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Exhibit 99.1 |
FOR IMMEDIATE RELEASE |
ATTENTION: FINANCIAL AND BUSINESS EDITORS |
Contact: | Martin A. Dietrich, CEO |
Michael J. Chewens, CFO | |
NBT Bancorp Inc. | |
52 South Broad Street | |
Norwich, NY 13815 | |
607-337-6119 |
NBT BANCORP ANNOUNCES ANNUAL EARNINGS OF $52.4 MILLION AND STOCK
BUYBACK; DECLARES CASH DIVIDEND
NORWICH, NY (January 23, 2006) - NBT Bancorp Inc. (NBT) (NASDAQ: NBTB) reported today that net income for the year ended December 31, 2005, was $52.4 million, or $1.60 per diluted share, up 6% on a diluted per share basis compared with $50.0 million or $1.51 per diluted share for the same period in 2004. The increase in net income for the year ended December 31, 2005, was primarily the result of increases in net interest income of $7.6 million and noninterest income of $1.6 million partially offset by a $5.5 million increase in noninterest expense. Return on average assets and return on average equity were 1.21% and 15.86%, respectively, for the year ended December 31, 2005, compared with 1.21% and 15.69%, respectively, for the same period in 2004.
Net income for the quarter ended December 31, 2005, was $13.0 million, or $0.40 per diluted share, up 5% on a per diluted share basis from $12.5 million, or $0.38 per diluted share for the same period a year ago. The increase in net income for the quarter ended December 31, 2005, was primarily the result of an increase in net interest income of $1.4 million offset by an increase in income tax expense of $1.3 million. Annualized return on average assets and return on average equity were 1.17% and 15.47%, respectively, for the quarter ended December 31, 2005, compared with 1.18% and 15.08%, respectively, for the same period in 2004.
NBT CEO and President Martin A. Dietrich stated, “I am pleased to see the improvement in earnings over the same periods in 2004. Solid loan growth, supported by strong asset quality, has enabled us to achieve another solid year of results. During 2004 and 2005, we made several investments to expand our presence in the Albany, Binghamton and northeastern Pennsylvania markets. We are pleased with the loan and deposit growth we have experienced in these newer markets. We anticipate that the acquisition of City National Bank and Trust Company will close in the first quarter of 2006. This acquisition coupled with our branch expansion program is an important component for our plan of continued growth. Our team remains committed to increasing our market share through quality growth while focusing on our ultimate goals: to be the premier provider of community banking services in the markets we serve and to enhance our shareholders’ value.”
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Loan and Lease Quality and Provision for Loan and Lease Losses
Nonperforming loans at December 31, 2005 were $14.3 million or 0.47% of total loans and leases compared with $16.2 million or 0.56% of total loans and leases at December 31, 2004. The Company’s allowance for loan and lease losses was 1.57% of total loans and leases at December 31, 2005 and 2004. The ratio of the allowance for loan and lease losses to nonperforming loans was 331.92% at December 31, 2005 compared with 277.75% at December 31, 2004. Net charge-offs to average loans and leases for the year ended December 31, 2005, was 0.23% compared with 0.27% for the same period in 2004. For the year and quarter ended December 31, 2005, the provision for loan and lease losses totaled $9.5 million and $2.6 million, respectively, compared with the $9.6 million and $2.8 million for the same periods in 2004.
Net Interest Income
Net interest income for the year ended December 31, 2005 increased 5% to $158.1 million from $150.5 million in the same period for 2004. The Company’s net interest margin was 4.01% for the year ended December 31, 2005 compared with 4.03% in 2004. Net interest income was up 4% to $40.0 million for the quarter ended December 31, 2005, compared with $38.7 million for the same period a year ago. The increase in net interest income was due primarily to a 5% increase in average earning assets offset by a slight decline in the Company’s net interest margin, which was 3.97% for the quarter ended December 31, 2005, down from 4.03% for the same period in 2004. The increase in average earning assets was due primarily to loan growth, since average loans were up 6% for the quarter ended December 31, 2005, compared with the same period in 2004. The decrease in net interest margin is primarily attributable to the flattening yield curve, resulting in relatively flat reinvestment rates on investment securities and loans and increasing short-term borrowing and deposit costs. Dietrich added “Our expectation going forward is that our net interest margin will continue to decline given the flat yield curve and pressure on deposit pricing. Continuing the trend in loan growth we’ve experienced the last four years will be a key factor in overcoming this challenge.”
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Noninterest Income
Noninterest income for the year ended December 31, 2005, was $42.5 million, up $1.6 million from $40.9 million for the same period in 2004. Excluding net securities losses of $1.2 million for 2005, total noninterest income increased $2.9 million or 7% from the same period in 2004. Net securities losses of $1.2 million resulted from the sale of $47.8 million in securities available for sale to improve investment portfolio yield going forward. Retirement plan administration fees were $4.4 million. This is a new service from the acquisition of EPIC Advisors, Inc. in January 2005. ATM and debit card fees increased $0.6 million compared with the same period a year ago, due to growth from transaction deposit accounts, which has led to an increase in the Company’s debit card base. Other income increased $0.9 million from increases in consumer banking fees, mortgage banking income and title insurance revenue. Offsetting these increases was a $3.6 million decrease in broker/dealer and insurance revenue due to the sale of the Company’s broker/dealer subsidiary, M. Griffith, Inc. in March 2005.
Noninterest income for the quarter ended December 31, 2005, was $10.4 million, up $0.1 million from $10.3 million for the same period in 2004. Excluding net securities losses of $0.5 million during the quarter ended December 31, 2005, total noninterest income increased $0.6 million or 6% from the same period in 2004. Net securities losses of $0.5 million resulted from the previously mentioned sale of certain securities available for sale, which totaled $22.8 million for the quarter to improve investment portfolio yield going forward. Retirement plan administration fees totaled $1.2 million, from the previously mentioned acquisition of EPIC Advisors, Inc. in January 2005. Offsetting this increase was a $1.0 million decrease in broker/dealer and insurance revenue due to the previously mentioned sale of the Company’s broker/dealer subsidiary, M. Griffith, Inc. in March 2005.
Noninterest Expense
Noninterest expense for the year ended December 31, 2005, was $115.3 million, up $5.5 million or 5% from $109.8 million for the same period in 2004. The increase in noninterest expense was due largely to increases in salaries and employee benefits and other expense. Also, 2004 included a $2.0 million goodwill impairment charge. Salaries and employee benefits increased $4.8 million primarily from increases in full-time-equivalent employees and merit increases as well as an increase in retirement costs and incentive compensation. Other operating expense increased $2.1 million, principally from the reversal of a previously accrued $1.4 million liability that was determined in the fourth quarter of 2004 to no longer be required. The $2.0 million goodwill impairment charge in 2004 resulted from the expected sale of the Company’s broker/dealer subsidiary, M Griffith, Inc. in the first quarter of 2005.
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Noninterest expense for the quarter ended December 31, 2005, was $29.1 million, down $0.3 million from $29.4 million for the same period in 2004. The decrease in noninterest expense resulted principally from the previously mentioned $2.0 million goodwill impairment charge in 2004 charge offset by a $1.9 million increase in other operating expense in 2005. The increase in other operating expense resulted from the previously mentioned reversal of a previously accrued $1.4 million liability in 2004 that was determined to no longer be required.
Income Taxes
Income tax expense for the quarter ended December 31, 2005, was $5.7 million, up $1.3 million from the $4.4 million recorded during the same period in 2004. The effective rate for the quarter ended December 31, 2005, was 30.5%, compared with 25.8% for the same period in 2004. The increase in tax expense and the effective tax rate for the quarter ended December 31, 2005, compared with the same period in 2004, was due to the reversal of a previously accrued $0.8 million liability that was determined to no longer be required for the quarter ended December 31, 2004.
Balance Sheet
Total assets were $4.4 billion at December 31, 2005 up $0.2 billion from $4.2 billion at December 31, 2004. Loans and leases increased $0.1 billion or 5% from $2.9 billion at December 31, 2004, to $3.0 billion at December 31, 2005. Loan growth was driven predominantly by consumer loans and commercial loans. Total deposits were $3.2 billion at December 31, 2005, up $0.1 billion from $3.1 billion at December 31, 2004. Stockholders’ equity was $333.9 million, representing a total-equity-to-total-assets ratio of 7.54% at December 31, 2005 compared with $332.2 million or a total-equity-to-total-assets ratio of 7.89% at December 31, 2004.
Stock Buyback
NBT announced today that the NBT Board of Directors authorized a new repurchase program whereby NBT intends to repurchase up to an additional 1,000,000 shares (approximately 3%) of its outstanding common stock from time to time as market conditions warrant in open market and privately negotiated transactions. Currently, there are 503,151 shares remaining under a previous authorization that will be combined with the new authorization, increasing the total shares available for repurchase to 1,503,151. Under the program no shares will knowingly be repurchased from officers and directors of NBT or from persons who hold in excess of five percent of its outstanding shares of common stock. The Company acquired 1,008,114 shares of its common stock at an average price of $22.97 per share, totaling $23.2 million for the year ended December 31, 2005.
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Dividend Declared
The NBT Board of Directors declared a quarterly cash dividend of $0.19 per share at a meeting held today. The dividend will be paid on March 15, 2006, to shareholders of record as of March 1, 2006.
Corporate Overview
NBT is a financial holding company headquartered in Norwich, NY, with total assets of $4.4 billion at December 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 113 locations, including 74 NBT Bank offices in upstate New York and 39 Pennstar Bank offices in northeastern Pennsylvania. EPIC Advisors, Inc., based in Rochester, NY, is a full-service 401(k) plan recordkeeping firm. In June 2005, NBT announced that it had agreed to acquire CNB Bancorp, Inc. (CNB), which has total assets of approximately $400 million and is headquartered in Gloversville, NY. The merger is subject to CNB shareholder approval and is expected to close in the first quarter of 2006. More information about NBT and its divisions can be found on the Internet at www.nbtbancorp.com, www.nbtbank.com, www.pennstarbank.com and www.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; (7) the costs that will be incurred from the CNB acquisition and the risk of not obtaining CNB shareholder approval; and (8) 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.
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FINANCIAL TABLES APPEAR ON FOLLOWING PAGES (7-11).
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NBT Bancorp Inc. | |||||||||||||
SELECTED FINANCIAL HIGHLIGHTS | |||||||||||||
(unaudited) | |||||||||||||
2005 | 2004 | Net Change | Percent Change | ||||||||||
(dollars in thousands, except share and per share data) | |||||||||||||
Three Months Ended December 31, | |||||||||||||
Net Income | $ | 12,995 | $ | 12,491 | $ | 504 | 4% | ||||||
Diluted Earnings Per Share | $ | 0.40 | $ | 0.38 | $ | 0.02 | 5% | ||||||
Weighted Average Diluted | |||||||||||||
Common Shares Outstanding | 32,556,147 | 33,155,085 | (598,938) | -2% | |||||||||
Return on Average Assets | 1.17% | 1.18% | -0.01% | -1% | |||||||||
Return on Average Equity | 15.47% | 15.08% | 0.39% | 3% | |||||||||
Net Interest Margin | 3.97% | 4.03% | -0.06% | -1% | |||||||||
Twelve Months Ended December 31, | |||||||||||||
Net Income | $ | 52,438 | $ | 50,047 | $ | 2,391 | 5% | ||||||
Diluted Earnings Per Share | $ | 1.60 | $ | 1.51 | $ | 0.09 | 6% | ||||||
Weighted Average Diluted | |||||||||||||
Common Shares Outstanding | 32,710,425 | 33,086,716 | (376,291) | -1% | |||||||||
Return on Average Assets | 1.21% | 1.21% | 0.00% | 0% | |||||||||
Return on Average Equity | 15.86% | 15.69% | 0.17% | 1% | |||||||||
Net Interest Margin | 4.01% | 4.03% | -0.02% | 0% | |||||||||
Asset Quality | December 31, 2005 | December 31, 2004 | |||||||||||
Nonaccrual Loans | $ | 13,419 | $ | 14,991 | |||||||||
90 Days Past Due and Still Accruing | $ | 878 | $ | 1,186 | |||||||||
Total Nonperforming Loans | $ | 14,297 | $ | 16,177 | |||||||||
Other Real Estate Owned (OREO) | $ | 265 | $ | 428 | |||||||||
Total Nonperforming Assets | $ | 14,562 | $ | 16,605 | |||||||||
Allowance for Loan and Lease Losses | $ | 47,455 | $ | 44,932 | |||||||||
Year-to-Date (YTD) Net Charge-Offs | $ | 6,941 | $ | 7,334 | |||||||||
Allowance to Loans and Leases | 1.57% | 1.57% | |||||||||||
Total Nonperforming Loans to Loans and Leases | 0.47% | 0.56% | |||||||||||
Total Nonperforming Assets to Assets | 0.33% | 0.39% | |||||||||||
Allowance to Nonperforming Loans | 331.92% | 277.75% | |||||||||||
Net Charge-Offs to | |||||||||||||
YTD Average Loans and Leases | 0.23% | 0.27% | |||||||||||
Capital | |||||||||||||
Equity to Assets | 7.54% | 7.89% | |||||||||||
Book Value Per Share | $ | 10.34 | $ | 10.11 | |||||||||
Tangible Book Value Per Share | $ | 8.75 | $ | 8.66 | |||||||||
Tier 1 Leverage Ratio | 7.16% | 7.13% | |||||||||||
Tier 1 Capital Ratio | 9.80% | 9.78% | |||||||||||
Total Risk-Based Capital Ratio | 11.05% | 11.04% |
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 | $16.76 | |||||||||||||
June 30 | $24.15 | $20.10 | 23.18 | 19.92 | 19.94 | 17.37 | |||||||||||||
September 30 | $25.50 | $22.79 | 24.34 | 21.02 | 21.76 | 19.24 | |||||||||||||
December 31 | $23.79 | $20.75 | 26.84 | 21.94 | 22.78 | 19.50 |
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NBT Bancorp Inc. | |||||||||||||
SELECTED FINANCIAL HIGHLIGHTS | |||||||||||||
(unaudited) | |||||||||||||
2005 | 2004 | Net Change | Percent Change | ||||||||||
(dollars in thousands, except share and per share data) | |||||||||||||
Balance Sheet as of December 31, | |||||||||||||
Loans | $ | 3,022,657 | $ | 2,869,921 | $ | 152,736 | 5 | % | |||||
Earning Assets | $ | 4,129,350 | $ | 3,940,565 | $ | 188,785 | 5 | % | |||||
Total Assets | $ | 4,426,773 | $ | 4,212,304 | $ | 214,469 | 5 | % | |||||
Deposits | $ | 3,160,196 | $ | 3,073,838 | $ | 86,358 | 3 | % | |||||
Stockholders’ Equity | $ | 333,943 | $ | 332,233 | $ | 1,710 | 1 | % | |||||
Average Balances | |||||||||||||
Quarter Ended December 31, | |||||||||||||
Loans | $ | 3,012,561 | $ | 2,843,841 | $ | 168,720 | 6 | % | |||||
Securities AFS (excluding unrealized gains or losses) | $ | 965,742 | $ | 956,183 | $ | 9,559 | 1 | % | |||||
Securities HTM | $ | 92,054 | $ | 81,152 | $ | 10,902 | 13 | % | |||||
Regulatory Equity Investment | $ | 39,277 | $ | 34,920 | $ | 4,357 | 12 | % | |||||
Short-Term Interest Bearing Accounts | $ | 7,676 | $ | 7,419 | $ | 257 | 3 | % | |||||
Total Earning Assets | $ | 4,117,310 | $ | 3,923,514 | $ | 193,796 | 5 | % | |||||
Total Assets | $ | 4,393,140 | $ | 4,206,900 | $ | 186,240 | 4 | % | |||||
Interest Bearing Deposits | $ | 2,602,145 | $ | 2,593,393 | $ | 8,752 | 0 | % | |||||
Non-Interest Bearing Deposits | $ | 571,999 | $ | 513,795 | $ | 58,204 | 11 | % | |||||
Short-Term Borrowings | $ | 396,077 | $ | 299,372 | $ | 96,705 | 32 | % | |||||
Long-Term Borrowings | $ | 439,798 | $ | 413,255 | $ | 26,543 | 6 | % | |||||
Total Interest Bearing Liabilities | $ | 3,438,020 | $ | 3,306,021 | $ | 131,999 | 4 | % | |||||
Stockholders’ Equity | $ | 333,450 | $ | 329,543 | $ | 3,907 | 1 | % | |||||
Average Balances | |||||||||||||
Twelve Months Ended December 31, | |||||||||||||
Loans | $ | 2,959,256 | $ | 2,743,753 | $ | 215,503 | 8 | % | |||||
Securities AFS (excluding unrealized gains or losses) | $ | 954,461 | $ | 970,024 | $ | (15,563 | ) | -2 | % | ||||
Securities HTM | $ | 88,244 | $ | 85,771 | $ | 2,473 | 3 | % | |||||
Regulatory Equity Investment | $ | 37,607 | $ | 34,813 | $ | 2,794 | 8 | % | |||||
Short-Term Interest Bearing Accounts | $ | 7,298 | $ | 7,583 | $ | (285 | ) | -4 | % | ||||
Total Earning Assets | $ | 4,046,866 | $ | 3,841,944 | $ | 204,922 | 5 | % | |||||
Total Assets | $ | 4,326,155 | $ | 4,120,547 | $ | 205,608 | 5 | % | |||||
Interest Bearing Deposits | $ | 2,615,833 | $ | 2,555,384 | $ | 60,449 | 2 | % | |||||
Non-Interest Bearing Deposits | $ | 543,077 | $ | 492,746 | $ | 50,331 | 10 | % | |||||
Short-Term Borrowings | $ | 353,644 | $ | 302,276 | $ | 51,368 | 17 | % | |||||
Long-Term Borrowings | $ | 430,487 | $ | 400,053 | $ | 30,434 | 8 | % | |||||
Total Interest Bearing Liabilities | $ | 3,399,964 | $ | 3,257,713 | $ | 142,251 | 4 | % | |||||
Stockholders’ Equity | $ | 330,676 | $ | 318,901 | $ | 11,775 | 4 | % |
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NBT Bancorp Inc. and Subsidiaries Consolidated Balance Sheets (unaudited) | December 31, 2005 | December 31, 2004 | |||||
(in thousands) | |||||||
ASSETS | |||||||
Cash and due from banks | $ | 134,501 | $ | 98,437 | |||
Short term interest bearing accounts | 7,987 | 8,286 | |||||
Securities available for sale, at fair value | 954,474 | 952,542 | |||||
Securities held to maturity (fair value of $93,701 and $82,712 at December 31, 2005 and December 31, 2004, respectively) | 93,709 | 81,782 | |||||
Federal Reserve and Federal Home Loan Bank stock | 40,259 | 36,842 | |||||
Loans and leases | 3,022,657 | 2,869,921 | |||||
Less allowance for loan and lease losses | 47,455 | 44,932 | |||||
Net loans and leases | 2,975,202 | 2,824,989 | |||||
Premises and equipment, net | 63,693 | 63,743 | |||||
Goodwill | 47,544 | 45,570 | |||||
Intangible assets, net | 3,808 | 2,013 | |||||
Bank owned life insurance | 33,648 | 32,302 | |||||
Other assets | 71,948 | 65,798 | |||||
TOTAL ASSETS | $ | 4,426,773 | $ | 4,212,304 | |||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||
Deposits: | |||||||
Demand (noninterest bearing) | $ | 593,422 | $ | 520,218 | |||
Savings, NOW, and money market | 1,325,166 | 1,435,561 | |||||
Time | 1,241,608 | 1,118,059 | |||||
Total deposits | 3,160,196 | 3,073,838 | |||||
Short-term borrowings | 444,977 | 338,823 | |||||
Long-term debt | 414,330 | 394,523 | |||||
Trust preferred debentures | 23,875 | 18,720 | |||||
Other liabilities | 49,452 | 54,167 | |||||
Total liabilities | 4,092,830 | 3,880,071 | |||||
Total stockholders' equity | 333,943 | 332,233 | |||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 4,426,773 | $ | 4,212,304 |
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NBT Bancorp Inc. and Subsidiaries | Three months ended December 31, | Twelve months ended December 31, | |||||||||||
Consolidated Statements of Income (unaudited) | 2005 | 2004 | 2005 | 2004 | |||||||||
(in thousands, except per share data) | |||||||||||||
Interest, fee and dividend income: | |||||||||||||
Loans and leases | $ | 50,726 | $ | 42,983 | $ | 189,714 | $ | 163,795 | |||||
Securities available for sale | 10,544 | 10,398 | 41,120 | 42,264 | |||||||||
Securities held to maturity | 913 | 761 | 3,407 | 3,044 | |||||||||
Other | 575 | 279 | 2,126 | 1,076 | |||||||||
Total interest, fee and dividend income | 62,758 | 54,421 | 236,367 | 210,179 | |||||||||
Interest expense: | |||||||||||||
Deposits | 14,352 | 10,299 | 49,932 | 39,761 | |||||||||
Short-term borrowings | 3,911 | 1,307 | 10,984 | 4,086 | |||||||||
Long-term debt | 4,098 | 3,919 | 16,114 | 15,022 | |||||||||
Trust preferred debentures | 375 | 235 | 1,226 | 823 | |||||||||
Total interest expense | 22,736 | 15,760 | 78,256 | 59,692 | |||||||||
Net interest income | 40,022 | 38,661 | 158,111 | 150,487 | |||||||||
Provision for loan and lease losses | 2,596 | 2,750 | 9,464 | 9,615 | |||||||||
Net interest income after provision for loan and lease losses | 37,426 | 35,911 | 148,647 | 140,872 | |||||||||
Noninterest income: | |||||||||||||
Trust | 1,234 | 1,174 | 5,029 | 4,605 | |||||||||
Service charges on deposit accounts | 4,340 | 4,184 | 16,894 | 16,470 | |||||||||
ATM and debit card fees | 1,587 | 1,402 | 6,162 | 5,530 | |||||||||
Broker/dealer and insurance revenue | 527 | 1,572 | 3,186 | 6,782 | |||||||||
Net securities (losses) gains | (546 | ) | 160 | (1,236 | ) | 216 | |||||||
Bank owned life insurance income | 342 | 345 | 1,347 | 1,487 | |||||||||
Retirement plan administration fees | 1,212 | - | 4,426 | - | |||||||||
Other | 1,736 | 1,503 | 6,741 | 5,799 | |||||||||
Total noninterest income | 10,432 | 10,340 | 42,549 | 40,889 | |||||||||
Noninterest expense: | |||||||||||||
Salaries and employee benefits | 13,863 | 14,308 | 60,005 | 55,204 | |||||||||
Office supplies and postage | 1,222 | 1,118 | 4,628 | 4,459 | |||||||||
Occupancy | 2,689 | 2,416 | 10,452 | 9,905 | |||||||||
Equipment | 2,120 | 1,998 | 8,118 | 7,573 | |||||||||
Professional fees and outside services | 1,584 | 1,583 | 6,087 | 6,175 | |||||||||
Data processing and communications | 2,548 | 2,740 | 10,349 | 10,972 | |||||||||
Amortization of intangible assets | 142 | 71 | 544 | 284 | |||||||||
Loan collection and other real estate owned | 278 | 431 | 1,002 | 1,241 | |||||||||
Goodwill impairment | - | 1,950 | - | 1,950 | |||||||||
Other operating | 4,703 | 2,792 | 14,120 | 12,014 | |||||||||
Total noninterest expense | 29,149 | 29,407 | 115,305 | 109,777 | |||||||||
Income before income taxes | 18,709 | 16,844 | 75,891 | 71,984 | |||||||||
Income taxes | 5,714 | 4,353 | 23,453 | 21,937 | |||||||||
Net income | $ | 12,995 | $ | 12,491 | $ | 52,438 | $ | 50,047 | |||||
Earnings Per Share: | |||||||||||||
Basic | $ | 0.40 | $ | 0.38 | $ | 1.62 | $ | 1.53 | |||||
Diluted | $ | 0.40 | $ | 0.38 | $ | 1.60 | $ | 1.51 |
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NBT Bancorp Inc. and Subsidiaries Quarterly Consolidated Statements of Income (unaudited) | 4Q 2005 | 3Q 2005 | 2Q 2005 | 1Q 2005 | 4Q 2004 | |||||||||||
(in thousands, except per share data) | ||||||||||||||||
Interest, fee and dividend income: | ||||||||||||||||
Loans | $ | 50,726 | $ | 48,784 | $ | 46,260 | $ | 43,944 | $ | 42,983 | ||||||
Securities available for sale | 10,544 | 10,103 | 10,226 | 10,247 | 10,398 | |||||||||||
Securities held to maturity | 913 | 860 | 831 | 803 | 761 | |||||||||||
Other | 575 | 535 | 549 | 467 | 279 | |||||||||||
Total interest, fee and dividend income | 62,758 | 60,282 | 57,866 | 55,461 | 54,421 | |||||||||||
Interest expense: | ||||||||||||||||
Deposits | 14,352 | 12,842 | 12,018 | 10,720 | 10,299 | |||||||||||
Short-term borrowings | 3,911 | 3,005 | 2,207 | 1,861 | 1,307 | |||||||||||
Long-term debt | 4,098 | 4,176 | 4,032 | 3,808 | 3,919 | |||||||||||
Trust preferred debentures | 375 | 308 | 285 | 258 | 235 | |||||||||||
Total interest expense | 22,736 | 20,331 | 18,542 | 16,647 | 15,760 | |||||||||||
Net interest income | 40,022 | 39,951 | 39,324 | 38,814 | 38,661 | |||||||||||
Provision for loan and lease losses | 2,596 | 2,752 | 2,320 | 1,796 | 2,750 | |||||||||||
Net interest income after provision for loan and lease losses | 37,426 | 37,199 | 37,004 | 37,018 | 35,911 | |||||||||||
Noninterest income: | ||||||||||||||||
Trust | 1,234 | 1,292 | 1,251 | 1,252 | 1,174 | |||||||||||
Service charges on deposit accounts | 4,340 | 4,314 | 4,311 | 3,929 | 4,184 | |||||||||||
ATM and debit card fees | 1,587 | 1,631 | 1,544 | 1,400 | 1,402 | |||||||||||
Broker/dealer and insurance fees | 527 | 571 | 736 | 1,352 | 1,572 | |||||||||||
Net securities (losses) gains | (546 | ) | (737 | ) | 51 | (4 | ) | 160 | ||||||||
Bank owned life insurance income | 342 | 339 | 333 | 333 | 345 | |||||||||||
Retirement plan administration fees | 1,212 | 1,195 | 1,156 | 863 | - | |||||||||||
Other | 1,736 | 1,746 | 1,673 | 1,586 | 1,503 | |||||||||||
Total noninterest income | 10,432 | 10,351 | 11,055 | 10,711 | 10,340 | |||||||||||
Noninterest expense: | ||||||||||||||||
Salaries and employee benefits | 13,863 | 15,438 | 15,253 | 15,451 | 14,308 | |||||||||||
Office supplies and postage | 1,222 | 1,135 | 1,121 | 1,150 | 1,118 | |||||||||||
Occupancy | 2,689 | 2,425 | 2,550 | 2,788 | 2,416 | |||||||||||
Equipment | 2,120 | 1,971 | 1,931 | 2,096 | 1,998 | |||||||||||
Professional fees and outside services | 1,584 | 1,447 | 1,381 | 1,675 | 1,583 | |||||||||||
Data processing and communications | 2,548 | 2,613 | 2,530 | 2,658 | 2,740 | |||||||||||
Amortization of intangible assets | 142 | 142 | 142 | 118 | 71 | |||||||||||
Loan collection and other real estate owned | 278 | 115 | 208 | 401 | 431 | |||||||||||
Goodwill impairment | - | - | - | - | 1,950 | |||||||||||
Other operating | 4,703 | 3,293 | 3,580 | 2,544 | 2,792 | |||||||||||
Total noninterest expense | 29,149 | 28,579 | 28,696 | 28,881 | 29,407 | |||||||||||
Income before income taxes | 18,709 | 18,971 | 19,363 | 18,848 | 16,844 | |||||||||||
Income taxes | 5,714 | 5,445 | 6,235 | 6,059 | 4,353 | |||||||||||
Net income | $ | 12,995 | $ | 13,526 | $ | 13,128 | $ | 12,789 | $ | 12,491 | ||||||
Earnings per share: | ||||||||||||||||
Basic | $ | 0.40 | $ | 0.42 | $ | 0.41 | $ | 0.39 | $ | 0.38 | ||||||
Diluted | $ | 0.40 | $ | 0.41 | $ | 0.40 | $ | 0.39 | $ | 0.38 |