Company Quick10K Filing
Quick10K
NBT Bancorp
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$34.90 44 $1,527
10-Q 2019-09-30 Quarter: 2019-09-30
10-Q 2019-06-30 Quarter: 2019-06-30
10-Q 2019-03-31 Quarter: 2019-03-31
10-K 2018-12-31 Annual: 2018-12-31
10-Q 2018-09-30 Quarter: 2018-09-30
10-Q 2018-06-30 Quarter: 2018-06-30
10-Q 2018-03-31 Quarter: 2018-03-31
10-K 2017-12-31 Annual: 2017-12-31
10-Q 2017-09-30 Quarter: 2017-09-30
10-Q 2017-06-30 Quarter: 2017-06-30
10-Q 2017-03-31 Quarter: 2017-03-31
10-K 2016-12-31 Annual: 2016-12-31
10-Q 2016-09-30 Quarter: 2016-09-30
10-Q 2016-06-30 Quarter: 2016-06-30
10-Q 2016-03-31 Quarter: 2016-03-31
10-K 2015-12-31 Annual: 2015-12-31
10-Q 2015-09-30 Quarter: 2015-09-30
10-Q 2015-06-30 Quarter: 2015-06-30
10-Q 2015-03-31 Quarter: 2015-03-31
10-K 2014-12-31 Annual: 2014-12-31
10-Q 2014-09-30 Quarter: 2014-09-30
10-Q 2014-06-30 Quarter: 2014-06-30
10-Q 2014-03-31 Quarter: 2014-03-31
10-K 2013-12-31 Annual: 2013-12-31
8-K 2019-10-28 Earnings, Exhibits
8-K 2019-08-28 Other Events, Exhibits
8-K 2019-07-29 Regulation FD, Exhibits
8-K 2019-07-22 Earnings, Exhibits
8-K 2019-05-21 Regulation FD
8-K 2019-05-21 Shareholder Vote
8-K 2019-05-14 Regulation FD
8-K 2019-05-02 Officers, Exhibits
8-K 2019-04-22 Earnings, Exhibits
8-K 2019-03-25 Regulation FD, Exhibits
8-K 2019-02-14 Regulation FD
8-K 2019-01-28 Earnings, Exhibits
8-K 2019-01-28 Earnings, Exhibits
8-K 2019-01-15 Other Events, Exhibits
8-K 2018-10-22 Earnings, Exhibits
8-K 2018-08-01 Regulation FD
8-K 2018-07-23 Earnings, Exhibits
8-K 2018-05-22 Amend Bylaw, Shareholder Vote, Other Events, Exhibits
8-K 2018-05-15 Regulation FD
8-K 2018-04-23 Earnings, Exhibits
8-K 2018-04-05 Other Events, Exhibits
8-K 2018-03-26 Regulation FD, Exhibits
8-K 2018-01-22 Earnings, Exhibits
JPM JPMorgan Chase 343,018
UBS UBS 40,822
DB Deutsche Bank Aktiengesellschaft 14,912
FFIN First Financial Bankshares 4,009
FBP First Bancorp 2,054
PRK Park National 1,505
RBNC Reliant Bancorp 276
PFBI Premier Financial Bancorp 225
CBNK Chicopee Bancorp 167
SSFN Stewardship Financial 102
NBTB 2019-09-30
Part I Financial Information
Item 1 - Financial Statements
Item 2 - Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3 - Quantitative and Qualitative Disclosures About Market Risk
Item 4 - Controls and Procedures
Part II. Other Information
Item 1 - Legal Proceedings
Item 1A - Risk Factors
Item 2 - Unregistered Sales of Equity Securities and Use of Proceeds
Item 3 - Defaults Upon Senior Securities
Item 4 - Mine Safety Disclosures
Item 5 - Other Information
Item 6 - Exhibits
EX-31.1 exhibit31_1.htm
EX-31.2 exhibit31_2.htm
EX-32.1 exhibit32_1.htm
EX-32.2 exhibit32_2.htm

NBT Bancorp Earnings 2019-09-30

NBTB 10Q Quarterly Report

Balance SheetIncome StatementCash Flow



UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 10-Q

(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2019.
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ________ to ________.

COMMISSION FILE NUMBER 0-14703

NBT BANCORP INC.
(Exact Name of Registrant as Specified in its Charter)

Delaware
 
16-1268674
(State of Incorporation)
 
(I.R.S. Employer Identification No.)

52 South Broad Street, Norwich, New York 13815
(Address of Principal Executive Offices) (Zip Code)

Registrant’s Telephone Number, Including Area Code: (607) 337-2265

None
(Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report)

Securities registered pursuant to Section 12(b) of the Act: 

Title of class
 
Trading Symbol(s)
 
Name of exchange on which registered
Common Stock, par value $0.01 per share
 
NBTB
 
The NASDAQ Stock Market LLC

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes  No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (Section 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes    No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check One):

Large accelerated filer 
Accelerated filer
Non-accelerated filer
Smaller reporting company
Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes   No

As of October 31, 2019, there were 43,791,695 shares outstanding of the Registrant’s common stock, $0.01 par value per share.





NBT BANCORP INC.
FORM 10-Q-Quarter Ended September 30, 2019

TABLE OF CONTENTS

PART I
FINANCIAL INFORMATION

Item 1
Financial Statements
 
     
 
3
     
 
4
     
 
5
     
 
6
     
 
7
     
 
9
     
Item 2
37
     
Item 3
50
     
Item 4
50
     
PART II
OTHER INFORMATION
 
     
Item 1
51
Item 1A
51
Item 2
51
Item 3
51
Item 4
51
Item 5
51
Item 6
52
     
 
53




Table of Contents

Item 1 – FINANCIAL STATEMENTS

NBT Bancorp Inc. and Subsidiaries
Consolidated Balance Sheets (unaudited)

 
September 30,
   
December 31,
 
   
2019
   
2018
 
(In thousands, except share and per share data)
           
Assets
           
Cash and due from banks
 
$
217,639
   
$
175,550
 
Short-term interest bearing accounts
   
56,457
     
5,405
 
Equity securities, at fair value
   
26,818
     
23,053
 
Securities available for sale, at fair value
   
932,173
     
998,496
 
Securities held to maturity (fair value $691,189 and $778,675, respectively)
   
678,435
     
783,599
 
Federal Reserve and Federal Home Loan Bank stock
   
37,490
     
53,229
 
Loans held for sale
   
17,986
     
6,943
 
Loans
   
7,013,809
     
6,887,709
 
Less allowance for loan losses
   
72,365
     
72,505
 
Net loans
 
$
6,941,444
   
$
6,815,204
 
Premises and equipment, net
   
75,708
     
78,970
 
Goodwill
   
274,769
     
274,769
 
Intangible assets, net
   
12,864
     
15,599
 
Bank owned life insurance
   
180,513
     
177,479
 
Other assets
   
209,090
     
148,067
 
Total assets
 
$
9,661,386
   
$
9,556,363
 
Liabilities
               
Demand (noninterest bearing)
 
$
2,477,657
   
$
2,361,099
 
Savings, NOW and money market
   
4,405,218
     
4,076,434
 
Time
   
860,291
     
930,678
 
Total deposits
 
$
7,743,166
   
$
7,368,211
 
Short-term borrowings
   
443,266
     
871,696
 
Long-term debt
   
84,239
     
73,724
 
Junior subordinated debt
   
101,196
     
101,196
 
Other liabilities
   
190,918
     
123,627
 
Total liabilities
 
$
8,562,785
   
$
8,538,454
 
Stockholders’ equity
               
Preferred stock, $0.01 par value. Authorized 2,500,000 shares at September 30, 2019 and December 31, 2018
 
$
-
   
$
-
 
Common stock, $0.01 par value. Authorized 100,000,000 shares at September 30, 2019 and December 31, 2018; issued 49,651,493 at September 30, 2019 and December 31, 2018
   
497
     
497
 
Additional paid-in-capital
   
576,146
     
575,466
 
Retained earnings
   
679,090
     
621,203
 
Accumulated other comprehensive loss
   
(22,924
)
   
(43,174
)
Common stock in treasury, at cost, 5,864,848 and 5,978,527 shares at September 30, 2019 and December 31, 2018, respectively
   
(134,208
)
   
(136,083
)
Total stockholders’ equity
 
$
1,098,601
   
$
1,017,909
 
Total liabilities and stockholders’ equity
 
$
9,661,386
   
$
9,556,363
 

See accompanying notes to unaudited interim consolidated financial statements.

3

Table of Contents

NBT Bancorp Inc. and Subsidiaries
Consolidated Statements of Income (unaudited)

 
Three Months Ended
September 30,
   
Nine Months Ended
September 30,
 
   
2019
   
2018
   
2019
   
2018
 
(In thousands, except per share data)
                       
Interest, fee and dividend income
                       
Interest and fees on loans
 
$
81,082
   
$
77,249
   
$
241,674
   
$
221,864
 
Securities available for sale
   
5,711
     
6,659
     
17,664
     
20,588
 
Securities held to maturity
   
4,586
     
3,462
     
14,892
     
8,898
 
Other
   
1,002
     
834
     
2,728
     
2,381
 
Total interest, fee and dividend income
 
$
92,381
   
$
88,204
   
$
276,958
   
$
253,731
 
Interest expense
                               
Deposits
 
$
10,745
   
$
6,157
   
$
29,805
   
$
15,167
 
Short-term borrowings
   
1,989
     
3,000
     
7,986
     
7,421
 
Long-term debt
   
498
     
431
     
1,391
     
1,359
 
Junior subordinated debt
   
1,095
     
1,089
     
3,404
     
3,030
 
Total interest expense
 
$
14,327
   
$
10,677
   
$
42,586
   
$
26,977
 
Net interest income
 
$
78,054
   
$
77,527
   
$
234,372
   
$
226,754
 
Provision for loan losses
   
6,324
     
6,026
     
19,408
     
22,300
 
Net interest income after provision for loan losses
 
$
71,730
   
$
71,501
   
$
214,964
   
$
204,454
 
Noninterest income
                               
Insurance and other financial services revenue
 
$
6,421
   
$
6,172
   
$
19,115
   
$
18,502
 
Service charges on deposit accounts
   
4,330
     
4,503
     
12,790
     
12,721
 
ATM and debit card fees
   
6,277
     
5,906
     
17,958
     
16,995
 
Retirement plan administration fees
   
7,600
     
7,244
     
23,170
     
19,879
 
Trust
   
5,209
     
4,808
     
14,491
     
14,951
 
Bank owned life insurance
   
1,556
     
1,288
     
4,119
     
3,852
 
Net securities gains
   
4,036
     
412
     
4,024
     
575
 
Other
   
4,291
     
3,048
     
12,115
     
11,341
 
Total noninterest income
 
$
39,720
   
$
33,381
   
$
107,782
   
$
98,816
 
Noninterest expense
                               
Salaries and employee benefits
 
$
39,352
   
$
38,394
   
$
117,275
   
$
112,687
 
Occupancy
   
5,335
     
5,380
     
17,053
     
17,034
 
Data processing and communications
   
4,492
     
4,434
     
13,599
     
13,221
 
Professional fees and outside services
   
3,535
     
3,580
     
10,562
     
10,408
 
Equipment
   
4,487
     
4,319
     
13,762
     
12,508
 
Office supplies and postage
   
1,667
     
1,563
     
4,835
     
4,640
 
FDIC (credit) expense
   
(20
)
   
1,223
     
1,946
     
3,516
 
Advertising
   
677
     
739
     
1,821
     
1,776
 
Amortization of intangible assets
   
874
     
1,054
     
2,735
     
3,064
 
Loan collection and other real estate owned, net
   
976
     
1,234
     
2,722
     
3,479
 
Other
   
8,374
     
4,577
     
18,130
     
13,324
 
Total noninterest expense
 
$
69,749
   
$
66,497
   
$
204,440
   
$
195,657
 
Income before income tax expense
 
$
41,701
   
$
38,385
   
$
118,306
   
$
107,613
 
Income tax expense
   
9,322
     
8,578
     
26,245
     
23,699
 
Net income
 
$
32,379
   
$
29,807
   
$
92,061
   
$
83,914
 
Earnings per share
                               
Basic
 
$
0.74
   
$
0.68
   
$
2.10
   
$
1.92
 
Diluted
 
$
0.73
   
$
0.68
   
$
2.09
   
$
1.91
 

See accompanying notes to unaudited interim consolidated financial statements.

4

Table of Contents

NBT Bancorp Inc. and Subsidiaries
Consolidated Statements of Comprehensive Income (unaudited)

 
Three Months Ended
September 30,
   
Nine Months Ended
September 30,
 
   
2019
   
2018
   
2019
   
2018
 
(In thousands)
                       
Net income
 
$
32,379
   
$
29,807
   
$
92,061
   
$
83,914
 
Other comprehensive income (loss), net of tax:
                               
                                 
Securities available for sale:
                               
Unrealized net holding gains (losses) arising during the period, gross
 
$
2,360
   
$
(5,798
)
 
$
26,787
   
$
(26,605
)
Tax effect
   
(590
)
   
1,449
     
(6,697
)
   
6,651
 
Unrealized net holding gains (losses) arising during the period, net
 
$
1,770
   
$
(4,349
)
 
$
20,090
   
$
(19,954
)
                                 
Reclassification adjustment for net (gains) losses in net income, gross
 
$
(20
)
 
$
-
   
$
79
   
$
-
 
Tax effect
   
5
     
-
     
(20
)
   
-
 
Reclassification adjustment for net (gains) losses in net income, net
 
$
(15
)
 
$
-
   
$
59
   
$
-
 
                                 
Amortization of unrealized net gains for the reclassification of available for sale securities to held to maturity, gross
 
$
190
   
$
168
   
$
556
   
$
533
 
Tax effect
   
(47
)
   
(42
)
   
(139
)
   
(133
)
Amortization of unrealized net gains for the reclassification of available for sale securities to held to maturity, net
 
$
143
   
$
126
   
$
417
   
$
400
 
                                 
Total securities available for sale, net
 
$
1,898
   
$
(4,223
)
 
$
20,566
   
$
(19,554
)
                                 
Cash flow hedges:
                               
Unrealized gains (losses) on derivatives (cash flow hedges), gross
 
$
9
   
$
175
   
$
(475
)
 
$
1,647
 
Tax effect
   
(2
)
   
(44
)
   
119
     
(412
)
Unrealized gains (losses) on derivatives (cash flow hedges), net
 
$
7
   
$
131
   
$
(356
)
 
$
1,235
 
                                 
Reclassification of net unrealized (gains) on cash flow hedges to interest (income), gross
 
$
(395
)
 
$
(638
)
 
$
(1,932
)
 
$
(1,537
)
Tax effect
   
98
     
159
     
483
     
384
 
Reclassification of net unrealized (gains) on cash flow hedges to interest (income), net
 
$
(297
)
 
$
(479
)
 
$
(1,449
)
 
$
(1,153
)
                                 
Total cash flow hedges, net
 
$
(290
)
 
$
(348
)
 
$
(1,805
)
 
$
82
 
                                 
Pension and other benefits:
                               
Amortization of prior service cost and actuarial losses, gross
 
$
672
   
$
286
   
$
1,985
   
$
876
 
Tax effect
   
(168
)
   
(71
)
   
(496
)
   
(219
)
Amortization of prior service cost and actuarial losses, net
 
$
504
   
$
215
   
$
1,489
   
$
657
 
                                 
Total pension and other benefits, net
 
$
504
   
$
215
   
$
1,489
   
$
657
 
                                 
Total other comprehensive income (loss)
 
$
2,112
   
$
(4,356
)
 
$
20,250
   
$
(18,815
)
Comprehensive income
 
$
34,491
   
$
25,451
   
$
112,311
   
$
65,099
 

See accompanying notes to unaudited interim consolidated financial statements.


5

Table of Contents

NBT Bancorp Inc. and Subsidiaries
Consolidated Statements of Stockholders’ Equity (unaudited)

 
Common
Stock
   
Additional
Paid-in-
Capital
   
Retained
Earnings
   
Accumulated
Other
Comprehensive
(Loss) Income
   
Common
Stock in
Treasury
   
Total
 
(In thousands, except share and per share data)
                                   
Balance at June 30, 2019
 
$
497
   
$
575,794
   
$
658,107
   
$
(25,036
)
 
$
(134,539
)
 
$
1,074,823
 
Net income
   
-
     
-
     
32,379
     
-
     
-
     
32,379
 
Cash dividends - $0.26 per share
   
-
     
-
     
(11,396
)
   
-
     
-
     
(11,396
)
Net issuance of 17,234 shares to employee and other stock plans
   
-
     
(104
)
   
-
     
-
     
331
     
227
 
Stock-based compensation
   
-
     
456
     
-
     
-
     
-
     
456
 
Other comprehensive income
   
-
     
-
     
-
     
2,112
     
-
     
2,112
 
Balance at September 30, 2019
 
$
497
   
$
576,146
   
$
679,090
   
$
(22,924
)
 
$
(134,208
)
 
$
1,098,601
 
                                                 
Balance at June 30, 2018
 
$
497
   
$
574,741
   
$
585,044
   
$
(44,756
)
 
$
(136,597
)
 
$
978,929
 
Net income
   
-
     
-
     
29,807
     
-
     
-
     
29,807
 
Cash dividends - $0.25 per share
   
-
     
-
     
(10,930
)
   
-
     
-
     
(10,930
)
Net issuance of 14,120 shares to employee and other stock plans