NBT BANCORP INC.
|
(Exact name of registrant as specified in its charter)
|
DELAWARE
|
0-14703
|
16-1268674
|
(State or other jurisdiction of incorporation)
|
(Commission File Number)
|
(IRS Employer Identification No.)
|
☐
|
Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
☐
|
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
☐
|
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
|
☐
|
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
|
Exhibit No.
|
Exhibit Description
|
Press release text of NBT Bancorp Inc. dated January 25, 2016
|
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
|
· | 2015 organic loan growth of 5.1% |
· | Average demand deposits for 2015 up 11.2% from 2014 |
· | Improvement in asset quality indicators: |
o | Nonperforming loans to total loans improved to 0.64% at December 31, 2015 from 0.82% at December 31, 2014 |
o | Past due loans to total loans improved to 0.62% at December 31, 2015 from 0.69% at December 31, 2014 |
o | Net charge-offs to average loans improved to 0.38% for 2015 from 0.41% in 2014 |
NBT Bancorp Inc. and Subsidiaries
|
||||||||||||||||||||
SELECTED FINANCIAL DATA
|
||||||||||||||||||||
(unaudited, dollars in thousands except per share data)
|
||||||||||||||||||||
2015
|
2014
|
|||||||||||||||||||
4th Q
|
3rd Q
|
2nd Q
|
1st Q
|
4th Q
|
||||||||||||||||
Profitability:
|
||||||||||||||||||||
Diluted Earnings Per Share
|
$
|
0.43
|
$
|
0.45
|
$
|
0.43
|
$
|
0.41
|
$
|
0.42
|
||||||||||
Weighted Average Diluted Common Shares Outstanding
|
44,072,049
|
44,262,426
|
44,530,123
|
44,641,913
|
44,535,274
|
|||||||||||||||
Return on Average Assets (1)
|
0.93
|
%
|
0.97
|
%
|
0.97
|
%
|
0.94
|
%
|
0.94
|
%
|
||||||||||
Return on Average Equity (1)
|
8.58
|
%
|
8.97
|
%
|
8.81
|
%
|
8.46
|
%
|
8.46
|
%
|
||||||||||
Return on Average Tangible Common Equity (1)(3)
|
13.04
|
%
|
13.66
|
%
|
13.47
|
%
|
13.08
|
%
|
13.09
|
%
|
||||||||||
Net Interest Margin (1)(2)
|
3.42
|
%
|
3.48
|
%
|
3.51
|
%
|
3.60
|
%
|
3.61
|
%
|
12 Months ended December 31,
|
||||||||
2015
|
2014
|
|||||||
Profitability:
|
||||||||
Diluted Earnings Per Share
|
$
|
1.72
|
$
|
1.69
|
||||
Weighted Average Diluted Common Shares Outstanding
|
44,389,356
|
44,394,560
|
||||||
Return on Average Assets
|
0.96
|
%
|
0.97
|
%
|
||||
Return on Average Equity
|
8.70
|
%
|
8.84
|
%
|
||||
Return on Average Tangible Common Equity (4)
|
13.31
|
%
|
13.90
|
%
|
||||
Net Interest Margin (2)
|
3.50
|
%
|
3.61
|
%
|
(1)
|
Annualized
|
(2)
|
Calculated on a Fully Tax Equivalent (“FTE”) basis
|
(3)
|
Excludes amortization of intangible assets (net of tax) from net income and average tangible common equity is calculated as follows:
|
2015
|
2014
|
|||||||||||||||||||
4th Q
|
3rd Q
|
2nd Q
|
1st Q
|
4th Q
|
||||||||||||||||
Net Income
|
$
|
19,127
|
$
|
19,851
|
$
|
19,281
|
$
|
18,166
|
$
|
18,513
|
||||||||||
Amortization of intangible assets (net of tax)
|
750
|
712
|
725
|
784
|
749
|
|||||||||||||||
$
|
19,877
|
$
|
20,563
|
$
|
20,006
|
$
|
18,950
|
$
|
19,262
|
|||||||||||
Average stockholders' equity
|
$
|
884,743
|
$
|
878,305
|
$
|
878,164
|
$
|
871,074
|
$
|
868,634
|
||||||||||
Less: average goodwill and other intangibles
|
279,904
|
281,048
|
282,272
|
283,508
|
284,743
|
|||||||||||||||
Average tangible common equity
|
$
|
604,839
|
$
|
597,257
|
$
|
595,892
|
$
|
587,566
|
$
|
583,891
|
(4)
|
Excludes amortization of intangible assets (net of tax) from net income and average tangible common equity is calculated as follows:
|
12 Months ended December 31,
|
||||||||
2015
|
2014
|
|||||||
Net Income
|
$
|
76,425
|
$
|
75,074
|
||||
Amortization of intangible assets (net of tax)
|
2,971
|
3,083
|
||||||
$
|
79,396
|
$
|
78,157
|
|||||
Average stockholders' equity
|
$
|
878,110
|
$
|
849,465
|
||||
Less: average goodwill and other intangibles
|
281,671
|
287,013
|
||||||
Average tangible common equity
|
$
|
596,439
|
$
|
562,452
|
NBT Bancorp Inc. and Subsidiaries
|
||||||||||||||||||||
SELECTED FINANCIAL DATA
|
||||||||||||||||||||
(unaudited, dollars in thousands except per share data)
|
||||||||||||||||||||
2015
|
2014
|
|||||||||||||||||||
4th Q
|
3rd Q
|
2nd Q
|
1st Q
|
4th Q
|
||||||||||||||||
Balance Sheet Data:
|
||||||||||||||||||||
Securities Available for Sale
|
$
|
1,174,544
|
$
|
1,058,397
|
$
|
1,129,249
|
$
|
1,071,654
|
$
|
1,013,171
|
||||||||||
Securities Held to Maturity
|
471,031
|
470,758
|
454,312
|
456,773
|
454,361
|
|||||||||||||||
Net Loans
|
5,820,115
|
5,806,129
|
5,705,929
|
5,557,664
|
5,528,912
|
|||||||||||||||
Total Assets
|
8,262,646
|
8,178,976
|
8,081,892
|
7,877,527
|
7,807,340
|
|||||||||||||||
Total Deposits
|
6,604,843
|
6,600,627
|
6,371,479
|
6,479,437
|
6,299,605
|
|||||||||||||||
Total Borrowings
|
674,124
|
594,163
|
743,893
|
425,143
|
548,943
|
|||||||||||||||
Total Liabilities
|
7,380,642
|
7,302,760
|
7,205,921
|
7,000,033
|
6,943,159
|
|||||||||||||||
Stockholders' Equity
|
882,004
|
876,216
|
875,971
|
877,494
|
864,181
|
|||||||||||||||
Asset Quality:
|
||||||||||||||||||||
Nonaccrual Loans
|
$
|
33,744
|
$
|
42,524
|
$
|
42,286
|
$
|
45,053
|
$
|
41,074
|
||||||||||
90 Days Past Due and Still Accruing
|
3,662
|
3,790
|
1,994
|
2,601
|
4,941
|
|||||||||||||||
Total Nonperforming Loans
|
37,406
|
46,314
|
44,280
|
47,654
|
46,015
|
|||||||||||||||
Other Real Estate Owned
|
4,666
|
4,855
|
4,649
|
4,387
|
3,964
|
|||||||||||||||
Total Nonperforming Assets
|
42,072
|
51,169
|
48,929
|
52,041
|
49,979
|
|||||||||||||||
Allowance for Loan Losses
|
63,018
|
64,859
|
64,959
|
65,359
|
66,359
|
|||||||||||||||
Asset Quality Ratios (Total):
|
||||||||||||||||||||
Allowance for Loan Losses to Total Loans
|
1.07
|
%
|
1.10
|
%
|
1.13
|
%
|
1.16
|
%
|
1.19
|
%
|
||||||||||
Total Nonperforming Loans to Total Loans
|
0.64
|
%
|
0.79
|
%
|
0.77
|
%
|
0.85
|
%
|
0.82
|
%
|
||||||||||
Total Nonperforming Assets to Total Assets
|
0.51
|
%
|
0.63
|
%
|
0.61
|
%
|
0.66
|
%
|
0.64
|
%
|
||||||||||
Allowance for Loan Losses to Total Nonperforming Loans
|
168.47
|
%
|
140.04
|
%
|
146.70
|
%
|
137.15
|
%
|
144.21
|
%
|
||||||||||
Past Due Loans to Total Loans
|
0.62
|
%
|
0.63
|
%
|
0.61
|
%
|
0.54
|
%
|
0.69
|
%
|
||||||||||
Net Charge-Offs to Average Loans (3)
|
0.51
|
%
|
0.35
|
%
|
0.30
|
%
|
0.34
|
%
|
0.70
|
%
|
||||||||||
Asset Quality Ratios (Originated) (1):
|
||||||||||||||||||||
Allowance for Loan Losses to Loans
|
1.18
|
%
|
1.21
|
%
|
1.24
|
%
|
1.29
|
%
|
1.36
|
%
|
||||||||||
Nonperforming Loans to Loans
|
0.61
|
%
|
0.63
|
%
|
0.59
|
%
|
0.69
|
%
|
0.72
|
%
|
||||||||||
Allowance for Loan Losses to Nonperforming Loans
|
193.00
|
%
|
192.49
|
%
|
208.99
|
%
|
188.68
|
%
|
187.88
|
%
|
||||||||||
Past Due Loans to Loans
|
0.64
|
%
|
0.67
|
%
|
0.64
|
%
|
0.56
|
%
|
0.73
|
%
|
||||||||||
Capital:
|
||||||||||||||||||||
Equity to Assets
|
10.67
|
%
|
10.71
|
%
|
10.84
|
%
|
11.14
|
%
|
11.07
|
%
|
||||||||||
Book Value Per Share
|
$
|
20.31
|
$
|
20.29
|
$
|
20.05
|
$
|
19.95
|
$
|
19.69
|
||||||||||
Tangible Book Value Per Share (2)
|
$
|
13.79
|
$
|
13.80
|
$
|
13.61
|
$
|
13.52
|
$
|
13.22
|
||||||||||
Tier 1 Leverage Ratio
|
9.44
|
%
|
9.34
|
%
|
9.57
|
%
|
9.72
|
%
|
9.39
|
%
|
||||||||||
Common Equity Tier 1 Capital Ratio
|
10.20
|
%
|
10.04
|
%
|
10.22
|
%
|
10.46
|
%
|
N/A
|
|
||||||||||
Tier 1 Capital Ratio
|
11.73
|
%
|
11.57
|
%
|
11.78
|
%
|
12.05
|
%
|
12.32
|
%
|
||||||||||
Total Risk-Based Capital Ratio
|
12.74
|
%
|
12.62
|
%
|
12.84
|
%
|
13.15
|
%
|
13.50
|
%
|
||||||||||
Common Stock Price (End of Period)
|
$
|
27.88
|
$
|
26.94
|
$
|
26.17
|
$
|
25.06
|
$
|
26.27
|
(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)
|
||||||||
December 31,
|
December 31,
|
|||||||
ASSETS
|
2015
|
2014
|
||||||
Cash and due from banks
|
$
|
130,593
|
$
|
139,635
|
||||
Short term interest bearing accounts
|
9,704
|
7,001
|
||||||
Securities available for sale, at fair value
|
1,174,544
|
1,013,171
|
||||||
Securities held to maturity (fair value of $473,140 and $454,994 at December 31, 2015 and December 31, 2014, respectively)
|
471,031
|
454,361
|
||||||
Trading securities
|
8,377
|
7,793
|
||||||
Federal Reserve and Federal Home Loan Bank stock
|
36,673
|
32,626
|
||||||
Loans
|
5,883,133
|
5,595,271
|
||||||
Less allowance for loan losses
|
63,018
|
66,359
|
||||||
Net loans
|
5,820,115
|
5,528,912
|
||||||
Premises and equipment, net
|
88,826
|
89,258
|
||||||
Goodwill
|
265,957
|
263,634
|
||||||
Intangible assets, net
|
17,265
|
20,317
|
||||||
Bank owned life insurance
|
117,044
|
114,251
|
||||||
Other assets
|
122,517
|
136,381
|
||||||
TOTAL ASSETS
|
$
|
8,262,646
|
$
|
7,807,340
|
||||
LIABILITIES AND STOCKHOLDERS' EQUITY
|
||||||||
Deposits:
|
||||||||
Demand (noninterest bearing)
|
$
|
1,998,165
|
$
|
1,838,622
|
||||
Savings, NOW, and money market
|
3,697,851
|
3,417,160
|
||||||
Time
|
908,827
|
1,043,823
|
||||||
Total deposits
|
6,604,843
|
6,299,605
|
||||||
Short-term borrowings
|
442,481
|
316,802
|
||||||
Long-term debt
|
130,447
|
130,945
|
||||||
Junior subordinated debt
|
101,196
|
101,196
|
||||||
Other liabilities
|
101,675
|
94,611
|
||||||
Total liabilities
|
7,380,642
|
6,943,159
|
||||||
Total stockholders' equity
|
882,004
|
864,181
|
||||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
|
$
|
8,262,646
|
$
|
7,807,340
|
NBT Bancorp Inc. and Subsidiaries
|
||||||||||||||||
CONSOLIDATED STATEMENTS OF INCOME
|
||||||||||||||||
(unaudited, dollars in thousands except per share data)
|
||||||||||||||||
Three Months Ended
|
Twelve Months Ended
|
|||||||||||||||
December 31,
|
December 31,
|
|||||||||||||||
2015
|
2014
|
2015
|
2014
|
|||||||||||||
Interest, fee and dividend income:
|
||||||||||||||||
Loans
|
$
|
60,781
|
$
|
61,577
|
$
|
241,828
|
$
|
243,324
|
||||||||
Securities available for sale
|
5,204
|
5,000
|
20,418
|
24,464
|
||||||||||||
Securities held to maturity
|
2,317
|
2,357
|
9,233
|
5,261
|
||||||||||||
Other
|
469
|
480
|
1,745
|
2,032
|
||||||||||||
Total interest, fee and dividend income
|
68,771
|
69,414
|
273,224
|
275,081
|
||||||||||||
Interest expense:
|
||||||||||||||||
Deposits
|
3,613
|
3,856
|
14,257
|
13,638
|
||||||||||||
Short-term borrowings
|
222
|
143
|
783
|
845
|
||||||||||||
Long-term debt
|
848
|
846
|
3,355
|
6,555
|
||||||||||||
Junior subordinated debt
|
576
|
545
|
2,221
|
2,165
|
||||||||||||
Total interest expense
|
5,259
|
5,390
|
20,616
|
23,203
|
||||||||||||
Net interest income
|
63,512
|
64,024
|
252,608
|
251,878
|
||||||||||||
Provision for loan losses
|
5,779
|
6,892
|
18,285
|
19,539
|
||||||||||||
Net interest income after provision for loan losses
|
57,733
|
57,132
|
234,323
|
232,339
|
||||||||||||
Noninterest income:
|
||||||||||||||||
Insurance and other financial services revenue
|
6,139
|
6,007
|
24,211
|
24,517
|
||||||||||||
Service charges on deposit accounts
|
4,350
|
4,656
|
17,056
|
17,941
|
||||||||||||
ATM and debit card fees
|
4,541
|
4,266
|
18,248
|
17,135
|
||||||||||||
Retirement plan administration fees
|
4,135
|
2,962
|
14,146
|
12,129
|
||||||||||||
Trust
|
4,769
|
4,793
|
19,026
|
18,950
|
||||||||||||
Bank owned life insurance income
|
916
|
1,894
|
4,334
|
5,349
|
||||||||||||
Net securities gains
|
3,044
|
33
|
3,087
|
92
|
||||||||||||
Gain on the sale of Springstone investment
|
-
|
-
|
4,179
|
19,401
|
||||||||||||
Other
|
4,577
|
2,435
|
14,194
|
10,513
|
||||||||||||
Total noninterest income
|
32,471
|
27,046
|
118,481
|
126,027
|
||||||||||||
Noninterest expense:
|
||||||||||||||||
Salaries and employee benefits
|
33,078
|
30,058
|
124,318
|
119,667
|
||||||||||||
Occupancy
|
5,291
|
5,256
|
22,095
|
22,128
|
||||||||||||
Data processing and communications
|
3,990
|
4,092
|
16,588
|
16,137
|
||||||||||||
Professional fees and outside services
|
3,378
|
3,564
|
13,407
|
14,426
|
||||||||||||
Equipment
|
3,491
|
3,211
|
13,408
|
12,658
|
||||||||||||
Office supplies and postage
|
1,545
|
1,762
|
6,367
|
6,983
|
||||||||||||
FDIC expenses
|
1,312
|
1,302
|
5,145
|
4,944
|
||||||||||||
Advertising
|
780
|
963
|
2,654
|
2,831
|
||||||||||||
Amortization of intangible assets
|
1,228
|
1,226
|
4,864
|
5,047
|
||||||||||||
Loan collection and other real estate owned
|
1,027
|
702
|
2,620
|
3,248
|
||||||||||||
Prepayment penalties on long-term debt
|
-
|
-
|
-
|
17,902
|
||||||||||||
Other operating
|
5,499
|
4,607
|
24,710
|
20,092
|
||||||||||||
Total noninterest expense
|
60,619
|
56,743
|
236,176
|
246,063
|
||||||||||||
Income before income taxes
|
29,585
|
27,435
|
116,628
|
112,303
|
||||||||||||
Income taxes
|
10,458
|
8,922
|
40,203
|
37,229
|
||||||||||||
Net income
|
$
|
19,127
|
$
|
18,513
|
$
|
76,425
|
$
|
75,074
|
||||||||
Earnings Per Share:
|
||||||||||||||||
Basic
|
$
|
0.44
|
$
|
0.42
|
$
|
1.74
|
$
|
1.71
|
||||||||
Diluted
|
$
|
0.43
|
$
|
0.42
|
$
|
1.72
|
$
|
1.69
|
NBT Bancorp Inc. and Subsidiaries
|
||||||||||||||||||||
QUARTERLY CONSOLIDATED STATEMENTS OF INCOME
|
||||||||||||||||||||
(unaudited, dollars in thousands except per share data) | ||||||||||||||||||||
2015
|
2014
|
|||||||||||||||||||
4th Q
|
3rd Q
|
2nd Q
|
1st Q
|
4th Q
|
||||||||||||||||
Interest, fee and dividend income:
|
||||||||||||||||||||
Loans
|
$
|
60,781
|
$
|
61,656
|
$
|
59,873
|
$
|
59,518
|
$
|
61,577
|
||||||||||
Securities available for sale
|
5,204
|
5,125
|
5,144
|
4,945
|
5,000
|
|||||||||||||||
Securities held to maturity
|
2,317
|
2,318
|
2,315
|
2,283
|
2,357
|
|||||||||||||||
Other
|
469
|
401
|
395
|
480
|
480
|
|||||||||||||||
Total interest, fee and dividend income
|
68,771
|
69,500
|
67,727
|
67,226
|
69,414
|
|||||||||||||||
Interest expense:
|
||||||||||||||||||||
Deposits
|
3,613
|
3,554
|
3,517
|
3,573
|
3,856
|
|||||||||||||||
Short-term borrowings
|
222
|
296
|
144
|
121
|
143
|
|||||||||||||||
Long-term debt
|
848
|
845
|
836
|
826
|
846
|
|||||||||||||||
Junior subordinated debt
|
576
|
560
|
545
|
540
|
545
|
|||||||||||||||
Total interest expense
|
5,259
|
5,255
|
5,042
|
5,060
|
5,390
|
|||||||||||||||
Net interest income
|
63,512
|
64,245
|
62,685
|
62,166
|
64,024
|
|||||||||||||||
Provision for loan losses
|
5,779
|
4,966
|
3,898
|
3,642
|
6,892
|
|||||||||||||||
Net interest income after provision for loan losses
|
57,733
|
59,279
|
58,787
|
58,524
|
57,132
|
|||||||||||||||
Noninterest income:
|
||||||||||||||||||||
Insurance and other financial services revenue
|
6,139
|
5,862
|
5,836
|
6,374
|
6,007
|
|||||||||||||||
Service charges on deposit accounts
|
4,350
|
4,349
|
4,285
|
4,072
|
4,656
|
|||||||||||||||
ATM and debit card fees
|
4,541
|
4,780
|
4,679
|
4,248
|
4,266
|
|||||||||||||||
Retirement plan administration fees
|
4,135
|
3,249
|
3,566
|
3,196
|
2,962
|
|||||||||||||||
Trust
|
4,769
|
4,611
|
5,196
|
4,450
|
4,793
|
|||||||||||||||
Bank owned life insurance income
|
916
|
931
|
928
|
1,559
|
1,894
|
|||||||||||||||
Net securities gains
|
3,044
|
3
|
26
|
14
|
33
|
|||||||||||||||
Gain on the sale of Springstone investment
|
-
|
4,179
|
-
|
-
|
-
|
|||||||||||||||
Other
|
4,577
|
3,297
|
3,699
|
2,621
|
2,435
|
|||||||||||||||
Total noninterest income
|
32,471
|
31,261
|
28,215
|
26,534
|
27,046
|
|||||||||||||||
Noninterest expense:
|
||||||||||||||||||||
Salaries and employee benefits
|
33,078
|
30,227
|
30,831
|
30,182
|
30,058
|
|||||||||||||||
Occupancy
|
5,291
|
5,326
|
5,412
|
6,066
|
5,256
|
|||||||||||||||
Data processing and communications
|
3,990
|
4,207
|
4,288
|
4,103
|
4,092
|
|||||||||||||||
Professional fees and outside services
|
3,378
|
3,137
|
3,395
|
3,497
|
3,564
|
|||||||||||||||
Equipment
|
3,491
|
3,352
|
3,316
|
3,249
|
3,211
|
|||||||||||||||
Office supplies and postage
|
1,545
|
1,576
|
1,627
|
1,619
|
1,762
|
|||||||||||||||
FDIC expenses
|
1,312
|
1,355
|
1,280
|
1,198
|
1,302
|
|||||||||||||||
Advertising
|
780
|
421
|
734
|
719
|
963
|
|||||||||||||||
Amortization of intangible assets
|
1,228
|
1,165
|
1,187
|
1,284
|
1,226
|
|||||||||||||||
Loan collection and other real estate owned
|
1,027
|
699
|
22
|
872
|
702
|
|||||||||||||||
Other operating
|
5,499
|
8,426
|
5,872
|
4,913
|
4,607
|
|||||||||||||||
Total noninterest expense
|
60,619
|
59,891
|
57,964
|
57,702
|
56,743
|
|||||||||||||||
Income before income taxes
|
29,585
|
30,649
|
29,038
|
27,356
|
27,435
|
|||||||||||||||
Income taxes
|
10,458
|
10,798
|
9,757
|
9,190
|
8,922
|
|||||||||||||||
Net income
|
$
|
19,127
|
$
|
19,851
|
$
|
19,281
|
$
|
18,166
|
$
|
18,513
|
||||||||||
Earnings per share:
|
||||||||||||||||||||
Basic
|
$
|
0.44
|
$
|
0.45
|
$
|
0.44
|
$
|
0.41
|
$
|
0.42
|
||||||||||
Diluted
|
$
|
0.43
|
$
|
0.45
|
$
|
0.43
|
$
|
0.41
|
$
|
0.42
|
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
|
|||||||||||||||||||||||||||||||
Q4 - 2015
|
Q3 - 2015
|
Q2 - 2015
|
Q1 - 2015
|
Q4 - 2014 | ||||||||||||||||||||||||||||||||||||
ASSETS:
|
||||||||||||||||||||||||||||||||||||||||
Short-term interest bearing accounts
|
$
|
13,494
|
0.34
|
%
|
$
|
8,100
|
0.32
|
%
|
$
|
9,854
|
0.36
|
%
|
$
|
9,156
|
0.30
|
%
|
$
|
5,895
|
0.51
|
%
|
||||||||||||||||||||
Securities available for sale (1)(2)
|
1,070,643
|
1.97
|
%
|
1,079,206
|
1.92
|
%
|
1,067,619
|
1.98
|
%
|
1,018,880
|
2.02
|
%
|
1,018,505
|
2.00
|
%
|
|||||||||||||||||||||||||
Securities held to maturity (1)
|
470,027
|
2.43
|
%
|
460,252
|
2.44
|
%
|
452,948
|
2.49
|
%
|
454,957
|
2.47
|
%
|
458,038
|
2.45
|
%
|
|||||||||||||||||||||||||
Investment in FRB and FHLB Banks
|
32,263
|
5.63
|
%
|
37,358
|
4.19
|
%
|
31,564
|
4.90
|
%
|
30,931
|
6.20
|
%
|
31,274
|
6.01
|
%
|
|||||||||||||||||||||||||
Loans (3)
|
5,872,011
|
4.12
|
%
|
5,824,311
|
4.21
|
%
|
5,688,159
|
4.24
|
%
|
5,586,942
|
4.33
|
%
|
5,603,268
|
4.37
|
%
|
|||||||||||||||||||||||||
Total interest earning assets
|
$
|
7,458,438
|
3.70
|
%
|
$
|
7,409,227
|
3.77
|
%
|
$
|
7,250,144
|
3.79
|
%
|
$
|
7,100,866
|
3.89
|
%
|
$
|
7,116,980
|
3.92
|
%
|
||||||||||||||||||||
Other assets
|
693,981
|
690,768
|
685,523
|
696,091
|
709,955
|
|||||||||||||||||||||||||||||||||||
Total assets
|
$
|
8,152,419
|
$
|
8,099,995
|
$
|
7,935,667
|
$
|
7,796,957
|
$
|
7,826,935
|
||||||||||||||||||||||||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY:
|
||||||||||||||||||||||||||||||||||||||||
Money market deposit accounts
|
$
|
1,626,644
|
0.22
|
%
|
$
|
1,557,651
|
0.22
|
%
|
$
|
1,598,898
|
0.20
|
%
|
$
|
1,544,488
|
0.21
|
%
|
$
|
1,524,881
|
0.20
|
%
|
||||||||||||||||||||
NOW deposit accounts
|
1,039,563
|
0.05
|
%
|
963,744
|
0.05
|
%
|
974,504
|
0.05
|
%
|
972,263
|
0.05
|
%
|
978,527
|
0.05
|
%
|
|||||||||||||||||||||||||
Savings deposits
|
1,079,757
|
0.06
|
%
|
1,085,680
|
0.06
|
%
|
1,080,954
|
0.06
|
%
|
1,040,031
|
0.06
|
%
|
1,017,300
|
0.08
|
%
|
|||||||||||||||||||||||||
Time deposits
|
918,875
|
1.05
|
%
|
939,542
|
1.01
|
%
|
968,714
|
1.00
|
%
|
1,014,904
|
1.00
|
%
|
1,058,615
|
1.03
|
%
|
|||||||||||||||||||||||||
Total interest bearing deposits
|
$
|
4,664,839
|
0.31
|
%
|
$
|
4,546,617
|
0.31
|
%
|
$
|
4,623,070
|
0.31
|
%
|
$
|
4,571,686
|
0.32
|
%
|
$
|
4,579,323
|
0.33
|
%
|
||||||||||||||||||||
Short-term borrowings
|
332,742
|
0.26
|
%
|
456,663
|
0.26
|
%
|
302,693
|
0.19
|
%
|
265,420
|
0.19
|
%
|
299,981
|
0.19
|
%
|
|||||||||||||||||||||||||
Junior subordinated debt
|
101,196
|
2.26
|
%
|
101,196
|
2.20
|
%
|
101,196
|
2.16
|
%
|
101,196
|
2.16
|
%
|
101,196
|
2.13
|
%
|
|||||||||||||||||||||||||
Long-term debt
|
130,522
|
2.58
|
%
|
130,680
|
2.56
|
%
|
130,743
|
2.56
|
%
|
130,879
|
2.56
|
%
|
131,000
|
2.56
|
%
|
|||||||||||||||||||||||||
Total interest bearing liabilities
|
$
|
5,229,299
|
0.40
|
%
|
$
|
5,235,156
|
0.40
|
%
|
$
|
5,157,702
|
0.39
|
%
|
$
|
5,069,181
|
0.40
|
%
|
$
|
5,111,500
|
0.42
|
%
|
||||||||||||||||||||
Demand deposits
|
1,944,820
|
1,894,555
|
1,815,705
|
1,770,703
|
1,759,482
|
|||||||||||||||||||||||||||||||||||
Other liabilities
|
93,557
|
91,979
|
84,096
|
85,999
|
87,319
|
|||||||||||||||||||||||||||||||||||
Stockholders' equity
|
884,743
|
878,305
|
878,164
|
871,074
|
868,634
|
|||||||||||||||||||||||||||||||||||
Total liabilities and stockholders' equity
|
$
|
8,152,419
|
$
|
8,099,995
|
$
|
7,935,667
|
$
|
7,796,957
|
$
|
7,826,935
|
||||||||||||||||||||||||||||||
Interest rate spread
|
3.30
|
%
|
3.37
|
%
|
3.40
|
%
|
3.49
|
%
|
3.50
|
%
|
||||||||||||||||||||||||||||||
Net interest margin
|
3.42
|
%
|
3.48
|
%
|
3.51
|
%
|
3.60
|
%
|
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 |
NBT Bancorp Inc. and Subsidiaries
|
||||||||||||||||||||||||
AVERAGE YEAR-TO-DATE BALANCE SHEETS
|
||||||||||||||||||||||||
(unaudited, dollars in thousands)
|
||||||||||||||||||||||||
Average
|
Yield/
|
Average
|
Yield/
|
|||||||||||||||||||||
Balance
|
Interest
|
Rates
|
Balance
|
Interest
|
Rates
|
|||||||||||||||||||
Twelve Months ended December 31,
|
2015
|
2014
|
||||||||||||||||||||||
ASSETS:
|
||||||||||||||||||||||||
Short-term interest bearing accounts
|
$
|
10,157
|
$
|
33
|
0.33
|
%
|
$
|
4,344
|
$
|
28
|
0.65
|
%
|
||||||||||||
Securities available for sale (1)(2)
|
1,059,284
|
20,888
|
1.97
|
%
|
1,258,999
|
25,760
|
2.05
|
%
|
||||||||||||||||
Securities held to maturity (1)
|
459,589
|
11,296
|
2.46
|
%
|
233,465
|
6,558
|
2.81
|
%
|
||||||||||||||||
Investment in FRB and FHLB Banks
|
33,044
|
1,712
|
5.18
|
%
|
39,290
|
2,005
|
5.10
|
%
|
||||||||||||||||
Loans (3)
|
5,743,860
|
242,587
|
4.22
|
%
|
5,528,015
|
244,162
|
4.42
|
%
|
||||||||||||||||
Total interest earning assets
|
$
|
7,305,934
|
$
|
276,516
|
3.78
|
%
|
7,064,113
|
$
|
278,513
|
3.94
|
%
|
|||||||||||||
Other assets
|
691,583
|
691,934
|
||||||||||||||||||||||
Total assets
|
$
|
7,997,517
|
$
|
7,756,047
|
||||||||||||||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY:
|
||||||||||||||||||||||||
Money market deposit accounts
|
$
|
1,582,078
|
3,351
|
0.21
|
%
|
$
|
1,457,770
|
$
|
2,532
|
0.17
|
%
|
|||||||||||||
NOW deposit accounts
|
987,638
|
515
|
0.05
|
%
|
949,759
|
509
|
0.05
|
%
|
||||||||||||||||
Savings deposits
|
1,071,753
|
651
|
0.06
|
%
|
1,020,974
|
760
|
0.07
|
%
|
||||||||||||||||
Time deposits
|
960,188
|
9,740
|
1.01
|
%
|
1,015,748
|
9,837
|
0.97
|
%
|
||||||||||||||||
Total interest bearing deposits
|
$
|
4,601,657
|
$
|
14,257
|
0.31
|
%
|
$
|
4,444,251
|
$
|
13,638
|
0.31
|
%
|
||||||||||||
Short-term borrowings
|
339,885
|
783
|
0.23
|
%
|
382,451
|
845
|
0.22
|
%
|
||||||||||||||||
Junior subordinated debt
|
101,196
|
2,221
|
2.19
|
%
|
101,196
|
2,165
|
2.14
|
%
|
||||||||||||||||
Long-term debt
|
130,705
|
3,355
|
2.57
|
%
|
224,556
|
6,555
|
2.92
|
%
|
||||||||||||||||
Total interest bearing liabilities
|
$
|
5,173,443
|
$
|
20,616
|
0.40
|
%
|
$
|
5,152,454
|
$
|
23,203
|
0.45
|
%
|
||||||||||||
Demand deposits
|
1,857,027
|
1,670,188
|
||||||||||||||||||||||
Other liabilities
|
88,937
|
83,940
|
||||||||||||||||||||||
Stockholders' equity
|
878,110
|
849,465
|
||||||||||||||||||||||
Total liabilities and stockholders' equity
|
$
|
7,997,517
|
$
|
7,756,047
|
||||||||||||||||||||
Net interest income (FTE)
|
255,900
|
255,310
|
||||||||||||||||||||||
Interest rate spread
|
3.38
|
%
|
3.49
|
%
|
||||||||||||||||||||
Net interest margin
|
3.50
|
%
|
3.61
|
%
|
||||||||||||||||||||
Taxable equivalent adjustment
|
3,292
|
3,432
|
||||||||||||||||||||||
Net interest income
|
$
|
252,608
|
$
|
251,878
|
(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 |
NBT Bancorp Inc. and Subsidiaries
|
||||||||||||||||||||
CONSOLIDATED LOAN BALANCES
|
||||||||||||||||||||
(unaudited, dollars in thousands)
|
||||||||||||||||||||
2015
|
2014
|
|||||||||||||||||||
4th Q
|
3rd Q
|
2nd Q
|
1st Q
|
4th Q
|
||||||||||||||||
Residential real estate mortgages
|
$
|
1,196,780
|
$
|
1,177,195
|
$
|
1,154,416
|
$
|
1,125,886
|
$
|
1,115,715
|
||||||||||
Commercial
|
1,159,089
|
1,167,007
|
1,147,586
|
1,140,114
|
1,144,761
|
|||||||||||||||
Commercial real estate
|
1,430,618
|
1,435,378
|
1,423,489
|
1,349,940
|
1,334,984
|
|||||||||||||||
Consumer
|
1,568,204
|
1,549,844
|
1,495,160
|
1,452,070
|
1,430,216
|
|||||||||||||||
Home equity
|
528,442
|
541,564
|
550,237
|
555,013
|
569,595
|
|||||||||||||||
Total loans
|
$
|
5,883,133
|
$
|
5,870,988
|
$
|
5,770,888
|
$
|
5,623,023
|
$
|
5,595,271
|