SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): April 25, 2005
NBT BANCORP INC.
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(Exact name of registrant as specified in its charter)
DELAWARE | 0-14703 | 16-1268674 |
---------------------------- | ------------- | ------------------- |
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS EmployerIdentification No.) |
52 SOUTH BROAD STREET, NORWICH, NEW YORK 13815
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(Address of principal executive offices)
Registrant's telephone number, including area code: (607) 337-2265
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
[ ] Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
ITEM 2.02 Results of Operations and Financial Condition
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On April 25, 2005, NBT Bancorp Inc. issued a press release describing its results of operations for quarter ending March 31, 2005 as well as announcing a quarterly dividend of $0.19 per share to be paid on June 15, 2005 to shareholders of record on June 1, 2005. That press release is furnished as Exhibit 99.1 hereto.
ITEM 9.01 Financial Statements and Exhibits
{c} The following is being furnished herewith:
Exhibit No. Exhibit Description
99.1 Press release text of NBT Bancorp Inc. dated April 25, 2005
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
NBT BANCORP INC.
--------------------------------------
(Registrant)
/s/ Michael J. Chewens
--------------------------------------
Michael J. Chewens
Senior Executive Vice President,
Chief Financial Officer and Corporate Secretary
Date: April 26, 2005
Exhibit 99.1
FOR IMMEDIATE RELEASE
ATTENTION: FINANCIAL AND BUSINESS EDITORS
Contact: Daryl R. Forsythe, CEO
Michael J. Chewens, CFO
NBT Bancorp Inc.
52 South Broad Street
Norwich, NY 13815
607-337-6416
NBT BANCORP INC. ANNOUNCES FIRST-QUARTER RESULTS AND DECLARES QUARTERLY CASH DIVIDEND
NORWICH, NY (April 25, 2005) - NBT Bancorp Inc. (NBT) (NASDAQ: NBTB) today reported net income for the three months ended March 31, 2005, of $12.8 million, up $0.4 million from net income of $12.4 million reported for the same period in 2004. Net income per diluted share for the three months ended March 31, 2005, was $0.39, up $0.02 or 5% from the $0.37 per diluted share earned in the same period in 2004. Return on average assets and return on average equity were 1.23% and 15.74%, respectively, for the three months ended March 31, 2005, compared with 1.23% and 15.73%, respectively, for the same period in 2004.
The results for the three months ended March 31, 2005, were driven primarily by increases in net interest income of $1.7 million and noninterest income of $0.3 million as well as a $0.3 million decrease in the provision for loan and lease losses offset by an increase in noninterest expense of $1.7 million compared with the same period in 2004.
In commenting on the results, NBT Chairman and CEO Daryl R. Forsythe stated, “We are pleased to report another solid quarter for the Company. These results were driven by the success of our key initiatives to increase the volume of quality loans, grow deposits and expand our community banking presence into higher growth markets. NBT continues to place its focus on superior customer service while also seeking opportunities to enhance stockholder value.”
Loan and Lease Quality and Provision for Loan and Lease Losses
Nonperforming loans totaled $17.4 million at March 31, 2005, and represented 0.60% of total loans and leases, up from $16.2 million and 0.56% at December 31, 2004, and $13.7 million and 0.52% at March 31, 2004. Annualized net charge-offs to average loans and leases for the three months ended March 31, 2005, were 0.19%, down from the 0.22% annualized ratio for the three months ended March 31, 2004, and down from the year-to-date December 31, 2004, rate of 0.27%. The allowance for loan and lease losses as a percentage of total loans and leases was 1.57% at March 31, 2005, compared with 1.57% at December 31, 2004, and 1.64% at March 31, 2004. The ratio of the allowance for loan and lease losses to nonperforming loans was 261.28% at March 31, 2005, compared with 277.75% at December 31, 2004 and 315.25% at March 31, 2004. The Company anticipates selling approximately $5 million in nonperforming loans in the second quarter of 2005, which should lead to a further improvement in credit quality ratios. NBT President Martin Dietrich commented, “Our ability to improve credit quality reflects the strong process we have in place to resolve non-performing loans.” For the three months ended March 31, 2005, the provision for loan and lease losses totaled $1.8 million, compared with $2.1 million provided in the same period in 2004. The decrease in the provision for loan and lease losses was driven primarily by a decrease in net charge-offs.
Net Interest Income and Net Interest Margin
Net interest income for the three months ended March 31, 2005, increased 5% to $38.8 million from $37.1 million for the same period in 2004. The increase in net interest income was driven primarily by loan growth. Average loans and leases increased 9% during the three months ended March 31, 2005, compared with the same period in 2004, as the Company experienced strong growth from commercial and consumer loans during the second half of 2004. The Company’s net interest margin decreased slightly for the three months ended March 31, 2005 to 4.09% compared with 4.10% for the same period in 2004. The Company’s net interest margin of 4.09% improved during the three months ended March 31, 2005, compared with the net interest margin of 4.03% for the three months ended December 31, 2004. The improvement in net interest margin from the December 31, 2004, quarter resulted primarily from earning assets repricing up faster than interest-bearing liabilities, principally from lagging core deposit pricing increases when compared with recent increases in the Federal Funds Rate.
Noninterest Income
Noninterest income for the three months ended March 31, 2005, totaled $10.7 million, up $0.3 million from the $10.4 million reported in the same period of 2004. Retirement plan administration fees for the three months ended March 31, 2005, totaled $0.9 million due to the acquisition of EPIC Advisors, Inc. in January 2005. Broker/dealer and insurance revenue for the three months ended March 31, 2005, decreased $0.4 million, primarily from the sale of the Company’s broker/dealer subsidiary M. Griffith Inc. in March 2005.
Noninterest Expense
Total noninterest expense for the three months ended March 31, 2005, increased $1.7 million compared with the same period for 2004. Salaries and employee benefits for the three months ended March 31, 2005, increased $1.1 million or 8% over the same period in 2004, primarily from increases in salaries (from merit increases, market expansion and the EPIC Advisors, Inc. acquisition) and retirement expense. Occupancy expense for the three months ended March 31, 2005, increased $0.2 million over the same period in 2004, mainly from market expansion in the Albany and Binghamton markets. Equipment expense for the three months ended March 31, 2005, increased $0.2 million over the same period in 2004, due mainly to ATM upgrades.
Balance Sheet
Total assets were $4.3 billion at March 31, 2005, up $238.7 million from the $4.0 billion at March 31, 2004. Loans and leases were $2.9 billion at March 31, 2005, up 10% from the $2.6 billion at March 31, 2004. Loan growth was driven primarily by commercial and consumer loans, which experienced strong growth during the second half of 2004. Total deposits increased $154.3 million or 5%, totaling $3.2 billion at March 31, 2005, compared with $3.0 billion at March 31, 2004. Stockholders’ equity was $319.2 million, representing a Tier 1 leverage ratio of 6.89%, at March 31, 2005, compared with $322.3 million or a Tier 1 leverage ratio of 6.96%, at March 31, 2004.
Stock Repurchase Program
On January 24, 2005, the NBT Board of Directors approved a new repurchase program whereby NBT is authorized to repurchase up to an additional 1,500,000 shares (approximately 5%) of its outstanding common stock from time to time as market conditions warrant in open market and privately negotiated transactions. At that time, there were 719,800 shares remaining under a previous authorization that was superseded by the new repurchase program. Under the authorized programs for the period, the Company purchased 514,683 shares of its common stock during the three months ended March 31, 2005, for a total of $11.9 million at an average price of $23.11 per share.
Dividend Declared
The NBT Board of Directors declared a second quarter 2005 cash dividend of $0.19 per share at a meeting held today. The dividend will be paid on June 15, 2005, to shareholders of record as of June 1, 2005.
Corporate Overview
NBT is a financial services holding company headquartered in Norwich, NY, with total assets of $4.3 billion at March 31, 2005. The Company primarily operates through NBT Bank, N.A., a full-service community bank with two divisions and through a financial services company. NBT Bank, N.A. has 115 locations, including 74 NBT Bank offices in upstate New York and 41 Pennstar Bank offices in northeastern Pennsylvania. EPIC Advisors, Inc. is a full-service 401(k) plan recordkeeping firm. More information about NBT and its divisions can be found on the Internet atwww.nbtbancorp.com,www.nbtbank.com,www.pennstarbank.com andwww.epic1st.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 undertake to update forward-looking statements to reflect subsequent circumstances or events.
FINANCIAL TABLES APPEAR ON FOLLOWING PAGES (5-9).
NBT Bancorp Inc. | |||||||||||||
SELECTED FINANCIAL HIGHLIGHTS | |||||||||||||
| (unaudited) | |||||||||||||
Net | Percent | ||||||||||||
2005 | 2004 | Change | Change | ||||||||||
(dollars in thousands, except share and per share data) | |||||||||||||
Three Months Ended March 31, | |||||||||||||
| Net Income | $ | 12,789 | $ | 12,371 | $ | 418 | 3 | % | |||||
| Diluted Earnings Per Share | $ | 0.39 | $ | 0.37 | $ | 0.02 | 5 | % | |||||
| Weighted Average Diluted | |||||||||||||
| Common Shares Outstanding | 32,977,381 | 33,173,937 | (196,556 | ) | -1 | % | |||||||
| Return on Average Assets | 1.23 | % | 1.23 | % | 0.00 | % | 0 | % | |||||
| Return on Average Equity | 15.74 | % | 15.73 | % | 0.01 | % | 0 | % | |||||
| Net Interest Margin | 4.09 | % | 4.10 | % | -0.01 | % | 0 | % | |||||
Asset Quality | March 31, | December 31, | March 31, | ||||||||||
2005 | 2004 | 2004 | |||||||||||
| Nonaccrual Loans | $ | 16,612 | $ | 14,991 | $ | 13,258 | |||||||
| 90 Days Past Due and Still Accruing | $ | 760 | $ | 1,186 | $ | 478 | |||||||
| Total Nonperforming Loans | $ | 17,372 | $ | 16,177 | $ | 13,736 | |||||||
| Other Real Estate Owned (OREO) | $ | 438 | $ | 428 | $ | 757 | |||||||
| Total Nonperforming Loans and OREO | $ | 17,810 | $ | 16,605 | $ | 14,493 | |||||||
| Nonperforming Securities | $ | 0 | $ | 0 | $ | 215 | |||||||
| Total Nonperforming Assets | $ | 17,810 | $ | 16,605 | $ | 14,708 | |||||||
| Allowance for Loan and Lease Losses | $ | 45,389 | $ | 44,932 | $ | 43,303 | |||||||
| Year-to-Date (YTD) Net Charge-Offs | $ | 1,339 | $ | 7,334 | $ | 1,472 | |||||||
| Allowance to Loans and Leases | 1.57 | % | 1.57 | % | 1.64 | % | |||||||
| Total Nonperforming Loans to Loans and Leases | 0.60 | % | 0.56 | % | 0.52 | % | |||||||
| Total Nonperforming Assets to Assets | 0.42 | % | 0.39 | % | 0.37 | % | |||||||
| Allowance to Nonperforming Loans | 261.28 | % | 277.75 | % | 315.25 | % | |||||||
| Annualized Net Charge-Offs to | |||||||||||||
| YTD Average Loans and Leases | 0.19 | % | 0.27 | % | 0.22 | % | |||||||
Capital | |||||||||||||
| Equity to Assets | 7.50 | % | 7.89 | % | 8.02 | % | |||||||
| Book Value Per Share | $ | 9.85 | $ | 10.11 | $ | 9.80 | |||||||
| Tangible Book Value Per Share | $ | 8.25 | $ | 8.66 | $ | 8.29 | |||||||
| Tier 1 Leverage Ratio | 6.89 | % | 7.13 | % | 6.96 | % | |||||||
| Tier 1 Capital Ratio | 9.41 | % | 9.78 | % | 10.12 | % | |||||||
| Total Risk-Based Capital Ratio | 10.67 | % | 11.04 | % | 11.37 | % | |||||||
Quarterly Common Stock Price | 2005 | 2004 | 2003 | ||||||||||||||||
| Quarter End | High | Low | High | Low | High | Low | |||||||||||||
| March 31 | $ | 25.66 | $ | 21.48 | $ | 23.00 | $ | 21.21 | $ | 18.60 | $ | 16.75 | |||||||
| June 30 | 23.18 | 19.92 | 19.94 | 17.37 | |||||||||||||||
| September 30 | 24.34 | 21.02 | 21.76 | 19.24 | |||||||||||||||
| December 31 | 26.84 | 21.94 | 22.78 | 19.5 | |||||||||||||||
| NBT Bancorp Inc. | |||||||||||||
SELECTED FINANCIAL HIGHLIGHTS | |||||||||||||
(unaudited) | |||||||||||||
| Net | Percent | ||||||||||||
| 2005 | 2004 | Change | Change | ||||||||||
| (dollars in thousands, except share and per share data) | |||||||||||||
Balance Sheet as of March 31, | |||||||||||||
| Loans | $ | 2,898,187 | $ | 2,646,674 | $ | 251,513 | 10 | % | |||||
| Earning Assets | $ | 3,984,545 | $ | 3,729,845 | $ | 254,700 | 7 | % | |||||
| Total Assets | $ | 4,255,439 | $ | 4,016,733 | $ | 238,706 | 6 | % | |||||
| Deposits | $ | 3,168,927 | $ | 3,014,616 | $ | 154,311 | 5 | % | |||||
| Stockholders’ Equity | $ | 319,239 | $ | 322,280 | ($3,041 | ) | -1 | % | |||||
Average Balances | |||||||||||||
Quarter Ended March 31, | |||||||||||||
| Loans | $ | 2,876,853 | $ | 2,646,114 | $ | 230,739 | 9 | % | |||||
| Securities AFS (excluding unrealized gains or losses) | $ | 952,848 | $ | 964,648 | ($11,800 | ) | -1 | % | |||||
| Securities HTM | $ | 84,783 | $ | 95,954 | ($11,171 | ) | -12 | % | |||||
| Regulatory Equity Investment | $ | 36,535 | $ | 33,994 | $ | 2,541 | 7 | % | |||||
| Short-Term Interest Bearing Accounts | $ | 6,578 | $ | 8,241 | ($1,663 | ) | -20 | % | |||||
| Total Earning Assets | $ | 3,957,597 | $ | 3,748,951 | $ | 208,646 | 6 | % | |||||
| Total Assets | $ | 4,237,627 | $ | 4,032,283 | $ | 205,344 | 5 | % | |||||
| Interest Bearing Deposits | $ | 2,604,441 | $ | 2,521,446 | $ | 82,995 | 3 | % | |||||
| Non-Interest Bearing Deposits | $ | 505,457 | $ | 468,722 | $ | 36,735 | 8 | % | |||||
| Short-Term Borrowings | $ | 329,726 | $ | 289,616 | $ | 40,110 | 14 | % | |||||
| Long-Term Borrowings | $ | 413,233 | $ | 386,708 | $ | 26,525 | 7 | % | |||||
| Total Interest Bearing Liabilities | $ | 3,347,400 | $ | 3,197,770 | $ | 149,630 | 5 | % | |||||
| Stockholders’ Equity | $ | 329,947 | $ | 316,064 | $ | 13,883 | 4 | % | |||||
NBT Bancorp Inc. and Subsidiaries | March 31, | December 31, | March 31, | |||||||
Consolidated Balance Sheets (unaudited) | 2005 | 2004 | 2004 | |||||||
| (in thousands) | ||||||||||
ASSETS | ||||||||||
| Cash and due from banks | $ | 106,520 | $ | 98,437 | $ | 93,090 | ||||
| Short term interest bearing accounts | 5,783 | 8,286 | 9,619 | |||||||
| Securities available for sale, at fair value | 950,555 | 952,542 | 977,950 | |||||||
| Securities held to maturity (fair value of $87,407, $82,712, and | 87,063 | 81,782 | 91,205 | |||||||
| $92,672, at March 31, 2005, December 31, 2004 | ||||||||||
| and March 31, 2004, respectively) | ||||||||||
| Federal Reserve and Federal Home Loan Bank stock | 36,942 | 36,842 | 30,648 | |||||||
| Loans and leases | 2,898,187 | 2,869,921 | 2,646,674 | |||||||
| Less allowance for loan and lease losses | 45,389 | 44,932 | 43,303 | |||||||
| Net loans and leases | 2,852,798 | 2,824,989 | 2,603,371 | |||||||
| Premises and equipment, net | 63,806 | 63,743 | 62,426 | |||||||
| Goodwill | 47,544 | 45,570 | 47,521 | |||||||
| Intangible assets, net | 4,234 | 2,013 | 2,260 | |||||||
| Bank owned life insurance | 32,634 | 32,302 | 31,200 | |||||||
| Other assets | 67,560 | 65,798 | 67,443 | |||||||
TOTAL ASSETS | $ | 4,255,439 | $ | 4,212,304 | $ | 4,016,733 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||||
| Deposits: | ||||||||||
| Demand (noninterest bearing) | $ | 509,077 | $ | 520,218 | $ | 464,867 | ||||
| Savings, NOW, and money market | 1,467,265 | 1,435,561 | 1,482,755 | |||||||
| Time | 1,192,585 | 1,118,059 | 1,066,994 | |||||||
| Total deposits | 3,168,927 | 3,073,838 | 3,014,616 | |||||||
| Short-term borrowings | 307,514 | 338,823 | 238,093 | |||||||
| Long-term debt | 394,500 | 394,523 | 369,679 | |||||||
| Trust preferred debentures | 18,720 | 18,720 | 18,720 | |||||||
| Other liabilities | 46,539 | 54,167 | 53,345 | |||||||
| Total liabilities | 3,936,200 | 3,880,071 | 3,694,453 | |||||||
| Total stockholders' equity | 319,239 | 332,233 | 322,280 | |||||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 4,255,439 | $ | 4,212,304 | $ | 4,016,733 |
| Three months ended | |||||||
NBT Bancorp Inc. and Subsidiaries | March 31, | ||||||
Consolidated Statements of Income (unaudited) | 2005 | 2004 | |||||
| (in thousands, except per share data) | |||||||
Interest, fee and dividend income: | |||||||
| Loans and leases | $ | 43,944 | $ | 39,894 | |||
| Securities available for sale | 10,247 | 10,769 | |||||
| Securities held to maturity | 803 | 797 | |||||
| Other | 467 | 267 | |||||
| Total interest, fee and dividend income | 55,461 | 51,727 | |||||
Interest expense: | |||||||
| Deposits | 10,720 | 10,045 | |||||
| Short-term borrowings | 1,861 | 793 | |||||
| Long-term debt | 3,808 | 3,615 | |||||
| Trust preferred debentures | 258 | 180 | |||||
| Total interest expense | 16,647 | 14,633 | |||||
| Net interest income | 38,814 | 37,094 | |||||
| Provision for loan and lease losses | 1,796 | 2,124 | |||||
| Net interest income after provision for loan and lease losses | 37,018 | 34,970 | |||||
Noninterest income: | |||||||
| Trust | 1,252 | 1,107 | |||||
| Service charges on deposit accounts | 3,929 | 4,037 | |||||
| ATM and debit card fees | 1,400 | 1,258 | |||||
| Broker/dealer and insurance revenue | 1,352 | 1,731 | |||||
| Net securities gains | (4 | ) | 9 | ||||
| Bank owned life insurance income | 333 | 385 | |||||
| Retirement plan administration fees | 863 | - | |||||
| Other | 1,586 | 1,916 | |||||
| Total noninterest income | 10,711 | 10,443 | |||||
Noninterest expense: | |||||||
| Salaries and employee benefits | 15,223 | 14,113 | |||||
| Office supplies and postage | 1,150 | 1,031 | |||||
| Occupancy | 2,788 | 2,598 | |||||
| Equipment | 2,096 | 1,853 | |||||
| Professional fees and outside services | 1,675 | 1,632 | |||||
| Data processing and communications | 2,658 | 2,692 | |||||
| Amortization of intangible assets | 118 | 71 | |||||
| Loan collection and other real estate owned | 401 | 372 | |||||
| Other operating | 2,772 | 2,840 | |||||
| Total noninterest expense | 28,881 | 27,202 | |||||
| Income before income taxes | 18,848 | 18,211 | |||||
| Income taxes | 6,059 | 5,840 | |||||
Net income | $ | 12,789 | $ | 12,371 | |||
| Earnings Per Share: | |||||||
| Basic | $ | 0.39 | $ | 0.38 | |||
| Diluted | $ | 0.39 | $ | 0.37 | |||
NBT Bancorp Inc. and Subsidiaries | 1Q | 4Q | 3Q | 2Q | 1Q | |||||||||||
Quarterly Consolidated Statements of Income (unaudited) | 2005 | 2004 | 2004 | 2004 | 2004 | |||||||||||
| (in thousands, except per share data) | ||||||||||||||||
Interest, fee and dividend income: | ||||||||||||||||
| Loans | $ | 43,944 | $ | 42,983 | $ | 41,283 | $ | 39,635 | $ | 39,894 | ||||||
| Securities available for sale | 10,247 | 10,398 | 10,784 | 10,313 | 10,769 | |||||||||||
| Securities held to maturity | 803 | 761 | 731 | 755 | 797 | |||||||||||
| Other | 467 | 279 | 295 | 235 | 267 | |||||||||||
| Total interest, fee and dividend income | 55,461 | 54,421 | 53,093 | 50,938 | 51,727 | |||||||||||
Interest expense: | ||||||||||||||||
| Deposits | 10,720 | 10,299 | 9,743 | 9,674 | 10,045 | |||||||||||
| Short-term borrowings | 1,861 | 1,307 | 1,192 | 794 | 793 | |||||||||||
| Long-term debt | 3,808 | 3,919 | 3,861 | 3,627 | 3,615 | |||||||||||
| Trust preferred debentures | 258 | 235 | 245 | 163 | 180 | |||||||||||
| Total interest expense | 16,647 | 15,760 | 15,041 | 14,258 | 14,633 | |||||||||||
| Net interest income | 38,814 | 38,661 | 38,052 | 36,680 | 37,094 | |||||||||||
| Provision for loan and lease losses | 1,796 | 2,750 | 2,313 | 2,428 | 2,124 | |||||||||||
| Net interest income after provision for loan and lease losses | 37,018 | 35,911 | 35,739 | 34,252 | 34,970 | |||||||||||
Noninterest income: | ||||||||||||||||
| Trust | 1,252 | 1,174 | 1,182 | 1,142 | 1,107 | |||||||||||
| Service charges on deposit accounts | 3,929 | 4,184 | 4,159 | 4,090 | 4,037 | |||||||||||
| ATM and debit card fees | 1,400 | 1,402 | 1,474 | 1,396 | 1,258 | |||||||||||
| Broker/dealer and insurance fees | 1,352 | 1,572 | 1,696 | 1,783 | 1,731 | |||||||||||
| Net securities gains | (4 | ) | 160 | 18 | 29 | 9 | ||||||||||
| Bank owned life insurance income | 333 | 345 | 348 | 409 | 385 | |||||||||||
| Retirement plan administration fees | 863 | - | - | - | - | |||||||||||
| Other | 1,586 | 1,503 | 1,240 | 1,140 | 1,916 | |||||||||||
| Total noninterest income | 10,711 | 10,340 | 10,117 | 9,989 | 10,443 | |||||||||||
Noninterest expense: | ||||||||||||||||
| Salaries and employee benefits | 15,223 | 14,063 | 13,345 | 12,542 | 14,113 | |||||||||||
| Office supplies and postage | 1,150 | 1,118 | 1,167 | 1,143 | 1,031 | |||||||||||
| Occupancy | 2,788 | 2,416 | 2,445 | 2,446 | 2,598 | |||||||||||
| Equipment | 2,096 | 1,998 | 1,941 | 1,781 | 1,853 | |||||||||||
| Professional fees and outside services | 1,675 | 1,583 | 1,536 | 1,424 | 1,632 | |||||||||||
| Data processing and communications | 2,658 | 2,740 | 2,688 | 2,852 | 2,692 | |||||||||||
| Amortization of intangible assets | 118 | 71 | 71 | 71 | 71 | |||||||||||
| Loan collection and other real estate owned | 401 | 431 | 339 | 99 | 372 | |||||||||||
| Goodwill impairment | - | 1,950 | - | - | - | |||||||||||
| Other operating | 2,772 | 3,037 | 3,773 | 3,505 | 2,840 | |||||||||||
| Total noninterest expense | 28,881 | 29,407 | 27,305 | 25,863 | 27,202 | |||||||||||
| Income before income taxes | 18,848 | 16,844 | 18,551 | 18,378 | 18,211 | |||||||||||
| Income taxes | 6,059 | 4,353 | 5,934 | 5,810 | 5,840 | |||||||||||
Net income | $ | 12,789 | $ | 12,491 | $ | 12,617 | $ | 12,568 | $ | 12,371 | ||||||
| Earnings per share: | ||||||||||||||||
| Basic | $ | 0.39 | $ | 0.38 | $ | 0.38 | $ | 0.38 | $ | 0.38 | ||||||
| Diluted | $ | 0.39 | $ | 0.38 | $ | 0.38 | $ | 0.38 | $ | 0.37 | ||||||