NBT Bancorp Inc. Announces Diluted Earnings Per Share of $0.43 for the First Quarter of 2016

NORWICH, N.Y., April 25, 2016 (GLOBE NEWSWIRE) -- NBT Bancorp Inc. (NBT) (NASDAQ: NBTB) reported net income for the first quarter of 2016 of $18.9 million, up from $18.2 million for the prior year.  Diluted earnings per share for the three months ended March 31, 2016 was $0.43, up from $0.41 for the prior year. 

2016 First Quarter Highlights:

• First quarter loan growth of 5.8% (annualized) 
• Average demand deposits up 11.3% from the first quarter of 2015 
• Net interest income up 3.9% from the first quarter of 2015 
• Positive trends continue for asset quality indicators:
  • Past due loans to total loans improved to 0.50% at March 31, 2016 from 0.62% at December 31, 2015
  • Annualized net charge-offs to average loans improved to 0.33% for the first quarter of 2016 from 0.38% for the full year of 2015

“Our first quarter 2016 results demonstrate our strong financial performance and sustained favorable trends in organic loan and deposit growth and asset quality indicators,” said NBT President and CEO Martin Dietrich. “As NBT continues to grow and respond to our changing business environment, we remain deeply rooted in our core values, including superior customer service, continuous improvement, community involvement and teamwork. We also continue to focus on cultivating long-term value for our shareholders through our investments in our people, technology and business strategies.”

Net interest income was $64.6 million for the first quarter of 2016, up $1.1 million from the previous quarter, and up $2.4 million from the first quarter of 2015.  Fully taxable equivalent (“FTE”) net interest margin was 3.47% for the three months ended March 31, 2016, up from 3.42% for the previous quarter and down from 3.60% for the first quarter of 2015.  The increase from the previous quarter was driven by an increase in yields on earning assets, partially offset by slightly higher costs of interest bearing liabilities.  Average interest earning assets were up $127.1 million, or 1.7%, for the first quarter of 2016 as compared to the prior quarter.  This increase was driven primarily by a $117.8 million increase in average securities available for sale from the fourth quarter of 2015 to the first quarter of 2016.  Yields on earning assets increased by 5 basis points from 3.70% during the fourth quarter of 2015 to 3.75% for the first quarter of 2016.  This increase was driven by an 8 basis-point increase in loan yields from the fourth quarter of 2015 to the first quarter of 2016.  The increase in average earning assets and yields on earning assets in the first quarter of 2016 resulted in a $1.2 million increase in interest income from the fourth quarter of 2015.  Interest expense for the first quarter of 2016 was up $0.1 million from the fourth quarter of 2015 and resulted primarily from a 2.0% increase in average interest bearing liabilities during the first quarter of 2016 as well as a 1 basis-point increase in the rates paid on interest bearing liabilities for the same period.  Interest expense for the first quarter of 2016 was up $0.3 million from the same period in 2015 and resulted primarily from a 5.2% increase in average interest bearing liabilities during the first quarter of 2016 as well as a 1 basis-point increase in the rates paid on interest bearing liabilities as compared to the first quarter of 2015.        

Noninterest income for the three months ended March 31, 2016 was $28.4 million, down $4.1 million from the fourth quarter of 2015, and up $1.8 million from the same period in 2015.  The decrease from the prior quarter was primarily driven by a $3.0 million gain in the fourth quarter of 2015 from the sale of an equity investment.  In addition, other noninterest income was down $1.1 million in the first quarter of 2016 as compared with the fourth quarter of 2015 due primarily to a favorable settlement of a prior accrual in the fourth quarter of 2015.  Service charges on deposit accounts were down $0.4 million from the fourth quarter of 2015 to the first quarter of 2016 due to seasonal overdraft charges in the fourth quarter of 2015.  Retirement plan administration fees and trust revenue were both down $0.4 million from the fourth quarter of 2015 primarily due to less favorable market conditions during the first quarter of 2016 compared with the fourth quarter of 2015.  These decreases were partially offset by an $0.8 million increase in insurance and other financial services revenue in the first quarter of 2016 as compared with the prior quarter due to seasonality.  In addition, bank-owned life insurance income was up $0.4 million from the fourth quarter of 2015 due primarily to death benefits received during the first quarter of 2016.             

Noninterest expense for the three months ended March 31, 2016 was $58.2 million, down $2.4 million from the previous quarter, and up $0.5 million from the same period in 2015.  The decrease from the prior quarter was due primarily to a $1.1 million decrease in other noninterest expense from the fourth quarter of 2015 to the first quarter of 2016.  This decrease was due to timing of various operating expense items.  In addition, salaries and employee benefits decreased $0.6 million in the first quarter of 2016 as compared with the fourth quarter of 2015 driven by contract termination costs incurred during the fourth quarter of 2015, partially offset by higher retirement plan costs during the first quarter of 2016.     

Asset Quality

Net charge-offs were $4.8 million for the three months ended March 31, 2016, down from $7.6 million for the prior quarter, and up from $4.6 million for the same period in 2015.  Provision expense was $6.1 million for the three months ended March 31, 2016, as compared with $5.8 million for the prior quarter, and $3.6 million for the first quarter of 2015.  Provision expense was higher than the previous quarter and the prior year primarily due to loan growth.  Annualized net charge-offs to average loans for the first quarter of 2016 was 0.33%, compared with 0.38% for the full year of 2015 and 0.34% for the first quarter of 2015.

Nonperforming loans to total loans was 0.69% at March 31, 2016, up from 0.64% for the prior quarter, and down from 0.85% at March 31, 2015.  Past due loans as a percentage of total loans were 0.51% at March 31, 2016, down from 0.64% at December 31, 2015, and 0.56% at March 31, 2015.   

The allowance for loan losses totaled $64.3 million at March 31, 2016, compared to $63.0 million at December 31, 2015, and $65.4 million at March 31, 2015.  The allowance for loan losses as a percentage of loans was 1.08% (1.18% excluding acquired loans with no related allowance recorded) at March 31, 2016, compared to 1.07% (1.18% excluding acquired loans with no related allowance recorded) at December 31, 2015 and 1.16% (1.29% excluding acquired loans with no related allowance recorded) at March 31, 2015. 

Balance Sheet

Total assets were $8.5 billion at March 31, 2016, up $210.3 million, or 2.5% from December 31, 2015.  Loans were $6.0 billion at March 31, 2016, up $84.7 million from December 31, 2015, due to loan growth in the first quarter of 2016.  The increase in loans in the first quarter resulted from growth in the commercial, residential and consumer portfolios.  Consumer loan growth was supplemented with approximately $30 million in loans from LendingClub Corporation as part of the Company’s ongoing relationship which began with the sale of Springstone LLC in the second quarter of 2014.   Total deposits were $6.9 billion at March 31, 2016, up $300.2 million, or 4.5%, from December 31, 2015.  Stockholders’ equity was $881.7 million, representing a total equity-to-total assets ratio of 10.41% at March 31, 2016, compared with $882.0 million or a total equity-to-total assets ratio of 10.67% at December 31, 2015.

Stock Repurchase Program

The Company purchased 675,535 shares of its common stock during the first quarter of 2016 at an average price of $25.45 per share under a previously announced plan.  As of March 31, 2016, there were 277,313 shares available for repurchase under this plan announced on July 27, 2015 and set to expire on December 31, 2016.  On March 28, 2016, the NBT Board of Directors authorized a new program for NBT to repurchase up to an additional 1,000,000 shares of its outstanding common stock.  This plan expires on December 31, 2017.

Corporate Overview

NBT Bancorp Inc. is a financial holding company headquartered in Norwich, N.Y., with total assets of $8.5 billion at March 31, 2016.  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 155 banking locations with offices in New York, Pennsylvania, Vermont, Massachusetts, New Hampshire and Maine. EPIC Advisors, Inc., based in Rochester, N.Y., is a full-service 401(k) plan recordkeeping firm. NBT-Mang Insurance Agency, based in Norwich, N.Y., is a full-service insurance agency. More information about NBT and its divisions can be found on the Internet at: www.nbtbancorp.com, www.nbtbank.com, www.epic1st.com and www.nbtmang.com.

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 Bancorp 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 the United States of America (GAAP).  These measures adjust GAAP measures to exclude the effects of acquisition related intangible amortization expense on earnings and equity as well as providing a fully taxable equivalent yield on securities and loans.  Where non-GAAP disclosures are used in this press release, the comparable GAAP measure, as well as a reconciliation to the comparable GAAP measure, is provided in the accompanying tables.  Management believes that these non-GAAP measures provided useful information that is important to an understanding of the 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.

NBT Bancorp Inc. and Subsidiaries
SELECTED FINANCIAL DATA
(unaudited, dollars in thousands except per share data)
		2016			2015
	1st Q			4th Q			3rd Q			2nd Q			1st Q
Profitability:
Diluted Earnings Per Share	$	0.43		$	0.43		$	0.45		$	0.43		$	0.41
Weighted Average Diluted
Common Shares Outstanding		43,707,489			44,072,049			44,262,426			44,530,123			44,641,913
Return on Average Assets (1)		0.92	%		0.93	%		0.97	%		0.97	%		0.94	%
Return on Average Equity (1)		8.63	%		8.58	%		8.97	%		8.81	%		8.46	%
Return on Average Tangible Common Equity (1)(5)		13.17	%		13.04	%		13.66	%		13.47	%		13.08	%
Net Interest Margin (1)(2)		3.47	%		3.42	%		3.48	%		3.51	%		3.60	%
Balance Sheet Data:
Securities Available for Sale	$	1,259,874		$	1,174,544		$	1,058,397		$	1,129,249		$	1,071,654
Securities Held to Maturity	$	466,914		$	471,031		$	470,758		$	454,312		$	456,773
Net Loans	$	5,903,491		$	5,820,115		$	5,806,129		$	5,705,929		$	5,557,664
Total Assets	$	8,472,964		$	8,262,646		$	8,178,976		$	8,081,892		$	7,877,527
Total Deposits	$	6,905,042		$	6,604,843		$	6,600,627		$	6,371,479		$	6,479,437
Total Borrowings	$	579,441		$	674,124		$	594,163		$	743,893		$	425,143
Total Liabilities	$	7,591,237		$	7,380,642		$	7,302,760		$	7,205,921		$	7,000,033
Stockholders' Equity	$	881,727		$	882,004		$	876,216		$	875,971		$	877,494
Asset Quality:
Nonaccrual Loans	$	38,944		$	33,744		$	42,524		$	42,286		$	45,053
90 Days Past Due and Still Accruing		2,185			3,662			3,790			1,994			2,601
Total Nonperforming Loans		41,129			37,406			46,314			44,280			47,654
Other Real Estate Owned		2,716			4,666			4,855			4,649			4,387
Total Nonperforming Assets		43,845			42,072			51,169			48,929			52,041
Allowance for Loan Losses		64,318			63,018			64,859			64,959			65,359
Asset Quality Ratios (Total):
Allowance for Loan Losses to Total Loans		1.08	%		1.07	%		1.10	%		1.13	%		1.16	%
Total Nonperforming Loans to Total Loans		0.69	%		0.64	%		0.79	%		0.77	%		0.85	%
Total Nonperforming Assets to Total Assets		0.52	%		0.51	%		0.63	%		0.61	%		0.66	%
Allowance for Loan Losses to Total Nonperforming Loans		156.38	%		168.47	%		140.04	%		146.70	%		137.15	%
Past Due Loans to Total Loans		0.50	%		0.62	%		0.63	%		0.61	%		0.54	%
Net Charge-Offs to Average Loans (1)		0.33	%		0.51	%		0.35	%		0.30	%		0.34	%
Asset Quality Ratios (Originated) (3):
Allowance for Loan Losses to Loans		1.18	%		1.18	%		1.21	%		1.24	%		1.29	%
Nonperforming Loans to Loans		0.67	%		0.61	%		0.63	%		0.59	%		0.69	%
Allowance for Loan Losses to Nonperforming Loans		175.40	%		193.00	%		192.49	%		208.99	%		188.68	%
Past Due Loans to Loans		0.51	%		0.64	%		0.67	%		0.64	%		0.56	%
Capital:
Equity to Assets		10.41	%		10.67	%		10.71	%		10.84	%		11.14	%
Book Value Per Share	$	20.57		$	20.31		$	20.29		$	20.05		$	19.95
Tangible Book Value Per Share (4)	$	13.99		$	13.79		$	13.80		$	13.61		$	13.52
Tier 1 Leverage Ratio		9.15	%		9.44	%		9.34	%		9.57	%		9.72	%
Common Equity Tier 1 Capital Ratio		9.79	%		10.20	%		10.04	%		10.22	%		10.46	%
Tier 1 Capital Ratio		11.28	%		11.73	%		11.57	%		11.78	%		12.05	%
Total Risk-Based Capital Ratio		12.29	%		12.74	%		12.62	%		12.84	%		13.15	%
Common Stock Price (End of Period)	$	26.95		$	27.88		$	26.94		$	26.17		$	25.06
(1)  Annualized
(2)  Calculated on a Fully Tax Equivalent ("FTE") basis
(3)  Excludes acquired loans
(4)  Non-GAAP measure - Stockholders' equity less goodwill and intangible assets divided by common shares outstanding
(5)  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
	1st Q			4th Q			3rd Q			2nd Q			1st Q
Net Income	$	18,891		$	19,127		$	19,851		$	19,281		$	18,166
Amortization of intangible assets (net of tax)		670			750			712			725			784
	$	19,561		$	19,877		$	20,563		$	20,006		$	18,950
Average stockholders' equity	$	880,311		$	884,743		$	878,305		$	878,164		$	871,074
Less: average goodwill and other intangibles		282,751			279,904			281,048			282,272			283,508
Average tangible common equity	$	597,560		$	604,839		$	597,257		$	595,892		$	587,566

 

NBT Bancorp Inc. and Subsidiaries
CONSOLIDATED BALANCE SHEETS
(unaudited, dollars in thousands)
	March 31,			December 31,
ASSETS		2016			2015
Cash and due from banks	$	139,909		$	130,593
Short term interest bearing accounts		15,601			9,704
Securities available for sale, at fair value		1,259,874			1,174,544
Securities held to maturity (fair value of $475,110 and $473,140 at		466,914			471,031
March 31, 2016 and December 31, 2015, respectively)
Trading securities		8,905			8,377
Federal Reserve and Federal Home Loan Bank stock		32,262			36,673
Loans		5,967,809			5,883,133
Less allowance for loan losses		64,318			63,018
Net loans		5,903,491			5,820,115
Premises and equipment, net		86,407			88,826
Goodwill		265,957			265,957
Intangible assets, net		16,168			17,265
Bank owned life insurance		161,878			117,044
Other assets		115,598			122,517
TOTAL ASSETS	$	8,472,964		$	8,262,646
LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits:
Demand (noninterest bearing)	$	2,008,763		$	1,998,165
Savings, NOW, and money market		4,007,621			3,697,851
Time		888,658			908,827
Total deposits		6,905,042			6,604,843
Short-term borrowings		347,868			442,481
Long-term debt		130,377			130,447
Junior subordinated debt		101,196			101,196
Other liabilities		106,754			101,675
Total liabilities		7,591,237			7,380,642
Total stockholders' equity		881,727			882,004
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	8,472,964		$	8,262,646

 

NBT Bancorp Inc. and Subsidiaries
CONSOLIDATED STATEMENTS OF INCOME
(unaudited, dollars in thousands except per share data)
	Three Months Ended
	March 31,
		2016			2015
Interest, fee and dividend income:
Loans	$	61,230		$	59,518
Securities available for sale		5,987			4,945
Securities held to maturity		2,288			2,283
Other		449			480
Total interest, fee and dividend income		69,954			67,226
Interest expense:
Deposits		3,597			3,573
Short-term borrowings		328			121
Long-term debt		833			826
Junior subordinated debt		619			540
Total interest expense		5,377			5,060
Net interest income		64,577			62,166
Provision for loan losses		6,098			3,642
Net interest income after provision for loan losses		58,479			58,524
Noninterest income:
Insurance and other financial services revenue		6,946			6,374
Service charges on deposit accounts		3,939			4,072
ATM and debit card fees		4,583			4,248
Retirement plan administration fees		3,754			3,196
Trust		4,376			4,450
Bank owned life insurance income		1,291			1,559
Net securities gains		29			14
Other		3,449			2,621
Total noninterest income		28,367			26,534
Noninterest expense:
Salaries and employee benefits		32,441			30,182
Occupancy		5,491			6,066
Data processing and communications		4,050			4,103
Professional fees and outside services		3,231			3,497
Equipment		3,460			3,249
Office supplies and postage		1,547			1,619
FDIC expenses		1,258			1,198
Advertising		504			719
Amortization of intangible assets		1,096			1,284
Loan collection and other real estate owned		705			872
Other operating		4,441			4,913
Total noninterest expense		58,224			57,702
Income before income taxes		28,622			27,356
Income taxes		9,731			9,190
Net income	$	18,891		$	18,166
Earnings Per Share:
Basic	$	0.44		$	0.41
Diluted	$	0.43		$	0.41

 

 

NBT Bancorp Inc. and Subsidiaries
QUARTERLY CONSOLIDATED STATEMENTS OF INCOME
(unaudited, dollars in thousands except per share data)
		2016			2015
	1st Q			4th Q			3rd Q			2nd Q			1st Q
Interest, fee and dividend income:
Loans	$	61,230		$	60,781		$	61,656		$	59,873		$	59,518
Securities available for sale		5,987			5,204			5,125			5,144			4,945
Securities held to maturity		2,288			2,317			2,318			2,315			2,283
Other		449			469			401			395			480
Total interest, fee and dividend income		69,954			68,771			69,500			67,727			67,226
Interest expense:
Deposits		3,597			3,613			3,554			3,517			3,573
Short-term borrowings		328			222			296			144			121
Long-term debt		833			848			845			836			826
Junior subordinated debt		619			576			560			545			540
Total interest expense		5,377			5,259			5,255			5,042			5,060
Net interest income		64,577			63,512			64,245			62,685			62,166
Provision for loan losses		6,098			5,779			4,966			3,898			3,642
Net interest income after provision for loan losses		58,479			57,733			59,279			58,787			58,524
Noninterest income:
Insurance and other financial services revenue		6,946			6,139			5,862			5,836			6,374
Service charges on deposit accounts		3,939			4,350			4,349			4,285			4,072
ATM and debit card fees		4,583			4,541			4,780			4,679			4,248
Retirement plan administration fees		3,754			4,135			3,249			3,566			3,196
Trust		4,376			4,769			4,611			5,196			4,450
Bank owned life insurance income		1,291			916			931			928			1,559
Net securities gains		29			3,044			3			26			14
Gain on the sale of Springstone investment		-			-			4,179			-			-
Other		3,449			4,577			3,297			3,699			2,621
Total noninterest income		28,367			32,471			31,261			28,215			26,534
Noninterest expense:
Salaries and employee benefits		32,441			33,078			30,227			30,831			30,182
Occupancy		5,491			5,291			5,326			5,412			6,066
Data processing and communications		4,050			3,990			4,207			4,288			4,103
Professional fees and outside services		3,231			3,378			3,137			3,395			3,497
Equipment		3,460			3,491			3,352			3,316			3,249
Office supplies and postage		1,547			1,545			1,576			1,627			1,619
FDIC expenses		1,258			1,312			1,355			1,280			1,198
Advertising		504			780			421			734			719
Amortization of intangible assets		1,096			1,228			1,165			1,187			1,284
Loan collection and other real estate owned		705			1,027			699			22			872
Other operating		4,441			5,499			8,426			5,872			4,913
Total noninterest expense		58,224			60,619			59,891			57,964			57,702
Income before income taxes		28,622			29,585			30,649			29,038			27,356
Income taxes		9,731			10,458			10,798			9,757			9,190
Net income	$	18,891		$	19,127		$	19,851		$	19,281		$	18,166
Earnings per share:
Basic	$	0.44		$	0.44		$	0.45		$	0.44		$	0.41
Diluted	$	0.43		$	0.43		$	0.45		$	0.43		$	0.41
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)
	AverageBalance			Yield /Rates			AverageBalance			Yield /Rates			AverageBalance			Yield /Rates			AverageBalance			Yield /Rates			AverageBalance			Yield /Rates
	Q1 - 2016						Q4 - 2015						Q3 - 2015						Q2 - 2015						Q1 - 2015
ASSETS:
Short-term interest bearing accounts	$	13,639			0.63	%	$	13,494			0.34	%	$	8,100			0.32	%	$	9,854			0.36	%	$	9,156			0.30	%
Securities available for sale (1)(2)		1,188,437			2.06	%		1,070,643			1.97	%		1,079,206			1.92	%		1,067,619			1.98	%		1,018,880			2.02	%
Securities held to maturity (1)		465,916			2.48	%		470,027			2.43	%		460,252			2.44	%		452,948			2.49	%		454,957			2.47	%
Investment in FRB and FHLB Banks		33,470			5.14	%		32,263			5.63	%		37,358			4.19	%		31,564			4.90	%		30,931			6.20	%
Loans (3)		5,884,073			4.20	%		5,872,011			4.12	%		5,824,311			4.21	%		5,688,159			4.24	%		5,586,942			4.33	%
Total interest earning assets	$	7,585,535			3.75	%	$	7,458,438			3.70	%	$	7,409,227			3.77	%	$	7,250,144			3.79	%	$	7,100,866			3.89	%
Other assets		699,194						693,981						690,768						685,523						696,091
Total assets	$	8,284,729					$	8,152,419					$	8,099,995					$	7,935,667					$	7,796,957
LIABILITIES AND STOCKHOLDERS' EQUITY:
Money market deposit accounts	$	1,653,930			0.22	%	$	1,626,644			0.22	%	$	1,557,651			0.22	%	$	1,598,898			0.20	%	$	1,544,488			0.21	%
NOW deposit accounts		1,051,959			0.05	%		1,039,563			0.05	%		963,744			0.05	%		974,504			0.05	%		972,263			0.05	%
Savings deposits		1,105,480			0.06	%		1,079,757			0.06	%		1,085,680			0.06	%		1,080,954			0.06	%		1,040,031			0.06	%
Time deposits		921,754			1.04	%		918,875			1.05	%		939,542			1.01	%		968,714			1.00	%		1,014,904			1.00	%
Total interest bearing deposits	$	4,733,123			0.31	%	$	4,664,839			0.31	%	$	4,546,617			0.31	%	$	4,623,070			0.31	%	$	4,571,686			0.32	%
Short-term borrowings		369,443			0.36	%		332,742			0.26	%		456,663			0.26	%		302,693			0.19	%		265,420			0.19	%
Long-term debt		130,420			2.57	%		130,522			2.58	%		130,680			2.56	%		130,743			2.56	%		130,879			2.56	%
Junior subordinated debt		101,196			2.46	%		101,196			2.26	%		101,196			2.20	%		101,196			2.16	%		101,196			2.16	%
Total interest bearing liabilities	$	5,334,182			0.41	%	$	5,229,299			0.40	%	$	5,235,156			0.40	%	$	5,157,702			0.39	%	$	5,069,181			0.40	%
Demand deposits		1,970,315						1,944,820						1,894,555						1,815,705						1,770,703
Other liabilities		99,921						93,557						91,979						84,096						85,999
Stockholders' equity		880,311						884,743						878,305						878,164						871,074
Total liabilities and stockholders' equity	$	8,284,729					$	8,152,419					$	8,099,995					$	7,935,667					$	7,796,957
Interest rate spread					3.34	%					3.30	%					3.37	%					3.40	%					3.49	%
Net interest margin					3.47	%					3.42	%					3.48	%					3.51	%					3.60	%
(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
Three Months ended March 31,		2016									2015
ASSETS:
Short-term interest bearing accounts	$	13,639		$	21			0.63	%	$	9,156		$	7			0.30	%
Securities available for sale (1)(2)		1,188,437			6,090			2.06	%		1,018,880			5,084			2.02	%
Securities held to maturity (1)		465,916			2,870			2.48	%		454,957			2,766			2.47	%
Investment in FRB and FHLB Banks		33,470			428			5.14	%		30,931			473			6.20	%
Loans (3)		5,884,073			61,401			4.20	%		5,586,942			59,704			4.33	%
Total interest earning assets	$	7,585,535		$	70,810			3.75	%		7,100,866		$	68,034			3.89	%
Other assets		699,194									696,091
Total assets	$	8,284,729								$	7,796,957
LIABILITIES AND STOCKHOLDERS' EQUITY:
Money market deposit accounts	$	1,653,930			912			0.22	%	$	1,544,488		$	786			0.21	%
NOW deposit accounts		1,051,959			132			0.05	%		972,263			123			0.05	%
Savings deposits		1,105,480			158			0.06	%		1,040,031			162			0.06	%
Time deposits		921,754			2,395			1.04	%		1,014,904			2,502			1.00	%
Total interest bearing deposits	$	4,733,123		$	3,597			0.31	%	$	4,571,686		$	3,573			0.32	%
Short-term borrowings		369,443			328			0.36	%		265,420			121			0.19	%
Long-term debt		130,420			833			2.57	%		130,879			826			2.56	%
Junior subordinated debt		101,196			619			2.46	%		101,196			540			2.16	%
Total interest bearing liabilities	$	5,334,182		$	5,377			0.41	%	$	5,069,181		$	5,060			0.40	%
Demand deposits		1,970,315									1,770,703
Other liabilities		99,921									85,999
Stockholders' equity		880,311									871,074
Total liabilities and stockholders' equity	$	8,284,729								$	7,796,957
Net interest income (FTE)					65,433									62,974
Interest rate spread								3.34	%								3.49	%
Net interest margin								3.47	%								3.60	%
Taxable equivalent adjustment					856									808
Net interest income				$	64,577								$	62,166
(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
	1st Q			4th Q			3rd Q			2nd Q			1st Q
Residential real estate mortgages	$	1,211,821		$	1,196,780		$	1,177,195		$	1,154,416		$	1,125,886
Commercial		1,168,191			1,159,089			1,167,007			1,147,586			1,140,114
Commercial real estate		1,448,920			1,430,618			1,435,378			1,423,489			1,349,940
Consumer		1,620,669			1,568,204			1,549,844			1,495,160			1,452,070
Home equity		518,208			528,442			541,564			550,237			555,013
Total loans	$	5,967,809		$	5,883,133		$	5,870,988		$	5,770,888		$	5,623,023

 

 

Contact:

Martin A. Dietrich, CEO
Michael J. Chewens, CFO
NBT Bancorp Inc.
52 South Broad Street
Norwich, NY 13815
607-337-6119

Source: NBT Bancorp Inc.

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