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NBT Bancorp Inc. Announces First Quarter 2024 Results

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NBT Bancorp Inc. reported net income of $33.8 million for the first quarter of 2024, with diluted earnings per share of $0.71. Operating diluted earnings per share, excluding certain expenses, were $0.68. The CEO highlighted growth strategies and fee-based businesses. The company is positioned for growth in semiconductor manufacturing investments. Financial highlights include net interest income, noninterest income, loans, deposits, and capital details. The company's stock repurchase program and conference call details were also discussed.
NBT Bancorp Inc. ha riportato un utile netto di 33,8 milioni di dollari per il primo trimestre del 2024, con utili diluiti per azione di 0,71 dollari. Gli utili diluiti operativi per azione, escluse alcune spese, ammontavano a 0,68 dollari. Il CEO ha evidenziato strategie di crescita e attività basate su commissioni. La società è posizionata per crescere negli investimenti nella produzione di semiconduttori. I punti salienti finanziari includono entrate nette da interessi, entrate non derivanti da interessi, prestiti, depositi e dettagli sul capitale. Sono stati inoltre discussi il programma di riacquisto di azioni della società e i dettagli della conferenza telefonica.
NBT Bancorp Inc. informó de un ingreso neto de 33.8 millones de dólares para el primer trimestre de 2024, con ganancias diluidas por acción de 0.71 dólares. Las ganancias operativas diluidas por acción, excluyendo ciertos gastos, fueron de 0.68 dólares. El CEO destacó estrategias de crecimiento y negocios basados en comisiones. La compañía está posicionada para crecer en inversiones en fabricación de semiconductores. Los aspectos financieros destacados incluyen ingresos netos por intereses, ingresos no financieros, préstamos, depósitos y detalles de capital. También se discutieron el programa de recompra de acciones de la compañía y los detalles de la llamada de conferencia.
NBT Bancorp Inc.는 2024년 첫 분기에 3천380만 달러의 순이익을 보고하였으며, 희석 주당 이익은 0.71달러였습니다. 일부 비용을 제외한 운영 희석 주당 이익은 0.68달러였습니다. CEO는 성장 전략과 수수료 기반 사업을 강조했습니다. 이 회사는 반도체 제조 투자 증가에 따른 성장에 위치하고 있습니다. 재무 하이라이트에는 순이자 수입, 비이자 수입, 대출, 예금 및 자본 세부 정보가 포함되어 있습니다. 회사의 주식 매입 프로그램과 컨퍼런스 콜의 세부 사항 또한 논의되었습니다.
NBT Bancorp Inc. a rapporté un bénéfice net de 33,8 millions de dollars pour le premier trimestre 2024, avec un bénéfice dilué par action de 0,71 dollars. Les bénéfices dilués opérationnels par action, excluant certaines dépenses, s'élevaient à 0,68 dollars. Le PDG a mis en avant des stratégies de croissance et des activités basées sur des commissions. La société est positionnée pour une croissance dans les investissements de fabrication de semi-conducteurs. Les faits saillants financiers incluent les revenus d'intérêts nets, les revenus non liés aux intérêts, les prêts, les dépôts et les détails du capital. Le programme de rachat d'actions de l'entreprise et les détails de l'appel de conférence ont également été discutés.
NBT Bancorp Inc. berichtete einen Nettogewinn von 33,8 Millionen Dollar für das erste Quartal 2024, mit verwässerten Gewinnen pro Aktie von 0,71 Dollar. Die bereinigten verwässerten Gewinne pro Aktie, unter Ausschluss bestimmter Ausgaben, betrugen 0,68 Dollar. Der CEO hob Wachstumsstrategien und gebührenbasierte Geschäfte hervor. Das Unternehmen ist für Wachstum in Investitionen in die Halbleiterfertigung positioniert. Zu den finanziellen Höhepunkten gehören der Nettozinsüberschuss, das Nichtzinsüberschuss, Darlehen, Einlagen und Kapitaldetails. Das Aktienrückkaufprogramm des Unternehmens und Details zum Conference Call wurden ebenfalls besprochen.
Positive
  • Net income for the first quarter of 2024 was $33.8 million, with diluted earnings per share of $0.71.
  • Operating diluted earnings per share, excluding certain expenses, were $0.68.
  • CEO emphasized growth strategies and fee-based businesses.
  • Company positioned for growth in semiconductor manufacturing investments.
  • Financial highlights include net interest income, noninterest income, loans, deposits, and capital details.
  • Stock repurchase program details were provided.
  • Conference call scheduled for April 23, 2024, to review financial results.
Negative
  • None.

Insights

The reported net income and diluted earnings per share signify a plateau in growth for NBT Bancorp Inc., with only a slight increase from the previous year's figures. The earnings of $0.71 per diluted share, despite being higher than the preceding quarter, reflect a decrease when adjusted for share dilution year-over-year. This indicates a potential concern for investors regarding scalability and profit maximization in the current economic climate.

Operating net income, a non-GAAP measure, decreased compared to the first quarter of 2023, which may be attributed to acquisition expenses and other specified items. Investors might see this as a sign of increased costs affecting the bottom line, despite revenue streams from fee-based businesses. The strategic emphasis on diversification into fee-based services is noteworthy as it contributes to over a third of total revenues, demonstrating an attempt to mitigate risks from interest rate fluctuations.

The increase in net interest margin, albeit small, in a challenging interest rate environment could be seen as an indicator of effective asset-liability management. However, the minimal growth in net interest income year-over-year combined with an overall dip in net interest margin from the previous year could be a warning for potential margin compression.

NBT Bancorp's deposit growth reflects robust liquidity trends, which is a positive signal to investors. The granular composition of over half a million accounts and an average account balance under $20,000 suggests a strong retail banking base, which can be seen as a positive indicator of stability and potential for cross-selling opportunities.

However, the migration from noninterest-bearing to higher-cost deposits could squeeze margins if not met with proportional yield increases on the asset side. Investors would do well to monitor the loan to deposit ratio, which has seen a slight improvement, for insights into the bank's liquidity management and interest rate risk exposure.

Asset quality, as measured by net charge-offs and nonperforming loans, remains stable, a reassuring sign of credit risk management. The slight uptick in nonperforming loans year-over-year will be an area to watch, particularly as it may indicate potential weaknesses in the loan portfolio's health. The maintained allowance for loan losses signifies a prudent approach to potential future credit losses.

From a credit perspective, the consistency in the allowance for loan losses ratio can be interpreted as a cautious stance by the bank, reflecting a measured response to current and anticipated loan performance.

NORWICH, N.Y., April 22, 2024 (GLOBE NEWSWIRE) -- NBT Bancorp Inc. (“NBT” or the “Company”) (NASDAQ: NBTB) reported net income and diluted earnings per share for the three months ended March 31, 2024.

Net income for the three months ended March 31, 2024 was $33.8 million, or $0.71 per diluted common share, compared to $33.7 million, or $0.78 per diluted common share, for the three months ended March 31, 2023, and $30.4 million, or $0.64 per diluted common share, for the fourth quarter of 2023. Operating diluted earnings per share1, a non-GAAP measure, which excludes acquisition expenses, acquisition-related provision for credit losses, securities gains (losses) and an impairment of a minority interest equity investment, net of tax, was $0.68 for the first quarter of 2024, compared to $0.88 for the first quarter of 2023 and $0.72 for the fourth quarter of 2023.

CEO Comments

“NBT reported solid results for the quarter despite the ongoing challenges presented by the interest rate environment. Our resilient balance sheet is the foundation that allows our team to execute on our growth strategies across our markets. Our fee-based businesses continued to grow, providing diversified revenue streams that generated 31% of total revenues," said NBT President and CEO John H. Watt, Jr. "NBT is poised to participate in the transformational growth that will occur in our core Upstate NY markets as the result of multiple game-changing investments in semiconductor manufacturing, including the recently announced $6.1 billion grant Micron Technology will receive under the CHIPS & Science Act that will, in part, support its plans to invest as much as $100 billion, over the next ten years, in a new complex of semiconductor chip manufacturing plants near Syracuse.”

First Quarter 2024 Financial Highlights

Net Income
  • Net income of $33.8 million and diluted earnings per share of $0.71
  • Operating net income of $32.1 million and diluted operating earnings per share of $0.681
Net Interest Income
/ NIM
  • Net interest income on a fully taxable equivalent (“FTE”) basis was $95.8 million1
  • Net interest margin (“NIM”) on an FTE basis was 3.14%1, down 1 basis point (“bps”) from the prior quarter
  • Included in FTE net interest income was $2.5 million of acquisition-related net accretion consistent with fourth quarter of 2023
  • Earning asset yields of 4.84% were up 5 bps from the prior quarter
  • Total cost of funds of 1.79% was up 7 bps from the prior quarter
Noninterest Income
  • Noninterest income was $43.2 million, or 31.2% of total revenues, excluding net securities gains (losses)
Loans and Credit
Quality
  • Period end total loans of $9.69 billion as of March 31, 2024, up $37.4 million, or 1.6% annualized, from December 31, 2023
  • Net charge-offs to average loans were 0.19% annualized
  • Nonperforming loans to total loans were 0.39%, compared to 0.39% in the prior quarter and 0.23% for the first quarter of 2023
  • Allowance for loan losses to total loans was 1.19%
Deposits
  • Deposits were $11.20 billion as of March 31, 2024, up $226.3 million, or 2.1%, from December 31, 2023
  • Total cost of deposits was 1.61% for the first quarter of 2024, up 10 bps from the fourth quarter
  • Full cycle to-date deposit beta of 30%
  • Composition of total deposits is diverse and granular with over 561,000 accounts with an average per account balance of $19,947
Capital
  • Stockholders’ equity was $1.44 billion as of March 31, 2024
  • Tangible book value per share2 was $22.07 at March 31, 2024
  • Tangible equity to assets of 7.98%1
  • CET1 ratio of 11.68%; Leverage ratio of 10.09%


Loans

  • Period end total loans were $9.69 billion at March 31, 2024, $9.65 billion at December 31, 2023 and $8.26 billion at March 31, 2023.
  • Period end total loans increased $37.4 million from December 31, 2023. Total commercial loans increased $19.0 million to $5.00 billion; and total consumer loans increased $18.3 million to $4.69 billion. Excluding the other consumer and residential solar portfolios that are in a planned run-off status, period end loans increased $77.9 million, or 3.6% annualized.
  • Commercial line of credit utilization rate was 21% at March 31, 2024, compared to 20% at December 31, 2023 and 22% at March 31, 2023.

Deposits

  • Total deposits at March 31, 2024 increased $226.3 million to $11.20 billion, compared to $10.97 billion at December 31, 2023. The increase in deposits was primarily due to the inflow of seasonal municipal deposits during the quarter. The Company continued to experience incremental migration from noninterest bearing and low interest checking and savings accounts into higher cost money market and time deposit instruments.
  • The loan to deposit ratio was 86.5% at March 31, 2024, compared to 88.0% at December 31, 2023.

Net Interest Income and Net Interest Margin

  • Net interest income for the first quarter of 2024 was $95.2 million, which was down $4.0 million, or 4.0%, from the fourth quarter of 2023 and up $0.1 million, or 0.1%, from the first quarter of 2023. The decrease in net interest income from the fourth quarter of 2023 resulted from the decrease in short-term interest-bearing accounts and the interest earned on those accounts and one less day in the first quarter of 2024 compared to the fourth quarter 2023.
  • The NIM on an FTE basis for the first quarter of 2024 was 3.14%, a decrease of only 1 bp from the fourth quarter of 2023, driven by an increase in the cost of interest-bearing deposits and a decrease in average balance of noninterest-bearing demand deposit accounts, partly offset by lower average balances of short-term borrowings and an increase in average earning asset yields. The NIM on an FTE basis decreased 41 bps from the first quarter of 2023 due to the increase in the cost of interest-bearing deposits, partially offset by lower average balances of short-term borrowings, higher earning asset yields and the impact of acquisition-related net accretion.
  • Earning asset yields for the three months ended March 31, 2024 increased 5 bps from the prior quarter to 4.84% and increased 58 bps from the same quarter in the prior year. Loan yields for the three months ended March 31, 2024 increased 7 bps from the prior quarter to 5.54% and increased 54 bps from the same quarter in the prior year. Average earning assets decreased $290.4 million, or 2.3%, from the fourth quarter of 2023 due to the decrease in the average balance of short-term interest-bearing accounts. Average earning assets grew $1.36 billion, or 12.5%, from the first quarter of 2023 due to the Salisbury Bancorp, Inc. (“Salisbury”) acquisition and organic loan growth.
  • Total cost of deposits, including noninterest bearing deposits, was 1.61% for the first quarter of 2024, an increase of 10 bps from the prior quarter and an increase of 114 bps from the same period in the prior year. For the month of March, the total costs of deposits was 1.64%.
  • Total cost of funds for the three months ended March 31, 2024 was 1.79%, up 7 bps from the prior quarter and up 104 bps from the first quarter of 2023. For the month of March, the total cost of funds was 1.80%.

Asset Quality and Allowance for Loan Losses

  • Net charge-offs to total average loans for the first quarter of 2024 was 19 bps compared to 22 bps in the prior quarter. Net charge-offs for the portfolios in a planned run-off status represented the majority of total net charge-offs for the quarter.
  • Nonperforming assets to total assets were 0.28% at both March 31, 2024 and December 31, 2023.
  • Provision expense for the three months ended March 31, 2024 was $5.6 million, compared to $5.1 million for the fourth quarter of 2023.
  • The allowance for loan losses was $115.3 million, or 1.19% of total loans, at March 31, 2024, consistent with $114.4 million, or 1.19% of total loans at December 31, 2023.
  • The reserve for unfunded loan commitments was $4.7 million at March 31, 2024, compared to $5.1 million at December 31, 2023.

Noninterest Income

  • Total noninterest income, excluding securities gains (losses), was $43.2 million for the three months ended March 31, 2024, up $5.2 million, or 13.8%, from the fourth quarter of 2023, and $6.8 million higher, or 18.7%, from the first quarter of 2023.
  • Retirement plan administration fees were up $3.1 million from the prior quarter and were $2.8 million higher than the first quarter of 2023. The increase from the prior quarter, as expected, was due to certain seasonal activity-based fees in the first quarter, organic growth and positive market performance. The increase from the first quarter of 2023 included the impact from the acquisition of Retirement Direct, LLC on July 1, 2023, organic growth and market performance.
  • Wealth management fees were up $0.5 million from the prior quarter and were $1.6 million higher than the first quarter of 2023. The increase from the prior quarter was driven by organic growth and favorable market performance. The increase from the first quarter of 2023 was driven by the addition of Salisbury revenues, organic growth and market performance.
  • Insurance services were up $0.7 million from the prior quarter and were $0.5 million higher than the first quarter of 2023 due to organic growth, higher levels of policy renewals and first quarter seasonality.
  • In the first quarter of 2023, the Company incurred a $5.0 million ($0.09 per diluted share) securities loss on the write-off of an available for sale corporate debt security from a financial institution that failed. In the first quarter of 2024, the Company sold the previously written-off subordinated debt security and recognized a gain of $2.3 million ($0.04 per diluted share).

Noninterest Expense

  • Total noninterest expense was $91.8 million for the first quarter of 2024 compared to $92.8 million for the fourth quarter of 2023 and $79.3 million for the first quarter of 2023. Total noninterest expense, excluding $0.3 million of acquisition expenses in the fourth quarter of 2023 and $0.6 million of acquisition expenses in the first quarter of 2023, and the $4.8 million impairment of a minority interest equity investment in the fourth quarter of 2023, increased 4.6% compared to the previous quarter and increased 16.6% from the first quarter of 2023.
  • Salaries and benefits increased 11.4% from the prior quarter driven by higher incentive compensation costs, seasonally higher payroll taxes and stock-based compensation expenses and merit pay increases which were effective in March. The 15.7% increase from the first quarter of 2023 was driven by the impact of the Salisbury acquisition and higher stock-based compensation expenses.
  • Occupancy costs increased from the prior quarter and the first quarter of 2023 driven by seasonal costs on a linked quarter basis including utilities expenses, timing of maintenance activities and additional expenses from the Salisbury acquisition.
  • Professional fees and outside services decreased from the prior quarter due to timing of initiatives and increased from the first quarter of 2023 driven by the Salisbury acquisition.
  • Amortization of intangible assets increased $1.6 million from the first quarter of 2023 primarily due to the amortization of intangible assets related to the Salisbury acquisition.
  • The decrease in other expenses was $1.2 million compared to the fourth quarter 2023 due primarily to timing of expenses including travel and advertising.

Income Taxes

  • The effective tax rate was 21.7% for the first quarter of 2024 which was down from 23.5% for the fourth quarter of 2023 and 22.2% for the first quarter of 2023.

Capital

  • Tangible common equity to tangible assets1 was 7.98% at March 31, 2024. Tangible book value per share2 was $22.07 at March 31, 2024, $21.72 at December 31, 2023 and $21.52 at March 31, 2023.
  • Stockholders’ equity increased $15.7 million from December 31, 2023 driven by net income generation of $33.8 million, partially offset by dividends declared of $15.1 million and a $3.6 million increase in accumulated other comprehensive loss driven by the change in the market value of securities available for sale.
  • March 31, 2024, CET1 capital ratio of 11.68%, leverage ratio of 10.09% and total risk-based capital ratio of 14.87%.

Stock Repurchase

  • The Company purchased 1,900 shares of its common stock during the first quarter of 2024 at an average price of $33.03 per share under its previously announced share repurchase program. The Company may repurchase shares of its common stock from time to time to mitigate the potential dilutive effects of stock-based incentive plans and other potential uses of common stock for corporate purposes. As of March 31, 2024, there were 1,998,100 shares available for repurchase under this plan.

Conference Call and Webcast

The Company will host a conference call at 10:00 a.m. (Eastern) Tuesday, April 23, 2024, to review the first quarter 2024 financial results. The audio webcast link, along with the corresponding presentation slides, will be available on the Company’s Event Calendar page at https://www.nbtbancorp.com/bn/presentations-events.html#events and will be archived for twelve months.

Corporate Overview

NBT Bancorp Inc. is a financial holding company headquartered in Norwich, NY, with total assets of $13.44 billion at March 31, 2024. The Company primarily operates through NBT Bank, N.A., a full-service community bank, and through two financial services companies. NBT Bank, N.A. has 154 banking locations in New York, Pennsylvania, Vermont, Massachusetts, New Hampshire, Maine and Connecticut. EPIC Retirement Plan Services, based in Rochester, NY, is a national benefits administration firm. NBT Insurance Agency, LLC, based in Norwich, NY, is a full-service insurance agency. More information about NBT and its divisions is available online at: www.nbtbancorp.com, www.nbtbank.com, www.epicrps.com and www.nbtinsurance.com.

Forward-Looking Statements

This press release contains forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995. These statements may be identified by the use of phrases such as “anticipate,” “believe,” “expect,” “forecasts,” “projects,” “will,” “can,” “would,” “should,” “could,” “may,” or other similar terms. There are a number of factors, many of which are beyond the Company’s control, that could cause actual results to differ materially from those contemplated by the forward-looking statements. Factors that may cause actual results to differ materially from those contemplated by such forward-looking statements include, among others, the following possibilities: (1) local, regional, national and international economic conditions, including actual or potential stress in the banking industry, and the impact they may have on the Company and its customers and the Company’s assessment of that impact; (2) changes in the level of nonperforming assets and charge-offs; (3) changes in estimates of future reserve requirements based upon the periodic review thereof under relevant regulatory and accounting requirements; (4) the effects of and changes in trade and monetary and fiscal policies and laws, including the interest rate policies of the Federal Reserve Board (“FRB”); (5) inflation, interest rate, securities market and monetary fluctuations; (6) political instability; (7) acts of war, including international military conflicts, or terrorism; (8) the timely development and acceptance of new products and services and the perceived overall value of these products and services by users; (9) changes in consumer spending, borrowing and saving habits; (10) changes in the financial performance and/or condition of the Company’s borrowers; (11) technological changes; (12) acquisition and integration of acquired businesses; (13) the ability to increase market share and control expenses; (14) changes in the competitive environment among financial holding companies; (15) the effect of changes in laws and regulations (including laws and regulations concerning taxes, banking, securities and insurance) with which the Company and its subsidiaries must comply, including those under the Dodd-Frank Act, and the Economic Growth, Regulatory Relief, and Consumer Protection Act of 2018; (16) the effect of changes in accounting policies and practices, as may be adopted by the regulatory agencies, as well as the Public Company Accounting Oversight Board, the Financial Accounting Standards Board and other accounting standard setters; (17) changes in the Company’s organization, compensation and benefit plans; (18) the costs and effects of legal and regulatory developments, including the resolution of legal proceedings or regulatory or other governmental inquiries, and the results of regulatory examinations or reviews; (19) greater than expected costs or difficulties related to the integration of new products and lines of business; and (20) the Company’s success at managing the risks involved in the foregoing items.

The Company cautions readers not to place undue reliance on any forward-looking statements, which speak only as of the date made, and advises readers that various factors, including, but not limited to, those described above and other factors discussed in the Company’s annual and quarterly reports previously filed with the SEC, could affect the Company’s financial performance and could cause the Company’s actual results or circumstances for future periods to differ materially from those anticipated or projected.

Unless required by law, the Company does not undertake, and specifically disclaims any obligations to, publicly release any revisions that may be made to any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements.

Non-GAAP Measures

This press release contains financial information determined by methods other than in accordance with accounting principles generally accepted in the United States of America (“GAAP”). Where non-GAAP disclosures are used in this press release, the comparable GAAP measure, as well as a reconciliation to the comparable GAAP measure, is provided in the accompanying tables. Management believes that these non-GAAP measures provide useful information that is important to an understanding of the results of the Company’s core business as well as provide information standard in the financial institution industry. Non-GAAP measures should not be considered a substitute for financial measures determined in accordance with GAAP and investors should consider the Company’s performance and financial condition as reported under GAAP and all other relevant information when assessing the performance or financial condition of the Company. Amounts previously reported in the consolidated financial statements are reclassified whenever necessary to conform to current period presentation.

Contact: John H. Watt, Jr., President and CEO
  Scott A. Kingsley, Executive Vice President and CFO
  NBT Bancorp Inc.
  52 South Broad Street
  Norwich, NY 13815
  607-337-6589
   



NBT Bancorp Inc. and Subsidiaries     
Selected Financial Data     
(unaudited, dollars in thousands except per share data)    
      
  2024  2023 
 1st Q4th Q3rd Q2nd Q1st Q
Profitability (reported)     
Diluted earnings per share$ 0.71 $0.64 $0.54 $0.70 $0.78 
Weighted average diluted common shares outstanding 47,370,145  47,356,899  45,398,937  43,126,498  43,125,986 
Return on average assets3 1.02% 0.89% 0.76% 1.02% 1.16%
Return on average equity3 9.52% 8.79% 7.48% 9.91% 11.47%
Return on average tangible common equity1 3 13.87% 13.08% 10.73% 13.13% 15.31%
Net interest margin1 3 3.14% 3.15% 3.21% 3.27% 3.55%
      
  2024  2023 
 1st Q4th Q3rd Q2nd Q1st Q
Profitability (operating)     
Diluted earnings per share1$ 0.68 $0.72 $0.84 $0.80 $0.88 
Return on average assets1 3 0.97% 0.99% 1.19% 1.17% 1.31%
Return on average equity1 3 9.04% 9.79% 11.65% 11.40% 12.95%
Return on average tangible common equity1 3 13.20% 14.49% 16.43% 15.08% 17.27%
      
  2024  2023 
 1st Q4th Q3rd Q2nd Q1st Q
Balance sheet data     
Short-term interest-bearing accounts$ 156,632 $31,378 $459,296 $31,878 $68,045 
Securities available for sale 1,418,471  1,430,858  1,399,032  1,453,926  1,512,008 
Securities held to maturity 890,863  905,267  914,520  912,876  906,824 
Net loans 9,572,777  9,536,313  9,552,774  8,257,724  8,164,328 
Total assets 13,439,199  13,309,040  13,827,628  11,890,497  11,839,730 
Total deposits 11,195,289  10,968,994  11,401,452  9,529,919  9,681,205 
Total borrowings 518,190  637,387  740,603  880,518  703,248 
Total liabilities 11,997,784  11,883,349  12,464,807  10,680,004  10,628,071 
Stockholders' equity 1,441,415  1,425,691  1,362,821  1,210,493  1,211,659 
      
Capital     
Equity to assets 10.73% 10.71% 9.86% 10.18% 10.23%
Tangible equity ratio1 7.98% 7.93% 7.15% 7.95% 7.99%
Book value per share$ 30.57 $30.26 $28.94 $28.26 $28.24 
Tangible book value per share2$ 22.07 $21.72 $20.39 $21.55 $21.52 
Leverage ratio 10.09% 9.71% 10.23% 10.51% 10.43%
Common equity tier 1 capital ratio 11.68% 11.57% 11.31% 12.29% 12.28%
Tier 1 capital ratio 12.61% 12.50% 12.23% 13.35% 13.34%
Total risk-based capital ratio 14.87% 14.75% 14.45% 15.50% 15.53%
Common stock price (end of period)$ 36.68 $41.91 $31.69 $31.85 $33.71 
      



NBT Bancorp Inc. and Subsidiaries     
Asset Quality and Consolidated Loan Balances     
(unaudited, dollars in thousands)     
      
  2024  2023 
 1st Q4th Q3rd Q2nd Q1st Q
Asset quality     
Nonaccrual loans$ 35,189 $34,213 $20,736 $16,931 $16,284 
90 days past due and still accruing 2,600  3,661  3,528  2,755  2,328 
Total nonperforming loans 37,789  37,874  24,264  19,686  18,612 
Other real estate owned -  -  -  179  105 
Total nonperforming assets 37,789  37,874  24,264  19,865  18,717 
Allowance for loan losses 115,300  114,400  114,601  100,400  100,250 
      
Asset quality ratios     
Allowance for loan losses to total loans 1.19% 1.19% 1.19% 1.20% 1.21%
Total nonperforming loans to total loans 0.39% 0.39% 0.25% 0.24% 0.23%
Total nonperforming assets to total assets 0.28% 0.28% 0.18% 0.17% 0.16%
Allowance for loan losses to total nonperforming loans 305.12% 302.05% 472.31% 510.01% 538.63%
Past due loans to total loans4 0.33% 0.32% 0.49% 0.45% 0.30%
Net charge-offs to average loans3 0.19% 0.22% 0.18% 0.17% 0.19%
      
  2024  2023 
 1st Q4th Q3rd Q2nd Q1st Q
Loan net charge-offs by line of business     
Commercial$ 772 $1,107 $(344)$92 $(252)
Residential real estate and home equity (32) 11  (75) (43) 80 
Indirect auto 665  399  451  273  423 
Residential solar 1,211  1,081  1,253  581  656 
Other consumer 2,063  2,729  2,919  2,553  2,904 
Total loan net charge-offs$ 4,679 $5,327 $4,204 $3,456 $3,811 
      
  2024  2023 
 1st Q4th Q3rd Q2nd Q1st Q
Allowance for loan losses as a percentage of loans by segment    
Commercial & industrial 0.79% 0.84% 0.87% 0.86% 0.85%
Commercial real estate 0.97% 0.99% 1.00% 0.93% 0.93%
Residential real estate 0.89% 0.84% 0.79% 0.73% 0.73%
Auto 0.81% 0.83% 0.82% 0.80% 0.77%
Residential solar 3.58% 3.28% 3.19% 3.09% 3.04%
Other consumer 4.24% 4.70% 5.23% 5.98% 6.19%
Total 1.19% 1.19% 1.19% 1.20% 1.21%
      
  2024  2023 
 1st Q4th Q3rd Q2nd Q1st Q
Loans by line of business     
Commercial & industrial$ 1,353,446 $1,354,248 $1,424,579 $1,319,093 $1,278,291 
Commercial real estate 3,646,739  3,626,910  3,575,595  2,884,264  2,845,631 
Residential real estate 2,133,289  2,125,804  2,111,670  1,666,204  1,651,918 
Home equity 328,673  337,214  340,777  310,897  308,219 
Indirect auto 1,190,734  1,130,132  1,099,558  1,048,739  1,031,315 
Residential solar 896,147  917,755  934,082  926,365  920,084 
Other consumer 139,049  158,650  181,114  202,562  229,120 
Total loans$ 9,688,077 $9,650,713 $9,667,375 $8,358,124 $8,264,578 
      



NBT Bancorp Inc. and Subsidiaries   
Consolidated Balance Sheets  
(unaudited, in thousands)  
   
 March 31,December 31,
 20242023
Assets  
Cash and due from banks$ 162,460$173,811
Short-term interest-bearing accounts 156,632 31,378
Equity securities, at fair value 39,470 37,591
Securities available for sale, at fair value 1,418,471 1,430,858
Securities held to maturity (fair value $793,319 and $814,524, respectively) 890,863 905,267
Federal Reserve and Federal Home Loan Bank stock 37,336 45,861
Loans held for sale 3,263 3,371
Loans 9,688,077 9,650,713
Less allowance for loan losses 115,300 114,400
Net loans$ 9,572,777$9,536,313
Premises and equipment, net 80,239 80,675
Goodwill 361,851 361,851
Intangible assets, net 38,968 40,443
Bank owned life insurance 267,476 265,732
Other assets 409,393 395,889
Total assets$ 13,439,199$13,309,040
   
Liabilities and stockholders' equity  
Demand (noninterest bearing)$ 3,359,789$3,413,829
Savings, NOW and money market 6,467,364 6,230,456
Time 1,368,136 1,324,709
Total deposits$ 11,195,289$10,968,994
Short-term borrowings 267,134 386,651
Long-term debt 29,759 29,796
Subordinated debt, net 120,101 119,744
Junior subordinated debt 101,196 101,196
Other liabilities 284,305 276,968
Total liabilities$ 11,997,784$11,883,349
   
Total stockholders' equity$ 1,441,415$1,425,691
   
Total liabilities and stockholders' equity$ 13,439,199$13,309,040
   



NBT Bancorp Inc. and Subsidiaries     
Quarterly Consolidated Statements of Income     
(unaudited, in thousands except per share data)     
      
  2024  2023 
 1st Q4th Q3rd Q2nd Q1st Q
Interest, fee and dividend income     
Interest and fees on loans$ 133,146 $132,738$122,097 $106,935 $100,899 
Securities available for sale 7,124  7,208 7,495  7,493  7,616 
Securities held to maturity 5,303  5,374 5,281  4,991  5,035 
Other 1,364  5,594 2,221  1,170  642 
Total interest, fee and dividend income$ 146,937 $150,914$137,094 $120,589 $114,192 
Interest expense     
Deposits$ 44,339 $42,753$30,758 $19,986 $11,144 
Short-term borrowings 3,421  4,951 7,612  8,126  4,919 
Long-term debt 290  294 294  290  47 
Subordinated debt 1,800  1,795 1,612  1,335  1,334 
Junior subordinated debt 1,913  1,948 1,923  1,767  1,682 
Total interest expense$ 51,763 $51,741$42,199 $31,504 $19,126 
Net interest income$ 95,174 $99,173$94,895 $89,085 $95,066 
Provision for loan losses$ 5,579 $5,126$3,883 $3,606 $3,909 
Provision for loan losses - acquisition day 1 non-PCD -  - 8,750  -  - 
Total provision for loan losses$ 5,579 $5,126$12,633 $3,606 $3,909 
Net interest income after provision for loan losses$ 89,595 $94,047$82,262 $85,479 $91,157 
Noninterest income     
Service charges on deposit accounts$ 4,117 $4,165$3,979 $3,733 $3,548 
Card services income 5,195  5,360 5,503  5,121  4,845 
Retirement plan administration fees 14,287  11,226 12,798  11,735  11,462 
Wealth management 9,697  9,152 9,297  8,227  8,087 
Insurance services 4,388  3,659 4,361  3,716  3,931 
Bank owned life insurance income 2,352  1,776 1,568  1,528  1,878 
Net securities gains (losses) 2,183  507 (183) (4,641) (4,998)
Other 3,173  2,643 2,913  2,626  2,656 
Total noninterest income$ 45,392 $38,488$40,236 $32,045 $31,409 
Noninterest expense     
Salaries and employee benefits$ 55,704 $50,013$49,248 $46,834 $48,155 
Technology and data services 9,750  10,174 9,677  9,305  9,007 
Occupancy 8,098  7,175 7,090  6,923  7,220 
Professional fees and outside services 4,853  5,115 4,149  4,159  4,178 
Amortization of intangible assets 2,168  2,131 1,609  458  536 
Reserve for unfunded loan commitments (450) 300 460  (100) (630)
Impairment of a minority interest equity investment -  4,750 -  -  - 
Acquisition expenses -  254 7,917  1,189  618 
Other 11,650  12,839 10,647  10,026  10,238 
Total noninterest expense$ 91,773 $92,751$90,797 $78,794 $79,322 
Income before income tax expense$ 43,214 $39,784$31,701 $38,730 $43,244 
Income tax expense 9,391  9,338 7,095  8,658  9,586 
Net income$ 33,823 $30,446$24,606 $30,072 $33,658 
Earnings Per Share     
Basic$ 0.72 $0.65$0.54 $0.70 $0.78 
Diluted$ 0.71 $0.64$0.54 $0.70 $0.78 
      



NBT Bancorp Inc. and Subsidiaries           
Average Quarterly Balance Sheets           
(unaudited, dollars in thousands)           
            
  Average
Balance		Yield /
Rates		Average
Balance		Yield /
Rates		Average
Balance		Yield /
Rates		Average
Balance		Yield /
Rates		Average
Balance		Yield /
Rates
  Q1 - 2024Q4 - 2023Q3 - 2023Q2 - 2023Q1 - 2023
Assets           
Short-term interest-bearing accounts $ 47,9724.48%$319,9075.59%$121,3844.26%$28,4733.62%$34,2152.26%
Securities taxable1  2,278,0291.91% 2,310,4091.88% 2,364,8091.90% 2,394,0271.90% 2,442,7321.92%
Securities tax-exempt 1 5  230,4683.58% 232,5753.51% 219,4273.34% 201,4992.83% 202,3212.81%
FRB and FHLB stock  42,2967.89% 47,9948.98% 53,8416.76% 51,4547.12% 41,1444.45%
Loans1 6  9,674,8925.54% 9,653,1915.47% 9,043,5825.36% 8,307,8945.17% 8,189,5205.00%
Total interest-earning assets $ 12,273,6574.84%$12,564,0764.79%$11,803,0434.63%$10,983,3474.42%$10,909,9324.26%
Other assets  1,055,386  1,052,024  968,220  835,424  836,879 
Total assets $ 13,329,043 $13,616,100 $12,771,263 $11,818,771 $11,746,811 
Liabilities and stockholders' equity           
Money market deposit accounts $ 3,129,1603.56%$3,045,5313.43%$2,422,4512.91%$2,113,9652.30%$2,081,2101.22%
NOW deposit accounts  1,600,2880.75% 1,645,4010.80% 1,513,4200.57% 1,463,9530.38% 1,598,8340.36%
Savings deposits  1,607,6590.04% 1,666,9150.04% 1,707,0940.04% 1,708,8740.03% 1,781,4650.03%
Time deposits  1,352,5594.00% 1,343,5483.81% 1,178,3523.60% 856,3052.97% 639,6452.10%
Total interest-bearing deposits $ 7,689,6662.32%$7,701,3952.20%$6,821,3171.79%$6,143,0971.30%$6,101,1540.74%
Federal funds purchased  19,7695.53% 2175.48% 6,0335.39% 48,4075.35% 44,3344.92%
Repurchase agreements  82,4191.55% 82,3871.59% 71,5161.40% 55,6271.08% 71,3400.08%
Short-term borrowings  213,3905.34% 345,2505.31% 540,3805.34% 557,8185.27% 357,2004.96%
Long-term debt  29,7723.92% 29,8093.91% 29,8003.91% 29,7733.91% 7,2992.61%
Subordinated debt, net  119,8736.04% 119,5315.96% 109,1605.86% 97,0815.52% 96,9665.58%
Junior subordinated debt  101,1967.60% 101,1967.64% 101,1967.54% 101,1967.00% 101,1966.74%
Total interest-bearing liabilities $ 8,256,0852.52%$8,379,7852.45%$7,679,4022.18%$7,032,9991.80%$6,779,4891.14%
Demand deposits  3,356,607  3,535,815  3,498,424  3,316,955  3,502,489 
Other liabilities  286,749  326,857  287,751  251,511  274,517 
Stockholders' equity  1,429,602  1,373,643  1,305,686  1,217,306  1,190,316 
Total liabilities and stockholders' equity $ 13,329,043 $13,616,100 $12,771,263 $11,818,771 $11,746,811 
Interest rate spread  2.32% 2.34% 2.45% 2.62% 3.12%
Net interest margin (FTE)1  3.14% 3.15% 3.21% 3.27% 3.55%
            



       
1The following tables provide the Non-GAAP reconciliations for the Non-GAAP measures contained in this release: 
       
 Non-GAAP measures     
 (unaudited, dollars in thousands except per share data)     
       
   2024  2023 
  1st Q4th Q3rd Q2nd Q1st Q
 Operating net income     
 Net income$ 33,823 $30,446 $24,606 $30,072 $33,658 
 Acquisition expenses -  254  7,917  1,189  618 
 Acquisition-related provision for credit losses -  -  8,750  -  - 
 Acquisition-related reserve for unfunded loan commitments -  -  836  -  - 
 Impairment of a minority interest equity investment -  4,750  -  -  - 
 Securities (gains) losses (2,183) (507) 183  4,641  4,998 
 Adjustments to net income$ (2,183)$4,497 $17,686 $5,830 $5,616 
 Adjustments to net income (net of tax)$ (1,703)$3,435 $13,730 $4,525 $4,341 
 Operating net income$ 32,120 $33,881 $38,336 $34,597 $37,999 
 Operating diluted earnings per share$ 0.68 $0.72 $0.84 $0.80 $0.88 
       
   2024  2023 
  1st Q4th Q3rd Q2nd Q1st Q
 FTE adjustment     
 Net interest income$ 95,174 $99,173 $94,895 $89,085 $95,066 
 Add: FTE adjustment 658  669  568  402  395 
 Net interest income (FTE)$ 95,832 $99,842 $95,463 $89,487 $95,461 
 Average earning assets$ 12,273,657 $12,564,076 $11,803,043 $10,983,347 $10,909,932 
 Net interest margin (FTE)3 3.14% 3.15% 3.21% 3.27% 3.55%
       
 Interest income for tax-exempt securities and loans have been adjusted to an FTE basis using the statutory Federal income tax rate of 21%.
       
   2024  2023 
  1st Q4th Q3rd Q2nd Q1st Q
 Tangible equity to tangible assets     
 Total equity$ 1,441,415 $1,425,691 $1,362,821 $1,210,493 $1,211,659 
 Intangible assets 400,819  402,294  402,745  287,701  288,159 
 Total assets$ 13,439,199 $13,309,040 $13,827,628 $11,890,497 $11,839,730 
 Tangible equity to tangible assets 7.98% 7.93% 7.15% 7.95% 7.99%
       
   2024  2023 
  1st Q4th Q3rd Q2nd Q1st Q
 Return on average tangible common equity     
 Net income$ 33,823 $30,446 $24,606 $30,072 $33,658 
 Amortization of intangible assets (net of tax) 1,626  1,599  1,206  344  402 
 Net income, excluding intangibles amortization$ 35,449 $32,045 $25,812 $30,416 $34,060 
       
 Average stockholders' equity$ 1,429,602 $1,373,643 $1,305,686 $1,217,306 $1,190,316 
 Less: average goodwill and other intangibles 401,756  401,978  350,912  287,974  288,354 
 Average tangible common equity$ 1,027,846 $971,665 $954,774 $929,332 $901,962 
 Return on average tangible common equity3 13.87% 13.08% 10.73% 13.13% 15.31%
       
2Non-GAAP measure - Stockholders' equity less goodwill and intangible assets divided by common shares outstanding. 
3Annualized.     
4Total past due loans, defined as loans 30 days or more past due and in an accrual status.  
5Securities are shown at average amortized cost.     
6For purposes of these computations, nonaccrual loans and loans held for sale are included in the average loan balances outstanding.
  

 




 


FAQ

What was NBT Bancorp Inc.'s net income for the first quarter of 2024?

NBT Bancorp Inc. reported a net income of $33.8 million for the first quarter of 2024.

What was the diluted earnings per share for NBT Bancorp Inc. in the first quarter of 2024?

NBT Bancorp Inc. had diluted earnings per share of $0.71 for the first quarter of 2024.

What is the operating diluted earnings per share for NBT Bancorp Inc. in the first quarter of 2024?

The operating diluted earnings per share for NBT Bancorp Inc. in the first quarter of 2024, excluding certain expenses, were $0.68.

What did the CEO highlight in the financial results discussion?

The CEO emphasized growth strategies and fee-based businesses.

What did the CEO mention about NBT Bancorp Inc.'s position for growth?

The CEO mentioned that the company is positioned for growth in semiconductor manufacturing investments.

What details were provided about NBT Bancorp Inc.'s financial highlights?

Financial highlights included net interest income, noninterest income, loans, deposits, and capital details.

What was discussed about NBT Bancorp Inc.'s stock repurchase program?

Details about the company's stock repurchase program were provided.

When is the conference call to review NBT Bancorp Inc.'s financial results scheduled?

The conference call to review NBT Bancorp Inc.'s financial results is scheduled for April 23, 2024.

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NBT Bancorp Inc

NASDAQ:NBTB

NBTB Rankings

#1870 Ranked by Market Cap
#1158 Ranked by Dividends

NBTB Latest News

Dec 20, 2024
NBT Bancorp Inc. Receives Regulatory Approval, Evans Bancorp, Inc. Shareholders Approve Merger
Oct 31, 2024
Evans Bancorp Reports Net Income of $2.9 Million In Third Quarter 2024
Oct 28, 2024
NBT Bancorp Inc. Announces Third Quarter 2024 Results and Declares Cash Dividend
Oct 1, 2024
NBT Bancorp Inc. Announces Date of Third Quarter Conference Call
Sep 9, 2024
NBT Bancorp Inc. and Evans Bancorp, Inc. Announce Strategic Partnership

NBTB Stock Data

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2.42%
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