Welcome to our dedicated page for NBT Bancorp news (Ticker: NBTB), a resource for investors and traders seeking the latest updates and insights on NBT Bancorp stock.
NBT Bancorp Inc., headquartered in Norwich, NY, is a prominent financial services holding company operating through its key subsidiary, NBT Bank, N.A. This full-service community bank maintains over 155 locations across six states: New York, Pennsylvania, Vermont, Massachusetts, New Hampshire, and Maine, providing a broad spectrum of retail and commercial banking products along with trust and investment services.
Aside from traditional banking, NBT Bancorp also oversees EPIC Advisors, Inc., a comprehensive 401(k) plan recordkeeping firm based in Rochester, NY, and NBT-Mang Insurance Agency, a full-service insurance agency headquartered in Norwich, NY. The company's principal revenue sources include management fees and dividends from its subsidiaries.
With a diversified loan portfolio, NBT Bank offers consumer, home equity, mortgage, business banking, and commercial loans, with nearly half of its loan portfolio dedicated to commercial loans. This strategic focus on commercial lending underscores the bank's commitment to serving individuals, corporations, and municipalities effectively.
Recent financial highlights include robust performance in net interest income and margin, noninterest income, and forward-looking statements that project continued growth and stability. The bank's consistent quarterly financial results reflect its resilient business model and proactive financial management.
- Second Quarter Financial Highlights: Notable gains in net interest income and net interest margin.
- Third Quarter Financial Highlights: Continued strong financial performance and strategic growth initiatives.
- First Quarter 2024 Financial Highlights: Steady earnings and operational efficiency.
Emphasizing community banking values and a comprehensive service portfolio, NBT Bancorp Inc. remains a vital player in the financial services sector, committed to delivering value to its shareholders and customers alike.
NBT Bancorp reported a net income of $33.7 million, or $0.78 per diluted share, for Q1 2023, a decrease from $39.1 million in Q1 2022. The company's net interest income rose by 18% year-over-year due to higher yields influenced by Federal Reserve rate increases, despite higher costs of interest-bearing liabilities. A provision for loan losses of $3.9 million was recorded, significantly higher than $0.6 million in the previous year. Noninterest income decreased to $36.4 million, reflecting a $4.0 million drop in card services income due to the Durbin Amendment's impact. NBT completed a substantial merger approval, expecting finalization by late Q2 2023. The CET1 capital ratio stood at 12.28%, maintaining strong capital positions amid market volatility.
NBT Bancorp Inc. (NASDAQ: NBTB) announced that on April 12, 2023, shareholders of Salisbury Bancorp, Inc. overwhelmingly approved the proposed merger with NBT. Over 72% of Salisbury's shares were represented, and more than 92% of votes favored the merger. NBT's President and CEO, John H. Watt, Jr., expressed excitement over the strong shareholder support and emphasized plans for a seamless integration of operations. The merger, initially announced on December 5, 2022, is expected to close in the second quarter of 2023, pending regulatory approvals. Salisbury, recognized for its community banking franchise, operates 14 banking locations across Connecticut and New York. NBT's total assets were reported at $11.74 billion as of December 31, 2022, with a broad range of banking and financial services offered. Regulatory risks and potential operational challenges post-merger have been acknowledged.
NBT Bancorp Inc. will release its financial results for Q1 2023 on April 24, 2023, after market close. A conference call is scheduled for April 25, 2023, at 8:30 a.m. Eastern Time to discuss the results. The audio webcast and presentation slides will be accessible on the company’s Event Calendar page. NBT Bancorp, based in Norwich, NY, has total assets of $11.74 billion as of December 31, 2022, and operates 140 banking locations across several states, alongside financial services and insurance operations.
NBT Bancorp reported a net income of $152.0 million or $3.52 per diluted share for the year ending December 31, 2022, showing a slight decline from $154.9 million or $3.54 per share the previous year. Total revenues increased by 8.1% to $525.1 million, while operating expenses rose by 6.0%. The net interest income improved due to higher yields from rising Federal Funds rates, although there was a decrease in income from the Paycheck Protection Program. A dividend of $0.30 per share was approved, reflecting a 7.1% increase. The merger with Salisbury Bancorp is expected to close in Q2 2023.
NBT Bancorp Inc. (NASDAQ: NBTB) will announce its fourth-quarter 2022 financial results on January 23, 2023, after market close. A conference call is scheduled for January 24, 2023, at 8:30 a.m. Eastern Time to discuss these results. The call will be accessible via an audio webcast, and the presentation slides will be available on the company's Event Calendar page. NBT Bancorp, headquartered in Norwich, NY, boasts total assets of $11.64 billion as of September 30, 2022, and operates through a network of 140 banking locations in multiple states.
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