NBT Bancorp Inc - NBTB STOCK NEWS

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.

NBT Bancorp Inc. (NBT) and Salisbury Bancorp, Inc. (Salisbury) have announced a definitive merger agreement valued at approximately $204 million. Under this agreement, Salisbury shareholders will receive 0.7450 shares of NBT stock per share of Salisbury, equating to $35.00 per share. The merger, expected to close in Q2 2023, aims to enhance market presence and operational scale, particularly in the Hudson Valley Region. Post-merger, NBT anticipates a 9.8% accretion to first full-year proforma GAAP earnings per share.

NBT Bancorp Inc. reported a net income of $39.0 million for Q3 2022, equating to $0.90 per diluted share. This is an increase from $37.4 million in Q3 2021. The company's net interest income rose to $94.8 million, driven by higher yields amid increasing Federal Funds rates. A $0.30 per share dividend was announced for Q4, marking a 7.1% increase year-over-year. However, a provision for loan losses of $4.5 million indicates rising credit risks.

NBT Bancorp Inc. will announce its financial results for Q3 2022 on October 25, 2022, after market close. A conference call is scheduled for October 26, 2022, at 8:30 a.m. Eastern Time to discuss these results.

The company, headquartered in Norwich, NY, reported total assets of $11.72 billion as of June 30, 2022. NBT operates a community bank with 140 locations across several states and offers various financial services.