NBT Bancorp Inc. Announces Net Income of $18.2 Million for the First Quarter of 2015; Announces 5% Dividend Increase


NORWICH, N.Y., April 27, 2015 (GLOBE NEWSWIRE) -- NBT Bancorp Inc. (NBT) (Nasdaq:NBTB) reported net income for the three months ended March 31, 2015 of $18.2 million, up from $18.0 million from the prior year. Reported earnings per diluted share for the three months ended March 31, 2015 was $0.41, equivalent to the first quarter of 2014. Core net income for the three months ended March 31, 2015 was $18.2 million, down slightly from $18.4 million for the first quarter of 2014. Core diluted earnings per share for the three months ended March 31, 2015 was $0.41, as compared with $0.42 for the first quarter of 2014.

The reported results for the three months ended March 31, 2015 and 2014 contained items which the Company considers non-core, such as securities gains and other items not considered core to our operations.

First Quarter 2015 Highlights:

  • 2015 second quarter 5% dividend increase from $0.21 per share to $0.22 per share
     
  • Continued positive trends in asset quality indicators

    • Past due loans to total loans improved to 0.54% at March 31, 2015 from 0.69% at December 31, 2014
       
    • Net charge-offs to average loans improved to 0.34% for the first quarter of 2015 from 0.70% for the fourth quarter of 2014 and 0.41% for the 2014 year
       
  • Net interest margin remained stable at 3.60% for the first quarter of 2015 as compared with 3.61% for both the fourth quarter and full year of 2014

"Our results for the first quarter of 2015 represent another solid quarter for our company," said NBT President and CEO Martin Dietrich. "The Board's approval of a 5% increase to the second-quarter cash dividend is a testament to our continued strong performance and their confidence in the long-term value we are building for our shareholders. Sustained favorable trends in our asset quality indicators and our ability to maintain a stable net interest margin demonstrate our focus on the fundamentals of banking as we make ongoing strategic investments in our people, technology and new markets."

Net interest income was $62.2 million for the first quarter of 2015, down 2.9% from the previous quarter, and up 1.1% from the first quarter of 2014. FTE net interest margin was 3.60% for the three months ended March 31, 2015, down from 3.61% for the previous quarter, and down from 3.63% for the first quarter of 2014. Average interest earning assets were down slightly for the first quarter of 2015 as compared to the prior quarter, and up $130.2 million, or 1.9%, from the same period in 2014. The increase from the first quarter of 2014 was driven primarily by organic loan production during 2014. Rate compression on earning assets, which decreased from 3.92% during the fourth quarter of 2014 to 3.89% for the first quarter of 2015, contributed to the decrease in net interest income and FTE net interest margin from the fourth quarter of 2014 to the first quarter of 2015. This rate compression was driven by a 4 basis point ("bp") decrease in loan yields from the fourth quarter of 2014 to the first quarter of 2015. Average interest bearing liabilities decreased $42.3 million, or 0.8%, from the fourth quarter of 2014 to the first quarter of 2015, which was driven by a decrease in average short-term borrowings for the first quarter of 2015 and the continued migration of time deposits to lower cost savings and money market deposit accounts. The rates paid on interest bearing liabilities decreased by 2 bps over the same period and partially offset the aforementioned rate compression on earning assets. The rate compression on interest bearing liabilities from the fourth quarter of 2014 to the first quarter of 2015 was primarily driven by decreases in the rates paid on time deposits and savings accounts.     

Noninterest income for the three months ended March 31, 2015 was $26.5 million, down $0.5 million or 1.9% from the prior quarter, and up $0.3 million or 1.0% from the first quarter of 2014. The decrease from the prior quarter was driven primarily by a decrease in service charges on deposit accounts stemming from a decrease in overdraft activity during the first quarter of 2015. In addition, trust revenue decreased $0.3 million or 7.2% from the fourth quarter of 2014 to the first quarter of 2015 due to termination fees recognized in the fourth quarter of 2014, and bank owned life insurance income decreased $0.3 million or 17.7% over the same period due to a decrease in death benefits in the first quarter of 2015. These decreases were partially offset by a $0.4 million, or 6%, increase in insurance and other financial services revenue in the first quarter of 2015 as compared with the fourth quarter of 2014. In addition, retirement plan administration fees were up $0.2 million, or 8%, for the first quarter of 2015 compared with the fourth quarter of 2014.

Noninterest expense for the three months ended March 31, 2015 was $57.7 million, up $1.0 million or 1.7% from the prior quarter and up $0.2 million from the first quarter of 2014. The increase from the prior quarter was due primarily to a $0.8 million or 15.4% increase in occupancy expenses from the fourth quarter of 2014 due to seasonal expenses. In addition, other operating expenses increased $0.3 million or 6.6% from the fourth quarter of 2014 with no significant drivers. Income tax expense for the three month period ended March 31, 2015 was $9.2 million, up $0.3 million from the prior quarter, and up $0.5 million from the first quarter of 2014. The increase from prior periods was due primarily to a lower level of tax exempt income as a percentage of total income during the first quarter of 2015. The effective tax rate was 33.6% for the first quarter of 2015, 32.5% for the fourth quarter of 2014, and 32.5% for the first quarter of 2014.

Asset Quality

Net charge-offs were $4.6 million for the three months ended March 31, 2015, down from $9.9 million for the prior quarter, and up from $3.6 million from the three months ended March 31, 2014. The decrease from the prior quarter was due primarily to a $3.0 million partial charge-off of an acquired commercial credit during the fourth quarter of 2014 which had been previously reserved for. NBT recorded a provision for loan losses of $3.6 million for the three months ended March 31, 2015, down from $6.9 million for the prior quarter, and equal to the provision for the first quarter of 2014. Provision expense for the first quarter of 2015 was less than charge-offs was due to the improvement in asset quality metrics. Net charge-offs to average loans for the first quarter of 2015 was 0.34%, compared to 0.70% for the fourth quarter of 2014 and 0.27% for the same period in 2014.

Nonperforming loans to total loans was 0.85% at March 31, 2015, up 3 bps from the prior quarter, and down 14 bps from March 31, 2014. Past due loans as a percentage of total loans were 0.54% at March 31, 2015 as compared to 0.69% at December 31, 2014, and 0.57% at March 31, 2014.   

The allowance for loan losses totaled $65.4 million at March 31, 2015, compared to $66.4 million at December 31, 2014 and $69.4 million at March 31, 2014. The allowance for loan losses as a percentage of loans was 1.16% (1.29% excluding acquired loans with no related allowance recorded) at March 31, 2015, compared to 1.19% (1.36% excluding acquired loans with no related allowance recorded) at December 31, 2014 and 1.27% (1.51% excluding acquired loans with no related allowance recorded) at March 31, 2014. The decrease in the allowance for loan losses as a percentage of loans from the prior year was due primarily to continued positive trends with asset quality metrics in the originated loan portfolio.     

Balance Sheet

Total assets were $7.9 billion at March 31, 2015, up $65.9 million, or 0.8% from December 31, 2014. Loans were $5.6 billion at March 31, 2015, up $27.8 million from December 31, 2014. Total deposits were $6.5 billion at March 31, 2015, up $179.8 million, or 2.9%, from December 31, 2014, primarily due to increases in municipal deposits. Stockholders' equity was $877.5 million, representing a total equity-to-total assets ratio of 11.16% at March 31, 2015, compared with $864.2 million or a total equity-to-total assets ratio of 11.08% at December 31, 2014.

Stock Repurchase Program

The Company did not purchase shares of its common stock during the three months ended March 31, 2015. As of March 31, 2015, there were 1,000,000 shares available for repurchase under a plan authorized on October 27, 2014, which expires on December 31, 2016.

Dividend

The NBT Board of Directors approved a 2015 second-quarter cash dividend of $0.22 per share at a meeting held on March 23, 2015. The dividend, which represents a 5% increase, will be paid on June 15, 2015 to shareholders of record as of May 29, 2015.

Corporate Overview

NBT Bancorp Inc. is a financial holding company headquartered in Norwich, N.Y., with total assets of $7.9 billion at March 31, 2015.  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 over 155 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, 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 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 sales of securities and certain non-recurring and merger-related expenses. 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 operating results of NBT's core business (due to the non-recurring nature of the excluded items). 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)
           
  2015 2014
  1st Q 4th Q 3rd Q 2nd Q 1st Q
Reconciliation of Non-GAAP Financial Measures:          
Reported net income (GAAP) $18,166 $18,513 $10,912 $27,640 $18,009
Adj: (Gain) / Loss on sale of securities, net (net of tax)  (9)  (22)  (25)  (9)  (5)
Adj: Other adjustments (net of tax) (1)   --   11  83  (315)  430
Adj: Gain on sale of Springstone (net of tax and related incentive compensation)  --   --   --   (11,168)  -- 
Adj: Prepayment penalties related to debt restructuring (net of tax)  --   --   8,833  2,925  -- 
Total Adjustments  (9)  (11)  8,891  (8,567)  425
Core net income $18,157 $18,502 $19,803 $19,073 $18,434
           
Profitability:          
Core Diluted Earnings Per Share $0.41 $0.42 $0.45 $0.43 $0.42
Diluted Earnings Per Share $0.41 $0.42 $0.25 $0.62 $0.41
Weighted Average Diluted           
 Common Shares Outstanding 44,641,913 44,535,274 44,405,357 44,363,787 44,296,445
Core Return on Average Assets (2) 0.94% 0.94% 1.01% 0.99% 0.98%
Return on Average Assets (2) 0.94% 0.94% 0.55% 1.43% 0.95%
Core Return on Average Equity (2) 8.45% 8.45% 9.19% 9.06% 9.02%
Return on Average Equity (2) 8.46% 8.46% 5.06% 13.12% 8.81%
Core Return on Average Tangible Common Equity (2)(4) 13.07% 13.08% 14.35% 14.27% 14.48%
Return on Average Tangible Common Equity (2)(4) 13.08% 13.09% 8.15% 20.43% 14.16%
Net Interest Margin (2)(3) 3.60% 3.61% 3.61% 3.60% 3.63%
           
(1) Primarily net gain on settlement of litigation and reorganization expenses for 2014. 
(2) Annualized
(3) Calculated on a Fully Tax Equivalent ("FTE") basis
(4) Excludes amortization of intangible assets (net of tax) from net income and average tangible common equity is calculated as follows:
           
           
  2015 2014
  1st Q 4th Q 3rd Q 2nd Q 1st Q
Average stockholders' equity  $ 871,074  $ 868,634  $ 855,164  $ 844,707  $ 828,588
Less: average goodwill and other intangibles  283,508  284,743  285,993  287,366  290,019
Average tangible common equity  $ 587,566  $ 583,891  $ 569,171  $ 557,341  $ 538,569
 
 
NBT Bancorp Inc. and Subsidiaries
SELECTED FINANCIAL DATA
(unaudited, dollars in thousands except per share data)
           
           
  2015 2014
  1st Q 4th Q 3rd Q 2nd Q 1st Q
Balance Sheet Data:          
Securities Available for Sale $1,071,654 $1,013,171 $1,044,502 $1,378,799 $1,377,585
Securities Held to Maturity  456,773  454,361  459,620  125,965  117,896
Net Loans  5,557,664  5,528,912  5,517,757  5,504,954  5,412,591
Total Assets  7,863,861  7,797,926  7,867,031  7,869,512  7,753,129
Total Deposits  6,479,437  6,299,605  6,314,939  6,042,588  6,068,898
Total Borrowings  425,143  548,943  607,889  886,799  766,753
Total Liabilities  6,986,367  6,933,745  7,009,591  7,012,371  6,920,927
Stockholders' Equity  877,494  864,181  857,440  857,141  832,202
           
Asset Quality:          
Nonaccrual Loans $45,053 $41,074 $50,531 $51,234 $51,464
90 Days Past Due and Still Accruing  2,601  4,941  4,022  2,186  2,700
Total Nonperforming Loans  47,654  46,015  54,553  53,420  54,164
Other Real Estate Owned  4,387  3,964  1,497  1,953  2,564
Total Nonperforming Assets  52,041  49,979  56,050  55,373  56,728
Allowance for Loan Losses  65,359  66,359  69,334  69,534  69,434
           
Asset Quality Ratios (Total):          
Allowance for Loan Losses to Total Loans 1.16% 1.19% 1.24% 1.25% 1.27%
Total Nonperforming Loans to Total Loans 0.85% 0.82% 0.98% 0.96% 0.99%
Total Nonperforming Assets to Total Assets 0.66% 0.64% 0.71% 0.70% 0.73%
Allowance for Loan Losses to Total Nonperforming Loans 137.15% 144.21% 127.09% 130.16% 128.19%
Past Due Loans to Total Loans 0.54% 0.69% 0.65% 0.57% 0.57%
Net Charge-Offs to Average Loans (3) 0.34% 0.70% 0.36% 0.30% 0.27%
           
Asset Quality Ratios (Originated) (1):          
Allowance for Loan Losses to Loans 1.29% 1.36% 1.38% 1.44% 1.51%
Nonperforming Loans to Loans 0.69% 0.72% 0.83% 0.81% 0.82%
Allowance for Loan Losses to Nonperforming Loans 188.68% 187.88% 166.69% 177.01% 183.29%
Past Due Loans to Loans 0.56% 0.73% 0.70% 0.59% 0.62%
           
Capital:          
Equity to Assets 11.16% 11.08% 10.90% 10.89% 10.73%
Book Value Per Share $19.95 $19.69 $19.62 $19.61 $19.09
Tangible Book Value Per Share (2) $13.52 $13.22 $13.09 $13.06 $12.48
Tier 1 Leverage Ratio 9.72% 9.39% 9.20% 9.23% 9.05%
Common Equity Tier 1 Capital Ratio 10.46% N/A N/A N/A N/A
Tier 1 Capital Ratio 12.05% 12.32% 11.94% 11.87% 11.73%
Total Risk-Based Capital Ratio 13.15% 13.50% 13.16% 13.09% 12.97%
Common Stock Price (End of Period) $25.06 $26.27 $22.52 $24.02 $24.46
           
(1) Excludes acquired loans
(2) Stockholders' equity less goodwill and intangible assets divided by common shares outstanding
(3) Annualized
           
Note: Year-to-date (YTD) EPS may not equal sum of quarters due to share count differences.
 
 
NBT Bancorp Inc. and Subsidiaries 
CONSOLIDATED BALANCE SHEETS
(unaudited, dollars in thousands)
     
  March 31, December 31,
ASSETS 2015 2014
Cash and due from banks  $ 133,727  $ 139,635
Short term interest bearing accounts  8,936  7,001
Securities available for sale, at fair value   1,071,654  1,013,171
Securities held to maturity (fair value of $461,224 and $454,994 at March 31, 2015 and December 31, 2014, respectively)  456,773  454,361
Trading securities  8,265  7,793
Federal Reserve and Federal Home Loan Bank stock  27,762  32,626
Loans  5,623,023  5,595,271
Less allowance for loan losses  65,359  66,359
Net loans  5,557,664 5,528,912
Premises and equipment, net  88,150  89,258
Goodwill  263,634  263,634
Intangible assets, net  19,084  20,317
Bank owned life insurance  114,342  114,251
Other assets  113,870  126,967
TOTAL ASSETS  $ 7,863,861  $ 7,797,926
     
LIABILITIES AND STOCKHOLDERS' EQUITY    
Deposits:    
Demand (noninterest bearing)  $ 1,797,879  $ 1,838,622
Savings, NOW, and money market  3,685,121  3,417,160
Time  996,437  1,043,823
Total deposits 6,479,437 6,299,605
Short-term borrowings  193,172  316,802
Long-term debt  130,775  130,945
Junior subordinated debt  101,196  101,196
Other liabilities  81,787  85,197
Total liabilities 6,986,367 6,933,745
     
Total stockholders' equity  877,494  864,181
     
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY  $ 7,863,861  $ 7,797,926
 
 
NBT Bancorp Inc. and Subsidiaries 
CONSOLIDATED STATEMENTS OF INCOME
(unaudited, dollars in thousands except per share data)
     
  Three Months Ended
  March 31,
  2015 2014
Interest, fee and dividend income:    
Loans  $ 59,518  $ 60,015
Securities available for sale 4,945  6,757
Securities held to maturity 2,283  768
Other 480  537
Total interest, fee and dividend income  67,226  68,077
Interest expense:    
Deposits 3,573  3,284
Short-term borrowings 121  231
Long-term debt 826  2,507
Junior subordinated debt 540  538
Total interest expense  5,060  6,560
Net interest income  62,166  61,517
Provision for loan losses 3,642  3,596
Net interest income after provision for loan losses  58,524  57,921
Noninterest income:    
Insurance and other financial services revenue 6,374  6,737
Service charges on deposit accounts 4,072  4,369
ATM and debit card fees 4,248  4,072
Retirement plan administration fees 3,196  2,918
Trust 4,450  4,446
Bank owned life insurance income 1,559  1,382
Net securities gains 14  7
Other 2,621  2,346
Total noninterest income  26,534  26,277
Noninterest expense:    
Salaries and employee benefits 30,182  29,534
Occupancy 6,066  6,226
Data processing and communications 4,103  4,001
Professional fees and outside services 3,497  3,415
Equipment 3,249  3,116
Office supplies and postage 1,619  1,685
FDIC expenses  1,198  1,278
Advertising  719  739
Amortization of intangible assets 1,284  1,310
Loan collection and other real estate owned 872  1,040
Other operating 4,913  5,173
Total noninterest expense 57,702 57,517
Income before income taxes 27,356 26,681
Income taxes 9,190  8,672
Net income  $ 18,166  $ 18,009
Earnings Per Share:    
Basic  $ 0.41  $ 0.41
Diluted  $ 0.41  $ 0.41
 
 
NBT Bancorp Inc. and Subsidiaries
QUARTERLY CONSOLIDATED STATEMENTS OF INCOME
(unaudited, dollars in thousands except per share data)
           
  2015 2014
  1st Q 4th Q 3rd Q 2nd Q 1st Q
Interest, fee and dividend income:          
Loans  $ 59,518  $ 61,577  $ 61,173  $ 60,559  $ 60,015
Securities available for sale 4,945 5,000 6,095 6,612 6,757
Securities held to maturity 2,283 2,357 1,353 783 768
Other 480 480 513 502 537
Total interest, fee and dividend income 67,226 69,414 69,134 68,456 68,077
Interest expense:          
Deposits 3,573 3,856 3,498 3,000 3,284
Short-term borrowings 121 143 262 209 231
Long-term debt 826 846 1,067 2,135 2,507
Junior subordinated debt 540 545 544 538 538
Total interest expense 5,060 5,390 5,371 5,882 6,560
Net interest income 62,166 64,024 63,763 62,574 61,517
Provision for loan losses 3,642 6,892 4,885 4,166 3,596
Net interest income after provision for loan losses 58,524 57,132 58,878 58,408 57,921
Noninterest income:          
Insurance and other financial services revenue 6,374 6,007 6,179 5,594 6,737
Service charges on deposit accounts 4,072 4,656 4,519 4,397 4,369
ATM and debit card fees 4,248 4,266 4,440 4,357 4,072
Retirement plan administration fees 3,196 2,962 3,272 2,977 2,918
Trust 4,450 4,793 4,758 4,953 4,446
Bank owned life insurance income 1,559 1,894 1,095 978 1,382
Net securities gains 14 33 38 14 7
Gain on the sale of Springstone investment  --   --   --  19,401  -- 
Other 2,621 2,435 2,376 3,356 2,346
Total noninterest income 26,534 27,046 26,677 46,027 26,277
Noninterest expense:          
Salaries and employee benefits 30,182 30,058 28,933 31,142 29,534
Occupancy 6,066 5,256 5,211 5,435 6,226
Data processing and communications 4,103 4,092 4,029 4,015 4,001
Professional fees and outside services 3,497 3,564 3,695 3,752 3,415
Equipment 3,249 3,211 3,199 3,132 3,116
Office supplies and postage 1,619 1,762 1,733 1,803 1,685
FDIC expenses 1,198 1,302 1,135 1,229 1,278
Advertising 719 963 403 726 739
Amortization of intangible assets 1,284 1,226 1,275 1,236 1,310
Loan collection and other real estate owned 872 702 705 801 1,040
Prepayment penalties on long-term debt  --   --   13,348  4,554  -- 
Other operating 4,913 4,607 5,401 4,911 5,173
Total noninterest expense 57,702 56,743 69,067 62,736 57,517
Income before income taxes 27,356 27,435 16,488 41,699 26,681
Income taxes 9,190 8,922 5,576 14,059 8,672
Net income  $ 18,166  $ 18,513  $ 10,912  $ 27,640  $ 18,009
Earnings per share:          
Basic  $ 0.41  $ 0.42  $ 0.25  $ 0.63  $ 0.41
Diluted  $ 0.41  $ 0.42  $ 0.25  $ 0.62  $ 0.41
 
 
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
  Q1 - 2015 Q4 - 2014 Q3 - 2014 Q2 - 2014 Q1 - 2014
ASSETS:                    
Short-term interest bearing accounts  $ 9,156 0.30%  $ 5,895 0.51%  $ 4,791 0.54%  $ 3,915 0.76%  $ 2,733 1.02%
Securities available for sale (1)(2)  1,018,880 2.02%  1,018,505 2.00%  1,263,375 2.01%  1,376,314 2.05%  1,381,744 2.11%
Securities held to maturity (1)   454,957 2.47%  458,038 2.45%  234,403 2.84%  121,042 3.43%  116,613 3.52%
Investment in FRB and FHLB Banks  30,931 6.20%  31,274 6.01%  39,459 5.06%  42,965 4.63%  43,596 4.94%
Loans (3)  5,586,942 4.33%  5,603,268 4.37%  5,563,206 4.38%  5,517,315 4.42%  5,425,938 4.50%
Total interest earning assets  $ 7,100,866 3.89%  $ 7,116,980 3.92%  $ 7,105,234 3.91%  $ 7,061,551 3.94%  $ 6,970,624 4.01%
Other assets  696,091    709,955    697,814    680,059    679,246  
Total assets  $ 7,796,957    $ 7,826,935    $ 7,803,048    $ 7,741,610    $ 7,649,870  
                     
LIABILITIES AND STOCKHOLDERS' EQUITY:                    
Money market deposit accounts $1,544,488 0.21% $1,524,881 0.20% $1,452,287 0.19% $1,441,284 0.15% $1,411,444 0.15%
NOW deposit accounts  972,263 0.05%  978,527 0.05%  927,026 0.05%  960,698 0.06%  932,528 0.05%
Savings deposits  1,040,031 0.06%  1,017,300 0.08%  1,025,795 0.07%  1,040,528 0.07%  1,000,029 0.07%
Time deposits  1,014,904 1.00%  1,058,615 1.03%  1,032,370 0.96%  971,595 0.88%  999,579 0.99%
Total interest bearing deposits  $ 4,571,686 0.32%  $ 4,579,323 0.33%  $ 4,437,478 0.31%  $ 4,414,105 0.27%  $ 4,343,580 0.31%
Short-term borrowings  265,420 0.19%  299,981 0.19%  447,761 0.23%  383,480 0.22%  398,951 0.24%
Junior subordinated debentures  101,196 2.16%  101,196 2.13%  101,196 2.13%  101,196 2.13%  101,196 2.16%
Long-term debt  130,879 2.56%  131,000 2.56%  170,223 2.49%  290,791 2.95%  308,760 3.29%
Total interest bearing liabilities  $ 5,069,181 0.40%  $ 5,111,500 0.42%  $ 5,156,658 0.41%  $ 5,189,572 0.45%  $ 5,152,487 0.52%
Demand deposits  1,770,703    1,759,482    1,708,632    1,620,488    1,589,865  
Other liabilities  85,999    87,319    82,594    86,843    78,930  
Stockholders' equity  871,074    868,634    855,164    844,707    828,588  
Total liabilities and stockholders' equity  $ 7,796,957    $ 7,826,935    $ 7,803,048    $ 7,741,610    $ 7,649,870  
                     
Interest rate spread   3.49%   3.50%   3.50%   3.49%   3.49%
Net interest margin   3.60%   3.61%   3.61%   3.60%   3.63%
                     
(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
 
 
NBT Bancorp Inc. and Subsidiaries
CONSOLIDATED LOAN BALANCES
(unaudited, dollars in thousands)
           
  2015 2014
  1st Q 4th Q 3rd Q 2nd Q 1st Q
Residential real estate mortgages  $ 1,125,600  $ 1,115,589  $ 1,100,139  $ 1,073,207  $ 1,056,793
Commercial  844,101  839,770  862,098  895,128  878,152
Commercial real estate mortgages  1,443,608  1,442,989  1,411,689  1,378,065  1,347,940
Real estate construction and development  91,382  83,750  75,874  94,019  99,295
Agricultural and agricultural real estate mortgages  105,211  107,195  108,246  109,035  110,815
Consumer  1,458,108  1,436,382  1,447,918  1,435,643  1,387,221
Home equity  555,013  569,596  581,127  589,391  601,809
 Total loans  $ 5,623,023  $ 5,595,271  $ 5,587,091  $ 5,574,488  $ 5,482,025

            

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