Exhibit 99.1
Page 1 of 9
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 INC. ANNOUNCES FIRST QUARTER EARNINGS OF $0.43 PER SHARE, UP 54% FROM THE FOURTH QUARTER OF 2007; DECLARES CASH DIVIDEND
NORWICH, NY (April 28, 2008) – NBT Bancorp Inc. (NBT) (NASDAQ: NBTB) reported today that net income per diluted share for the three months ended March 31, 2008 was $0.43 per share, compared with $0.28 per share and $0.41 per share for the three months ended December 31, 2007 and March 31, 2007, respectively. Return on average assets and return on average equity were 1.07% and 13.68%, respectively, for the three months ended March 31, 2008, compared with 0.69% and 9.06%, respectively, for the three months ended December 31, 2007 and 1.13% and 14.06%, respectively, for the three months ended March 31, 2007. Net income for the three months ended March 31, 2008 was $13.7 million, up $4.7 million, or 52.7%, from the three months ended December 31, 2007, and down $0.4 million, or 2.9%, from net income of $14.1 million reported for the three months ended March 31, 2007. The increase in net income for the three months ended March 31, 2008 as compared with the three months ended December 31, 2007 was primarily the result of an increase in net interest income as well as a decrease in the provision for loan and lease losses in the first quarter of 2008. The decrease in net income for the three months ended March 31, 2008 as compared with the same period in 2007 was primarily the result of a $4.4 million increase in the provision for loan and lease losses from the prior period, as well as an increase in noninterest expense totaling $3.2 million. These increases were partially offset by a $3.4 million, or 8.5%, increase in net interest income for the three months ended March 31, 2008 as compared to the three months ended March 31, 2007. In addition, noninterest income for the three months ended March 31, 2008 was $16.1 million, up $3.4 million or 26.8% from noninterest income of $12.7 million reported for the same period in 2007.
NBT President and CEO Martin A. Dietrich said, “The financial services industry continues to experience challenging market conditions in 2008. Given this difficult environment, I am pleased with our results for the first quarter. In particular, noninterest income was up 26.8% for the first quarter of 2008, compared with the first quarter of 2007, as we continue to focus on our fee initiatives as well as other areas of noninterest income that are so important to our future. In addition, our net interest income was up 8.5% from the first quarter of 2007, as we experienced growth in earning assets and an increase in our net interest margin of 21 basis points. We continue to closely monitor our asset quality and are encouraged by the improvement in the past due loans from $25.9 million to $19.7 million and the decrease in potential problem loans from $73.3 million to $58.5 million. As a result of the continued dedication and focus of our team, I am pleased and encouraged by our results in the first quarter of 2008.”
Page 2 of 9
Loan and Lease Quality and Provision for Loan and Lease Losses
Nonperforming loans at March 31, 2008 were $30.4 million or 0.87% of total loans and leases compared with $30.6 million or 0.88% at December 31, 2007. The allowance for loan and lease losses totaled $56.5 million at March 31, 2008, as compared to $54.2 million at December 31, 2007 and $50.6 million at March 31, 2007.
The Company recorded a provision for loan and lease losses of $6.5 million during the first quarter of 2008 compared with $13.4 million and $2.1 million for the three months ending December 31, 2007 and March 31, 2007, respectively. Net charge-offs totaled $4.2 million for the three month period ending March 31, 2008, down from $14.1 million for the three months ending December 31, 2007, and up from $2.1 million for the three months ended March 31, 2007. The decrease in the provision for loan and lease losses and net charge-offs from December 31, 2007 was due primarily to a charge-off related to one large commercial loan during the fourth quarter of 2007. The increase in the provision for loan and lease losses and net charge-offs from the three months ended March 31, 2007 was due primarily to an additional charge-off in the first quarter of 2008 related to the aforementioned commercial loan. Net charge-offs to average loans and leases for the three months ended March 31, 2008, were 0.48%, compared with 1.63% for the three months ended December 31, 2007, and 0.25% for the three months ended March 31, 2007. The Company’s allowance for loan and lease losses was 1.61% of loans and leases at March 31, 2008, compared with 1.57% at December 31, 2007 and 1.49% at March 31, 2007.
Net Interest Income
Net interest income was up 5.3% to $44.1 million for the three months ended March 31, 2008 compared with the three months ended December 31, 2007, and up 8.5% compared with $40.6 million for the three months ended March 31, 2007. The Company’s fully taxable equivalent (FTE) net interest margin increased from 3.61% and 3.63% for the three months ended December 31, 2007 and March 31, 2007, respectively, to 3.84% for the three months ended March 31, 2008. In addition, the Company experienced a 1.7% growth in average earning assets for the three months ending March 31, 2008 as compared to the three months ending March 31, 2007. The growth in average earning assets for the three months ended March 31, 2008, as compared to the three months ended March 31, 2007 was due primarily to an increase in average loans and leases. Although the yield on interest earning assets decreased 22 basis points, the yield on interest bearing liabilities declined 49 basis points, which contributed to the increase in the net interest margin from the three months ended March 31, 2007. The yield on money market deposit accounts declined from 3.45% for the three months ended March 31, 2007 to 2.37% for the three months ended March 31, 2008, while the yield on time deposits decreased 30 basis points for the same periods. The yield on short term borrowings declined 163 basis points for the three months ended March 31, 2008 as compared to the three months ended March 31, 2007, as a result of the 300 basis points drop in the Fed Funds Target Rate from 5.25% at March 31, 2007 to 2.25% at March 31, 2008.
Noninterest Income
Noninterest income for the three months ended March 31, 2008 was $16.1 million, up $3.4 million or 26.8% from $12.7 million for the same period in 2007. The increase in noninterest income was due primarily to an increase in fees from service charges on deposit accounts and ATM and debit cards, which collectively increased $2.3 million as the Company focused on enhancing fee income through various initiatives. In addition, trust administration income increased $0.3 million for the three month period ended March 31, 2008, compared with the same period in 2007. This increase stems primarily from an increase in customer accounts resulting from successful business development. Other noninterest income increased $0.6 million for the three month period ended March 31, 2008, compared with the same period in 2007. This increase was due primarily to a $0.4 million gain from the mandatory redemption of Visa, Inc. common stock associated with its initial public offering. Net securities gains and losses for the three month periods ended March 31, 2008 and 2007 were nominal and had no significant effect on noninterest income.
Page 3 of 9
Noninterest Expense and Income Tax Expense
Noninterest expense for the three months ended March 31, 2008 was $34.0 million, up from $30.9 million for the same period in 2007. Office expenses, such as supplies and postage, occupancy, equipment and data processing and communications charges were $9.9 million for the three months ended March 31, 2008, up $0.6 million, or 7.2%, from $9.3 million for the three months ended March 31, 2007. This increase was due primarily to increased expenses related to branch openings. Salaries and employee benefits increased $0.8 million, or 5.0%, for the three months ended March 31, 2008 compared with the same period in 2007. Professional fees and outside services increased $1.4 million for the three month period ended March 31, 2008, compared with the same period in 2007, due primarily to fees and costs related to the aforementioned noninterest income initiatives. Income tax expense for the three month period ended March 31, 2008 was $5.9 million, down from $6.2 million for the same period in 2007. The effective rates were 30.2% and 30.6% for the three month periods ended March 31, 2008 and 2007, respectively.
Balance Sheet
Total assets were $5.2 billion at March 31, 2008, up $28.0 million or 0.5% from $5.2 billion at December 31, 2007, and up $129.0 million or 2.5% from $5.1 billion at March 31, 2007. Loans and leases were $3.5 billion at March 31, 2008, up $49.6 million or 1.4% from $3.5 billion at December 31, 2007, and up $110.0 million or 3.2% from $3.4 billion at March 31, 2007. The increase in loans and leases for the three months ended March 31, 2008 as compared to March 31, 2007 was due in large part to an increase in consumer loans of approximately $136.9 million. This increase in consumer loans was partially offset by decreases in commercial loans and real estate loans totaling approximately $24.4 million. Total deposits were $3.9 billion at March 31, 2008, down $17.9 million or 0.5% from $3.9 billion at December 31, 2007, and down $112.4 million or 2.8% from $4.0 billion at March 31, 2007. The decrease from March 31, 2007 was due in large part to a $185.0 million, or 10.8%, decrease in time deposit accounts. This decrease was partially offset by a $48.4 million increase in demand deposit accounts and a $59.6 million increase in money market accounts from March 31, 2007 to March 31, 2008. Stockholders’ equity was $405.9 million, representing a total equity to total assets ratio of 7.76% at March 31, 2008, compared with $397.3 million or a total equity to total assets ratio of 7.64% at December 31, 2007, and $407.6 million or a total equity to total assets ratio of 7.99% at March 31, 2007.
Stock Repurchase Program
Under previously disclosed stock repurchase plans, the Company purchased 272,840 shares of its common stock during the three month period ended March 31, 2008, for a total of $5.9 million at an average price of $21.77 per share. At March 31, 2008, there were 1,203,040 shares available for repurchase under previously announced plans.
Page 4 of 9
Dividend Declared
The NBT Board of Directors declared a second quarter cash dividend of $0.20 per share at a meeting held today. The dividend will be paid on June 15, 2008, to shareholders of record as of June 1, 2008.
Corporate Overview
NBT is a financial holding company headquartered in Norwich, NY, with total assets of $5.2 billion at March 31, 2008. The Company primarily operates through NBT Bank, N.A., a full-service community bank with two divisions, and through two financial services companies. NBT Bank, N.A. has 122 locations, including 83 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. Hathaway Insurance Agency, Inc., based in Gloversville, NY, 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.pennstarbank.com, www.epic1st.com and www.hathawayagency.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.
Page 5 of 9
NBT Bancorp Inc. and Subsidiaries
SELECTED FINANCIAL HIGHLIGHTS
(unaudited)
2008 | 2007 | Net Change | Percent Change | |||||||||||||
(dollars in thousands, except per share data) | ||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||
Net Income | $ | 13,716 | $ | 14,132 | $ | (416 | ) | -3 | % | |||||||
Diluted Earnings Per Share | $ | 0.43 | $ | 0.41 | $ | 0.02 | 5 | % | ||||||||
Weighted Average Diluted Common Shares Outstanding | 32,251,700 | 34,457,082 | -2,205,382 | -6 | % | |||||||||||
Return on Average Assets (1) | 1.07 | % | 1.13 | % | -0.06 | % | -5 | % | ||||||||
Return on Average Equity (1) | 13.68 | % | 14.06 | % | -0.38 | % | -3 | % | ||||||||
Net Interest Margin (2) | 3.84 | % | 3.63 | % | 0.21 | % | 6 | % | ||||||||
Asset Quality | March 31, | December 31, | March 31, | |||||||||||||
2008 | 2007 | 2007 | ||||||||||||||
Nonaccrual Loans | $ | 29,864 | $ | 29,697 | $ | 16,294 | ||||||||||
90 Days Past Due and Still Accruing | $ | 543 | $ | 882 | $ | 1,069 | ||||||||||
Total Nonperforming Loans | $ | 30,407 | $ | 30,579 | $ | 17,363 | ||||||||||
Other Real Estate Owned | $ | 480 | $ | 560 | $ | 632 | ||||||||||
Total Nonperforming Assets | $ | 30,887 | $ | 31,139 | $ | 17,995 | ||||||||||
Past Due Loans | $ | 19,748 | $ | 25,914 | $ | 28,497 | ||||||||||
Allowance for Loan and Lease Losses | $ | 56,500 | $ | 54,183 | $ | 50,554 | ||||||||||
Year-to-Date (YTD) Net Charge-Offs | $ | 4,161 | $ | 26,498 | $ | 2,129 | ||||||||||
Allowance for Loan and Lease Losses to Total Loans and Leases | 1.61 | % | 1.57 | % | 1.49 | % | ||||||||||
Total Nonperforming Loans to Total Loans and Leases | 0.87 | % | 0.88 | % | 0.51 | % | ||||||||||
Total Nonperforming Assets to Total Assets | 0.59 | % | 0.60 | % | 0.35 | % | ||||||||||
Past Due Loans to Total Loans and Leases | 0.56 | % | 0.75 | % | 0.84 | % | ||||||||||
Allowance for Loan and Lease Losses to Total Nonperforming Loans | 185.81 | % | 177.19 | % | 291.16 | % | ||||||||||
Net Charge-Offs to YTD Average Loans and Leases | 0.48 | % | 0.77 | % | 0.25 | % | ||||||||||
Capital | ||||||||||||||||
Equity to Assets | 7.76 | % | 7.64 | % | 7.99 | % | ||||||||||
Book Value Per Share | $ | 12.65 | $ | 12.29 | $ | 11.99 | ||||||||||
Tangible Book Value Per Share | $ | 9.13 | $ | 8.78 | $ | 8.61 | ||||||||||
Tier 1 Leverage Ratio | 7.17 | % | 7.14 | % | 7.60 | % | ||||||||||
Tier 1 Capital Ratio | 9.75 | % | 9.85 | % | 10.53 | % | ||||||||||
Total Risk-Based Capital Ratio | 11.00 | % | 11.10 | % | 11.78 | % |
Quarterly Common Stock Price | 2008 | 2007 | 2006 | |||||||||||||||||||||
Quarter End | High | Low | High | Low | High | Low | ||||||||||||||||||
March 31 | $ | 23.65 | $ | 17.95 | $ | 25.81 | $ | 21.73 | $ | 23.90 | $ | 21.02 | ||||||||||||
June 30 | 23.45 | 21.80 | 23.24 | 21.03 | ||||||||||||||||||||
September 30 | 23.80 | 17.10 | 24.57 | 21.44 | ||||||||||||||||||||
December 31 | 25.00 | 20.58 | 26.47 | 22.36 |
(1) Annualized
(2) Calculated on a FTE basis
Page 6 of 9
NBT Bancorp Inc. and Subsidiaries | ||||||||||||||||
SELECTED FINANCIAL HIGHLIGHTS | ||||||||||||||||
(unaudited) | ||||||||||||||||
Net | Percent | |||||||||||||||
2008 | 2007 | Change | Change | |||||||||||||
(dollars in thousands, except per share data) | ||||||||||||||||
Balance Sheet as of March 31, | ||||||||||||||||
Loans and Leases | $ | 3,505,453 | $ | 3,395,476 | $ | 109,977 | 3 | % | ||||||||
Earning Assets | $ | 4,818,733 | $ | 4,710,263 | $ | 108,470 | 2 | % | ||||||||
Total Assets | $ | 5,229,771 | $ | 5,100,781 | $ | 128,990 | 3 | % | ||||||||
Deposits | $ | 3,854,226 | $ | 3,966,655 | $ | (112,429 | ) | -3 | % | |||||||
Stockholders’ Equity | $ | 405,863 | $ | 407,580 | $ | (1,717 | ) | 0 | % | |||||||
Average Balances | ||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||
Loans and Leases | $ | 3,466,360 | $ | 3,398,590 | $ | 67,770 | 2 | % | ||||||||
Securities Available For Sale | ||||||||||||||||
(excluding unrealized gains or losses) | $ | 1,120,257 | $ | 1,123,414 | $ | (3,157 | ) | 0 | % | |||||||
Securities Held To Maturity | $ | 152,860 | $ | 140,856 | $ | 12,004 | 9 | % | ||||||||
Regulatory Equity Investment | $ | 37,509 | $ | 34,804 | $ | 2,705 | 8 | % | ||||||||
Short-Term Interest Bearing Accounts | $ | 8,400 | $ | 9,255 | $ | (855 | ) | -9 | % | |||||||
Total Earning Assets | $ | 4,785,386 | $ | 4,706,919 | $ | 78,467 | 2 | % | ||||||||
Total Assets | $ | 5,164,344 | $ | 5,068,491 | $ | 95,853 | 2 | % | ||||||||
Interest Bearing Deposits | $ | 3,232,999 | $ | 3,245,152 | $ | (12,153 | ) | 0 | % | |||||||
Non-Interest Bearing Deposits | $ | 659,417 | $ | 616,938 | $ | 42,479 | 7 | % | ||||||||
Short-Term Borrowings | $ | 303,576 | $ | 265,347 | $ | 38,229 | 14 | % | ||||||||
Long-Term Borrowings | $ | 500,294 | $ | 482,025 | $ | 18,269 | 4 | % | ||||||||
Total Interest Bearing Liabilities | $ | 4,036,869 | $ | 3,992,524 | $ | 44,345 | 1 | % | ||||||||
Stockholders’ Equity | $ | 403,165 | $ | 407,519 | $ | (4,354 | ) | -1 | % |
Page 7 of 9
NBT Bancorp Inc. and Subsidiaries | March 31, | December 31, | March 31, | |||||||||
Consolidated Balance Sheets (unaudited) | 2008 | 2007 | 2007 | |||||||||
(in thousands) | ||||||||||||
ASSETS | ||||||||||||
Cash and due from banks | $ | 129,630 | $ | 155,495 | $ | 132,494 | ||||||
Short term interest bearing accounts | 7,345 | 7,451 | 24,598 | |||||||||
Securities available for sale, at fair value | 1,127,707 | 1,132,230 | 1,107,624 | |||||||||
Securities held to maturity (fair value of $158,482, $149,519 and $145,762 at March 31, 2008, December 31, 2007 and March 31, 2007, respectively) | 157,353 | 149,111 | 145,760 | |||||||||
Federal Reserve and Federal Home Loan Bank stock | 41,353 | 38,102 | 30,487 | |||||||||
Loans and leases | 3,505,453 | 3,455,851 | 3,395,476 | |||||||||
Less allowance for loan and lease losses | 56,500 | 54,183 | 50,554 | |||||||||
Net loans and leases | 3,448,953 | 3,401,668 | 3,344,922 | |||||||||
Premises and equipment, net | 64,302 | 64,042 | 65,784 | |||||||||
Goodwill | 103,398 | 103,398 | 103,420 | |||||||||
Intangible assets, net | 9,782 | 10,173 | 11,408 | |||||||||
Bank owned life insurance | 44,066 | 43,614 | 42,217 | |||||||||
Other assets | 95,882 | 96,492 | 92,067 | |||||||||
TOTAL ASSETS | $ | 5,229,771 | $ | 5,201,776 | $ | 5,100,781 | ||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||||||
Deposits: | ||||||||||||
Demand (noninterest bearing) | $ | 672,616 | $ | 666,698 | $ | 624,171 | ||||||
Savings, NOW, and money market | 1,656,374 | 1,614,289 | 1,632,222 | |||||||||
Time | 1,525,236 | 1,591,106 | 1,710,262 | |||||||||
Total deposits | 3,854,226 | 3,872,093 | 3,966,655 | |||||||||
Short-term borrowings | 399,992 | 368,467 | 204,421 | |||||||||
Long-term debt | 424,858 | 424,887 | 392,792 | |||||||||
Trust preferred debentures | 75,422 | 75,422 | 75,422 | |||||||||
Other liabilities | 69,410 | 63,607 | 53,911 | |||||||||
Total liabilities | 4,823,908 | 4,804,476 | 4,693,201 | |||||||||
Total stockholders' equity | 405,863 | 397,300 | 407,580 | |||||||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 5,229,771 | $ | 5,201,776 | $ | 5,100,781 |
Page 8 of 9
Three months ended | ||||||||
NBT Bancorp Inc. and Subsidiaries | March 31, | |||||||
Consolidated Statements of Income (unaudited) | 2008 | 2007 | ||||||
(in thousands, except per share data) | ||||||||
Interest, fee and dividend income: | ||||||||
Loans and leases | $ | 58,617 | $ | 59,808 | ||||
Securities available for sale | 13,746 | 13,467 | ||||||
Securities held to maturity | 1,514 | 1,444 | ||||||
Other | 775 | 740 | ||||||
Total interest, fee and dividend income | 74,652 | 75,459 | ||||||
Interest expense: | ||||||||
Deposits | 22,698 | 25,984 | ||||||
Short-term borrowings | 2,340 | 3,092 | ||||||
Long-term debt | 4,302 | 4,486 | ||||||
Trust preferred debentures | 1,247 | 1,268 | ||||||
Total interest expense | 30,587 | 34,830 | ||||||
Net interest income | 44,065 | 40,629 | ||||||
Provision for loan and lease losses | 6,478 | 2,096 | ||||||
Net interest income after provision for loan and lease losses | 37,587 | 38,533 | ||||||
Noninterest income: | ||||||||
Trust | 1,774 | 1,437 | ||||||
Service charges on deposit accounts | 6,525 | 4,469 | ||||||
ATM and debit card fees | 2,097 | 1,896 | ||||||
Broker/dealer and insurance revenue | 1,107 | 1,083 | ||||||
Net securities gains (losses) | 15 | (5 | ) | |||||
Bank owned life insurance income | 452 | 434 | ||||||
Retirement plan administration fees | 1,708 | 1,592 | ||||||
Other | 2,417 | 1,784 | ||||||
Total noninterest income | 16,095 | 12,690 | ||||||
Noninterest expense: | ||||||||
Salaries and employee benefits | 16,770 | 15,964 | ||||||
Office supplies and postage | 1,339 | 1,296 | ||||||
Occupancy | 3,610 | 3,169 | ||||||
Equipment | 1,825 | 1,933 | ||||||
Professional fees and outside services | 3,099 | 1,658 | ||||||
Data processing and communications | 3,170 | 2,877 | ||||||
Amortization of intangible assets | 391 | 409 | ||||||
Loan collection and other real estate owned | 567 | 377 | ||||||
Other operating | 3,263 | 3,189 | ||||||
Total noninterest expense | 34,034 | 30,872 | ||||||
Income before income taxes | 19,648 | 20,351 | ||||||
Income taxes | 5,932 | 6,219 | ||||||
Net income | $ | 13,716 | $ | 14,132 | ||||
Earnings Per Share: | ||||||||
Basic | $ | 0.43 | $ | 0.41 | ||||
Diluted | $ | 0.43 | $ | 0.41 |
Page 9 of 9
NBT Bancorp Inc. and Subsidiaries | 1Q | 4Q | 3Q | 2Q | 1Q | |||||||||||||||
Quarterly Consolidated Statements of Income (unaudited) | 2008 | 2007 | 2007 | 2007 | 2007 | |||||||||||||||
(in thousands, except per share data) | ||||||||||||||||||||
Interest, fee and dividend income: | ||||||||||||||||||||
Loans and leases | $ | 58,617 | $ | 60,817 | $ | 61,183 | $ | 60,689 | $ | 59,808 | ||||||||||
Securities available for sale | 13,746 | 13,971 | 13,847 | 13,562 | 13,467 | |||||||||||||||
Securities held to maturity | 1,514 | 1,458 | 1,471 | 1,525 | 1,444 | |||||||||||||||
Other | 775 | 736 | 680 | 719 | 740 | |||||||||||||||
Total interest, fee and dividend income | 74,652 | 76,982 | 77,181 | 76,495 | 75,459 | |||||||||||||||
Interest expense: | ||||||||||||||||||||
Deposits | 22,698 | 26,578 | 27,062 | 26,950 | 25,984 | |||||||||||||||
Short-term borrowings | 2,340 | 3,048 | 3,885 | 2,918 | 3,092 | |||||||||||||||
Long-term debt | 4,302 | 4,233 | 3,770 | 3,997 | 4,486 | |||||||||||||||
Trust preferred debentures | 1,247 | 1,270 | 1,277 | 1,272 | 1,268 | |||||||||||||||
Total interest expense | 30,587 | 35,129 | 35,994 | 35,137 | 34,830 | |||||||||||||||
Net interest income | 44,065 | 41,853 | 41,187 | 41,358 | 40,629 | |||||||||||||||
Provision for loan and lease losses | 6,478 | 13,440 | 4,788 | 9,770 | 2,096 | |||||||||||||||
Net interest income after provision for loan and lease losses | 37,587 | 28,413 | 36,399 | 31,588 | 38,533 | |||||||||||||||
Noninterest income: | ||||||||||||||||||||
Trust | 1,774 | 1,584 | 1,701 | 1,792 | 1,437 | |||||||||||||||
Service charges on deposit accounts | 6,525 | 7,142 | 6,195 | 4,936 | 4,469 | |||||||||||||||
ATM and debit card fees | 2,097 | 2,089 | 2,159 | 2,041 | 1,896 | |||||||||||||||
Broker/dealer and insurance fees | 1,107 | 1,052 | 1,027 | 1,093 | 1,083 | |||||||||||||||
Net securities gains (losses) | 15 | 613 | 1,484 | 21 | (5 | ) | ||||||||||||||
Bank owned life insurance income | 452 | 480 | 467 | 450 | 434 | |||||||||||||||
Retirement plan administration fees | 1,708 | 1,557 | 1,586 | 1,601 | 1,592 | |||||||||||||||
Other | 2,417 | 1,973 | 1,908 | 2,058 | 1,784 | |||||||||||||||
Total noninterest income | 16,095 | 16,490 | 16,527 | 13,992 | 12,690 | |||||||||||||||
Noninterest expense: | ||||||||||||||||||||
Salaries and employee benefits | 16,770 | 14,654 | 15,876 | 13,022 | 15,964 | |||||||||||||||
Office supplies and postage | 1,339 | 1,136 | 1,354 | 1,334 | 1,296 | |||||||||||||||
Occupancy | 3,610 | 2,948 | 2,928 | 2,585 | 3,169 | |||||||||||||||
Equipment | 1,825 | 1,855 | 1,797 | 1,837 | 1,933 | |||||||||||||||
Professional fees and outside services | 3,099 | 3,295 | 2,256 | 1,926 | 1,658 | |||||||||||||||
Data processing and communications | 3,170 | 2,899 | 2,779 | 2,845 | 2,877 | |||||||||||||||
Amortization of intangible assets | 391 | 413 | 413 | 410 | 409 | |||||||||||||||
Loan collection and other real estate owned | 567 | 597 | 431 | 228 | 377 | |||||||||||||||
Other operating | 3,263 | 4,607 | 3,393 | 3,827 | 3,189 | |||||||||||||||
Total noninterest expense | 34,034 | 32,404 | 31,227 | 28,014 | 30,872 | |||||||||||||||
Income before income taxes | 19,648 | 12,499 | 21,699 | 17,566 | 20,351 | |||||||||||||||
Income taxes | 5,932 | 3,514 | 6,552 | 5,502 | 6,219 | |||||||||||||||
Net income | $ | 13,716 | $ | 8,985 | $ | 15,147 | $ | 12,064 | $ | 14,132 | ||||||||||
Earnings per share: | ||||||||||||||||||||
Basic | $ | 0.43 | $ | 0.28 | $ | 0.46 | $ | 0.36 | $ | 0.41 | ||||||||||
Diluted | $ | 0.43 | $ | 0.28 | $ | 0.46 | $ | 0.36 | $ | 0.41 |