NBT Bancorp Inc. Announces Net Income of $30.6 Million and Diluted Earnings Per Share of $0.69

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NORWICH, N.Y., July 22, 2019 (GLOBE NEWSWIRE) -- NBT Bancorp Inc. ("NBT" or the "Company") NBTB reported net income and diluted earnings per share for both the three and six months ended June 30, 2019.

Net income for the three months ended June 30, 2019 was $30.6 million, up 4.9% from $29.1 million for the first quarter of 2019 and up 8.7% from $28.1 million for the second quarter of 2018. Diluted earnings per share for the three months ended June 30, 2019 was $0.69, as compared with $0.66 for the prior quarter, an increase of 4.5%, and $0.64 for the second quarter of 2018, an increase of 7.8%.

Net income for the six months ended June 30, 2019 was $59.7 million, up 10.3% from $54.1 million for the same period last year. Diluted earnings per share for the six months ended June 30, 2019 was $1.35, as compared with $1.23 for the same period in 2018, an increase of 9.8%.

Highlights:

  • Quarterly diluted earnings per share up 4.5% from prior quarter and up 7.8% from prior year
  • Quarter-to-date net income up 4.9% from prior quarter and up 8.7% from prior year
  • FTE net interest margin of 3.63% for the six months ended June 30, 2019, up 6 bps from 2018
  • Full cycle deposit beta of 14.7% through the quarter ending June 30, 20191
  • Tangible equity ratio of 8.41%, up 93 bps from the second quarter of 2018

"For the first six months of 2019, we achieved double-digit year-over-year growth with earnings per share and net income up 10% over the same period in 2018," said NBT President and CEO John H. Watt, Jr. "Positive trends in net interest income and tangible capital growth demonstrate we are effectively managing our business and growing earnings while investing in our long-term strategies. Our team remains focused on building shareholder value by delivering a great customer experience. Relentless focus on process improvement and digitization will permit reinvestment of the productivity gains created into the customer experience."

Net interest income was $78.6 million for the second quarter of 2019, up $0.9 million, or 1.2%, from the previous quarter. The fully taxable equivalent ("FTE") net interest margin was 3.61% for the three months ended June 30, 2019, down 3 basis points ("bps") from the previous quarter, as higher funding costs on average interest-bearing liabilities were partially offset by higher average interest-earning assets. Interest income increased $1.9 million, or 2.1%, as the yield on average interest-earning assets of 4.28% was comparable to the prior quarter, while average interest-earning assets of $8.8 billion increased $70 million compared with the prior quarter. Interest expense was up $1.0 million, or 7.0%, as the cost of interest-bearing liabilities increased 4 bps to 0.96% for the quarter ended June 30, 2019, driven by interest-bearing deposit costs increasing 8 bps, partially offset by the 6 bp decrease in short-term borrowings cost.

Net interest income was $78.6 million for the second quarter of 2019, up $2.9 million, or 3.8%, from the second quarter of 2018. The FTE net interest margin of 3.61% was up 4 bps from the second quarter of 2018. Interest income increased $8.5 million, or 10.0%, as the yield on average interest-earning assets increased 29 bps from the same period in 2018, and average interest-earning assets increased $209.7 million, or 2.4%, primarily due to a $207.6 million increase in average loans. Interest expense increased $5.6 million, as the cost of interest-bearing liabilities increased 35 bps, driven by interest-bearing deposit costs increasing 38 bps combined with a 39 bp increase in short-term borrowing costs.

Net interest income for the first six months of 2019 was $156.3 million, up $7.1 million, or 4.8%, from the same period in 2018. FTE net interest margin of 3.63% for the six months ended June 30, 2019, was up from 3.57% for the same period in 2018. Average interest-earning assets were up $261.6 million, or 3.1% for the six months ended June 30, 2019, as compared to the same period in 2018, driven by a $250.7 million increase in loans. Interest income increased $19.1 million, or 11.5%, due to the increase in earning assets combined with a 30 bp improvement in loan yields. Interest expense was up $12.0 million for the six months ended June 30, 2019 as compared to the same period in 2018, as the cost of interest-bearing liabilities increased 38 bps, driven by interest-bearing deposit costs increasing 38 bps combined with a 55 bp increase in short-term borrowing costs. The Federal Reserve has raised its target fed funds rate nine times from December 2015 through June 2019 for a total increase of 225 bps. During this same cycle of increasing rates, the Company's average cost of deposits increased by 33 bps, resulting in a full cycle deposit beta of 14.7%.

Noninterest income for the three months ended June 30, 2019 was $34.2 million, up $0.4 million, or 1.2%, from the prior quarter and comparable with the second quarter of 2018. The increase from the prior quarter was primarily driven by higher ATM and debit card fees due to an increase in the number of accounts and usage and other noninterest income due to higher swap fee income that was partially offset by lower seasonal insurance and other financial services revenue.

Noninterest income for the six months ended June 30, 2019 was $68.1 million, up $2.6 million, or 4.0%, from the same period in 2018. The increase from the prior year was driven by higher retirement plan administration fees due to the acquisition of Retirement Plan Services, LLC, "RPS," in the second quarter of 2018 and higher ATM and debit card fees due to an increase in the number of accounts and usage that was partially offset by lower trust income and other noninterest income due to lower non-recurring gains recognized in the first six months of 2019.

Noninterest expense for the three months ended June 30, 2019 was $66.2 million, down $2.2 million, or 3.3%, from the prior quarter and up $1.3 million, or 2.1%, from the second quarter of 2018. The decrease from the prior quarter was primarily driven by lower seasonal occupancy expenses and timing of equity-based compensation and other noninterest expense items. The increase from the second quarter of 2018 was driven by increases in salaries and employee benefits expense and equipment expense. Salaries and employee benefits expense increased from the second quarter of 2018 due to wage increases and higher incentive compensation.

Noninterest expense for the six months ended June 30, 2019 was $134.7 million, up $5.5 million, or 4.3%, from the same period in 2018. The increase from the prior year was driven by higher salaries and employee benefits, equipment expense and other noninterest expenses in the first half of 2019 as compared to the same period of 2018. The increase in salaries and employee benefits was primarily due to the RPS acquisition in the second quarter of 2018 and the timing of incentive compensation and wage increases.

Income tax expense for the three months ended June 30, 2019 was $8.8 million, up $0.7 million from the prior quarter and up $0.7 million from the second quarter of 2018. The effective tax rate of 22.4% for the second quarter of 2019 was up from 21.8% for the first quarter of 2019 and comparable to the second quarter of 2018. The increase in income tax expense from the prior quarter and from the second quarter of 2018 was primarily due to a higher level of taxable income.

Income tax expense for the six months ended June 30, 2019 was $16.9 million, up $1.8 million, or 11.9%, from the same period of 2018. The effective tax rate of 22.1% for the first six months of 2019 was up from 21.8% for the same period in the prior year. The increase in income tax expense from the prior year was due to a higher level of taxable income.

Asset Quality

Net charge-offs of $6.5 million for the three months ended June 30, 2019 were down as compared to $6.9 million for the prior quarter and comparable to the second quarter of 2018. Provision expense was higher at $7.3 million for the three months ended June 30, 2019 as compared with $5.8 million for the prior quarter and down from $8.8 million for the second quarter of 2018. Annualized net charge-offs to average loans for the second quarter of 2019 was 0.38%, down from 0.41% for the prior quarter and down from 0.39% for the second quarter of 2018.

Net charge-offs of $13.4 million for the six months ended June 30, 2019 compared to $13.3 million for the same period of 2018. Provision expense was $13.1 million for the six months ended June 30, 2019 as compared with $16.3 million for the same period of 2018. Annualized net charge-offs to average loans for the first six months of 2019 was 0.39% as compared with 0.40% for the first six months of 2018.

Nonperforming loans to total loans was 0.39% at June 30, 2019, down 3 bps from 0.42% at March 31, 2019 and up 1 bp from 0.38% at June 30, 2018. Past due loans as a percentage of total loans were 0.52% at June 30, 2019, comparable to March 31, 2019 and up from 0.50% at June 30, 2018.

The allowance for loan losses totaled $72.2 million at June 30, 2019, compared to $71.4 million at March 31, 2019 and $72.5 million at June 30, 2018. The allowance for loan losses as a percentage of loans was 1.04% (1.08% excluding acquired loans) at June 30, 2019, compared to 1.04% (1.09% excluding acquired loans) at March 31, 2019 and 1.06% (1.11% excluding acquired loans) at June 30, 2018.

Balance Sheet

Total assets were $9.6 billion at June 30, 2019, comparable to December 31, 2018. Loans were $7.0 billion at June 30, 2019, up $75.6 million from December 31, 2018. In the first half of 2019, loan growth in commercial and commercial real estate was partially offset by run-off in our consumer portfolios. Total deposits were $7.6 billion at June 30, 2019, up $225.5 million, or 3.1%, from December 31, 2018, reflecting growth in core and municipal deposits. Stockholders' equity was $1.1 billion, representing a total equity-to-total assets ratio of 11.15% at June 30, 2019, compared with $1.0 billion or a total equity-to-total assets ratio of 10.65% at December 31, 2018.

Corporate Overview

NBT Bancorp Inc. is a financial holding company headquartered in Norwich, N.Y., with total assets of $9.6 billion at June 30, 2019. 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 149 banking locations in New York, Pennsylvania, Vermont, Massachusetts, New Hampshire and Maine. EPIC Retirement Plan Services, based in Rochester, N.Y., is a full-service 401(k) plan recordkeeping firm. NBT Insurance Agency, LLC, based in Norwich, N.Y., is a full-service insurance agency. More information about NBT and its divisions is available online at: www.nbtbancorp.com, www.nbtbank.com, www.epic1st.com and www.nbtinsurance.com.

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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 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: (1) competitive pressures among depository and other financial institutions may increase significantly, including as a result of competitors having greater financial resources than NBT; (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 business and results; (6) NBT's ability to successfully integrate acquired businesses and employees; 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, equity and assets, as well as providing a FTE yield on securities and loans. Where non-GAAP disclosures are used in this press release, a reconciliation to the comparable GAAP measure is provided in the accompanying tables. Management believes that these non-GAAP measures provide 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.

1 The change in the Company's quarterly deposit costs from December 31, 2015 to June 30, 2019 of 0.33% divided by the change in Federal Reserve's target fed funds rate from December 2015 to June 2019 of 2.25%


NBT Bancorp Inc. and Subsidiaries 
Selected Financial Data 
(unaudited, dollars in thousands except per share data) 
       
 20192018 
Profitability:2nd Q1st Q4th Q3rd Q2nd Q 
Diluted earnings per share$0.69  $0.66 $0.65 $0.68 $0.64  
Weighted average diluted common shares outstanding 44,120,377   44,081,086  44,059,796  44,050,557  44,016,940  
Return on average assets (1) 1.28% 1.24% 1.20% 1.25% 1.21% 
Return on average equity (1) 11.63% 11.52% 11.34% 11.96% 11.64% 
Return on average tangible common equity (1)(3) 16.38% 16.45% 16.37% 17.42% 17.08% 
Net interest margin (1)(2) 3.61% 3.64% 3.61% 3.57% 3.57% 
       
 6 Months ended June 30,    
Profitability:20192018    
Diluted earnings per share$1.35  $1.23     
Weighted average diluted common shares outstanding 44,096,681   43,991,731     
Return on average assets (1) 1.26% 1.18%    
Return on average equity (1) 11.57% 11.32%    
Return on average tangible common equity (1)(4) 16.41% 16.52%    
Net interest margin (1)(2) 3.63% 3.57%    
       
(1) Annualized. 
(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: 
 
       
 20192018 
 2nd Q1st Q4th Q3rd Q2nd Q 
Net income$30,555  $29,127 $28,652 $29,807 $28,121  
Amortization of intangible assets (net of tax) 670   726  734  791  822  
Net income, excluding intangibles amortization$31,225  $29,853 $29,386 $30,598 $28,943  
       
Average stockholders' equity$1,053,750  $1,025,753 $1,002,822 $988,551 $969,029  
Less: average goodwill and other intangibles 288,930   289,913  290,854  291,814  289,250  
Average tangible common equity$764,820  $735,840 $711,968 $696,737 $679,779  
       
(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,    
 20192018    
Net income$59,682  $54,107     
Amortization of intangible assets (net of tax) 1,396   1,508     
Net income, excluding intangibles amortization$61,078  $55,615     
       
Average stockholders' equity$1,039,829  $964,064     
Less: average goodwill and other intangibles 289,419   285,161     
Average tangible common equity$750,410  $678,903     
       
Note: Year-to-date EPS may not equal sum of quarters due to differences in outstanding shares. 
       

 

NBT Bancorp Inc. and Subsidiaries 
Selected Financial Data 
(unaudited, dollars in thousands except per share data) 
       
 20192018 
 2nd Q1st Q4th Q3rd Q2nd Q 
Balance sheet data:      
Securities available for sale$979,696  $951,859 $998,496 $1,101,074 $1,192,939  
Securities held to maturity 744,601   780,565  783,599  659,949  544,163  
Net loans 6,891,108   6,818,907  6,815,204  6,814,457  6,785,721  
Total assets 9,635,718   9,533,510  9,556,363  9,547,284  9,467,138  
Total deposits 7,593,706   7,617,659  7,368,211  7,441,290  7,344,449  
Total borrowings 794,829   719,775  1,046,616  986,656  1,028,971  
Total liabilities 8,560,895   8,499,455  8,538,454  8,553,129  8,488,209  
Stockholders' equity 1,074,823   1,034,055  1,017,909  994,155  978,929  
       
Asset quality:      
Nonaccrual loans$24,669  $25,632 $25,487 $23,301 $24,006  
90 days past due and still accruing 2,387   3,335  5,085  4,734  2,209  
Total nonperforming loans 27,056   28,967  30,572  28,035  26,215  
Other real estate owned 2,203   2,222  2,441  3,271  4,349  
Total nonperforming assets 29,259   31,189  33,013  31,306  30,564  
Allowance for loan losses 72,165   71,405  72,505  72,805  72,450  
       
Asset quality ratios (total):      
Allowance for loan losses to total loans 1.04% 1.04% 1.05% 1.06% 1.06% 
Total nonperforming loans to total loans 0.39% 0.42% 0.44% 0.41% 0.38% 
Total nonperforming assets to total assets 0.30% 0.33% 0.35% 0.33% 0.32% 
Allowance for loan losses to total nonperforming loans 266.72% 246.50% 237.16% 259.69% 276.37% 
Past due loans to total loans 0.52% 0.52% 0.55% 0.53% 0.50% 
Net charge-offs to average loans (1) 0.38% 0.41% 0.39% 0.33% 0.39% 
       
Asset quality ratios (originated) (2):      
Allowance for loan losses to loans 1.08% 1.09% 1.10% 1.11% 1.11% 
Nonperforming loans to loans 0.38% 0.41% 0.43% 0.39% 0.36% 
Allowance for loan losses to nonperforming loans 287.67% 265.63% 254.92% 285.86% 306.08% 
Past due loans to loans 0.52% 0.52% 0.56% 0.53% 0.50% 
       
Capital:      
Equity to assets 11.15% 10.85% 10.65% 10.41% 10.34% 
Tangible equity ratio (3) 8.41% 8.06% 7.85% 7.59% 7.48% 
Book value per share$24.56  $23.64 $23.31 $22.77 $22.43  
Tangible book value per share (4)$17.97  $17.02 $16.66 $16.10 $15.73  
Tier 1 leverage ratio 9.88% 9.62% 9.52% 9.36% 9.25% 
Common equity tier 1 capital ratio 10.95% 10.69% 10.49% 10.28% 10.04% 
Tier 1 capital ratio 12.24% 11.99% 11.79% 11.58% 11.35% 
Total risk-based capital ratio 13.21% 12.98% 12.78% 12.58% 12.34% 
Common stock price (end of period)$37.51  $36.01 $34.59 $38.38 $38.15  
       
(1)  Annualized. 
(2)  Non-GAAP measure - Excludes acquired loans. 
(3)  Non-GAAP measure - Stockholders' equity less goodwill and intangible assets divided by total assets less goodwill and intangible assets. 
(4)  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) 
    
 June 30,December 31, 
Assets20192018 
Cash and due from banks$150,154 $175,550 
Short-term interest bearing accounts 39,278  5,405 
Equity securities, at fair value 26,298  23,053 
Securities available for sale, at fair value 979,696  998,496 
Securities held to maturity (fair value $754,995 and $778,675, respectively) 744,601  783,599 
Federal Reserve and Federal Home Loan Bank stock 45,996  53,229 
Loans held for sale 15,662  6,943 
Loans 6,963,273  6,887,709 
Less allowance for loan losses 72,165  72,505 
Net loans$6,891,108 $6,815,204 
Premises and equipment, net 76,652  78,970 
Goodwill 274,769  274,769 
Intangible assets, net 13,738  15,599 
Bank owned life insurance 180,042  177,479 
Other assets 197,724  148,067 
Total assets$9,635,718 $9,556,363 
    
Liabilities and stockholders' equity   
Demand (noninterest bearing)$2,336,776 $2,361,099 
Savings, NOW and money market 4,280,363  4,076,434 
Time 976,567  930,678 
Total deposits$7,593,706 $7,368,211 
Short-term borrowings 609,366  871,696 
Long-term debt 84,267  73,724 
Junior subordinated debt 101,196  101,196 
Other liabilities 172,360  123,627 
Total liabilities$8,560,895 $8,538,454 
    
Total stockholders' equity$1,074,823 $1,017,909 
    
Total liabilities and stockholders' equity$9,635,718 $9,556,363 
    

 

NBT Bancorp Inc. and Subsidiaries  
Consolidated Statements of Income 
(unaudited, dollars in thousands except per share data) 
      
 Three Months EndedSix Months Ended 
 June 30,June 30, 
 2019201820192018 
Interest, fee and dividend income     
Interest and fees on loans$   81,271  $74,172$   160,592  $144,615 
Securities available for sale 6,031   7,003   11,953   13,929 
Securities held to maturity 5,089   2,811   10,306   5,436 
Other 842   781   1,726   1,547 
Total interest, fee and dividend income$   93,233  $84,767$   184,577  $165,527 
Interest expense     
Deposits$   10,234  $5,079$   19,060  $9,010 
Short-term borrowings 2,760   2,455   5,997   4,421 
Long-term debt 471   452   893   928 
Junior subordinated debt 1,141   1,040   2,309   1,941 
Total interest expense$   14,606  $9,026$   28,259  $16,300 
Net interest income$   78,627  $75,741$   156,318  $149,227 
Provision for loan losses 7,277   8,778   13,084   16,274 
Net interest income after provision for loan losses$   71,350  $66,963$   143,234  $132,953 
Noninterest income     
Insurance and other financial services revenue$   5,938  $5,826$   12,694  $12,330 
Service charges on deposit accounts 4,224   4,246   8,460   8,218 
ATM and debit card fees 6,156   5,816   11,681   11,089 
Retirement plan administration fees 7,836   7,296   15,570   12,635 
Trust 4,731   5,265   9,282   10,143 
Bank owned life insurance income 1,186   1,217   2,563   2,564 
Net securities (losses) gains   (69) 91   (12) 163 
Other 4,239   4,401   7,824   8,293 
Total noninterest income$   34,241  $34,158$   68,062  $65,435 
Noninterest expense     
Salaries and employee benefits$   38,567  $37,726$   77,923  $74,293 
Occupancy 5,443   5,535   11,718   11,654 
Data processing and communications 4,693   4,508   9,107   8,787 
Professional fees and outside services 3,359   3,336   7,027   6,828 
Equipment 4,518   4,151   9,275   8,189 
Office supplies and postage 1,577   1,504   3,168   3,077 
FDIC expense   949   1,092   1,966   2,293 
Advertising 641   700   1,144   1,037 
Amortization of intangible assets 893   1,096   1,861   2,010 
Loan collection and other real estate owned, net 961   908   1,746   2,245 
Other 4,630   4,332   9,756   8,747 
Total noninterest expense$   66,231  $64,888$   134,691  $129,160 
Income before income tax expense$   39,360  $36,233$   76,605  $69,228 
Income tax expense 8,805   8,112   16,923   15,121 
  Net income$   30,555  $28,121$   59,682  $54,107 
Earnings Per Share     
Basic$   0.70  $0.64$   1.36  $1.24 
Diluted$   0.69  $0.64$   1.35  $1.23 
      
      

 

NBT Bancorp Inc. and Subsidiaries 
Quarterly Consolidated Statements of Income 
(unaudited, dollars in thousands except per share data) 
       
 20192018 
 2nd Q1st Q4th Q3rd Q2nd Q 
Interest, fee and dividend income      
Interest and fees on loans$81,271  $79,321$78,963 $77,249$74,172 
Securities available for sale 6,031   5,922 6,332  6,659 7,003 
Securities held to maturity 5,089   5,217 4,344  3,462 2,811 
Other 842   884 885  834 781 
Total interest, fee and dividend income$93,233  $91,344$90,524 $88,204$84,767 
Interest expense      
Deposits$10,234  $8,826$6,977 $6,157$5,079 
Short-term borrowings 2,760   3,237 3,131  3,000 2,455 
Long-term debt 471   422 431  431 452 
Junior subordinated debt 1,141   1,168 1,110  1,089 1,040 
Total interest expense$14,606  $13,653$11,649 $10,677$9,026 
Net interest income$78,627  $77,691$78,875 $77,527$75,741 
Provision for loan losses 7,277   5,807 6,528  6,026 8,778 
Net interest income after provision for loan losses$71,350  $71,884$72,347 $71,501$66,963 
Noninterest income      
Insurance and other financial services revenue$5,938  $6,756$5,843 $6,172$5,826 
Service charges on deposit accounts 4,224   4,236 4,503  4,503 4,246 
ATM and debit card fees 6,156   5,525 5,704  5,906 5,816 
Retirement plan administration fees 7,836   7,734 7,113  7,244 7,296 
Trust 4,731   4,551 4,573  4,808 5,265 
Bank owned life insurance income 1,186   1,377 1,239  1,288 1,217 
Net securities (losses) gains (69) 57 (6,916) 412 91 
Other 4,239   3,585 3,887  3,048 4,401 
Total noninterest income$34,241  $33,821$25,946 $33,381$34,158 
Noninterest expense      
Salaries and employee benefits$38,567  $39,356$38,998 $38,394$37,726 
Occupancy 5,443   6,275 5,284  5,380 5,535 
Data processing and communications 4,693   4,414 4,431  4,434 4,508 
Professional fees and outside services 3,359   3,668 3,968  3,580 3,336 
Equipment 4,518   4,757 4,529  4,319 4,151 
Office supplies and postage 1,577   1,591 1,564  1,563 1,504 
FDIC expense 949   1,017 1,135  1,223 1,092 
Advertising 641   503 1,006  739 700 
Amortization of intangible assets 893   968 978  1,054 1,096 
Loan collection and other real estate owned, net 961   785 738  1,234 908 
Other 4,630   5,126 6,273  4,577 4,332 
Total noninterest expense$66,231  $68,460$68,904 $66,497$64,888 
Income before income tax expense$39,360  $37,245$29,389 $38,385$36,233 
Income tax expense 8,805   8,118 737  8,578 8,112 
Net income$30,555  $29,127$28,652 $29,807$28,121 
Earnings Per Share      
Basic$0.70  $0.67$0.66 $0.68$0.64 
Diluted$0.69  $0.66$0.65 $0.68$0.64 
       

 

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
  Q2 - 2019Q1 - 2019Q4 - 2018Q3 - 2018Q2 - 2018
Assets           
Short-term interest bearing accounts $25,783 1.28%$9,0654.07%$3,7805.25%$3,3286.08%$3,5745.16%
Securities available for sale (1) (3)  981,079 2.47% 984,7042.45% 1,104,1982.29% 1,197,9102.22% 1,266,3042.23%
Securities held to maturity (1) (3)  770,651 2.83% 782,5702.90% 688,8402.73% 591,2202.58% 503,5012.50%
Investment in FRB and FHLB Banks  46,179 6.60% 49,1526.54% 47,6896.95% 50,1076.20% 48,1846.12%
Loans (2) (3)  6,958,299 4.69% 6,886,6724.68% 6,876,3414.56% 6,839,5654.49% 6,750,7104.41%
Total interest earning assets $8,781,991 4.28%$8,712,1634.28%$8,720,8484.14%$8,682,1304.05%$8,572,2733.99%
Other assets  816,748   795,585  769,302  776,219  766,604 
Total assets $9,598,739  $9,507,748 $9,490,150 $9,458,349 $9,338,877 
            
Liabilities and stockholders' equity           
Money market deposit accounts $1,916,045 1.16%$1,804,0530.99%$1,745,9800.65%$1,724,8530.58%$1,699,9560.43%
NOW deposit accounts  1,127,413 0.13% 1,135,2130.16% 1,166,3830.18% 1,164,5130.17% 1,222,8890.16%
Savings deposits  1,282,084 0.06% 1,252,0420.06% 1,250,7030.06% 1,279,5200.06% 1,289,0620.06%
Time deposits  953,698 1.73% 942,4571.64% 921,2521.47% 881,7921.33% 858,0801.22%
Total interest bearing deposits $5,279,240 0.78%$5,133,7650.70%$5,084,3180.54%$5,050,6780.48%$5,069,9870.40%
Short-term borrowings  620,898 1.78% 712,3061.84% 724,6931.71% 766,3721.55% 706,6941.39%
Long-term debt  82,414 2.29% 73,7072.32% 73,7352.32% 73,7622.32% 84,6762.14%
Junior subordinated debt  101,196 4.52% 101,1964.68% 101,1964.35% 101,1964.27% 101,1964.12%
Total interest bearing liabilities $6,083,748 0.96%$6,020,9740.92%$5,983,9420.77%$5,992,0080.71%$5,962,5530.61%
Demand deposits  2,298,867   2,309,531  2,373,235  2,356,216  2,294,023 
Other liabilities  162,374   151,490  130,151  121,574  113,272 
Stockholders' equity  1,053,750   1,025,753  1,002,822  988,551  969,029 
Total liabilities and stockholders' equity $9,598,739  $9,507,748 $9,490,150 $9,458,349 $9,338,877 
            
Interest rate spread  3.32% 3.36% 3.37% 3.34% 3.38%
Net interest margin (FTE) (3)  3.61% 3.64% 3.61% 3.57% 3.57%
            
(1) Securities are shown at average amortized cost.
(2) For purposes of these computations, nonaccrual loans and loans held for sale are included in the average loan balances outstanding.
(3) Interest income for tax-exempt securities and loans have been adjusted to a FTE basis using the statutory Federal income tax rate of 21%. The total amount of adjustment to present yields on a FTE basis is $445, $500, $535, $529 and $478 for the three months ended June 30, 2019, March 31, 2019, December 31, 2018, September 30, 2018 and June 30, 2018, respectively.
 

 

NBT Bancorp Inc. and Subsidiaries 
Average Year-to-Date Balance Sheets 
(unaudited, dollars in thousands) 
         
  Average Yield/Average Yield/ 
  BalanceInterestRates BalanceInterestRates  
Six Months ended June 30,  20192018 
Assets        
Short-term interest bearing accounts $17,471 $174 2.01%$3,198$825.17% 
Securities available for sale (1) (3)  982,881  11,984 2.46% 1,269,949 14,0172.23% 
Securities held to maturity (1) (3)  776,577  11,043 2.87% 492,996 6,0812.49% 
Investment in FRB and FHLB Banks  47,657  1,552 6.57% 47,518 1,4656.22% 
Loans (2) (3)  6,922,684  160,768 4.68% 6,672,016 144,8254.38% 
Total interest earning assets $8,747,270 $185,521 4.28%$8,485,677$166,4703.96% 
Other assets  806,225    756,444   
Total assets $9,553,495   $9,242,121   
         
Liabilities and stockholders' equity        
Money market deposit accounts $1,860,358 $9,974 1.08%$1,677,755$2,9330.35% 
NOW deposit accounts  1,131,291  817 0.15% 1,216,992 8820.15% 
Savings deposits  1,267,146  362 0.06% 1,268,859 3540.06% 
Time deposits  948,109  7,907 1.68% 830,671 4,8411.18% 
Total interest bearing deposits $5,206,904 $19,060 0.74%$4,994,277$9,0100.36% 
Short-term borrowings  666,349  5,997 1.81% 709,442 4,4211.26% 
Long-term debt  78,085  893 2.31% 86,749 9282.16% 
Junior subordinated debt  101,196  2,309 4.60% 101,196 1,9413.87% 
Total interest bearing liabilities $6,052,534 $28,259 0.94%$5,891,664$16,3000.56% 
Demand deposits  2,304,169    2,277,083   
Other liabilities  156,963    109,310   
Stockholders' equity  1,039,829    964,064   
Total liabilities and stockholders' equity $9,553,495   $9,242,121   
Net interest income (FTE)  $157,262   $150,170  
Interest rate spread   3.34%  3.40% 
Net interest margin (FTE) (3)   3.63%  3.57% 
Taxable equivalent adjustment  $944   $943  
Net interest income  $156,318   $149,227  
         
(1) Securities are shown at average amortized cost. 
(2) For purposes of these computations, nonaccrual loans and loans held for sale are included in the average loan balances outstanding. 
(3) Interest income for tax-exempt securities and loans has been adjusted to a FTE basis using the statutory Federal income tax rate of 21%. 

 

NBT Bancorp Inc. and Subsidiaries
Consolidated Loan Balances
(unaudited, dollars in thousands)
      
 20192018
 2nd Q1st Q4th Q3rd Q2nd Q
Commercial$1,299,784 $1,306,551$1,291,568$1,310,262$1,299,437
Commercial real estate 2,025,280  1,943,931 1,930,742 1,902,315 1,891,119
Residential real estate mortgages 1,404,079  1,390,411 1,380,836 1,373,487 1,350,336
Dealer finance 1,189,670  1,191,111 1,216,144 1,229,700 1,252,843
Specialty lending 519,974  529,144 524,928 521,396 507,151
Home equity 456,754  463,582 474,566 480,761 488,493
Other consumer 67,732  65,582 68,925 69,341 68,792
Total loans$6,963,273 $6,890,312$6,887,709$6,887,262$6,858,171


Contact:  John H. Watt, Jr., President and CEO
Michael J. Chewens, CFO
NBT Bancorp Inc.
52 South Broad Street
Norwich, NY 13815
607-337-6589
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