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NBT Bancorp Inc. Announces Third Quarter 2024 Results and Declares Cash Dividend

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NBT Bancorp reported Q3 2024 net income of $38.1 million, or $0.80 per diluted share, compared to $24.6 million ($0.54/share) in Q3 2023. The company achieved record noninterest income of $45.3 million, representing 30.8% of total revenues. Total loans reached $9.91 billion, up $256.3 million from December 31, 2023. Deposits increased to $11.59 billion, up $619.3 million. Net interest margin improved to 3.27%, up 9 basis points from the previous quarter. The company declared a quarterly dividend of $0.34 per share, marking its twelfth consecutive year of dividend increases. NBT also announced plans to merge with Evans Bancorp in Q2 2025.

NBT Bancorp ha riportato un reddito netto per il terzo trimestre del 2024 di 38,1 milioni di dollari, ovvero 0,80 dollari per azione diluita, rispetto ai 24,6 milioni di dollari (0,54 dollari per azione) del terzo trimestre del 2023. L'azienda ha raggiunto un reddito non da interessi record di 45,3 milioni di dollari, pari al 30,8% delle entrate totali. I prestiti totali hanno raggiunto 9,91 miliardi di dollari, con un incremento di 256,3 milioni di dollari rispetto al 31 dicembre 2023. I depositi sono aumentati a 11,59 miliardi di dollari, con un incremento di 619,3 milioni di dollari. Il margine di interesse netto è migliorato al 3,27%, con un aumento di 9 punti base rispetto al trimestre precedente. L'azienda ha dichiarato un dividendo trimestrale di 0,34 dollari per azione, segnando il dodicesimo anno consecutivo di aumenti del dividendo. NBT ha anche annunciato piani per unirsi ad Evans Bancorp nel secondo trimestre del 2025.

NBT Bancorp reportó una ganancia neta de 38,1 millones de dólares en el tercer trimestre de 2024, o 0,80 dólares por acción diluida, en comparación con 24,6 millones de dólares (0,54 dólares por acción) en el tercer trimestre de 2023. La compañía logró un ingreso no por intereses récord de 45,3 millones de dólares, representando el 30,8% de los ingresos totales. Los préstamos totales alcanzaron 9,91 mil millones de dólares, un aumento de 256,3 millones de dólares desde el 31 de diciembre de 2023. Los depósitos aumentaron a 11,59 mil millones de dólares, un incremento de 619,3 millones de dólares. El margen de interés neto mejoró al 3,27%, un aumento de 9 puntos base respecto al trimestre anterior. La compañía declaró un dividendo trimestral de 0,34 dólares por acción, marcando su duodécimo año consecutivo de aumentos de dividendos. NBT también anunció planes para fusionarse con Evans Bancorp en el segundo trimestre de 2025.

NBT Bancorp는 2024년 3분기에 3,810만 달러의 순이익을 보고했으며, 이는 희석 주당 0.80달러에 해당합니다. 2023년 3분기의 2,460만 달러(0.54달러/주)에 비해 증가한 수치입니다. 회사는 4530만 달러의 비이자 수입 기록을 달성했으며, 이는 총 수익의 30.8%를 차지합니다. 총 대출은 99억 1,000만 달러에 도달했으며, 2023년 12월 31일과 비교해 2억 5,630만 달러 증가했습니다. 예금은 115억 9,000만 달러로 증가하여 6억 1,930만 달러가 증가했습니다. 순이자 마진은 3.27%로 개선되어 이전 분기보다 9bp 상승했습니다. 회사는 주당 0.34달러의 분기배당금을 선언했으며, 이는 12년 연속 배당금 증가를 의미합니다. NBT는 또한 2025년 2분기에 Evans Bancorp와 합병할 계획을 발표했습니다.

NBT Bancorp a annoncé un bénéfice net de 38,1 millions de dollars pour le troisième trimestre de 2024, soit 0,80 dollar par action diluée, contre 24,6 millions de dollars (0,54 dollar/action) au troisième trimestre de 2023. L'entreprise a atteint un revenu non lié aux intérêts record de 45,3 millions de dollars, représentant 30,8 % des revenus totaux. Les prêts totaux ont atteint 9,91 milliards de dollars, en hausse de 256,3 millions de dollars par rapport au 31 décembre 2023. Les dépôts ont augmenté pour atteindre 11,59 milliards de dollars, soit un accroissement de 619,3 millions de dollars. La marge d'intérêt nette s'est améliorée à 3,27 %, en hausse de 9 points de base par rapport au trimestre précédent. L'entreprise a annoncé un dividende trimestriel de 0,34 dollar par action, marquant la douzième année consécutive d'augmentation des dividendes. NBT a également annoncé son intention de fusionner avec Evans Bancorp au deuxième trimestre de 2025.

NBT Bancorp hat im dritten Quartal 2024 einen Nettogewinn von 38,1 Millionen Dollar oder 0,80 Dollar pro verwässerter Aktie berichtet, verglichen mit 24,6 Millionen Dollar (0,54 Dollar/Aktie) im dritten Quartal 2023. Das Unternehmen erzielte einen Rekord bei den nichtzinsbezogenen Einnahmen von 45,3 Millionen Dollar, was 30,8% der Gesamtumsätze entspricht. Die Gesamtdarlehen erreichten 9,91 Milliarden Dollar, ein Anstieg um 256,3 Millionen Dollar gegenüber dem 31. Dezember 2023. Die Einlagen stiegen auf 11,59 Milliarden Dollar, ein Plus von 619,3 Millionen Dollar. Die Nettomarge verbesserte sich auf 3,27%, ein Anstieg um 9 Basispunkte im Vergleich zum vorherigen Quartal. Das Unternehmen kündigte eine vierteljährliche Dividende von 0,34 Dollar pro Aktie an und stellt damit das zwölfte Jahr in Folge dar, in dem die Dividende erhöht wurde. NBT kündigte auch Pläne an, im zweiten Quartal 2025 mit Evans Bancorp zu fusionieren.

Positive
  • Net income increased 55% YoY to $38.1 million
  • Record noninterest income of $45.3 million
  • Net interest margin improved 9 basis points to 3.27%
  • Deposits grew by $619.3 million (5.6%) since December 2023
  • Loan portfolio expanded by $256.3 million since December 2023
  • Quarterly dividend increased by 6.3% to $0.34 per share
Negative
  • Commercial line of credit utilization decreased to 22% from 23% in previous quarter
  • Net charge-offs increased to 0.16% from 0.15% in previous quarter

Insights

NBT Bancorp delivered strong Q3 2024 results with $38.1 million in net income ($0.80 per share), showing significant improvement from $24.6 million ($0.54 per share) in Q3 2023. Key highlights include:

  • Net interest margin improved to 3.27%, up 9 basis points quarter-over-quarter
  • Record noninterest income of $45.3 million, representing 30.8% of total revenues
  • Strong deposit growth of $619.3 million year-to-date
  • Excellent asset quality with NPLs at 0.38% of total loans

The pending merger with Evans Bancorp will expand NBT's presence in upstate New York and add $2.26 billion in assets. The bank's diverse revenue streams and solid credit metrics position it well for continued growth.

NORWICH, N.Y., Oct. 28, 2024 (GLOBE NEWSWIRE) -- NBT Bancorp Inc. (“NBT” or the “Company”) (NASDAQ: NBTB) reported net income and diluted earnings per share for the three and nine months ended September 30, 2024.

Net income for the three months ended September 30, 2024 was $38.1 million, or $0.80 per diluted common share, compared to $24.6 million, or $0.54 per diluted common share, for the three months ended September 30, 2023, and $32.7 million, or $0.69 per diluted common share, for the second quarter of 2024. Operating diluted earnings per share(1), a non-GAAP measure, which excludes acquisition expenses, acquisition-related provision for credit losses and unfunded loan commitments and securities gains (losses), net of tax, was $0.80 for the third quarter of 2024, compared to $0.84 for the third quarter of 2023 and $0.69 for the second quarter of 2024.

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 third quarter of 2023 are significantly impacted by the Salisbury acquisition.

CEO Comments

“Sequential growth in net interest income and margin for the second consecutive quarter as well as strong performance from our diverse mix of fee businesses drove NBT’s positive operating performance in the third quarter of 2024.” said NBT President and Chief Executive Officer Scott A. Kingsley. “In September, we entered into a definitive agreement to merge with Evans Bancorp, Inc. The greater Buffalo and Rochester communities served by Evans are a natural extension of NBT's footprint in Upstate New York, and our shared community banking values support our strategic rationale. We expect the merger to close in the second quarter of 2025, pending required approvals by regulatory agencies and Evans’ shareholders.”

Third Quarter 2024 Financial Highlights

Net Income
  • Net income was $38.1 million and diluted earnings per share was $0.80
Net Interest Income / NIM
  • Net interest income on a fully taxable equivalent (“FTE”) basis was $102.3 million, up $4.5 million from the prior quarter(1)
  • Net interest margin (“NIM”) on an FTE basis was 3.27%(1), up 9 basis points (“bps”) from the prior quarter
  • Included in FTE net interest income was $2.7 million of acquisition-related net accretion, which was consistent with the second quarter of 2024
  • Earning asset yields of 5.01% were up 9 bps from the prior quarter
  • Total cost of funds of 1.85% was consistent with the prior quarter
Noninterest Income
  • Noninterest income was at a record level of $45.3 million, or 30.8% of total revenues, excluding net securities gains (losses)
Loans and Credit Quality
  • Period end total loans of $9.91 billion as of September 30, 2024, up $256.3 million, or 3.5% annualized, from December 31, 2023
  • Net charge-offs to average loans was 0.16% annualized
  • Nonperforming loans to total loans was 0.38%
  • Allowance for loan losses to total loans was 1.21%
Deposits
  • Deposits were $11.59 billion as of September 30, 2024, up $619.3 million, or 5.6%, from December 31, 2023
  • Total cost of deposits was 1.72% for the third quarter of 2024, up 4 bps from the second quarter of 2024
  • Full cycle to-date deposit beta of 31%
  • Composition of total deposits is diverse and granular with over 563,000 accounts with an average per account balance of $20,560
Capital
  • Stockholders’ equity was $1.52 billion as of September 30, 2024
  • Tangible book value per share(2) was $23.83 at September 30, 2024
  • Tangible equity to assets of 8.36%(1)
  • CET1 ratio of 11.86%; Leverage ratio of 10.29%


Loans

  • Period end total loans were $9.91 billion at September 30, 2024, $9.85 billion at June 30, 2024 and $9.65 billion at December 31, 2023.
  • Period end total loans increased $256.3 million from December 31, 2023. Total commercial loans increased $270.3 million to $5.25 billion; and total consumer loans decreased $13.9 million to $4.66 billion. Excluding the other consumer and residential solar portfolios that are in a planned run-off status, period end loans increased $384.4 million, or 6.0% annualized.
  • Commercial line of credit utilization rate was 22% at September 30, 2024, compared to 23% at June 30, 2024 and 22% at September 30, 2023.

Deposits

  • Total deposits at September 30, 2024 were $11.59 billion, compared to $11.27 billion at June 30, 2024 and compared to $10.97 billion at December 31, 2023. The $619.3 million increase in deposits from December 31, 2023 was primarily due to higher consumer deposit balances and accounts and the inflow of seasonal municipal deposits. The Company continued to experience some 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 85.5% at September 30, 2024, compared to 88.0% at December 31, 2023.

Net Interest Income and Net Interest Margin

  • Net interest income for the third quarter of 2024 was $101.7 million, an increase of $4.5 million, or 4.6%, from the second quarter of 2024 and up $6.8 million, or 7.1%, from the third quarter of 2023. The increase in net interest income from the second quarter of 2024 resulted primarily from the increase in average loans and the interest earned on those balances combined with a more favorable funding mix, partially offset by the increase in the cost of deposits.
  • The NIM on an FTE basis for the third quarter of 2024 was 3.27%, an increase of 9 bps from the second quarter of 2024. This increase was driven by higher average earning asset yields, an improved funding mix with lower average balances of short-term borrowings and an increase in the average balance of noninterest-bearing demand deposit accounts, partially offset by an increase in the cost of interest-bearing deposits. The NIM on an FTE basis increased 6 bps from the third quarter of 2023 due to higher earning asset yields, the impact of acquisition-related net accretion 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 September 30, 2024 increased 9 bps from the prior quarter to 5.01% and increased 38 bps from the same quarter in the prior year. Loan yields for the three months ended September 30, 2024 increased 11 bps from the prior quarter to 5.74% and increased 38 bps from the same quarter in the prior year. Average earning assets increased $79.2 million, or 0.6%, from the second quarter of 2024 due to organic loan growth. Average earning assets grew $644.2 million, or 5.5%, from the third quarter of 2023 due to organic loan growth and the Salisbury acquisition, completed in August 2023.
  • Total cost of deposits, including noninterest bearing deposits, was 1.72% for the third quarter of 2024, an increase of 4 bps from the prior quarter and an increase of 54 bps from the same period in the prior year. For the month of September 2024, the total cost of deposits was 1.72%.
  • Total cost of funds for the three months ended September 30, 2024 was 1.85%, consistent with the prior quarter and an increase of 35 bps from the third quarter of 2023. For the month of September 2024, the total cost of funds was 1.83%.

Asset Quality and Allowance for Loan Losses

  • Net charge-offs to total average loans for the third quarter of 2024 was 16 bps compared to 15 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 was 0.27% which was consistent with the previous three quarter ends at 0.28%.
  • Provision expense for the three months ended September 30, 2024 was $2.9 million, compared to $8.9 million for the second quarter of 2024. The decrease in provision expense from the prior quarter was primarily due to lower level of loan growth in the third quarter including the run-off of the other consumer and residential solar portfolios, the establishment of a specific reserve in the prior quarter and the stabilization of expected prepayment assumptions impacting the expected life of the loan portfolios. Included in the provision expense in the third quarter of 2023 was $8.8 million of acquisition-related provision for loan losses.
  • The allowance for loan losses was $119.5 million, or 1.21% of total loans, at September 30, 2024, compared to $120.5 million, or 1.22% of total loans, at June 30, 2024 and $114.4 million, or 1.19% of total loans, at December 31, 2023.
  • The reserve for unfunded loan commitments was $4.6 million at September 30, 2024, compared to $4.3 million at June 30, 2024 and $5.1 million at December 31, 2023. The provision for unfunded loan commitments in the third quarter of 2023 included $0.8 million of acquisition-related provision for unfunded loan commitments.

Noninterest Income

  • Total noninterest income, excluding securities gains (losses), was $45.3 million for the three months ended September 30, 2024, up $2.0 million, or 4.6%, from the second quarter of 2024, and up $4.9 million, or 12.1%, from the third quarter of 2023.
  • Retirement plan administration fees were consistent with the prior quarter and increased $1.8 million from the third quarter of 2023. The increase from the third quarter of 2023 was driven by organic growth and higher market levels.
  • Wealth management fees increased $0.8 million from the prior quarter and were up $1.6 million from the third quarter of 2023. The increase from the prior quarter was driven by organic growth and seasonal activity-based fees. The increase from the third quarter of 2023 was driven by the addition of Salisbury revenues, organic growth and market performance.
  • Insurance revenues increased $1.1 million from the prior quarter driven by seasonal renewals and increased $0.6 million from the prior year due to organic growth.

Noninterest Expense

  • Total noninterest expense was $95.7 million for the third quarter of 2024, compared to $89.6 million for the second quarter of 2024 and $90.8 million for the third quarter of 2023. Excluding $0.5 million of acquisition expenses in the third quarter of 2024 and $7.9 million of acquisition expenses in the third quarter of 2023, total noninterest expense increased 6.3% compared to the previous quarter and increased 14.9% from the third quarter of 2023.
  • Salaries and benefits increased 7.7% from the prior quarter driven by one additional payroll day and an increase in other benefits including higher levels of incentive compensation. The 21.1% increase from the third quarter of 2023 was driven by the impact of the Salisbury acquisition, merit pay increases, higher levels of incentive compensation, higher medical and other benefit costs.
  • Technology and data services increased from the prior quarter primarily due to timing of planned initiatives and continued investment in digital platform solutions.
  • Occupancy costs were consistent with the prior quarter and increased from the third quarter of 2023 driven by additional expenses related to the Salisbury acquisition.
  • Professional fees and outside services were consistent with the prior quarter and increased from the third quarter of 2023 driven by additional expenses from the Salisbury acquisition and the timing of external services for several tactical and strategic initiatives.
  • Amortization of intangible assets were consistent with the second quarter of 2024 and increased $0.5 million from the third quarter of 2023 primarily due to the amortization of intangible assets related to the Salisbury acquisition.

Income Taxes

  • The effective tax rate was 21.9% for the third quarter of 2024 consistent with 22.0% in the second quarter of 2024 and down from 22.4% for the third quarter of 2023.

Capital

  • Tangible common equity to tangible assets(1) was 8.36% at September 30, 2024. Tangible book value per share(2) was $23.83 at September 30, 2024, $22.54 at June 30, 2024 and $20.39 at September 30, 2023.
  • Stockholders’ equity increased $96.3 million from December 31, 2023 driven by net income generation of $104.6 million and a $35.2 million decrease in accumulated other comprehensive loss driven by the change in the fair value of securities available for sale, partially offset by dividends declared of $46.2 million.
  • September 30, 2024, CET1 capital ratio of 11.86%, leverage ratio of 10.29% and total risk-based capital ratio of 15.02%.

Dividend

  • The Board of Directors approved a fourth-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 fourth quarter of 2023. This is the Company’s twelfth consecutive year of annual dividend increases. The dividend will be paid on December 16, 2024 to stockholders of record as of December 2, 2024.

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 September 30, 2024, there were 1,992,400 shares available for repurchase under this plan.

Evans Bancorp, Inc. Merger

  • On September 9, 2024, NBT announced that it had entered into an agreement to acquire Evans Bancorp, Inc. (“Evans”), an 18 branch community bank headquartered in Williamsville, NY, in an all stock transaction. Evans had assets of $2.26 billion, deposits of $1.89 billion and net loans of $1.74 billion as of June 30, 2024. The merger is expected to close in the second quarter of 2025, subject to the satisfaction of customary closing conditions, including approval by the shareholders of Evans and the receipt of required regulatory approvals.

Conference Call and Webcast

The Company will host a conference call at 10:00 a.m. (Eastern) Tuesday, October 29, 2024, to review the third 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 $13.84 billion at September 30, 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 rates, 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) governmental approvals of the Evans merger may not be obtained, or adverse regulatory conditions may be imposed in connection with governmental approvals of the merger; (14) the shareholders of Evans may fail to approve the merger; (15) the ability to increase market share and control expenses; (16) changes in the competitive environment among financial holding companies; (17) 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; (18) 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; (19) changes in the Company’s organization, compensation and benefit plans; (20) 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; (21) greater than expected costs or difficulties related to the integration of new products and lines of business; and (22) 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: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


NBT Bancorp Inc. and Subsidiaries     
Selected Financial Data     
(unaudited, dollars in thousands except per share data)    
      
  2024  2023 
 3rd Q2nd Q1st Q4th Q3rd Q
Profitability (reported)     
Diluted earnings per share$ 0.80 $0.69 $0.71 $0.64 $0.54 
Weighted average diluted common shares outstanding 47,473,417  47,382,814  47,370,145  47,356,899  45,398,937 
Return on average assets(3) 1.12% 0.98% 1.02% 0.89% 0.76%
Return on average equity(3) 10.21% 9.12% 9.52% 8.79% 7.48%
Return on average tangible common equity(1)(3) 14.54% 13.23% 13.87% 13.08% 10.73%
Net interest margin(1)(3) 3.27% 3.18% 3.14% 3.15% 3.21%
      
 9 Months Ended September 30,   
  2024  2023    
Profitability (reported)     
Diluted earnings per share$ 2.21 $2.01    
Weighted average diluted common shares outstanding 47,409,906  43,896,042    
Return on average assets(3) 1.04% 0.97%   
Return on average equity(3) 9.62% 9.54%   
Return on average tangible common equity(1)(3) 13.89% 13.00%   
Net interest margin(1)(3) 3.20% 3.34%   
      
  2024  2023 
 3rd Q2nd Q1st Q4th Q3rd Q
Profitability (operating)     
Diluted earnings per share(1)$ 0.80 $0.69 $0.68 $0.72 $0.84 
Return on average assets(1)(3) 1.12% 0.98% 0.97% 0.99% 1.19%
Return on average equity(1)(3) 10.23% 9.14% 9.04% 9.79% 11.65%
Return on average tangible common equity(1)(3) 14.56% 13.26% 13.20% 14.49% 16.43%
      
 9 Months Ended September 30,   
  2024  2023    
Profitability (operating)     
Diluted earnings per share(1)$ 2.17 $2.53    
Return on average assets(1)(3) 1.03% 1.22%   
Return on average equity(1)(3) 9.48% 11.98%   
Return on average tangible common equity(1)(3) 13.69% 16.25%   
      
  2024  2023 
 3rd Q2nd Q1st Q4th Q3rd Q
Balance sheet data     
Short-term interest-bearing accounts$ 231,671 $35,207 $156,632 $31,378 $459,296 
Securities available for sale 1,509,338  1,439,445  1,418,471  1,430,858  1,399,032 
Securities held to maturity 854,941  878,909  890,863  905,267  914,520 
Net loans 9,787,541  9,733,847  9,572,777  9,536,313  9,552,774 
Total assets 13,839,552  13,501,909  13,439,199  13,309,040  13,827,628 
Total deposits 11,588,278  11,271,459  11,195,289  10,968,994  11,401,452 
Total borrowings 456,666  476,082  518,190  637,387  740,603 
Total liabilities 12,317,572  12,039,954  11,997,784  11,883,349  12,464,807 
Stockholders' equity 1,521,980  1,461,955  1,441,415  1,425,691  1,362,821 
      
Capital     
Equity to assets 11.00% 10.83% 10.73% 10.71% 9.86%
Tangible equity ratio(1) 8.36% 8.11% 7.98% 7.93% 7.15%
Book value per share$ 32.26 $31.00 $30.57 $30.26 $28.94 
Tangible book value per share(2)$ 23.83 $22.54 $22.07 $21.72 $20.39 
Leverage ratio 10.29% 10.16% 10.09% 9.71% 10.23%
Common equity tier 1 capital ratio 11.86% 11.70% 11.68% 11.57% 11.31%
Tier 1 capital ratio 12.77% 12.61% 12.61% 12.50% 12.23%
Total risk-based capital ratio 15.02% 14.88% 14.87% 14.75% 14.45%
Common stock price (end of period)$ 44.23 $38.60 $36.68 $41.91 $31.69 
      


NBT Bancorp Inc. and Subsidiaries     
Asset Quality and Consolidated Loan Balances     
(unaudited, dollars in thousands)     
      
  2024  2023 
 3rd Q2nd Q1st Q4th Q3rd Q
Asset quality     
Nonaccrual loans$ 33,338 $34,755 $35,189 $34,213 $20,736 
90 days past due and still accruing 3,981  3,333  2,600  3,661  3,528 
Total nonperforming loans 37,319  38,088  37,789  37,874  24,264 
Other real estate owned 127  74  -  -  - 
Total nonperforming assets 37,446  38,162  37,789  37,874  24,264 
Allowance for loan losses 119,500  120,500  115,300  114,400  114,601 
      
Asset quality ratios     
Allowance for loan losses to total loans 1.21% 1.22% 1.19% 1.19% 1.19%
Total nonperforming loans to total loans 0.38% 0.39% 0.39% 0.39% 0.25%
Total nonperforming assets to total assets 0.27% 0.28% 0.28% 0.28% 0.18%
Allowance for loan losses to total nonperforming loans 320.21% 316.37% 305.12% 302.05% 472.31%
Past due loans to total loans(4) 0.36% 0.30% 0.33% 0.32% 0.49%
Net charge-offs to average loans(3) 0.16% 0.15% 0.19% 0.22% 0.18%
      
  2024  2023 
 3rd Q2nd Q1st Q4th Q3rd Q
Loan net charge-offs by line of business     
Commercial$ 807 $(8)$772 $1,107 $(344)
Residential real estate and home equity (64) (76) (32) 11  (75)
Indirect auto 725  747  665  399  451 
Residential solar 1,599  1,610  1,211  1,081  1,253 
Other consumer 853  1,426  2,063  2,729  2,919 
Total loan net charge-offs$ 3,920 $3,699 $4,679 $5,327 $4,204 
      
  2024  2023 
 3rd Q2nd Q1st Q4th Q3rd Q
Allowance for loan losses as a percentage of loans by segment    
Commercial & industrial 0.73% 0.76% 0.79% 0.84% 0.87%
Commercial real estate 1.01% 1.00% 0.97% 0.99% 1.00%
Residential real estate 1.00% 0.98% 0.89% 0.84% 0.79%
Auto 0.83% 0.85% 0.81% 0.83% 0.82%
Residential solar 3.70% 3.76% 3.58% 3.28% 3.19%
Other consumer 3.51% 4.09% 4.24% 4.70% 5.23%
Total 1.21% 1.22% 1.19% 1.19% 1.19%
      
  2024  2023 
 3rd Q2nd Q1st Q4th Q3rd Q
Loans by line of business     
Commercial & industrial$ 1,458,926 $1,397,935 $1,353,446 $1,354,248 $1,424,579 
Commercial real estate 3,792,498  3,784,214  3,646,739  3,626,910  3,575,595 
Residential real estate 2,143,766  2,134,875  2,133,289  2,125,804  2,111,670 
Home equity 328,687  326,556  328,673  337,214  340,777 
Indirect auto 1,235,175  1,225,786  1,190,734  1,130,132  1,099,558 
Residential solar 839,659  861,883  896,147  917,755  934,082 
Other consumer 108,330  123,098  139,049  158,650  181,114 
Total loans$ 9,907,041 $9,854,347 $9,688,077 $9,650,713 $9,667,375 
      


NBT Bancorp Inc. and Subsidiaries   
Consolidated Balance Sheets  
(unaudited, in thousands)  
   
 September 30,December 31,
  2024 2023 
Assets  
Cash and due from banks$ 250,788$173,811 
Short-term interest-bearing accounts 231,671 31,378 
Equity securities, at fair value 41,974 37,591 
Securities available for sale, at fair value 1,509,338 1,430,858 
Securities held to maturity (fair value $781,868 and $814,524, respectively) 854,941 905,267 
Federal Reserve and Federal Home Loan Bank stock 37,732 45,861 
Loans held for sale 3,713 3,371 
Loans 9,907,041 9,650,713 
Less allowance for loan losses 119,500 114,400 
Net loans$ 9,787,541$9,536,313 
Premises and equipment, net 80,133 80,675 
Goodwill 362,010 361,851 
Intangible assets, net 35,843 40,443 
Bank owned life insurance 271,178 265,732 
Other assets 372,690 395,889 
Total assets$ 13,839,552$13,309,040 
   
Liabilities and stockholders' equity  
Demand (noninterest bearing)$ 3,476,218$3,413,829 
Savings, NOW and money market 6,678,936 6,230,456 
Time 1,433,124 1,324,709 
Total deposits$ 11,588,278$10,968,994 
Short-term borrowings 204,959 386,651 
Long-term debt 29,682 29,796 
Subordinated debt, net 120,829 119,744 
Junior subordinated debt 101,196 101,196 
Other liabilities 272,628 276,968 
Total liabilities$ 12,317,572$11,883,349 
   
Total stockholders' equity$ 1,521,980$1,425,691 
   
Total liabilities and stockholders' equity$ 13,839,552$13,309,040 
   


NBT Bancorp Inc. and Subsidiaries     
Consolidated Statements of Income    
(unaudited, in thousands except per share data)    
     
 Three Months EndedNine Months Ended
 September 30,September 30,
  2024 2023  2024  2023 
Interest, fee and dividend income    
Interest and fees on loans$ 141,991$122,097 $ 411,743 $329,931 
Securities available for sale 7,815 7,495  22,501  22,604 
Securities held to maturity 5,042 5,281  15,535  15,307 
Other 1,382 2,221  4,154  4,033 
Total interest, fee and dividend income$ 156,230$137,094 $ 453,933 $371,875 
Interest expense    
Deposits$ 49,106$30,758 $ 140,133 $61,888 
Short-term borrowings 1,431 7,612  7,751  20,657 
Long-term debt 292 294  873  631 
Subordinated debt 1,810 1,612  5,416  4,281 
Junior subordinated debt 1,922 1,923  5,743  5,372 
Total interest expense$ 54,561$42,199 $ 159,916 $92,829 
Net interest income$ 101,669$94,895 $ 294,017 $279,046 
Provision for loan losses 2,920 3,883  17,398  11,398 
Provision for loan losses - acquisition day 1 non-PCD - 8,750  -  8,750 
Total provision for loan losses$ 2,920$12,633 $ 17,398 $20,148 
Net interest income after provision for loan losses$ 98,749$82,262 $ 276,619 $258,898 
Noninterest income    
Service charges on deposit accounts$ 4,340$3,979 $ 12,676 $11,260 
Card services income 5,897 5,503  16,679  15,469 
Retirement plan administration fees 14,578 12,798  43,663  35,995 
Wealth management 10,929 9,297  30,799  25,611 
Insurance services 4,913 4,361  13,149  12,008 
Bank owned life insurance income 1,868 1,568  6,054  4,974 
Net securities gains (losses) 476 (183) 2,567  (9,822)
Other 2,773 2,913  8,811  8,195 
Total noninterest income$ 45,774$40,236 $ 134,398 $103,690 
Noninterest expense    
Salaries and employee benefits$ 59,641$49,248 $ 170,738 $144,237 
Technology and data services 9,920 9,677  28,919  27,989 
Occupancy 7,754 7,090  23,523  21,233 
Professional fees and outside services 4,871 4,149  14,289  12,486 
Amortization of intangible assets 2,062 1,609  6,363  2,603 
Reserve for unfunded loan commitments 250 460  (580) (270)
Acquisition expenses 543 7,917  543  9,724 
Other 10,704 10,647  33,311  30,911 
Total noninterest expense$ 95,745$90,797 $ 277,106 $248,913 
Income before income tax expense$ 48,778$31,701 $ 133,911 $113,675 
Income tax expense 10,681 7,095  29,275  25,339 
   Net income$ 38,097$24,606 $ 104,636 $88,336 
Earnings Per Share    
Basic$ 0.81$0.54 $ 2.22 $2.02 
Diluted$ 0.80$0.54 $ 2.21 $2.01 
     


NBT Bancorp Inc. and Subsidiaries     
Quarterly Consolidated Statements of Income     
(unaudited, in thousands except per share data)     
      
  2024  2023 
 3rd Q2nd Q1st Q4th Q3rd Q
Interest, fee and dividend income     
Interest and fees on loans$ 141,991$136,606 $133,146 $132,738$122,097 
Securities available for sale 7,815 7,562  7,124  7,208 7,495 
Securities held to maturity 5,042 5,190  5,303  5,374 5,281 
Other 1,382 1,408  1,364  5,594 2,221 
Total interest, fee and dividend income$ 156,230$150,766 $146,937 $150,914$137,094 
Interest expense     
Deposits$ 49,106$46,688 $44,339 $42,753$30,758 
Short-term borrowings 1,431 2,899  3,421  4,951 7,612 
Long-term debt 292 291  290  294 294 
Subordinated debt 1,810 1,806  1,800  1,795 1,612 
Junior subordinated debt 1,922 1,908  1,913  1,948 1,923 
Total interest expense$ 54,561$53,592 $51,763 $51,741$42,199 
Net interest income$ 101,669$97,174 $95,174 $99,173$94,895 
Provision for loan losses$ 2,920$8,899 $5,579 $5,126$3,883 
Provision for loan losses - acquisition day 1 non-PCD - -  -  - 8,750 
Total provision for loan losses$ 2,920$8,899 $5,579 $5,126$12,633 
Net interest income after provision for loan losses$ 98,749$88,275 $89,595 $94,047$82,262 
Noninterest income     
Service charges on deposit accounts$ 4,340$4,219 $4,117 $4,165$3,979 
Card services income 5,897 5,587  5,195  5,360 5,503 
Retirement plan administration fees 14,578 14,798  14,287  11,226 12,798 
Wealth management 10,929 10,173  9,697  9,152 9,297 
Insurance services 4,913 3,848  4,388  3,659 4,361 
Bank owned life insurance income 1,868 1,834  2,352  1,776 1,568 
Net securities gains (losses) 476 (92) 2,183  507 (183)
Other 2,773 2,865  3,173  2,643 2,913 
Total noninterest income$ 45,774$43,232 $45,392 $38,488$40,236 
Noninterest expense     
Salaries and employee benefits$ 59,641$55,393 $55,704 $50,013$49,248 
Technology and data services 9,920 9,249  9,750  10,174 9,677 
Occupancy 7,754 7,671  8,098  7,175 7,090 
Professional fees and outside services 4,871 4,565  4,853  5,115 4,149 
Amortization of intangible assets 2,062 2,133  2,168  2,131 1,609 
Reserve for unfunded loan commitments 250 (380) (450) 300 460 
Impairment of a minority interest equity investment - -  -  4,750 - 
Acquisition expenses 543 -  -  254 7,917 
Other 10,704 10,957  11,650  12,839 10,647 
Total noninterest expense$ 95,745$89,588 $91,773 $92,751$90,797 
Income before income tax expense$ 48,778$41,919 $43,214 $39,784$31,701 
Income tax expense 10,681 9,203  9,391  9,338 7,095 
   Net income$ 38,097$32,716 $33,823 $30,446$24,606 
Earnings Per Share     
Basic$ 0.81$0.69 $0.72 $0.65$0.54 
Diluted$ 0.80$0.69 $0.71 $0.64$0.54 
      


NBT Bancorp Inc. and Subsidiaries           
Average Quarterly Balance Sheets           
(unaudited, dollars in thousands)           
            
  Average BalanceYield / RatesAverage BalanceYield / RatesAverage BalanceYield / RatesAverage BalanceYield / RatesAverage BalanceYield / Rates
  Q3 - 2024Q2 - 2024Q1 - 2024Q4 - 2023Q3 - 2023
Assets           
Short-term interest-bearing accounts $ 62,2104.87%$48,8615.48%$47,9724.48%$319,9075.59%$121,3844.26%
Securities taxable(1)  2,266,9301.99% 2,280,7671.97% 2,278,0291.91% 2,310,4091.88% 2,364,8091.90%
Securities tax-exempt(1)(5)  217,2513.47% 226,0323.56% 230,4683.58% 232,5753.51% 219,4273.34%
FRB and FHLB stock  35,3956.97% 40,2837.41% 42,2967.89% 47,9948.98% 53,8416.76%
Loans(1)(6)  9,865,4125.74% 9,772,0145.63% 9,674,8925.54% 9,653,1915.47% 9,043,5825.36%
Total interest-earning assets $ 12,447,1985.01%$12,367,9574.92%$12,273,6574.84%$12,564,0764.79%$11,803,0434.63%
Other assets  1,072,277  1,064,487  1,055,386  1,052,024  968,220 
Total assets $ 13,519,475 $13,432,444 $13,329,043 $13,616,100 $12,771,263 
Liabilities and stockholders' equity           
Money market deposit accounts $ 3,342,8453.68%$3,254,2523.65%$3,129,1603.56%$3,045,5313.43%$2,422,4512.91%
NOW deposit accounts  1,600,5470.87% 1,603,6950.78% 1,600,2880.75% 1,645,4010.80% 1,513,4200.57%
Savings deposits  1,566,3160.05% 1,586,7530.05% 1,607,6590.04% 1,666,9150.04% 1,707,0940.04%
Time deposits  1,442,4244.00% 1,391,0624.00% 1,352,5594.00% 1,343,5483.81% 1,178,3523.60%
Total interest-bearing deposits $ 7,952,1322.46%$7,835,7622.40%$7,689,6662.32%$7,701,3952.20%$6,821,3171.79%
Federal funds purchased  2,6095.34% 29,9455.56% 19,7695.53% 2175.48% 6,0335.39%
Repurchase agreements  98,0352.80% 86,4051.55% 82,4191.55% 82,3871.59% 71,5161.40%
Short-term borrowings  48,8755.74% 155,1595.58% 213,3905.34% 345,2505.31% 540,3805.34%
Long-term debt  29,6963.91% 29,7343.94% 29,7723.92% 29,8093.91% 29,8003.91%
Subordinated debt, net  120,5945.97% 120,2396.04% 119,8736.04% 119,5315.96% 109,1605.86%
Junior subordinated debt  101,1967.56% 101,1967.58% 101,1967.60% 101,1967.64% 101,1967.54%
Total interest-bearing liabilities $ 8,353,1372.60%$8,358,4402.58%$8,256,0852.52%$8,379,7852.45%$7,679,4022.18%
Demand deposits  3,389,894  3,323,906  3,356,607  3,535,815  3,498,424 
Other liabilities  292,446  306,747  286,749  326,857  287,751 
Stockholders' equity  1,483,998  1,443,351  1,429,602  1,373,643  1,305,686 
Total liabilities and stockholders' equity $ 13,519,475 $13,432,444 $13,329,043 $13,616,100 $12,771,263 
Interest rate spread  2.41% 2.34% 2.32% 2.34% 2.45%
Net interest margin (FTE)(1)  3.27% 3.18% 3.14% 3.15% 3.21%
            


NBT Bancorp Inc. and Subsidiaries       
Average Year-to-Date Balance Sheets
    
(unaudited, dollars in thousands)       
        
  Average Yield/Average Yield/
  BalanceInterestRates BalanceInterestRates
Nine Months Ended September 30,  2024  2023 
Assets       
Short-term interest-bearing accounts $ 53,048 $ 1,963 4.94%$61,677 $1,751 3.80%
Securities taxable(1)  2,275,212  33,336 1.96% 2,400,237  34,218 1.91%
Securities tax-exempt(1)(5)  224,557  5,950 3.54% 207,812  4,675 3.01%
FRB and FHLB stock  39,310  2,191 7.45% 48,860  2,282 6.24%
Loans(1)(6)  9,771,118  412,448 5.64% 8,516,793  330,314 5.19%
Total interest-earning assets $ 12,363,245 $ 455,888 4.93%$11,235,379 $373,240 4.44%
Other assets  1,064,080    880,655   
Total assets $ 13,427,325   $12,116,034   
Liabilities and stockholders' equity       
Money market deposit accounts $ 3,242,453 $ 88,185 3.63%$2,207,126 $36,107 2.19%
NOW deposit accounts  1,601,507  9,630 0.80% 1,525,089  4,989 0.44%
Savings deposits  1,586,834  541 0.05% 1,732,205  462 0.04%
Time deposits  1,395,520  41,777 4.00% 893,407  20,330 3.04%
Total interest-bearing deposits $ 7,826,314 $ 140,133 2.39%$6,357,827 $61,888 1.30%
Federal funds purchased  17,387  721 5.54% 32,784  1,266 5.16%
Repurchase agreements  88,986  1,340 2.01% 66,162  416 0.84%
Short-term borrowings  138,812  5,690 5.48% 485,804  18,975 5.22%
Long-term debt  29,734  873 3.92% 22,373  631 3.77%
Subordinated debt, net  120,237  5,416 6.02% 101,114  4,281 5.66%
Junior subordinated debt  101,196  5,743 7.58% 101,196  5,372 7.10%
Total interest-bearing liabilities $ 8,322,666 $ 159,916 2.57%$7,167,260 $92,829 1.73%
Demand deposits  3,356,923    3,439,275   
Other liabilities  295,303    271,307   
Stockholders' equity  1,452,433    1,238,192   
Total liabilities and stockholders' equity$ 13,427,325   $12,116,034   
Net interest income (FTE)(1)  $ 295,972   $280,411  
Interest rate spread   2.36%  2.71%
Net interest margin (FTE)(1)   3.20%  3.34%
Taxable equivalent adjustment  $ 1,955   $1,365  
Net interest income  $ 294,017   $279,046  
        


(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 
  3rd Q2nd Q1st Q4th Q3rd Q
 Operating net income     
 Net income$ 38,097 $32,716 $33,823 $30,446 $24,606 
 Acquisition expenses 543  -  -  254  7,917 
 Acquisition-related provision for credit losses -  -  -  -  8,750 
 Acquisition-related reserve for unfunded loan commitments -  -  -  -  836 
 Impairment of a minority interest equity investment -  -  -  4,750  - 
 Securities (gains) losses (476) 92  (2,183) (507) 183 
 Adjustments to net income$ 67 $92 $(2,183)$4,497 $17,686 
 Adjustments to net income (net of tax)$ 52 $72 $(1,703)$3,435 $13,730 
 Operating net income$ 38,149 $32,788 $32,120 $33,881 $38,336 
 Operating diluted earnings per share$ 0.80 $0.69 $0.68 $0.72 $0.84 
       
  9 Months Ended September 30,   
   2024  2023    
 Operating net income     
 Net income$ 104,636 $88,336    
 Acquisition expenses 543  9,724    
 Acquisition-related provision for credit losses -  8,750    
 Acquisition-related reserve for unfunded loan commitments -  836    
 Securities (gains) losses (2,567) 9,822    
 Adjustments to net income$ (2,024)$29,132    
 Adjustments to net income (net of tax)$ (1,579)$22,577    
 Operating net income$ 103,057 $110,913    
 Operating diluted earnings per share$ 2.17 $2.53    
       
   2024  2023 
  3rd Q2nd Q1st Q4th Q3rd Q
 FTE adjustment     
 Net interest income$ 101,669 $97,174 $95,174 $99,173 $94,895 
 Add: FTE adjustment 639  658  658  669  568 
 Net interest income (FTE)$ 102,308 $97,832 $95,832 $99,842 $95,463 
 Average earning assets$ 12,447,198 $12,367,957 $12,273,657 $12,564,076 $11,803,043 
 Net interest margin (FTE)(3) 3.27% 3.18% 3.14% 3.15% 3.21%
       
  9 Months Ended September 30,   
   2024  2023    
 FTE adjustment     
 Net interest income$ 294,017 $279,046    
 Add: FTE adjustment 1,955  1,365    
 Net interest income (FTE)$ 295,972 $280,411    
 Average earning assets$ 12,363,245 $11,235,379    
 Net interest margin (FTE)(3) 3.20% 3.34%   
       
 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 
  3rd Q2nd Q1st Q4th Q3rd Q
 Tangible equity to tangible assets     
 Total equity$ 1,521,980 $1,461,955 $1,441,415 $1,425,691 $1,362,821 
 Intangible assets 397,853  398,686  400,819  402,294  402,745 
 Total assets$ 13,839,552 $13,501,909 $13,439,199 $13,309,040 $13,827,628 
 Tangible equity to tangible assets 8.36% 8.11% 7.98% 7.93% 7.15%
       
   2024  2023 
  3rd Q2nd Q1st Q4th Q3rd Q
 Return on average tangible common equity    
 Net income$ 38,097 $32,716 $33,823 $30,446 $24,606 
 Amortization of intangible assets (net of tax) 1,547  1,600  1,626  1,599  1,206 
 Net income, excluding intangibles amortization$ 39,644 $34,316 $35,449 $32,045 $25,812 
       
 Average stockholders' equity$ 1,483,998 $1,443,351 $1,429,602 $1,373,643 $1,305,686 
 Less: average goodwill and other intangibles 399,113  399,968  401,756  401,978  350,912 
 Average tangible common equity$ 1,084,885 $1,043,383 $1,027,846 $971,665 $954,774 
 Return on average tangible common equity(3) 14.54% 13.23% 13.87% 13.08% 10.73%
       
  9 Months Ended September 30,   
   2024  2023    
 Return on average tangible common equity    
 Net income$ 104,636 $88,336    
 Amortization of intangible assets (net of tax) 4,772  1,952    
 Net income, excluding intangibles amortization$ 109,408 $90,288    
       
 Average stockholders' equity$ 1,452,433 $1,238,192    
 Less: average goodwill and other intangibles 400,275  309,309    
 Average tangible common equity$ 1,052,158 $928,883    
 Return on average tangible common equity(3) 13.89% 13.00%   
       
(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.
       

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FAQ

What was NBT Bancorp's (NBTB) earnings per share in Q3 2024?

NBT Bancorp reported diluted earnings per share of $0.80 in Q3 2024, compared to $0.54 in Q3 2023.

What is NBT Bancorp's (NBTB) dividend for Q4 2024?

NBT Bancorp declared a Q4 2024 cash dividend of $0.34 per share, representing a 6.3% increase from Q4 2023.

When will NBT Bancorp's (NBTB) merger with Evans Bancorp close?

The merger with Evans Bancorp is expected to close in the second quarter of 2025, subject to regulatory and shareholder approvals.

What was NBT Bancorp's (NBTB) net interest margin in Q3 2024?

NBT Bancorp's net interest margin was 3.27% in Q3 2024, up 9 basis points from the previous quarter.

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NBT Bancorp Inc

NASDAQ:NBTB

NBTB Rankings

#1859 Ranked by Market Cap
#1136 Ranked by Dividends

NBTB Latest News

Oct 31, 2024
Evans Bancorp Reports Net Income of $2.9 Million In Third Quarter 2024
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
Jul 22, 2024
NBT Bancorp Inc. Announces Second Quarter 2024 Results and Approves a 6.3% Cash Dividend Increase
Jul 1, 2024
NBT Bancorp Inc. Announces Date of Second Quarter Conference Call

NBTB Stock Data

2.40B
47.17M
3.32%
62.39%
1.87%
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