Net income for the nine months ended
Third Quarter 2016 Highlights:
"Our performance through the third quarter of 2016 remained strong," said NBT Chairman, President and CEO
Net interest income was
Net interest income was
Noninterest income for the three months ended
Noninterest income for the nine months ended
Noninterest expense for the three months ended
Noninterest expense for the nine months ended
Asset Quality
Net charge-offs were
Nonperforming loans to total loans was 0.73% at
The allowance for loan losses totaled
Balance Sheet
Total assets were
Stock Repurchase Program
The Company purchased 675,535 shares of its common stock during the nine months ended
Dividend
The NBT Board of Directors approved a 2016 fourth-quarter 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
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) | ||||||||||||||||
2016 |
2015 |
|||||||||||||||
Profitability: | 3rd Q | 2nd Q | 1st Q | 4th Q | 3rd Q | |||||||||||
Diluted Earnings Per Share | $ | 0.46 | $ | 0.46 | $ | 0.43 | $ | 0.43 | $ | 0.45 | ||||||
Weighted Average Diluted | ||||||||||||||||
Common Shares Outstanding | 43,562,489 | 43,453,674 | 43,707,489 | 44,072,049 | 44,262,426 | |||||||||||
Return on Average Assets (1) | 0.92 | % | 0.94 | % | 0.92 | % | 0.93 | % | 0.97 | % | ||||||
Return on Average Equity (1) | 8.80 | % | 9.00 | % | 8.63 | % | 8.58 | % | 8.97 | % | ||||||
Return on Average Tangible Common Equity (1)(3) | 13.16 | % | 13.54 | % | 13.17 | % | 13.04 | % | 13.66 | % | ||||||
Net Interest Margin (1)(2) | 3.40 | % | 3.44 | % | 3.47 | % | 3.42 | % | 3.48 | % | ||||||
9 Months ended September 30, | ||||||||||||||||
Profitability: | 2016 |
2015 |
||||||||||||||
Diluted Earnings Per Share | $ | 1.35 | $ | 1.29 | ||||||||||||
Weighted Average Diluted | ||||||||||||||||
Common Shares Outstanding | 43,579,161 | 44,467,881 | ||||||||||||||
Return on Average Assets (1) | 0.92 | % | 0.96 | % | ||||||||||||
Return on Average Equity (1) | 8.81 | % | 8.75 | % | ||||||||||||
Return on Average Tangible Common Equity (1)(4) | 13.29 | % | 13.41 | % | ||||||||||||
Net Interest Margin (1)(2) | 3.44 | % | 3.53 | % | ||||||||||||
(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: | ||||||||||||||||
2016 |
2015 |
|||||||||||||||
3rd Q | 2nd Q | 1st Q | 4th Q | 3rd Q | ||||||||||||
Net Income | $ | 20,001 | $ | 19,909 | $ | 18,891 | $ | 19,127 | $ | 19,851 | ||||||
Amortization of intangible assets (net of tax) | 582 | 567 | 670 | 750 | 712 | |||||||||||
$ | 20,583 | $ | 20,476 | $ | 19,561 | $ | 19,877 | $ | 20,563 | |||||||
Average stockholders' equity | $ | 904,445 | $ | 890,053 | $ | 880,311 | $ | 884,743 | $ | 878,305 | ||||||
Less: average goodwill and other intangibles | 282,307 | 281,709 | 282,751 | 279,904 | 281,048 | |||||||||||
Average tangible common equity | $ | 622,138 | $ | 608,344 | $ | 597,560 | $ | 604,839 | $ | 597,257 | ||||||
(4) Non-GAAP measure - excludes amortization of intangible assets (net of tax) from net income and average tangible common equity is calculated as follows: | ||||||||||||||||
9 Months ended September 30, | ||||||||||||||||
2016 |
2015 |
|||||||||||||||
Net Income | $ | 58,801 | $ | 57,298 | ||||||||||||
Amortization of intangible assets (net of tax) | 1,818 | 2,221 | ||||||||||||||
$ | 60,619 | $ | 59,519 | |||||||||||||
Average stockholders' equity | $ | 891,650 | $ | 875,874 | ||||||||||||
Less: average goodwill and other intangibles | 282,255 | 282,267 | ||||||||||||||
Average tangible common equity | $ | 609,395 | $ | 593,607 | ||||||||||||
Note: Year-to-date (YTD) EPS may not equal sum of quarters due to share count differences. | ||||||||||||||||
NBT Bancorp Inc. and Subsidiaries | ||||||||||||||||
SELECTED FINANCIAL DATA | ||||||||||||||||
(unaudited, dollars in thousands except per share data) | ||||||||||||||||
2016 |
2015 |
|||||||||||||||
3rd Q | 2nd Q | 1st Q | 4th Q | 3rd Q | ||||||||||||
Balance Sheet Data: | ||||||||||||||||
Securities Available for Sale | $ | 1,288,899 | $ | 1,271,596 | $ | 1,259,874 | $ | 1,174,544 | $ | 1,058,397 | ||||||
Securities Held to Maturity | 485,877 | 500,840 | 466,914 | 471,031 | 470,758 | |||||||||||
Net Loans | 6,094,517 | 5,974,825 | 5,903,491 | 5,820,115 | 5,806,129 | |||||||||||
Total Assets | 8,773,024 | 8,624,780 | 8,472,964 | 8,262,646 | 8,178,976 | |||||||||||
Total Deposits | 6,949,238 | 6,740,416 | 6,905,042 | 6,604,843 | 6,600,627 | |||||||||||
Total Borrowings | 800,367 | 877,926 | 579,441 | 674,124 | 594,163 | |||||||||||
Total Liabilities | 7,863,675 | 7,728,427 | 7,591,237 | 7,380,642 | 7,302,760 | |||||||||||
Stockholders' Equity | 909,349 | 896,353 | 881,727 | 882,004 | 876,216 | |||||||||||
Asset Quality: | ||||||||||||||||
Nonaccrual Loans | $ | 40,716 | $ | 37,397 | $ | 38,944 | $ | 33,744 | $ | 42,524 | ||||||
90 Days Past Due and Still Accruing | 4,444 | 1,613 | 2,185 | 3,662 | 3,790 | |||||||||||
Total Nonperforming Loans | 45,160 | 39,010 | 41,129 | 37,406 | 46,314 | |||||||||||
Other Real Estate Owned | 2,501 | 2,211 | 2,716 | 4,666 | 4,855 | |||||||||||
Total Nonperforming Assets | 47,661 | 41,221 | 43,845 | 42,072 | 51,169 | |||||||||||
Allowance for Loan Losses | 65,668 | 64,568 | 64,318 | 63,018 | 64,859 | |||||||||||
Asset Quality Ratios (Total): | ||||||||||||||||
Allowance for Loan Losses to Total Loans | 1.07 | % | 1.07 | % | 1.08 | % | 1.07 | % | 1.10 | % | ||||||
Total Nonperforming Loans to Total Loans | 0.73 | % | 0.65 | % | 0.69 | % | 0.64 | % | 0.79 | % | ||||||
Total Nonperforming Assets to Total Assets | 0.54 | % | 0.48 | % | 0.52 | % | 0.51 | % | 0.63 | % | ||||||
Allowance for Loan Losses to Total Nonperforming Loans | 145.41 | % | 165.52 | % | 156.38 | % | 168.47 | % | 140.04 | % | ||||||
Past Due Loans to Total Loans | 0.57 | % | 0.60 | % | 0.50 | % | 0.62 | % | 0.63 | % | ||||||
Net Charge-Offs to Average Loans (1) | 0.35 | % | 0.30 | % | 0.33 | % | 0.51 | % | 0.35 | % | ||||||
Asset Quality Ratios (Originated) (2): | ||||||||||||||||
Allowance for Loan Losses to Loans | 1.15 | % | 1.16 | % | 1.18 | % | 1.18 | % | 1.21 | % | ||||||
Nonperforming Loans to Loans | 0.68 | % | 0.62 | % | 0.67 | % | 0.61 | % | 0.63 | % | ||||||
Allowance for Loan Losses to Nonperforming Loans | 168.52 | % | 186.71 | % | 175.40 | % | 193.00 | % | 192.49 | % | ||||||
Past Due Loans to Loans | 0.56 | % | 0.61 | % | 0.51 | % | 0.64 | % | 0.67 | % | ||||||
Capital: | ||||||||||||||||
Equity to Assets | 10.37 | % | 10.39 | % | 10.41 | % | 10.67 | % | 10.71 | % | ||||||
Book Value Per Share | $ | 21.08 | $ | 20.85 | $ | 20.57 | $ | 20.31 | $ | 20.29 | ||||||
Tangible Book Value Per Share (3) | $ | 14.57 | $ | 14.31 | $ | 13.99 | $ | 13.79 | $ | 13.80 | ||||||
Tier 1 Leverage Ratio | 9.05 | % | 9.03 | % | 9.15 | % | 9.44 | % | 9.34 | % | ||||||
Common Equity Tier 1 Capital Ratio | 9.84 | % | 9.83 | % | 9.79 | % | 10.20 | % | 10.04 | % | ||||||
Tier 1 Capital Ratio | 11.28 | % | 11.29 | % | 11.28 | % | 11.73 | % | 11.57 | % | ||||||
Total Risk-Based Capital Ratio | 12.27 | % | 12.29 | % | 12.29 | % | 12.74 | % | 12.62 | % | ||||||
Common Stock Price (End of Period) | $ | 32.87 | $ | 28.63 | $ | 26.95 | $ | 27.88 | $ | 26.94 | ||||||
(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) | ||||||||
September 30, | December 31, |
|||||||
ASSETS | 2016 | 2015 | ||||||
Cash and due from banks | $ | 167,138 | $ | 130,593 | ||||
Short term interest bearing accounts | 21,299 | 9,704 | ||||||
Securities available for sale, at fair value | 1,288,899 | 1,174,544 | ||||||
Securities held to maturity (fair value of $495,596 and $473,140 at | 485,877 | 471,031 | ||||||
September 30, 2016 and December 31, 2015, respectively) | ||||||||
Trading securities | 8,852 | 8,377 | ||||||
Federal Reserve and Federal Home Loan Bank stock | 42,318 | 36,673 | ||||||
Loans | 6,160,185 | 5,883,133 | ||||||
Less allowance for loan losses | 65,668 | 63,018 | ||||||
Net loans | 6,094,517 | 5,820,115 | ||||||
Premises and equipment, net | 84,153 | 88,826 | ||||||
Goodwill | 264,689 | 265,957 | ||||||
Intangible assets, net | 15,899 | 17,265 | ||||||
Bank owned life insurance | 164,464 | 117,044 | ||||||
Other assets | 134,919 | 122,517 | ||||||
TOTAL ASSETS | $ | 8,773,024 | $ | 8,262,646 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
Deposits: | ||||||||
Demand (noninterest bearing) | $ | 2,146,229 | $ | 1,998,165 | ||||
Savings, NOW, and money market | 3,921,922 | 3,697,851 | ||||||
Time | 881,087 | 908,827 | ||||||
Total deposits | 6,949,238 | 6,604,843 | ||||||
Short-term borrowings | 585,027 | 442,481 | ||||||
Long-term debt | 114,144 | 130,447 | ||||||
Junior subordinated debt | 101,196 | 101,196 | ||||||
Other liabilities | 114,070 | 101,675 | ||||||
Total liabilities | 7,863,675 | 7,380,642 | ||||||
Total stockholders' equity | 909,349 | 882,004 | ||||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 8,773,024 | $ | 8,262,646 | ||||
NBT Bancorp Inc. and Subsidiaries | ||||||||||||||
CONSOLIDATED STATEMENTS OF INCOME | ||||||||||||||
(unaudited, dollars in thousands except per share data) | ||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||
September 30, | September 30, | |||||||||||||
2016 | 2015 | 2016 | 2015 | |||||||||||
Interest, fee and dividend income: | ||||||||||||||
Loans | $ | 63,414 | $ | 61,656 | $ | 187,093 | $ | 181,047 | ||||||
Securities available for sale | 6,013 | 5,125 | 17,976 | 15,214 | ||||||||||
Securities held to maturity | 2,544 | 2,318 | 7,328 | 6,916 | ||||||||||
Other | 538 | 401 | 1,441 | 1,276 | ||||||||||
Total interest, fee and dividend income | 72,509 | 69,500 | 213,838 | 204,453 | ||||||||||
Interest expense: | ||||||||||||||
Deposits | 3,607 | 3,554 | 10,809 | 10,644 | ||||||||||
Short-term borrowings | 761 | 296 | 1,668 | 561 | ||||||||||
Long-term debt | 819 | 845 | 2,425 | 2,507 | ||||||||||
Junior subordinated debt | 660 | 560 | 1,920 | 1,645 | ||||||||||
Total interest expense | 5,847 | 5,255 | 16,822 | 15,357 | ||||||||||
Net interest income | 66,662 | 64,245 | 197,016 | 189,096 | ||||||||||
Provision for loan losses | 6,388 | 4,966 | 17,266 | 12,506 | ||||||||||
Net interest income after provision for loan losses | 60,274 | 59,279 | 179,750 | 176,590 | ||||||||||
Noninterest income: | ||||||||||||||
Insurance and other financial services revenue | 6,114 | 5,862 | 18,685 | 18,072 | ||||||||||
Service charges on deposit accounts | 4,354 | 4,349 | 12,459 | 12,706 | ||||||||||
ATM and debit card fees | 5,063 | 4,780 | 14,580 | 13,707 | ||||||||||
Retirement plan administration fees | 4,129 | 3,249 | 11,937 | 10,011 | ||||||||||
Trust fees | 4,535 | 4,611 | 13,848 | 14,257 | ||||||||||
Bank owned life insurance income | 1,336 | 931 | 3,898 | 3,418 | ||||||||||
Net securities gains | - | 3 | 30 | 43 | ||||||||||
Gain on the sale of Springstone investment | - | 4,179 | - | 4,179 | ||||||||||
Other | 4,113 | 3,297 | 12,188 | 9,617 | ||||||||||
Total noninterest income | 29,644 | 31,261 | 87,625 | 86,010 | ||||||||||
Noninterest expense: | ||||||||||||||
Salaries and employee benefits | 32,783 | 30,227 | 98,155 | 91,240 | ||||||||||
Occupancy | 5,035 | 5,326 | 15,780 | 16,804 | ||||||||||
Data processing and communications | 4,183 | 4,207 | 12,354 | 12,598 | ||||||||||
Professional fees and outside services | 3,343 | 3,137 | 9,905 | 10,029 | ||||||||||
Equipment | 3,656 | 3,352 | 10,663 | 9,917 | ||||||||||
Office supplies and postage | 1,438 | 1,576 | 4,661 | 4,822 | ||||||||||
FDIC insurance | 1,287 | 1,355 | 3,838 | 3,833 | ||||||||||
Advertising | 634 | 421 | 1,733 | 1,874 | ||||||||||
Amortization of intangible assets | 952 | 1,165 | 2,976 | 3,636 | ||||||||||
Loan collection and other real estate owned | 985 | 699 | 2,535 | 1,593 | ||||||||||
Other operating | 5,318 | 8,426 | 15,683 | 19,211 | ||||||||||
Total noninterest expense | 59,614 | 59,891 | 178,283 | 175,557 | ||||||||||
Income before income taxes | 30,304 | 30,649 | 89,092 | 87,043 | ||||||||||
Income taxes | 10,303 | 10,798 | 30,291 | 29,745 | ||||||||||
Net income | $ | 20,001 | $ | 19,851 | $ | 58,801 | $ | 57,298 | ||||||
Earnings Per Share: | ||||||||||||||
Basic | $ | 0.46 | $ | 0.45 | $ | 1.36 | $ | 1.30 | ||||||
Diluted | $ | 0.46 | $ | 0.45 | $ | 1.35 | $ | 1.29 | ||||||
NBT Bancorp Inc. and Subsidiaries | |||||||||||||||
QUARTERLY CONSOLIDATED STATEMENTS OF INCOME | |||||||||||||||
(unaudited, dollars in thousands except per share data) | |||||||||||||||
2016 | 2015 | ||||||||||||||
3rd Q | 2nd Q | 1st Q | 4th Q | 3rd Q | |||||||||||
Interest, fee and dividend income: | |||||||||||||||
Loans | $ | 63,414 | $ | 62,449 | $ | 61,230 | $ | 60,781 | $ | 61,656 | |||||
Securities available for sale | 6,013 | 5,976 | 5,987 | 5,204 | 5,125 | ||||||||||
Securities held to maturity | 2,544 | 2,496 | 2,288 | 2,317 | 2,318 | ||||||||||
Other | 538 | 454 | 449 | 469 | 401 | ||||||||||
Total interest, fee and dividend income | 72,509 | 71,375 | 69,954 | 68,771 | 69,500 | ||||||||||
Interest expense: | |||||||||||||||
Deposits | 3,607 | 3,605 | 3,597 | 3,613 | 3,554 | ||||||||||
Short-term borrowings | 761 | 579 | 328 | 222 | 296 | ||||||||||
Long-term debt | 819 | 773 | 833 | 848 | 845 | ||||||||||
Junior subordinated debt | 660 | 641 | 619 | 576 | 560 | ||||||||||
Total interest expense | 5,847 | 5,598 | 5,377 | 5,259 | 5,255 | ||||||||||
Net interest income | 66,662 | 65,777 | 64,577 | 63,512 | 64,245 | ||||||||||
Provision for loan losses | 6,388 | 4,780 | 6,098 | 5,779 | 4,966 | ||||||||||
Net interest income after provision for loan losses | 60,274 | 60,997 | 58,479 | 57,733 | 59,279 | ||||||||||
Noninterest income: | |||||||||||||||
Insurance and other financial services revenue | 6,114 | 5,625 | 6,946 | 6,139 | 5,862 | ||||||||||
Service charges on deposit accounts | 4,354 | 4,166 | 3,939 | 4,350 | 4,349 | ||||||||||
ATM and debit card fees | 5,063 | 4,934 | 4,583 | 4,541 | 4,780 | ||||||||||
Retirement plan administration fees | 4,129 | 4,054 | 3,754 | 4,135 | 3,249 | ||||||||||
Trust fees | 4,535 | 4,937 | 4,376 | 4,769 | 4,611 | ||||||||||
Bank owned life insurance income | 1,336 | 1,271 | 1,291 | 916 | 931 | ||||||||||
Net securities gains | - | 1 | 29 | 3,044 | 3 | ||||||||||
Gain on the sale of Springstone investment | - | - | - | - | 4,179 | ||||||||||
Other | 4,113 | 4,626 | 3,449 | 4,577 | 3,297 | ||||||||||
Total noninterest income | 29,644 | 29,614 | 28,367 | 32,471 | 31,261 | ||||||||||
Noninterest expense: | |||||||||||||||
Salaries and employee benefits | 32,783 | 32,931 | 32,441 | 33,078 | 30,227 | ||||||||||
Occupancy | 5,035 | 5,254 | 5,491 | 5,291 | 5,326 | ||||||||||
Data processing and communications | 4,183 | 4,121 | 4,050 | 3,990 | 4,207 | ||||||||||
Professional fees and outside services | 3,343 | 3,331 | 3,231 | 3,378 | 3,137 | ||||||||||
Equipment | 3,656 | 3,547 | 3,460 | 3,491 | 3,352 | ||||||||||
Office supplies and postage | 1,438 | 1,676 | 1,547 | 1,545 | 1,576 | ||||||||||
FDIC insurance | 1,287 | 1,293 | 1,258 | 1,312 | 1,355 | ||||||||||
Advertising | 634 | 595 | 504 | 780 | 421 | ||||||||||
Amortization of intangible assets | 952 | 928 | 1,096 | 1,228 | 1,165 | ||||||||||
Loan collection and other real estate owned | 985 | 845 | 705 | 1,027 | 699 | ||||||||||
Other operating | 5,318 | 5,924 | 4,441 | 5,499 | 8,426 | ||||||||||
Total noninterest expense | 59,614 | 60,445 | 58,224 | 60,619 | 59,891 | ||||||||||
Income before income taxes | 30,304 | 30,166 | 28,622 | 29,585 | 30,649 | ||||||||||
Income taxes | 10,303 | 10,257 | 9,731 | 10,458 | 10,798 | ||||||||||
Net income | $ | 20,001 | $ | 19,909 | $ | 18,891 | $ | 19,127 | $ | 19,851 | |||||
Earnings per share: | |||||||||||||||
Basic | $ | 0.46 | $ | 0.46 | $ | 0.44 | $ | 0.44 | $ | 0.45 | |||||
Diluted | $ | 0.46 | $ | 0.46 | $ | 0.43 | $ | 0.43 | $ | 0.45 | |||||
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 |
||||||||||||||||||||||
Q3 - 2016 | Q2 - 2016 | Q1 - 2016 | Q4 - 2015 | Q3 - 2015 | |||||||||||||||||||||||||||
ASSETS: | |||||||||||||||||||||||||||||||
Short-term interest bearing accounts | $ | 21,279 | 0.54 | % | $ | 16,063 | 0.53 | % | $ | 13,639 | 0.63 | % | $ | 13,494 | 0.34 | % | $ | 8,100 | 0.32 | % | |||||||||||
Securities available for sale (1)(2) | 1,257,335 | 1.93 | % | 1,227,367 | 1.99 | % | 1,188,437 | 2.06 | % | 1,070,643 | 1.97 | % | 1,079,206 | 1.92 | % | ||||||||||||||||
Securities held to maturity (1) | 494,400 | 2.54 | % | 498,493 | 2.49 | % | 465,916 | 2.48 | % | 470,027 | 2.43 | % | 460,252 | 2.44 | % | ||||||||||||||||
Investment in FRB and FHLB Banks | 43,552 | 4.65 | % | 38,939 | 4.47 | % | 33,470 | 5.14 | % | 32,263 | 5.63 | % | 37,358 | 4.19 | % | ||||||||||||||||
Loans (3) | 6,092,371 | 4.15 | % | 6,007,677 | 4.19 | % | 5,884,073 | 4.20 | % | 5,872,011 | 4.12 | % | 5,824,311 | 4.21 | % | ||||||||||||||||
Total interest earning assets | $ | 7,908,937 | 3.69 | % | $ | 7,788,539 | 3.73 | % | $ | 7,585,535 | 3.75 | % | $ | 7,458,438 | 3.70 | % | $ | 7,409,227 | 3.77 | % | |||||||||||
Other assets | 754,813 | 747,074 | 699,194 | 693,981 | 690,768 | ||||||||||||||||||||||||||
Total assets | $ | 8,663,750 | $ | 8,535,613 | $ | 8,284,729 | $ | 8,152,419 | $ | 8,099,995 | |||||||||||||||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY: | |||||||||||||||||||||||||||||||
Money market deposit accounts | $ | 1,636,815 | 0.22 | % | $ | 1,709,644 | 0.22 | % | $ | 1,653,930 | 0.22 | % | $ | 1,626,644 | 0.22 | % | $ | 1,557,651 | 0.22 | % | |||||||||||
NOW deposit accounts | 1,053,590 | 0.05 | % | 1,073,881 | 0.05 | % | 1,051,959 | 0.05 | % | 1,039,563 | 0.05 | % | 963,744 | 0.05 | % | ||||||||||||||||
Savings deposits | 1,146,013 | 0.06 | % | 1,143,654 | 0.06 | % | 1,105,480 | 0.06 | % | 1,079,757 | 0.06 | % | 1,085,680 | 0.06 | % | ||||||||||||||||
Time deposits | 902,185 | 1.07 | % | 906,250 | 1.06 | % | 921,754 | 1.04 | % | 918,875 | 1.05 | % | 939,542 | 1.01 | % | ||||||||||||||||
Total interest bearing deposits | $ | 4,738,603 | 0.30 | % | $ | 4,833,429 | 0.30 | % | $ | 4,733,123 | 0.31 | % | $ | 4,664,839 | 0.31 | % | $ | 4,546,617 | 0.31 | % | |||||||||||
Short-term borrowings | 611,339 | 0.50 | % | 484,590 | 0.48 | % | 369,443 | 0.36 | % | 332,742 | 0.26 | % | 456,663 | 0.26 | % | ||||||||||||||||
Long-term debt | 110,703 | 2.94 | % | 124,851 | 2.55 | % | 130,420 | 2.57 | % | 130,522 | 2.58 | % | 130,680 | 2.56 | % | ||||||||||||||||
Junior subordinated debt | 101,196 | 2.59 | % | 101,196 | 2.49 | % | 101,196 | 2.46 | % | 101,196 | 2.26 | % | 101,196 | 2.20 | % | ||||||||||||||||
Total interest bearing liabilities | $ | 5,561,841 | 0.42 | % | $ | 5,544,066 | 0.41 | % | $ | 5,334,182 | 0.41 | % | $ | 5,229,299 | 0.40 | % | $ | 5,235,156 | 0.40 | % | |||||||||||
Demand deposits | 2,079,266 | 1,994,601 | 1,970,315 | 1,944,820 | 1,894,555 | ||||||||||||||||||||||||||
Other liabilities | 118,198 | 106,893 | 99,921 | 93,557 | 91,979 | ||||||||||||||||||||||||||
Stockholders' equity | 904,445 | 890,053 | 880,311 | 884,743 | 878,305 | ||||||||||||||||||||||||||
Total liabilities and stockholders' equity | $ | 8,663,750 | $ | 8,535,613 | $ | 8,284,729 | $ | 8,152,419 | $ | 8,099,995 | |||||||||||||||||||||
Interest rate spread | 3.27 | % | 3.32 | % | 3.34 | % | 3.30 | % | 3.37 | % | |||||||||||||||||||||
Net interest margin | 3.40 | % | 3.44 | % | 3.47 | % | 3.42 | % | 3.48 | % | |||||||||||||||||||||
(1) Securities are shown at average amortized cost | |||||||||||||||||||||||||||||||
(2) Excluding unrealized gains or losses | |||||||||||||||||||||||||||||||
(3) For purposes of these computations, nonaccrual loans are included in the average loan balances outstanding | |||||||||||||||||||||||||||||||
Note: Interest income for tax-exempt securities and loans has been adjusted to a taxable-equivalent basis using the statutory Federal income tax rate of 35% | |||||||||||||||||||||||||||||||
NBT Bancorp Inc. and Subsidiaries | |||||||||||||||||||
AVERAGE YEAR-TO-DATE BALANCE SHEETS | |||||||||||||||||||
(unaudited, dollars in thousands) | |||||||||||||||||||
Average | Yield/ | Average | Yield/ | ||||||||||||||||
Balance | Interest | Rates | Balance | Interest | Rates | ||||||||||||||
Nine Months ended September 30, | 2016 | 2015 | |||||||||||||||||
ASSETS: | |||||||||||||||||||
Short-term interest bearing accounts | $ | 17,009 | $ | 72 | 0.57 | % | $ | 9,033 | $ | 22 | 0.33 | % | |||||||
Securities available for sale (1)(2) | 1,224,500 | 18,286 | 1.99 | % | 1,055,456 | 15,579 | 1.97 | % | |||||||||||
Securities held to maturity (1) | 486,299 | 9,111 | 2.50 | % | 456,072 | 8,415 | 2.47 | % | |||||||||||
Investment in FRB and FHLB Banks | 38,672 | 1,369 | 4.73 | % | 33,308 | 1,254 | 5.03 | % | |||||||||||
Loans (3) | 5,995,063 | 187,629 | 4.18 | % | 5,700,673 | 181,619 | 4.26 | % | |||||||||||
Total interest earning assets | $ | 7,761,543 | $ | 216,467 | 3.73 | % | 7,254,542 | $ | 206,889 | 3.81 | % | ||||||||
Other assets | 733,771 | 690,774 | |||||||||||||||||
Total assets | $ | 8,495,314 | $ | 7,945,316 | |||||||||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY: | |||||||||||||||||||
Money market deposit accounts | $ | 1,666,687 | $ | 2,720 | 0.22 | % | $ | 1,567,060 | $ | 2,462 | 0.21 | % | |||||||
NOW deposit accounts | 1,059,787 | 400 | 0.05 | % | 970,139 | 375 | 0.05 | % | |||||||||||
Savings deposits | 1,131,768 | 491 | 0.06 | % | 1,069,056 | 492 | 0.06 | % | |||||||||||
Time deposits | 910,034 | 7,198 | 1.06 | % | 974,110 | 7,315 | 1.00 | % | |||||||||||
Total interest bearing deposits | $ | 4,768,276 | $ | 10,809 | 0.30 | % | $ | 4,580,365 | $ | 10,644 | 0.31 | % | |||||||
Short-term borrowings | 488,906 | 1,668 | 0.46 | % | 342,293 | 561 | 0.22 | % | |||||||||||
Long-term debt | 121,950 | 2,425 | 2.66 | % | 130,767 | 2,507 | 2.56 | % | |||||||||||
Junior subordinated debt | 101,196 | 1,920 | 2.53 | % | 101,196 | 1,645 | 2.17 | % | |||||||||||
Total interest bearing liabilities | $ | 5,480,328 | $ | 16,822 | 0.41 | % | $ | 5,154,621 | $ | 15,357 | 0.40 | % | |||||||
Demand deposits | 2,014,963 | 1,827,441 | |||||||||||||||||
Other liabilities | 108,373 | 87,380 | |||||||||||||||||
Stockholders' equity | 891,650 | 875,874 | |||||||||||||||||
Total liabilities and stockholders' equity | $ | 8,495,314 | $ | 7,945,316 | |||||||||||||||
Net interest income (FTE) | 199,645 | 191,532 | |||||||||||||||||
Interest rate spread | 3.32 | % | 3.41 | % | |||||||||||||||
Net interest margin | 3.44 | % | 3.53 | % | |||||||||||||||
Taxable equivalent adjustment | 2,629 | 2,436 | |||||||||||||||||
Net interest income | $ | 197,016 | $ | 189,096 | |||||||||||||||
(1) Securities are shown at average amortized cost | |||||||||||||||||||
(2) Excluding unrealized gains or losses | |||||||||||||||||||
(3) For purposes of these computations, nonaccrual loans are included in the average loan balances outstanding | |||||||||||||||||||
Note: Interest income for tax-exempt securities and loans has been adjusted to a taxable-equivalent basis using the statutory Federal income tax rate of 35% | |||||||||||||||||||
NBT Bancorp Inc. and Subsidiaries | |||||||||||||||
CONSOLIDATED LOAN BALANCES | |||||||||||||||
(unaudited, dollars in thousands) | |||||||||||||||
2016 | 2015 | ||||||||||||||
3rd Q | 2nd Q | 1st Q | 4th Q | 3rd Q | |||||||||||
Residential real estate mortgages | $ | 1,240,337 | $ | 1,219,388 | $ | 1,211,821 | $ | 1,196,780 | $ | 1,177,195 | |||||
Commercial | 1,252,644 | 1,176,008 | 1,168,191 | 1,159,089 | 1,167,007 | ||||||||||
Commercial real estate | 1,528,498 | 1,497,683 | 1,448,920 | 1,430,618 | 1,435,378 | ||||||||||
Consumer | 1,625,294 | 1,629,836 | 1,620,669 | 1,568,204 | 1,549,844 | ||||||||||
Home equity | 513,412 | 516,478 | 518,208 | 528,442 | 541,564 | ||||||||||
Total loans | $ | 6,160,185 | $ | 6,039,393 | $ | 5,967,809 | $ | 5,883,133 | $ | 5,870,988 | |||||
Contact:Martin A. Dietrich , CEOMichael J. Chewens , CFONBT Bancorp Inc. 52 South Broad Street Norwich, NY 13815 607-337-6119
This link will take you from NBT Bank's website to a third-party location that
is not controlled by NBT Bank. Please note that this new site may have a different
policy on privacy, cookies, data collection and other user issues. NBT Bank does not
monitor content on third-party websites and does not endorse and is not responsible
for the content, guarantees, privacy policy, security, and products and services that
are offered or expressed on them.
Are you sure you want to continue?
It appears that the version of Internet Explorer you are using to view this site is no longer supported by our website. At NBT Bank we value your security and strive to deliver the highest quality online experience. To ensure the best and most secure performance we recommend upgrading to the latest version of Microsoft Edge, Mozilla Firefox or Google Chrome.
Please visit Microsoft.com, Google.com, or Mozilla.org to download the current version(s).
If you have any questions or need any assistance please contact Customer Service at 1-800-NBT-BANK.