Exhibit 99.1
FOR IMMEDIATE RELEASE
ATTENTION: FINANCIAL AND BUSINESS EDITORS
| Contact: | John H. Watt Jr., President and CEO |
Michael J. Chewens, CFO
NBT Bancorp Inc.
52 South Broad Street
Norwich, NY 13815
607-337-6119
NBT BANCORP INC. ANNOUNCES NET INCOME OF $21.4 MILLION;
DECLARES CASH DIVIDEND
NORWICH, NY (July 24, 2017) – NBT Bancorp Inc. (NBT) (NASDAQ: NBTB) reported net income for the three months ended June 30, 2017 was $21.4 million, up from $20.3 million for the first quarter of 2017, and up from $19.9 million for the second quarter of 2016. Diluted earnings per share for the three months ended June 30, 2017 was $0.49, as compared with $0.46 for the prior quarter, and $0.46 per share for the second quarter of 2016.
Net income for the six months ended June 30, 2017 was $41.6 million, up from $38.8 million for the same period last year. Reported diluted earnings per share for the six months ended June 30, 2017 was $0.95, as compared with $0.89 for the same period in 2016.
2017 Second Quarter Highlights:
| · | Quarter to date earnings per share up 6.5% from prior year and on a linked quarter basis |
| · | Net income up 5.3% from the first quarter of 2017 and up 7.3% from the second quarter of 2016 |
| · | Year to date annualized loan growth was 5.5% |
| · | Average demand deposits for the six months ended June 30, 2017 were up 9.5% from the same period in 2016 |
“Quarter-over quarter and year-over-year increases in net income and earnings per share demonstrate the strong efforts of our team of professionals to develop relationships that drive growth in loans, demand deposits and noninterest income,” said NBT President and CEO John H. Watt, Jr. “For 10 years NBT has been engaged in technology enabled point of sale consumer lending. The launch of our solar loan program with Sungage Financial, Inc. announced earlier this month leverages our experience partnering with fintech companies to offer affordable and responsible loans to consumers and at the same time further diversify our delivery channels and the risk on our balance sheet.”
Net interest income was $69.6 million for the second quarter of 2017, up $1.1 million, or 1.6%, from the previous quarter. Fully taxable equivalent (“FTE”) net interest margin was 3.44% for the three months ended June 30, 2017 down from 3.46% for the previous quarter. The yield on average earning assets was consistent with the prior quarter at 3.75%, while the cost of interest bearing liabilities increased two basis points (“bps”) to 0.44%. Average interest earning assets were up $82.7 million, or 1.0%, as compared to the prior quarter, primarily driven by an $83.0 million increase in loans and a $4.7 million increase in securities.
Net interest income was $69.6 million, up $3.8 million, or 5.8%, from the second quarter of 2016. FTE net interest margin of 3.44% was consistent with the second quarter of 2016 as the improvement in asset yields were offset by the increase in cost of interest bearing liabilities. Average interest earning assets were up $438.3 million, or 5.6%, from the same period in 2016, which was primarily driven by a $286.4 million increase in loans and a $151.3 million increase in securities.
Net interest income for the first six months of 2017 was $138.1 million up $7.8 million, or 6.0%, from the same period in 2016. FTE net interest margin of 3.45% for the six months ended June 30, 2017, was down from 3.46% for the same period in 2016. Average interest earning assets were up $498.7 million, or 6.5%, for the six months ended June 30, 2017, as compared to the same period in 2016, which was primarily driven by a $306.9 million increase in loans and a $184.8 million increase in securities. Interest income increased $9.0 million due to the increase in earning assets combined with a one bp improvement in asset yields. Interest expense was up $1.2 million, or 11.3%, for the six months ended June 30, 2017 as compared to the same period in 2016 and resulted primarily from increased interest rates and the average balance of interest bearing liabilities.
Noninterest income for the three months ended June 30, 2017 was $30.3 million, up $1.6 million, or 5.4%, from the prior quarter, and up $0.7 million, or 2.3%, from the second quarter of 2016. The increases in noninterest income from the prior quarter and the same quarter of the prior year were primarily driven by higher retirement plan administration, trust, and ATM and debit card fees that were offset by lower insurance and other financial services revenue during the second quarter of 2017. Retirement plan administration fees increased in the second quarter of 2017 as compared to the prior quarter and the same quarter of the prior year due primarily to acquisitions completed in 2016 and the acquisition of Downeast Pension Services (“DPS”) in the second quarter of 2017. ATM and debit card fees increased from the prior quarters due to higher number of accounts and usage. Insurance revenue decreased from the prior quarter due to seasonality increases typically seen in the first quarter. Other noninterest income decreased from the same quarter of the prior year due to a non-recurring gain recognized in the second quarter of 2016.
Noninterest income for the six months ended June 30, 2017 was $59.1 million, up $1.1 million, or 1.9%, from the same period of 2016. The increase in noninterest income from the prior year was primarily driven by higher retirement plan administration, trust, and ATM and debit card fees that were offset by lower other noninterest income during the first six months of 2017 as compared to the same period in 2016. Retirement plan administration fees increased in 2017 as compared to the prior year due primarily to acquisitions completed in 2016 and the acquisition of DPS in the second quarter of 2017. ATM and debit card fees increased from the prior year due to higher number of accounts and usage in 2017 as compared to 2016. Other noninterest income decreased from the prior year due to a non-recurring gain recognized in the second quarter of 2016.
Noninterest expense for the three months ended June 30, 2017 was $60.3 million, down $1.0 million, or 1.6%, from the prior quarter, and down $0.1 million, or 0.2%, from the second quarter of 2016. The decrease from the prior quarter was primarily driven by decreases in occupancy expense due to seasonal expenses, salaries and employee benefits due to the timing of incentive and equity-based compensation that were offset by higher professional fees and outside services and other expenses due to timing.
Noninterest expense for the six months ended June 30, 2017 was $121.6 million, up $2.9 million, or 2.5%, from the same period of 2016. The increase from the prior year was primarily due to higher salaries and employee benefits, occupancy and equipment expenses in the first half of 2017 as compared to the same period of 2016.
In the first quarter of 2017, NBT adopted new accounting guidance for equity-based transactions requiring that all excess tax benefits and tax deficiencies associated with equity-based compensation be recognized as an income tax benefit or expense in the income statement. Previously, tax effects resulting from changes in NBT’s share price subsequent to the grant date were recorded through stockholders’ equity at the time of vesting or exercise. The adoption of the accounting guidance resulted in $1.4 million and $0.1 million income tax benefit, in the first and second quarters of 2017, respectively. The year to date impact to diluted earnings per share was $0.03 of earnings per share.
Income tax expense for the three months ended June 30, 2017 was $10.7 million, up $2.4 million, or 28.6%, from the prior quarter, and up $0.4 million, or 4.1%, from the second quarter of 2016. The effective tax rate of 33.3% for the second quarter of 2017 was up from 29.0% for the first quarter of 2017 and down from 34.0% for the second quarter of 2016. The increase from the prior quarter was primarily due to a decrease of $1.4 million in the income tax benefit related to the adoption of new accounting guidance in 2017 and a higher level of taxable income in the three months ended June 30, 2017 than the three months ended March 31, 2017. Excluding the tax benefit of the new accounting guidance the effective tax rate was 33.6% and 34.3% for the first and second quarters of 2017, respectively. The decrease in the effective tax rate from the second quarter of 2016 is due to a higher level of non-taxable income as a percentage of pre-tax income in the second quarter of 2017 as compared to the same quarter in the prior year.
Income tax expense for the six months ended June 30, 2017 was $19.0 million, down $1.0 million, or 5.0%, from the same period of 2016. The effective tax rate of 31.3% for the first six months of 2017 was down from 34.0% for the same period in the prior year. The decrease from the prior year was primarily due to the $1.5 million income tax benefit related to the adoption of new accounting guidance in 2017 offset by a higher level of taxable income in the first half of 2017 compared to the same period in 2016. Excluding the tax benefit of the new accounting guidance the effective tax rate was 33.9% for the first half of 2017.
Asset Quality
Net charge-offs were $6.7 million for the three months ended June 30, 2017, as compared to $6.9 million for the prior quarter, and $4.5 million for the second quarter of 2016. Provision expense was $7.6 million for the three months ended June 30, 2017, as compared with $7.4 million for the prior quarter, and $4.8 million for the second quarter of 2016. Annualized net charge-offs to average loans for the second quarter of 2017 was 0.42%, compared with 0.45% for the first quarter of 2017 and 0.30% for the second quarter of 2016.
Net charge-offs were $13.5 million for the six months ended June 30, 2017, as compared to $9.3 million for the same period of 2016. Provision expense was $14.9 million for the six months ended June 30, 2017, as compared with $10.9 million for same period of 2016. Annualized net charge-offs to average loans for the first six months of 2017 was 0.44% compared with 0.32% for the first six months of 2016.
Nonperforming loans to total loans was 0.50% at June 30, 2017, down 6 bps from 0.56% for the prior quarter, and down 15 bps from 0.65% at June 30, 2016. Past due loans as a percentage of total loans were 0.59% at June 30, 2017, as compared to 0.54% at March 31, 2017 and 0.60% at June 30, 2016.
The allowance for loan losses totaled $66.6 million at June 30, 2017, compared to $65.7 million at March 31, 2017, and $64.6 million at June 30, 2016. The allowance for loan losses as a percentage of loans was 1.05% (1.13% excluding acquired loans) at June 30, 2017, compared to 1.05% (1.13% excluding acquired loans) at March 31, 2017 and 1.07% (1.16% excluding acquired loans) at June 30, 2016.
Balance Sheet
Total assets were $9.1 billion at June 30, 2017, up $209.2 million, or 2.4% from December 31, 2016. Loans were $6.4 billion at June 30, 2017, up $169.9 million, or 2.7%, from December 31, 2016. Total deposits were $7.0 billion at June 30, 2017, up $41.6 million, or 0.6%, from December 31, 2016. Stockholders’ equity was $940.4 million, representing a total equity-to-total assets ratio of 10.36% at June 30, 2017, compared with $913.3 million or a total equity-to-total assets ratio of 10.30% at December 31, 2016.
Stock Repurchase Program
The Company did not purchase shares of its common stock during the three or six months ended June 30, 2017. As of June 30, 2017, there were 1,000,000 shares available for repurchase under a plan authorized on March 28, 2016, which expires on December 31, 2017.
Dividend
The NBT Board of Directors approved a 2017 third-quarter cash dividend of $0.23 per share at a meeting held today. The dividend will be paid on September 15, 2017 to shareholders of record as of September 1, 2017.
Corporate Overview
NBT Bancorp Inc. is a financial holding company headquartered in Norwich, N.Y., with total assets of $9.1 billion at June 30, 2017. The company primarily operates through NBT Bank, N.A., a full-service community bank, and through two financial services companies. NBT Bank, N.A. has 154 banking locations with offices in New York, Pennsylvania, Vermont, Massachusetts, New Hampshire and Maine. EPIC Advisors, Inc., based in Rochester, N.Y., is a full-service 401(k) plan recordkeeping firm. NBT-Mang Insurance Agency, based in Norwich, N.Y., 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.epic1st.com and www.nbtmang.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, which 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 update forward-looking statements to reflect subsequent circumstances or events.
Non-GAAP Measures
This press release contains financial information determined by methods other than in accordance with accounting principles generally accepted in the United States of America (“GAAP”). These measures adjust GAAP measures to exclude the effects of acquisition related intangible amortization expense on earnings and equity as well as providing a fully taxable equivalent yield on securities and loans. Where non-GAAP disclosures are used in this press release, the comparable GAAP measure, as well as a reconciliation to the comparable GAAP measure, is provided in the accompanying tables. Management believes that these non-GAAP measures provided useful information that is important to an understanding of the results of NBT’s core business as well as provide information standard in the financial institution industry. Non-GAAP measures should not be considered a substitute for financial measures determined in accordance with GAAP and investors should consider NBT’s performance and financial condition as reported under GAAP and all other relevant information when assessing the performance or financial condition of NBT.
NBT Bancorp Inc. and Subsidiaries
SELECTED FINANCIAL DATA
(unaudited, dollars in thousands except per share data)
| | | 2017 | | | 2016 | |
| Profitability: | | 2nd Q | | | 1st Q | | | 4th Q | | | 3rd Q | | | 2nd Q | |
| Diluted Earnings Per Share | | $ | 0.49 | | | $ | 0.46 | | | $ | 0.45 | | | $ | 0.46 | | | $ | 0.46 | |
| Weighted Average Diluted Common Shares Outstanding | | | 43,901,207 | | | | 43,883,471 | | | | 43,703,122 | | | | 43,562,489 | | | | 43,453,674 | |
| Return on Average Assets (1) | | | 0.95 | % | | | 0.92 | % | | | 0.89 | % | | | 0.92 | % | | | 0.94 | % |
| Return on Average Equity (1) | | | 9.11 | % | | | 8.94 | % | | | 8.54 | % | | | 8.80 | % | | | 9.00 | % |
| Return on Average Tangible Common Equity (1)(3) | | | 13.46 | % | | | 13.24 | % | | | 12.68 | % | | | 13.16 | % | | | 13.54 | % |
| Net Interest Margin (1)(2) | | | 3.44 | % | | | 3.46 | % | | | 3.41 | % | | | 3.40 | % | | | 3.44 | % |
| | | 6 Months ended June 30, | | | | | | | | | | | | | |
| Profitability: | | 2017 | | | 2016 | | | | | | | | | | | | | |
| Diluted Earnings Per Share | | $ | 0.95 | | | $ | 0.89 | | | | | | | | | | | | | |
| Weighted Average Diluted Common Shares Outstanding | | | 43,886,536 | | | | 43,583,837 | | | | | | | | | | | | | |
| Return on Average Assets (1) | | | 0.94 | % | | | 0.93 | % | | | | | | | | | | | | |
| Return on Average Equity (1) | | | 9.02 | % | | | 8.81 | % | | | | | | | | | | | | |
| Return on Average Tangible Common Equity (1)(4) | | | 13.36 | % | | | 13.35 | % | | | | | | | | | | | | |
| Net Interest Margin (1)(2) | | | 3.45 | % | | | 3.46 | % | | | | | | | | | | | | |
| (2) | Calculated on a FTE basis. |
| (3) | Non-GAAP measure - excludes amortization of intangible assets (net of tax) from net income and average tangible common equity is calculated as follows: |
| | | 2017 | | | 2016 | |
| | | 2nd Q | | | 1st Q | | | 4th Q | | | 3rd Q | | | 2nd Q | |
| Net Income | | $ | 21,359 | | | $ | 20,279 | | | $ | 19,608 | | | $ | 20,001 | | | $ | 19,909 | |
| Amortization of intangible assets (net of tax) | | | 642 | | | | 597 | | | | 582 | | | | 582 | | | | 567 | |
| Net income, excluding intangibles amortization | | $ | 22,001 | | | $ | 20,876 | | | $ | 20,190 | | | $ | 20,583 | | | $ | 20,476 | |
| | | | | | | | | | | | | | | | | | | | | |
| Average stockholders' equity | | $ | 940,897 | | | $ | 920,047 | | | $ | 913,849 | | | $ | 904,445 | | | $ | 890,053 | |
| Less: average goodwill and other intangibles | | | 285,388 | | | | 280,774 | | | | 280,275 | | | | 282,307 | | | | 281,709 | |
| Average tangible common equity | | $ | 655,509 | | | $ | 639,273 | | | $ | 633,574 | | | $ | 622,138 | | | $ | 608,344 | |
| (4) | Non-GAAP measure - excludes amortization of intangible assets (net of tax) from net income and average tangible common equity is calculated as follows: |
| | | 6 Months ended June 30, | | | | | | | | | | | | | |
| | | 2017 | | | 2016 | | | | | | | | | | | | | |
| Net Income | | $ | 41,638 | | | $ | 38,800 | | | | | | | | | | | | | |
| Amortization of intangible assets (net of tax) | | | 1,239 | | | | 1,236 | | | | | | | | | | | | | |
| Net income, excluding intangibles amortization | | $ | 42,877 | | | $ | 40,036 | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | |
| Average stockholders' equity | | $ | 930,529 | | | $ | 885,181 | | | | | | | | | | | | | |
| Less: average goodwill and other intangibles | | | 283,094 | | | | 282,230 | | | | | | | | | | | | | |
| Average tangible common equity | | $ | 647,435 | | | $ | 602,951 | | �� | | | | | | | | | | | |
Note: Year-to-date EPS may not equal sum of quarters due to share count differences.
NBT Bancorp Inc. and Subsidiaries
SELECTED FINANCIAL DATA
(unaudited, dollars in thousands except per share data)
| | | 2017 | | | 2016 | |
| | | 2nd Q | | | 1st Q | | | 4th Q | | | 3rd Q | | | 2nd Q | |
| Balance Sheet Data: | | | | | | | | | | | | | | | |
| Securities Available for Sale | | $ | 1,365,521 | | | $ | 1,367,574 | | | $ | 1,338,290 | | | $ | 1,288,899 | | | $ | 1,271,596 | |
| Securities Held to Maturity | | | 515,628 | | | | 515,793 | | | | 527,948 | | | | 485,877 | | | | 500,840 | |
| Net Loans | | | 6,301,311 | | | | 6,206,603 | | | | 6,132,857 | | | | 6,094,517 | | | | 5,974,825 | |
| Total Assets | | | 9,076,418 | | | | 8,945,485 | | | | 8,867,268 | | | | 8,773,024 | | | | 8,624,780 | |
| Total Deposits | | | 7,015,284 | | | | 7,185,051 | | | | 6,973,688 | | | | 6,949,238 | | | | 6,740,416 | |
| Total Borrowings | | | 1,021,339 | | | | 745,462 | | | | 886,986 | | | | 800,367 | | | | 877,926 | |
| Total Liabilities | | | 8,136,057 | | | | 8,018,646 | | | | 7,953,952 | | | | 7,863,675 | | | | 7,728,427 | |
| Stockholders' Equity | | | 940,361 | | | | 926,839 | | | | 913,316 | | | | 909,349 | | | | 896,353 | |
| | | | | | | | | | | | | | | | | | | | | |
| Asset Quality: | | | | | | | | | | | | | | | | | | | | |
| Nonaccrual Loans | | $ | 29,134 | | | $ | 32,674 | | | $ | 35,712 | | | $ | 40,716 | | | $ | 37,397 | |
| 90 Days Past Due and Still Accruing | | | 2,849 | | | | 2,392 | | | | 4,810 | | | | 4,444 | | | | 1,613 | |
| Total Nonperforming Loans | | | 31,983 | | | | 35,066 | | | | 40,522 | | | | 45,160 | | | | 39,010 | |
| Other Real Estate Owned | | | 4,747 | | | | 6,940 | | | | 5,581 | | | | 2,501 | | | | 2,211 | |
| Total Nonperforming Assets | | | 36,730 | | | | 42,006 | | | | 46,103 | | | | 47,661 | | | | 41,221 | |
| Allowance for Loan Losses | | | 66,600 | | | | 65,700 | | | | 65,200 | | | | 65,668 | | | | 64,568 | |
| | | | | | | | | | | | | | | | | | | | | |
| Asset Quality Ratios (Total): | | | | | | | | | | | | | | | | | | | | |
| Allowance for Loan Losses to Total Loans | | | 1.05 | % | | | 1.05 | % | | | 1.05 | % | | | 1.07 | % | | | 1.07 | % |
| Total Nonperforming Loans to Total Loans | | | 0.50 | % | | | 0.56 | % | | | 0.65 | % | | | 0.73 | % | | | 0.65 | % |
| Total Nonperforming Assets to Total Assets | | | 0.40 | % | | | 0.47 | % | | | 0.52 | % | | | 0.54 | % | | | 0.48 | % |
| Allowance for Loan Losses to Total Nonperforming Loans | | | 208.24 | % | | | 187.36 | % | | | 160.90 | % | | | 145.41 | % | | | 165.52 | % |
| Past Due Loans to Total Loans | | | 0.59 | % | | | 0.54 | % | | | 0.64 | % | | | 0.57 | % | | | 0.60 | % |
| Net Charge-Offs to Average Loans (1) | | | 0.42 | % | | | 0.45 | % | | | 0.56 | % | | | 0.35 | % | | | 0.30 | % |
| | | | | | | | | | | | | | | | | | | | | |
| Asset Quality Ratios (Originated) (2): | | | | | | | | | | | | | | | | | | | | |
| Allowance for Loan Losses to Loans | | | 1.13 | % | | | 1.13 | % | | | 1.13 | % | | | 1.15 | % | | | 1.16 | % |
| Nonperforming Loans to Loans | | | 0.48 | % | | | 0.53 | % | | | 0.61 | % | | | 0.68 | % | | | 0.62 | % |
| Allowance for Loan Losses to Nonperforming Loans | | | 235.08 | % | | | 213.71 | % | | | 186.82 | % | | | 168.52 | % | | | 186.71 | % |
| Past Due Loans to Loans | | | 0.61 | % | | | 0.55 | % | | | 0.66 | % | | | 0.56 | % | | | 0.61 | % |
| | | | | | | | | | | | | | | | | | | | | |
| Capital: | | | | | | | | | | | | | | | | | | | | |
| Equity to Assets | | | 10.36 | % | | | 10.36 | % | | | 10.30 | % | | | 10.37 | % | | | 10.39 | % |
| Book Value Per Share | | $ | 21.61 | | | $ | 21.34 | | | $ | 21.11 | | | $ | 21.08 | | | $ | 20.85 | |
| Tangible Book Value Per Share (3) | | $ | 15.06 | | | $ | 14.88 | | | $ | 14.61 | | | $ | 14.57 | | | $ | 14.31 | |
| Tier 1 Leverage Ratio | | | 9.08 | % | | | 9.08 | % | | | 9.11 | % | | | 9.05 | % | | | 9.03 | % |
| Common Equity Tier 1 Capital Ratio | | | 9.96 | % | | | 10.02 | % | | | 9.98 | % | | | 9.84 | % | | | 9.83 | % |
| Tier 1 Capital Ratio | | | 11.36 | % | | | 11.43 | % | | | 11.42 | % | | | 11.28 | % | | | 11.29 | % |
| Total Risk-Based Capital Ratio | | | 12.32 | % | | | 12.40 | % | | | 12.39 | % | | | 12.27 | % | | | 12.29 | % |
| Common Stock Price (End of Period) | | $ | 36.95 | | | $ | 37.07 | | | $ | 41.88 | | | $ | 32.87 | | | $ | 28.63 | |
| (2) | Non-GAAP measure - Excludes acquired loans. |
| (3) | Non-GAAP measure - Stockholders' equity less goodwill and intangible assets divided by common shares outstanding. |
NBT Bancorp Inc. and Subsidiaries
CONSOLIDATED BALANCE SHEETS
(unaudited, dollars in thousands)
| Assets: | | June 30, 2017 | | | December 31, 2016 | |
| Cash and due from banks | | $ | 155,236 | | | $ | 147,789 | |
| Short-term interest bearing accounts | | | 8,694 | | | | 1,392 | |
| Securities available for sale, at fair value | | | 1,365,521 | | | | 1,338,290 | |
| Securities held to maturity (fair value $516,656 and $525,050, respectively) | | | 515,628 | | | | 527,948 | |
| Trading securities | | | 10,406 | | | | 9,259 | |
| Federal Reserve and Federal Home Loan Bank stock | | | 53,040 | | | | 47,033 | |
| Loans | | | 6,367,911 | | | | 6,198,057 | |
| Less allowance for loan losses | | | 66,600 | | | | 65,200 | |
| Net loans | | | 6,301,311 | | | | 6,132,857 | |
| Premises and equipment, net | | | 82,185 | | | | 84,187 | |
| Goodwill | | | 268,043 | | | | 265,439 | |
| Intangible assets, net | | | 16,904 | | | | 15,815 | |
| Bank owned life insurance | | | 170,641 | | | | 168,012 | |
| Other assets | | | 128,809 | | | | 129,247 | |
| Total assets | | $ | 9,076,418 | | | $ | 8,867,268 | |
| | | | | | | | | |
| Liabilities and stockholders' equity: | | | | | | | | |
| Deposits: | | | | | | | | |
| Demand (noninterest bearing) | | $ | 2,220,256 | | | $ | 2,195,845 | |
| Savings, negotiable order withdrawal, and money market | | | 3,962,579 | | | | 3,905,432 | |
| Time | | | 832,449 | | | | 872,411 | |
| Total deposits | | | 7,015,284 | | | | 6,973,688 | |
| Short-term borrowings | | | 831,185 | | | | 681,703 | |
| Long-term debt | | | 88,958 | | | | 104,087 | |
| Junior subordinated debt | | | 101,196 | | | | 101,196 | |
| Other liabilities | | | 99,434 | | | | 93,278 | |
| Total liabilities | | | 8,136,057 | | | | 7,953,952 | |
| | | | | | | | | |
| Total stockholders' equity | | | 940,361 | | | | 913,316 | |
| | | | | | | | | |
| Total liabilities and stockholders' equity | | $ | 9,076,418 | | | $ | 8,867,268 | |
NBT Bancorp Inc. and Subsidiaries
CONSOLIDATED STATEMENTS OF INCOME
(unaudited, dollars in thousands except per share data)
| | | Three Months Ended June 30, | | | | |
| | | 2017 | | | 2016 | | | 2017 | | | 2016 | |
| Interest, fee and dividend income: | | | | | | | | | | | | |
| Interest and fees on loans | | $ | 65,286 | | | $ | 62,449 | | | $ | 129,313 | | | $ | 123,679 | |
| Securities available for sale | | | 7,218 | | | | 5,976 | | | | 14,227 | | | | 11,963 | |
| Securities held to maturity | | | 2,736 | | | | 2,496 | | | | 5,517 | | | | 4,784 | |
| Other | | | 654 | | | | 454 | | | | 1,273 | | | | 903 | |
| Total interest, fee and dividend income | | | 75,894 | | | | 71,375 | | | | 150,330 | | | | 141,329 | |
| Interest expense: | | | | | | | | | | | | | | | | |
| Deposits | | | 3,536 | | | | 3,605 | | | | 7,010 | | | | 7,202 | |
| Short-term borrowings | | | 1,366 | | | | 579 | | | | 2,505 | | | | 907 | |
| Long-term debt | | | 599 | | | | 773 | | | | 1,205 | | | | 1,606 | |
| Junior subordinated debt | | | 772 | | | | 641 | | | | 1,498 | | | | 1,260 | |
| Total interest expense | | | 6,273 | | | | 5,598 | | | | 12,218 | | | | 10,975 | |
| Net interest income | | | 69,621 | | | | 65,777 | | | | 138,112 | | | | 130,354 | |
| Provision for loan losses | | | 7,567 | | | | 4,780 | | | | 14,946 | | | | 10,878 | |
| Net interest income after provision for loan losses | | | 62,054 | | | | 60,997 | | | | 123,166 | | | | 119,476 | |
| Noninterest income: | | | | | | | | | | | | | | | | |
| Insurance and other financial services revenue | | | 5,621 | | | | 5,625 | | | | 12,391 | | | | 12,571 | |
| Service charges on deposit accounts | | | 4,161 | | | | 4,166 | | | | 8,138 | | | | 8,105 | |
| ATM and debit card fees | | | 5,518 | | | | 4,934 | | | | 10,468 | | | | 9,517 | |
| Retirement plan administration fees | | | 5,437 | | | | 4,054 | | | | 9,609 | | | | 7,808 | |
| Trust | | | 5,161 | | | | 4,937 | | | | 9,693 | | | | 9,313 | |
| Bank owned life insurance income | | | 1,218 | | | | 1,271 | | | | 2,629 | | | | 2,562 | |
| Net securities gains | | | 2 | | | | 1 | | | | 2 | | | | 30 | |
| Other | | | 3,186 | | | | 4,626 | | | | 6,124 | | | | 8,075 | |
| Total noninterest income | | | 30,304 | | | | 29,614 | | | | 59,054 | | | | 57,981 | |
| Noninterest expense: | | | | | | | | | | | | | | | | |
| Salaries and employee benefits | | | 32,754 | | | | 32,931 | | | | 66,341 | | | | 65,372 | |
| Occupancy | | | 5,184 | | | | 5,254 | | | | 11,354 | | | | 10,745 | |
| Data processing and communications | | | 4,229 | | | | 4,121 | | | | 8,427 | | | | 8,171 | |
| Professional fees and outside services | | | 3,609 | | | | 3,331 | | | | 6,641 | | | | 6,562 | |
| Equipment | | | 3,793 | | | | 3,547 | | | | 7,491 | | | | 7,007 | |
| Office supplies and postage | | | 1,640 | | | | 1,676 | | | | 3,248 | | | | 3,223 | |
| FDIC expense | | | 1,136 | | | | 1,293 | | | | 2,314 | | | | 2,551 | |
| Advertising | | | 656 | | | | 595 | | | | 1,046 | | | | 1,099 | |
| Amortization of intangible assets | | | 1,039 | | | | 928 | | | | 2,006 | | | | 2,024 | |
| Loan collection and other real estate owned | | | 664 | | | | 845 | | | | 1,943 | | | | 1,550 | |
| Other | | | 5,617 | | | | 5,924 | | | | 10,792 | | | | 10,365 | |
| Total noninterest expense | | | 60,321 | | | | 60,445 | | | | 121,603 | | | | 118,669 | |
| Income before income taxes | | | 32,037 | | | | 30,166 | | | | 60,617 | | | | 58,788 | |
| Income tax expense | | | 10,678 | | | | 10,257 | | | | 18,979 | | | | 19,988 | |
| Net income | | $ | 21,359 | | | $ | 19,909 | | | $ | 41,638 | | | $ | 38,800 | |
| Earnings Per Share: | | | | | | | | | | | | | | | | |
| Basic | | $ | 0.49 | | | $ | 0.46 | | | $ | 0.96 | | | $ | 0.90 | |
| Diluted | | $ | 0.49 | | | $ | 0.46 | | | $ | 0.95 | | | $ | 0.89 | |
NBT Bancorp Inc. and Subsidiaries
QUARTERLY CONSOLIDATED STATEMENTS OF INCOME
(unaudited, dollars in thousands except per share data)
| | | 2017 | | | 2016 | |
| | | 2nd Q | | | 1st Q | | | 4th Q | | | 3rd Q | | | 2nd Q | |
| Interest, fee and dividend income: | | | | | | | | | | | | | | | |
| Interest and fees on loans | | $ | 65,286 | | | $ | 64,027 | | | $ | 63,901 | | | $ | 63,414 | | | $ | 62,449 | |
| Securities available for sale | | | 7,218 | | | | 7,009 | | | | 6,057 | | | | 6,013 | | | | 5,976 | |
| Securities held to maturity | | | 2,736 | | | | 2,781 | | | | 2,524 | | | | 2,544 | | | | 2,496 | |
| Other | | | 654 | | | | 619 | | | | 627 | | | | 538 | | | | 454 | |
| Total interest, fee and dividend income | | | 75,894 | | | | 74,436 | | | | 73,109 | | | | 72,509 | | | | 71,375 | |
| Interest expense: | | | | | | | | | | | | | | | | | | | | |
| Deposits | | | 3,536 | | | | 3,474 | | | | 3,557 | | | | 3,607 | | | | 3,605 | |
| Short-term borrowings | | | 1,366 | | | | 1,139 | | | | 641 | | | | 761 | | | | 579 | |
| Long-term debt | | | 599 | | | | 606 | | | | 779 | | | | 819 | | | | 773 | |
| Junior subordinated debt | | | 772 | | | | 726 | | | | 707 | | | | 660 | | | | 641 | |
| Total interest expense | | | 6,273 | | | | 5,945 | | | | 5,684 | | | | 5,847 | | | | 5,598 | |
| Net interest income | | | 69,621 | | | | 68,491 | | | | 67,425 | | | | 66,662 | | | | 65,777 | |
| Provision for loan losses | | | 7,567 | | | | 7,379 | | | | 8,165 | | | | 6,388 | | | | 4,780 | |
| Net interest income after provision for loan losses | | | 62,054 | | | | 61,112 | | | | 59,260 | | | | 60,274 | | | | 60,997 | |
| Noninterest income: | | | | | | | | | | | | | | | | | | | | |
| Insurance and other financial services revenue | | | 5,621 | | | | 6,770 | | | | 5,711 | | | | 6,114 | | | | 5,625 | |
| Service charges on deposit accounts | | | 4,161 | | | | 3,977 | | | | 4,270 | | | | 4,354 | | | | 4,166 | �� |
| ATM and debit card fees | | | 5,518 | | | | 4,950 | | | | 4,868 | | | | 5,063 | | | | 4,934 | |
| Retirement plan administration fees | | | 5,437 | | | | 4,172 | | | | 4,126 | | | | 4,129 | | | | 4,054 | |
| Trust | | | 5,161 | | | | 4,532 | | | | 4,717 | | | | 4,535 | | | | 4,937 | |
| Bank owned life insurance income | | | 1,218 | | | | 1,411 | | | | 1,297 | | | | 1,336 | | | | 1,271 | |
| Net securities gains (losses) | | | 2 | | | | - | | | | (674 | ) | | | - | | | | 1 | |
| Other | | | 3,186 | | | | 2,938 | | | | 3,773 | | | | 4,113 | | | | 4,626 | |
| Total noninterest income | | | 30,304 | | | | 28,750 | | | | 28,088 | | | | 29,644 | | | | 29,614 | |
| Noninterest expense: | | | | | | | | | | | | | | | | | | | | |
| Salaries and employee benefits | | | 32,754 | | | | 33,587 | | | | 31,547 | | | | 32,783 | | | | 32,931 | |
| Occupancy | | | 5,184 | | | | 6,170 | | | | 5,160 | | | | 5,035 | | | | 5,254 | |
| Data processing and communications | | | 4,229 | | | | 4,198 | | | | 4,141 | | | | 4,183 | | | | 4,121 | |
| Professional fees and outside services | | | 3,609 | | | | 3,032 | | | | 3,712 | | | | 3,343 | | | | 3,331 | |
| Equipment | | | 3,793 | | | | 3,698 | | | | 3,632 | | | | 3,656 | | | | 3,547 | |
| Office supplies and postage | | | 1,640 | | | | 1,608 | | | | 1,507 | | | | 1,438 | | | | 1,676 | |
| FDIC expense | | | 1,136 | | | | 1,178 | | | | 1,273 | | | | 1,287 | | | | 1,293 | |
| Advertising | | | 656 | | | | 390 | | | | 823 | | | | 634 | | | | 595 | |
| Amortization of intangible assets | | | 1,039 | | | | 967 | | | | 952 | | | | 952 | | | | 928 | |
| Loan collection and other real estate owned | | | 664 | | | | 1,279 | | | | 923 | | | | 985 | | | | 845 | |
| Other | | | 5,617 | | | | 5,175 | | | | 3,969 | | | | 5,318 | | | | 5,924 | |
| Total noninterest expense | | | 60,321 | | | | 61,282 | | | | 57,639 | | | | 59,614 | | | | 60,445 | |
| Income before income taxes | | | 32,037 | | | | 28,580 | | | | 29,709 | | | | 30,304 | | | | 30,166 | |
| Income tax expense | | | 10,678 | | | | 8,301 | | | | 10,101 | | | | 10,303 | | | | 10,257 | |
| Net income | | $ | 21,359 | | | $ | 20,279 | | | $ | 19,608 | | | $ | 20,001 | | | $ | 19,909 | |
| Earnings Per Share: | | | | | | | | | | | | | | | | | | | | |
| Basic | | $ | 0.49 | | | $ | 0.47 | | | $ | 0.45 | | | $ | 0.46 | | | $ | 0.46 | |
| Diluted | | $ | 0.49 | | | $ | 0.46 | | | $ | 0.45 | | | $ | 0.46 | | | $ | 0.46 | |
Note: Year-to-date EPS may not equal sum of quarters due to share count differences.
NBT Bancorp Inc. and Subsidiaries
AVERAGE QUARTERLY BALANCE SHEETS
(unaudited, dollars in thousands)
| | | Average Balance | | | Yield / Rates | | | Average Balance | | | Yield / Rates | | | Average Balance | | | Yield / Rates | | | Average Balance | | | Yield / Rates | | | Average Balance | | | Yield / Rates | |
| Three Months ended, | | Q2 - 2017 | | | Q1 - 2017 | | | Q4 - 2016 | | | Q3 - 2016 | | | Q2 - 2016 | |
| Assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Short-term interest bearing accounts | | $ | 9,497 | | | | 1.82 | % | | $ | 14,342 | | | | 1.33 | % | | $ | 14,190 | | | | 0.64 | % | | $ | 21,279 | | | | 0.54 | % | | $ | 16,063 | | | | 0.53 | % |
| Securities available for sale (1) | | | 1,363,314 | | | | 2.15 | % | | | 1,352,219 | | | | 2.14 | % | | | 1,277,931 | | | | 1.92 | % | | | 1,257,335 | | | | 1.93 | % | | | 1,227,367 | | | | 1.99 | % |
| Securities held to maturity (1) | | | 513,888 | | | | 2.63 | % | | | 520,283 | | | | 2.66 | % | | | 492,415 | | | | 2.54 | % | | | 494,400 | | | | 2.54 | % | | | 498,493 | | | | 2.49 | % |
| Investment in FRB and FHLB Banks | | | 46,132 | | | | 5.31 | % | | | 46,326 | | | | 5.01 | % | | | 39,448 | | | | 6.09 | % | | | 43,552 | | | | 4.65 | % | | | 38,939 | | | | 4.47 | % |
| Loans (2) | | | 6,294,056 | | | | 4.17 | % | | | 6,211,058 | | | | 4.19 | % | | | 6,155,985 | | | | 4.14 | % | | | 6,092,371 | | | | 4.15 | % | | | 6,007,677 | | | | 4.19 | % |
| Total interest earning assets | | $ | 8,226,887 | | | | 3.75 | % | | $ | 8,144,228 | | | | 3.75 | % | | $ | 7,979,969 | | | | 3.69 | % | | $ | 7,908,937 | | | | 3.69 | % | | $ | 7,788,539 | | | | 3.73 | % |
| Other assets | | | 753,383 | | | | | | | | 748,476 | | | | | | | | 760,563 | | | | | | | | 754,813 | | | | | | | | 747,074 | | | | | |
| Total assets | | $ | 8,980,270 | | | | | | | $ | 8,892,704 | | | | | | | $ | 8,740,532 | | | | | | | $ | 8,663,750 | | | | | | | $ | 8,535,613 | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Liabilities and stockholders' equity: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Money market deposit accounts | | $ | 1,723,594 | | | | 0.21 | % | | $ | 1,688,060 | | | | 0.21 | % | | $ | 1,674,119 | | | | 0.21 | % | | $ | 1,636,815 | | | | 0.22 | % | | $ | 1,709,644 | | | | 0.22 | % |
| Negotiable order withdrawal deposit accounts | | | 1,138,237 | | | | 0.08 | % | | | 1,143,231 | | | | 0.06 | % | | | 1,130,578 | | | | 0.05 | % | | | 1,053,590 | | | | 0.05 | % | | | 1,073,881 | | | | 0.05 | % |
| Savings deposits | | | 1,232,301 | | | | 0.06 | % | | | 1,176,224 | | | | 0.05 | % | | | 1,145,352 | | | | 0.06 | % | | | 1,146,013 | | | | 0.06 | % | | | 1,143,654 | | | | 0.06 | % |
| Time deposits | | | 824,398 | | | | 1.08 | % | | | 847,410 | | | | 1.07 | % | | | 890,506 | | | | 1.06 | % | | | 902,185 | | | | 1.07 | % | | | 906,250 | | | | 1.06 | % |
| Total interest bearing deposits | | $ | 4,918,530 | | | | 0.29 | % | | $ | 4,854,925 | | | | 0.29 | % | | $ | 4,840,555 | | | | 0.29 | % | | $ | 4,738,603 | | | | 0.30 | % | | $ | 4,833,429 | | | | 0.30 | % |
| Short-term borrowings | | | 643,971 | | | | 0.85 | % | | | 657,442 | | | | 0.70 | % | | | 523,708 | | | | 0.49 | % | | | 611,339 | | | | 0.50 | % | | | 484,590 | | | | 0.48 | % |
| Long-term debt | | | 99,865 | | | | 2.41 | % | | | 104,048 | | | | 2.36 | % | | | 109,656 | | | | 2.83 | % | | | 110,703 | | | | 2.94 | % | | | 124,851 | | | | 2.55 | % |
| Junior subordinated debt | | | 101,196 | | | | 3.06 | % | | | 101,196 | | | | 2.91 | % | | | 101,196 | | | | 2.78 | % | | | 101,196 | | | | 2.59 | % | | | 101,196 | | | | 2.49 | % |
| Total interest bearing liabilities | | $ | 5,763,562 | | | | 0.44 | % | | $ | 5,717,611 | | | | 0.42 | % | | $ | 5,575,115 | | | | 0.41 | % | | $ | 5,561,841 | | | | 0.42 | % | | $ | 5,544,066 | | | | 0.41 | % |
| Demand deposits | | | 2,181,952 | | | | | | | | 2,159,893 | | | | | | | | 2,136,310 | | | | | | | | 2,079,266 | | | | | | | | 1,994,601 | | | | | |
| Other liabilities | | | 93,859 | | | | | | | | 95,153 | | | | | | | | 115,258 | | | | | | | | 118,198 | | | | | | | | 106,893 | | | | | |
| Stockholders' equity | | | 940,897 | | | | | | | | 920,047 | | | | | | | | 913,849 | | | | | | | | 904,445 | | | | | | | | 890,053 | | | | | |
| Total liabilities and stockholders' equity | | $ | 8,980,270 | | | | | | | $ | 8,892,704 | | | | | | | $ | 8,740,532 | | | | | | | $ | 8,663,750 | | | | | | | $ | 8,535,613 | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Interest rate spread | | | | | | | 3.31 | % | | | | | | | 3.33 | % | | | | | | | 3.29 | % | | | | | | | 3.27 | % | | | | | | | 3.32 | % |
| Net interest margin | | | | | | | 3.44 | % | | | | | | | 3.46 | % | | | | | | | 3.41 | % | | | | | | | 3.40 | % | | | | | | | 3.44 | % |
| (1) | Securities are shown at average amortized cost. |
| (2) | For purposes of these computations, nonaccrual loans are included in the average loan balances outstanding. |
Note: Interest income for tax-exempt securities and loans has been adjusted to a FTE basis using the statutory Federal income tax rate of 35%.
NBT Bancorp Inc. and Subsidiaries
AVERAGE YEAR-TO-DATE BALANCE SHEETS
(unaudited, dollars in thousands)
| | | Average Balance | | | Interest | | | Yield/ Rates | | | Average Balance | | | Interest | | | Yield/ Rates | |
| Six Months ended June 30, | | 2017 | | | 2016 | |
| Assets: | | | | | | | | | | | | | | | | | | |
| Short-term interest bearing accounts | | $ | 11,906 | | | $ | 90 | | | | 1.52 | % | | $ | 14,851 | | | $ | 43 | | | | 0.58 | % |
| Securities available for sale (1)(2) | | | 1,357,797 | | | | 14,442 | | | | 2.14 | % | | | 1,207,902 | | | | 12,174 | | | | 2.03 | % |
| Securities held to maturity (1) | | | 517,068 | | | | 6,782 | | | | 2.64 | % | | | 482,204 | | | | 5,953 | | | | 2.48 | % |
| Investment in FRB and FHLB Banks | | | 46,228 | | | | 1,183 | | | | 5.16 | % | | | 36,205 | | | | 860 | | | | 4.78 | % |
| Loans (3) | | | 6,252,786 | | | | 129,725 | | | | 4.18 | % | | | 5,945,875 | | | | 124,028 | | | | 4.19 | % |
| Total interest earning assets | | $ | 8,185,785 | | | $ | 152,222 | | | | 3.75 | % | | | 7,687,037 | | | $ | 143,058 | | | | 3.74 | % |
| Other assets | | | 750,943 | | | | | | | | | | | | 723,134 | | | | | | | | | |
| Total assets | | $ | 8,936,728 | | | | | | | | | | | $ | 8,410,171 | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Liabilities and stockholders' equity: | | | | | | | | | | | | | | | | | | | | | | | | |
| Money market deposit accounts | | $ | 1,705,925 | | | $ | 1,814 | | | | 0.21 | % | | $ | 1,681,787 | | | $ | 1,832 | | | | 0.22 | % |
| Negotiable order withdrawal deposit accounts | | | 1,140,720 | | | | 410 | | | | 0.07 | % | | | 1,062,920 | | | | 266 | | | | 0.05 | % |
| Savings deposits | | | 1,204,418 | | | | 329 | | | | 0.06 | % | | | 1,124,567 | | | | 322 | | | | 0.06 | % |
| Time deposits | | | 835,840 | | | | 4,457 | | | | 1.08 | % | | | 914,002 | | | | 4,782 | | | | 1.05 | % |
| Total interest bearing deposits | | $ | 4,886,903 | | | $ | 7,010 | | | | 0.29 | % | | $ | 4,783,276 | | | $ | 7,202 | | | | 0.30 | % |
| Short-term borrowings | | | 650,669 | | | | 2,505 | | | | 0.78 | % | | | 427,016 | | | | 907 | | | | 0.43 | % |
| Long-term debt | | | 101,945 | | | | 1,205 | | | | 2.38 | % | | | 127,636 | | | | 1,606 | | | | 2.53 | % |
| Junior subordinated debt | | | 101,196 | | | | 1,498 | | | | 2.99 | % | | | 101,196 | | | | 1,260 | | | | 2.50 | % |
| Total interest bearing liabilities | | $ | 5,740,713 | | | $ | 12,218 | | | | 0.43 | % | | $ | 5,439,124 | | | $ | 10,975 | | | | 0.41 | % |
| Demand deposits | | | 2,170,983 | | | | | | | | | | | | 1,982,458 | | | | | | | | | |
| Other liabilities | | | 94,503 | | | | | | | | | | | | 103,408 | | | | | | | | | |
| Stockholders' equity | | | 930,529 | | | | | | | | | | | | 885,181 | | | | | | | | | |
| Total liabilities and stockholders' equity | | $ | 8,936,728 | | | | | | | | | | | $ | 8,410,171 | | | | | | | | | |
| Net interest income (FTE) | | | | | | | 140,004 | | | | | | | | | | | | 132,083 | | | | | |
| Interest rate spread | | | | | | | | | | | 3.32 | % | | | | | | | | | | | 3.33 | % |
| Net interest margin | | | | | | | | | | | 3.45 | % | | | | | | | | | | | 3.46 | % |
| Taxable equivalent adjustment | | | | | | | 1,892 | | | | | | | | | | | | 1,729 | | | | | |
| Net interest income | | | | | | $ | 138,112 | | | | | | | | | | | $ | 130,354 | | | | | |
| (1) | Securities are shown at average amortized cost. |
| (2) | Excluding unrealized gains or losses. |
| (3) | For purposes of these computations, nonaccrual loans are included in the average loan balances outstanding. |
Note: Interest income for tax-exempt securities and loans has been adjusted to a FTE basis using the statutory Federal income tax rate of 35%.
NBT Bancorp Inc. and Subsidiaries
CONSOLIDATED LOAN BALANCES
(unaudited, dollars in thousands)
| | | 2017 | | | 2016 | |
| | | 2nd Q | | | 1st Q | | | 4th Q | | | 3rd Q | | | 2nd Q | |
| Residential real estate mortgages | | $ | 1,275,807 | | | $ | 1,275,774 | | | $ | 1,262,614 | | | $ | 1,240,337 | | | $ | 1,219,388 | |
| Commercial | | | 1,342,334 | | | | 1,284,464 | | | | 1,242,701 | | | | 1,252,644 | | | | 1,176,008 | |
| Commercial real estate | | | 1,563,980 | | | | 1,540,472 | | | | 1,543,301 | | | | 1,528,498 | | | | 1,497,683 | |
| Consumer | | | 1,684,936 | | | | 1,669,369 | | | | 1,641,657 | | | | 1,625,294 | | | | 1,629,836 | |
| Home equity | | | 500,854 | | | | 502,224 | | | | 507,784 | | | | 513,412 | | | | 516,478 | |
| Total loans | | $ | 6,367,911 | | | $ | 6,272,303 | | | $ | 6,198,057 | | | $ | 6,160,185 | | | $ | 6,039,393 | |
