NBT Bancorp Inc. (NBTB, Financial) filed Quarterly Report for the period ended 2010-06-30.
Nbt Bancorp Inc. has a market cap of $764.7 million; its shares were traded at around $22.19 with a P/E ratio of 13.6 and P/S ratio of 2.2. The dividend yield of Nbt Bancorp Inc. stocks is 3.6%. Nbt Bancorp Inc. had an annual average earning growth of 8.8% over the past 10 years.
For the quarter ended June 30, 2010, total interest expense decreased $6.3 million, or 31.1%, primarily as a result of the decrease in target Fed Funds rate over the past two years, which impacts the Company s short-term borrowing, money market account and time deposit rates. Average interest bearing liabilities decreased $84.6 million, or 2.0%, for the three months ended June 30, 2010 as compared with the three months ended June 30, 2009. This decrease was due primarily to a decrease in average long-term debt for the three months ended June 30, 2010 as the Company paid down long term borrowings. Total average interest bearing deposits decreased nominally for the three months ended June 30, 2010 when compared to the same period in 2009. The rate paid on average interest bearing deposits decreased 61 bp from 1.56% for the three months ended June 30, 2009 to 0.95% for the same period in 2010. For the three months ended June 30, 2010, the Company experienced a shift in its deposit mix from time deposits to money market deposit accounts, NOW accounts and savings accounts. Average time deposit accounts decreased approximately $283.1 million, or 22.1%, for the three months ended June 30, 2010 when compared to the same period in 2009, while money market accounts, NOW accounts and savings accounts collectively increased approximately $274.1 million, or 13.0%. Going forward, additional rate reductions on deposits could be more difficult as deposit rates are at or near their floors.
Total average borrowings, including trust preferred debentures, decreased $75.6 million, or 9.4%, for the three months ended June 30, 2010 compared with the same period in 2009. Average short-term borrowings increased by $31.7 million, or 26.4%, from $120.3 million for the three months ended June 30, 2009 to $152.0 million for the three months ended June 30, 2010. The rate paid on short-term borrowings decreased to 0.32% for the three months ended June 30, 2010, from 0.41% for the three months ended June 30, 2009. Average long-term debt decreased $107.3 million, or 17.6%, for the three months ended June 30, 2010, compared with the same period in 2009. The rate paid on long-term debt decreased to 3.88% for the three months ended June 30, 2010, from 3.95% for the same period in 2009. As a result of the decrease in the average balance and rate paid on long-term debt, interest paid on long-term debt decreased $1.1 million, or 19.1%, for the three months ended June 30, 2010 as compared to the same period in 2009.
FTE net interest income increased $5.1 million, or 5.1%, during the six months ended June 30, 2010, compared to the same period of 2009. The increase in FTE net interest income resulted primarily from a decrease in the rate paid on interest bearing liabilities of 61 bp to 1.40% for the six months ended June 30, 2010 from 2.01% for the same period in 2009. The interest rate spread increased 23 bp during the six months ended June 30, 2010 compared to the same period in 2009. The net interest margin increased by 15 bp to 4.17% for the six months ended June 30, 2010, compared with 4.02% for the same period in 2009. For the six months ended June 30, 2010, total FTE interest income decreased $7.8 million, or 5.6% as compared with the six months ended June 30, 2009. The yield on earning assets for the period decreased 38 bp to 5.32% for the six months ended June 30, 2010 from 5.70% for the same period in 2009. This decrease was partially offset by an increase in average interest earning assets of $58.5 million, or 1.2%, for the six months ended June 30, 2010 when compared to the same period in 2009, principally from growth in short-term interest bearing accounts. As a result of our excess liquidity resulting from the disadvantageous rate environment, our Federal Funds sold position had a net negative impact of approximately 5 bp on our net interest margin for the six months ended June 30, 2010 as compared with the six months ended June 30, 2009.
For the six months ended June 30, 2010, total interest expense decreased $12.9 million, or 31.1%, primarily the result of the aforementioned decrease in target Fed Funds rate over the past two years, which impacts the Company s short-term borrowing, money market account and time deposit rates. Average interest bearing liabilities decreased $58.7 million, or 1.4%, for the six months ended June 30, 2010 when compared to the same period in 2009. This decrease was due primarily to a decrease in average long-term debt for the six months ended June 30, 2010 as the Company paid down long term borrowings. Total average interest bearing deposits increased $27.1 million, or 0.8%, for the six months ended June 30, 2010 when compared to the same period in 2009. The rate paid on average interest bearing deposits decreased 64 bp from 1.62% for the six months ended June 30, 2009 to 0.98% for the same period in 2010. For the six months ended June 30, 2010, the Company experienced a shift in its deposit mix from time deposits to money market deposit accounts, NOW accounts and savings accounts. Average time deposit accounts decreased approximately $298.8 million, or 22.8%, for the six months ended June 30, 2010 when compared to the same period in 2009, while money market accounts, NOW accounts and savings accounts collectively increased approximately $325.9 million, or 16.0%.
Total average borrowings, including trust preferred debentures, decreased $85.8 million, or 10.3%, for the six months ended June 30, 2010 compared with the same period in 2009. Average short-term borrowings increased by $20.3 million, or 15.1%, from $134.3 million for the six months ended June 30, 2009 to $154.6 million for the six months ended June 30, 2010. The rate paid on short-term borrowings decreased to 0.32% for the six months ended June 30, 2010, from 0.41% for the six months ended June 30, 2009. Average long-term debt decreased $106.1 million, or 17.1%, for the six months ended June 30, 2010, compared with the same period in 2009. The rate paid on long-term debt decreased to 3.89% for the six months ended June 30, 2010, from 3.97% for the same period in 2009. As a result of the decrease in the average balance and rate paid on long-term debt, interest paid on long-term debt decreased $2.3 million, or 18.7%, for the six months ended June 30, 2010 as compared to the same period in 2009.
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Nbt Bancorp Inc. has a market cap of $764.7 million; its shares were traded at around $22.19 with a P/E ratio of 13.6 and P/S ratio of 2.2. The dividend yield of Nbt Bancorp Inc. stocks is 3.6%. Nbt Bancorp Inc. had an annual average earning growth of 8.8% over the past 10 years.
Highlight of Business Operations:
FTE net interest income increased $2.5 million, or 5.0%, during the three months ended June 30, 2010, compared to the same period of 2009. The increase in FTE net interest income resulted primarily from a decrease in the rate paid on interest bearing liabilities of 58 bp to 1.37% for the three months ended June 30, 2010 from 1.95% for the same period in 2009. The interest rate spread increased 28 bp during the three months ended June 30, 2010 compared to the same period in 2009. The net interest margin increased by 19 bp to 4.14% for the three months ended June 30, 2010, compared with 3.95% for the same period in 2009. For the three months ended June 30, 2010, total FTE interest income decreased $3.9 million, or 5.5% as compared with the three months ended June 30, 2009. The yield on earning assets for the period decreased 31 bp to 5.26% for the three months ended June 30, 2010 from 5.57% for the same period in 2009.For the quarter ended June 30, 2010, total interest expense decreased $6.3 million, or 31.1%, primarily as a result of the decrease in target Fed Funds rate over the past two years, which impacts the Company s short-term borrowing, money market account and time deposit rates. Average interest bearing liabilities decreased $84.6 million, or 2.0%, for the three months ended June 30, 2010 as compared with the three months ended June 30, 2009. This decrease was due primarily to a decrease in average long-term debt for the three months ended June 30, 2010 as the Company paid down long term borrowings. Total average interest bearing deposits decreased nominally for the three months ended June 30, 2010 when compared to the same period in 2009. The rate paid on average interest bearing deposits decreased 61 bp from 1.56% for the three months ended June 30, 2009 to 0.95% for the same period in 2010. For the three months ended June 30, 2010, the Company experienced a shift in its deposit mix from time deposits to money market deposit accounts, NOW accounts and savings accounts. Average time deposit accounts decreased approximately $283.1 million, or 22.1%, for the three months ended June 30, 2010 when compared to the same period in 2009, while money market accounts, NOW accounts and savings accounts collectively increased approximately $274.1 million, or 13.0%. Going forward, additional rate reductions on deposits could be more difficult as deposit rates are at or near their floors.
Total average borrowings, including trust preferred debentures, decreased $75.6 million, or 9.4%, for the three months ended June 30, 2010 compared with the same period in 2009. Average short-term borrowings increased by $31.7 million, or 26.4%, from $120.3 million for the three months ended June 30, 2009 to $152.0 million for the three months ended June 30, 2010. The rate paid on short-term borrowings decreased to 0.32% for the three months ended June 30, 2010, from 0.41% for the three months ended June 30, 2009. Average long-term debt decreased $107.3 million, or 17.6%, for the three months ended June 30, 2010, compared with the same period in 2009. The rate paid on long-term debt decreased to 3.88% for the three months ended June 30, 2010, from 3.95% for the same period in 2009. As a result of the decrease in the average balance and rate paid on long-term debt, interest paid on long-term debt decreased $1.1 million, or 19.1%, for the three months ended June 30, 2010 as compared to the same period in 2009.
FTE net interest income increased $5.1 million, or 5.1%, during the six months ended June 30, 2010, compared to the same period of 2009. The increase in FTE net interest income resulted primarily from a decrease in the rate paid on interest bearing liabilities of 61 bp to 1.40% for the six months ended June 30, 2010 from 2.01% for the same period in 2009. The interest rate spread increased 23 bp during the six months ended June 30, 2010 compared to the same period in 2009. The net interest margin increased by 15 bp to 4.17% for the six months ended June 30, 2010, compared with 4.02% for the same period in 2009. For the six months ended June 30, 2010, total FTE interest income decreased $7.8 million, or 5.6% as compared with the six months ended June 30, 2009. The yield on earning assets for the period decreased 38 bp to 5.32% for the six months ended June 30, 2010 from 5.70% for the same period in 2009. This decrease was partially offset by an increase in average interest earning assets of $58.5 million, or 1.2%, for the six months ended June 30, 2010 when compared to the same period in 2009, principally from growth in short-term interest bearing accounts. As a result of our excess liquidity resulting from the disadvantageous rate environment, our Federal Funds sold position had a net negative impact of approximately 5 bp on our net interest margin for the six months ended June 30, 2010 as compared with the six months ended June 30, 2009.
For the six months ended June 30, 2010, total interest expense decreased $12.9 million, or 31.1%, primarily the result of the aforementioned decrease in target Fed Funds rate over the past two years, which impacts the Company s short-term borrowing, money market account and time deposit rates. Average interest bearing liabilities decreased $58.7 million, or 1.4%, for the six months ended June 30, 2010 when compared to the same period in 2009. This decrease was due primarily to a decrease in average long-term debt for the six months ended June 30, 2010 as the Company paid down long term borrowings. Total average interest bearing deposits increased $27.1 million, or 0.8%, for the six months ended June 30, 2010 when compared to the same period in 2009. The rate paid on average interest bearing deposits decreased 64 bp from 1.62% for the six months ended June 30, 2009 to 0.98% for the same period in 2010. For the six months ended June 30, 2010, the Company experienced a shift in its deposit mix from time deposits to money market deposit accounts, NOW accounts and savings accounts. Average time deposit accounts decreased approximately $298.8 million, or 22.8%, for the six months ended June 30, 2010 when compared to the same period in 2009, while money market accounts, NOW accounts and savings accounts collectively increased approximately $325.9 million, or 16.0%.
Total average borrowings, including trust preferred debentures, decreased $85.8 million, or 10.3%, for the six months ended June 30, 2010 compared with the same period in 2009. Average short-term borrowings increased by $20.3 million, or 15.1%, from $134.3 million for the six months ended June 30, 2009 to $154.6 million for the six months ended June 30, 2010. The rate paid on short-term borrowings decreased to 0.32% for the six months ended June 30, 2010, from 0.41% for the six months ended June 30, 2009. Average long-term debt decreased $106.1 million, or 17.1%, for the six months ended June 30, 2010, compared with the same period in 2009. The rate paid on long-term debt decreased to 3.89% for the six months ended June 30, 2010, from 3.97% for the same period in 2009. As a result of the decrease in the average balance and rate paid on long-term debt, interest paid on long-term debt decreased $2.3 million, or 18.7%, for the six months ended June 30, 2010 as compared to the same period in 2009.
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