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NBT Bancorp Inc. Announces Full Year Net Income and Declares Cash Dividend

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NBT Bancorp (NASDAQ: NBTB) reported strong financial results for Q4 2024, with net income of $36.0 million ($0.76 per diluted share), up from $30.4 million ($0.64 per share) in Q4 2023. Full-year 2024 net income reached $140.6 million ($2.97 per share), compared to $118.8 million ($2.65 per share) in 2023.

Key highlights include three consecutive quarters of net interest income growth, with Q4 net interest margin at 3.34%. Total loans reached $9.97 billion, up 3.3% year-over-year, while deposits grew to $11.55 billion, a 5.3% increase. The Board approved a Q1 2025 cash dividend of $0.34 per share, representing a 6.3% increase.

The company received regulatory approval for its planned merger with Evans Bancorp, expected to close in Q2 2025. Evans shareholders showed strong support with over 96% approval votes.

NBT Bancorp (NASDAQ: NBTB) ha riportato risultati finanziari solidi per il quarto trimestre del 2024, con un utile netto di 36,0 milioni di dollari (0,76 dollari per azione diluita), in aumento rispetto ai 30,4 milioni di dollari (0,64 dollari per azione) nel quarto trimestre del 2023. L'utile netto per l'intero anno 2024 ha raggiunto i 140,6 milioni di dollari (2,97 dollari per azione), rispetto ai 118,8 milioni di dollari (2,65 dollari per azione) nel 2023.

Tra i principali punti salienti ci sono tre trimestri consecutivi di crescita dei proventi da interessi netti, con un margine di interesse netto del quarto trimestre pari al 3,34%. I prestiti totali hanno raggiunto 9,97 miliardi di dollari, con un incremento del 3,3% rispetto all’anno precedente, mentre i depositi sono cresciuti a 11,55 miliardi di dollari, con un aumento del 5,3%. Il Consiglio ha approvato un dividendo in contanti per il primo trimestre del 2025 di 0,34 dollari per azione, che rappresenta un aumento del 6,3%.

L'azienda ha ricevuto l'approvazione normativa per la fusione pianificata con Evans Bancorp, che si prevede si concluderà nel secondo trimestre del 2025. Gli azionisti di Evans hanno mostrato un forte sostegno con oltre il 96% di voti favorevoli.

NBT Bancorp (NASDAQ: NBTB) reportó sólidos resultados financieros para el cuarto trimestre de 2024, con un ingreso neto de 36.0 millones de dólares (0.76 dólares por acción diluida), un aumento desde los 30.4 millones de dólares (0.64 dólares por acción) en el cuarto trimestre de 2023. El ingreso neto del año completo 2024 alcanzó los 140.6 millones de dólares (2.97 dólares por acción), comparado con 118.8 millones de dólares (2.65 dólares por acción) en 2023.

Los puntos destacados incluyen tres trimestres consecutivos de crecimiento en ingresos netos por intereses, con un margen de interés neto en el cuarto trimestre del 3.34%. Los préstamos totales alcanzaron 9.97 mil millones de dólares, un aumento del 3.3% interanual, mientras que los depósitos crecieron a 11.55 mil millones de dólares, un incremento del 5.3%. La Junta aprobó un dividendo en efectivo para el primer trimestre de 2025 de 0.34 dólares por acción, lo que representa un aumento del 6.3%.

La compañía recibió la aprobación regulatoria para su fusión planeada con Evans Bancorp, que se espera cierre en el segundo trimestre de 2025. Los accionistas de Evans mostraron un fuerte apoyo con más del 96% de votos a favor.

NBT Bancorp (NASDAQ: NBTB)는 2024년 4분기 강력한 재무 실적을 보고했으며, 순이익은 3,600만 달러(희석 주당 0.76달러)로, 2023년 4분기의 3,040만 달러(주당 0.64달러)에서 증가했습니다. 2024년 전체 순이익은 1억 4,060만 달러(주당 2.97달러)로, 2023년의 1억 1,880만 달러(주당 2.65달러)와 비교됩니다.

주요 하이라이트로는 순이자 수익의 세 분기 연속 성장과 4분기 순이자 마진이 3.34%로 기록된 것을 포함합니다. 총 대출은 99.7억 달러로 작년 대비 3.3% 증가했으며, 예금은 115.5억 달러로 5.3% 증가했습니다. 이사회는 2025년 1분기 현금 배당금으로 주당 0.34달러를 승인했으며, 이는 6.3% 증가한 수치입니다.

회사는 2025년 2분기에 종료될 것으로 예상되는 Evans Bancorp와의 합병 계획에 대한 규제 승인을 받았습니다. Evans의 주주들은 96% 이상의 찬성 투표로 강력한 지지를 보여주었습니다.

NBT Bancorp (NASDAQ: NBTB) a annoncé de solides résultats financiers pour le quatrième trimestre 2024, avec un revenu net de 36,0 millions de dollars (0,76 dollar par action diluée), en hausse par rapport à 30,4 millions de dollars (0,64 dollar par action) au quatrième trimestre 2023. Le revenu net pour l'année complète 2024 a atteint 140,6 millions de dollars (2,97 dollars par action), contre 118,8 millions de dollars (2,65 dollars par action) en 2023.

Parmi les points saillants figurent trois trimestres consécutifs de croissance des revenus d'intérêts nets, avec une marge d'intérêt nette au quatrième trimestre de 3,34%. Les prêts totalisaient 9,97 milliards de dollars, en hausse de 3,3% d'une année sur l'autre, tandis que les dépôts ont augmenté à 11,55 milliards de dollars, soit une hausse de 5,3%. Le Conseil a approuvé un dividende en espèces de 0,34 dollar par action pour le premier trimestre 2025, représentant une augmentation de 6,3%.

L'entreprise a reçu l'approbation réglementaire pour sa fusion prévue avec Evans Bancorp, prévue pour être finalisée au deuxième trimestre 2025. Les actionnaires d'Evans ont montré un fort soutien avec plus de 96% de votes favorables.

NBT Bancorp (NASDAQ: NBTB) hat im vierten Quartal 2024 starke finanzielle Ergebnisse gemeldet, mit einem Nettogewinn von 36,0 Millionen Dollar (0,76 Dollar pro verwässerter Aktie), einem Anstieg von 30,4 Millionen Dollar (0,64 Dollar pro Aktie) im vierten Quartal 2023. Der Nettogewinn für das Gesamtjahr 2024 erreichte 140,6 Millionen Dollar (2,97 Dollar pro Aktie), verglichen mit 118,8 Millionen Dollar (2,65 Dollar pro Aktie) im Jahr 2023.

Zu den wichtigsten Highlights gehören drei aufeinanderfolgende Quartale mit Wachstum der Nettozinseinnahmen, wobei die Nettomarge im vierten Quartal 3,34% betrug. Die Gesamtdarlehen erreichten 9,97 Milliarden Dollar, ein Anstieg um 3,3% im Jahresvergleich, während die Einlagen auf 11,55 Milliarden Dollar wuchsen, was einem Anstieg von 5,3% entspricht. Der Vorstand genehmigte eine Bardividende von 0,34 Dollar pro Aktie für das erste Quartal 2025, was einem Anstieg von 6,3% entspricht.

Das Unternehmen erhielt die regulatorische Genehmigung für die geplante Fusion mit Evans Bancorp, die voraussichtlich im zweiten Quartal 2025 abgeschlossen wird. Die Evans-Aktionäre zeigten starke Unterstützung mit über 96% zustimmenden Stimmen.

Positive
  • Net income increased 18.4% YoY to $140.6 million in 2024
  • Q4 2024 net interest margin improved to 3.34%, up 7 basis points QoQ
  • Deposits grew 5.3% YoY to $11.55 billion
  • 6.3% increase in quarterly dividend to $0.34 per share
  • Strong capital position with CET1 ratio of 11.93%
Negative
  • Net charge-offs increased to 0.23% in Q4 from 0.16% in Q3 2024
  • Nonperforming assets ratio increased to 0.38% from 0.27% QoQ
  • Commercial line of credit utilization decreased to 21% from 22% QoQ

NORWICH, N.Y., Jan. 27, 2025 (GLOBE NEWSWIRE) -- NBT Bancorp Inc. (“NBT” or the “Company”) (NASDAQ: NBTB) reported net income and diluted earnings per share for the three and twelve months ended December 31, 2024.

Net income for the three months ended December 31, 2024 was $36.0 million, or $0.76 per diluted common share, compared to $30.4 million, or $0.64 per diluted common share, for the three months ended December 31, 2023, and $38.1 million, or $0.80 per diluted common share, for the third quarter of 2024. Operating diluted earnings per share(1), a non-GAAP measure was $0.77 for the fourth quarter of 2024, compared to $0.72 for the fourth quarter of 2023 and $0.80 for the third quarter of 2024.

Net income for the year ended December 31, 2024 was $140.6 million, or $2.97 per diluted common share, compared to $118.8 million, or $2.65 per diluted common share, in the prior year.

The Company completed the acquisition of Salisbury Bancorp, Inc. (“Salisbury”) on August 11, 2023, adding 13 banking offices, $1.18 billion in loans and $1.31 billion in deposits. The comparisons to the full year of 2023 are significantly impacted by the Salisbury acquisition.

CEO Comments

“Three consecutive quarters of growth in net interest income and margin along with continued strong results from our diverse mix of fee businesses drove NBT's operating performance in the fourth quarter of 2024,” said NBT President and Chief Executive Officer Scott A. Kingsley. “In addition, we were pleased to receive regulatory approval during the fourth quarter to complete our planned merger with Evans Bancorp, Inc. Evans shareholders also demonstrated strong support for the partnership with the vote to approve the transaction in December. We continue to expect the merger to close in the second quarter of 2025 in conjunction with the core system conversion, and team members from NBT and Evans are working closely to plan a smooth transition for the customers and communities we will serve together in the Buffalo and Rochester markets.”

Fourth Quarter 2024 Financial Highlights

Net Income
  • Net income was $36.0 million and diluted earnings per share was $0.76
Net Interest Income / NIM
  • Net interest income on a fully taxable equivalent (“FTE”) basis was $106.7 million, up $4.4 million from the prior quarter(1)
  • Net interest margin (“NIM”) on an FTE basis was 3.34%(1), up 7 basis points (“bps”) from the prior quarter
  • Included in FTE net interest income was $2.6 million of acquisition-related net accretion, which was consistent with the third quarter of 2024
  • Earning asset yields of 4.96% were down 5 bps from the prior quarter
  • Total cost of funds of 1.71% was down 14 bps from the prior quarter
Noninterest Income
  • Noninterest income was $42.2 million, an increase of 11.1% from the fourth quarter of 2023, excluding net securities gains (losses)
Loans and Credit Quality
  • Period end total loans of $9.97 billion as of December 31, 2024, up $319.2 million, or 3.3%, from December 31, 2023
  • Net charge-offs to average loans was 0.23% annualized
  • Nonperforming loans to total loans was 0.52%
  • Allowance for loan losses to total loans was 1.16%
Deposits
  • Deposits were $11.55 billion as of December 31, 2024, up $577.8 million, or 5.3%, from December 31, 2023
  • Total cost of deposits was 1.60% for the fourth quarter of 2024, down 12 bps from the third quarter of 2024
Capital
  • Stockholders’ equity was $1.53 billion as of December 31, 2024
  • Tangible book value per share(2) was $23.88 at December 31, 2024
  • Tangible equity to assets of 8.42%(1)
  • CET1 ratio of 11.93%; Leverage ratio of 10.24%


Loans

  • Period end total loans were $9.97 billion at December 31, 2024, $9.91 billion at September 30, 2024 and $9.65 billion at December 31, 2023.
  • Period end total loans increased $319.2 million from December 31, 2023. Total commercial loans increased $322.0 million to $5.30 billion while total consumer loans decreased $2.8 million to $4.67 billion. Excluding the other consumer and residential solar portfolios, which are in a planned run-off status, period end loans increased $478.6 million, or 5.6%.
  • Commercial line of credit utilization rate was 21% at December 31, 2024, compared to 22% at September 30, 2024 and 20% at December 31, 2023.

Deposits

  • Total deposits at December 31, 2024 were $11.55 billion, compared to $11.59 billion at September 30, 2024 and $10.97 billion at December 31, 2023. The $577.8 million increase in deposits from December 31, 2023 was primarily due to higher consumer and commercial deposit balances.
  • The loan to deposit ratio was 86.3% at December 31, 2024, compared to 88.0% at December 31, 2023.

Net Interest Income and Net Interest Margin

  • Net interest income for the fourth quarter of 2024 was $106.1 million, an increase of $4.4 million, or 4.4%, from the third quarter of 2024 and an increase of $6.9 million, or 7.0%, from the fourth quarter of 2023. The increase in net interest income from the third quarter of 2024 resulted primarily from a decrease in the cost of deposits, an increase in average short-term interest-bearing accounts and the interest earned on those balances combined with a more favorable funding mix.
  • The NIM on an FTE basis for the fourth quarter of 2024 was 3.34%, an increase of 7 bps from the third quarter of 2024. This increase was driven by an improved funding mix with lower average balances of short-term borrowings, an increase in the average balance of noninterest-bearing demand deposit accounts and a decrease in the cost of interest-bearing deposits. The NIM on an FTE basis increased 19 bps from the fourth quarter of 2023 due to higher earning asset yields and lower average balances of short-term borrowings, partially offset by the increase in the cost of interest-bearing deposits.
  • Earning asset yields for the three months ended December 31, 2024 decreased 5 bps from the prior quarter to 4.96% and increased 17 bps from the same quarter in the prior year. Loan yields for the three months ended December 31, 2024 decreased 9 bps from the prior quarter to 5.65% primarily due to the repricing of $2.1 billion in variable rate loans partly offset by loans originating at higher rates than portfolio yields during the quarter. Earnings asset yields increased 17 bps from the same quarter in the prior year. Average earning assets increased $257.5 million, or 2.1%, from the third quarter of 2024 due to organic loan growth and an increase in short-term interest-bearing accounts. Average earning assets grew $140.6 million, or 1.1%, from the fourth quarter of 2023 due to organic loan growth partially offset by lower average balances of short-term interest-bearing accounts and securities.
  • Total cost of deposits, including noninterest bearing deposits, was 1.60% for the fourth quarter of 2024, a decrease of 12 bps from the prior quarter and an increase of 9 bps from the same period in the prior year.
  • Total cost of funds for the three months ended December 31, 2024 was 1.71%, a decrease of 14 bps from the prior quarter and a decrease of 1 bp from the fourth quarter of 2023.

Asset Quality and Allowance for Loan Losses

  • Net charge-offs to total average loans for the fourth quarter of 2024 was 23 bps compared to 16 bps in the prior quarter. The increase in net charge-offs from the prior quarter was driven by two commercial real estate relationships, of which $1.7 million was previously specifically reserved for in the second quarter of 2024. Net charge-offs for the portfolios in a planned run-off status represented the majority of total net charge-offs for the full year.
  • Nonperforming assets to total assets was 0.38% at December 31, 2024, compared to 0.27% at September 30, 2024 and 0.28% at December 31, 2023. The increase in nonperforming assets was attributable to a commercial real estate relationship that was placed into a nonaccrual status in the fourth quarter of 2024. The relationship is being actively managed and was written-down to estimated fair value in the fourth quarter of 2024, and as such, no specific reserve has been established.
  • Provision expense for the three months ended December 31, 2024 was $2.2 million, compared to $2.9 million for the third quarter of 2024. The decrease in provision expense from the prior quarter was primarily due to the run-off of the other consumer and residential solar portfolios partially offset by a higher level of net charge-offs.
  • The allowance for loan losses was $116.0 million, or 1.16% of total loans, at December 31, 2024, compared to $119.5 million, or 1.21% of total loans, at September 30, 2024 and $114.4 million, or 1.19% of total loans, at December 31, 2023.
  • The reserve for unfunded loan commitments was $4.4 million at December 31, 2024, compared to $4.6 million at September 30, 2024 and $5.1 million at December 31, 2023.

Noninterest Income

  • Total noninterest income, excluding securities gains (losses), was $42.2 million for the three months ended December 31, 2024, down $3.1 million, or 6.8%, from the seasonally high third quarter of 2024, and up $4.2 million, or 11.1%, from the fourth quarter of 2023.
  • Retirement plan administration fees were down $1.7 million from the prior quarter and increased $1.7 million from the fourth quarter of 2023. The decrease from the prior quarter, as expected, was due to higher seasonal activity-based fees in the third quarter. The increase from the fourth quarter of 2023 was driven by organic growth and higher market levels.
  • Wealth management fees were consistent with the prior quarter and increased $1.7 million from the fourth quarter of 2023. The increase from the fourth quarter of 2023 was driven by market performance and growth in new customer accounts.
  • Insurance revenues decreased $1.0 million from the third quarter, which typically has comparatively higher levels of policy renewals than the fourth quarter.

Noninterest Expense

  • Total noninterest expense was $100.8 million for the fourth quarter of 2024, compared to $95.7 million for the third quarter of 2024 and $92.8 million for the fourth quarter of 2023. Total noninterest expense increased 4.8% compared to the previous quarter and increased 13.7% from the fourth quarter of 2023, excluding $1.0 million of acquisition expenses in the fourth quarter of 2024, $0.5 million in the third quarter of 2024 and $0.3 million in the fourth quarter of 2023, respectively, and the $4.8 million impairment of a minority interest equity investment in the fourth quarter of 2023.
  • Salaries and benefits increased 3.5% from the prior quarter driven by higher medical costs and an increase in other benefits including higher levels of incentive compensation. The increase from the fourth quarter of 2023 was driven by merit pay increases, higher levels of incentive compensation and higher medical and other benefit costs.
  • Occupancy costs were consistent with the prior quarter and increased from the fourth quarter of 2023 driven by additional expenses including seasonal maintenance, rent and equipment expense.
  • Other expense increased $2.5 million from the prior quarter and $0.4 million from the fourth quarter of 2023. The increase from the previous quarter was driven by increases in office supplies and postage, advertising and other expenses.

Income Taxes

  • The full year effective tax rate was 21.6% for 2024 down from 22.6% for the full year of 2023.

Capital

  • Tangible common equity to tangible assets(1) was 8.42% at December 31, 2024. Tangible book value per share(2) was $23.88 at December 31, 2024, $23.83 at September 30, 2024 and $21.72 at December 31, 2023.
  • Stockholders’ equity increased $100.5 million from December 31, 2023 driven by net income generation of $140.6 million and an $18.8 million decrease in accumulated other comprehensive loss reflecting the change in the fair value of securities available for sale, partially offset by dividends declared of $62.3 million.
  • As of December 31, 2024, CET1 capital ratio of 11.93%, leverage ratio of 10.24% and total risk-based capital ratio of 15.03%.

Dividend

  • The Board of Directors approved a first-quarter cash dividend of $0.34 per share at a meeting held earlier today. The dividend represents a $0.02 per share, or 6.3%, increase over the dividend paid in the first quarter of 2024. The dividend will be paid on March 17, 2025 to stockholders of record as of March 3, 2025.

Stock Repurchase

  • The Company purchased 7,600 shares of its common stock during 2024 at an average price of $33.02 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 December 31, 2024, there were 1,992,400 shares available for repurchase under this plan.

Evans Bancorp, Inc. Merger

  • In December 2024, NBT announced that it had received the regulatory approval and waiver from the Office of the Comptroller of the Currency and the Federal Reserve Bank of New York necessary to complete its acquisition of Evans Bancorp, Inc. (“Evans”). Also in December 2024, the shareholders of Evans voted to approve the merger. Evans reported over 75% of the issued and outstanding shares of Evans were represented at a special shareholder meeting and over 96% of the votes cast were voted to approve the merger. NBT and Evans anticipate closing the transaction in second quarter of 2025 in conjunction with the core system conversion, pending customary closing conditions. Evans had assets of $2.28 billion, deposits of $1.90 billion and net loans of $1.76 billion as of September 30, 2024.

Conference Call and Webcast

The Company will host a conference call at 10:00 a.m. (Eastern) Tuesday, January 28, 2025, to review the fourth 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 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 $13.79 billion at December 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 155 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.nbtbank.com/Insurance.

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 possibility that NBT and Evans may be unable to achieve expected synergies and operating efficiencies in the merger within the expected timeframes or at all or to successfully integrate Evans operations and those of NBT; (14) the ability to increase market share and control expenses; (15) changes in the competitive environment among financial holding companies; (16) 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; (17) 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; (18) changes in the Company’s organization, compensation and benefit plans; (19) 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; (20) greater than expected costs or difficulties related to the integration of new products and lines of business; and (21) 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 U.S. generally accepted accounting principles (“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.

NBT Bancorp Inc. and Subsidiaries      
Selected Financial Data      
(unaudited, dollars in thousands except per share data)     
       
  2024  2023  
 4th Q3rd Q2nd Q1st Q4th Q 
Profitability (reported)      
Diluted earnings per share$ 0.76 $0.80 $0.69 $0.71 $0.64  
Weighted average diluted common shares outstanding 47,505,760  47,473,417  47,382,814  47,370,145  47,356,899  
Return on average assets(3) 1.04% 1.12% 0.98% 1.02% 0.89% 
Return on average equity(3) 9.44% 10.21% 9.12% 9.52% 8.79% 
Return on average tangible common equity(1)(3) 13.36% 14.54% 13.23% 13.87% 13.08% 
Net interest margin(1)(3) 3.34% 3.27% 3.18% 3.14% 3.15% 
       
 12 Months Ended December 31,    
  2024  2023     
Profitability (reported)      
Diluted earnings per share$ 2.97 $2.65     
Weighted average diluted common shares outstanding 47,433,174  44,770,171     
Return on average assets 1.04% 0.95%    
Return on average equity 9.57% 9.34%    
Return on average tangible common equity(1) 13.75% 13.02%    
Net interest margin(1) 3.23% 3.29%    
       
  2024  2023  
 4th Q3rd Q2nd Q1st Q4th Q 
Profitability (operating)      
Diluted earnings per share(1)$ 0.77 $0.80 $0.69 $0.68 $0.72  
Return on average assets(1)(3) 1.06% 1.12% 0.98% 0.97% 0.99% 
Return on average equity(1)(3) 9.60% 10.23% 9.14% 9.04% 9.79% 
Return on average tangible common equity(1)(3) 13.57% 14.56% 13.26% 13.20% 14.49% 
       
  2024  2023  
 4th Q3rd Q2nd Q1st Q4th Q 
Balance sheet data      
Short-term interest-bearing accounts$ 78,973 $231,671 $35,207 $156,632 $31,378  
Securities available for sale 1,574,664  1,509,338  1,439,445  1,418,471  1,430,858  
Securities held to maturity 842,921  854,941  878,909  890,863  905,267  
Net loans 9,853,910  9,787,541  9,733,847  9,572,777  9,536,313  
Total assets 13,786,666  13,839,552  13,501,909  13,439,199  13,309,040  
Total deposits 11,546,761  11,588,278  11,271,459  11,195,289  10,968,994  
Total borrowings 414,983  456,666  476,082  518,190  637,387  
Total liabilities 12,260,525  12,317,572  12,039,954  11,997,784  11,883,349  
Stockholders' equity 1,526,141  1,521,980  1,461,955  1,441,415  1,425,691  
       
Capital      
Equity to assets 11.07% 11.00% 10.83% 10.73% 10.71% 
Tangible equity ratio(1) 8.42% 8.36% 8.11% 7.98% 7.93% 
Book value per share$ 32.34 $32.26 $31.00 $30.57 $30.26  
Tangible book value per share(2)$ 23.88 $23.83 $22.54 $22.07 $21.72  
Leverage ratio 10.24% 10.29% 10.16% 10.09% 9.71% 
Common equity tier 1 capital ratio 11.93% 11.86% 11.70% 11.68% 11.57% 
Tier 1 capital ratio 12.83% 12.77% 12.61% 12.61% 12.50% 
Total risk-based capital ratio 15.03% 15.02% 14.88% 14.87% 14.75% 
Common stock price (end of period)$ 47.76 $44.23 $38.60 $36.68 $41.91  


NBT Bancorp Inc. and Subsidiaries     
Asset Quality and Consolidated Loan Balances     
(unaudited, dollars in thousands)     
      
  2024  2023 
 4th Q3rd Q2nd Q1st Q4th Q
Asset quality     
Nonaccrual loans$ 45,819 $33,338 $34,755 $35,189 $34,213 
90 days past due and still accruing 5,798  3,981  3,333  2,600  3,661 
Total nonperforming loans 51,617  37,319  38,088  37,789  37,874 
Other real estate owned 182  127  74  -  - 
Total nonperforming assets 51,799  37,446  38,162  37,789  37,874 
Allowance for loan losses 116,000  119,500  120,500  115,300  114,400 
      
Asset quality ratios     
Allowance for loan losses to total loans 1.16% 1.21% 1.22% 1.19% 1.19%
Total nonperforming loans to total loans 0.52% 0.38% 0.39% 0.39% 0.39%
Total nonperforming assets to total assets 0.38% 0.27% 0.28% 0.28% 0.28%
Allowance for loan losses to total nonperforming loans 224.73% 320.21% 316.37% 305.12% 302.05%
Past due loans to total loans(4) 0.34% 0.36% 0.30% 0.33% 0.32%
Net charge-offs to average loans(3) 0.23% 0.16% 0.15% 0.19% 0.22%
      
  2024  2023 
 4th Q3rd Q2nd Q1st Q4th Q
Loan net charge-offs by line of business     
Commercial$ 2,542 $807 $(8)$772 $1,107 
Residential real estate and home equity (25) (64) (76) (32) 11 
Indirect auto 675  725  747  665  399 
Residential solar 1,589  1,599  1,610  1,211  1,081 
Other consumer 928  853  1,426  2,063  2,729 
  Total loan net charge-offs$ 5,709 $3,920 $3,699 $4,679 $5,327 
      
  2024  2023 
 4th Q3rd Q2nd Q1st Q4th Q
Allowance for loan losses as a percentage of loans by segment    
Commercial & industrial 0.73% 0.73% 0.76% 0.79% 0.84%
Commercial real estate 0.95% 1.01% 1.00% 0.97% 0.99%
Residential real estate 1.00% 1.00% 0.98% 0.89% 0.84%
Auto 0.81% 0.83% 0.85% 0.81% 0.83%
Residential solar 3.70% 3.70% 3.76% 3.58% 3.28%
Other consumer 2.65% 3.51% 4.09% 4.24% 4.70%
  Total 1.16% 1.21% 1.22% 1.19% 1.19%
      
  2024  2023 
 4th Q3rd Q2nd Q1st Q4th Q
Loans by line of business     
Commercial & industrial$ 1,426,482 $1,458,926 $1,397,935 $1,353,446 $1,354,248 
Commercial real estate 3,876,698  3,792,498  3,784,214  3,646,739  3,626,910 
Residential real estate 2,142,249  2,143,766  2,134,875  2,133,289  2,125,804 
Home equity 334,268  328,687  326,556  328,673  337,214 
Indirect auto 1,273,253  1,235,175  1,225,786  1,190,734  1,130,132 
Residential solar 820,079  839,659  861,883  896,147  917,755 
Other consumer 96,881  108,330  123,098  139,049  158,650 
  Total loans$ 9,969,910 $9,907,041 $9,854,347 $9,688,077 $9,650,713 



NBT Bancorp Inc. and Subsidiaries    
Consolidated Balance Sheets   
(unaudited, in thousands)   
    
 December 31,December 31, 
 20242023 
Assets   
Cash and due from banks$ 205,083$173,811 
Short-term interest-bearing accounts 78,973 31,378 
Equity securities, at fair value 42,372 37,591 
Securities available for sale, at fair value 1,574,664 1,430,858 
Securities held to maturity (fair value $749,945 and $814,524, respectively) 842,921 905,267 
Federal Reserve and Federal Home Loan Bank stock 33,957 45,861 
Loans held for sale 9,744 3,371 
Loans 9,969,910 9,650,713 
Less allowance for loan losses 116,000 114,400 
  Net loans$ 9,853,910$9,536,313 
Premises and equipment, net 80,840 80,675 
Goodwill 362,663 361,851 
Intangible assets, net 36,360 40,443 
Bank owned life insurance 272,657 265,732 
Other assets 392,522 395,889 
Total assets$ 13,786,666$13,309,040 
    
Liabilities and stockholders' equity   
Demand (noninterest bearing)$ 3,446,068$3,413,829 
Savings, NOW and money market 6,658,188 6,230,456 
Time 1,442,505 1,324,709 
  Total deposits$ 11,546,761$10,968,994 
Short-term borrowings 162,942 386,651 
Long-term debt 29,644 29,796 
Subordinated debt, net 121,201 119,744 
Junior subordinated debt 101,196 101,196 
Other liabilities 298,781 276,968 
  Total liabilities$ 12,260,525$11,883,349 
    
Total stockholders' equity$ 1,526,141$1,425,691 
    
Total liabilities and stockholders' equity$ 13,786,666$13,309,040 



NBT Bancorp Inc. and Subsidiaries      
Consolidated Statements of Income     
(unaudited, in thousands except per share data)     
      
 Three Months EndedTwelve Months Ended 
 December 31,December 31, 
 2024202320242023 
Interest, fee and dividend income     
Interest and fees on loans$ 141,103 $132,738$ 552,846 $462,669  
Securities available for sale 8,773  7,208 31,274  29,812  
Securities held to maturity 4,931  5,374 20,466  20,681  
Other 2,930  5,594 7,084  9,627  
  Total interest, fee and dividend income$ 157,737 $150,914$ 611,670 $522,789  
Interest expense     
Deposits$ 46,815 $42,753$ 186,948 $104,641  
Short-term borrowings 918  4,951 8,669  25,608  
Long-term debt 293  294 1,166  925  
Subordinated debt 1,816  1,795 7,232  6,076  
Junior subordinated debt 1,790  1,948 7,533  7,320  
  Total interest expense$ 51,632 $51,741$ 211,548 $144,570  
Net interest income$ 106,105 $99,173$ 400,122 $378,219  
Provision for loan losses$2,209  $5,126 $19,607  $16,524  
Provision for loan losses - acquisition day 1 non-PCD -  - -  8,750  
Total provision for loan losses$ 2,209 $5,126$ 19,607 $25,274  
  Net interest income after provision for loan losses$ 103,896 $94,047$ 380,515 $352,945  
Noninterest income     
Service charges on deposit accounts$ 4,411 $4,165$ 17,087 $15,425  
Card services income 5,652  5,360 22,331  20,829  
Retirement plan administration fees 12,924  11,226 56,587  47,221  
Wealth management 10,842  9,152 41,641  34,763  
Insurance services 3,883  3,659 17,032  15,667  
Bank owned life insurance income 2,271  1,776 8,325  6,750  
Net securities gains (losses) 222  507 2,789  (9,315) 
Other 2,221  2,643 11,032  10,838  
  Total noninterest income$ 42,426 $38,488$ 176,824 $142,178  
Noninterest expense     
Salaries and employee benefits$ 61,749 $50,013$ 232,487 $194,250  
Technology and data services 10,220  10,174 39,139  38,163  
Occupancy 7,786  7,175 31,309  28,408  
Professional fees and outside services 4,843  5,115 19,132  17,601  
Amortization of intangible assets 2,080  2,131 8,443  4,734  
Reserve for unfunded loan commitments (125) 300 (705) 30  
Impairment of a minority interest equity investment -  4,750 -  4,750  
Acquisition expenses 988  254 1,531  9,978  
Other 13,234  12,839 46,545  43,750  
  Total noninterest expense$ 100,775 $92,751$ 377,881 $341,664  
Income before income tax expense$ 45,547 $39,784$ 179,458 $153,459  
Income tax expense 9,542  9,338 38,817  34,677  
   Net income$ 36,005 $30,446$ 140,641 $118,782  
Earnings Per Share     
Basic$ 0.76 $0.65$ 2.98 $2.67  
Diluted$ 0.76 $0.64$ 2.97 $2.65  



NBT Bancorp Inc. and Subsidiaries     
Quarterly Consolidated Statements of Income     
(unaudited, in thousands except per share data)     
      
  2024 2023
 4th Q3rd Q2nd Q1st Q4th Q
Interest, fee and dividend income     
Interest and fees on loans$ 141,103 $141,991$136,606 $133,146 $132,738
Securities available for sale 8,773  7,815 7,562  7,124  7,208
Securities held to maturity 4,931  5,042 5,190  5,303  5,374
Other 2,930  1,382 1,408  1,364  5,594
  Total interest, fee and dividend income$ 157,737 $156,230$150,766 $146,937 $150,914
Interest expense     
Deposits$ 46,815 $49,106$46,688 $44,339 $42,753
Short-term borrowings 918  1,431 2,899  3,421  4,951
Long-term debt 293  292 291  290  294
Subordinated debt 1,816  1,810 1,806  1,800  1,795
Junior subordinated debt 1,790  1,922 1,908  1,913  1,948
  Total interest expense$ 51,632 $54,561$53,592 $51,763 $51,741
Net interest income$ 106,105 $101,669$97,174 $95,174 $99,173
Provision for loan losses$ 2,209 $2,920$8,899 $5,579 $5,126
Provision for loan losses - acquisition day 1 non-PCD -  - -  -  -
Total provision for loan losses$ 2,209 $2,920$8,899 $5,579 $5,126
  Net interest income after provision for loan losses$ 103,896 $98,749$88,275 $89,595 $94,047
Noninterest income     
Service charges on deposit accounts$ 4,411 $4,340$4,219 $4,117 $4,165
Card services income 5,652  5,897 5,587  5,195  5,360
Retirement plan administration fees 12,924  14,578 14,798  14,287  11,226
Wealth management 10,842  10,929 10,173  9,697  9,152
Insurance services 3,883  4,913 3,848  4,388  3,659
Bank owned life insurance income 2,271  1,868 1,834  2,352  1,776
Net securities gains (losses) 222  476 (92) 2,183  507
Other 2,221  2,773 2,865  3,173  2,643
  Total noninterest income$ 42,426 $45,774$43,232 $45,392 $38,488
Noninterest expense     
Salaries and employee benefits$ 61,749 $59,641$55,393 $55,704 $50,013
Technology and data services 10,220  9,920 9,249  9,750  10,174
Occupancy 7,786  7,754 7,671  8,098  7,175
Professional fees and outside services 4,843  4,871 4,565  4,853  5,115
Amortization of intangible assets 2,080  2,062 2,133  2,168  2,131
Reserve for unfunded loan commitments (125) 250 (380) (450) 300
Impairment of a minority interest equity investment -  - -  -  4,750
Acquisition expenses 988  543 -  -  254
Other 13,234  10,704 10,957  11,650  12,839
  Total noninterest expense$ 100,775 $95,745$89,588 $91,773 $92,751
Income before income tax expense$ 45,547 $48,778$41,919 $43,214 $39,784
Income tax expense 9,542  10,681 9,203  9,391  9,338
   Net income$ 36,005 $38,097$32,716 $33,823 $30,446
Earnings Per Share     
Basic$ 0.76 $0.81$0.69 $0.72 $0.65
Diluted$ 0.76 $0.80$0.69 $0.71 $0.64


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		 
  Q4 - 2024Q3 - 2024Q2 - 2024Q1 - 2024Q4 - 2023 
Assets            
Short-term interest-bearing accounts $ 184,9885.27%$62,2104.87%$48,8615.48%$47,9724.48%$319,9075.59% 
Securities taxable(1)  2,317,0342.10% 2,266,9301.99% 2,280,7671.97% 2,278,0291.91% 2,310,4091.88% 
Securities tax-exempt(1)(5)  211,4933.46% 217,2513.47% 226,0323.56% 230,4683.58% 232,5753.51% 
FRB and FHLB stock  33,2615.75% 35,3956.97% 40,2837.41% 42,2967.89% 47,9948.98% 
Loans(1)(6)  9,957,8795.65% 9,865,4125.74% 9,772,0145.63% 9,674,8925.54% 9,653,1915.47% 
Total interest-earning assets $ 12,704,6554.96%$12,447,1985.01%$12,367,9574.92%$12,273,6574.84%$12,564,0764.79% 
Other assets  1,093,419  1,072,277  1,064,487  1,055,386  1,052,024  
Total assets $ 13,798,074 $13,519,475 $13,432,444 $13,329,043 $13,616,100  
Liabilities and stockholders' equity            
Money market deposit accounts $ 3,504,9373.27%$3,342,8453.68%$3,254,2523.65%$3,129,1603.56%$3,045,5313.43% 
NOW deposit accounts  1,664,9600.91% 1,600,5470.87% 1,603,6950.78% 1,600,2880.75% 1,645,4010.80% 
Savings deposits  1,561,7030.05% 1,566,3160.05% 1,586,7530.05% 1,607,6590.04% 1,666,9150.04% 
Time deposits  1,446,7983.85% 1,442,4244.00% 1,391,0624.00% 1,352,5594.00% 1,343,5483.81% 
Total interest-bearing deposits $ 8,178,3982.28%$7,952,1322.46%$7,835,7622.40%$7,689,6662.32%$7,701,3952.20% 
Federal funds purchased  -- 2,6095.34% 29,9455.56% 19,7695.53% 2175.48% 
Repurchase agreements  116,4083.13% 98,0352.80% 86,4051.55% 82,4191.55% 82,3871.59% 
Short-term borrowings  1744.57% 48,8755.74% 155,1595.58% 213,3905.34% 345,2505.31% 
Long-term debt  29,6573.93% 29,6963.91% 29,7343.94% 29,7723.92% 29,8093.91% 
Subordinated debt, net  120,9675.97% 120,5945.97% 120,2396.04% 119,8736.04% 119,5315.96% 
Junior subordinated debt  101,1967.04% 101,1967.56% 101,1967.58% 101,1967.60% 101,1967.64% 
Total interest-bearing liabilities $ 8,546,8002.40%$8,353,1372.60%$8,358,4402.58%$8,256,0852.52%$8,379,7852.45% 
Demand deposits  3,438,194  3,389,894  3,323,906  3,356,607  3,535,815  
Other liabilities  295,292  292,446  306,747  286,749  326,857  
Stockholders' equity  1,517,788  1,483,998  1,443,351  1,429,602  1,373,643  
Total liabilities and stockholders' equity $ 13,798,074 $13,519,475 $13,432,444 $13,329,043 $13,616,100  
Interest rate spread  2.56% 2.41% 2.34% 2.32% 2.34% 
Net interest margin (FTE)(1)  3.34% 3.27% 3.18% 3.14% 3.15% 



NBT Bancorp Inc. and Subsidiaries        
Average Year-to-Date Balance Sheets       
(unaudited, dollars in thousands)        
         
  Average Yield/Average Yield/ 
  BalanceInterestRates BalanceInterestRates
 
Twelve Months Ended December 31,  2024 2023 
Assets        
Short-term interest-bearing accounts $ 86,213$ 4,4125.12%$126,765$6,2594.94% 
Securities taxable(1)  2,285,725 45,5881.99% 2,377,596 45,1761.90% 
Securities tax-exempt(1)(5)  221,273 7,7883.52% 214,053 6,7303.14% 
FRB and FHLB stock  37,789 2,6727.07% 48,641 3,3686.92% 
Loans(1)(6)  9,818,064 553,7845.64% 8,803,228 463,2905.26% 
Total interest-earning assets $ 12,449,064$ 614,2444.93%$11,570,283$524,8234.54% 
Other assets  1,071,455   923,850   
Total assets $ 13,520,519  $12,494,133   
Liabilities and stockholders' equity        
Money market deposit accounts $ 3,308,433$ 116,9823.54%$2,418,450$62,4752.58% 
NOW deposit accounts  1,617,456 13,4420.83% 1,555,414 8,2980.53% 
Savings deposits  1,580,517 7340.05% 1,715,749 6500.04% 
Time deposits  1,408,410 55,7903.96% 1,006,867 33,2183.30% 
Total interest-bearing deposits $ 7,914,816$ 186,9482.36%$6,696,480$104,6411.56% 
Federal funds purchased  13,016 7215.54% 24,575 1,2695.16% 
Repurchase agreements  95,879 2,2552.35% 70,251 7471.06% 
Short-term borrowings  103,963 5,6935.48% 450,377 23,5925.24% 
Long-term debt  29,715 1,1663.92% 24,247 9253.81% 
Subordinated debt, net  120,420 7,2326.01% 105,756 6,0765.75% 
Junior subordinated debt  101,196 7,5337.44% 101,196 7,3207.23% 
Total interest-bearing liabilities $ 8,379,005$ 211,5482.52%$7,472,882$144,5701.93% 
Demand deposits  3,377,352   3,463,608   
Other liabilities  295,301   285,310   
Stockholders' equity  1,468,861   1,272,333   
Total liabilities and stockholders' equity$ 13,520,519  $12,494,133   
Net interest income (FTE)(1)  $ 402,696  $380,253  
Interest rate spread   2.41%  2.61% 
Net interest margin (FTE)(1)   3.23%  3.29% 
Taxable equivalent adjustment  $ 2,574  $2,034  
Net interest income  $ 400,122  $378,219  


(1)The 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  
  4th Q3rd Q2nd Q1st Q4th Q 
 Operating net income      
 Net income$ 36,005 $38,097 $32,716 $33,823 $30,446  
 Acquisition expenses 988  543  -  -  254  
 Impairment of a minority interest equity investment -  -  -  -  4,750  
 Securities (gains) losses (222) (476) 92  (2,183) (507) 
 Adjustments to net income$ 766 $67 $92 $(2,183)$4,497  
 Adjustments to net income (net of tax)$ 604 $52 $72 $(1,703)$3,435  
 Operating net income$ 36,609 $38,149 $32,788 $32,120 $33,881  
 Operating diluted earnings per share$ 0.77 $0.80 $0.69 $0.68 $0.72  
        
   2024  2023  
  4th Q3rd Q2nd Q1st Q4th Q 
 FTE adjustment      
 Net interest income$ 106,105 $101,669 $97,174 $95,174 $99,173  
 Add: FTE adjustment 619  639  658  658  669  
 Net interest income (FTE)$ 106,724 $102,308 $97,832 $95,832 $99,842  
 Average earning assets$ 12,704,655 $12,447,198 $12,367,957 $12,273,657 $12,564,076  
 Net interest margin (FTE)(3) 3.34% 3.27% 3.18% 3.14% 3.15% 
        
  12 Months Ended December 31,    
   2024  2023     
 FTE adjustment      
 Net interest income$ 400,122 $378,219     
 Add: FTE adjustment 2,574  2,034     
 Net interest income (FTE)$ 402,696 $380,253     
 Average earning assets$ 12,449,064 $11,570,283     
 Net interest margin (FTE) 3.23% 3.29%    
        
 Interest income for tax-exempt securities and loans have been adjusted to an FTE basis using the statutory Federal income tax rate of 21%.


(1)The following tables provide the Non-GAAP reconciliations for the Non-GAAP measures contained in this release: 
        
 Non-GAAP measures (continued)      
 (unaudited, dollars in thousands)      
        
   2024  2023  
  4th Q3rd Q2nd Q1st Q4th Q 
 Tangible equity to tangible assets      
 Total equity$ 1,526,141 $1,521,980 $1,461,955 $1,441,415 $1,425,691  
 Intangible assets 399,023  397,853  398,686  400,819  402,294  
 Total assets$ 13,786,666 $13,839,552 $13,501,909 $13,439,199 $13,309,040  
 Tangible equity to tangible assets 8.42% 8.36% 8.11% 7.98% 7.93% 
        
   2024  2023  
  4th Q3rd Q2nd Q1st Q4th Q 
 Return on average tangible common equity     
 Net income$ 36,005 $38,097 $32,716 $33,823 $30,446  
 Amortization of intangible assets (net of tax) 1,560  1,547  1,600  1,626  1,599  
 Net income, excluding intangibles amortization$ 37,565 $39,644 $34,316 $35,449 $32,045  
        
 Average stockholders' equity$ 1,517,788 $1,483,998 $1,443,351 $1,429,602 $1,373,643  
 Less: average goodwill and other intangibles 399,139  399,113  399,968  401,756  401,978  
 Average tangible common equity$ 1,118,649 $1,084,885 $1,043,383 $1,027,846 $971,665  
 Return on average tangible common equity(3) 13.36% 14.54% 13.23% 13.87% 13.08% 
        
  12 Months Ended December 31,    
   2024  2023     
 Return on average tangible common equity     
 Net income$ 140,641 $118,782     
 Amortization of intangible assets (net of tax) 6,332  3,551     
 Net income, excluding intangibles amortization$ 146,973 $122,333     
        
 Average stockholders' equity$ 1,468,861 $1,272,333     
 Less: average goodwill and other intangibles 399,989  332,667     
 Average tangible common equity$ 1,068,872 $939,666     
 Return on average tangible common equity 13.75% 13.02%    
        
(2)Non-GAAP measure - Stockholders' equity less goodwill and intangible assets divided by common shares outstanding. 
(3)Annualized.      
(4)Total past due loans, defined as loans 30 days or more past due and in an accrual status.   
(5)Securities are shown at average amortized cost.     
(6)For purposes of these computations, nonaccrual loans and loans held for sale are included in the average loan balances outstanding.


Contact:Scott A. Kingsley, President and CEO
 Annette L. Burns, Executive Vice President and CFO
 NBT Bancorp Inc.
 52 South Broad Street
 Norwich, NY 13815
 607-337-6589

This press release was published by a CLEAR® Verified individual.


FAQ

What was NBTB's net income for Q4 2024?

NBT Bancorp reported net income of $36.0 million, or $0.76 per diluted share, for Q4 2024.

When will NBTB's merger with Evans Bancorp close?

The merger with Evans Bancorp is expected to close in the second quarter of 2025, in conjunction with the core system conversion.

What is NBTB's new quarterly dividend amount for Q1 2025?

NBTB approved a quarterly cash dividend of $0.34 per share, a 6.3% increase, payable on March 17, 2025.

What was NBTB's loan-to-deposit ratio at the end of 2024?

NBTB's loan-to-deposit ratio was 86.3% as of December 31, 2024.

How much did NBTB's deposits grow in 2024?

NBTB's deposits grew by $577.8 million or 5.3% to $11.55 billion in 2024.

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NBT Bancorp Inc

NASDAQ:NBTB

NBTB Rankings

#1916 Ranked by Market Cap
#1099 Ranked by Dividends

NBTB Latest News

Jan 2, 2025
NBT Bancorp Inc. Announces Date of Fourth Quarter Conference Call
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

NBTB Stock Data

2.25B
45.59M
3.12%
64.77%
3.75%
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