NBT Bancorp Inc. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2017; Provides Tax Guidance for the Full Year of 2018; Reports Net Charge Offs for the Fourth Quarter Ended December 31, 2017
January 22, 2018 at 04:18 pm
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NBT Bancorp Inc. announced unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2017. For the quarter, the company reported total interest, fee and dividend income of $80,230,000 against $73,109,000 a year ago. Net interest income was $73,451,000 against $67,425,000 a year ago. Income before income taxes was $33,326,000 against $29,709,000 a year ago. Net income was $17,637,000 or $0.40 per basic and diluted share against $19,608,000 or $0.45 per basic and diluted share a year ago. Net income, excluding intangible amortization was $18,231,000 against $20,190,000 a year ago. Return on average assets was 0.77% against 0.89% a year ago. Return on average equity was 7.27% against 8.54% a year ago. Return on average tangible common equity was 3.52% against 3.41% a year ago.
For the year, the company reported total interest, fee and dividend income of $309,407,000 against $286,947,000 a year ago. Net interest income was $283,493,000 against $264,441,000 a year ago. Net interest income was $283,493,000 against $264,441,000 a year ago. Income before income taxes was $128,161,000 against $118,801,000 a year ago. Net income was $82,151,000 or $1.87 per diluted share against $78,409,000 or $1.80 per diluted share a year ago. Book value per share was $22.01 against $21.11 a year ago. Tangible book value per share was $15.54 against $14.61 a year ago. Net income, excluding intangible amortization was $84,597,000 against $80,809,000 a year ago. Return on average assets was 0.91% against 0.92% a year ago. Return on average equity was 8.71% against 8.74% a year ago. Return on average tangible common equity was 12.82% against 13.13% a year ago.
Net charge-offs were $7.0 million for the fourth quarter ended December 31, 2017 as compared to $8.6 million for the fourth quarter of 2016.
The company will realize a reduction in tax expense beginning in 2018 due to Tax Reform decreasing the federal rate for corporations from 35% to 21%.
NBT Bancorp Inc. is a financial holding company. The Company primarily operates through NBT Bank, N.A. (the Bank), a full-service community bank, and through two financial services companies. The Bank provides a range of financial products to individuals, corporations and municipalities throughout upstate New York, northeastern Pennsylvania, southern New Hampshire, western Massachusetts, Vermont, southern Maine and central and northwestern Connecticut. Through its network of branch locations, the Bank offers a range of products and services tailored to individuals, businesses and municipalities. Deposit products offered by the Bank include demand deposit accounts, savings accounts, negotiable order of withdrawal (NOW) accounts, and certificate of deposit (CD) accounts. It operates EPIC Advisors, Inc., which is a national benefits administration firm. It operates NBT Insurance Agency, LLC, which is a full-service insurance agency. The Bank has approximately 153 branch locations.
NBT Bancorp Inc. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2017; Provides Tax Guidance for the Full Year of 2018; Reports Net Charge Offs for the Fourth Quarter Ended December 31, 2017