0001140361-20-016757.txt : 20200727 0001140361-20-016757.hdr.sgml : 20200727 20200727165913 ACCESSION NUMBER: 0001140361-20-016757 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 13 CONFORMED PERIOD OF REPORT: 20200727 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20200727 DATE AS OF CHANGE: 20200727 FILER: COMPANY DATA: COMPANY CONFORMED NAME: NBT BANCORP INC CENTRAL INDEX KEY: 0000790359 STANDARD INDUSTRIAL CLASSIFICATION: NATIONAL COMMERCIAL BANKS [6021] IRS NUMBER: 161268674 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-14703 FILM NUMBER: 201050999 BUSINESS ADDRESS: STREET 1: 52 S BROAD ST CITY: NORWICH STATE: NY ZIP: 13815 BUSINESS PHONE: 6073372265 MAIL ADDRESS: STREET 1: 52 S. BROAD STREET CITY: NORWICH STATE: NY ZIP: 13815 8-K 1 brhc10013781_8k.htm 8-K
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): July 27, 2020

NBT BANCORP INC.
(Exact name of registrant as specified in its charter)
Delaware
 000-14703
 16-1268674
(State or other jurisdiction of incorporation or organization)
(Commission File Number)
(I.R.S. Employer Identification No.)

52 South Broad Street, Norwich, New York 13815
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code: (607) 337-2265
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐
Written communications 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))

Securities registered pursuant to Section 12(b) of the Act:
Title of class
Trading Symbol
Name of exchange on which registered
Common Stock, par value $0.01 per share
 NBTB
The NASDAQ Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02
Results of Operations and Financial Condition

On July 27, 2020, NBT Bancorp Inc. issued a press release describing its results of operations for the quarter ended June 30, 2020. That press release is furnished as Exhibit 99.1 hereto. A conference call will be held at 8:30 a.m. Eastern Time on Tuesday, July 28, 2020, to review second quarter 2020 financial results. The audio webcast link, along with the corresponding presentation slides, will be available on the Company’s Investor Relations web page at https://stockholderinfo.nbtbancorp.com/events-calendar/upcoming-events.
 
Item 9.01
Financial Statements and Exhibits.
 
(a)
Not applicable.
 
(b)
Not applicable.
 
(c)
Not applicable.
 
(d)
Exhibits.
 
Exhibit No.
 
 Description
 
 
 
99.1
 
 Press release of NBT Bancorp Inc. dated July 27, 2020
 
 
 
104
 
 Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
NBT BANCORP INC.
     
Date: July 27, 2020
By:
/s/ John V. Moran
   
John V. Moran
   
Executive Vice President
   
and Chief Financial Officer


EX-99.1 2 brhc10013781_ex99-1.htm EXHIBIT 99.1
Exhibit 99.1

1

FOR IMMEDIATE RELEASE
ATTENTION: FINANCIAL AND BUSINESS EDITORS

Contact:
John H. Watt, Jr., President and CEO

John V. Moran, Executive Vice President and CFO
 
NBT Bancorp Inc.
 
52 South Broad Street
 
Norwich, NY 13815
 
607-337-6589

NBT BANCORP INC. ANNOUNCES SECOND QUARTER NET INCOME OF $24.7 MILLION, OR $0.56 PER DILUTED COMMON SHARE

NORWICH, NY (July 27, 2020) – NBT Bancorp Inc. (“NBT” or the “Company”) (NASDAQ: NBTB) reported net income and diluted earnings per share for both the three and six months ended June 30, 2020.
 
Net income for the three months ended June 30, 2020 was $24.7 million, or $0.56 per diluted common share. Net income was up $14.3 million from the previous quarter primarily due to lower loan loss provision and lower noninterest expense and down $5.8 million from the second quarter of 2019 primarily due to higher provision for loan losses related to the deterioration of economic conditions caused by the COVID-19 pandemic. Excluding real estate repositioning charges of $0.7 million, net income and earnings per diluted share were $25.2 million and $0.57, respectively.
 
Pre-provision net revenue (“PPNR”)1 for the second quarter of 2020 was $50.7 million compared to $44.9 million in the previous quarter and $47.2 million in the second quarter of 2019 reflecting higher net interest income and lower noninterest expense than the previous quarter.
 
CEO Comments

“NBT was able to grow pre-provision net revenue. Asset quality remained stable during this extraordinary quarter despite the significant challenges presented by the pandemic. Our team has demonstrated an unwavering commitment to provide superior service to our customers and participate in initiatives to support our communities during these difficult times,” said NBT President and CEO John H. Watt, Jr. “Notable during the quarter was our participation in the SBA’s Paycheck Protection Program to secure approval for approximately 3,000 loans and $547 million in relief to help retain more than 61,000 jobs at businesses and organizations in communities we serve. NBT's disciplined approach to risk management and credit practices, strong and recently enhanced capital position and liquidity continue to provide a strong foundation that will help us to meet the current challenges and to be opportunistic building our franchise.”

2
Second Quarter Financial Highlights

Net Income
  
◾    Net income of $24.7 million
◾    Diluted earnings per share of $0.56
Net Interest
Income / NIM
  
◾    Net interest income on a fully taxable equivalent basis was $80.8 million1
◾    Net interest margin (“NIM”) on a fully taxable equivalent basis was 3.38%1
PPNR
  
◾    PPNR1 was $50.7 million compared to $44.9 million in the first quarter of 2020 and $47.2 million in the second quarter 2019
Loans and Credit
Quality
  
◾    Period end loans were $7.6 billion, up 13.9%, annualized, from December 31, 2019
◾    Excluding Paycheck Protection Plan (“PPP”) loans of $510 million at June 30, 2020, period end loans contracted $130 million or 2% from March 31, 2020
◾    Originated $547 million in PPP loans
◾    Allowance for loan losses to total loans of 1.49% (1.59% excluding PPP loans and related allowance)
◾    Net charge-offs to average loans was 0.28%, annualized (0.30% excluding PPP loans)
◾    Nonperforming assets to total assets was 0.27% (0.28% excluding PPP loans)
Capital
  
◾    Completed public offering of $100 million 5.00% fixed-to-floating rate subordinated notes
◾    Tangible book value per share3 grew 3% for the quarter and 8% from prior year to $19.46 at June 30, 2020
◾    Tangible equity to assets of 8.04%1
◾    CET1 ratio of 11.34%; Total leverage ratio of 9.44%

Loans


 ◾
Period end total loans were $7.6 billion at June 30, 2020, compared to $7.1 billion at December 31, 2019.

◾
Total PPP loans as of June 30, 2020 were $510 million (net of unamortized fees); originated $547 million with an average loan size of $185,000 and an average fee of 3.2%.

◾
Excluding PPP loans, period end loans decreased $130 million from March 31, 2020. Commercial and industrial loans decreased $19.8 million to $1.3 billion; commercial real estate loans increased $14.4 million to $2.3 billion; and total consumer loans decreased $124.1 million to $3.5 billion, driven by managed run-off of indirect auto loans.

◾
Commercial line of credit utilization rate was 26% at June 30, 2020 compared to 32% at March 31, 2020 and 36% at June 30, 2019.

Deposits


 ◾
Average total deposits in the second quarter of 2020 were $8.6 billion, compared to $7.7 billion in the first quarter of 2020, primarily due to increases in non-interest bearing demand and money market deposit accounts.

◾
Loan to deposit ratio of 86.5% at June 30, 2020, compared to 94.0% at December 31, 2019.

3
Net Interest Income and Net Interest Margin


 ◾
Net interest income for the second quarter of 2020 was $80.4 million, up $3.3 million from $77.2 million the first quarter of 2020 and up $1.8 million from $78.6 million for the second quarter of 2019.

◾
The net interest margin on a fully taxable equivalent (“FTE”) basis for the second quarter of 2020 was 3.38%, down 14 basis points (“bps”) from the first quarter of 2020 and down 23 bps from the second quarter of 2019. The net impact of PPP loans and excess liquidity, both of which the Company expects to be transitory, negatively impacted the NIM by 7 bps. Excluding the impact of PPP lending and excess liquidity, NIM declined 7 bps from the prior quarter primarily due to the impact of asset repricing, partly offset by lower funding costs.

◾
Earning asset yields for the three months ended June 30, 2020 were down 39 bps from the prior quarter and down 60 bps from the same quarter in the prior year. Earning assets grew $742.8 million or 8.4% from the prior quarter and grew $823.4 million or 9.4% from the same quarter in the prior year.

o
Excess liquidity resulted in a $306 million increase in the average balances of short-term interest bearing accounts with yields declining 118 bps to 0.10%.

o
Yields on investment securities declined 9 bps.

o
Loan yields decreased 32 bps to 4.10%.

◾
Total cost of total deposits was 0.23% for the second quarter of 2020, down 25 bps from the prior quarter and down 32 bps from the same period in the prior year.

◾
The cost of interest-bearing liabilities for the three months ended June 30, 2020 was 0.45%, down 37 bps from the prior quarter of 0.82% and down 51 bps from the second quarter of 2019 of 0.96%.

o
Cost of interest-bearing deposits decreased 35 bps from the prior quarter and decreased 44 bps from the same quarter in 2019.

Credit Quality and CECL


 ◾
Asset quality metrics remained stable in the second quarter of 2020.

◾
Net charge-offs to total average loans of 28 bps (30 bps excluding PPP loans) compared to 32 bps in the prior quarter and 38 bps in the second quarter of 2019.

◾
Nonperforming assets to total assets was 0.27% (0.28% excluding PPP loans) compared to 0.35% at March 31, 2020 and 0.30% at June 30, 2019.

◾
Provision expense for the three months ended June 30, 2020 was $18.8 million as the economic deterioration due to COVID-19 and the related impact to expected losses continued in the second quarter while net charge-offs of $5.3 million were relatively consistent with the prior quarter. Provision expense decreased $10.8 million from the first quarter of 2020 and increased $11.6 million from the second quarter of 2019.

◾
The allowance for loan losses was $113.5 million or 1.49% (1.59% excluding PPP loans and related allowance) of total loans compared to 1.38% at March 31, 2020 and 1.04% June 30, 2019.

◾
As of July 23, 2020, 8.7% of loans (excluding PPP loans) are in payment deferral programs which is down from the second quarter 2020 peak of 14.9%.

◾
The reserve for unfunded loan commitments decreased $0.2 million to $5.4 million at June 30, 2020 as the increase in the allowance due to the deterioration in the economic forecast was offset by a decrease in the level of unfunded commitments.

4
Noninterest Income


 ◾
Total noninterest income, excluding securities gains (losses), was $34.8 million for the three months ended June 30, 2020, down $1.4 million from the prior quarter and up $0.5 million from the prior year quarter.

◾
Service charges on deposit accounts were lower than both prior quarter and the second quarter of 2019 due to lower overdraft charges during the COVID-19 pandemic.

◾
Retirement plan administration fees were higher than both prior quarter and the second quarter of 2019 due to the April 1, 2020 acquisition of Alliance Benefit Group of Illinois, Inc. (“ABG”) contributing $1.8 million in revenues during the quarter.

◾
Wealth management fees were down $0.5 million due to market conditions, partly offset by $0.3 million in ABG fees during the quarter.

◾
Insurance revenues were down compared to the prior quarter due to seasonally higher insurance revenues in the first quarter.

◾
The increase in other noninterest income from the prior year second quarter was driven by higher swap fees.

Noninterest Expense


 ◾
Total noninterest expense for the second quarter of 2020 was down 7.8% from the previous quarter and down 1.3% from the second quarter of 2019.

◾
Significant variances to the prior quarter:

o
Salaries and benefits declined due to decreased medical expenses during the COVID-19 pandemic ($1.1 million) and lower stock-based compensation expenses ($1.0 million), partly offset by increased salaries due to the ABG acquisition ($0.9 million).

o
Occupancy expense was $0.9 million lower due to seasonal maintenance in the prior quarter and lower expenses during the COVID-19 pandemic due to limited on-site personnel.

o
Professional fees and outside services were down $0.5 million primarily due to the timing of expenses as a result of the COVID-19 pandemic.

o
FDIC expense was higher as the remaining portion of the FDIC insurance assessment small bank credit was used in the first quarter of 2020.

o
Other noninterest expense was lower in the second quarter of 2020 due primarily to a $2.0 million expense in the first quarter for the allowance for unfunded loan commitments, along with lower travel and training expenses during the pandemic. The Company recorded a $0.2 million provision credit in the second quarter of 2020 to reduce the reserve for unfunded commitments.

o
Other noninterest expense included $0.7 million in non-recurring real estate repositioning charges for the second quarter.

◾
Significant variances to the second quarter of 2019:

o
Higher salaries and benefits primarily driven by the ABG acquisition partly offset by lower medical costs ($0.6 million).

o
Data processing and communication expense down due to lower transaction volumes as a result of the COVID-19 pandemic.

o
Other expenses decreased $0.7 million due to lower travel and training expenses during the pandemic and lower pension costs.

5
Income Taxes


 ◾
Effective tax rate was 21.0% for the second quarter of 2020 compared to 14.2% in the first quarter of 2020 and 22.4% in the second quarter 2019. The higher effective tax rate compared to the first quarter of 2020 was due to higher level of taxable income relative to total income and included a true-up of tax expense to bring the full year estimated effective tax rate to 19.5%. The lower effective tax rate compared to the second quarter of 2019 was due to a lower level of taxable income relative to total income.

Capital


 ◾
Capital ratios remain strong with tangible common equity to tangible assets1 at 8.04%. Tangible book value per share3 grew 3% from the prior quarter and 8% from the prior year quarter to $19.46.

◾
June 30, 2020 CET1 capital ratio of 11.34%, total leverage ratio of 9.44% and total risk-based capital ratio of 15.15%.

◾
On June 23, 2020, the Company completed its public offering of $100 million 5.00% fixed-to-floating rate subordinated notes due 2030. The net proceeds were $98 million. The notes are intended to qualify as Tier 2 capital for regulatory purposes.

Dividend


 ◾
The Board of Directors approved a third-quarter cash dividend of $0.27 per share at their regularly scheduled meeting held today. The dividend will be paid on September 15, 2020 to shareholders of record as of September 1, 2020.

Conference Call and Webcast

The Company will host a conference call at 8:30 a.m. Eastern Time on Tuesday, July 28, 2020, to review second quarter 2020 financial results. The audio webcast link, along with the corresponding presentation slides, will be available on the Company’s Investor Relations web page at https://stockholderinfo.nbtbancorp.com/events-calendar/upcoming-events and will be archived for twelve months.

Corporate Overview

NBT Bancorp Inc. is a financial holding company headquartered in Norwich, NY, with total assets of $10.8 billion at June 30, 2020. The Company primarily operates through NBT Bank, N.A., a full-service community bank, and through two financial services companies. NBT Bank, N.A. has 146 banking locations in New York, Pennsylvania, Vermont, Massachusetts, New Hampshire and Maine, and is currently entering Connecticut. EPIC Retirement Plan Services, based in Rochester, NY, is a full-service 401(k) plan recordkeeping firm. NBT Insurance Agency, LLC, based in Norwich, NY, is a full-service insurance agency. More information about NBT and its divisions is available online at: www.nbtbancorp.com, www.nbtbank.com, www.epicrps.com and www.nbtinsurance.com.

6
Forward-Looking Statements

This news release contains forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995. These statements may be identified by the use of phrases such as “anticipate,” “believe,” “expect,” “forecasts,” “projects,” “will,” “can,” “would,” “should,” “could,” “may,” or other similar terms. There are a number of factors, many of which are beyond the Company’s control that could cause actual results to differ materially from those contemplated by the forward-looking statements. Factors that may cause actual results to differ materially from those contemplated by such forward-looking statements include, among others, the following possibilities: (1) local, regional, national and international economic conditions and the impact they may have on the Company and its customers and the Company’s assessment of that impact; (2) changes in the level of nonperforming assets and charge-offs; (3) changes in estimates of future reserve requirements based upon the periodic review thereof under relevant regulatory and accounting requirements; (4) the effects of and changes in trade and monetary and fiscal policies and laws, including the interest rate policies of the Federal Reserve Board (“FRB”); (5) inflation, interest rate, securities market and monetary fluctuations; (6) political instability; (7) acts of war or terrorism; (8) the timely development and acceptance of new products and services and perceived overall value of these products and services by users; (9) changes in consumer spending, borrowings and savings habits; (10) changes in the financial performance and/or condition of the Company’s borrowers; (11) technological changes; (12) acquisitions and integration of acquired businesses; (13) the ability to increase market share and control expenses; (14) changes in the competitive environment among financial holding companies; (15) the effect of changes in laws and regulations (including laws and regulations concerning taxes, banking, securities and insurance) with which the Company and its subsidiaries must comply, including those under the Dodd-Frank Act, Economic Growth, Regulatory Relief, Consumer Protection Act of 2018, Coronavirus Aid, Relief and Economic Security Act (“CARES Act”), and regulatory pronouncements around CARES Act; (16) the effect of changes in accounting policies and practices, as may be adopted by the regulatory agencies, as well as the Public Company Accounting Oversight Board, the Financial Accounting Standards Board (“FASB”) and other accounting standard setters; (17) changes in the Company’s organization, compensation and benefit plans; (18) the costs and effects of legal and regulatory developments including the resolution of legal proceedings or regulatory or other governmental inquiries and the results of regulatory examinations or reviews; (19) greater than expected costs or difficulties related to the integration of new products and lines of business; (20) the adverse impact on the U.S. economy, including the markets in which we operate, of the novel coronavirus, which causes the Coronavirus disease 2019 (“COVID-19”), global pandemic; (21) the impact of a slowing U.S. economy and increased unemployment on the performance of our loan portfolio, the market value of our investment securities, the availability of sources of funding and the demand for our products; and (22) the Company’s success at managing the risks involved in the foregoing items.

Currently, one of the most significant factors that could cause actual outcomes to differ materially from the Company’s forward-looking statements is the potential adverse effect of the current COVID-19 pandemic on the financial condition, results of operations, cash flows and performance of the Company, its customers and the global economy and financial markets. The extent to which the COVID-19 pandemic impacts the Company will depend on future developments, which are highly uncertain and cannot be predicted with confidence, including the scope, severity and duration of the pandemic and its impact on the Company’s customers and demand for financial services, the actions governments, businesses and individuals take in response to the pandemic, the impact of the COVID-19 pandemic and actions taken in response to the pandemic on global and regional economies, national and local economic activity, and the pace of recovery when the COVID-19 pandemic subsides, among others. Moreover, investors are cautioned to interpret many of the risks identified under the section entitled “Risk Factors” in our Form 10-K for the year ended December 31, 2019 and in our Form 10-Q for the quarter ended March 31, 2020 as being heightened as a result of the ongoing and numerous adverse impacts of the COVID-19 pandemic. You should not place undue reliance on any forward-looking statements, which speak only as of the date made, and you are advised that various factors including, but not limited to, those described above and other factors discussed in the Company’s annual and quarterly reports previously filed with the SEC, could affect the Company’s financial performance and could cause the Company’s actual results or circumstances for future periods to differ materially from those anticipated or projected. Unless required by law, the Company does not undertake, and specifically disclaims any obligations to, publicly release any revisions that may be made to any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements.

7
Non-GAAP Measures

This press release contains financial information determined by methods other than in accordance with accounting principles generally accepted in the United States of America (“GAAP”). Where non-GAAP disclosures are used in this press release, a reconciliation to the comparable GAAP measure is provided in the accompanying tables. Management believes that these non-GAAP measures provide useful information that is important to an understanding of the financial results of NBT’s core business as well as provide information standard in the financial institution industry. Non-GAAP measures should not be considered a substitute for financial measures determined in accordance with GAAP and investors should consider NBT’s performance and financial condition as reported under GAAP and all other relevant information when assessing the performance or financial condition of NBT.

8
NBT Bancorp Inc. and Subsidiaries
Selected Financial Data
(unaudited, dollars in thousands except per share data)

   
2020
    
2019
  
   
2nd Q
    
1st Q
    
4th Q
    
3rd Q
    
2nd Q
  
Profitability:
                              
Diluted earnings per share
  
$
0.56
    
$
0.23
    
$
0.66
    
$
0.73
    
$
0.69
  
Weighted average diluted common shares outstanding
    
43,928,344
      
44,130,324
      
44,174,201
      
44,138,495
      
44,120,377
  
Return on average assets2
    
0.94
%
    
0.43
%
    
1.20
%
    
1.34
%
    
1.28
%
Return on average equity2
    
8.76
%
    
3.69
%
    
10.36
%
    
11.83
%
    
11.63
%
Return on average tangible common equity1 2
    
12.14
%
    
5.24
%
    
14.28
%
    
16.43
%
    
16.38
%
Net interest margin1 2
    
3.38
%
    
3.52
%
    
3.52
%
    
3.57
%
    
3.61
%
                                         
   
6 Months ended June 30,
                          
     
2020
      
2019
                          
Profitability:
                                        
Diluted earnings per share
  
$
0.80
    
$
1.35
                          
Weighted average diluted common shares outstanding
    
44,026,420
      
44,096,681
                          
Return on average assets2
    
0.69
%
    
1.26
%
                        
Return on average equity2
    
6.23
%
    
11.57
%
                        
Return on average tangible common equity1 2
    
8.69
%
    
16.41
%
                        
Net interest margin1 2
    
3.45
%
    
3.63
%
                        

    2020     2019  
   
2nd Q
    
1st Q
    
4th Q
    
3rd Q
    
2nd Q
  
Balance sheet data:
                              
Securities available for sale
  
$
1,108,443
    
$
1,000,980
    
$
975,340
    
$
932,173
    
$
979,696
  
Securities held to maturity
    
599,164
      
621,359
      
630,074
      
678,435
      
744,601
  
Net loans
    
7,514,491
      
7,147,383
      
7,063,133
      
6,941,444
      
6,891,108
  
Total assets
    
10,847,184
      
9,953,543
      
9,715,925
      
9,661,386
      
9,635,718
  
Total deposits
    
8,815,891
      
7,864,638
      
7,587,820
      
7,743,166
      
7,593,706
  
Total borrowings
    
602,988
      
714,283
      
820,682
      
628,701
      
794,829
  
Total liabilities
    
9,704,532
      
8,841,364
      
8,595,528
      
8,562,785
      
8,560,895
  
Stockholders' equity
    
1,142,652
      
1,112,179
      
1,120,397
      
1,098,601
      
1,074,823
  
                                         
Capital:
                                        
Equity to assets
    
10.53
%
    
11.17
%
    
11.53
%
    
11.37
%
    
11.15
%
Tangible equity ratio1
    
8.04
%
    
8.55
%
    
8.84
%
    
8.65
%
    
8.41
%
Book value per share
  
$
26.20
    
$
25.52
    
$
25.58
    
$
25.09
    
$
24.56
  
Tangible book value per share3
  
$
19.46
    
$
18.96
    
$
19.03
    
$
18.52
    
$
17.97
  
Tier 1 leverage ratio
    
9.44
%
    
10.02
%
    
10.33
%
    
10.15
%
    
9.88
%
Common equity tier 1 capital ratio
    
11.34
%
    
10.90
%
    
11.29
%
    
11.14
%
    
10.95
%
Tier 1 capital ratio
    
12.60
%
    
12.14
%
    
12.56
%
    
12.42
%
    
12.24
%
Total risk-based capital ratio
    
15.15
%
    
13.36
%
    
13.52
%
    
13.38
%
    
13.21
%
Common stock price (end of period)
  
$
30.06
    
$
32.39
    
$
40.56
    
$
36.59
    
$
37.51
  
Note: Year-to-date EPS may not equal sum of quarters due to differences in outstanding shares.
  

9
NBT Bancorp Inc. and Subsidiaries
Selected Financial Data
(unaudited, dollars in thousands except per share data)

   
2020
    
2019
  
   
2nd Q
    
1st Q
    
4th Q
    
3rd Q
    
2nd Q
  
Asset quality:
                              
Nonaccrual loans
  
$
25,567
    
$
29,972
    
$
25,174
    
$
24,623
    
$
24,669
  
90 days past due and still accruing
    
2,057
      
2,280
      
3,717
      
8,342
      
2,387
  
Total nonperforming loans
    
27,624
      
32,252
      
28,891
      
32,965
      
27,056
  
Other real estate owned
    
1,783
      
2,384
      
1,458
      
2,144
      
2,203
  
Total nonperforming assets
    
29,407
      
34,636
      
30,349
      
35,109
      
29,259
  
Allowance for loan losses
    
113,500
      
100,000
      
72,965
      
72,365
      
72,165
  
                                         
Asset quality ratios (total):
                                        
Allowance for loan losses to total loans
    
1.49
%
    
1.38
%
    
1.02
%
    
1.03
%
    
1.04
%
Total nonperforming loans to total loans
    
0.36
%
    
0.45
%
    
0.40
%
    
0.47
%
    
0.39
%
Total nonperforming assets to total assets
    
0.27
%
    
0.35
%
    
0.31
%
    
0.36
%
    
0.30
%
Allowance for loan losses to total nonperforming loans
    
410.87
%
    
310.06
%
    
252.55
%
    
219.52
%
    
266.72
%
Past due loans to total loans
    
0.30
%
    
0.51
%
    
0.49
%
    
0.57
%
    
0.52
%
Net charge-offs to average loans2
    
0.28
%
    
0.32
%
    
0.30
%
    
0.35
%
    
0.38
%
                                         
Asset quality ratios (excluding paycheck protection plan):
                                  
Allowance for loan losses to total loans
    
1.59
%
    
1.38
%
    
1.02
%
    
1.03
%
    
1.04
%
Total nonperforming loans to total loans
    
0.39
%
    
0.45
%
    
0.40
%
    
0.47
%
    
0.39
%
Total nonperforming assets to total assets
    
0.28
%
    
0.35
%
    
0.31
%
    
0.36
%
    
0.30
%
Allowance for loan losses to total nonperforming loans
    
410.78
%
    
310.06
%
    
252.55
%
    
219.52
%
    
266.72
%
Past due loans to total loans
    
0.32
%
    
0.51
%
    
0.49
%
    
0.57
%
    
0.52
%
Net charge-offs to average loans2
    
0.30
%
    
0.32
%
    
0.30
%
    
0.35
%
    
0.38
%

10
NBT Bancorp Inc. and Subsidiaries
Consolidated Balance Sheets
(unaudited, dollars in thousands)

Assets
  
June 30,
2020
    
December 31,
2019
  
Cash and due from banks
  
$
171,264
    
$
170,595
  
Short-term interest bearing accounts
    
528,228
      
46,248
  
Equity securities, at fair value
    
29,223
      
27,771
  
Securities available for sale, at fair value
    
1,108,443
      
975,340
  
Securities held to maturity (fair value $623,022 and $641,262, respectively)
    
599,164
      
630,074
  
Federal Reserve and Federal Home Loan Bank stock
    
32,536
      
44,620
  
Loans held for sale
    
16,147
      
11,731
  
Loans
    
7,627,991
      
7,136,098
  
Less allowance for loan losses
    
113,500
      
72,965
  
Net loans
  
$
7,514,491
    
$
7,063,133
  
Premises and equipment, net
    
74,558
      
75,631
  
Goodwill
    
280,541
      
274,769
  
Intangible assets, net
    
13,413
      
12,020
  
Bank owned life insurance
    
183,976
      
181,748
  
Other assets
    
295,200
      
202,245
  
Total assets
  
$
10,847,184
    
$
9,715,925
  
                 
Liabilities and stockholders' equity
                
Demand (noninterest bearing)
  
$
3,107,528
    
$
2,414,383
  
Savings, NOW and money market
    
5,000,504
      
4,312,244
  
Time
    
707,859
      
861,193
  
Total deposits
  
$
8,815,891
    
$
7,587,820
  
Short-term borrowings
    
339,656
      
655,275
  
Long-term debt
    
64,154
      
64,211
  
Subordinated debt, net
    
97,982
      
-
  
Junior subordinated debt
    
101,196
      
101,196
  
Other liabilities
    
285,653
      
187,026
  
Total liabilities
  
$
9,704,532
    
$
8,595,528
  
                 
Total stockholders' equity
  
$
1,142,652
    
$
1,120,397
  
                 
Total liabilities and stockholders' equity
  
$
10,847,184
    
$
9,715,925
  

11
NBT Bancorp Inc. and Subsidiaries
Consolidated Statements of Income
(unaudited, dollars in thousands except per share data)

   
Three Months Ended
June 30,
    
Six Months Ended
June 30,
  
   
2020
    
2019
    
2020
    
2019
  
Interest, fee and dividend income
                        
Interest and fees on loans
  
$
77,270
    
$
81,271
    
$
155,998
    
$
160,592
  
Securities available for sale
    
5,600
      
6,031
      
11,353
      
11,953
  
Securities held to maturity
    
3,926
      
5,089
      
8,017
      
10,306
  
Other
    
650
      
842
      
1,479
      
1,726
  
Total interest, fee and dividend income
  
$
87,446
    
$
93,233
    
$
176,847
    
$
184,577
  
Interest expense
                                
Deposits
  
$
4,812
    
$
10,234
    
$
13,916
    
$
19,060
  
Short-term borrowings
    
972
      
2,760
      
2,769
      
5,997
  
Long-term debt
    
393
      
471
      
786
      
893
  
Subordinated debt
    
128
      
-
      
128
      
-
  
Junior subordinated debt
    
695
      
1,141
      
1,621
      
2,309
  
Total interest expense
  
$
7,000
    
$
14,606
    
$
19,220
    
$
28,259
  
Net interest income
  
$
80,446
    
$
78,627
    
$
157,627
    
$
156,318
  
Provision for loan losses
    
18,840
      
7,277
      
48,480
      
13,084
  
Net interest income after provision for loan losses
  
$
61,606
    
$
71,350
    
$
109,147
    
$
143,234
  
Noninterest income
                                
Service charges on deposit accounts
  
$
2,529
    
$
4,224
    
$
6,526
    
$
8,460
  
ATM and debit card fees
    
6,136
      
6,156
      
11,990
      
11,681
  
Retirement plan administration fees
    
9,214
      
7,836
      
17,155
      
15,570
  
Wealth management4
    
6,823
      
7,122
      
14,096
      
13,685
  
Insurance4
    
3,292
      
3,547
      
7,561
      
8,291
  
Bank owned life insurance income
    
1,381
      
1,186
      
2,755
      
2,563
  
Net securities gains (losses)
    
180
      
(69
)
    
(632
)
    
(12
)
Other
    
5,456
      
4,239
      
10,983
      
7,824
  
Total noninterest income
  
$
35,011
    
$
34,241
    
$
70,434
    
$
68,062
  
Noninterest expense
                                
Salaries and employee benefits
  
$
39,717
    
$
38,567
    
$
80,467
    
$
77,923
  
Occupancy
    
5,065
      
5,443
      
11,060
      
11,718
  
Data processing and communications
    
4,079
      
4,693
      
8,312
      
9,107
  
Professional fees and outside services
    
3,403
      
3,359
      
7,300
      
7,027
  
Equipment
    
4,779
      
4,518
      
9,421
      
9,275
  
Office supplies and postage
    
1,455
      
1,577
      
3,091
      
3,168
  
FDIC expense
    
993
      
949
      
1,304
      
1,966
  
Advertising
    
322
      
641
      
931
      
1,144
  
Amortization of intangible assets
    
883
      
893
      
1,717
      
1,861
  
Loan collection and other real estate owned, net
    
728
      
961
      
1,745
      
1,746
  
Other
    
3,916
      
4,630
      
10,873
      
9,756
  
Total noninterest expense
  
$
65,340
    
$
66,231
    
$
136,221
    
$
134,691
  
Income before income tax expense
  
$
31,277
    
$
39,360
    
$
43,360
    
$
76,605
  
Income tax expense
    
6,564
      
8,805
      
8,279
      
16,923
  
Net income
  
$
24,713
    
$
30,555
    
$
35,081
    
$
59,682
  
Earnings Per Share
                                
Basic
  
$
0.57
    
$
0.70
    
$
0.80
    
$
1.36
  
Diluted
  
$
0.56
    
$
0.69
    
$
0.80
    
$
1.35
  

12
NBT Bancorp Inc. and Subsidiaries
Quarterly Consolidated Statements of Income
(unaudited, dollars in thousands except per share data)

   
2020
    
2019
  
   
2nd Q
    
1st Q
    
4th Q
    
3rd Q
    
2nd Q
  
Interest, fee and dividend income
                              
Interest and fees on loans
  
$
77,270
    
$
78,728
    
$
79,800
    
$
81,082
    
$
81,271
  
Securities available for sale
    
5,600
      
5,753
      
5,639
      
5,711
      
6,031
  
Securities held to maturity
    
3,926
      
4,091
      
4,213
      
4,586
      
5,089
  
Other
    
650
      
829
      
924
      
1,002
      
842
  
Total interest, fee and dividend income
  
$
87,446
    
$
89,401
    
$
90,576
    
$
92,381
    
$
93,233
  
Interest expense
                                        
Deposits
  
$
4,812
    
$
9,104
    
$
10,181
    
$
10,745
    
$
10,234
  
Short-term borrowings
    
972
      
1,797
      
1,707
      
1,989
      
2,760
  
Long-term debt
    
393
      
393
      
484
      
498
      
471
  
Subordinated debt
    
128
      
-
      
-
      
-
      
-
  
Junior subordinated debt
    
695
      
926
      
1,021
      
1,095
      
1,141
  
Total interest expense
  
$
7,000
    
$
12,220
    
$
13,393
    
$
14,327
    
$
14,606
  
Net interest income
  
$
80,446
    
$
77,181
    
$
77,183
    
$
78,054
    
$
78,627
  
Provision for loan losses
    
18,840
      
29,640
      
6,004
      
6,324
      
7,277
  
Net interest income after provision for loan losses
  
$
61,606
    
$
47,541
    
$
71,179
    
$
71,730
    
$
71,350
  
Noninterest income
                                        
Service charges on deposit accounts
  
$
2,529
    
$
3,997
    
$
4,361
    
$
4,330
    
$
4,224
  
ATM and debit card fees
    
6,136
      
5,854
      
5,935
      
6,277
      
6,156
  
Retirement plan administration fees
    
9,214
      
7,941
      
7,218
      
7,600
      
7,836
  
Wealth management4
    
6,823
      
7,273
      
7,085
      
7,630
      
7,122
  
Insurance4
    
3,292
      
4,269
      
3,479
      
4,000
      
3,547
  
Bank owned life insurance income
    
1,381
      
1,374
      
1,236
      
1,556
      
1,186
  
Net securities gains (losses)
    
180
      
(812
)
    
189
      
4,036
      
(69
)
Other
    
5,456
      
5,527
      
6,738
      
4,291
      
4,239
  
Total noninterest income
  
$
35,011
    
$
35,423
    
$
36,241
    
$
39,720
    
$
34,241
  
Noninterest expense
                                        
Salaries and employee benefits
  
$
39,717
    
$
40,750
    
$
39,592
    
$
39,352
    
$
38,567
  
Occupancy
    
5,065
      
5,995
      
5,653
      
5,335
      
5,443
  
Data processing and communications
    
4,079
      
4,233
      
4,719
      
4,492
      
4,693
  
Professional fees and outside services
    
3,403
      
3,897
      
4,223
      
3,535
      
3,359
  
Equipment
    
4,779
      
4,642
      
4,821
      
4,487
      
4,518
  
Office supplies and postage
    
1,455
      
1,636
      
1,744
      
1,667
      
1,577
  
FDIC expense (credit)
    
993
      
311
      
-
      
(20
)
    
949
  
Advertising
    
322
      
609
      
952
      
677
      
641
  
Amortization of intangible assets
    
883
      
834
      
844
      
874
      
893
  
Loan collection and other real estate owned, net
    
728
      
1,017
      
1,436
      
976
      
961
  
Other
    
3,916
      
6,957
      
6,310
      
8,374
      
4,630
  
Total noninterest expense
  
$
65,340
    
$
70,881
    
$
70,294
    
$
69,749
    
$
66,231
  
Income before income tax expense
  
$
31,277
    
$
12,083
    
$
37,126
    
$
41,701
    
$
39,360
  
Income tax expense
    
6,564
      
1,715
      
8,166
      
9,322
      
8,805
  
Net income
  
$
24,713
    
$
10,368
    
$
28,960
    
$
32,379
    
$
30,555
  
Earnings Per Share
                                        
Basic
  
$
0.57
    
$
0.24
    
$
0.66
    
$
0.74
    
$
0.70
  
Diluted
  
$
0.56
    
$
0.23
    
$
0.66
    
$
0.73
    
$
0.69
  

13
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
  
Assets
    
Q2 - 2020
      
Q1 - 2020
      
Q4 - 2019
    
Q3 - 2019
    
Q2 - 2019
  
Short-term interest bearing accounts
  
$
380,260
      
0.10
%
  
$
74,695
      
1.28
%
  
$
51,613
      
2.43
%
  
$
57,530
      
1.95
%
  
$
25,783
      
1.28
%
Securities available for sale1 5
    
985,561
      
2.29
%
    
962,527
      
2.40
%
    
942,302
      
2.37
%
    
940,256
      
2.41
%
    
981,079
      
2.47
%
Securities held to maturity1 5
    
613,899
      
2.75
%
    
622,398
      
2.81
%
    
651,305
      
2.73
%
    
698,617
      
2.77
%
    
770,651
      
2.83
%
Investment in FRB and FHLB Banks
    
36,604
      
6.09
%
    
39,784
      
5.97
%
    
37,842
      
6.37
%
    
40,525
      
7.04
%
    
46,179
      
6.60
%
Loans1 6
    
7,589,032
      
4.10
%
    
7,163,114
      
4.42
%
    
7,055,288
      
4.49
%
    
6,987,476
      
4.61
%
    
6,958,299
      
4.69
%
Total interest earning assets
  
$
9,605,356
      
3.68
%
  
$
8,862,518
      
4.07
%
  
$
8,738,350
      
4.13
%
  
$
8,724,404
      
4.22
%
  
$
8,781,991
      
4.28
%
Other assets
    
961,807
              
885,570
              
861,909
              
852,616
              
816,748
          
Total assets
  
$
10,567,163
            
$
9,748,088
            
$
9,600,259
            
$
9,577,020
            
$
9,598,739
          
                                                                                 
Liabilities and stockholders' equity
                                                                                
Money market deposit accounts
  
$
2,360,407
      
0.29
%
  
$
2,101,306
      
1.00
%
  
$
2,057,678
      
1.16
%
  
$
2,015,297
      
1.24
%
  
$
1,916,045
      
1.16
%
NOW deposit accounts
    
1,167,486
      
0.04
%
    
1,086,205
      
0.10
%
    
1,064,193
      
0.13
%
    
1,056,001
      
0.13
%
    
1,127,413
      
0.13
%
Savings deposits
    
1,383,495
      
0.05
%
    
1,276,285
      
0.06
%
    
1,251,432
      
0.06
%
    
1,274,793
      
0.06
%
    
1,282,084
      
0.06
%
Time deposits
    
760,803
      
1.48
%
    
842,989
      
1.62
%
    
853,353
      
1.69
%
    
893,837
      
1.75
%
    
953,698
      
1.73
%
Total interest bearing deposits
  
$
5,672,191
      
0.34
%
  
$
5,306,785
      
0.69
%
  
$
5,226,656
      
0.77
%
  
$
5,239,928
      
0.81
%
  
$
5,279,240
      
0.78
%
Short-term borrowings
    
427,004
      
0.92
%
    
533,516
      
1.35
%
    
475,332
      
1.42
%
    
490,694
      
1.61
%
    
620,898
      
1.78
%
Long-term debt
    
64,165
      
2.46
%
    
64,194
      
2.46
%
    
81,613
      
2.35
%
    
84,250
      
2.35
%
    
82,414
      
2.29
%
Subordinated debt, net
    
8,633
      
5.96
%
    
-
      
-
      
-
      
-
      
-
      
-
      
-
      
-
  
Junior subordinated debt
    
101,196
      
2.76
%
    
101,196
      
3.68
%
    
101,196
      
4.00
%
    
101,196
      
4.29
%
    
101,196
      
4.52
%
Total interest bearing liabilities
  
$
6,273,189
      
0.45
%
  
$
6,005,691
      
0.82
%
  
$
5,884,797
      
0.90
%
  
$
5,916,068
      
0.96
%
  
$
6,083,748
      
0.96
%
Demand deposits
    
2,887,545
              
2,398,307
              
2,406,563
              
2,389,617
              
2,298,867
          
Other liabilities
    
271,635
              
214,495
              
199,674
              
185,374
              
162,374
          
Stockholders' equity
    
1,134,794
              
1,129,595
              
1,109,225
              
1,085,961
              
1,053,750
          
Total liabilities and stockholders' equity
  
$
10,567,163
            
$
9,748,088
            
$
9,600,259
            
$
9,577,020
            
$
9,598,739
          
                                                                                 
Interest rate spread
            
3.23
%
            
3.25
%
            
3.23
%
            
3.26
%
            
3.32
%
Net interest margin (FTE)1
            
3.38
%
            
3.52
%
            
3.52
%
            
3.57
%
            
3.61
%

14
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
  
Six Months Ended June 30,
  
2020
    
2019
  
Assets
                                    
Short-term interest bearing accounts
  
$
227,478
    
$
335
      
0.30
%
  
$
17,471
    
$
174
      
2.01
%
Securities available for sale1 5
    
974,044
      
11,353
      
2.34
%
    
982,881
      
11,984
      
2.46
%
Securities held to maturity1 5
    
618,149
      
8,554
      
2.78
%
    
776,577
      
11,043
      
2.87
%
Investment in FRB and FHLB Banks
    
38,194
      
1,144
      
6.02
%
    
47,657
      
1,552
      
6.57
%
Loans1 6
    
7,376,072
      
156,119
      
4.26
%
    
6,922,684
      
160,768
      
4.68
%
Total interest earning assets
  
$
9,233,937
    
$
177,505
      
3.87
%
  
$
8,747,270
    
$
185,521
      
4.28
%
Other assets
    
923,689
                      
806,225
                  
Total assets
  
$
10,157,626
                    
$
9,553,495
                  
                                                 
Liabilities and stockholders' equity
                                                
Money market deposit accounts
  
$
2,230,857
    
$
6,965
      
0.63
%
  
$
1,860,358
    
$
9,974
      
1.08
%
NOW deposit accounts
    
1,126,845
      
404
      
0.07
%
    
1,131,291
      
817
      
0.15
%
Savings deposits
    
1,329,890
      
360
      
0.05
%
    
1,267,146
      
362
      
0.06
%
Time deposits
    
801,896
      
6,187
      
1.55
%
    
948,109
      
7,907
      
1.68
%
Total interest bearing deposits
  
$
5,489,488
    
$
13,916
      
0.51
%
  
$
5,206,904
    
$
19,060
      
0.74
%
Short-term borrowings
    
480,261
      
2,769
      
1.16
%
    
666,349
      
5,997
      
1.81
%
Long-term debt
    
64,179
      
786
      
2.46
%
    
78,085
      
893
      
2.31
%
Subordinated debt, net
    
4,316
      
128
      
5.96
%
    
-
      
-
      
-

Junior subordinated debt
    
101,196
      
1,621
      
3.22
%
    
101,196
      
2,309
      
4.60
%
Total interest bearing liabilities
  
$
6,139,440
    
$
19,220
      
0.63
%
  
$
6,052,534
    
$
28,259
      
0.94
%
Demand deposits
    
2,642,926
                      
2,304,169
                  
Other liabilities
    
243,066
                      
156,963
                  
Stockholders' equity
    
1,132,194
                      
1,039,829
                  
Total liabilities and stockholders' equity
  
$
10,157,626
                    
$
9,553,495
                  
Net interest income (FTE)1
          
$
158,285
                    
$
157,262
          
Interest rate spread
                    
3.24
%
                    
3.34
%
Net interest margin (FTE)1
                    
3.45
%
                    
3.63
%
Taxable equivalent adjustment
          
$
658
                    
$
944
          
Net interest income
          
$
157,627
                    
$
156,318
          

15
NBT Bancorp Inc. and Subsidiaries
Consolidated Loan Balances
(unaudited, dollars in thousands)

The following table presents loans by line of business, paycheck protection plans loans includes $14.6 million in unamortized fees.

   
2020
    
2019
  
   
2nd Q
    
1st Q
    
4th Q
    
3rd Q
    
2nd Q
  
Commercial
  
$
1,318,806
    
$
1,338,609
    
$
1,302,209
    
$
1,317,649
    
$
1,299,784
  
Commercial real estate
    
2,256,580
      
2,242,139
      
2,142,057
      
2,033,552
      
2,025,280
  
Paycheck protection plan
    
510,097
      
-
      
-
      
-
      
-
  
Residential real estate mortgages
    
1,460,058
      
1,446,676
      
1,445,156
      
1,416,920
      
1,404,079
  
Indirect auto
    
1,091,889
      
1,184,888
      
1,193,635
      
1,195,783
      
1,189,670
  
Specialty lending
    
515,618
      
539,378
      
542,063
      
528,505
      
519,974
  
Home equity
    
415,528
      
431,536
      
444,082
      
452,535
      
456,754
  
Other consumer
    
59,415
      
64,157
      
66,896
      
68,865
      
67,732
  
Total loans
  
$
7,627,991
    
$
7,247,383
    
$
7,136,098
    
$
7,013,809
    
$
6,963,273
  

The following table provide loans as a percentage of total loans in industries vulnerable to the COVID-19 pandemic as of June 30, 2020:

Industry
  
% of Total
Loans
                          
Accommodations
    
2.6%

                       
Healthcare services and practices
    
2.0%
                       
Restaurants and entertainment
    
1.9%
                       
Retailers
    
1.6%
   
     
     
     
 
Automotive
    
1.5%
                               
Total
    
9.6%
                               

Allowance for Loan Losses as a Percentage of Loans by Segment7:

   
Incurred
CECL
  
   
12/31/2019
1/1/2020
    
3/31/2020
    
6/30/2020*
  
Commercial & industrial
    
0.96
%
  
0.98
%
    
1.43
%
    
1.25
%
Commercial real estate
    
1.02
%
  
0.74
%
    
1.10
%
    
1.56
%
Paycheck protection plan
    
0.00
%
  
0.00
%
    
0.00
%
    
0.01
%
Residential real estate
    
0.27
%
  
0.83
%
    
0.99
%
    
1.13
%
Auto
    
0.83
%
  
0.78
%
    
1.08
%
    
0.99
%
Other consumer
    
3.74
%
  
3.66
%
    
4.00
%
    
5.01
%
Total
    
1.02
%
  
1.07
%
    
1.38
%
    
1.49
%

* Excluding PPP loans and related allowance, total allowance to loans was 1.59%

16
1
The following tables provide the Non-GAAP reconciliations for the Non-GAAP measures contained in this release:

Non-GAAP measures
(unaudited, dollars in thousands)

Pre-provision net revenue ("PPNR")
  
2020
    
2019
  
   
2nd Q
    
1st Q
    
4th Q
    
3rd Q
    
2nd Q
  
Income before income tax expense
  
$
31,277
    
$
12,083
    
$
37,126
    
$
41,701
    
$
39,360
  
FTE adjustment
    
329
      
329
      
349
      
374
      
445
  
Provision for loan losses
    
18,840
      
29,640
      
6,004
      
6,324
      
7,277
  
Net securities (gains) losses
    
(180
)
    
812
      
(189
)
    
(4,036
)
    
69
  
Nonrecurring expense
    
650
      
-
      
-
      
3,800
      
-
  
Unfunded loan commitments reserve
    
(200
)
    
2,000
      
-
      
-
      
-
  
PPNR
  
$
50,716
    
$
44,864
    
$
43,290
    
$
48,163
    
$
47,151
  
                                         
Average Assets
  
$
10,567,163
    
$
9,748,088
    
$
9,600,259
    
$
9,577,020
    
$
9,598,739
  
                                         
Return on Average Assets
    
0.94
%
    
0.43
%
    
1.20
%
    
1.34
%
    
1.28
%
PPNR Return on Average Assets
    
1.93
%
    
1.85
%
    
1.79
%
    
2.00
%
    
1.97
%

PPNR is a Non-GAAP financial measure that management believes is useful in evaluating the underlying operating results of the Company excluding the volatility in loan loss provision due to CECL adoption and the impact of the COVID-19 pandemic, net securities gains (losses) and non-recurring income and/or expense.

FTE Adjustment
  
2020
    
2019
  
   
2nd Q
    
1st Q
    
4th Q
    
3rd Q
    
2nd Q
  
Net interest income
  
$
80,446
    
$
77,181
    
$
77,183
    
$
78,054
    
$
78,627
  
Add: FTE adjustment
    
329
      
329
      
349
      
374
      
445
  
Net interest income (FTE)
  
$
80,775
    
$
77,510
    
$
77,532
    
$
78,428
    
$
79,072
  
Average earning assets
  
$
9,605,356
    
$
8,862,518
    
$
8,738,350
    
$
8,724,404
    
$
8,781,991
  
Net interest margin (FTE)
    
3.38
%
    
3.52
%
    
3.52
%
    
3.57
%
    
3.61
%

   
6 Months ended June 30,
                    
   
2020
    
2019
                    
Net interest income
  
$
157,627
    
$
156,318
                    
Add: FTE adjustment
    
658
      
944
      
     
     
 
Net interest income (FTE)
  
$
158,285
    
$
157,262
                          
Average earning assets
  
$
9,233,937
    
$
8,747,270
                          
Net interest margin (FTE)
    
3.45
%
    
3.63
%
                        

Interest income for tax-exempt securities and loans have been adjusted to a FTE basis using the statutory Federal income tax rate of 21%.

Tangible equity to tangible assets
  
2020
    
2019
  
   
2nd Q
    
1st Q
    
4th Q
    
3rd Q
    
2nd Q
  
Total equity
  
$
1,142,652
    
$
1,112,179
    
$
1,120,397
    
$
1,098,601
    
$
1,074,823
  
Intangible assets
    
293,954
      
285,955
      
286,789
      
287,633
      
288,507
  
Total assets
  
$
10,847,184
    
$
9,953,543
    
$
9,715,925
    
$
9,661,386
    
$
9,635,718
  
Tangible equity to tangible assets
    
8.04
%
    
8.55
%
    
8.84
%
    
8.65
%
    
8.41
%

17
1
The following tables provide the Non-GAAP reconciliations for the Non-GAAP measures contained in this release:

Non-GAAP measures
(unaudited, dollars in thousands)

Return on average tangible common equity
  
2020
    
2019
  
   
2nd Q
    
1st Q
    
4th Q
    
3rd Q
    
2nd Q
  
Net income
  
$
24,713
    
$
10,368
    
$
28,960
    
$
32,379
    
$
30,555
  
Amortization of intangible assets (net of tax)
    
662
      
626
      
633
      
656
      
670
  
Net income, excluding intangibles amortization
  
$
25,375
    
$
10,994
    
$
29,593
    
$
33,035
    
$
31,225
  
                                         
Average stockholders' equity
  
$
1,134,794
    
$
1,129,595
    
$
1,109,225
    
$
1,085,961
    
$
1,053,750
  
Less: average goodwill and other intangibles
    
294,423
      
286,400
      
287,268
      
288,077
      
288,930
  
Average tangible common equity
  
$
840,371
    
$
843,195
    
$
821,957
    
$
797,884
    
$
764,820
  
Return on average tangible common equity
    
12.14
%
    
5.24
%
    
14.28
%
    
16.43
%
    
16.38
%

   
6 Months ended June 30,
                    
   
2020
    
2019
                    
Net income
  
$
35,081
    
$
59,682
                    
Amortization of intangible assets (net of tax)
    
1,288
      
1,396
                    
Net income, excluding intangibles amortization
  
$
36,369
    
$
61,078
      
     
     
 
                                         
Average stockholders' equity
  
$
1,132,194
    
$
1,039,829
                          
Less: average goodwill and other intangibles
    
290,411
      
289,419
                          
Average tangible common equity
  
$
841,783
    
$
750,410
                          
Return on average tangible common equity
    
8.69
%
    
16.41
%
                        

2
Annualized.
3
Non-GAAP measure - Stockholders' equity less goodwill and intangible assets divided by common shares outstanding.
4
Other financial services revenue previously disclosed and included with Insurance income has been reclassified and combined with Trust income and is disclosed as Wealth management income.
5
Securities are shown at average amortized cost.
6
For purposes of these computations, nonaccrual loans and loans held for sale are included in the average loan balances outstanding.
7
The allowance for loan losses for December 31, 2019 was calculated based on the incurred losses methodology and beginning January 1, 2020, it was based on the CECL methodology. The risk-based pooling of loans (segments) for incurred and CECL are not consistent. For illustrative purposes only, the loans and related incurred allowance at December 31, 2019 were grouped to conform with the CECL methodology.


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