Net income for the year ended
Net income for the three months ended
Highlights:
“As our 2018 results demonstrate, NBT had a strong year. We achieved record net income for the sixth consecutive year and a new annual EPS record,” said NBT President and CEO
Net interest income for the year ended 2018 was
Net interest income was
Net interest income was
Noninterest income for the year ended
Noninterest income for the three months ended
Noninterest expense for the year ended
Noninterest expense for the three months ended
Income tax expense for the year ended
Income tax expense for the three months ended
Asset Quality
Net charge-offs of
Net charge-offs of
Nonperforming loans to total loans was 0.44% at
The allowance for loan losses totaled
Balance Sheet
Total assets were
Dividend
The Board of Directors approved a first-quarter 2019 cash dividend of
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, which 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: (1) competitive pressures among depository and other financial institutions may increase significantly, including as a result of competitors having greater financial resources than NBT; (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 business and results; (6) NBT’s ability to successfully integrate acquired businesses and employees; 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
1 The change in the Company’s quarterly deposit costs from
Contact:
607-337-6119
NBT Bancorp Inc. and Subsidiaries | ||||||||||||||||
Selected Financial Data | ||||||||||||||||
(unaudited, dollars in thousands except per share data) | ||||||||||||||||
2018 | 2017 | |||||||||||||||
Profitability: | 4th Q | 3rd Q | 2nd Q | 1st Q | 4th Q | |||||||||||
Diluted earnings per share | $ | 0.65 | $ | 0.68 | $ | 0.64 | $ | 0.59 | $ | 0.40 | ||||||
Weighted average diluted common shares outstanding | 44,059,796 | 44,050,557 | 44,016,940 | 43,975,248 | 43,957,571 | |||||||||||
Return on average assets (1) | 1.20% | 1.25% | 1.21% | 1.15% | 0.77% | |||||||||||
Return on average equity (1) | 11.34% | 11.96% | 11.64% | 10.99% | 7.27% | |||||||||||
Return on average tangible common equity (1)(3) | 16.37% | 17.42% | 17.08% | 15.95% | 10.65% | |||||||||||
Net interest margin (1)(2) | 3.61% | 3.57% | 3.57% | 3.57% | 3.52% | |||||||||||
12 Months ended December 31, | ||||||||||||||||
Profitability: | 2018 | 2017 | ||||||||||||||
Diluted earnings per share | $ | 2.56 | $ | 1.87 | ||||||||||||
Weighted average diluted common shares outstanding | 44,019,698 | 43,904,520 | ||||||||||||||
Return on average assets | 1.20% | 0.91% | ||||||||||||||
Return on average equity | 11.49% | 8.71% | ||||||||||||||
Return on average tangible common equity (4) | 16.71% | 12.82% | ||||||||||||||
Net interest margin (2) | 3.58% | 3.47% | ||||||||||||||
(1) Annualized. | ||||||||||||||||
(2) Calculated on a 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: | ||||||||||||||||
2018 | 2017 | |||||||||||||||
4th Q | 3rd Q | 2nd Q | 1st Q | 4th Q | ||||||||||||
Net income | $ | 28,652 | $ | 29,807 | $ | 28,121 | $ | 25,986 | $ | 17,637 | ||||||
Amortization of intangible assets (net of tax) | 734 | 791 | 822 | 686 | 594 | |||||||||||
Net income, excluding intangibles amortization | $ | 29,386 | $ | 30,598 | $ | 28,943 | $ | 26,672 | $ | 18,231 | ||||||
Average stockholders' equity | $ | 1,002,822 | $ | 988,551 | $ | 969,029 | $ | 959,044 | $ | 962,660 | ||||||
Less: average goodwill and other intangibles | 290,854 | 291,814 | 289,250 | 281,027 | 283,554 | |||||||||||
Average tangible common equity | $ | 711,968 | $ | 696,737 | $ | 679,779 | $ | 678,017 | $ | 679,106 | ||||||
(4) Non-GAAP measure - 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, | ||||||||||||||||
2018 | 2017 | |||||||||||||||
Net income | $ | 112,566 | $ | 82,151 | ||||||||||||
Amortization of intangible assets (net of tax) | 3,032 | 2,446 | ||||||||||||||
Net income, excluding intangibles amortization | $ | 115,598 | $ | 84,597 | ||||||||||||
Average stockholders' equity | $ | 980,005 | $ | 943,676 | ||||||||||||
Less: average goodwill and other intangibles | 288,273 | 283,573 | ||||||||||||||
Average tangible common equity | $ | 691,732 | $ | 660,103 | ||||||||||||
Note: Year-to-date EPS may not equal sum of quarters due to differences in outstanding shares. |
NBT Bancorp Inc. and Subsidiaries | |||||||||||||||
Selected Financial Data | |||||||||||||||
(unaudited, dollars in thousands except per share data) | |||||||||||||||
2018 | 2017 | ||||||||||||||
4th Q | 3rd Q | 2nd Q | 1st Q | 4th Q | |||||||||||
Balance sheet data: | |||||||||||||||
Securities available for sale | $ | 998,496 | $ | 1,101,074 | $ | 1,192,939 | $ | 1,265,912 | $ | 1,255,925 | |||||
Securities held to maturity | 783,599 | 659,949 | 544,163 | 487,126 | 484,073 | ||||||||||
Net loans | 6,815,204 | 6,814,457 | 6,785,721 | 6,575,522 | 6,514,139 | ||||||||||
Total assets | 9,556,363 | 9,547,284 | 9,467,138 | 9,230,834 | 9,136,812 | ||||||||||
Total deposits | 7,368,211 | 7,441,290 | 7,344,449 | 7,393,928 | 7,170,636 | ||||||||||
Total borrowings | 1,046,616 | 986,656 | 1,028,971 | 776,032 | 909,188 | ||||||||||
Total liabilities | 8,538,454 | 8,553,129 | 8,488,209 | 8,278,104 | 8,178,635 | ||||||||||
Stockholders' equity | 1,017,909 | 994,155 | 978,929 | 952,730 | 958,177 | ||||||||||
Asset quality: | |||||||||||||||
Nonaccrual loans | $ | 25,487 | $ | 23,301 | $ | 24,006 | $ | 25,426 | $ | 25,708 | |||||
90 days past due and still accruing | 5,085 | 4,734 | 2,209 | 2,934 | 5,410 | ||||||||||
Total nonperforming loans | 30,572 | 28,035 | 26,215 | 28,360 | 31,118 | ||||||||||
Other real estate owned | 2,441 | 3,271 | 4,349 | 4,949 | 4,529 | ||||||||||
Total nonperforming assets | 33,013 | 31,306 | 30,564 | 33,309 | 35,647 | ||||||||||
Allowance for loan losses | 72,505 | 72,805 | 72,450 | 70,200 | 69,500 | ||||||||||
Asset quality ratios (total): | |||||||||||||||
Allowance for loan losses to total loans | 1.05% | 1.06% | 1.06% | 1.06% | 1.06% | ||||||||||
Total nonperforming loans to total loans | 0.44% | 0.41% | 0.38% | 0.43% | 0.47% | ||||||||||
Total nonperforming assets to total assets | 0.35% | 0.33% | 0.32% | 0.36% | 0.39% | ||||||||||
Allowance for loan losses to total nonperforming loans | 237.16% | 259.69% | 276.37% | 247.53% | 223.34% | ||||||||||
Past due loans to total loans | 0.55% | 0.53% | 0.50% | 0.53% | 0.63% | ||||||||||
Net charge-offs to average loans (1) | 0.39% | 0.33% | 0.39% | 0.42% | 0.43% | ||||||||||
Asset quality ratios (originated) (2): | |||||||||||||||
Allowance for loan losses to loans | 1.10% | 1.11% | 1.11% | 1.12% | 1.12% | ||||||||||
Nonperforming loans to loans | 0.43% | 0.39% | 0.36% | 0.41% | 0.46% | ||||||||||
Allowance for loan losses to nonperforming loans | 254.92% | 285.86% | 306.08% | 273.54% | 243.85% | ||||||||||
Past due loans to loans | 0.56% | 0.53% | 0.50% | 0.53% | 0.65% | ||||||||||
Capital: | |||||||||||||||
Equity to assets | 10.65% | 10.41% | 10.34% | 10.32% | 10.49% | ||||||||||
Book value per share | $ | 23.31 | $ | 22.77 | $ | 22.43 | $ | 21.84 | $ | 22.01 | |||||
Tangible book value per share (3) | $ | 16.66 | $ | 16.10 | $ | 15.73 | $ | 15.41 | $ | 15.54 | |||||
Tier 1 leverage ratio | 9.52% | 9.36% | 9.25% | 9.26% | 9.14% | ||||||||||
Common equity tier 1 capital ratio | 10.49% | 10.28% | 10.04% | 10.12% | 10.06% | ||||||||||
Tier 1 capital ratio | 11.79% | 11.58% | 11.35% | 11.48% | 11.42% | ||||||||||
Total risk-based capital ratio | 12.78% | 12.58% | 12.34% | 12.47% | 12.42% | ||||||||||
Common stock price (end of period) | $ | 34.59 | $ | 38.38 | $ | 38.15 | $ | 35.48 | $ | 36.80 | |||||
(1) Annualized. | |||||||||||||||
(2) Non-GAAP measure - Excludes acquired loans. | |||||||||||||||
(3) 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) | |||||
December 31, | December 31, | ||||
Assets: | 2018 | 2017 | |||
Cash and due from banks | $ | 175,550 | $ | 156,852 | |
Short-term interest bearing accounts | 5,405 | 2,812 | |||
Equity securities, at fair value (1) | 23,053 | - | |||
Securities available for sale, at fair value (1) | 998,496 | 1,255,925 | |||
Securities held to maturity (fair value $778,675 and $481,871) | 783,599 | 484,073 | |||
Trading securities (1) | - | 11,467 | |||
Federal Reserve Bank and Federal Home Loan Bank stock | 53,229 | 46,706 | |||
Loans held for sale | 6,943 | 1,134 | |||
Loans | 6,887,709 | 6,583,639 | |||
Less allowance for loan losses | 72,505 | 69,500 | |||
Net loans | $ | 6,815,204 | $ | 6,514,139 | |
Premises and equipment, net | 78,970 | 81,305 | |||
Goodwill | 274,769 | 268,043 | |||
Intangible assets, net | 15,599 | 13,420 | |||
Bank owned life insurance | 177,479 | 172,388 | |||
Other assets | 148,067 | 128,548 | |||
Total assets | $ | 9,556,363 | $ | 9,136,812 | |
Liabilities and stockholders' equity: | |||||
Demand (noninterest bearing) | $ | 2,361,099 | $ | 2,286,892 | |
Savings, NOW and money market | 4,076,434 | 4,076,978 | |||
Time | 930,678 | 806,766 | |||
Total deposits | $ | 7,368,211 | $ | 7,170,636 | |
Short-term borrowings | 871,696 | 719,123 | |||
Long-term debt | 73,724 | 88,869 | |||
Junior subordinated debt | 101,196 | 101,196 | |||
Other liabilities | 123,627 | 98,811 | |||
Total liabilities | $ | 8,538,454 | $ | 8,178,635 | |
Total stockholders' equity | $ | 1,017,909 | $ | 958,177 | |
Total liabilities and stockholders' equity | $ | 9,556,363 | $ | 9,136,812 | |
(1) Available for sale and trading equity securities amounts reclassified from securities available for sale and trading securities to equity securities for the current period, related to the adoption of Accounting Standard Update No. 2016-01, Financial Instruments - Overall (Subtopic 825-10) – Recognition and Measurement of Financial Assets and Financial Liabilities, in the first quarter of 2018. |
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, | ||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||
Interest, fee and dividend income: | |||||||||||
Interest and fees on loans | $ | 78,963 | $ | 69,697 | $ | 300,827 | $ | 267,096 | |||
Securities available for sale (1) | 6,332 | 7,059 | 26,920 | 28,564 | |||||||
Securities held to maturity | 4,344 | 2,671 | 13,242 | 10,934 | |||||||
Other | 885 | 803 | 3,266 | 2,813 | |||||||
Total interest, fee and dividend income | $ | 90,524 | $ | 80,230 | $ | 344,255 | $ | 309,407 | |||
Interest expense: | |||||||||||
Deposits | $ | 6,977 | $ | 3,817 | $ | 22,144 | $ | 14,475 | |||
Short-term borrowings | 3,131 | 1,621 | 10,552 | 5,996 | |||||||
Long-term debt | 431 | 505 | 1,790 | 2,299 | |||||||
Junior subordinated debt | 1,110 | 836 | 4,140 | 3,144 | |||||||
Total interest expense | $ | 11,649 | $ | 6,779 | $ | 38,626 | $ | 25,914 | |||
Net interest income | $ | 78,875 | $ | 73,451 | $ | 305,629 | $ | 283,493 | |||
Provision for loan losses | 6,528 | 8,153 | 28,828 | 30,988 | |||||||
Net interest income after provision for loan losses | $ | 72,347 | $ | 65,298 | $ | 276,801 | $ | 252,505 | |||
Noninterest income: | |||||||||||
Insurance and other financial services revenue | $ | 5,843 | $ | 5,605 | $ | 24,345 | $ | 23,532 | |||
Service charges on deposit accounts | 4,503 | 4,351 | 17,224 | 16,750 | |||||||
ATM and debit card fees | 5,704 | 5,347 | 22,699 | 21,372 | |||||||
Retirement plan administration fees | 7,113 | 5,332 | 26,992 | 20,213 | |||||||
Trust | 4,573 | 4,966 | 19,524 | 19,586 | |||||||
Bank owned life insurance income | 1,239 | 1,262 | 5,091 | 5,175 | |||||||
Net securities (losses) gains | (6,916 | ) | 1,869 | (6,341 | ) | 1,867 | |||||
Other (1) | 3,887 | 2,740 | 15,228 | 12,809 | |||||||
Total noninterest income | $ | 25,946 | $ | 31,472 | $ | 124,762 | $ | 121,304 | |||
Noninterest expense: | |||||||||||
Salaries and employee benefits (2) | $ | 38,998 | $ | 33,812 | $ | 151,685 | $ | 135,222 | |||
Occupancy | 5,284 | 5,280 | 22,318 | 21,808 | |||||||
Data processing and communications | 4,431 | 4,242 | 17,652 | 17,068 | |||||||
Professional fees and outside services | 3,968 | 3,751 | 14,376 | 13,499 | |||||||
Equipment | 4,529 | 4,001 | 17,037 | 15,225 | |||||||
Office supplies and postage | 1,564 | 1,604 | 6,204 | 6,284 | |||||||
FDIC expense | 1,135 | 1,196 | 4,651 | 4,767 | |||||||
Advertising | 1,006 | 1,033 | 2,782 | 2,744 | |||||||
Amortization of intangible assets | 978 | 961 | 4,042 | 3,960 | |||||||
Loan collection and other real estate owned, net | 738 | 1,136 | 4,217 | 4,763 | |||||||
Other (2) | 6,273 | 6,428 | 19,597 | 20,308 | |||||||
Total noninterest expense | $ | 68,904 | $ | 63,444 | $ | 264,561 | $ | 245,648 | |||
Income before income tax expense | $ | 29,389 | $ | 33,326 | $ | 137,002 | $ | 128,161 | |||
Income tax expense | 737 | 15,689 | 24,436 | 46,010 | |||||||
Net income | $ | 28,652 | $ | 17,637 | $ | 112,566 | $ | 82,151 | |||
Earnings Per Share: | |||||||||||
Basic | $ | 0.66 | $ | 0.40 | $ | 2.58 | $ | 1.89 | |||
Diluted | $ | 0.65 | $ | 0.40 | $ | 2.56 | $ | 1.87 | |||
Note: Year-to-date EPS may not equal sum of quarters due to differences in outstanding shares. | |||||||||||
(1) Income on available for sale and trading equity securities amounts reclassified from interest, fee and dividend income on securities available for sale to other noninterest income for the current periods, related to the adoption of Accounting Standard Update No. 2016-01, Financial Instruments - Overall (Subtopic 825-10) – Recognition and Measurement of Financial Assets and Financial Liabilities, in the first quarter of 2018. | |||||||||||
(2) Amounts reclassified for the prior periods from salaries and employee benefits to other expenses related to the adoption of Accounting Standard Update No. 2017-07, Compensation – Retirement Benefits (Topic 715), in the first quarter of 2018. | |||||||||||
NBT Bancorp Inc. and Subsidiaries | ||||||||||||
Quarterly Consolidated Statements of Income | ||||||||||||
(unaudited, dollars in thousands except per share data) | ||||||||||||
2018 | 2017 | |||||||||||
4th Q | 3rd Q | 2nd Q | 1st Q | 4th Q | ||||||||
Interest, fee and dividend income: | ||||||||||||
Interest and fees on loans | $ | 78,963 | $ | 77,249 | $ | 74,172 | $ | 70,443 | $ | 69,697 | ||
Securities available for sale (1) | 6,332 | 6,659 | 7,003 | 6,926 | 7,059 | |||||||
Securities held to maturity | 4,344 | 3,462 | 2,811 | 2,625 | 2,671 | |||||||
Other | 885 | 834 | 781 | 766 | 803 | |||||||
Total interest, fee and dividend income | $ | 90,524 | $ | 88,204 | $ | 84,767 | $ | 80,760 | $ | 80,230 | ||
Interest expense: | ||||||||||||
Deposits | $ | 6,977 | $ | 6,157 | $ | 5,079 | $ | 3,931 | $ | 3,817 | ||
Short-term borrowings | 3,131 | 3,000 | 2,455 | 1,966 | 1,621 | |||||||
Long-term debt | 431 | 431 | 452 | 476 | 505 | |||||||
Junior subordinated debt | 1,110 | 1,089 | 1,040 | 901 | 836 | |||||||
Total interest expense | $ | 11,649 | $ | 10,677 | $ | 9,026 | $ | 7,274 | $ | 6,779 | ||
Net interest income | $ | 78,875 | $ | 77,527 | $ | 75,741 | $ | 73,486 | $ | 73,451 | ||
Provision for loan losses | 6,528 | 6,026 | 8,778 | 7,496 | 8,153 | |||||||
Net interest income after provision for loan losses | $ | 72,347 | $ | 71,501 | $ | 66,963 | $ | 65,990 | $ | 65,298 | ||
Noninterest income: | ||||||||||||
Insurance and other financial services revenue | $ | 5,843 | $ | 6,172 | $ | 5,826 | $ | 6,504 | $ | 5,605 | ||
Service charges on deposit accounts | 4,503 | 4,503 | 4,246 | 3,972 | 4,351 | |||||||
ATM and debit card fees | 5,704 | 5,906 | 5,816 | 5,273 | 5,347 | |||||||
Retirement plan administration fees | 7,113 | 7,244 | 7,296 | 5,339 | 5,332 | |||||||
Trust | 4,573 | 4,808 | 5,265 | 4,878 | 4,966 | |||||||
Bank owned life insurance income | 1,239 | 1,288 | 1,217 | 1,347 | 1,262 | |||||||
Net securities (losses) gains | (6,916 | ) | 412 | 91 | 72 | 1,869 | ||||||
Other (1) | 3,887 | 3,048 | 4,401 | 3,892 | 2,740 | |||||||
Total noninterest income | $ | 25,946 | $ | 33,381 | $ | 34,158 | $ | 31,277 | $ | 31,472 | ||
Noninterest expense: | ||||||||||||
Salaries and employee benefits (2) | $ | 38,998 | $ | 38,394 | $ | 37,726 | $ | 36,567 | $ | 33,812 | ||
Occupancy | 5,284 | 5,380 | 5,535 | 6,119 | 5,280 | |||||||
Data processing and communications | 4,431 | 4,434 | 4,508 | 4,279 | 4,242 | |||||||
Professional fees and outside services | 3,968 | 3,580 | 3,336 | 3,492 | 3,751 | |||||||
Equipment | 4,529 | 4,319 | 4,151 | 4,038 | 4,001 | |||||||
Office supplies and postage | 1,564 | 1,563 | 1,504 | 1,573 | 1,604 | |||||||
FDIC expense | 1,135 | 1,223 | 1,092 | 1,201 | 1,196 | |||||||
Advertising | 1,006 | 739 | 700 | 337 | 1,033 | |||||||
Amortization of intangible assets | 978 | 1,054 | 1,096 | 914 | 961 | |||||||
Loan collection and other real estate owned, net | 738 | 1,234 | 908 | 1,337 | 1,136 | |||||||
Other (2) | 6,273 | 4,577 | 4,332 | 4,415 | 6,428 | |||||||
Total noninterest expense | $ | 68,904 | $ | 66,497 | $ | 64,888 | $ | 64,272 | $ | 63,444 | ||
Income before income tax expense | $ | 29,389 | $ | 38,385 | $ | 36,233 | $ | 32,995 | $ | 33,326 | ||
Income tax expense | 737 | 8,578 | 8,112 | 7,009 | 15,689 | |||||||
Net income | $ | 28,652 | $ | 29,807 | $ | 28,121 | $ | 25,986 | $ | 17,637 | ||
Earnings Per Share: | ||||||||||||
Basic | $ | 0.66 | $ | 0.68 | $ | 0.64 | $ | 0.60 | $ | 0.40 | ||
Diluted | $ | 0.65 | $ | 0.68 | $ | 0.64 | $ | 0.59 | $ | 0.40 | ||
(1) Income on available for sale and trading equity securities amounts reclassified from interest, fee and dividend income on securities available for sale to other noninterest income for the current periods, related to the adoption of Accounting Standard Update No. 2016-01, Financial Instruments - Overall (Subtopic 825-10) – Recognition and Measurement of Financial Assets and Financial Liabilities, in the first quarter of 2018. | ||||||||||||
(2) Amounts reclassified for the prior periods from salaries and employee benefits to other expenses related to the adoption of Accounting Standard Update No. 2017-07, Compensation – Retirement Benefits (Topic 715), in the first quarter of 2018. | ||||||||||||
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, | Q4 - 2018 | Q3 - 2018 | Q2 - 2018 | Q1 - 2018 | Q4 - 2017 | ||||||||||||||||
Assets: | |||||||||||||||||||||
Short-term interest bearing accounts | $ | 3,780 | 5.25 | % | $ | 3,328 | 6.08 | % | $ | 3,574 | 5.16 | % | $ | 2,818 | 5.18 | % | $ | 5,804 | 2.39 | % | |
Securities available for sale (1)(3) | 1,104,198 | 2.29 | % | 1,197,910 | 2.22 | % | 1,266,304 | 2.23 | % | 1,273,634 | 2.22 | % | 1,313,870 | 2.16 | % | ||||||
Securities held to maturity (1) | 688,840 | 2.73 | % | 591,220 | 2.58 | % | 503,501 | 2.50 | % | 482,375 | 2.48 | % | 490,182 | 2.68 | % | ||||||
Investment in FRB and FHLB Banks | 47,689 | 6.95 | % | 50,107 | 6.20 | % | 48,184 | 6.12 | % | 46,844 | 6.32 | % | 44,320 | 6.87 | % | ||||||
Loans (2) | 6,876,341 | 4.56 | % | 6,839,565 | 4.49 | % | 6,750,710 | 4.41 | % | 6,592,447 | 4.34 | % | 6,528,449 | 4.25 | % | ||||||
Total interest earning assets | $ | 8,720,848 | 4.14 | % | $ | 8,682,130 | 4.05 | % | $ | 8,572,273 | 3.99 | % | $ | 8,398,118 | 3.92 | % | $ | 8,382,625 | 3.84 | % | |
Other assets (3) | 769,302 | 776,219 | 766,604 | 746,172 | 747,468 | ||||||||||||||||
Total assets | $ | 9,490,150 | $ | 9,458,349 | $ | 9,338,877 | $ | 9,144,290 | $ | 9,130,093 | |||||||||||
Liabilities and stockholders' equity: | |||||||||||||||||||||
Money market deposit accounts | $ | 1,745,980 | 0.65 | % | $ | 1,724,853 | 0.58 | % | $ | 1,699,956 | 0.43 | % | $ | 1,655,308 | 0.27 | % | $ | 1,725,242 | 0.25 | % | |
NOW deposit accounts | 1,166,383 | 0.18 | % | 1,164,513 | 0.17 | % | 1,222,889 | 0.16 | % | 1,211,029 | 0.13 | % | 1,200,651 | 0.12 | % | ||||||
Savings deposits | 1,250,703 | 0.06 | % | 1,279,520 | 0.06 | % | 1,289,062 | 0.06 | % | 1,248,432 | 0.06 | % | 1,215,932 | 0.06 | % | ||||||
Time deposits | 921,252 | 1.47 | % | 881,792 | 1.33 | % | 858,080 | 1.22 | % | 802,959 | 1.13 | % | 792,969 | 1.10 | % | ||||||
Total interest bearing deposits | $ | 5,084,318 | 0.54 | % | $ | 5,050,678 | 0.48 | % | $ | 5,069,987 | 0.40 | % | $ | 4,917,728 | 0.32 | % | $ | 4,934,794 | 0.31 | % | |
Short-term borrowings | 724,693 | 1.71 | % | 766,372 | 1.55 | % | 706,694 | 1.39 | % | 712,220 | 1.12 | % | 684,447 | 0.94 | % | ||||||
Long-term debt | 73,735 | 2.32 | % | 73,762 | 2.32 | % | 84,676 | 2.14 | % | 88,844 | 2.17 | % | 81,010 | 2.47 | % | ||||||
Junior subordinated debt | 101,196 | 4.35 | % | 101,196 | 4.27 | % | 101,196 | 4.12 | % | 101,196 | 3.61 | % | 101,196 | 3.28 | % | ||||||
Total interest bearing liabilities | $ | 5,983,942 | 0.77 | % | $ | 5,992,008 | 0.71 | % | $ | 5,962,553 | 0.61 | % | $ | 5,819,988 | 0.51 | % | $ | 5,801,447 | 0.46 | % | |
Demand deposits | 2,373,235 | 2,356,216 | 2,294,023 | 2,259,955 | 2,266,672 | ||||||||||||||||
Other liabilities | 130,151 | 121,574 | 113,272 | 105,303 | 99,314 | ||||||||||||||||
Stockholders' equity | 1,002,822 | 988,551 | 969,029 | 959,044 | 962,660 | ||||||||||||||||
Total liabilities and stockholders' equity | $ | 9,490,150 | $ | 9,458,349 | $ | 9,338,877 | $ | 9,144,290 | $ | 9,130,093 | |||||||||||
Interest rate spread | 3.37 | % | 3.34 | % | 3.38 | % | 3.41 | % | 3.38 | % | |||||||||||
Net interest margin (FTE) | 3.61 | % | 3.57 | % | 3.57 | % | 3.57 | % | 3.52 | % | |||||||||||
(1) Securities are shown at average amortized cost. | |||||||||||||||||||||
(2) For purposes of these computations, nonaccrual loans and loans held for sale are included in the average loan balances outstanding. | |||||||||||||||||||||
(3) For purposes of the average balance sheet presentation, equity securities amounts reclassified for the current periods from securities available for sale to other assets, related to the adoption of Accounting Standard Update No. 2016-01, Financial Instruments - Overall (Subtopic 825-10) – Recognition and Measurement of Financial Assets and Financial Liabilities, in the first quarter of 2018. | |||||||||||||||||||||
Note: Interest income for tax-exempt securities and loans has been adjusted to a FTE basis using the statutory Federal income tax rate of 21% for 2018 and 35% for 2017. | |||||||||||||||||||||
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, | 2018 | 2017 | |||||||||||
Assets: | |||||||||||||
Short-term interest bearing accounts | $ | 3,377 | $ | 183 | 5.42 | % | $ | 9,636 | $ | 179 | 1.86 | % | |
Securities available for sale (1)(3) | 1,210,013 | 27,081 | 2.24 | % | 1,350,995 | 28,969 | 2.14 | % | |||||
Securities held to maturity (1) | 567,117 | 14,657 | 2.58 | % | 507,583 | 13,490 | 2.66 | % | |||||
Investment in FRB and FHLB Banks | 48,214 | 3,083 | 6.39 | % | 46,673 | 2,634 | 5.64 | % | |||||
Loans (2) | 6,765,748 | 301,258 | 4.45 | % | 6,359,447 | 267,934 | 4.21 | % | |||||
Total interest earning assets | $ | 8,594,469 | $ | 346,262 | 4.03 | % | $ | 8,274,334 | $ | 313,206 | 3.79 | % | |
Other assets (3) | 764,670 | 752,258 | |||||||||||
Total assets | $ | 9,359,139 | $ | 9,026,592 | |||||||||
Liabilities and stockholders' equity: | |||||||||||||
Money market deposit accounts | $ | 1,706,823 | $ | 8,314 | 0.49 | % | $ | 1,697,386 | $ | 3,864 | 0.23 | % | |
NOW deposit accounts | 1,191,008 | 1,894 | 0.16 | % | 1,153,361 | 1,051 | 0.09 | % | |||||
Savings deposits | 1,266,970 | 725 | 0.06 | % | 1,214,480 | 683 | 0.06 | % | |||||
Time deposits | 866,388 | 11,211 | 1.29 | % | 817,370 | 8,877 | 1.09 | % | |||||
Total interest bearing deposits | $ | 5,031,189 | $ | 22,144 | 0.44 | % | $ | 4,882,597 | $ | 14,475 | 0.30 | % | |
Short-term borrowings | 727,635 | 10,552 | 1.45 | % | 690,036 | 5,996 | 0.87 | % | |||||
Long-term debt | 80,195 | 1,790 | 2.23 | % | 93,389 | 2,299 | 2.46 | % | |||||
Junior subordinated debt | 101,196 | 4,140 | 4.09 | % | 101,196 | 3,144 | 3.11 | % | |||||
Total interest bearing liabilities | $ | 5,940,215 | $ | 38,626 | 0.65 | % | $ | 5,767,218 | $ | 25,914 | 0.45 | % | |
Demand deposits | 2,321,264 | 2,217,785 | |||||||||||
Other liabilities | 117,655 | 97,913 | |||||||||||
Stockholders' equity | 980,005 | 943,676 | |||||||||||
Total liabilities and stockholders' equity | $ | 9,359,139 | $ | 9,026,592 | |||||||||
Net interest income (FTE) | $ | 307,636 | $ | 287,292 | |||||||||
Interest rate spread | 3.38 | % | 3.34 | % | |||||||||
Net interest margin (FTE) | 3.58 | % | 3.47 | % | |||||||||
Taxable equivalent adjustment | $ | 2,007 | $ | 3,799 | |||||||||
Net interest income | $ | 305,629 | $ | 283,493 | |||||||||
(1) Securities are shown at average amortized cost. | |||||||||||||
(2) For purposes of these computations, nonaccrual loans and loans held for sale are included in the average loan balances outstanding. | |||||||||||||
(3) For purposes of the average balance sheet presentation, equity securities amounts reclassified for the current period from securities available for sale to other assets, related to the adoption of Accounting Standard Update No. 2016-01, Financial Instruments - Overall (Subtopic 825-10) – Recognition and Measurement of Financial Assets and Financial Liabilities, in the first quarter of 2018. | |||||||||||||
Note: Interest income for tax-exempt securities and loans has been adjusted to a FTE basis using the statutory Federal income tax rate of 21% for 2018 and 35% for 2017. |
NBT Bancorp Inc. and Subsidiaries | ||||||||||
Consolidated Loan Balances | ||||||||||
(unaudited, dollars in thousands) | ||||||||||
2018 | 2017 | |||||||||
4th Q | 3rd Q | 2nd Q | 1st Q | 4th Q | ||||||
Commercial | $ | 1,291,568 | $ | 1,310,262 | $ | 1,299,437 | $ | 1,252,729 | $ | 1,258,212 |
Commercial real estate | 1,930,742 | 1,902,315 | 1,891,119 | 1,795,101 | 1,769,620 | |||||
Residential real estate mortgages | 1,380,836 | 1,373,487 | 1,350,336 | 1,331,587 | 1,320,370 | |||||
Dealer finance | 1,216,144 | 1,229,700 | 1,252,843 | 1,238,051 | 1,227,870 | |||||
Specialty lending | 524,928 | 521,396 | 507,151 | 469,268 | 438,866 | |||||
Home equity | 474,566 | 480,761 | 488,493 | 491,807 | 498,179 | |||||
Other consumer | 68,925 | 69,341 | 68,792 | 67,179 | 70,522 | |||||
Total loans | $ | 6,887,709 | $ | 6,887,262 | $ | 6,858,171 | $ | 6,645,722 | $ | 6,583,639 |
Source: NBT Bancorp Inc.
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