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EXHIBIT 99 - PRESS RELEASE DATE JULY 28, 2003
FOR IMMEDIATE RELEASE
ATTENTION: FINANCIAL AND BUSINESS EDITORS
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Contact: Daryl R. Forsythe, CEO
Michael J. Chewens, CFO
NBT Bancorp Inc.
52 South Broad Street
Norwich, NY 13815
607-337-6416
NBT BANCORP ANNOUNCES YEAR TO DATE EARNINGS OF $23.4 MILLION;
DECLARES CASH DIVIDEND
NORWICH, NY (July 28, 2003) - NBT Bancorp Inc. (NBT) (NASDAQ: NBTB)
reported today that net income for the six months ended June 30, 2003 was $23.4
million, or $0.71 per diluted share, up 6% compared to $22.3 million or $0.67
per diluted share for the first six months of 2002. Return on average assets and
return on average equity were 1.26% and 16.08%, respectively, for the six months
ended June 30, 2003, compared with 1.25% and 16.54%, respectively, for the same
period in 2002. The increase in net income for the six months ended June 30,
2003 was primarily the result of a $2.5 million increase in noninterest income
partially offset by a $1.9 million decrease in net interest income.
Net income for the quarter ended June 30, 2003 was $11.8 million, or $0.36
per diluted share, up 6% from $11.3 million, or $0.34 per diluted share for the
same period a year ago. Return on average assets and return on average equity
were 1.25% and 16.07%, respectively, for the quarter ended June 30, 2003,
compared with 1.24% and 16.50%, respectively, for the same period in 2002. The
increase in net income for the quarter ended June 30, 2003 was primarily the
result of a $1.1 million increase in noninterest income, and decreases of $0.7
million for the provision for loan and lease losses and $0.2 million for
noninterest expense offset by a $1.6 million decrease in net interest income.
NBT Chairman, President and CEO Daryl R. Forsythe stated, "The Company
achieved positive results for the quarter and first-half of the year with strong
revenue growth from service charges on deposit accounts, financial services and
trust income, as well as improved credit quality, and expense control. We also
produced strong growth in loans and deposits in the second quarter of 2003,
growth
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that is directly related to the execution of our strategy to expand our delivery
of full-service community banking throughout upstate New York and northeastern
Pennsylvania."
Mr. Forsythe continued, "During the second quarter of 2003, the Company
acquired its 110th branch located in Whitney Point, New York, expanding our
geographical presence in the state's Southern Tier. Our plans for the second
half of 2003 call for the opening of two branches in the Albany market. This
expansion of our footprint will provide more opportunities for our organization
to serve a growing customer base, while adding diversity in the markets and
economies we will serve in the years to come."
LOAN AND LEASE QUALITY AND PROVISION FOR LOAN AND LEASE LOSSES
Mr. Forsythe commented, "Despite challenging economic conditions and strong
loan growth during the first half of 2003, we continue to see improvement in
credit quality. This achievement speaks highly of our credit management process
and business development activities." Nonperforming loans at June 30, 2003 were
$16.8 million or 0.67% of total loans and leases compared to $31.3 million or
1.34% of total loans and leases at June 30, 2002 and $26.4 million or 1.12% of
total loans and leases at December 31, 2002. The Company's allowance for loan
and lease losses was 1.64% of loans and leases at June 30, 2003 compared to
1.87% at June 30, 2002 and 1.70% at December 31, 2002. The ratio of the
allowance for loan and lease losses to nonperforming loans improved to 242.58%
at June 30, 2003 from 139.63% at June 30, 2002 and 152.18% at December 31, 2002.
Annualized net charge-offs to average loans and leases for the six months ended
June 30, 2003, were 0.23%, down from the 0.45% annualized ratio for the six
months ended June 30, 2002, and down from the year-to-date December 31, 2002
rate of 0.58%.
For the six months and quarter ended June 30, 2003, the provision for loan
and lease losses totaled $3.4 million and $1.4 million, down from the $4.1
million and $2.1 million provided in the same periods in 2002. The decrease in
the provision for loan and lease losses for the six months and quarter ended
June 30, 2003 when compared to the same periods in 2002 was due primarily to
lower net charge-offs and a decrease in nonperforming loans.
NET INTEREST INCOME
Net interest income for the six months ended June 30, 2003 decreased 3% to
$71.5 million from $73.4 million in the same period for 2002. The Company's net
interest margin was 4.29% for the six months ended June 30, 2003 compared to
4.51% for the same period a year ago. Net interest income was down 4% to $35.5
million for the quarter ended June 30, 2003, compared to $37.1 million for the
same period a year ago. The decrease in net interest income was primarily
attributable to the decline in the Company's net interest margin, which was
4.18% for the quarter ended June 30, 2003, down from the
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4.48% for the same period in 2002. Mr. Forsythe stated, "The extraordinarily low
interest rate environment that currently exists has presented a challenge in
maintaining our net interest margin. In spite of an aggressive interest pricing
strategy on both sides of the balance sheet and constant analysis of the most
favorable asset/liability mix, our margins decreased during the second quarter
of 2003. We feel fortunate we were able to mitigate the effect of margin
compression with improving credit quality, increasing noninterest income and
controlling noninterest expense."
The compression in net interest margin during the six months and quarter
and ended June 30, 2003 compared to the same periods last year resulted from
earning assets repricing down at a faster rate than interest-bearing
liabilities. This net interest margin compression was also impacted by
accelerating pre-payments from mortgage-related loans and various securities,
which in turn were reinvested at lower rates. For the remainder of 2003, the
Company expects its net interest margin to continue to compress from the quarter
ended June 30, 2003 levels if the interest rate environment remains at current
levels or lower.
NONINTEREST INCOME
Noninterest income for the six months ended June 30, 2003 was $17.7
million, up $2.5 million or 16% from $15.2 million for the same period in 2002.
Service charges on deposit accounts for the six months ended June 30, 2003
increased $1.1 million or 17% over the same period in 2002. The increase in
service charges on deposit accounts resulted primarily from higher fees
collected for insufficient funds on deposit accounts and continued growth from
core deposits. Other income for the six months ended June 30, 2003 increased
$0.5 million or 12% over the same period in 2002. The increase in other income
was driven primarily by strong growth in ATM fees. Securities transactions
resulted in a $0.1 million net gain for the six months ended June 30, 2003 and a
$0.4 million net loss resulting from a write-down of an impaired security for
the same period in 2002. Revenue from trust services increased $0.4 million or
24% for the six months ended June 30, 2003 over the same period in 2002, due in
part to higher fees collected for estate management services as well as an
increase in assets under management resulting from improved stock market
conditions and an increase in managed trust accounts.
Noninterest income for the quarter ended June 30, 2003 was $8.9 million, up
$1.1 million or 15% from $7.8 million for the same period in 2002. Service
charges on deposit accounts for the quarter ended June 30, 2003 increased $0.5
million or 16% over the same period in 2002. The increase in service charges on
deposit accounts resulted primarily from higher fees collected for insufficient
funds on deposit accounts. The increase in fees for insufficient funds was
driven primarily by the combination of
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continued growth in core deposit products as well as several pricing adjustments
implemented during 2002. Revenue from trust services increased $0.3 million or
39% for the quarter ended June 30, 2003 over the same period in 2002, due in
part to an increase in estate management services. Broker/dealer and insurance
revenue increased $0.3 million or 18% for the quarter ended June 30, 2003 over
the same period in 2002, due primarily to the Company's successful initiative in
delivering financial service related products through its 110-branch network,
which was implemented at the end of 2002. Mr. Forsythe stated, "We've developed
a concentration of talent and resources that is able to respond to the complex
financial needs of our customers. And, as a result, our strategy of offering a
broad range of financial service products throughout our branch network is
beginning to pay dividends and diversify our revenue sources."
NONINTEREST EXPENSE
Noninterest expense for the six months ended June 30, 2003 was $51.7
million, up $0.5 million or 1% from $51.3 million for the same period in 2002.
The increase in noninterest expense was due primarily to increases in other
operating expense and occupancy expense partially offset by decreases in loan
collection and OREO expenses and professional fees and outside services. Other
operating expense increased $1.7 million, primarily from a $0.6 million charge
for the writedown of venture capital investments. Loan collection and OREO
expenses decreased $0.9 million from gains on the sale of OREO and a decrease in
nonperforming loans. Professional fees and outside services decreased $0.9
million primarily from a $0.4 million charge related to an adverse judgement
against the Company in 2002 as well as legal fees incurred during 2002 for the
recovery of deposit overdraft writeoffs.
Noninterest expense for the quarter ended June 30, 2003 was $25.8 million,
down $0.2 million or 1% from $26.1 million for the same period in 2002. The
reduction in noninterest expense resulted from decreases in several line items
and was partially offset by an increase in other operating expense. Professional
fees and outside services decreased $0.5 million due to lower legal fees. Loan
collection and other real estate owned ("OREO") expense decreased $0.3 million,
due to a decrease in nonperforming loans and gains on the sale of OREO. Other
operating expense increased $1.0 million, due mainly to charges of $0.3 million
for the writedown of venture capital investments in the quarter ended June 30,
2003.
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BALANCE SHEET
Total assets were $3.9 billion at June 30, 2003, up $0.2 billion from $3.7
billion at June 30, 2002. Loans and leases increased $0.2 billion or 7% from
$2.3 billion at June 30, 2002 to $2.5 billion at June 30, 2003. Loan growth has
increased at an annual rate of 12% from December 31, 2002 levels. Loan growth
was fueled primarily by consumer loans, particularly home equity loans, which
experienced strong growth during the quarter ended June 30, 2003. Total deposits
were $3.0 billion at June 30, 2003, up $0.1 billion from $2.9 billion at June
30, 2002. Core deposits, which include checking, savings and money market
accounts increased $0.2 billion or 15% from $1.5 billion at June 30, 2002 to
$1.8 billion at June 30, 2003, offset by a $0.1 billion decrease in time
deposits during the same period. Stockholders' equity was $297.9 million,
representing a Tier 1 leverage ratio of 6.72% at June 30, 2003, compared to
$282.8 million or a Tier 1 leverage ratio of 6.78% at June 30, 2002.
DIVIDEND DECLARED
The NBT Board of Directors declared a third quarter cash dividend of $0.17
per share at a meeting held today. The dividend will be paid on September 15,
2003 to shareholders of record as of September 1, 2003.
CORPORATE OVERVIEW
NBT is a financial services holding company headquartered in Norwich, NY,
with combined assets of $3.9 billion at June 30, 2003. The Company primarily
operates through one full-service community bank with three geographic divisions
and through a financial services company. NBT Bank, N.A. has 110 locations,
including 44 NBT Bank offices and 26 Central National Bank offices in upstate
New York and 40 Pennstar Bank offices in northeastern Pennsylvania. NBT also
provides financial services related products through M. Griffith, Inc. More
information about NBT's banking divisions can be obtained on the Internet at
www.nbtbank.com, www.pennstarbank.com and www.canajocnb.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 Inc. 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
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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.
FINANCIAL TABLES APPEAR ON FOLLOWING PAGES (7-11).
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NBT BANCORP INC.
SELECTED FINANCIAL HIGHLIGHTS
(unaudited)
NET PERCENT
2003 2002 CHANGE CHANGE
---- ---- ------ ------
(dollars in thousands, except share and per share data)
SIX MONTHS ENDED JUNE 30,
Net Income $ 23,374 $ 22,343 $ 1,031 5%
Diluted Earnings Per Share $ 0.71 $ 0.67 $ 0.04 6%
Weighted Average Diluted
Common Shares Outstanding 32,717,725 33,348,063 (630,338) -2%
Return on Average Assets 1.26% 1.25% 0.01% 1%
Return on Average Equity 16.08% 16.54% -0.46% -3%
Net Interest Margin 4.29% 4.51% -0.22% -5%
===================================================================================================================
THREE MONTHS ENDED JUNE 30,
Net Income $ 11,808 $ 11,266 $ 542 5%
Diluted Earnings Per Share $ 0.36 $ 0.34 $ 0.02 6%
Weighted Average Diluted
Common Shares Outstanding 32,652,900 33,401,648 (748,748) -2%
Return on Average Assets 1.25% 1.24% 0.01% 1%
Return on Average Equity 16.07% 16.50% -0.43% -3%
Net Interest Margin 4.18% 4.48% -0.30% -7%
===================================================================================================================
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ASSET QUALITY JUNE 30, DECEMBER 31, JUNE 30,
2003 2002 2002
---- ---- ----
Nonaccrual Loans $ 15,906 $ 24,009 $ 30,527
90 Days Past Due and Still Accruing $ 642 $ 1,976 $ 253
Troubled Debt Restructuring Loans $ 295 $ 409 $ 530
Total Nonperforming Loans $ 16,843 $ 26,394 $ 31,310
Other Real Estate Owned (OREO) $ 2,280 $ 2,947 $ 2,047
Total Nonperforming Loans and OREO $ 19,123 $ 29,341 $ 33,357
Nonperforming Securities $ 735 $ 1,122 $ 1,560
Total Nonperforming Assets $ 19,858 $ 30,463 $ 34,917
Allowance for Loan and Lease Losses $ 40,858 $ 40,167 $ 43,719
Year-to-Date (YTD) Net Charge-Offs $ 2,662 $ 13,652 $ 5,130
Allowance to Loans and Leases 1.64% 1.70% 1.87%
Total Nonperforming Loans to Loans and Leases 0.67% 1.12% 1.34%
Total Nonperforming Assets to Assets 0.51% 0.82% 0.95%
Allowance to Nonperforming Loans 242.58% 152.18% 139.63%
Annualized Net Charge-Offs to
YTD Average Loans and Leases 0.23% 0.58% 0.45%
===================================================================================================================
CAPITAL
Equity to Assets 7.60% 7.85% 7.69%
Book Value Per Share $ 9.19 $ 8.96 $ 8.52
Tangible Book Value Per Share $ 7.64 $ 7.47 $ 7.05
Tier 1 Leverage Ratio 6.72% 6.73% 6.78%
Tier 1 Capital Ratio 9.44% 9.93% 10.04%
Total Risk-Based Capital Ratio 10.70% 11.18% 11.30%
===================================================================================================================
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QUARTERLY COMMON STOCK PRICE* 2003 2002 2001
Quarter End High Low High Low High Low
---- --- ---- --- ---- ---
March 31 $ 18.60 $16.76 $15.15 $13.15 $17.50 $13.25
June 30 19.94 17.37 19.32 14.00 25.42** 14.30
September 30 18.50 16.36 17.30 13.50
December 31 18.60 14.76 15.99 12.55
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*historical NBT Bancorp Inc. only
**This price was reported on June 29, 2001, a day on which the Nasdaq Stock
Market experienced computerized trading disruptions which, among other things,
forced it to extend its regular trading session and cancel its late trading
session. Subsequently the Nasdaq Stock Market recalculated and republished
several closing stock prices (not including NBT Bancorp Inc., for which had
reported a closing price of $19.30). Excluding trading on June 29, 2001, the
high sales price for the quarter ended June 30, 2001 was $16.75.
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NBT BANCORP INC.
SELECTED FINANCIAL HIGHLIGHTS
(UNAUDITED)
Net Percent
2003 2002 Change Change
---- ---- ------ ------
(dollars in thousands, except share and per share data)
BALANCE SHEET AS OF JUNE 30,
Loans & Leases $2,496,385 $2,336,041 $ 160,344 7%
Earning Assets $3,584,137 $3,427,738 $ 156,399 5%
Total Assets $3,917,457 $3,678,942 $ 238,515 6%
Deposits $2,965,196 $2,867,645 $ 97,551 3%
Stockholders' Equity $ 297,850 $ 282,762 $ 15,088 5%
==================================================================================================
AVERAGE BALANCES
YEAR ENDED JUNE 30,
Loans & Leases $2,386,173 $2,319,971 $ 66,202 3%
Securities AFS (excluding unrealized gains or losses) $ 976,909 $ 926,713 $ 50,196 5%
Securities HTM $ 83,388 $ 100,670 ($17,282) -17%
Trading Securities $ 202 $ 166 $ 36 22%
Regulatory Equity Investment $ 23,736 $ 21,004 $ 2,732 13%
Short-Term Interest Bearing Accounts $ 4,554 $ 12,674 ($8,120) -64%
Total Earning Assets $3,474,962 $3,381,198 $ 93,764 3%
Total Assets $3,735,711 $3,613,282 $ 122,429 3%
Interest Bearing Deposits $2,477,483 $2,477,426 $ 57 0%
Non-Interest Bearing Deposits $ 439,398 $ 409,086 $ 30,312 7%
Short-Term Borrowings $ 110,713 $ 81,136 $ 29,577 36%
Long-Term Borrowings $ 351,931 $ 318,935 $ 32,996 10%
Total Interest Bearing Liabilities $2,940,127 $2,877,497 $ 62,630 2%
Stockholders' Equity $ 293,607 $ 272,490 $ 21,117 8%
==================================================================================================
AVERAGE BALANCES
QUARTER ENDED JUNE 30,
Loans & Leases $2,417,364 $2,317,838 $ 99,526 4%
Securities AFS (excluding unrealized gains or losses) $ 975,929 $ 964,555 $ 11,374 1%
Securities HTM $ 86,400 $ 98,040 ($11,640) -12%
Trading Securities $ 209 $ 205 $ 4 2%
Regulatory Equity Investment $ 23,987 $ 20,965 $ 3,022 14%
Short-Term Interest Bearing Accounts $ 4,122 $ 11,806 ($7,684) -65%
Total Earning Assets $3,508,011 $3,413,409 $ 94,602 3%
Total Assets $3,773,460 $3,643,519 $ 129,941 4%
Interest Bearing Deposits $2,479,636 $2,494,878 ($15,242) -1%
Non-Interest Bearing Deposits $ 448,597 $ 412,729 $ 35,868 9%
Short-Term Borrowings $ 122,794 $ 75,672 $ 47,122 62%
Long-Term Borrowings $ 358,119 $ 329,375 $ 28,744 9%
Total Interest Bearing Liabilities $2,960,549 $2,899,925 $ 60,624 2%
Stockholders' Equity $ 294,659 $ 273,862 $ 20,797 8%
==================================================================================================
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NBT BANCORP INC. AND SUBSIDIARIES JUNE 30, December 31, June 30,
CONSOLIDATED BALANCE SHEETS 2003 2002 2002
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(in thousands) (Unaudited) (Unaudited)
ASSETS
Cash and due from banks $ 143,884 $ 121,824 $ 108,456
Short term interest bearing accounts 3,507 2,799 5,950
Trading securities, at fair value 69 203 280
Securities available for sale, at fair value 987,147 1,007,583 988,538
Securities held to maturity (fair value of $94,339, $84,517, and 92,452 82,514 88,882
89,880, at June 30, 2003, December 31, 2002 and June 30,
2002, respectively)
Federal Reserve and Federal Home Loan Bank stock 29,175 23,699 23,372
Loans and leases 2,496,385 2,355,932 2,336,041
Less allowance for loan and lease losses 40,858 40,167 43,719
============================================================================================================
Net loans and leases 2,455,527 2,315,765 2,292,322
Premises and equipment, net 61,332 61,261 61,716
Goodwill 47,558 46,121 46,121
Intangible assets, net 2,606 2,246 2,589
Bank owned life insurance 30,014 - 0
Other assets 64,186 59,711 60,716
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TOTAL ASSETS $ 3,917,457 $ 3,723,726 $3,678,942
============================================================================================================
LIABILITIES, GUARANTEED PREFERRED BENEFICIAL
INTERESTS IN COMPANY'S JUNIOR SUBORDINATE
DEBENTURES AND CAPITAL
Deposits:
Demand (noninterest bearing) $ 470,422 $ 449,201 $ 424,615
Savings, NOW, and money market 1,304,304 1,183,603 1,119,730
Time 1,190,470 1,289,236 1,323,300
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Total deposits 2,965,196 2,922,040 2,867,645
Short-term borrowings 211,981 105,601 122,903
Long-term debt 370,129 345,475 350,729
Other liabilities 55,301 41,228 37,903
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Total liabilities 3,602,607 3,414,344 3,379,180
Guaranteed preferred beneficial interests in
Companyjunior subordinated debentures 17,000 17,000 17,000
Total stockholders' equity 297,850 292,382 282,762
============================================================================================================
TOTAL LIABILITIES, GUARANTEED PREFERRED
BENEFICIAL INTERESTS IN COMPANY'S JUNIOR
SUBORDINATE DEBENTURES AND CAPITAL $ 3,917,457 $ 3,723,726 $3,678,942
============================================================================================================
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Three months ended Six months ended
NBT BANCORP INC. AND SUBSIDIARIES June 30, June 30,
CONSOLIDATED STATEMENTS OF INCOME 2003 2002 2003 2002
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(in thousands, except per share data) (Unaudited)
INTEREST, FEE AND DIVIDEND INCOME:
Loans and leases $ 39,540 $ 41,390 $ 79,155 $ 83,617
Securities available for sale 10,864 14,668 22,669 28,297
Securities held to maturity 857 1,115 1,746 2,299
Securities trading 1 2 3 4
Other 331 315 655 595
- ------------------------------------------------------------------------------------------------------------
Total interest, fee and dividend income 51,593 57,490 104,228 114,812
- ------------------------------------------------------------------------------------------------------------
INTEREST EXPENSE:
Deposits 12,040 16,265 24,652 33,256
Short-term borrowings 370 287 659 635
Long-term debt 3,691 3,856 7,396 7,494
- ------------------------------------------------------------------------------------------------------------
Total interest expense 16,101 20,408 32,707 41,385
- ------------------------------------------------------------------------------------------------------------
Net interest income 35,492 37,082 71,521 73,427
Provision for loan and lease losses 1,413 2,092 3,353 4,103
- ------------------------------------------------------------------------------------------------------------
Net interest income after provision for loan and lease losses 34,079 34,990 68,168 69,324
- ------------------------------------------------------------------------------------------------------------
NONINTEREST INCOME:
Trust 1,116 804 2,008 1,623
Service charges on deposit accounts 3,764 3,239 7,367 6,289
Broker/dealer and insurance revenue 1,750 1,483 3,142 2,978
Net securities gains (losses) 38 69 65 (433)
Gain on sale of a branch - - - 220
Other 2,271 2,207 5,099 4,536
- ------------------------------------------------------------------------------------------------------------
Total noninterest income 8,939 7,802 17,681 15,213
- ------------------------------------------------------------------------------------------------------------
NONINTEREST EXPENSE:
Salaries and employee benefits 12,060 12,497 24,719 24,871
Office supplies and postage 1,011 1,227 2,084 2,124
Occupancy 2,182 2,096 4,708 4,265
Equipment 1,944 1,818 3,710 3,532
Professional fees and outside services 1,240 1,782 2,542 3,397
Data processing and communications 2,720 2,598 5,441 5,163
Capital securities 179 230 370 446
Amortization of intangible assets 155 208 317 433
Loan collection and other real estate owned 476 748 756 1,675
Other operating 3,881 2,858 7,093 5,368
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Total noninterest expense 25,848 26,062 51,740 51,274
- ------------------------------------------------------------------------------------------------------------
Income before income taxes 17,170 16,730 34,109 33,263
Income taxes 5,362 5,464 10,735 10,920
- ------------------------------------------------------------------------------------------------------------
NET INCOME $ 11,808 $ 11,266 $ 23,374 $ 22,343
- ------------------------------------------------------------------------------------------------------------
Earnings Per Share:
Basic $ 0.36 $ 0.34 $ 0.72 $ 0.67
Diluted $ 0.36 $ 0.34 $ 0.71 $ 0.67
============================================================================================================
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NBT BANCORP INC. AND SUBSIDIARIES 2Q 1Q 4Q 3Q 2Q
QUARTERLY CONSOLIDATED STATEMENTS OF INCOME 2003 2003 2002 2002 2002
- -----------------------------------------------------------------------------------------------------------------
(in thousands, except per share data) (Unaudited)
INTEREST, FEE AND DIVIDEND INCOME:
Loans and leases $ 39,540 $39,615 $41,598 $41,970 $41,390
Securities available for sale 10,864 11,805 12,329 13,778 14,668
Securities held to maturity 857 889 951 1,010 1,115
Trading securities 1 2 2 2 2
Other 331 324 519 251 315
- -----------------------------------------------------------------------------------------------------------------
Total interest, fee and dividend income 51,593 52,635 55,399 57,011 57,490
- -----------------------------------------------------------------------------------------------------------------
INTEREST EXPENSE:
Deposits 12,040 12,612 14,328 15,748 16,265
Short-term borrowings 370 289 282 417 287
Long-term debt 3,691 3,705 4,103 4,139 3,856
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Total interest expense 16,101 16,606 18,713 20,304 20,408
- -----------------------------------------------------------------------------------------------------------------
Net interest income 35,492 36,029 36,686 36,707 37,082
Provision for loan and lease losses 1,413 1,940 2,546 2,424 2,092
- -----------------------------------------------------------------------------------------------------------------
Net interest income after provision for loan and lease losses 34,079 34,089 34,140 34,283 34,990
- -----------------------------------------------------------------------------------------------------------------
NONINTEREST INCOME:
Trust 1,116 892 860 743 804
Service charges on deposit accounts 3,764 3,603 4,055 3,531 3,239
Broker/dealer and insurance fees 1,750 1,392 1,409 1,393 1,483
Net securities gains (losses) 38 27 26 (6) 69
Other 2,271 2,828 1,917 2,380 2,207
- -----------------------------------------------------------------------------------------------------------------
Total noninterest income 8,939 8,742 8,267 8,041 7,802
- -----------------------------------------------------------------------------------------------------------------
NONINTEREST EXPENSE:
Salaries and employee benefits 12,060 12,659 11,621 11,720 12,497
Office supplies and postage 1,011 1,073 1,206 1,116 1,227
Occupancy 2,182 2,526 2,036 2,032 2,096
Equipment 1,944 1,766 1,862 1,672 1,818
Professional fees and outside services 1,240 1,302 1,746 1,446 1,782
Data processing and communications 2,720 2,721 2,725 2,705 2,598
Capital securities 179 191 172 221 230
Amortization of intangible assets 155 162 164 177 208
Merger, acquisition and reorganization (recovery) costs - - - (130) -
Loan collection and other real estate owned 476 280 601 570 748
Other operating 3,881 3,212 3,728 3,791 2,858
- -----------------------------------------------------------------------------------------------------------------
Total noninterest expense 25,848 25,892 25,861 25,320 26,062
- -----------------------------------------------------------------------------------------------------------------
Income before income taxes 17,170 16,939 16,546 17,004 16,730
Income taxes 5,362 5,373 5,302 5,592 5,464
- -----------------------------------------------------------------------------------------------------------------
NET INCOME $ 11,808 $11,566 $11,244 $11,412 $11,266
=================================================================================================================
Earnings per share:
Basic $ 0.36 $ 0.36 $ 0.34 $ 0.35 $ 0.34
Diluted $ 0.36 $ 0.35 $ 0.34 $ 0.34 $ 0.34
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