NBT Bancorp Inc (NBTB) has reported a 2.51 percent rise in profit for the quarter ended Dec. 31, 2016. The company has earned $19.61 million, or $0.45 a share in the quarter, compared with $19.13 million, or $0.43 a share for the same period last year. Revenue during the quarter dropped 3.17 percent to $87.35 million from $90.20 million in the previous year period. Net interest income for the quarter rose 6.16 percent over the prior year period to $67.42 million. Non-interest income for the quarter fell 13.50 percent over the last year period to $28.09 million.
NBT Bancorp Inc has made provision of $8.16 million for loan losses during the quarter, up 41.29 percent from $5.78 million in the same period last year.
Net interest margin contracted 1 basis points to 3.41 percent in the quarter from 3.42 percent in the last year period.
“NBT completed an excellent 2016, posting record net income for the fourth consecutive year. This accomplishment was driven by our strong growth in loans, deposits and fee income generation, all of which can be attributed the hard work of our customer-focused team,” said president and chief executive officer John H. Watt Jr. “As we move forward in 2017, we will build on the momentum initiated and led by my predecessor, Marty Dietrich, and we will focus on executing on our defined strategies that are grounded in organic growth as our team continues to collaborate to deliver returns for the benefit of our shareholders.”
Liabilities outpace assets growth
Total assets stood at $8,867.27 million as on Dec. 31, 2016, up 7.32 percent compared with $8,262.65 million on Dec. 31, 2015. On the other hand, total liabilities stood at $7,953.95 million as on Dec. 31, 2016, up 7.77 percent from $7,380.64 million on Dec. 31, 2015.
Loans outpace deposit growth
Net loans stood at $6,132.86 million as on Dec. 31, 2016, up 5.37 percent compared with $5,820.12 million on Dec. 31, 2015. Deposits stood at $6,973.69 million as on Dec. 31, 2016, up 5.58 percent compared with $6,604.84 million on Dec. 31, 2015. Noninterest-bearing deposit liabilities were $2,195.84 million or 31.49 percent of total deposits on Dec. 31, 2016, compared with $1,998.16 million or 30.25 percent of total deposits on Dec. 31, 2015.
Investments stood at $1,875.50 million as on Dec. 31, 2016, up 13.39 percent or $221.55 million from year-ago. Shareholders equity stood at $913.32 million as on Dec. 31, 2016, up 3.55 percent or $31.31 million from year-ago.
Return on average assets moved down 4 basis points to 0.89 percent in the quarter from 0.93 percent in the last year period. At the same time, return on average equity decreased 4 basis points to 8.54 percent in the quarter from 8.58 percent in the last year period.
Nonperforming assets moved up 9.58 percent or $4.03 million to $46.10 million on Dec. 31, 2016 from $42.07 million on Dec. 31, 2015. Meanwhile, nonperforming assets to total assets was 0.52 percent in the quarter, up from 0.51 percent in the last year period.
Capital ratios deteriorate NBT Bancorp Inc witnessed a deterioration in capital ratios during in the quarter. Tier-1 leverage ratio stood at 9.11 percent for the quarter, down from 9.44 percent for the previous year quarter. Equity to assets ratio was 10.30 percent for the quarter, down from 10.67 percent for the previous year quarter. Book value per share was $21.11 for the quarter, up 3.94 percent or $0.80 compared to $20.31 for the same period last year.
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