
|
19,851
|
$
|
19,281
|
$
|
18,166
|
$
|
18,513
|
$
|
10,912
|
||||||||||
Noninterest income adjustments:
|
||||||||||||||||||||
Gain on sale of securities
|
(3
|
)
|
(26
|
)
|
(14
|
)
|
(33
|
)
|
(38
|
)
|
||||||||||
Gain on sale of Springstone
|
(4,179
|
)
|
-
|
-
|
-
|
-
|
||||||||||||||
Noninterest expense adjustments:
|
||||||||||||||||||||
Prepayment penalties related to debt restructuring
|
-
|
-
|
-
|
-
|
13,348
|
|||||||||||||||
Other adjustments(1)
|
3,290
|
489
|
-
|
17
|
126
|
|||||||||||||||
Tax provision adjustment
|
753
|
-
|
-
|
-
|
-
|
|||||||||||||||
Total adjustments
|
(139
|
)
|
463
|
(14
|
)
|
(16
|
)
|
13,436
|
||||||||||||
Total adjustments, net of tax
|
(92
|
)
|
307
|
(9
|
)
|
(11
|
)
|
8,891
|
||||||||||||
Core net income
|
$
|
19,759
|
$
|
19,588
|
$
|
18,157
|
$
|
18,502
|
$
|
19,803
|
||||||||||
Profitability:
|
||||||||||||||||||||
Core Diluted Earnings Per Share
|
$
|
0.45
|
$
|
0.44
|
$
|
0.41
|
$
|
0.42
|
$
|
0.45
|
||||||||||
Diluted Earnings Per Share
|
$
|
0.45
|
$
|
0.43
|
$
|
0.41
|
$
|
0.42
|
$
|
0.25
|
||||||||||
Weighted Average Diluted Common Shares Outstanding
|
44,262,426
|
44,530,123
|
44,641,913
|
44,535,274
|
44,405,357
|
|||||||||||||||
Core Return on Average Assets (2)
|
0.97
|
%
|
0.99
|
%
|
0.94
|
%
|
0.94
|
%
|
1.01
|
%
|
||||||||||
Return on Average Assets (2)
|
0.97
|
%
|
0.97
|
%
|
0.94
|
%
|
0.94
|
%
|
0.55
|
%
|
||||||||||
Core Return on Average Equity (2)
|
8.93
|
%
|
8.95
|
%
|
8.45
|
%
|
8.45
|
%
|
9.19
|
%
|
||||||||||
Return on Average Equity (2)
|
8.97
|
%
|
8.81
|
%
|
8.46
|
%
|
8.46
|
%
|
5.06
|
%
|
||||||||||
Core Return on Average Tangible Common Equity (2)(4)
|
13.60
|
%
|
13.67
|
%
|
13.07
|
%
|
13.08
|
%
|
14.35
|
%
|
||||||||||
Return on Average Tangible Common Equity (2)(4)
|
13.66
|
%
|
13.47
|
%
|
13.08
|
%
|
13.09
|
%
|
8.15
|
%
|
||||||||||
Net Interest Margin (2)(3)
|
3.48
|
%
|
3.51
|
%
|
3.60
|
%
|
3.61
|
%
|
3.61
|
%
|
Nine Months Ended September 30,
|
||||||||
Reconciliation of Non-GAAP Financial Measures:
|
2015
|
2014 | ||||||
Reported net income (GAAP)
|
$
|
57,298
|
$
|
56,561
|
||||
Noninterest income adjustments:
|
||||||||
Gain on sale of securities
|
(43
|
)
|
(59
|
)
|
||||
Gain on sale of Springstone
|
(4,179
|
)
|
(19,401
|
)
|
||||
Other adjustments(6)
|
-
|
(632
|
)
|
|||||
Noninterest expense adjustments:
|
||||||||
Prepayment penalties related to debt restructuring
|
-
|
17,902
|
||||||
Other adjustments(7)
|
3,779
|
3,418
|
||||||
Tax provision adjustment
|
753
|
-
|
||||||
Total adjustments
|
310
|
1,228
|
||||||
Total adjustments, net of tax
|
206
|
749
|
||||||
Core net income
|
$
|
57,504
|
$
|
57,310
|
||||
Profitability:
|
||||||||
Core Diluted Earnings Per Share
|
$
|
1.29
|
$
|
1.29
|
||||
Diluted Earnings Per Share
|
$
|
1.29
|
$
|
1.28
|
||||
Weighted Average Diluted Common Shares Outstanding
|
44,467,881
|
44,353,318
|
||||||
Core Return on Average Assets (2)
|
0.97
|
%
|
0.99
|
%
|
||||
Return on Average Assets (2)
|
0.96
|
%
|
0.98
|
%
|
||||
Core Return on Average Equity (2)
|
8.78
|
%
|
9.09
|
%
|
||||
Return on Average Equity (2)
|
8.75
|
%
|
8.97
|
%
|
||||
Core Return on Average Tangible Common Equity (2)(5)
|
13.45
|
%
|
14.36
|
%
|
||||
Return on Average Tangible Common Equity (2)(5)
|
13.41
|
%
|
14.18
|
%
|
||||
Net Interest Margin (2)(3)
|
3.53
|
%
|
3.61
|
%
|
(1) Primarily reorganization expenses for 2014 and 2015.
|
(2) Annualized
|
(3) Calculated on a Fully Tax Equivalent (“FTE”) basis
|
(4) Excludes amortization of intangible assets (net of tax) from net income and average tangible common equity is calculated as follows:
|
2015
|
2014 | |||||||||||||||||||
3rd Q
|
2nd Q
|
1st Q
|
4th Q
|
3rd Q
|
||||||||||||||||
Average stockholders' equity
|
$
|
878,305
|
$
|
878,164
|
$
|
871,074
|
$
|
868,634
|
$
|
855,164
|
||||||||||
Less: average goodwill and other intangibles
|
281,048
|
282,272
|
283,508
|
284,743
|
285,993
|
|||||||||||||||
Average tangible common equity
|
$
|
597,257
|
$
|
595,892
|
$
|
587,566
|
$
|
583,891
|
$
|
569,171
|
9 Months ended September 30,
|
||||||||
2015
|
2014
|
|||||||
Average stockholders' equity
|
$
|
875,875
|
$
|
843,005
|
||||
Less: average goodwill and other intangibles
|
282,267
|
287,778
|
||||||
Average tangible common equity
|
$
|
593,608
|
$
|
555,227
|
(6) Primarily settlement of litigation for 2014.
|
(7) Primarily incentive compensation related to sale of Springstone and settlement of litigation for 2014 and reorganization expenses for 2014 and 2015.
|
Note: Year-to-date (YTD) EPS may not equal sum of quarters due to share count differences.
|
NBT Bancorp Inc. and Subsidiaries
|
||||||||||||||||||||
SELECTED FINANCIAL DATA
|
||||||||||||||||||||
(unaudited, dollars in thousands except per share data)
|
||||||||||||||||||||
2015
|
2014 | |||||||||||||||||||
3rd Q
|
2nd Q
|
1st Q
|
4th Q
|
3rd Q
|
||||||||||||||||
Balance Sheet Data:
|
||||||||||||||||||||
Securities Available for Sale
|
$
|
1,058,397
|
$
|
1,129,249
|
$
|
1,071,654
|
$
|
1,013,171
|
$
|
1,044,502
|
||||||||||
Securities Held to Maturity
|
470,758
|
454,312
|
456,773
|
454,361
|
459,620
|
|||||||||||||||
Net Loans
|
5,806,129
|
5,705,929
|
5,557,664
|
5,528,912
|
5,517,757
|
|||||||||||||||
Total Assets
|
8,161,562
|
8,072,485
|
7,863,861
|
7,797,926
|
7,867,031
|
|||||||||||||||
Total Deposits
|
6,600,627
|
6,371,479
|
6,479,437
|
6,299,605
|
6,314,939
|
|||||||||||||||
Total Borrowings
|
594,163
|
743,893
|
425,143
|
548,943
|
607,889
|
|||||||||||||||
Total Liabilities
|
7,285,346
|
7,196,514
|
6,986,367
|
6,933,745
|
7,009,591
|
|||||||||||||||
Stockholders' Equity
|
876,216
|
875,971
|
877,494
|
864,181
|
857,440
|
|||||||||||||||
Asset Quality:
|
||||||||||||||||||||
Nonaccrual Loans
|
$
|
42,524
|
$
|
42,286
|
$
|
45,053
|
$
|
41,074
|
$
|
50,531
|
||||||||||
90 Days Past Due and Still Accruing
|
3,790
|
1,994
|
2,601
|
4,941
|
4,022
|
|||||||||||||||
Total Nonperforming Loans
|
46,314
|
44,280
|
47,654
|
46,015
|
54,553
|
|||||||||||||||
Other Real Estate Owned
|
4,855
|
4,649
|
4,387
|
3,964
|
1,497
|
|||||||||||||||
Total Nonperforming Assets
|
51,169
|
48,929
|
52,041
|
49,979
|
56,050
|
|||||||||||||||
Allowance for Loan Losses
|
64,859
|
64,959
|
65,359
|
66,359
|
69,334
|
|||||||||||||||
Asset Quality Ratios (Total):
|
||||||||||||||||||||
Allowance for Loan Losses to Total Loans
|
1.10
|
%
|
1.13
|
%
|
1.16
|
%
|
1.19
|
%
|
1.24
|
%
|
||||||||||
Total Nonperforming Loans to Total Loans
|
0.79
|
%
|
0.77
|
%
|
0.85
|
%
|
0.82
|
%
|
0.98
|
%
|
||||||||||
Total Nonperforming Assets to Total Assets
|
0.63
|
%
|
0.61
|
%
|
0.66
|
%
|
0.64
|
%
|
0.71
|
%
|
||||||||||
Allowance for Loan Losses to Total Nonperforming Loans
|
140.04
|
%
|
146.70
|
%
|
137.15
|
%
|
144.21
|
%
|
127.09
|
%
|
||||||||||
Past Due Loans to Total Loans
|
0.63
|
%
|
0.61
|
%
|
0.54
|
%
|
0.69
|
%
|
0.65
|
%
|
||||||||||
Net Charge-Offs to Average Loans (3)
|
0.35
|
%
|
0.30
|
%
|
0.34
|
%
|
0.70
|
%
|
0.36
|
%
|
||||||||||
Asset Quality Ratios (Originated) (1):
|
||||||||||||||||||||
Allowance for Loan Losses to Loans
|
1.21
|
%
|
1.24
|
%
|
1.29
|
%
|
1.36
|
%
|
1.38
|
%
|
||||||||||
Nonperforming Loans to Loans
|
0.63
|
%
|
0.59
|
%
|
0.69
|
%
|
0.72
|
%
|
0.83
|
%
|
||||||||||
Allowance for Loan Losses to Nonperforming Loans
|
192.49
|
%
|
208.99
|
%
|
188.68
|
%
|
187.88
|
%
|
166.69
|
%
|
||||||||||
Past Due Loans to Loans
|
0.67
|
%
|
0.64
|
%
|
0.56
|
%
|
0.73
|
%
|
0.70
|
%
|
||||||||||
Capital:
|
||||||||||||||||||||
Equity to Assets
|
10.74
|
%
|
10.85
|
%
|
11.16
|
%
|
11.08
|
%
|
10.90
|
%
|
||||||||||
Book Value Per Share
|
$
|
20.29
|
$
|
20.05
|
$
|
19.95
|
$
|
19.69
|
$
|
19.62
|
||||||||||
Tangible Book Value Per Share (2)
|
$
|
13.80
|
$
|
13.61
|
$
|
13.52
|
$
|
13.22
|
$
|
13.09
|
||||||||||
Tier 1 Leverage Ratio
|
9.34
|
%
|
9.57
|
%
|
9.72
|
%
|
9.39
|
%
|
9.20
|
%
|
||||||||||
Common Equity Tier 1 Capital Ratio
|
10.04
|
%
|
10.22
|
%
|
10.46
|
%
|
N/
|
A
|
N/
|
A
|
||||||||||
Tier 1 Capital Ratio
|
11.57
|
%
|
11.78
|
%
|
12.05
|
%
|
12.32
|
%
|
11.94
|
%
|
||||||||||
Total Risk-Based Capital Ratio
|
12.62
|
%
|
12.84
|
%
|
13.15
|
%
|
13.50
|
%
|
13.16
|
%
|
||||||||||
Common Stock Price (End of Period)
|
$
|
26.94
|
$
|
26.17
|
$
|
25.06
|
$
|
26.27
|
$
|
22.52
|
(1) Excludes acquired loans
|
(2) Stockholders' equity less goodwill and intangible assets divided by common shares outstanding
|
(3) Annualized
|
NBT Bancorp Inc. and Subsidiaries
|
||||||||
CONSOLIDATED BALANCE SHEETS
|
||||||||
(unaudited, dollars in thousands)
|
||||||||
September 30,
|
December 31,
|
|||||||
ASSETS
|
2015
|
2014
|
||||||
Cash and due from banks
|
$
|
175,036
|
$
|
139,635
|
||||
Short term interest bearing accounts
|
9,964
|
7,001
|
||||||
Securities available for sale, at fair value
|
1,058,397
|
1,013,171
|
||||||
Securities held to maturity (fair value of $475,436 and $454,994 at September 30, 2015 and December 31, 2014, respectively)
|
470,758
|
454,361
|
||||||
Trading securities
|
7,900
|
7,793
|
||||||
Federal Reserve and Federal Home Loan Bank stock
|
34,001
|
32,626
|
||||||
Loans
|
5,870,988
|
5,595,271
|
||||||
Less allowance for loan losses
|
64,859
|
66,359
|
||||||
Net loans
|
5,806,129
|
5,528,912
|
||||||
Premises and equipment, net
|
87,763
|
89,258
|
||||||
Goodwill
|
263,634
|
263,634
|
||||||
Intangible assets, net
|
16,729
|
20,317
|
||||||
Bank owned life insurance
|
116,128
|
114,251
|
||||||
Other assets
|
115,123
|
126,967
|
||||||
TOTAL ASSETS
|
$
|
8,161,562
|
$
|
7,797,926
|
||||
LIABILITIES AND STOCKHOLDERS' EQUITY
|
||||||||
Deposits:
|
||||||||
Demand (noninterest bearing)
|
$
|
1,915,482
|
$
|
1,838,622
|
||||
Savings, NOW, and money market
|
3,753,179
|
3,417,160
|
||||||
Time
|
931,966
|
1,043,823
|
||||||
Total deposits
|
6,600,627
|
6,299,605
|
||||||
Short-term borrowings
|
362,332
|
316,802
|
||||||
Long-term debt
|
130,635
|
130,945
|
||||||
Junior subordinated debt
|
101,196
|
101,196
|
||||||
Other liabilities
|
90,556
|
85,197
|
||||||
Total liabilities
|
7,285,346
|
6,933,745
|
||||||
Total stockholders' equity
|
876,216
|
864,181
|
||||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
|
$
|
8,161,562
|
$
|
7,797,926
|
NBT Bancorp Inc. and Subsidiaries
|
||||||||||||||||
CONSOLIDATED STATEMENTS OF INCOME
|
||||||||||||||||
(unaudited, dollars in thousands except per share data)
|
||||||||||||||||
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
September 30,
|
September 30,
|
|||||||||||||||
2015
|
2014
|
2015
|
2014
|
|||||||||||||
Interest, fee and dividend income:
|
||||||||||||||||
Loans
|
$
|
61,656
|
$
|
61,173
|
$
|
181,047
|
$
|
181,747
|
||||||||
Securities available for sale
|
5,125
|
6,095
|
15,214
|
19,464
|
||||||||||||
Securities held to maturity
|
2,318
|
1,353
|
6,916
|
2,904
|
||||||||||||
Other
|
401
|
513
|
1,276
|
1,552
|
||||||||||||
Total interest, fee and dividend income
|
69,500
|
69,134
|
204,453
|
205,667
|
||||||||||||
Interest expense:
|
||||||||||||||||
Deposits
|
3,554
|
3,498
|
10,644
|
9,782
|
||||||||||||
Short-term borrowings
|
296
|
262
|
561
|
702
|
||||||||||||
Long-term debt
|
845
|
1,067
|
2,507
|
5,709
|
||||||||||||
Junior subordinated debt
|
560
|
544
|
1,645
|
1,620
|
||||||||||||
Total interest expense
|
5,255
|
5,371
|
15,357
|
17,813
|
||||||||||||
Net interest income
|
64,245
|
63,763
|
189,096
|
187,854
|
||||||||||||
Provision for loan losses
|
4,966
|
4,885
|
12,506
|
12,647
|
||||||||||||
Net interest income after provision for loan losses
|
59,279
|
58,878
|
176,590
|
175,207
|
||||||||||||
Noninterest income:
|
||||||||||||||||
Insurance and other financial services revenue
|
5,862
|
6,179
|
18,072
|
18,510
|
||||||||||||
Service charges on deposit accounts
|
4,349
|
4,519
|
12,706
|
13,285
|
||||||||||||
ATM and debit card fees
|
4,780
|
4,440
|
13,707
|
12,869
|
||||||||||||
Retirement plan administration fees
|
3,249
|
3,272
|
10,011
|
9,167
|
||||||||||||
Trust
|
4,611
|
4,758
|
14,257
|
14,157
|
||||||||||||
Bank owned life insurance income
|
931
|
1,095
|
3,418
|
3,455
|
||||||||||||
Net securities gains
|
3
|
38
|
43
|
59
|
||||||||||||
Gain on the sale of Springstone investment
|
4,179
|
-
|
4,179
|
19,401
|
||||||||||||
Other
|
3,297
|
2,376
|
9,617
|
8,078
|
||||||||||||
Total noninterest income
|
31,261
|
26,677
|
86,010
|
98,981
|
||||||||||||
Noninterest expense:
|
||||||||||||||||
Salaries and employee benefits
|
30,227
|
28,933
|
91,240
|
89,609
|
||||||||||||
Occupancy
|
5,326
|
5,211
|
16,804
|
16,872
|
||||||||||||
Data processing and communications
|
4,207
|
4,029
|
12,598
|
12,045
|
||||||||||||
Professional fees and outside services
|
3,137
|
3,695
|
10,029
|
10,862
|
||||||||||||
Equipment
|
3,352
|
3,199
|
9,917
|
9,447
|
||||||||||||
Office supplies and postage
|
1,576
|
1,733
|
4,822
|
5,221
|
||||||||||||
FDIC expenses
|
1,355
|
1,135
|
3,833
|
3,642
|
||||||||||||
Advertising
|
421
|
403
|
1,874
|
1,868
|
||||||||||||
Amortization of intangible assets
|
1,165
|
1,275
|
3,636
|
3,821
|
||||||||||||
Loan collection and other real estate owned
|
699
|
705
|
1,593
|
2,546
|
||||||||||||
Prepayment penalties on long-term debt
|
-
|
13,348
|
-
|
17,902
|
||||||||||||
Other operating
|
8,426
|
5,401
|
19,211
|
15,485
|
||||||||||||
Total noninterest expense
|
59,891
|
69,067
|
175,557
|
189,320
|
||||||||||||
Income before income taxes
|
30,649
|
16,488
|
87,043
|
84,868
|
||||||||||||
Income taxes
|
10,798
|
5,576
|
29,745
|
28,307
|
||||||||||||
Net income
|
$
|
19,851
|
$
|
10,912
|
$
|
57,298
|
$
|
56,561
|
||||||||
Earnings Per Share:
|
||||||||||||||||
Basic
|
$
|
0.45
|
$
|
0.25
|
$
|
1.30
|
$
|
1.29
|
||||||||
Diluted
|
$
|
0.45
|
$
|
0.25
|
$
|
1.29
|
$
|
1.28
|
NBT Bancorp Inc. and Subsidiaries
|
||||||||||||||||||||
QUARTERLY CONSOLIDATED STATEMENTS OF INCOME
|
||||||||||||||||||||
(unaudited, dollars in thousands except per share data)
|
||||||||||||||||||||
2015
|
2014 | |||||||||||||||||||
3rd Q
|
2nd Q
|
1st Q
|
4th Q
|
3rd Q
|
||||||||||||||||
Interest, fee and dividend income:
|
||||||||||||||||||||
Loans
|
$
|
61,656
|
$
|
59,873
|
$
|
59,518
|
$
|
61,577
|
$
|
61,173
|
||||||||||
Securities available for sale
|
5,125
|
5,144
|
4,945
|
5,000
|
6,095
|
|||||||||||||||
Securities held to maturity
|
2,318
|
2,315
|
2,283
|
2,357
|
1,353
|
|||||||||||||||
Other
|
401
|
395
|
480
|
480
|
513
|
|||||||||||||||
Total interest, fee and dividend income
|
69,500
|
67,727
|
67,226
|
69,414
|
69,134
|
|||||||||||||||
Interest expense:
|
||||||||||||||||||||
Deposits
|
3,554
|
3,517
|
3,573
|
3,856
|
3,498
|
|||||||||||||||
Short-term borrowings
|
296
|
144
|
121
|
143
|
262
|
|||||||||||||||
Long-term debt
|
845
|
836
|
826
|
846
|
1,067
|
|||||||||||||||
Junior subordinated debt
|
560
|
545
|
540
|
545
|
544
|
|||||||||||||||
Total interest expense
|
5,255
|
5,042
|
5,060
|
5,390
|
5,371
|
|||||||||||||||
Net interest income
|
64,245
|
62,685
|
62,166
|
64,024
|
63,763
|
|||||||||||||||
Provision for loan losses
|
4,966
|
3,898
|
3,642
|
6,892
|
4,885
|
|||||||||||||||
Net interest income after provision for loan losses
|
59,279
|
58,787
|
58,524
|
57,132
|
58,878
|
|||||||||||||||
Noninterest income:
|
||||||||||||||||||||
Insurance and other financial services revenue
|
5,862
|
5,836
|
6,374
|
6,007
|
6,179
|
|||||||||||||||
Service charges on deposit accounts
|
4,349
|
4,285
|
4,072
|
4,656
|
4,519
|
|||||||||||||||
ATM and debit card fees
|
4,780
|
4,679
|
4,248
|
4,266
|
4,440
|
|||||||||||||||
Retirement plan administration fees
|
3,249
|
3,566
|
3,196
|
2,962
|
3,272
|
|||||||||||||||
Trust
|
4,611
|
5,196
|
4,450
|
4,793
|
4,758
|
|||||||||||||||
Bank owned life insurance income
|
931
|
928
|
1,559
|
1,894
|
1,095
|
|||||||||||||||
Net securities gains
|
3
|
26
|
14
|
33
|
38
|
|||||||||||||||
Gain on the sale of Springstone investment
|
4,179
|
-
|
-
|
-
|
-
|
|||||||||||||||
Other
|
3,297
|
3,699
|
2,621
|
2,435
|
2,376
|
|||||||||||||||
Total noninterest income
|
31,261
|
28,215
|
26,534
|
27,046
|
26,677
|
|||||||||||||||
Noninterest expense:
|
||||||||||||||||||||
Salaries and employee benefits
|
30,227
|
30,831
|
30,182
|
30,058
|
28,933
|
|||||||||||||||
Occupancy
|
5,326
|
5,412
|
6,066
|
5,256
|
5,211
|
|||||||||||||||
Data processing and communications
|
4,207
|
4,288
|
4,103
|
4,092
|
4,029
|
|||||||||||||||
Professional fees and outside services
|
3,137
|
3,395
|
3,497
|
3,564
|
3,695
|
|||||||||||||||
Equipment
|
3,352
|
3,316
|
3,249
|
3,211
|
3,199
|
|||||||||||||||
Office supplies and postage
|
1,576
|
1,627
|
1,619
|
1,762
|
1,733
|
|||||||||||||||
FDIC expenses
|
1,355
|
1,280
|
1,198
|
1,302
|
1,135
|
|||||||||||||||
Advertising
|
421
|
734
|
719
|
963
|
403
|
|||||||||||||||
Amortization of intangible assets
|
1,165
|
1,187
|
1,284
|
1,226
|
1,275
|
|||||||||||||||
Loan collection and other real estate owned
|
699
|
22
|
872
|
702
|
705
|
|||||||||||||||
Prepayment penalties on long-term debt
|
-
|
-
|
-
|
-
|
13,348
|
|||||||||||||||
Other operating
|
8,426
|
5,872
|
4,913
|
4,607
|
5,401
|
|||||||||||||||
Total noninterest expense
|
59,891
|
57,964
|
57,702
|
56,743
|
69,067
|
|||||||||||||||
Income before income taxes
|
30,649
|
29,038
|
27,356
|
27,435
|
16,488
|
|||||||||||||||
Income taxes
|
10,798
|
9,757
|
9,190
|
8,922
|
5,576
|
|||||||||||||||
Net income
|
$
|
19,851
|
$
|
19,281
|
$
|
18,166
|
$
|
18,513
|
$
|
10,912
|
||||||||||
Earnings per share:
|
||||||||||||||||||||
Basic
|
$
|
0.45
|
$
|
0.44
|
$
|
0.41
|
$
|
0.42
|
$
|
0.25
|
||||||||||
Diluted
|
$
|
0.45
|
$
|
0.43
|
$
|
0.41
|
$
|
0.42
|
$
|
0.25
|
NBT Bancorp Inc. and Subsidiaries
|
||||||||||||||||||||||||||||||||||||||||
AVERAGE QUARTERLY BALANCE SHEETS
|
||||||||||||||||||||||||||||||||||||||||
(unaudited, dollars in thousands)
|
||||||||||||||||||||||||||||||||||||||||
Average
Balance
|
Yield /
Rates
|
Average
Balance
|
Yield /
Rates
|
Average
Balance
|
Yield /
Rates
|
Average
Balance
|
Yield /
Rates
|
Average
Balance
|
Yield /
Rates
|
|||||||||||||||||||||||||||||||
Q3 - 2015 | Q2 - 2015 |
Q1 - 2015
|
Q4 - 2014 |
Q3 - 2014
|
||||||||||||||||||||||||||||||||||||
ASSETS:
|
||||||||||||||||||||||||||||||||||||||||
Short-term interest bearing accounts
|
$
|
8,100
|
0.32
|
%
|
$
|
9,854
|
0.36
|
%
|
$
|
9,156
|
0.30
|
%
|
$
|
5,895
|
0.51
|
%
|
$
|
4,791
|
0.54
|
%
|
||||||||||||||||||||
Securities available for sale (1)(2)
|
1,079,206
|
1.92
|
%
|
1,067,619
|
1.98
|
%
|
1,018,880
|
2.02
|
%
|
1,018,505
|
2.00
|
%
|
1,263,375
|
2.01
|
%
|
|||||||||||||||||||||||||
Securities held to maturity (1)
|
460,252
|
2.44
|
%
|
452,948
|
2.49
|
%
|
454,957
|
2.47
|
%
|
458,038
|
2.45
|
%
|
234,403
|
2.84
|
%
|
|||||||||||||||||||||||||
Investment in FRB and FHLB Banks
|
37,358
|
4.19
|
%
|
31,564
|
4.90
|
%
|
30,931
|
6.20
|
%
|
31,274
|
6.01
|
%
|
39,459
|
5.06
|
%
|
|||||||||||||||||||||||||
Loans (3)
|
5,824,311
|
4.21
|
%
|
5,688,159
|
4.24
|
%
|
5,586,942
|
4.33
|
%
|
5,603,268
|
4.37
|
%
|
5,563,206
|
4.38
|
%
|
|||||||||||||||||||||||||
Total interest earning assets
|
$
|
7,409,227
|
3.77
|
%
|
$
|
7,250,144
|
3.79
|
%
|
$
|
7,100,866
|
3.89
|
%
|
$
|
7,116,980
|
3.92
|
%
|
$
|
7,105,234
|
3.91
|
%
|
||||||||||||||||||||
Other assets
|
690,768
|
685,523
|
696,091
|
709,955
|
697,814
|
|||||||||||||||||||||||||||||||||||
Total assets
|
$
|
8,099,995
|
$
|
7,935,667
|
$
|
7,796,957
|
$
|
7,826,935
|
$
|
7,803,048
|
||||||||||||||||||||||||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY:
|
||||||||||||||||||||||||||||||||||||||||
Money market deposit accounts
|
$
|
1,557,651
|
0.22
|
%
|
$
|
1,598,898
|
0.20
|
%
|
$
|
1,544,488
|
0.21
|
%
|
$
|
1,524,881
|
0.20
|
%
|
$
|
1,452,287
|
0.19
|
%
|
||||||||||||||||||||
NOW deposit accounts
|
963,744
|
0.05
|
%
|
974,504
|
0.05
|
%
|
972,263
|
0.05
|
%
|
978,527
|
0.05
|
%
|
927,026
|
0.05
|
%
|
|||||||||||||||||||||||||
Savings deposits
|
1,085,680
|
0.06
|
%
|
1,080,954
|
0.06
|
%
|
1,040,031
|
0.06
|
%
|
1,017,300
|
0.08
|
%
|
1,025,795
|
0.07
|
%
|
|||||||||||||||||||||||||
Time deposits
|
939,542
|
1.01
|
%
|
968,714
|
1.00
|
%
|
1,014,904
|
1.00
|
%
|
1,058,615
|
1.03
|
%
|
1,032,370
|
0.96
|
%
|
|||||||||||||||||||||||||
Total interest bearing deposits
|
$
|
4,546,617
|
0.31
|
%
|
$
|
4,623,070
|
0.31
|
%
|
$
|
4,571,686
|
0.32
|
%
|
$
|
4,579,323
|
0.33
|
%
|
$
|
4,437,478
|
0.31
|
%
|
||||||||||||||||||||
Short-term borrowings
|
456,663
|
0.26
|
%
|
302,693
|
0.19
|
%
|
265,420
|
0.19
|
%
|
299,981
|
0.19
|
%
|
447,761
|
0.23
|
%
|
|||||||||||||||||||||||||
Junior subordinated debentures
|
101,196
|
2.20
|
%
|
101,196
|
2.16
|
%
|
101,196
|
2.16
|
%
|
101,196
|
2.13
|
%
|
101,196
|
2.13
|
%
|
|||||||||||||||||||||||||
Long-term debt
|
130,680
|
2.56
|
%
|
130,743
|
2.56
|
%
|
130,879
|
2.56
|
%
|
131,000
|
2.56
|
%
|
170,223
|
2.49
|
%
|
|||||||||||||||||||||||||
Total interest bearing liabilities
|
$
|
5,235,156
|
0.40
|
%
|
$
|
5,157,702
|
0.39
|
%
|
$
|
5,069,181
|
0.40
|
%
|
$
|
5,111,500
|
0.42
|
%
|
$
|
5,156,658
|
0.41
|
%
|
||||||||||||||||||||
Demand deposits
|
1,894,555
|
1,815,705
|
1,770,703
|
1,759,482
|
1,708,632
|
|||||||||||||||||||||||||||||||||||
Other liabilities
|
91,979
|
84,096
|
85,999
|
87,319
|
82,594
|
|||||||||||||||||||||||||||||||||||
Stockholders' equity
|
878,305
|
878,164
|
871,074
|
868,634
|
855,164
|
|||||||||||||||||||||||||||||||||||
Total liabilities and stockholders' equity
|
$
|
8,099,995
|
$
|
7,935,667
|
$
|
7,796,957
|
$
|
7,826,935
|
$
|
7,803,048
|
||||||||||||||||||||||||||||||
Interest rate spread
|
3.37
|
%
|
3.40
|
%
|
3.49
|
%
|
3.50
|
%
|
3.50
|
%
|
||||||||||||||||||||||||||||||
Net interest margin
|
3.48
|
%
|
3.51
|
%
|
3.60
|
%
|
3.61
|
%
|
3.61
|
%
|
(1) Securities are shown at average amortized cost
|
(2) Excluding unrealized gains or losses
|
(3) For purposes of these computations, nonaccrual loans are included in the average loan balances outstanding
|
* Interest income for tax-exempt securities and loans has been adjusted to a taxable-equivalent basis using the statutory Federal income tax rate of 35%
|
NBT Bancorp Inc. and Subsidiaries
|
||||||||||||||||||||||||
AVERAGE YEAR-TO-DATE BALANCE SHEETS
|
||||||||||||||||||||||||
(unaudited, dollars in thousands)
|
||||||||||||||||||||||||
Average
Balance |
Interest |
Yield/
Rates |
Average
Balance |
Interest
|
Yield/
Rates |
|||||||||||||||||||
Nine Months ended September 30,
|
2015
|
2014 | ||||||||||||||||||||||
ASSETS:
|
||||||||||||||||||||||||
Short-term interest bearing accounts
|
$
|
9,033
|
$
|
22
|
0.33
|
%
|
$
|
3,821
|
$
|
21
|
0.73
|
%
|
||||||||||||
Securities available for sale (1)(2)
|
1,055,456
|
15,579
|
1.97
|
%
|
1,340,044
|
20,614
|
2.06
|
%
|
||||||||||||||||
Securities held to maturity (1)
|
456,072
|
8,415
|
2.47
|
%
|
157,784
|
3,727
|
3.16
|
%
|
||||||||||||||||
Investment in FRB and FHLB Banks
|
33,308
|
1,254
|
5.03
|
%
|
41,992
|
1,531
|
4.88
|
%
|
||||||||||||||||
Loans (3)
|
5,700,673
|
181,619
|
4.26
|
%
|
5,502,656
|
182,383
|
4.43
|
%
|
||||||||||||||||
Total interest earning assets
|
$
|
7,254,542
|
$
|
206,889
|
3.81
|
%
|
$
|
7,046,297
|
$
|
208,276
|
3.95
|
%
|
||||||||||||
Other assets
|
690,774
|
685,861
|
||||||||||||||||||||||
Total assets
|
$
|
7,945,316
|
$
|
7,732,158
|
||||||||||||||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY:
|
||||||||||||||||||||||||
Money market deposit accounts
|
$
|
1,567,060
|
2,462
|
0.21
|
%
|
$
|
1,435,155
|
1,748
|
0.16
|
%
|
||||||||||||||
NOW deposit accounts
|
970,139
|
375
|
0.05
|
%
|
940,064
|
384
|
0.05
|
%
|
||||||||||||||||
Savings deposits
|
1,069,056
|
492
|
0.06
|
%
|
1,022,212
|
551
|
0.07
|
%
|
||||||||||||||||
Time deposits
|
974,110
|
7,315
|
1.00
|
%
|
1,001,301
|
7,099
|
0.95
|
%
|
||||||||||||||||
Total interest bearing deposits
|
$
|
4,580,365
|
$
|
10,644
|
0.31
|
%
|
$
|
4,398,732
|
$
|
9,782
|
0.30
|
%
|
||||||||||||
Short-term borrowings
|
342,293
|
561
|
0.22
|
%
|
410,242
|
702
|
0.23
|
%
|
||||||||||||||||
Trust preferred debentures
|
101,196
|
1,645
|
2.17
|
%
|
101,196
|
1,620
|
2.14
|
%
|
||||||||||||||||
Long-term debt
|
130,767
|
2,507
|
2.56
|
%
|
256,084
|
5,709
|
2.98
|
%
|
||||||||||||||||
Total interest bearing liabilities
|
$
|
5,154,621
|
$
|
15,357
|
0.40
|
%
|
$
|
5,166,254
|
$
|
17,813
|
0.46
|
%
|
||||||||||||
Demand deposits
|
1,827,441
|
1,640,097
|
||||||||||||||||||||||
Other liabilities
|
87,380
|
82,802
|
||||||||||||||||||||||
Stockholders' equity
|
875,874
|
843,005
|
||||||||||||||||||||||
Total liabilities and stockholders' equity
|
$
|
7,945,316
|
$
|
7,732,158
|
||||||||||||||||||||
Net interest income (FTE)
|
191,532
|
190,463
|
||||||||||||||||||||||
Interest rate spread
|
3.41
|
%
|
3.49
|
%
|
||||||||||||||||||||
Net interest margin
|
3.53
|
%
|
3.61
|
%
|
||||||||||||||||||||
Taxable equivalent adjustment
|
2,436
|
2,609
|
||||||||||||||||||||||
Net interest income
|
$
|
189,096
|
$
|
187,854
|
(1) Securities are shown at average amortized cost
|
(2) Excluding unrealized gains or losses
|
(3) For purposes of these computations, nonaccrual loans are included in the average loan balances outstanding
|
* Interest income for tax-exempt securities and loans has been adjusted to a taxable-equivalent basis using the statutory Federal income tax rate of 35%
|
NBT Bancorp Inc. and Subsidiaries
|
||||||||||||||||||||
CONSOLIDATED LOAN BALANCES
|
||||||||||||||||||||
(unaudited, dollars in thousands)
|
||||||||||||||||||||
2015 | 2014 | |||||||||||||||||||
|
3rd Q
|
2nd Q
|
1st Q
|
4th Q
|
3rd Q
|
|||||||||||||||
Residential real estate mortgages
|
$
|
1,177,195
|
$
|
1,154,416
|
$
|
1,125,886
|
$
|
1,115,715
|
$
|
1,099,912
|
||||||||||
Commercial
|
1,167,007
|
1,147,586
|
1,140,114
|
1,144,761
|
1,179,616
|
|||||||||||||||
Commercial real estate
|
1,435,378
|
1,423,489
|
1,349,940
|
1,334,984
|
1,284,775
|
|||||||||||||||
Consumer
|
1,549,844
|
1,495,160
|
1,452,070
|
1,430,216
|
1,441,629
|
|||||||||||||||
Home equity
|
541,564
|
550,237
|
555,013
|
569,595
|
581,159
|
|||||||||||||||
Total loans
|
$
|
5,870,988
|
$
|
5,770,888
|
$
|
5,623,023
|
$
|
5,595,271
|
$
|
5,587,091
|