2017 First Quarter Highlights:
“Our results for the first quarter of 2017 were strong, as indicated by our record first quarter EPS of
Net interest income was
Net interest income was
Noninterest income for the three months ended
Noninterest expense for the three months ended
During the first quarter of 2017, NBT adopted new accounting guidance for equity-based transactions requiring that all excess tax benefits and tax deficiencies associated with equity-based compensation be recognized as an income tax benefit or expense in the income statement. Previously, tax effects resulting from changes in NBT’s share price subsequent to the grant date were recorded through stockholders’ equity at the time of vesting or exercise. The adoption of the accounting guidance resulted in a
Income tax expense for the three months ended
Asset Quality
Net charge-offs were
Nonperforming loans to total loans was 0.56% at
The allowance for loan losses totaled
Balance Sheet
Total assets were
Stock Repurchase Program
The Company did not purchase shares of its common stock during the three months ended
Other Events
On
Corporate Overview
Forward-Looking Statements
This news release contains forward-looking statements. These forward-looking statements involve risks and uncertainties and are based on the beliefs and assumptions of the management of NBT and its subsidiaries and on the information available to management at the time that these statements were made. There are a number of factors, many of which are beyond NBT’s control, that could cause actual conditions, events or results to differ significantly from those described in 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) competitive pressures among depository and other financial institutions may increase significantly; (2) revenues may be lower than expected; (3) changes in the interest rate environment may reduce interest margins; (4) general economic conditions, either nationally or regionally, may be less favorable than expected, resulting in, among other things, a deterioration in credit quality and/or a reduced demand for credit; (5) legislative or regulatory changes, including changes in accounting standards and tax laws, may adversely affect the businesses in which NBT is engaged; (6) competitors may have greater financial resources and develop products that enable such competitors to compete more successfully than NBT; and (7) adverse changes may occur in the securities markets or with respect to inflation. Forward-looking statements speak only as of the date they are made. Except as required by law, NBT does not update forward-looking statements to reflect subsequent circumstances or events.
Non-GAAP Measures
This press release contains financial information determined by methods other than in accordance with accounting principles generally accepted in
NBT Bancorp Inc. and Subsidiaries | ||||||||||||||||
SELECTED FINANCIAL DATA | ||||||||||||||||
(unaudited, dollars in thousands except per share data) | ||||||||||||||||
2017 | 2016 | |||||||||||||||
1st Q | 4th Q | 3rd Q | 2nd Q | 1st Q | ||||||||||||
Profitability: | ||||||||||||||||
Diluted Earnings Per Share | $ | 0.46 | $ | 0.45 | $ | 0.46 | $ | 0.46 | $ | 0.43 | ||||||
Weighted Average Diluted | ||||||||||||||||
Common Shares Outstanding | 43,883,471 | 43,703,122 | 43,562,489 | 43,453,674 | 43,707,489 | |||||||||||
Return on Average Assets (1) | 0.92 | % | 0.89 | % | 0.92 | % | 0.94 | % | 0.92 | % | ||||||
Return on Average Equity (1) | 8.94 | % | 8.54 | % | 8.80 | % | 9.00 | % | 8.63 | % | ||||||
Return on Average Tangible Common Equity (1)(3) | 13.24 | % | 12.68 | % | 13.16 | % | 13.54 | % | 13.17 | % | ||||||
Net Interest Margin (1)(2) | 3.46 | % | 3.41 | % | 3.40 | % | 3.44 | % | 3.47 | % | ||||||
Balance Sheet Data: | ||||||||||||||||
Securities Available for Sale | $ | 1,367,574 | $ | 1,338,290 | $ | 1,288,899 | $ | 1,271,596 | $ | 1,259,874 | ||||||
Securities Held to Maturity | 515,793 | 527,948 | 485,877 | 500,840 | 466,914 | |||||||||||
Net Loans | 6,206,603 | 6,132,857 | 6,094,517 | 5,974,825 | 5,903,491 | |||||||||||
Total Assets | 8,945,485 | 8,867,268 | 8,773,024 | 8,624,780 | 8,472,964 | |||||||||||
Total Deposits | 7,185,051 | 6,973,688 | 6,949,238 | 6,740,416 | 6,905,042 | |||||||||||
Total Borrowings | 745,462 | 886,986 | 800,367 | 877,926 | 579,441 | |||||||||||
Total Liabilities | 8,018,646 | 7,953,952 | 7,863,675 | 7,728,427 | 7,591,237 | |||||||||||
Stockholders' Equity | 926,839 | 913,316 | 909,349 | 896,353 | 881,727 | |||||||||||
Asset Quality: | ||||||||||||||||
Nonaccrual Loans | $ | 32,674 | $ | 35,712 | $ | 40,716 | $ | 37,397 | $ | 38,944 | ||||||
90 Days Past Due and Still Accruing | 2,392 | 4,810 | 4,444 | 1,613 | 2,185 | |||||||||||
Total Nonperforming Loans | 35,066 | 40,522 | 45,160 | 39,010 | 41,129 | |||||||||||
Other Real Estate Owned | 6,940 | 5,581 | 2,501 | 2,211 | 2,716 | |||||||||||
Total Nonperforming Assets | 42,006 | 46,103 | 47,661 | 41,221 | 43,845 | |||||||||||
Allowance for Loan Losses | 65,700 | 65,200 | 65,668 | 64,568 | 64,318 | |||||||||||
Asset Quality Ratios (Total): | ||||||||||||||||
Allowance for Loan Losses to Total Loans | 1.05 | % | 1.05 | % | 1.07 | % | 1.07 | % | 1.08 | % | ||||||
Total Nonperforming Loans to Total Loans | 0.56 | % | 0.65 | % | 0.73 | % | 0.65 | % | 0.69 | % | ||||||
Total Nonperforming Assets to Total Assets | 0.47 | % | 0.52 | % | 0.54 | % | 0.48 | % | 0.52 | % | ||||||
Allowance for Loan Losses to Total Nonperforming Loans | 187.36 | % | 160.90 | % | 145.41 | % | 165.52 | % | 156.38 | % | ||||||
Past Due Loans to Total Loans | 0.54 | % | 0.64 | % | 0.57 | % | 0.60 | % | 0.50 | % | ||||||
Net Charge-Offs to Average Loans (1) | 0.45 | % | 0.56 | % | 0.35 | % | 0.30 | % | 0.33 | % | ||||||
Asset Quality Ratios (Originated) (4): | ||||||||||||||||
Allowance for Loan Losses to Loans | 1.13 | % | 1.13 | % | 1.15 | % | 1.16 | % | 1.18 | % | ||||||
Nonperforming Loans to Loans | 0.53 | % | 0.61 | % | 0.68 | % | 0.62 | % | 0.67 | % | ||||||
Allowance for Loan Losses to Nonperforming Loans | 213.71 | % | 186.82 | % | 168.52 | % | 186.71 | % | 175.40 | % | ||||||
Past Due Loans to Loans | 0.55 | % | 0.66 | % | 0.56 | % | 0.61 | % | 0.51 | % | ||||||
Capital: | ||||||||||||||||
Equity to Assets | 10.36 | % | 10.30 | % | 10.37 | % | 10.39 | % | 10.41 | % | ||||||
Book Value Per Share | $ | 21.34 | $ | 21.11 | $ | 21.08 | $ | 20.85 | $ | 20.57 | ||||||
Tangible Book Value Per Share (5) | $ | 14.88 | $ | 14.61 | $ | 14.57 | $ | 14.31 | $ | 13.99 | ||||||
Tier 1 Leverage Ratio | 9.08 | % | 9.11 | % | 9.05 | % | 9.03 | % | 9.15 | % | ||||||
Common Equity Tier 1 Capital Ratio | 10.02 | % | 9.98 | % | 9.84 | % | 9.83 | % | 9.79 | % | ||||||
Tier 1 Capital Ratio | 11.43 | % | 11.42 | % | 11.28 | % | 11.29 | % | 11.28 | % | ||||||
Total Risk-Based Capital Ratio | 12.40 | % | 12.39 | % | 12.27 | % | 12.29 | % | 12.29 | % | ||||||
Common Stock Price (End of Period) | $ | 37.07 | $ | 41.88 | $ | 32.87 | $ | 28.63 | $ | 26.95 | ||||||
(1) Annualized | ||||||||||||||||
(2) Calculated on a Fully Taxable Equivalent ("FTE") basis | ||||||||||||||||
(3) Non-GAAP measure - excludes amortization of intangible assets (net of tax) from net income and average tangible common equity is calculated as follows: | ||||||||||||||||
2017 | 2016 | |||||||||||||||
1st Q | 4th Q | 3rd Q | 2nd Q | 1st Q | ||||||||||||
Net Income | $ | 20,279 | $ | 19,608 | $ | 20,001 | $ | 19,909 | $ | 18,891 | ||||||
Amortization of intangible assets (net of tax) | 597 | 582 | 582 | 567 | 670 | |||||||||||
$ | 20,876 | $ | 20,190 | $ | 20,583 | $ | 20,476 | $ | 19,561 | |||||||
Average stockholders' equity | $ | 920,047 | $ | 913,850 | $ | 904,445 | $ | 890,053 | $ | 880,311 | ||||||
Less: average goodwill and other intangibles | 280,774 | 280,275 | 282,307 | 281,709 | 282,751 | |||||||||||
Average tangible common equity | $ | 639,273 | $ | 633,575 | $ | 622,138 | $ | 608,344 | $ | 597,560 | ||||||
(4) Non-GAAP measure - Excludes acquired loans | ||||||||||||||||
(5) Non-GAAP measure - Stockholders' equity less goodwill and intangible assets divided by common shares outstanding |
NBT Bancorp Inc. and Subsidiaries | ||||
CONSOLIDATED BALANCE SHEETS | ||||
(unaudited, dollars in thousands) | ||||
March 31, | December 31, | |||
ASSETS | 2017 | 2016 | ||
Cash and due from banks | $ | 137,308 | $ | 147,789 |
Short term interest bearing accounts | 4,588 | 1,392 | ||
Securities available for sale, at fair value | 1,367,574 | 1,338,290 | ||
Securities held to maturity (fair value of $513,654 and $525,050 at | 515,793 | 527,948 | ||
December 31, 2016 and December 31, 2015, respectively) | ||||
Trading securities | 10,044 | 9,259 | ||
Federal Reserve and Federal Home Loan Bank stock | 42,577 | 47,033 | ||
Loans | 6,272,303 | 6,198,057 | ||
Less allowance for loan losses | 65,700 | 65,200 | ||
Net loans | 6,206,603 | 6,132,857 | ||
Premises and equipment, net | 83,144 | 84,187 | ||
Goodwill | 265,439 | 265,439 | ||
Intangible assets, net | 14,848 | 15,815 | ||
Bank owned life insurance | 169,423 | 168,012 | ||
Other assets | 128,144 | 129,247 | ||
TOTAL ASSETS | $ | 8,945,485 | $ | 8,867,268 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||
Deposits: | ||||
Demand (noninterest bearing) | $ | 2,205,419 | $ | 2,195,845 |
Savings, NOW, and money market | 4,153,552 | 3,905,432 | ||
Time | 826,080 | 872,411 | ||
Total deposits | 7,185,051 | 6,973,688 | ||
Short-term borrowings | 540,243 | 681,703 | ||
Long-term debt | 104,023 | 104,087 | ||
Junior subordinated debt | 101,196 | 101,196 | ||
Other liabilities | 88,133 | 93,278 | ||
Total liabilities | 8,018,646 | 7,953,952 | ||
Total stockholders' equity | 926,839 | 913,316 | ||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 8,945,485 | $ | 8,867,268 |
NBT Bancorp Inc. and Subsidiaries | |||||
CONSOLIDATED STATEMENTS OF INCOME | |||||
(unaudited, dollars in thousands except per share data) | |||||
Three Months Ended | |||||
March 31, | |||||
2017 | 2016 | ||||
Interest, fee and dividend income: | |||||
Loans | $ | 64,027 | $ | 61,230 | |
Securities available for sale | 7,009 | 5,987 | |||
Securities held to maturity | 2,781 | 2,288 | |||
Other | 619 | 449 | |||
Total interest, fee and dividend income | 74,436 | 69,954 | |||
Interest expense: | |||||
Deposits | 3,474 | 3,597 | |||
Short-term borrowings | 1,139 | 328 | |||
Long-term debt | 606 | 833 | |||
Junior subordinated debt | 726 | 619 | |||
Total interest expense | 5,945 | 5,377 | |||
Net interest income | 68,491 | 64,577 | |||
Provision for loan losses | 7,379 | 6,098 | |||
Net interest income after provision for loan losses | 61,112 | 58,479 | |||
Noninterest income: | |||||
Insurance and other financial services revenue | 6,770 | 6,946 | |||
Service charges on deposit accounts | 3,977 | 3,939 | |||
ATM and debit card fees | 4,950 | 4,583 | |||
Retirement plan administration fees | 4,172 | 3,754 | |||
Trust fees | 4,532 | 4,376 | |||
Bank owned life insurance income | 1,411 | 1,291 | |||
Net securities gains | - | 29 | |||
Other | 2,938 | 3,449 | |||
Total noninterest income | 28,750 | 28,367 | |||
Noninterest expense: | |||||
Salaries and employee benefits | 33,587 | 32,441 | |||
Occupancy | 6,170 | 5,491 | |||
Data processing and communications | 4,198 | 4,050 | |||
Professional fees and outside services | 3,032 | 3,231 | |||
Equipment | 3,698 | 3,460 | |||
Office supplies and postage | 1,608 | 1,547 | |||
FDIC insurance | 1,178 | 1,258 | |||
Advertising | 390 | 504 | |||
Amortization of intangible assets | 967 | 1,096 | |||
Loan collection and other real estate owned | 1,279 | 705 | |||
Other operating | 5,175 | 4,441 | |||
Total noninterest expense | 61,282 | 58,224 | |||
Income before income taxes | 28,580 | 28,622 | |||
Income taxes | 8,301 | 9,731 | |||
Net income | $ | 20,279 | $ | 18,891 | |
Earnings Per Share: | |||||
Basic | $ | 0.47 | $ | 0.44 | |
Diluted | $ | 0.46 | $ | 0.43 | |
NBT Bancorp Inc. and Subsidiaries | |||||||||||
QUARTERLY CONSOLIDATED STATEMENTS OF INCOME | |||||||||||
(unaudited, dollars in thousands except per share data) | |||||||||||
2017 | 2016 | ||||||||||
1st Q | 4th Q | 3rd Q | 2nd Q | 1st Q | |||||||
Interest, fee and dividend income: | |||||||||||
Loans | $ | 64,027 | $ | 63,901 | $ | 63,414 | $ | 62,449 | $ | 61,230 | |
Securities available for sale | 7,009 | 6,057 | 6,013 | 5,976 | 5,987 | ||||||
Securities held to maturity | 2,781 | 2,524 | 2,544 | 2,496 | 2,288 | ||||||
Other | 619 | 627 | 538 | 454 | 449 | ||||||
Total interest, fee and dividend income | 74,436 | 73,109 | 72,509 | 71,375 | 69,954 | ||||||
Interest expense: | |||||||||||
Deposits | 3,474 | 3,557 | 3,607 | 3,605 | 3,597 | ||||||
Short-term borrowings | 1,139 | 641 | 761 | 579 | 328 | ||||||
Long-term debt | 606 | 779 | 819 | 773 | 833 | ||||||
Junior subordinated debt | 726 | 707 | 660 | 641 | 619 | ||||||
Total interest expense | 5,945 | 5,684 | 5,847 | 5,598 | 5,377 | ||||||
Net interest income | 68,491 | 67,425 | 66,662 | 65,777 | 64,577 | ||||||
Provision for loan losses | 7,379 | 8,165 | 6,388 | 4,780 | 6,098 | ||||||
Net interest income after provision for loan losses | 61,112 | 59,260 | 60,274 | 60,997 | 58,479 | ||||||
Noninterest income: | |||||||||||
Insurance and other financial services revenue | 6,770 | 5,711 | 6,114 | 5,625 | 6,946 | ||||||
Service charges on deposit accounts | 3,977 | 4,270 | 4,354 | 4,166 | 3,939 | ||||||
ATM and debit card fees | 4,950 | 4,868 | 5,063 | 4,934 | 4,583 | ||||||
Retirement plan administration fees | 4,172 | 4,126 | 4,129 | 4,054 | 3,754 | ||||||
Trust fees | 4,532 | 4,717 | 4,535 | 4,937 | 4,376 | ||||||
Bank owned life insurance income | 1,411 | 1,297 | 1,336 | 1,271 | 1,291 | ||||||
Net securities (losses) gains | - | (674 | ) | - | 1 | 29 | |||||
Other | 2,938 | 3,773 | 4,113 | 4,626 | 3,449 | ||||||
Total noninterest income | 28,750 | 28,088 | 29,644 | 29,614 | 28,367 | ||||||
Noninterest expense: | |||||||||||
Salaries and employee benefits | 33,587 | 31,547 | 32,783 | 32,931 | 32,441 | ||||||
Occupancy | 6,170 | 5,160 | 5,035 | 5,254 | 5,491 | ||||||
Data processing and communications | 4,198 | 4,141 | 4,183 | 4,121 | 4,050 | ||||||
Professional fees and outside services | 3,032 | 3,712 | 3,343 | 3,331 | 3,231 | ||||||
Equipment | 3,698 | 3,632 | 3,656 | 3,547 | 3,460 | ||||||
Office supplies and postage | 1,608 | 1,507 | 1,438 | 1,676 | 1,547 | ||||||
FDIC insurance | 1,178 | 1,273 | 1,287 | 1,293 | 1,258 | ||||||
Advertising | 390 | 823 | 634 | 595 | 504 | ||||||
Amortization of intangible assets | 967 | 952 | 952 | 928 | 1,096 | ||||||
Loan collection and other real estate owned | 1,279 | 923 | 985 | 845 | 705 | ||||||
Other operating | 5,175 | 3,969 | 5,318 | 5,924 | 4,441 | ||||||
Total noninterest expense | 61,282 | 57,639 | 59,614 | 60,445 | 58,224 | ||||||
Income before income taxes | 28,580 | 29,709 | 30,304 | 30,166 | 28,622 | ||||||
Income taxes | 8,301 | 10,101 | 10,303 | 10,257 | 9,731 | ||||||
Net income | $ | 20,279 | $ | 19,608 | $ | 20,001 | $ | 19,909 | $ | 18,891 | |
Earnings per share: | |||||||||||
Basic | $ | 0.47 | $ | 0.45 | $ | 0.46 | $ | 0.46 | $ | 0.44 | |
Diluted | $ | 0.46 | $ | 0.45 | $ | 0.46 | $ | 0.46 | $ | 0.43 | |
Note: Year-to-date (YTD) EPS may not equal sum of quarters due to share count differences. |
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 |
||||||||||||
Three Months ended, | Q1 - 2017 | Q4 - 2016 | Q3 - 2016 | Q2 - 2016 | Q1 - 2016 | ||||||||||||||||
ASSETS: | |||||||||||||||||||||
Short-term interest bearing accounts | $ | 14,342 | 1.33 | % | $ | 14,190 | 0.64 | % | $ | 21,279 | 0.54 | % | $ | 16,063 | 0.53 | % | $ | 13,639 | 0.63 | % | |
Securities available for sale (1) | 1,352,219 | 2.14 | % | 1,277,931 | 1.92 | % | 1,257,335 | 1.93 | % | 1,227,367 | 1.99 | % | 1,188,437 | 2.06 | % | ||||||
Securities held to maturity (1) | 520,283 | 2.66 | % | 492,415 | 2.54 | % | 494,400 | 2.54 | % | 498,493 | 2.49 | % | 465,916 | 2.48 | % | ||||||
Investment in FRB and FHLB Banks | 46,326 | 5.01 | % | 39,448 | 6.09 | % | 43,552 | 4.65 | % | 38,939 | 4.47 | % | 33,470 | 5.14 | % | ||||||
Loans (2) | 6,211,058 | 4.19 | % | 6,155,985 | 4.14 | % | 6,092,371 | 4.15 | % | 6,007,677 | 4.19 | % | 5,884,073 | 4.20 | % | ||||||
Total interest earning assets | $ | 8,144,228 | 3.75 | % | $ | 7,979,969 | 3.69 | % | $ | 7,908,937 | 3.69 | % | $ | 7,788,539 | 3.73 | % | $ | 7,585,535 | 3.75 | % | |
Other assets | 748,476 | 760,563 | 754,813 | 747,074 | 699,194 | ||||||||||||||||
Total assets | $ | 8,892,704 | $ | 8,740,532 | $ | 8,663,750 | $ | 8,535,613 | $ | 8,284,729 | |||||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY: | |||||||||||||||||||||
Money market deposit accounts | $ | 1,688,060 | 0.21 | % | $ | 1,674,119 | 0.21 | % | $ | 1,636,815 | 0.22 | % | $ | 1,709,644 | 0.22 | % | $ | 1,653,930 | 0.22 | % | |
NOW deposit accounts | 1,143,231 | 0.06 | % | 1,130,578 | 0.05 | % | 1,053,590 | 0.05 | % | 1,073,881 | 0.05 | % | 1,051,959 | 0.05 | % | ||||||
Savings deposits | 1,176,224 | 0.05 | % | 1,145,352 | 0.06 | % | 1,146,013 | 0.06 | % | 1,143,654 | 0.06 | % | 1,105,480 | 0.06 | % | ||||||
Time deposits | 847,410 | 1.07 | % | 890,506 | 1.06 | % | 902,185 | 1.07 | % | 906,250 | 1.06 | % | 921,754 | 1.04 | % | ||||||
Total interest bearing deposits | $ | 4,854,925 | 0.29 | % | $ | 4,840,555 | 0.29 | % | $ | 4,738,603 | 0.30 | % | $ | 4,833,429 | 0.30 | % | $ | 4,733,123 | 0.31 | % | |
Short-term borrowings | 657,442 | 0.70 | % | 523,708 | 0.49 | % | 611,339 | 0.50 | % | 484,590 | 0.48 | % | 369,443 | 0.36 | % | ||||||
Long-term debt | 104,048 | 2.36 | % | 109,656 | 2.83 | % | 110,703 | 2.94 | % | 124,851 | 2.55 | % | 130,420 | 2.57 | % | ||||||
Junior subordinated debt | 101,196 | 2.91 | % | 101,196 | 2.78 | % | 101,196 | 2.59 | % | 101,196 | 2.49 | % | 101,196 | 2.46 | % | ||||||
Total interest bearing liabilities | $ | 5,717,611 | 0.42 | % | $ | 5,575,115 | 0.41 | % | $ | 5,561,841 | 0.42 | % | $ | 5,544,066 | 0.41 | % | $ | 5,334,182 | 0.41 | % | |
Demand deposits | 2,159,893 | 2,136,310 | 2,079,266 | 1,994,601 | 1,970,315 | ||||||||||||||||
Other liabilities | 95,153 | 115,258 | 118,198 | 106,893 | 99,921 | ||||||||||||||||
Stockholders' equity | 920,047 | 913,849 | 904,445 | 890,053 | 880,311 | ||||||||||||||||
Total liabilities and stockholders' equity | $ | 8,892,704 | $ | 8,740,532 | $ | 8,663,750 | $ | 8,535,613 | $ | 8,284,729 | |||||||||||
Interest rate spread | 3.33 | % | 3.29 | % | 3.27 | % | 3.32 | % | 3.34 | % | |||||||||||
Net interest margin | 3.46 | % | 3.41 | % | 3.40 | % | 3.44 | % | 3.47 | % | |||||||||||
(1) Securities are shown at average amortized cost. | |||||||||||||||||||||
(2) For purposes of these computations, nonaccrual loans are included in the average loan balances outstanding. | |||||||||||||||||||||
Note: Interest income for tax-exempt securities and loans has been adjusted to a Fully Taxable-Equivalent ("FTE") basis using the statutory Federal income tax rate of 35%. The following amounts were the tax-equivalent adjustment to interest income for the quarters ending March 31, 2017, December 31, 2016, September 30, 2016, June 30, 2016 and March 31, 2016 respectively (in thousands): $939 ,$921, $900, $874, $856. | |||||||||||||||||||||
NBT Bancorp Inc. and Subsidiaries | ||||||||||
CONSOLIDATED LOAN BALANCES | ||||||||||
(unaudited, dollars in thousands) | ||||||||||
2017 | 2016 | |||||||||
1st Q | 4th Q | 3rd Q | 2nd Q | 1st Q | ||||||
Residential real estate mortgages | $ | 1,275,774 | $ | 1,262,614 | $ | 1,240,337 | $ | 1,219,388 | $ | 1,211,821 |
Commercial | 1,284,464 | 1,242,701 | 1,252,644 | 1,176,008 | 1,168,191 | |||||
Commercial real estate | 1,540,472 | 1,543,301 | 1,528,498 | 1,497,683 | 1,448,920 | |||||
Consumer | 1,669,369 | 1,641,657 | 1,625,294 | 1,629,836 | 1,620,669 | |||||
Home equity | 502,224 | 507,784 | 513,412 | 516,478 | 518,208 | |||||
Total loans | $ | 6,272,303 | $ | 6,198,057 | $ | 6,160,185 | $ | 6,039,393 | $ | 5,967,809 |
Contact:John H. Watt Jr. , President and CEOMichael J. Chewens , CFONBT Bancorp Inc. 52 South Broad Street Norwich, NY 13815 607-337-6119
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