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 INC. ANNOUNCES THIRD QUARTER EARNINGS OF $0.40 PER SHARE; DECLARES CASH DIVIDEND
NORWICH, NY (October 26, 2009) – NBT Bancorp Inc. (NBT) (NASDAQ: NBTB) reported today net income per diluted share for the three months ended September 30, 2009 of $0.40 per share, as compared with $0.46 per share for the three months ended September 30, 2008. Annualized return on average assets and return on average equity were 0.99% and 11.01%, respectively, for the three months ended September 30, 2009, compared with 1.13% and 14.58%, respectively, for the three months ended September 30, 2008. Net income for the three months ended September 30, 2009 was $13.6 million, down $1.5 million, or 10.0%, from $15.1 million for the third quarter last year.
Net income per diluted share for the nine months ended September 30, 2009 was $1.13 per share, as compared with $1.34 per share for the nine months ended September 30, 2008. Annualized return on average assets and return on average equity were 0.95% and 10.89%, respectively, for the nine months ended September 30, 2009, compared with 1.11% and 14.26%, respectively, for the nine months ended September 30, 2008. Net income for the nine months ended September 30, 2009 was $38.2 million, down $5.2 million, or 12.1%, from the nine months ended September 30, 2008.
For the three months ended September 30, 2009, FDIC expenses increased $0.9 million over the three months ended September 30, 2008. For the nine months ended September 30, 2009, FDIC expenses increased $6.1 million over the nine months ended September 30, 2008, including the special assessment of approximately $2.5 million. The FDIC premium increases and special assessment had a $0.02 and $0.13 effect on diluted earnings per share for the three months ended September 30, 2009 and for the nine months ended September 30, 2009, respectively. For the three months ended September 30, 2009, pension expenses increased $0.7 million over the three months ended September 30, 2008. For the nine months ended September 30, 2009, pension expenses increased $2.2 million over the nine months ended September 30, 2008. The pension expense increases had a $0.01 and $0.04 effect on diluted earnings per share for the three months ended September 30, 2009 and for the nine months ended September 30, 2009, respectively.
NBT President and CEO Martin Dietrich said: “I am pleased with our performance through the first three quarters of 2009. Our overall earnings are at a level similar to our record year in 2008, except for increased FDIC and pension expenses. Like all FDIC-insured institutions, our results have been affected by significantly higher FDIC premiums. Despite these higher premiums, we have been able to maintain a strong net interest margin, control our expenses and keep a watchful eye on asset quality. Our focus on these fundamentals is helping to maintain the overall strength of our balance sheet. Our ongoing efforts to grow noninterest income have been bolstered in part by the impact of our acquisition of the Mang Insurance Agency, LLC.”
Loan and Lease Quality and Provision for Loan and Lease Losses
Nonperforming loans at September 30, 2009 were $39.2 million or 1.08% of total loans and leases compared with $40.2 million or 1.10% at June 30, 2009, and $26.5 million or 0.73% at December 31, 2008. The increase in nonperforming loans at September 30, 2009 as compared with December 31, 2008 was primarily the result of an increase in nonaccrual loans, due mostly to three commercial credits and four agricultural credits which were identified as potential problem loans in prior quarters as well as an increase in retail nonaccruals. The three commercial credits consist of a community center, a physical therapy office and a real estate holding company. The allowance for loan and lease losses totaled $64.7 million at September 30, 2009, $62.7 million at June 30, 2009, and $58.6 million at December 31, 2008. The increase from December 31, 2008 was mostly due to an increase in specific reserves on two of the aforementioned commercial credits and two of the aforementioned agricultural credits, in addition to increased reserve levels on certain types of consumer loans. These specific reserves, along with worsening economic conditions, also contributed to the increase in the Company’s allowance for loan and lease losses as a percentage of loans, which was 1.79% of loans and leases at September 30, 2009, 1.72% at June 30, 2009, and 1.60% at December 31, 2008. Past due loans as a percentage of total loans increased to 1.00% at September 30, 2009, as compared with 0.81% at June 30, 2009 and 0.91% at December 31, 2008.
The Company recorded a provision for loan and lease losses of $9.1 million during the third quarter of 2009 compared with $9.2 million during the second quarter of 2009, and $7.2 million during the third quarter of 2008. The increase in the provision for loan and lease losses for the three months ended September 30, 2009 as compared with the three months ended September 30, 2008 was due primarily to an increase in net charge-offs which totaled $7.2 million for the three month period ending September 30, 2009, up from $5.9 million for the three months ending September 30, 2008, due primarily to a charge-off related to one large agricultural loan during the third quarter of 2009. Net charge-offs to average loans and leases for the three months ended September 30, 2009 were 0.79%, compared with 0.65% for the three months ended September 30, 2008.
The Company recorded a provision for loan and lease losses of $24.8 million during the nine months ended September 30, 2009 compared with $19.5 million during the nine months ended September 30, 2008. The increase in the provision for loan and lease losses for the nine months ended September 30, 2009 was due primarily to the aforementioned charge-off and an increase in specific reserves on certain impaired loans, along with worsening economic conditions. Net charge-offs totaled $18.7 million for the nine month period ending September 30, 2009, up from $17.8 million for the nine months ending September 30, 2008. Net charge-offs to average loans and leases for the nine months ended September 30, 2009 were 0.68%, compared with 0.67% for the nine months ended September 30, 2008.
Net Interest Income
Net interest income was up 3.5% to $48.7 million for the three months ended September 30, 2009 compared with $47.0 million for the three months ended September 30, 2008. The Company’s fully taxable equivalent (FTE) net interest margin was 3.98% for the three months ended September 30, 2009, as compared with 3.94% for the three months ended September 30, 2008. In addition, the Company experienced a 1.9% growth in average earning assets for the three months ending September 30, 2009 as compared with the three months ending September 30, 2008, due primarily to increases in average loans and leases and average short-term interest bearing accounts. As a result of our excess liquidity, our Federal Funds sold position had a negative impact of 9 bp on our net interest margin for the three months ended September 30, 2009.
Although the yield on interest earning assets decreased 61 basis points, the yield on interest bearing liabilities declined 74 basis points, which contributed to the increase in the net interest margin for the three months ended September 30, 2009 compared to the same period for 2008. The yield on time deposits was 2.57% for the three months ended September 30, 2009, as compared with 3.47% for the three months ended September 30, 2008. The yield on money market deposit accounts was 1.28% for the three months ended September 30, 2009, as compared with 1.83% for the three months ended September 30, 2008. The yield on short term borrowings declined 154 basis points for the three months ended September 30, 2009 as compared to the three months ended September 30, 2008 as a result of the 175 basis point drop in the Fed Funds Target Rate from 2.00% at September 30, 2008 to 0.25% at September 30, 2009.
Net interest income was up 5.6% to $144.8 million for the nine months ended September 30, 2009 compared with $137.1 million for the nine months ended September 30, 2008. The Company’s fully taxable equivalent (FTE) net interest margin was 4.00% for the nine months ended September 30, 2009, as compared with 3.91% for the nine months ended September 30, 2008. In addition, the Company experienced a 2.8% growth in average earning assets for the nine months ending September 30, 2009 as compared with the nine months ending September 30, 2008, due primarily to increases in average loans and leases and short term interest bearing accounts. As a result of our excess liquidity, our Federal Funds sold position had a negative impact of 7 bp on our net interest margin for the nine months ended September 30, 2009.
Although the yield on interest earning assets decreased 59 basis points, the yield on interest bearing liabilities declined 80 basis points, which contributed to the increase in the net interest margin for the nine months ended September 30, 2009 compared to the same period for 2008. The yield on time deposits was 2.75% for the nine months ended September 30, 2009, as compared with 3.80% for the nine months ended September 30, 2008. The yield on money market deposit accounts was 1.32% for the nine months ended September 30, 2009, as compared with 1.95% for the nine months ended September 30, 2008. The yield on short term borrowings declined 209 basis points for the nine months ended September 30, 2009 as compared to the nine months ended September 30, 2008 as a result of the aforementioned drop in the Fed Funds Target Rate.
Noninterest Income
Noninterest income for the three months ended September 30, 2009 was $20.9 million, up $1.9 million or 10.0% from $19.0 million for the same period in 2008. The increase in noninterest income was due primarily to an increase in insurance and broker/dealer revenue, which increased approximately $2.0 million for the three month period ended September 30, 2009 as compared with the three month period ended September 30, 2008. This increase was due primarily to revenue generated by Mang Insurance Agency, LLC, which was acquired on September 1, 2008. In addition, retirement plan administration fees increased approximately $1.0 million for the three month period ended September 30, 2009 as compared with the three month period ended September 30, 2008 as a result of organic growth from new business. These increases were partially offset by a decrease in net securities gains of approximately $1.4 million for the three months ended September 30, 2009 as compared with the three months ended September 30, 2008.
Noninterest income for the nine months ended September 30, 2009 was $60.3 million, up $8.8 million or 17.1% from $51.5 million for the same period in 2008. The increase in noninterest income was due primarily to an increase in insurance and broker/dealer revenue, which increased approximately $9.1 million for the nine month period ended September 30, 2009 as compared with the nine month period ended September 30, 2008. This increase was due primarily to revenue generated by Mang Insurance Agency, LLC as previously mentioned. In addition, retirement plan administration fees increased approximately $1.5 million for the nine month period ended September 30, 2009 as compared with the nine month period ended September 30, 2008 as a result of organic growth from new business. These increases were partially offset by a decrease in net securities gains of approximately $1.4 million for the nine months ended September 30, 2009 as compared with the nine months ended September 30, 2008.
Noninterest Expense and Income Tax Expense
Noninterest expense for the three months ended September 30, 2009 was $41.0 million, up from $37.1 million for the same period in 2008. FDIC expenses increased approximately $0.9 million for the three months ended September 30, 2009, compared with the same period in 2008 due to recurring FDIC premiums, which increased to $1.5 million for the three months ended September 30, 2009 as compared with $0.6 million for the same period last year. Salaries and employee benefits increased $4.4 million, or 26.2%, for the three months ended September 30, 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 the aforementioned acquisition and de novo branch activity. In addition, the Company experienced an increase of approximately $0.7 million in pension expenses for the three months ended September 30, 2009 as compared with the same period in 2008. Amortization of intangible assets was $0.8 million for the three months ended September 30, 2009, up from $0.5 million for same period in 2008 due to the aforementioned acquisition. In addition, professional fees and outside services expenses increased approximately $0.5 million, or 22.0%, for the three months ended September 30, 2009 as compared with the three months ended September 30, 2008. This increase was due primarily to non-recurring systems consulting services. These increases were partially offset by an impairment on lease residual assets incurred during the third quarter of 2008 totaling $2.0 million. The increases were also partially offset by a decrease in other operating expenses. For the three month period ended September 30, 2009, other operating expenses totaled $3.7 million, down $1.0 million or 20.0%, from $4.7 million for the three months ended September 30, 2008. This decrease resulted primarily from a decrease in losses incurred from sales of certain returned lease vehicles totaling approximately $0.9 million during the third quarter of 2008, due to reduced values of the vehicles. Income tax expense for the three month period ended September 30, 2009 was $5.8 million, down from $6.7 million for the same period in 2008. The effective rates were 30.0% and 30.7% for the three month periods ended September 30, 2009 and 2008, respectively.
Noninterest expense for the nine months ended September 30, 2009 was $125.3 million, up from $106.5 million for the same period in 2008. FDIC expenses increased approximately $6.1 million for the nine months ended September 30, 2009, compared with the same period in 2008. This increase was due to the special assessment imposed by the FDIC totaling approximately $2.5 million during the second quarter of 2009, in addition to increased recurring FDIC premiums. Salaries and employee benefits increased $12.1 million, or 24.0%, for the nine months ended September 30, 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 the aforementioned acquisition and de novo branch activity. In addition, the Company experienced increases of approximately $2.2 million and $0.9 million in pension and medical expenses, respectively, for the nine months ended September 30, 2009 as compared with the same period in 2008. Amortization of intangible assets was $2.5 million for the nine months ended September 30, 2009, up from $1.2 million for same period in 2008 due to the aforementioned acquisition. Occupancy expenses were up approximately $0.9 million for the nine months ended September 30, 2009 as compared with the nine months ended September 30, 2008. This increase was due primarily to the aforementioned acquisition and de novo branch activity during the period. Income tax expense for the nine month period ended September 30, 2009 was $16.9 million, down from $19.2 million for the same period in 2008. The effective rates were 30.7% and 30.6% for the nine month periods ended September 30, 2009 and 2008, respectively.
Balance Sheet
Total assets were $5.5 billion at September 30, 2009, up $148.3 million or 2.8% from $5.3 billion at December 31, 2008. Loans and leases were $3.6 billion at September 30, 2009 and December 31, 2008. The Company experienced a shift from residential real estate mortgages, which decreased by approximately $84.7 million, or 11.7%, from December 31, 2008 to September 30, 2009, to consumer loans, which increased by approximately $75.6 million, or 9.5%, from December 31, 2008 to September 30, 2009. Total deposits were $4.1 billion at September 30, 2009, up $181.2 million or 4.6% from December 31, 2008. The increase from December 31, 2008 was due in large part to a $318.9 million, or 16.9%, increase in NOW, savings and money market accounts, partially offset by a $196.6 million decrease in time deposits. Stockholders’ equity was $497.5 million, representing a total equity-to-total assets ratio of 9.07% at September 30, 2009, compared with $431.8 million or a total equity-to-total assets ratio of 8.09% at December 31, 2008. The increase in stockholders’ equity was due in large part to the Company completing a public offering of 1,576,230 shares of its common stock on April 1, 2009 and raising approximately $33.5 million in net proceeds.
Stock Repurchase Program
Today, the NBT Board of Directors authorized a new repurchase program for NBT to repurchase up to an additional 1,000,000 shares (approximately 3%) of its outstanding common stock, effective January 1, 2010, as market conditions warrant in open market and privately negotiated transactions. The plan expires on December 31, 2011. At September 30, 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. The Company made no purchases of its common stock securities during the nine months ended September 30, 2009.
Dividend Declared
The NBT Board of Directors declared a 2009 fourth-quarter cash dividend of $0.20 per share at a meeting held today. The dividend will be paid on December 15, 2009, to shareholders of record as of December 1, 2009.
Corporate Overview
NBT Bancorp Inc. is a financial holding company headquartered in Norwich, NY, with total assets of $5.5 billion at September 30, 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 123 locations, including 84 NBT Bank offices in upstate New York, 38 Pennstar Bank offices in northeastern Pennsylvania and a regional office in Burlington, Vermont. EPIC Advisors, Inc., based in Rochester, NY, is a full-service 401(k) plan recordkeeping firm. Mang Insurance Agency, LLC, based in Norwich, 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.
NBT Bancorp Inc. and Subsidiaries
SELECTED FINANCIAL HIGHLIGHTS
(unaudited)
| | | 2009 | | | 2008 | | | Net Change | | | Percent Change | |
| | | (dollars in thousands, except per share data) | | | | | | | |
| | | | | | | | | | | | | |
| Three Months Ended September 30, | | | | | | | | | | | | |
| Net Income | | $ | 13,578 | | | $ | 15,083 | | | $ | (1,505 | ) | | | -10 | % |
| Diluted Earnings Per Share | | $ | 0.40 | | | $ | 0.46 | | | $ | (0.06 | ) | | | -13 | % |
| Weighted Average Diluted Common Shares Outstanding | | | 34,342,125 | | | | 32,453,307 | | | | 1,888,818 | | | | 6 | % |
| Return on Average Assets (1) | | | 0.99 | % | | | 1.13 | % | | | -0.14 | % | | | -12 | % |
| Return on Average Equity (1) | | | 11.01 | % | | | 14.58 | % | | | -3.57 | % | | | -24 | % |
| Net Interest Margin (2) | | | 3.98 | % | | | 3.94 | % | | | 0.04 | % | | | 1 | % |
| | | | | | | | | | | | | | | | | |
| Nine Months Ended September 30, | | | | | | | | | | | | | | | | |
| Net Income | | $ | 38,210 | | | $ | 43,456 | | | $ | (5,246 | ) | | | -12 | % |
| Diluted Earnings Per Share | | $ | 1.13 | | | $ | 1.34 | | | $ | (0.21 | ) | | | -16 | % |
| Weighted Average Diluted Common Shares Outstanding | | | 33,780,769 | | | | 32,315,744 | | | | 1,465,025 | | | | 5 | % |
| Return on Average Assets | | | 0.95 | % | | | 1.11 | % | | | -0.16 | % | | | -14 | % |
| Return on Average Equity | | | 10.89 | % | | | 14.26 | % | | | -3.37 | % | | | -24 | % |
| Net Interest Margin (2) | | | 4.00 | % | | | 3.91 | % | | | 0.09 | % | | | 2 | % |
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| Asset Quality | | September 30, 2009 | | | June 30, 2009 | | | December 31, 2008 | | | | | |
| Nonaccrual Loans | | $ | 35,614 | | | $ | 37,646 | | | $ | 24,191 | | | | | |
| 90 Days Past Due and Still Accruing | | $ | 3,543 | | | $ | 2,529 | | | $ | 2,305 | | | | | |
| Total Nonperforming Loans | | $ | 39,157 | | | $ | 40,175 | | | $ | 26,496 | | | | | |
| Other Real Estate Owned | | $ | 3,319 | | | $ | 1,688 | | | $ | 665 | | | | | |
| Total Nonperforming Assets | | $ | 42,476 | | | $ | 41,863 | | | $ | 27,161 | | | | | |
| Past Due Loans | | $ | 36,252 | | | $ | 29,545 | | | $ | 33,098 | | | | | |
| Allowance for Loan and Lease Losses | | $ | 64,650 | | | $ | 62,734 | | | $ | 58,564 | | | | | |
| Year-to-Date (YTD) Net Charge-Offs | | $ | 18,665 | | | $ | 11,480 | | | $ | 22,800 | | | | | |
| Allowance for Loan and Lease Losses to Total Loans and Leases | | | 1.79 | % | | | 1.72 | % | | | 1.60 | % | | | | |
| Total Nonperforming Loans to Total Loans and Leases | | | 1.08 | % | | | 1.10 | % | | | 0.73 | % | | | | |
| Total Nonperforming Assets to Total Assets | | | 0.77 | % | | | 0.77 | % | | | 0.51 | % | | | | |
| Past Due Loans to Total Loans and Leases | | | 1.00 | % | | | 0.81 | % | | | 0.91 | % | | | | |
| Allowance for Loan and Lease Losses to Total Nonperforming Loans | | | 165.10 | % | | | 156.15 | % | | | 221.03 | % | | | | |
| Net Charge-Offs to YTD Average Loans and Leases | | | 0.68 | % | | | 0.63 | % | | | 0.64 | % | | | | |
| | | | | | | | | | | | | | | | | |
| Capital | | | | | | | | | | | | | | | | |
| Equity to Assets | | | 9.07 | % | | | 8.09 | % | | | | | | | | |
| Book Value Per Share | | $ | 14.49 | | | $ | 13.24 | | | | | | | | | |
| Tangible Book Value Per Share | | $ | 10.52 | | | $ | 9.01 | | | | | | | | | |
| Tier 1 Leverage Ratio | | | 8.30 | % | | | 7.17 | % | | | | | | | | |
| Tier 1 Capital Ratio | | | 11.20 | % | | | 9.75 | % | | | | | | | | |
| Total Risk-Based Capital Ratio | | | 12.46 | % | | | 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 | | $ | 25.22 | | | $ | 20.49 | | | | 25.00 | | | | 20.33 | | | | 23.45 | | | | 21.80 | |
| September 30 | | $ | 24.16 | | | $ | 20.57 | | | | 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
SELECTED FINANCIAL HIGHLIGHTS
(unaudited)
| | | September 30, 2009 | | | December 31, 2008 | | | Net Change | | | Percent Change | |
| | | (dollars in thousands, except per share data) | | | | | | | |
| Balance Sheet | | | | | | | | | | | | |
| Loans and Leases | | $ | 3,615,890 | | | $ | 3,651,911 | | | $ | (36,021 | ) | | | -1 | % |
| Earning Assets | | $ | 5,036,086 | | | $ | 4,933,099 | | | $ | 102,987 | | | | 2 | % |
| Total Assets | | $ | 5,484,387 | | | $ | 5,336,088 | | | $ | 148,299 | | | | 3 | % |
| Deposits | | $ | 4,104,473 | | | $ | 3,923,258 | | | $ | 181,215 | | | | 5 | % |
| Stockholders’ Equity | | $ | 497,542 | | | $ | 431,845 | | | $ | 65,697 | | | | 15 | % |
| | | | | | | | | | | | | | | | | |
| | | | 2009 | | | | 2008 | | | | | | | | | |
| Average Balances | | (dollars in thousands, except per share data) | | | | | | | | | |
| Three Months Ended September 30, | | | | | | | | | | | | | | | | |
| Loans and Leases | | $ | 3,627,803 | | | $ | 3,605,700 | | | $ | 22,103 | | | | 1 | % |
| Securities Available For Sale (excluding unrealized gains or losses) | | $ | 1,082,655 | | | $ | 1,116,089 | | | $ | (33,434 | ) | | | -3 | % |
| Securities Held To Maturity | | $ | 161,915 | | | $ | 148,397 | | | $ | 13,518 | | | | 9 | % |
| Trading Securities | | $ | 2,109 | | | $ | 2,266 | | | $ | (157 | ) | | | -7 | % |
| Regulatory Equity Investment | | $ | 37,372 | | | $ | 40,401 | | | $ | (3,029 | ) | | | -7 | % |
| Short-Term Interest Bearing Accounts | | $ | 99,501 | | | $ | 4,077 | | | $ | 95,424 | | | | 2341 | % |
| Total Earning Assets | | $ | 5,009,246 | | | $ | 4,914,664 | | | $ | 94,582 | | | | 2 | % |
| Total Assets | | $ | 5,415,374 | | | $ | 5,301,640 | | | $ | 113,734 | | | | 2 | % |
| Interest Bearing Deposits | | $ | 3,316,011 | | | $ | 3,258,301 | | | $ | 57,710 | | | | 2 | % |
| Non-Interest Bearing Deposits | | $ | 737,064 | | | $ | 706,803 | | | $ | 30,261 | | | | 4 | % |
| Short-Term Borrowings | | $ | 132,459 | | | $ | 154,567 | | | $ | (22,108 | ) | | | -14 | % |
| Long-Term Borrowings | | $ | 660,838 | | | $ | 701,155 | | | $ | (40,317 | ) | | | -6 | % |
| Total Interest Bearing Liabilities | | $ | 4,109,308 | | | $ | 4,114,023 | | | $ | (4,715 | ) | | | 0 | % |
| Stockholders’ Equity | | $ | 489,140 | | | $ | 411,459 | | | $ | 77,681 | | | | 19 | % |
| | | | | | | | | | | | | | | | | |
| Average Balances | | | | | | | | | | | | | | | | |
| Nine Months Ended September 30, | | | | | | | | | | | | | | | | |
| Loans and Leases | | $ | 3,646,437 | | | $ | 3,544,787 | | | $ | 101,650 | | | | 3 | % |
| Securities Available For Sale (excluding unrealized gains or losses) | | $ | 1,085,746 | | | $ | 1,112,582 | | | $ | (26,836 | ) | | | -2 | % |
| Securities Held To Maturity | | $ | 146,350 | | | $ | 153,010 | | | $ | (6,660 | ) | | | -4 | % |
| Trading Securities | | $ | 1,801 | | | $ | 2,388 | | | $ | (587 | ) | | | -25 | % |
| Regulatory Equity Investment | | $ | 38,143 | | | $ | 39,730 | | | $ | (1,587 | ) | | | -4 | % |
| Short-Term Interest Bearing Accounts | | $ | 76,523 | | | $ | 6,517 | | | $ | 70,006 | | | | 1074 | % |
| Total Earning Assets | | $ | 4,993,199 | | | $ | 4,856,626 | | | $ | 136,573 | | | | 3 | % |
| Total Assets | | $ | 5,405,331 | | | $ | 5,236,130 | | | $ | 169,201 | | | | 3 | % |
| Interest Bearing Deposits | | $ | 3,336,644 | | | $ | 3,229,338 | | | $ | 107,306 | | | | 3 | % |
| Non-Interest Bearing Deposits | | $ | 708,513 | | | $ | 678,277 | | | $ | 30,236 | | | | 4 | % |
| Short-Term Borrowings | | $ | 133,668 | | | $ | 238,200 | | | $ | (104,532 | ) | | | -44 | % |
| Long-Term Borrowings | | $ | 683,830 | | | $ | 615,383 | | | $ | 68,447 | | | | 11 | % |
| Total Interest Bearing Liabilities | | $ | 4,154,142 | | | $ | 4,082,921 | | | $ | 71,221 | | | | 2 | % |
| Stockholders’ Equity | | $ | 469,236 | | | $ | 407,127 | | | $ | 62,109 | | | | 15 | % |
| NBT Bancorp Inc. and Subsidiaries | | September 30, | | | December 31, | |
| Consolidated Balance Sheets (unaudited) | | 2009 | | | 2008 | |
| (in thousands) | | | | | | |
| | | | | | | |
| ASSETS | | | | | | |
| Cash and due from banks | | $ | 127,001 | | | $ | 107,409 | |
| Short term interest bearing accounts | | | 118,224 | | | | 2,987 | |
| Securities available for sale, at fair value | | | 1,132,423 | | | | 1,119,665 | |
| Securities held to maturity (fair value of $170,851 and $141,308at September 30, 2009 and December 31, 2008, respectively) | | | 168,658 | | | | 140,209 | |
| Trading securities | | | 2,263 | | | | 1,407 | |
| Federal Reserve and Federal Home Loan Bank stock | | | 37,103 | | | | 39,045 | |
| Loans and leases | | | 3,615,890 | | | | 3,651,911 | |
| Less allowance for loan and lease losses | | | 64,650 | | | | 58,564 | |
| Net loans and leases | | | 3,551,240 | | | | 3,593,347 | |
| Premises and equipment, net | | | 65,652 | | | | 65,241 | |
| Goodwill | | | 114,942 | | | | 114,838 | |
| Intangible assets, net | | | 21,371 | | | | 23,367 | |
| Bank owned life insurance | | | 73,430 | | | | 72,276 | |
| Other assets | | | 72,080 | | | | 56,297 | |
| TOTAL ASSETS | | $ | 5,484,387 | | | $ | 5,336,088 | |
| | | | | | | | | |
| LIABILITIES AND STOCKHOLDERS' EQUITY | | | | | | | | |
| Deposits: | | | | | | | | |
| Demand (noninterest bearing) | | $ | 744,383 | | | $ | 685,495 | |
| Savings, NOW, and money market | | | 2,204,456 | | | | 1,885,551 | |
| Time | | | 1,155,634 | | | | 1,352,212 | |
| Total deposits | | | 4,104,473 | | | | 3,923,258 | |
| Short-term borrowings | | | 147,792 | | | | 206,492 | |
| Long-term debt | | | 579,712 | | | | 632,209 | |
| Trust preferred debentures | | | 75,422 | | | | 75,422 | |
| Other liabilities | | | 79,446 | | | | 66,862 | |
| Total liabilities | | | 4,986,845 | | | | 4,904,243 | |
| | | | | | | | | |
| | | | | | | | | |
| Total stockholders' equity | | | 497,542 | | | | 431,845 | |
| | | | | | | | | |
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | | $ | 5,484,387 | | | $ | 5,336,088 | |
| | | Three months ended | | | Nine months ended | |
| NBT Bancorp Inc. and Subsidiaries | | September 30, | | | September 30, | |
| Consolidated Statements of Income (unaudited) | | 2009 | | | 2008 | | | 2009 | | | 2008 | |
| (in thousands, except per share data) | | | | | | |
| Interest, fee and dividend income: | | | | | | | | | | | | |
| Loans and leases | | $ | 54,666 | | | $ | 58,154 | | | $ | 164,963 | | | $ | 173,991 | |
| Securities available for sale | | | 11,116 | | | | 13,451 | | | | 35,162 | | | | 40,614 | |
| Securities held to maturity | | | 1,239 | | | | 1,343 | | | | 3,682 | | | | 4,335 | |
| Other | | | 615 | | | | 673 | | | | 1,582 | | | | 2,187 | |
| Total interest, fee and dividend income | | | 67,636 | | | | 73,621 | | | | 205,389 | | | | 221,127 | |
| Interest expense: | | | | | | | | | | | | | | | | |
| Deposits | | | 12,002 | | | | 18,351 | | | | 38,964 | | | | 59,761 | |
| Short-term borrowings | | | 142 | | | | 763 | | | | 413 | | | | 4,465 | |
| Long-term debt | | | 5,761 | | | | 6,310 | | | | 17,956 | | | | 16,241 | |
| Trust preferred debentures | | | 1,049 | | | | 1,154 | | | | 3,211 | | | | 3,547 | |
| Total interest expense | | | 18,954 | | | | 26,578 | | | | 60,544 | | | | 84,014 | |
| Net interest income | | | 48,682 | | | | 47,043 | | | | 144,845 | | | | 137,113 | |
| Provision for loan and lease losses | | | 9,101 | | | | 7,179 | | | | 24,751 | | | | 19,460 | |
| Net interest income after provision for loan and lease losses | | | 39,581 | | | | 39,864 | | | | 120,094 | | | | 117,653 | |
| Noninterest income: | | | | | | | | | | | | | | | | |
| Trust | | | 1,668 | | | | 1,720 | | | | 4,838 | | | | 5,593 | |
| Service charges on deposit accounts | | | 7,110 | | | | 7,414 | | | | 20,357 | | | | 20,877 | |
| ATM and debit card fees | | | 2,443 | | | | 2,334 | | | | 6,993 | | | | 6,656 | |
| Insurance and broker/dealer revenue | | | 4,368 | | | | 2,338 | | | | 13,926 | | | | 4,811 | |
| Net securities gains | | | 129 | | | | 1,510 | | | | 146 | | | | 1,543 | |
| Bank owned life insurance income | | | 683 | | | | 923 | | | | 2,225 | | | | 2,438 | |
| Retirement plan administration fees | | | 2,412 | | | | 1,461 | | | | 6,347 | | | | 4,840 | |
| Other | | | 2,037 | | | | 1,262 | | | | 5,453 | | | | 4,718 | |
| Total noninterest income | | | 20,850 | | | | 18,962 | | | | 60,285 | | | | 51,476 | |
| Noninterest expense: | | | | | | | | | | | | | | | | |
| Salaries and employee benefits | | | 21,272 | | | | 16,850 | | | | 62,646 | | | | 50,526 | |
| Office supplies and postage | | | 1,426 | | | | 1,322 | | | | 4,385 | | | | 3,992 | |
| Occupancy | | | 3,481 | | | | 3,359 | | | | 11,256 | | | | 10,396 | |
| Equipment | | | 1,997 | | | | 1,908 | | | | 6,024 | | | | 5,595 | |
| Professional fees and outside services | | | 2,691 | | | | 2,205 | | | | 7,820 | | | | 7,825 | |
| Data processing and communications | | | 3,305 | | | | 3,155 | | | | 9,924 | | | | 9,440 | |
| Amortization of intangible assets | | | 827 | | | | 462 | | | | 2,465 | | | | 1,231 | |
| Loan collection and other real estate owned | | | 755 | | | | 505 | | | | 2,177 | | | | 1,802 | |
| Impairment on lease residual assets | | | - | | | | 2,000 | | | | - | | | | 2,000 | |
| FDIC expenses | | | 1,535 | | | | 614 | | | | 7,096 | | | | 986 | |
| Other operating | | | 3,743 | | | | 4,678 | | | | 11,483 | | | | 12,722 | |
| Total noninterest expense | | | 41,032 | | | | 37,058 | | | | 125,276 | | | | 106,515 | |
| Income before income taxes | | | 19,399 | | | | 21,768 | | | | 55,103 | | | | 62,614 | |
| Income taxes | | | 5,821 | | | | 6,685 | | | | 16,893 | | | | 19,158 | |
| Net income | | $ | 13,578 | | | $ | 15,083 | | | $ | 38,210 | | | $ | 43,456 | |
| Earnings Per Share: | | | | | | | | | | | | | | | | |
| Basic | | $ | 0.40 | | | $ | 0.47 | | | $ | 1.14 | | | $ | 1.36 | |
| Diluted | | $ | 0.40 | | | $ | 0.46 | | | $ | 1.13 | | | $ | 1.34 | |
| NBT Bancorp Inc. and Subsidiaries | | 3Q | | | 2Q | | | 1Q | | | 4Q | | | 3Q | |
| Quarterly Consolidated Statements of Income (unaudited) | | 2009 | | | 2009 | | | 2009 | | | 2008 | | | 2008 | |
| (in thousands, except per share data) | | | | | | | | | | | | | | | |
| Interest, fee and dividend income: | | | | | | | | | | | | | | | |
| Loans and leases | | $ | 54,666 | | | $ | 54,886 | | | $ | 55,411 | | | $ | 58,164 | | | $ | 58,154 | |
| Securities available for sale | | | 11,116 | | | | 11,671 | | | | 12,375 | | | | 13,434 | | | | 13,451 | |
| Securities held to maturity | | | 1,239 | | | | 1,209 | | | | 1,234 | | | | 1,253 | | | | 1,343 | |
| Other | | | 615 | | | | 606 | | | | 361 | | | | 436 | | | | 673 | |
| Total interest, fee and dividend income | | | 67,636 | | | | 68,372 | | | | 69,381 | | | | 73,287 | | | | 73,621 | |
| Interest expense: | | | | | | | | | | | | | | | | | | | | |
| Deposits | | | 12,002 | | | | 13,123 | | | | 13,839 | | | | 16,371 | | | | 18,351 | |
| Short-term borrowings | | | 142 | | | | 124 | | | | 147 | | | | 382 | | | | 763 | |
| Long-term debt | | | 5,761 | | | | 5,998 | | | | 6,197 | | | | 6,401 | | | | 6,310 | |
| Trust preferred debentures | | | 1,049 | | | | 1,076 | | | | 1,086 | | | | 1,200 | | | | 1,154 | |
| Total interest expense | | | 18,954 | | | | 20,321 | | | | 21,269 | | | | 24,354 | | | | 26,578 | |
| Net interest income | | | 48,682 | | | | 48,051 | | | | 48,112 | | | | 48,933 | | | | 47,043 | |
| Provision for loan and lease losses | | | 9,101 | | | | 9,199 | | | | 6,451 | | | | 7,721 | | | | 7,179 | |
| Net interest income after provision for loan and lease losses | | | 39,581 | | | | 38,852 | | | | 41,661 | | | | 41,212 | | | | 39,864 | |
| Noninterest income: | | | | | | | | | | | | | | | | | | | | |
| Trust | | | 1,668 | | | | 1,761 | | | | 1,409 | | | | 1,685 | | | | 1,720 | |
| Service charges on deposit accounts | | | 7,110 | | | | 6,950 | | | | 6,297 | | | | 7,266 | | | | 7,414 | |
| ATM and debit card fees | | | 2,443 | | | | 2,368 | | | | 2,182 | | | | 2,176 | | | | 2,334 | |
| Insurance and broker/dealer revenue | | | 4,368 | | | | 4,220 | | | | 5,338 | | | | 3,915 | | | | 2,338 | |
| Net securities gains (losses) | | | 129 | | | | 17 | | | | - | | | | (8 | ) | | | 1,510 | |
| Bank owned life insurance income | | | 683 | | | | 670 | | | | 872 | | | | 2,484 | | | | 924 | |
| Retirement plan administration fees | | | 2,412 | | | | 2,194 | | | | 1,741 | | | | 1,468 | | | | 1,461 | |
| Other | | | 2,037 | | | | 1,665 | | | | 1,751 | | | | 1,244 | | | | 1,261 | |
| Total noninterest income | | | 20,850 | | | | 19,845 | | | | 19,590 | | | | 20,230 | | | | 18,962 | |
| Noninterest expense: | | | | | | | | | | | | | | | | | | | | |
| Salaries and employee benefits | | | 21,272 | | | | 19,947 | | | | 21,427 | | | | 20,633 | | | | 16,850 | |
| Office supplies and postage | | | 1,426 | | | | 1,429 | | | | 1,530 | | | | 1,354 | | | | 1,322 | |
| Occupancy | | | 3,481 | | | | 3,610 | | | | 4,165 | | | | 3,385 | | | | 3,359 | |
| Equipment | | | 1,997 | | | | 2,005 | | | | 2,022 | | | | 1,944 | | | | 1,908 | |
| Professional fees and outside services | | | 2,691 | | | | 2,407 | | | | 2,722 | | | | 2,651 | | | | 2,205 | |
| Data processing and communications | | | 3,305 | | | | 3,324 | | | | 3,295 | | | | 3,254 | | | | 3,155 | |
| Amortization of intangible assets | | | 827 | | | | 825 | | | | 813 | | | | 874 | | | | 462 | |
| Loan collection and other real estate owned | | | 755 | | | | 674 | | | | 748 | | | | 692 | | | | 505 | |
| Impairment on lease residual assets | | | - | | | | - | | | | - | | | | - | | | | 2,000 | |
| FDIC expenses | | | 1,535 | | | | 4,032 | | | | 1,529 | | | | 827 | | | | 614 | |
| Other operating | | | 3,743 | | | | 3,686 | | | | 4,054 | | | | 4,684 | | | | 4,678 | |
| Total noninterest expense | | | 41,032 | | | | 41,939 | | | | 42,305 | | | | 40,298 | | | | 37,058 | |
| Income before income taxes | | | 19,399 | | | | 16,758 | | | | 18,946 | | | | 21,144 | | | | 21,768 | |
| Income taxes | | | 5,821 | | | | 5,198 | | | | 5,874 | | | | 6,247 | | | | 6,685 | |
| Net income | | $ | 13,578 | | | $ | 11,560 | | | $ | 13,072 | | | $ | 14,897 | | | $ | 15,083 | |
| Earnings per share: | | | | | | | | | | | | | | | | | | | | |
| Basic | | $ | 0.40 | | | $ | 0.34 | | | $ | 0.40 | | | $ | 0.46 | | | $ | 0.47 | |
| Diluted | | $ | 0.40 | | | $ | 0.34 | | | $ | 0.40 | | | $ | 0.45 | | | $ | 0.46 | |
| Three months ended September 30, | | | | | | | | | | | | | | | | | | |
| | | | | | 2009 | | | | | | | | | 2008 | | | | |
| | | Average | | | | | | Yield/ | | | Average | | | | | | Yield/ | |
| (dollars in thousands) | | Balance | | | Interest | | | Rates | | | Balance | | | Interest | | | Rates | |
| ASSETS | | | | | | | | | | | | | | | | | | |
| Short-term interest bearing accounts | | $ | 99,501 | | | $ | 74 | | | | 0.30 | % | | $ | 4,077 | | | $ | 20 | | | | 1.95 | % |
| Securities available for sale (1)(excluding unrealized gains or losses) | | | 1,082,655 | | | | 11,859 | | | | 4.35 | % | | | 1,116,089 | | | | 14,159 | | | | 5.05 | % |
| Securities held to maturity (1) | | | 161,915 | | | | 1,871 | | | | 4.58 | % | | | 148,397 | | | | 2,026 | | | | 5.43 | % |
| Investment in FRB and FHLB Banks | | | 37,372 | | | | 541 | | | | 5.74 | % | | | 40,401 | | | | 653 | | | | 6.43 | % |
| Loans and leases (2) | | | 3,627,803 | | | | 54,857 | | | | 6.00 | % | | | 3,605,700 | | | | 58,371 | | | | 6.44 | % |
| Total interest earning assets | | | 5,009,246 | | | $ | 69,202 | | | | 5.48 | % | | | 4,914,664 | | | $ | 75,229 | | | | 6.09 | % |
| Trading securities | | | 2,109 | | | | | | | | | | | | 2,266 | | | | | | | | | |
| Other assets | | $ | 404,019 | | | | | | | | | | | | 384,710 | | | | | | | | | |
| Total assets | | $ | 5,415,374 | | | | | | | | | | | $ | 5,301,640 | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| LIABILITIES AND STOCKHOLDERS' EQUITY | | | | | | | | | | | | | | | | | | | | | | | | |
| Money market deposit accounts | | $ | 1,025,345 | | | $ | 3,317 | | | | 1.28 | % | | $ | 779,954 | | | $ | 3,593 | | | | 1.83 | % |
| NOW deposit accounts | | $ | 582,307 | | | | 694 | | | | 0.47 | % | | | 491,673 | | | | 1,060 | | | | 0.86 | % |
| Savings deposits | | $ | 509,258 | | | | 217 | | | | 0.17 | % | | | 474,602 | | | | 514 | | | | 0.43 | % |
| Time deposits | | | 1,199,101 | | | | 7,774 | | | | 2.57 | % | | | 1,512,072 | | | | 13,184 | | | | 3.47 | % |
| Total interest bearing deposits | | | 3,316,011 | | | | 12,002 | | | | 1.44 | % | | | 3,258,301 | | | | 18,351 | | | | 2.24 | % |
| Short-term borrowings | | $ | 132,459 | | | | 142 | | | | 0.42 | % | | | 154,567 | | | | 763 | | | | 1.96 | % |
| Trust preferred debentures | | $ | 75,422 | | | | 1,049 | | | | 5.52 | % | | | 75,422 | | | | 1,154 | | | | 6.09 | % |
| Long-term debt | | $ | 585,416 | | | | 5,761 | | | | 3.90 | % | | | 625,733 | | | | 6,310 | | | | 4.01 | % |
| Total interest bearing liabilities | | | 4,109,308 | | | $ | 18,954 | | | | 1.83 | % | | | 4,114,023 | | | $ | 26,578 | | | | 2.57 | % |
| Demand deposits | | $ | 737,064 | | | | | | | | | | | | 706,803 | | | | | | | | | |
| Other liabilities | | $ | 79,862 | | | | | | | | | | | | 69,355 | | | | | | | | | |
| Stockholders' equity | | | 489,140 | | | | | | | | | | | | 411,459 | | | | | | | | | |
| Total liabilities and stockholders' equity | | $ | 5,415,374 | | | | | | | | | | | $ | 5,301,640 | | | | | | | | | |
| Net interest income (FTE) | | | | | | | 50,248 | | | | | | | | | | | | 48,651 | | | | | |
| Interest rate spread | | | | | | | | | | | 3.64 | % | | | | | | | | | | | 3.52 | % |
| Net interest margin | | | | | | | | | | | 3.98 | % | | | | | | | | | | | 3.94 | % |
| Taxable equivalent adjustment | | | | | | | 1,566 | | | | | | | | | | | | 1,608 | | | | | |
| Net interest income | | | | | | | 48,682 | | | | | | | | | | | $ | 47,043 | | | | | |
(1) Securities are shown at average amortized cost
(2) For purposes of these computations, nonaccrual loans are included in the average loan balances outstanding
| Nine months ended September 30, | | | | | | | | | | | | | | | | | | |
| | | | | | 2009 | | | | | | | | | 2008 | | | | |
| | | Average | | | | | | Yield/ | | | Average | | | | | | Yield/ | |
| (dollars in thousands) | | Balance | | | Interest | | | Rates | | | Balance | | | Interest | | | Rates | |
| ASSETS | | | | | | | | | | | | | | | | | | |
| Short-term interest bearing accounts | | $ | 76,523 | | | $ | 150 | | | | 0.26 | % | | $ | 6,517 | | | $ | 145 | | | | 2.98 | % |
| Securities available for sale (1)(excluding unrealized gains or losses) | | | 1,085,746 | | | | 37,399 | | | | 4.61 | % | | | 1,112,582 | | | | 42,689 | | | | 5.13 | % |
| Securities held to maturity (1) | | | 146,350 | | | | 5,553 | | | | 5.07 | % | | | 153,010 | | | | 6,544 | | | | 5.71 | % |
| Investment in FRB and FHLB Banks | | | 38,143 | | | | 1,432 | | | | 5.02 | % | | | 39,730 | | | | 2,042 | | | | 6.87 | % |
| Loans and leases (2) | | | 3,646,437 | | | | 165,578 | | | | 6.07 | % | | | 3,544,787 | | | | 174,635 | | | | 6.58 | % |
| Total interest earning assets | | | 4,993,199 | | | $ | 210,112 | | | | 5.63 | % | | | 4,856,626 | | | $ | 226,055 | | | | 6.22 | % |
| Trading securities | | | 1,801 | | | | | | | | | | | | 2,388 | | | | | | | | | |
| Other assets | | $ | 410,331 | | | | | | | | | | | | 377,116 | | | | | | | | | |
| Total assets | | $ | 5,405,331 | | | | | | | | | | | $ | 5,236,130 | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| LIABILITIES AND STOCKHOLDERS' EQUITY | | | | | | | | | | | | | | | | | | | | | | | | |
| Money market deposit accounts | | $ | 995,233 | | | $ | 9,806 | | | | 1.32 | % | | $ | 736,313 | | | $ | 10,724 | | | | 1.95 | % |
| NOW deposit accounts | | $ | 571,478 | | | | 2,328 | | | | 0.54 | % | | | 464,396 | | | | 2,943 | | | | 0.85 | % |
| Savings deposits | | $ | 497,040 | | | | 631 | | | | 0.17 | % | | | 469,335 | | | | 1,780 | | | | 0.51 | % |
| Time deposits | | | 1,272,893 | | | | 26,199 | | | | 2.75 | % | | | 1,559,294 | | | | 44,314 | | | | 3.80 | % |
| Total interest bearing deposits | | | 3,336,644 | | | | 38,964 | | | | 1.56 | % | | | 3,229,338 | | | | 59,761 | | | | 2.47 | % |
| Short-term borrowings | | $ | 133,668 | | | | 413 | | | | 0.41 | % | | | 238,200 | | | | 4,465 | | | | 2.50 | % |
| Trust preferred debentures | | $ | 75,422 | | | | 3,211 | | | | 5.69 | % | | | 75,422 | | | | 3,547 | | | | 6.28 | % |
| Long-term debt | | $ | 608,408 | | | | 17,956 | | | | 3.95 | % | | | 539,961 | | | | 16,241 | | | | 4.02 | % |
| Total interest bearing liabilities | | | 4,154,142 | | | $ | 60,544 | | | | 1.95 | % | | | 4,082,921 | | | $ | 84,014 | | | | 2.75 | % |
| Demand deposits | | $ | 708,513 | | | | | | | | | | | | 678,277 | | | | | | | | | |
| Other liabilities | | $ | 73,440 | | | | | | | | | | | | 67,805 | | | | | | | | | |
| Stockholders' equity | | | 469,236 | | | | | | | | | | | | 407,127 | | | | | | | | | |
| Total liabilities and stockholders' equity | | $ | 5,405,331 | | | | | | | | | | | $ | 5,236,130 | | | | | | | | | |
| Net interest income (FTE) | | | | | | | 149,568 | | | | | | | | | | | | 142,041 | | | | | |
| Interest rate spread | | | | | | | | | | | 3.67 | % | | | | | | | | | | | 3.47 | % |
| Net interest margin | | | | | | | | | | | 4.00 | % | | | | | | | | | | | 3.91 | % |
| Taxable equivalent adjustment | | | | | | | 4,723 | | | | | | | | | | | | 4,928 | | | | | |
| Net interest income | | | | | | $ | 144,845 | | | | | | | | | | | $ | 137,113 | | | | | |
(1) Securities are shown at average amortized cost
(2) For purposes of these computations, nonaccrual loans are included in the average loan balances outstanding
NBT Bancorp Inc. and Subsidiaries
Loans and Leases (Unaudited)
| (In thousands) | | September 30, 2009 | | | December 31, 2008 | |
| Residential real estate mortgages | | $ | 638,001 | | | $ | 722,723 | |
| Commercial | | | 545,001 | | | | 572,059 | |
| Commercial real estate mortgages | | | 683,623 | | | | 669,720 | |
| Real estate construction and development | | | 77,391 | | | | 67,859 | |
| Agricultural and agricultural real estate mortgages | | | 122,691 | | | | 113,566 | |
| Consumer | | | 870,766 | | | | 795,123 | |
| Home equity | | | 609,571 | | | | 627,603 | |
| Lease financing | | | 68,846 | | | | 83,258 | |
| Total loans and leases | | $ | 3,615,890 | | | $ | 3,651,911 | |
Page 14 of 14
