NBT Bancorp, Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2014; Reports Net Charge-Offs for the Fourth Quarter Ended December 31, 2014
January 26, 2015 at 04:30 pm
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NBT Bancorp, Inc. reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2014. For the quarter, the company reported that total interest, fee and dividend income of $69,414,000 against $69,181,000 a year ago. Net interest income was $64,024,000 against $62,058,000 a year ago. Income before income taxes was $27,435,000 against $26,708,000 a year ago. Net income was $18,513,000 or $0.42 per basic and diluted share against $17,925,000 or $0.41 per basic and diluted share a year ago. Book value per share as on December 31, 2014 was $19.69 against $18.77 as on December 31, 2013. Tangible book value per share as on December 31, 2014 was $13.22 against $12.09 as on December 31, 2013. Core net income was $18,502,000 or $0.42 per diluted share compared to $18,377,000 or $0.42 per diluted share a year ago. Core return on average assets was 0.94% compared to 0.96% a year ago. Return on average assets was 0.94% compared to 0.94% a year ago. Core return on average equity was 8.45% compared to 9.04% a year ago. Return on average equity was 8.46% compared to 8.81% a year ago. Core return on average tangible common equity was 13.08% compared to 14.77% a year ago. Return on average tangible common equity was 13.09% compared to 14.42% a year ago.
For the year, the company reported that total interest, fee and dividend income was $275,081,000 against $268,723,000 a year ago. Net interest income was $251,878,000 against $238,079,000 a year ago. Income before income taxes was $112,303,000 against $89,943,000 a year ago. Net income was $75,074,000 or $1.69 per diluted share against $61,747,000 or $1.46 per diluted share a year ago. Core net income was $75,812,000 or $1.71 per diluted share compared to $69,857,000 or $1.65 per diluted share a year ago. Core return on average assets was 0.98% compared to 0.96% a year ago. Return on average assets was 0.97% compared to 0.85% a year ago. Core return on average equity was 8.92% compared to 9.16% a year ago. Return on average equity was 8.84% compared to 8.09% a year ago. Core return on average tangible common equity was 14.03% compared to 14.76% a year ago. Return on average tangible common equity was 13.90% compared to 13.11% a year ago.
For the quarter, the company reported net charge-offs of $9.9 million, up from $5.1 million for the prior quarter, and up from $5.9 million from the three months ended December 31, 2013. This increase was due primarily to a $3.0 million partial charge-off of an acquired commercial credit during the fourth quarter of 2014 all of which was previously reserved for in prior quarters.
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. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2014; Reports Net Charge-Offs for the Fourth Quarter Ended December 31, 2014