Exhibit 99.1
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| 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 $0.40 PER DILUTED SHARE; DECLARES CASH DIVIDEND
NORWICH, NY (April 27, 2009) – NBT Bancorp Inc. (NBT) (NASDAQ: NBTB) reported today that net income for the three months ended March 31, 2009 was $13.1 million, down $0.6 million, or 4.7%, from net income of $13.7 million reported for the same period in 2008. Net income per diluted share for the three months ended March 31, 2009 was $0.40 per share, compared with $0.43 per share for 2008. Return on average assets and return on average equity were 0.99% and 12.14%, respectively, for the three months ended March 31, 2009, compared with 1.07% and 13.68%, respectively, for 2008.
NBT President and CEO Martin Dietrich said: “Our first quarter results were down slightly from the same period in 2008 primarily due to higher FDIC premiums which were imposed on all FDIC insured financial institutions. I am pleased with our performance as we were able to grow our net interest income over last year by more than 9% due to effective management of our earning assets and liabilities in this challenging economic environment. Compared with the first quarter of 2008, our noninterest income grew by more than 21%, which is important to our success. While these positive trends have been encouraging, we were negatively affected in a few areas, due in part to the recent struggles of the financial services industry and the economy in general. Most notably, our FDIC premiums increased by approximately $1.3 million in the first quarter of 2009, as compared with the first quarter of 2008, due to increased assessment rates. In addition, our pension expenses increased significantly in the first quarter due to the volatile marketplace and its impact on plan assets. On a positive note, in the beginning of the second quarter we were able to raise approximately $34 million in capital through an additional public offering of our common stock on favorable terms, while simultaneously being added to the Standard & Poor’s SmallCap 600 Index. Inclusion in this index is a very significant event for our Company, since it reinforces and recognizes our strong financial performance. While we anticipate that the rest of 2009 will be very challenging for the financial services industry, we are confident that we can continue to meet these challenges and deliver long-term value to our shareholders and customers.”
Loan and Lease Quality and Provision for Loan and Lease Losses
Nonperforming loans at March 31, 2009 were $27.3 million or 0.75% of total loans and leases compared with $26.5 million or 0.73% at December 31, 2008. The allowance for loan and lease losses totaled $59.3 million at March 31, 2009, compared with $58.6 million at December 31, 2008. The Company recorded a provision for loan and lease losses of $6.5 million during the first quarter of 2009 compared with $6.5 million for the three months ending March 31, 2008. Net charge-offs totaled $5.7 million for the three-month period ended March 31, 2009, up from $4.2 million for the three months ended March 31, 2008. The increase in net charge-offs for the three months ended March 31, 2009, compared with the three months ended March 31, 2008, was due primarily to increased charge-offs in the first quarter of 2009 related to indirect consumer loans and small business loans. The Company’s allowance for loan and lease losses was 1.63% of loans and leases at March 31, 2009, compared with 1.61% at March 31, 2008.
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Net Interest Income
Net interest income was up 9.2% to $48.1 million for the three months ended March 31, 2009, compared with $44.1 million for the three months ended March 31, 2008. The Company’s fully taxable equivalent (FTE) net interest margin was 4.09% for the three months ended March 31, 2009, as compared with 3.84% for the three months ended March 31, 2008. In addition, the Company experienced a 3.0% growth in average earning assets for the three months ended March 31, 2009, compared with the three months ended March 31, 2008, due primarily to an increase in average loans and leases.
Although the yield on interest-earning assets decreased 57 basis points for the three months ended March 31, 2009, the yield on interest-bearing liabilities declined 98 basis points, which led to the increase in the net interest margin from the three months ended March 31, 2008. The yield on money market deposit accounts was 1.34% for the three months ended March 31, 2009, down from 2.37% for the three months ended March 31, 2008. The yield on time deposits decreased 124 basis points for the same period. The yield on short-term borrowings declined 270 basis points for the three months ended March 31, 2009, compared with the three months ended March 31, 2008, as a result of the 200 basis point drop in the Federal Reserve’s target for the federal funds rate from 2.25% at March 31, 2008 to 0.25% at March 31, 2009.
Noninterest Income
Noninterest income for the three months ended March 31, 2009 was $19.6 million, up $3.5 million or 21.7% from $16.1 million for the same period in 2008. The increase in noninterest income was due primarily to an increase in broker/dealer and insurance revenue of approximately $4.2 million for the three months ended March 31, 2009, primarily due to the acquisition of Mang Insurance Agency, LLC during the third quarter of 2008. This increase was partially offset by a decrease in trust administration income of $0.4 million for the three months ended March 31, 2009, compared with the same period in 2008. This decrease was primarily the result of a decline in the value of trust assets under administration.
Noninterest Expense and Income Tax Expense
Noninterest expense for the three months ended March 31, 2009 was $42.3 million, up from $34.0 million for the same period in 2008. Salaries and employee benefits increased $4.7 million, or 27.8%, for the three months ended March 31, 2009, compared with the same period in 2008. This increase was due primarily to increases in full-time-equivalent employees during 2009, largely due to new branch activity and the aforementioned acquisition. In addition, the Company experienced increases of approximately $0.8 million and $0.4 million in pension and medical expenses, respectively, for the three months ended March 31, 2009 as compared with the same period in 2008. Occupancy, equipment and data processing and communications expenses were $9.5 million for the three months ended March 31, 2009, up $0.9 million, or 10.2%, from $8.6 million for the three months ended March 31, 2008. This increase was due primarily to an increase in expenses related to new branch activity during the past nine months. Professional fees and outside services decreased $0.4 million for the three months ended March 31, 2009, compared with the same period in 2008, due primarily to professional fees incurred in 2008 related to noninterest income initiatives. Amortization of intangible assets was $0.8 million for the three months ended March 31, 2009, up from $0.4 million for same period in 2008 due to the aforementioned acquisition. Other operating expenses were $4.1 million for the three months ended March 31, 2009, up $1.0 million from $3.1 million for the three months ended March 31, 2008. This increase resulted primarily from various nonrecurring recoveries in 2008. FDIC expenses increased approximately $1.3 million for the three months ended March 31, 2009, compared with the same period in 2008. Income tax expense for the three months ended March 31, 2009 and 2008 was $5.9 million. The effective rates were 31.0% and 30.2% for the three months ended March 31, 2009 and 2008, respectively.
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Balance Sheet
Total assets were $5.4 billion at March 31, 2009, up $70.1 million or 1.3% from $5.3 billion at December 31, 2008. Loans and leases were $3.6 billion at March 31, 2009, down nominally from December 31, 2008. Total deposits were $4.1 billion at March 31, 2009, up $152.7 million or 3.9% from December 31, 2008. The increase from December 31, 2008 was due in large part to a $177.7 million, or 9.4%, increase in NOW, savings and money market accounts, partially offset by a $27.6 million decrease in time deposits. Stockholders’ equity was $442.6 million, representing a total equity-to-total assets ratio of 8.19% at March 31, 2009, compared with $431.8 million or a total equity-to-total assets ratio of 8.09% at December 31, 2008.
Stock Repurchase Program
The Company made no purchases of its common stock securities during the quarter ended March 31, 2009. At March 31, 2009, there were 1,000,000 shares available for repurchase under a previously announced stock repurchase plan. This plan was authorized on January 28, 2008 in the amount of 1,000,000 shares and expires on December 31, 2009.
Dividend Declared
The NBT Board of Directors declared a 2009 second-quarter cash dividend of $0.20 per share at a meeting held today. The dividend will be paid on June 15, 2009, to shareholders of record as of June 1, 2009.
Corporate Overview
NBT Bancorp Inc. is a financial holding company headquartered in Norwich, NY, with total assets of $5.4 billion at March 31, 2009. 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 84 NBT Bank offices in upstate New York and 38 Pennstar Bank offices in northeastern Pennsylvania. EPIC Advisors, Inc., based in Rochester, NY, is a full-service 401(k) plan recordkeeping firm. Mang Insurance Agency, LLC, based in Binghamton, 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.manginsurance.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.
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| | | NBT Bancorp Inc. and Subsidiaries | | | | | | | |
| | | SELECTED FINANCIAL HIGHLIGHTS | | | | | | | |
| | | (unaudited) | | | | | | | |
| | | | | | | | | Net | | | Percent | |
| | | 2009 | | | 2008 | | | Change | | | Change | |
| | | (dollars in thousands, except per share data) | | | | | | | |
| | | | | | | | | | | | | |
| Three Months Ended March 31, | | | | | | | | | | | | |
| Net Income | | $ | 13,072 | | | $ | 13,716 | | | $ | (644 | ) | | | -5 | % |
| Diluted Earnings Per Share | | $ | 0.40 | | | $ | 0.43 | | | $ | (0.03 | ) | | | -7 | % |
| Weighted Average Diluted | | | | | | | | | | | | | | | | |
| Common Shares Outstanding | | | 32,644,599 | | | | 32,251,700 | | | | 392,899 | | | | 1 | % |
| Return on Average Assets (1) | | | 0.99 | % | | | 1.07 | % | | | -0.08 | % | | | -7 | % |
| Return on Average Equity (1) | | | 12.14 | % | | | 13.68 | % | | | -1.54 | % | | | -11 | % |
| Net Interest Margin (2) | | | 4.09 | % | | | 3.84 | % | | | 0.25 | % | | | 7 | % |
| | | | | | | | | | | | | | | | | |
| Asset Quality | | March 31, | | | December 31, | | | | | | | | | |
| | | 2009 | | | 2008 | | | | | | | | | |
| Nonaccrual Loans | | $ | 24,747 | | | $ | 24,191 | | | | | | | | | |
| 90 Days Past Due and Still Accruing | | $ | 2,537 | | | $ | 2,305 | | | | | | | | | |
| Total Nonperforming Loans | | $ | 27,284 | | | $ | 26,496 | | | | | | | | | |
| Other Real Estate Owned | | $ | 1,254 | | | $ | 665 | | | | | | | | | |
| Total Nonperforming Assets | | $ | 28,538 | | | $ | 27,161 | | | | | | | | | |
| Past Due Loans | | $ | 33,982 | | | $ | 33,098 | | | | | | | | | |
| Allowance for Loan and Lease Losses | | $ | 59,311 | | | $ | 58,564 | | | | | | | | | |
| Year-to-Date (YTD) Net Charge-Offs | | $ | 5,704 | | | $ | 22,800 | | | | | | | | | |
| Allowance for Loan and Lease Losses to Total Loans and Leases | | | 1.63 | % | | | 1.60 | % | | | | | | | | |
| Total Nonperforming Loans to Total Loans and Leases | | | 0.75 | % | | | 0.73 | % | | | | | | | | |
| Total Nonperforming Assets to Total Assets | | | 0.53 | % | | | 0.51 | % | | | | | | | | |
| Past Due Loans to Total Loans and Leases | | | 0.93 | % | | | 0.91 | % | | | | | | | | |
| Allowance for Loan and Lease Losses to Total Nonperforming Loans | | | 217.38 | % | | | 221.03 | % | | | | | | | | |
| Net Charge-Offs to YTD Average Loans and Leases | | | 0.63 | % | | | 0.64 | % | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| Capital | | | | | | | | | | | | | | | | |
| Equity to Assets | | | 8.19 | % | | | 8.09 | % | | | | | | | | |
| Book Value Per Share | | $ | 13.55 | | | $ | 13.24 | | | | | | | | | |
| Tangible Book Value Per Share | | $ | 9.34 | | | $ | 9.01 | | | | | | | | | |
| Tier 1 Leverage Ratio | | | 7.47 | % | | | 7.17 | % | | | | | | | | |
| Tier 1 Capital Ratio | | | 10.11 | % | | | 9.75 | % | | | | | | | | |
| Total Risk-Based Capital Ratio | | | 11.36 | % | | | 11.00 | % | | | | | | | | |
| Quarterly Common Stock Price | | 2009 | | | 2008 | | | 2007 | |
| Quarter End | | High | | | Low | | | High | | | Low | | | High | | | Low | |
| March 31 | | $ | 28.37 | | | $ | 15.42 | | | $ | 23.65 | | | $ | 17.95 | | | $ | 25.81 | | | $ | 21.73 | |
| June 30 | | | | | | | | | | | 25.00 | | | | 20.33 | | | | 23.45 | | | | 21.80 | |
| September 30 | | | | | | | | | | | 36.47 | | | | 19.05 | | | | 23.80 | | | | 17.10 | |
| December 31 | | | | | | | | | | | 30.83 | | | | 21.71 | | | | 25.00 | | | | 20.58 | |
(1) Annualized
(2) Calculated on a FTE basis
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| | | NBT Bancorp Inc. and Subsidiaries | | | | | | | |
| | | SELECTED FINANCIAL HIGHLIGHTS | | | | | | | |
| | | (unaudited) | | | | | | | |
| | | | | | | | | | | | | |
| | | March 31, | | | December 31, | | | Net | | | Percent | |
| | | 2009 | | | 2008 | | | Change | | | Change | |
| | | (dollars in thousands, except per share data) | | | | | | | |
| Balance Sheet | | | | | | | | | | | | |
| Loans and Leases | | $ | 3,648,384 | | | $ | 3,651,911 | | | $ | (3,527 | ) | | | 0 | % |
| Earning Assets | | $ | 4,992,706 | | | $ | 4,933,099 | | | $ | 59,607 | | | | 1 | % |
| Total Assets | | $ | 5,406,234 | | | $ | 5,336,088 | | | $ | 70,146 | | | | 1 | % |
| Deposits | | $ | 4,075,919 | | | $ | 3,923,258 | | | $ | 152,661 | | | | 4 | % |
| Stockholders’ Equity | | $ | 442,598 | | | $ | 431,845 | | | $ | 10,753 | | | | 2 | % |
| | | | | | | | | | | | | | | | | |
| | | 2009 | | | 2008 | | | | | | | | | |
| Average Balances | | (dollars in thousands, except per share data) | | | | | | | | | |
| Three Months Ended March 31, | | | | | | | | | | | | | | | | |
| Loans and Leases | | $ | 3,658,682 | | | $ | 3,466,360 | | | $ | 192,322 | | | | 6 | % |
| Securities Available For Sale | | | | | | | | | | | | | | | | |
| (excluding unrealized gains or losses) | | $ | 1,089,512 | | | $ | 1,120,257 | | | $ | (30,745 | ) | | | -3 | % |
| Securities Held To Maturity | | $ | 138,700 | | | $ | 152,860 | | | $ | (14,160 | ) | | | -9 | % |
| Regulatory Equity Investment | | $ | 38,852 | | | $ | 37,509 | | | $ | 1,343 | | | | 4 | % |
| Short-Term Interest Bearing Accounts | | $ | 2,684 | | | $ | 8,400 | | | $ | (5,716 | ) | | | -68 | % |
| Total Earning Assets | | $ | 4,928,430 | | | $ | 4,785,386 | | | $ | 143,044 | | | | 3 | % |
| Total Assets | | $ | 5,351,476 | | | $ | 5,164,344 | | | $ | 187,132 | | | | 4 | % |
| Interest Bearing Deposits | | $ | 3,312,594 | | | $ | 3,232,999 | | | $ | 79,595 | | | | 2 | % |
| Non-Interest Bearing Deposits | | $ | 680,835 | | | $ | 659,417 | | | $ | 21,418 | | | | 3 | % |
| Short-Term Borrowings | | $ | 148,448 | | | $ | 303,576 | | | $ | (155,128 | ) | | | -51 | % |
| Long-Term Borrowings | | $ | 706,660 | | | $ | 500,294 | | | $ | 206,366 | | | | 41 | % |
| Total Interest Bearing Liabilities | | $ | 4,167,702 | | | $ | 4,036,869 | | | $ | 130,833 | | | | 3 | % |
| Stockholders’ Equity | | $ | 436,685 | | | $ | 403,165 | | | $ | 33,520 | | | | 8 | % |
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| NBT Bancorp Inc. and Subsidiaries | | March 31, | | | December 31, | |
| Consolidated Balance Sheets (unaudited) | | 2009 | | | 2008 | |
| (in thousands) | | | | | | |
| | | | | | | |
| ASSETS | | | | | | |
| Cash and due from banks | | $ | 98,753 | | | $ | 107,409 | |
| Short term interest bearing accounts | | | 80,580 | | | | 2,987 | |
| Securities available for sale, at fair value | | | 1,111,372 | | | | 1,119,665 | |
| Securities held to maturity (fair value of $140,423 and $141,308 at March 31, 2009 and December 31, 2008, respectively) | | | 139,195 | | | | 140,209 | |
| | | | | | | | | |
| Federal Reserve and Federal Home Loan Bank stock | | | 37,920 | | | | 39,045 | |
| Loans and leases | | | 3,648,384 | | | | 3,651,911 | |
| Less allowance for loan and lease losses | | | 59,311 | | | | 58,564 | |
| Net loans and leases | | | 3,589,073 | | | | 3,593,347 | |
| Premises and equipment, net | | | 64,951 | | | | 65,241 | |
| Goodwill | | | 114,838 | | | | 114,838 | |
| Intangible assets, net | | | 22,784 | | | | 23,367 | |
| Bank owned life insurance | | | 72,111 | | | | 72,276 | |
| Other assets | | | 72,916 | | | | 56,297 | |
| TOTAL ASSETS | | $ | 5,406,234 | | | $ | 5,336,088 | |
| | | | | | | | | |
| LIABILITIES AND STOCKHOLDERS' EQUITY | | | | | | | | |
| Deposits: | | | | | | | | |
| Demand (noninterest bearing) | | $ | 688,116 | | | $ | 685,495 | |
| Savings, NOW, and money market | | | 2,063,222 | | | | 1,885,551 | |
| Time | | | 1,324,581 | | | | 1,352,212 | |
| Total deposits | | | 4,075,919 | | | | 3,923,258 | |
| Short-term borrowings | | | 127,187 | | | | 206,492 | |
| Long-term debt | | | 616,078 | | | | 632,209 | |
| Trust preferred debentures | | | 75,422 | | | | 75,422 | |
| Other liabilities | | | 69,030 | | | | 66,862 | |
| Total liabilities | | | 4,963,636 | | | | 4,904,243 | |
| | | | | | | | | |
| | | | | | | | | |
| Total stockholders' equity | | | 442,598 | | | | 431,845 | |
| | | | | | | | | |
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | | $ | 5,406,234 | | | $ | 5,336,088 | |
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| | | Three months ended | |
| NBT Bancorp Inc. and Subsidiaries | | March 31, | |
| Consolidated Statements of Income (unaudited) | | 2009 | | | 2008 | |
| (in thousands, except per share data) | | | |
| Interest, fee and dividend income: | | | | | | |
| Loans and leases | | $ | 55,411 | | | $ | 58,617 | |
| Securities available for sale | | | 12,375 | | | | 13,746 | |
| Securities held to maturity | | | 1,234 | | | | 1,514 | |
| Other | | | 361 | | | | 775 | |
| Total interest, fee and dividend income | | | 69,381 | | | | 74,652 | |
| Interest expense: | | | | | | | | |
| Deposits | | | 13,839 | | | | 22,698 | |
| Short-term borrowings | | | 147 | | | | 2,340 | |
| Long-term debt | | | 6,197 | | | | 4,302 | |
| Trust preferred debentures | | | 1,086 | | | | 1,247 | |
| Total interest expense | | | 21,269 | | | | 30,587 | |
| Net interest income | | | 48,112 | | | | 44,065 | |
| Provision for loan and lease losses | | | 6,451 | | | | 6,478 | |
| Net interest income after provision for loan and lease losses | | | 41,661 | | | | 37,587 | |
| Noninterest income: | | | | | | | | |
| Trust | | | 1,409 | | | | 1,774 | |
| Service charges on deposit accounts | | | 6,297 | | | | 6,525 | |
| ATM and debit card fees | | | 2,182 | | | | 2,097 | |
| Broker/dealer and insurance revenue | | | 5,338 | | | | 1,107 | |
| Net securities gains | | | - | | | | 15 | |
| Bank owned life insurance income | | | 872 | | | | 807 | |
| Retirement plan administration fees | | | 1,741 | | | | 1,708 | |
| Other | | | 1,751 | | | | 2,062 | |
| Total noninterest income | | | 19,590 | | | | 16,095 | |
| Noninterest expense: | | | | | | | | |
| Salaries and employee benefits | | | 21,427 | | | | 16,770 | |
| Office supplies and postage | | | 1,530 | | | | 1,339 | |
| Occupancy | | | 4,165 | | | | 3,610 | |
| Equipment | | | 2,022 | | | | 1,825 | |
| Professional fees and outside services | | | 2,722 | | | | 3,099 | |
| Data processing and communications | | | 3,295 | | | | 3,170 | |
| Amortization of intangible assets | | | 813 | | | | 391 | |
| Loan collection and other real estate owned | | | 748 | | | | 567 | |
| FDIC expenses | | | 1,529 | | | | 188 | |
| Other operating | | | 4,054 | | | | 3,075 | |
| Total noninterest expense | | | 42,305 | | | | 34,034 | |
| Income before income taxes | | | 18,946 | | | | 19,648 | |
| Income taxes | | | 5,874 | | | | 5,932 | |
| Net income | | $ | 13,072 | | | $ | 13,716 | |
| Earnings Per Share: | | | | | | | | |
| Basic | | $ | 0.40 | | | $ | 0.43 | |
| Diluted | | $ | 0.40 | | | $ | 0.43 | |
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NBT Bancorp Inc. and Subsidiaries Quarterly Consolidated Statements of Income (unaudited) | | | | | | | | | | | | | | | |
| (in thousands, except per share data) | | | | | | | | | | | | | | | |
| Interest, fee and dividend income: | | | | | | | | | | | | | | | |
| Loans and leases | | $ | 55,411 | | | $ | 58,164 | | | $ | 58,154 | | | $ | 57,220 | | | $ | 58,617 | |
| Securities available for sale | | | 12,375 | | | | 13,434 | | | | 13,451 | | | | 13,417 | | | | 13,746 | |
| Securities held to maturity | | | 1,234 | | | | 1,253 | | | | 1,343 | | | | 1,478 | | | | 1,514 | |
| Other | | | 361 | | | | 436 | | | | 673 | | | | 739 | | | | 775 | |
| Total interest, fee and dividend income | | | 69,381 | | | | 73,287 | | | | 73,621 | | | | 72,854 | | | | 74,652 | |
| Interest expense: | | | | | | | | | | | | | | | | | | | | |
| Deposits | | | 13,839 | | | | 16,371 | | | | 18,351 | | | | 18,712 | | | | 22,698 | |
| Short-term borrowings | | | 147 | | | | 382 | | | | 763 | | | | 1,362 | | | | 2,340 | |
| Long-term debt | | | 6,197 | | | | 6,401 | | | | 6,310 | | | | 5,629 | | | | 4,302 | |
| Trust preferred debentures | | | 1,086 | | | | 1,200 | | | | 1,154 | | | | 1,146 | | | | 1,247 | |
| Total interest expense | | | 21,269 | | | | 24,354 | | | | 26,578 | | | | 26,849 | | | | 30,587 | |
| Net interest income | | | 48,112 | | | | 48,933 | | | | 47,043 | | | | 46,005 | | | | 44,065 | |
| Provision for loan and lease losses | | | 6,451 | | | | 7,721 | | | | 7,179 | | | | 5,803 | | | | 6,478 | |
| Net interest income after provision for loan and lease losses | | | 41,661 | | | | 41,212 | | | | 39,864 | | | | 40,202 | | | | 37,587 | |
| Noninterest income: | | | | | | | | | | | | | | | | | | | | |
| Trust | | | 1,409 | | | | 1,685 | | | | 1,720 | | | | 2,099 | | | | 1,774 | |
| Service charges on deposit accounts | | | 6,297 | | | | 7,266 | | | | 7,414 | | | | 6,938 | | | | 6,525 | |
| ATM and debit card fees | | | 2,182 | | | | 2,176 | | | | 2,334 | | | | 2,225 | | | | 2,097 | |
| Broker/dealer and insurance fees | | | 5,338 | | | | 3,915 | | | | 2,338 | | | | 1,366 | | | | 1,107 | |
| Net securities (losses) gains | | | - | | | | (8 | ) | | | 1,510 | | | | 18 | | | | 15 | |
| Bank owned life insurance income | | | 872 | | | | 2,484 | | | | 924 | | | | 708 | | | | 807 | |
| Retirement plan administration fees | | | 1,741 | | | | 1,468 | | | | 1,461 | | | | 1,671 | | | | 1,708 | |
| Other | | | 1,751 | | | | 1,244 | | | | 1,261 | | | | 1,394 | | | | 2,062 | |
| Total noninterest income | | | 19,590 | | | | 20,230 | | | | 18,962 | | | | 16,419 | | | | 16,095 | |
| Noninterest expense: | | | | | | | | | | | | | | | | | | | | |
| Salaries and employee benefits | | | 21,427 | | | | 20,633 | | | | 16,850 | | | | 16,906 | | | | 16,770 | |
| Office supplies and postage | | | 1,530 | | | | 1,354 | | | | 1,322 | | | | 1,331 | | | | 1,339 | |
| Occupancy | | | 4,165 | | | | 3,385 | | | | 3,359 | | | | 3,427 | | | | 3,610 | |
| Equipment | | | 2,022 | | | | 1,944 | | | | 1,908 | | | | 1,862 | | | | 1,825 | |
| Professional fees and outside services | | | 2,722 | | | | 2,651 | | | | 2,205 | | | | 2,521 | | | | 3,099 | |
| Data processing and communications | | | 3,295 | | | | 3,254 | | | | 3,155 | | | | 3,115 | | | | 3,170 | |
| Amortization of intangible assets | | | 813 | | | | 874 | | | | 462 | | | | 378 | | | | 391 | |
| Loan collection and other real estate owned | | | 748 | | | | 692 | | | | 505 | | | | 730 | | | | 567 | |
| Impairment on lease residual assets | | | - | | | | - | | | | 2,000 | | | | - | | | | - | |
| FDIC expenses | | | 1,529 | | | | 827 | | | | 614 | | | | 184 | | | | 188 | |
| Other operating | | | 4,054 | | | | 4,684 | | | | 4,678 | | | | 4,969 | | | | 3,075 | |
| Total noninterest expense | | | 42,305 | | | | 40,298 | | | | 37,058 | | | | 35,423 | | | | 34,034 | |
| Income before income taxes | | | 18,946 | | | | 21,144 | | | | 21,768 | | | | 21,198 | | | | 19,648 | |
| Income taxes | | | 5,874 | | | | 6,247 | | | | 6,685 | | | | 6,541 | | | | 5,932 | |
| Net income | | $ | 13,072 | | | $ | 14,897 | | | $ | 15,083 | | | $ | 14,657 | | | $ | 13,716 | |
| Earnings per share: | | | | | | | | | | | | | | | | | | | | |
| Basic | | $ | 0.40 | | | $ | 0.46 | | | $ | 0.47 | | | $ | 0.46 | | | $ | 0.43 | |
| Diluted | | $ | 0.40 | | | $ | 0.45 | | | $ | 0.46 | | | $ | 0.45 | | | $ | 0.43 | |
