---

Exhibit 99.1

 

Page 1 of 13

 

 

FOR IMMEDIATE RELEASE

ATTENTION: FINANCIAL AND BUSINESS EDITORS

---

NBT BANCORP INC. ANNOUNCES RECORD NET INCOME OF $76.4 MILLION; DECLARES CASH DIVIDEND

NORWICH, NY (January 25, 2016) – NBT Bancorp Inc. (NBT) (NASDAQ: NBTB) reported net income for the year ended December 31, 2015 of $76.4 million, up from $75.1 million from the prior year.  Earnings per diluted share for the year ended December 31, 2015 was $1.72, up from $1.69 for the prior year.

Net income for the three months ended December 31, 2015 was $19.1 million, up from $18.5 million for the same period last year.  Diluted earnings per share for the three months ended December 31, 2015 was $0.43, up from $0.42 for the same period last year.

2015 Highlights:

·

2015 organic loan growth of 5.1%

·

Average demand deposits for 2015 up 11.2% from 2014

·

Improvement in asset quality indicators:

o

Nonperforming loans to total loans improved to 0.64% at December 31, 2015 from 0.82% at December 31, 2014

o

Past due loans to total loans improved to 0.62% at December 31, 2015 from 0.69% at December 31, 2014

o

Net charge-offs to average loans improved to 0.38% for 2015 from 0.41% in 2014

“We are pleased to report strong financial performance in 2015, including record net income of $76.4 million, in a very challenging environment,” said NBT President and CEO Martin Dietrich. “Our organic deposit and loan growth and improvement in our asset quality indicators demonstrate the ongoing efforts of our employees to deliver quality financial solutions and build lasting relationships while constantly striving to enhance the experience we deliver to our customers. We remain confident that NBT is well positioned for future success and will continue investing in our company to create long-term value for our shareholders.”

Net interest income was $252.6 million for the year ended December 31, 2015, up $0.7 million from 2014.  Fully taxable equivalent (“FTE”) net interest margin was 3.50% for the year ended December 31, 2015, down from 3.61% for the year ended December 31, 2014.  Average interest earning assets were up $241.8 million, or 3.4%, for the year ended December 31, 2015 as compared to 2014.  This increase from last year was driven primarily by organic loan growth in both years.  Yields on earning assets decreased from 3.94% during 2014 to 3.78% for 2015, more than offsetting the growth in earning assets, resulting in a 0.7% decrease in interest income for the year ended December 31, 2015 as compared to the year ended December 31, 2014.  The yield compression was driven by a 20 basis-point decrease in loan yields from 2014 to 2015.  Average interest bearing liabilities increased $21.0 million, or 0.4%, from the year ended December 31, 2014 to the year ended December 31, 2015.  Total average deposits increased $344.2 million, or 5.6%, for the year ended December 31, 2015 as compared to last year driven primarily by an 11.2% increase in non-interest bearing demand deposits, as well as increases in money market deposit accounts and savings deposits in 2015.  This increase was partially offset by a decrease in average long-term borrowings of $93.9 million for the year ended December 31, 2015 as compared to last year due to the debt restructuring strategy completed during the third quarter of 2014.  In addition, average short-term borrowings decreased $42.6 million for the year ended December 31, 2015 as compared to last year driven by deposit growth.  The rates paid on interest bearing liabilities decreased by 5 basis-points for the year ended December 31, 2015 as compared to 2014.  This decrease resulted primarily from a shift in deposits into lower cost core deposits as well as the aforementioned debt restructuring.

 

Net interest income was $63.5 million for the fourth quarter of 2015, down $0.7 million from the previous quarter, and down $0.5 million from the fourth quarter of 2014.  FTE net interest margin was 3.42% for the three months ended December 31, 2015, down from 3.48% for the previous quarter and down from 3.61% for the fourth quarter of 2014.  Average interest earning assets were up $49.2 million, or 0.7%, for the fourth quarter of 2015 as compared to the prior quarter, and up $341.5 million, or 4.8%, from the same period in 2014.  The increase from the third quarter of 2015 was driven primarily by organic loan production.  Yields on earning assets decreased by 7 basis-points from 3.77% during the third quarter of 2015 to 3.70% for the fourth quarter of 2015.  This decrease in yield was partially offset by the growth in earning assets during the fourth quarter of 2015, and resulted in the 1.0% decrease in interest income for the fourth quarter of 2015 as compared to the prior quarter.  The yield compression was driven primarily by a 9 basis-point decrease in loan yields from the third quarter of 2015 to the fourth quarter of 2015.  Average interest bearing liabilities decreased nominally from the third quarter of 2015 to the fourth quarter of 2015.  The rate paid on interest bearing liabilities was 0.40% for both the fourth and third quarters of 2015 and contributed to the relatively flat interest expense for the fourth quarter of 2015 as compared to the prior quarter.

Noninterest income for the year ended December 31, 2015 was $118.5 million, down $7.5 million, or 6.0%, from the year ended December 31, 2014.  The decrease from 2014 was primarily driven by a gain recognized in 2014 from the previously disclosed sale of our ownership interest in Springstone.  This decrease was offset by a gain on the sale of an equity investment totaling $3.0 million in the fourth quarter of 2015.  In addition, retirement plan administration fees were up $2.0 million, or 16.6%, from 2014 to 2015 due to new business generation as well as the 2015 acquisition of Third Party Administrators, Inc. (“TPA, Inc.”).  ATM and debit card fees were up $1.1 million, or 6.5%, in 2015 as compared to 2014 due to an increase in debit card activity.  Other noninterest income was up $3.7 million in 2015 as compared with 2014 due primarily to charge-off recoveries on acquired loans of $1.5 million and a favorable settlement of a prior accrual of $1.6 million in 2015.

Noninterest income for the three months ended December 31, 2015 was $32.5 million, up $1.2 million from the prior period, and up $5.4 million from the same period in 2014.  The increase from 2014 was primarily driven by the aforementioned $3.0 million gain from the 2015 sale of an equity investment.  In addition, retirement plan administration fees were up $1.2 million during the three months ended December 31, 2015 as compared with the same period in 2014, due primarily to the aforementioned acquisition of TPA, Inc.  Other noninterest income was up $2.1 million in fourth quarter of 2015 as compared with the same period in 2014 due primarily to the aforementioned favorable settlement of a prior accrual in 2015.

 

Noninterest expense for the year ended December 31, 2015 was $236.2 million, down $9.9 million from 2014.  This decrease was driven primarily by $17.9 million in prepayment penalties resulting from the debt restructuring in 2014.  This decrease was partially offset by an increase in salaries and employee benefits of $4.7 million, or 3.9%, from 2014 to 2015.  This increase was driven primarily by higher post retirement expenses as well as contract termination costs accrued in the fourth quarter of 2015.  In addition, other operating expenses were up $4.6 million in 2015 as compared with 2014.  This increase was driven primarily by branch reorganization expenses totaling $3.8 million in 2015.

Noninterest expense for the three months ended December 31, 2015 was $60.6 million, up $0.7 million from the previous quarter, and up $3.9 million from the same period in 2014.  The increase from the prior quarter was due primarily to an increase in salaries and employee benefits driven by higher post retirement costs as well as the aforementioned contract termination costs in the fourth quarter of 2015.  This increase was partially offset by a $2.9 million decrease in other operating expenses for the fourth quarter of 2015 as compared with the third quarter of 2015.  This decrease was driven by the aforementioned branch reorganization expenses, which were mostly incurred during the third quarter of 2015.  The increase in noninterest expense from the fourth quarter of 2014 to the fourth quarter of 2015 was driven primarily by the aforementioned increase in salaries and employee benefits.

Asset Quality

Net charge-offs were $21.6 million for the year ended December 31, 2015, down from $22.6 million for the year ended December 31, 2014.  Provision expense was $18.3 million for the year ended December 31, 2015, as compared with $19.5 million for 2014.  Net charge-offs to average loans for 2015 was 0.38%, compared with 0.41% for 2014.  Included in these net charge-offs were $1.3 million and $3.0 million during the fourth quarter of 2015 and 2014, respectively, related to one acquired commercial loan relationship.

Net charge-offs were $7.6 million for the three months ended December 31, 2015, up from $5.1 million for the prior quarter, and down from $9.9 million for the fourth quarter of 2014.  Provision expense was $5.8 million for the three months ended December 31, 2015, as compared with $5.0 million for the prior quarter, and $6.9 million for the fourth quarter of 2014.  Annualized net charge-offs to average loans for the fourth quarter of 2015 was 0.51%, compared with 0.35% for the third quarter of 2015 and 0.70% for the fourth quarter of 2014.

Nonperforming loans to total loans was 0.64% at December 31, 2015, down from 0.79% for the prior quarter, and down from 0.82% at December 31, 2014.  Past due loans as a percentage of total loans were 0.62% at December 31, 2015, down slightly from 0.63% at September 31, 2015, and down from 0.69% at December 31, 2014.

The allowance for loan losses totaled $63.0 million at December 31, 2015, compared to $64.9 million at September 30, 2015, and $66.4 million at December 31, 2014.  The allowance for loan losses as a percentage of loans was 1.07% (1.18% excluding acquired loans with no related allowance recorded) at December 31, 2015, compared to 1.10% (1.21% excluding acquired loans with no related allowance recorded) at September 30, 2015 and 1.19% (1.36% excluding acquired loans with no related allowance recorded) at December 31, 2014.  The decrease in the allowance for loan losses as a percentage of loans from prior periods was due primarily to continued positive trends in asset quality metrics of the originated loan portfolio.

 

Balance Sheet

Total assets were $8.3 billion at December 31, 2015, up $455.3 million, or 5.8% from December 31, 2014.  Loans were $5.9 billion at December 31, 2015, up $287.9 million from December 31, 2014, due to organic loan growth in 2015.  Total deposits were $6.6 billion at December 31, 2015, up $305.2 million, or 4.8%, from December 31, 2014.  Stockholders’ equity was $882.0 million, representing a total equity-to-total assets ratio of 10.67% at December 31, 2015, compared with $864.2 million or a total equity-to-total assets ratio of 11.07% at December 31, 2014.

Stock Repurchase Program

The Company purchased 1,047,152 shares of its common stock during the year ended December 31, 2015 at an average price of $25.59 per share under previously announced plans.  As of December 31, 2015, there were 952,848 shares available for repurchase under the repurchase plan that was announced on July 27, 2015, which expires on December 31, 2016.

Dividend

The NBT Board of Directors declared a 2016 first-quarter cash dividend of $0.22 per share at a meeting held today.  The dividend will be paid on March 15, 2016 to shareholders of record as of March 1, 2016.

Corporate Overview

NBT Bancorp Inc. is a financial holding company headquartered in Norwich, N.Y., with total assets of $8.3 billion at December 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 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 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)
		2015																2014
		4th Q				3rd Q				2nd Q				1st Q				4th Q
Profitability:
Diluted Earnings Per Share		$	0.43			$	0.45			$	0.43			$	0.41			$	0.42
Weighted Average Diluted Common Shares Outstanding			44,072,049				44,262,426				44,530,123				44,641,913				44,535,274
Return on Average Assets (1)			0.93	%			0.97	%			0.97	%			0.94	%			0.94	%
Return on Average Equity (1)			8.58	%			8.97	%			8.81	%			8.46	%			8.46	%
Return on Average Tangible Common Equity (1)(3)			13.04	%			13.66	%			13.47	%			13.08	%			13.09	%
Net Interest Margin (1)(2)			3.42	%			3.48	%			3.51	%			3.60	%			3.61	%

		12 Months ended December 31,
		2015				2014
Profitability:
Diluted Earnings Per Share		$	1.72			$	1.69
Weighted Average Diluted Common Shares Outstanding			44,389,356				44,394,560
Return on Average Assets			0.96	%			0.97	%
Return on Average Equity			8.70	%			8.84	%
Return on Average Tangible Common Equity (4)			13.31	%			13.90	%
Net Interest Margin (2)			3.50	%			3.61	%

 

(1)	Annualized

 

		2015																2014
		4th Q				3rd Q				2nd Q				1st Q				4th Q
Net Income		$	19,127			$	19,851			$	19,281			$	18,166			$	18,513
Amortization of intangible assets (net of tax)			750				712				725				784				749
		$	19,877			$	20,563			$	20,006			$	18,950			$	19,262
Average stockholders' equity		$	884,743			$	878,305			$	878,164			$	871,074			$	868,634
Less: average goodwill and other intangibles			279,904				281,048				282,272				283,508				284,743
Average tangible common equity		$	604,839			$	597,257			$	595,892			$	587,566			$	583,891

(4)	Excludes amortization of intangible assets (net of tax) from net income and average tangible common equity is calculated as follows:

		12 Months ended December 31,
		2015				2014
Net Income		$	76,425			$	75,074
Amortization of intangible assets (net of tax)			2,971				3,083
		$	79,396			$	78,157
Average stockholders' equity		$	878,110			$	849,465
Less: average goodwill and other intangibles			281,671				287,013
Average tangible common equity		$	596,439			$	562,452

Note:  Year-to-date (YTD) 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)
		2015																2014
		4th Q				3rd Q				2nd Q				1st Q				4th Q
Balance Sheet Data:
Securities Available for Sale		$	1,174,544			$	1,058,397			$	1,129,249			$	1,071,654			$	1,013,171
Securities Held to Maturity			471,031				470,758				454,312				456,773				454,361
Net Loans			5,820,115				5,806,129				5,705,929				5,557,664				5,528,912
Total Assets			8,262,646				8,178,976				8,081,892				7,877,527				7,807,340
Total Deposits			6,604,843				6,600,627				6,371,479				6,479,437				6,299,605
Total Borrowings			674,124				594,163				743,893				425,143				548,943
Total Liabilities			7,380,642				7,302,760				7,205,921				7,000,033				6,943,159
Stockholders' Equity			882,004				876,216				875,971				877,494				864,181
Asset Quality:
Nonaccrual Loans		$	33,744			$	42,524			$	42,286			$	45,053			$	41,074
90 Days Past Due and Still Accruing			3,662				3,790				1,994				2,601				4,941
Total Nonperforming Loans			37,406				46,314				44,280				47,654				46,015
Other Real Estate Owned			4,666				4,855				4,649				4,387				3,964
Total Nonperforming Assets			42,072				51,169				48,929				52,041				49,979
Allowance for Loan Losses			63,018				64,859				64,959				65,359				66,359
Asset Quality Ratios (Total):
Allowance for Loan Losses to Total Loans			1.07	%			1.10	%			1.13	%			1.16	%			1.19	%
Total Nonperforming Loans to Total Loans			0.64	%			0.79	%			0.77	%			0.85	%			0.82	%
Total Nonperforming Assets to Total Assets			0.51	%			0.63	%			0.61	%			0.66	%			0.64	%
Allowance for Loan Losses to Total Nonperforming Loans			168.47	%			140.04	%			146.70	%			137.15	%			144.21	%
Past Due Loans to Total Loans			0.62	%			0.63	%			0.61	%			0.54	%			0.69	%
Net Charge-Offs to Average Loans (3)			0.51	%			0.35	%			0.30	%			0.34	%			0.70	%
Asset Quality Ratios (Originated) (1):
Allowance for Loan Losses to Loans			1.18	%			1.21	%			1.24	%			1.29	%			1.36	%
Nonperforming Loans to Loans			0.61	%			0.63	%			0.59	%			0.69	%			0.72	%
Allowance for Loan Losses to Nonperforming Loans			193.00	%			192.49	%			208.99	%			188.68	%			187.88	%
Past Due Loans to Loans			0.64	%			0.67	%			0.64	%			0.56	%			0.73	%
Capital:
Equity to Assets			10.67	%			10.71	%			10.84	%			11.14	%			11.07	%
Book Value Per Share		$	20.31			$	20.29			$	20.05			$	19.95			$	19.69
Tangible Book Value Per Share (2)		$	13.79			$	13.80			$	13.61			$	13.52			$	13.22
Tier 1 Leverage Ratio			9.44	%			9.34	%			9.57	%			9.72	%			9.39	%
Common Equity Tier 1 Capital Ratio			10.20	%			10.04	%			10.22	%			10.46	%			N/A
Tier 1 Capital Ratio			11.73	%			11.57	%			11.78	%			12.05	%			12.32	%
Total Risk-Based Capital Ratio			12.74	%			12.62	%			12.84	%			13.15	%			13.50	%
Common Stock Price (End of Period)		$	27.88			$	26.94			$	26.17			$	25.06			$	26.27

 

(1)	Excludes acquired loans

(2)	Stockholders' equity less goodwill and intangible assets divided by common shares outstanding

(3)	Annualized

 

NBT Bancorp Inc. and Subsidiaries
CONSOLIDATED BALANCE SHEETS
(unaudited, dollars in thousands)
		December 31,				December 31,
ASSETS		2015				2014
Cash and due from banks		$	130,593			$	139,635
Short term interest bearing accounts			9,704				7,001
Securities available for sale, at fair value			1,174,544				1,013,171
Securities held to maturity (fair value of $473,140 and $454,994 at December 31, 2015 and December 31, 2014, respectively)			471,031				454,361
Trading securities			8,377				7,793
Federal Reserve and Federal Home Loan Bank stock			36,673				32,626
Loans			5,883,133				5,595,271
Less allowance for loan losses			63,018				66,359
Net loans			5,820,115				5,528,912
Premises and equipment, net			88,826				89,258
Goodwill			265,957				263,634
Intangible assets, net			17,265				20,317
Bank owned life insurance			117,044				114,251
Other assets			122,517				136,381
TOTAL ASSETS		$	8,262,646			$	7,807,340
LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits:
Demand (noninterest bearing)		$	1,998,165			$	1,838,622
Savings, NOW, and money market			3,697,851				3,417,160
Time			908,827				1,043,823
Total deposits			6,604,843				6,299,605
Short-term borrowings			442,481				316,802
Long-term debt			130,447				130,945
Junior subordinated debt			101,196				101,196
Other liabilities			101,675				94,611
Total liabilities			7,380,642				6,943,159
Total stockholders' equity			882,004				864,181
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY		$	8,262,646			$	7,807,340

 

NBT Bancorp Inc. and Subsidiaries
CONSOLIDATED STATEMENTS OF INCOME
(unaudited, dollars in thousands except per share data)
		Three Months Ended								Twelve Months Ended
		December 31,								December 31,
		2015				2014				2015				2014
Interest, fee and dividend income:
Loans		$	60,781			$	61,577			$	241,828			$	243,324
Securities available for sale			5,204				5,000				20,418				24,464
Securities held to maturity			2,317				2,357				9,233				5,261
Other			469				480				1,745				2,032
Total interest, fee and dividend income			68,771				69,414				273,224				275,081
Interest expense:
Deposits			3,613				3,856				14,257				13,638
Short-term borrowings			222				143				783				845
Long-term debt			848				846				3,355				6,555
Junior subordinated debt			576				545				2,221				2,165
Total interest expense			5,259				5,390				20,616				23,203
Net interest income			63,512				64,024				252,608				251,878
Provision for loan losses			5,779				6,892				18,285				19,539
Net interest income after provision for loan losses			57,733				57,132				234,323				232,339
Noninterest income:
Insurance and other financial services revenue			6,139				6,007				24,211				24,517
Service charges on deposit accounts			4,350				4,656				17,056				17,941
ATM and debit card fees			4,541				4,266				18,248				17,135
Retirement plan administration fees			4,135				2,962				14,146				12,129
Trust			4,769				4,793				19,026				18,950
Bank owned life insurance income			916				1,894				4,334				5,349
Net securities gains			3,044				33				3,087				92
Gain on the sale of Springstone investment			-				-				4,179				19,401
Other			4,577				2,435				14,194				10,513
Total noninterest income			32,471				27,046				118,481				126,027
Noninterest expense:
Salaries and employee benefits			33,078				30,058				124,318				119,667
Occupancy			5,291				5,256				22,095				22,128
Data processing and communications			3,990				4,092				16,588				16,137
Professional fees and outside services			3,378				3,564				13,407				14,426
Equipment			3,491				3,211				13,408				12,658
Office supplies and postage			1,545				1,762				6,367				6,983
FDIC expenses			1,312				1,302				5,145				4,944
Advertising			780				963				2,654				2,831
Amortization of intangible assets			1,228				1,226				4,864				5,047
Loan collection and other real estate owned			1,027				702				2,620				3,248
Prepayment penalties on long-term debt			-				-				-				17,902
Other operating			5,499				4,607				24,710				20,092
Total noninterest expense			60,619				56,743				236,176				246,063
Income before income taxes			29,585				27,435				116,628				112,303
Income taxes			10,458				8,922				40,203				37,229
Net income		$	19,127			$	18,513			$	76,425			$	75,074
Earnings Per Share:
Basic		$	0.44			$	0.42			$	1.74			$	1.71
Diluted		$	0.43			$	0.42			$	1.72			$	1.69

NBT Bancorp Inc. and Subsidiaries
QUARTERLY CONSOLIDATED STATEMENTS OF INCOME
(unaudited, dollars in thousands except per share data)
		2015																2014
		4th Q				3rd Q				2nd Q				1st Q				4th Q
Interest, fee and dividend income:
Loans		$	60,781			$	61,656			$	59,873			$	59,518			$	61,577
Securities available for sale			5,204				5,125				5,144				4,945				5,000
Securities held to maturity			2,317				2,318				2,315				2,283				2,357
Other			469				401				395				480				480
Total interest, fee and dividend income			68,771				69,500				67,727				67,226				69,414
Interest expense:
Deposits			3,613				3,554				3,517				3,573				3,856
Short-term borrowings			222				296				144				121				143
Long-term debt			848				845				836				826				846
Junior subordinated debt			576				560				545				540				545
Total interest expense			5,259				5,255				5,042				5,060				5,390
Net interest income			63,512				64,245				62,685				62,166				64,024
Provision for loan losses			5,779				4,966				3,898				3,642				6,892
Net interest income after provision for loan losses			57,733				59,279				58,787				58,524				57,132
Noninterest income:
Insurance and other financial services revenue			6,139				5,862				5,836				6,374				6,007
Service charges on deposit accounts			4,350				4,349				4,285				4,072				4,656
ATM and debit card fees			4,541				4,780				4,679				4,248				4,266
Retirement plan administration fees			4,135				3,249				3,566				3,196				2,962
Trust			4,769				4,611				5,196				4,450				4,793
Bank owned life insurance income			916				931				928				1,559				1,894
Net securities gains			3,044				3				26				14				33
Gain on the sale of Springstone investment			-				4,179				-				-				-
Other			4,577				3,297				3,699				2,621				2,435
Total noninterest income			32,471				31,261				28,215				26,534				27,046
Noninterest expense:
Salaries and employee benefits			33,078				30,227				30,831				30,182				30,058
Occupancy			5,291				5,326				5,412				6,066				5,256
Data processing and communications			3,990				4,207				4,288				4,103				4,092
Professional fees and outside services			3,378				3,137				3,395				3,497				3,564
Equipment			3,491				3,352				3,316				3,249				3,211
Office supplies and postage			1,545				1,576				1,627				1,619				1,762
FDIC expenses			1,312				1,355				1,280				1,198				1,302
Advertising			780				421				734				719				963
Amortization of intangible assets			1,228				1,165				1,187				1,284				1,226
Loan collection and other real estate owned			1,027				699				22				872				702
Other operating			5,499				8,426				5,872				4,913				4,607
Total noninterest expense			60,619				59,891				57,964				57,702				56,743
Income before income taxes			29,585				30,649				29,038				27,356				27,435
Income taxes			10,458				10,798				9,757				9,190				8,922
Net income		$	19,127			$	19,851			$	19,281			$	18,166			$	18,513
Earnings per share:
Basic		$	0.44			$	0.45			$	0.44			$	0.41			$	0.42
Diluted		$	0.43			$	0.45			$	0.43			$	0.41			$	0.42

 

Note:  Year-to-date (YTD) EPS may not equal sum of quarters due to share count differences.

 

NBT Bancorp Inc. and Subsidiaries
AVERAGE YEAR-TO-DATE BALANCE SHEETS
(unaudited, dollars in thousands)
		Average								Yield/				Average								Yield/
		Balance				Interest				Rates				Balance				Interest				Rates
Twelve Months ended December 31,		2015												2014
ASSETS:
Short-term interest bearing accounts		$	10,157			$	33				0.33	%		$	4,344			$	28				0.65	%
Securities available for sale (1)(2)			1,059,284				20,888				1.97	%			1,258,999				25,760				2.05	%
Securities held to maturity (1)			459,589				11,296				2.46	%			233,465				6,558				2.81	%
Investment in FRB and FHLB Banks			33,044				1,712				5.18	%			39,290				2,005				5.10	%
Loans (3)			5,743,860				242,587				4.22	%			5,528,015				244,162				4.42	%
Total interest earning assets		$	7,305,934			$	276,516				3.78	%			7,064,113			$	278,513				3.94	%
Other assets			691,583												691,934
Total assets		$	7,997,517											$	7,756,047
LIABILITIES AND STOCKHOLDERS' EQUITY:
Money market deposit accounts		$	1,582,078				3,351				0.21	%		$	1,457,770			$	2,532				0.17	%
NOW deposit accounts			987,638				515				0.05	%			949,759				509				0.05	%
Savings deposits			1,071,753				651				0.06	%			1,020,974				760				0.07	%
Time deposits			960,188				9,740				1.01	%			1,015,748				9,837				0.97	%
Total interest bearing deposits		$	4,601,657			$	14,257				0.31	%		$	4,444,251			$	13,638				0.31	%
Short-term borrowings			339,885				783				0.23	%			382,451				845				0.22	%
Junior subordinated debt			101,196				2,221				2.19	%			101,196				2,165				2.14	%
Long-term debt			130,705				3,355				2.57	%			224,556				6,555				2.92	%
Total interest bearing liabilities		$	5,173,443			$	20,616				0.40	%		$	5,152,454			$	23,203				0.45	%
Demand deposits			1,857,027												1,670,188
Other liabilities			88,937												83,940
Stockholders' equity			878,110												849,465
Total liabilities and stockholders' equity		$	7,997,517											$	7,756,047
Net interest income (FTE)							255,900												255,310
Interest rate spread											3.38	%											3.49	%
Net interest margin											3.50	%											3.61	%
Taxable equivalent adjustment							3,292												3,432
Net interest income						$	252,608											$	251,878