Loan Portfolio and Credit Risk - As of December 31, 2024, approximately 53% of the Company's loan portfolio consisted of commercial and industrial, agricultural, commercial construction, and CRE loans, which generally expose the Company to greater risk of non-payment and loss compared to residential real estate loans [126]. - The Company's allowance for credit losses may not be sufficient to cover actual loan losses, which could adversely affect its financial condition and results of operations [128]. - A significant portion of the Company's loan portfolio was secured by real estate, which may expose it to environmental liabilities [145]. Financial Condition and Regulatory Compliance - The Company had total assets of approximately $13.79 billion as of December 31, 2024, which subjects it to enhanced supervisory requirements under the Dodd-Frank Act [140]. - The Company is subject to extensive government regulation, which may interfere with its business operations and negatively impact financial results [138]. - Compliance with extensive federal and state regulations may increase operational costs and impact financial results [138]. Competition and Market Risks - The Company faces strong competition from various financial institutions, which could adversely affect its performance and growth [129]. - The market price of the Company's common stock may decline post-Merger if expected benefits are not realized [160]. Liquidity and Operational Management - Liquidity management is crucial for the Company, with a focus on maintaining a basic surplus measure above the minimum policy level of 5% to meet cash flow obligations [132]. - The Company relies on third-party vendors for key business operations, and any issues with these vendors could negatively impact its ability to deliver services [135]. Mergers and Acquisitions - The Merger with Evans may lead to challenges in integration and realization of anticipated synergies, affecting operational efficiency [165]. - The Company expects to incur substantial costs related to the Merger, which could adversely impact future earnings per share if not completed [166]. - The Merger Agreement may be terminated, which could negatively impact the Company's stock price and future business [163]. - The integration of the Company and Evans is expected to be complex and time-consuming, potentially diverting management's focus from existing customers and strategic opportunities [165]. - Unexpected transaction costs or future operating expenses could materially affect the financial condition of the combined company, potentially leading to a dilutive effect on EPS [167]. - Estimates regarding the future value of the combined company, including projected revenue and earnings expectations, are inherently uncertain and subject to various risks [168]. Cybersecurity and Operational Risks - The Company faces operational risks related to cybersecurity, which could materially harm its financial condition and result in significant costs [151]. - The Company may experience financial losses or reputational harm due to fraud, despite substantial resources devoted to prevention [156]. - The Company is exposed to risks associated with technological changes, including the need to adapt to AI and other innovations to remain competitive [157]. Legal and Environmental Liabilities - The Company is involved in legal proceedings that may result in costs exceeding established reserves, potentially impacting financial results [150]. - Environmental liabilities associated with properties in the loan portfolio could result in significant financial loss for the Company [145]. Shareholder Rights and Dividends - The Company has no preemptive rights for future stock issuances, which could dilute existing shareholders' equity [159]. - Following the merger, the company may not maintain current dividend rates due to various factors including cash flow and board discretion [169]. - Decisions regarding future dividends will be at the discretion of the Board, which can change dividend practices at any time [170]. Management and Personnel Risks - The Company relies heavily on its executive management team, and the loss of key personnel could negatively impact operations [172].

Company Overview - NBT Bancorp (NBTB) is headquartered in Norwich and operates in the Finance sector, with a stock price change of 0% since the start of the year [3] - The company currently pays a dividend of $0.34 per share, resulting in a dividend yield of 2.85%, which is higher than the Banks - Northeast industry's yield of 2.51% and the S&P 500's yield of 1.53% [3] Dividend Performance - NBT Bancorp's current annualized dividend of $1.36 has increased by 3% from the previous year, with a historical average annual increase of 5.42% over the past five years [4] - The company's payout ratio stands at 46%, indicating that it distributes 46% of its trailing 12-month earnings per share as dividends [4] Earnings Growth - The Zacks Consensus Estimate for NBT Bancorp's earnings per share for 2025 is $3.69, reflecting a year-over-year growth rate of 25.51% [5] Investment Appeal - NBT Bancorp is viewed as a compelling investment opportunity due to its attractive dividend yield and strong earnings growth potential, supported by a Zacks Rank of 2 (Buy) [7]

Financial Data and Key Metrics Changes - For Q4 2024, the company reported net income of $36 million or $0.76 per share, with operating earnings per share at $0.77, a decrease of $0.03 compared to the prior quarter [11] - Tangible book value per share increased to $23.88, up $0.05 from the end of Q3 2024, marking an all-time high [12] - Total loans increased by $319 million or 3.3% year-over-year, with a more significant increase of $479 million or 6% when excluding portfolios in planned runoff [12] - Total deposits rose by $578 million or 5.3% from December 2023, reaching $11.6 billion [13] - Net interest income for Q4 2024 was $4.4 million above the linked third quarter, with a net interest margin of 3.34%, up 7 basis points from the prior quarter [15] Business Line Data and Key Metrics Changes - Non-interest income accounted for 30% of total revenues in 2024, with each non-banking business achieving record revenue and earnings [6] - Fee income was $42.2 million, an increase of 11.1% compared to Q4 2023, although seasonally lower than the previous quarter [17] - Operating expenses, excluding merger costs, were $99.8 million for the quarter, a 4.8% increase from the linked third quarter [18] Market Data and Key Metrics Changes - The company is positioned to benefit from growth in the Upstate New York semiconductor chip corridor, with ongoing investments and expansions in the region [7][8] - The merger with Evans Bancorp, a $2.3 billion community bank, is expected to enhance the company's market presence in Western New York [9] Company Strategy and Development Direction - The company aims to expand its footprint in Western New York, enhancing its market share and positioning as a leading community bank [9] - The focus remains on organic growth and capitalizing on opportunities in the semiconductor sector, with a commitment to maintaining a strong capital position [22][23] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about loan growth opportunities, citing stability and planned investments in core markets [71] - The company anticipates continued positive trends in net interest margin and income, supported by a favorable funding mix and lower deposit costs [22][84] Other Important Information - The company declared a quarterly cash dividend of $0.34, a 6.3% increase from the previous year, marking the 12th consecutive year of dividend increases [6] - The company recorded a loan loss provision expense of $2.2 million in Q4, which was lower than the prior quarter, reflecting a decrease in net charge-offs [19] Q&A Session Summary Question: Margin trends and loan pricing - Management confirmed expectations for loan cash flows to reprice into higher rates, with current loan pricing being significantly higher than portfolio rates [30] Question: Expense outlook - The run rate for operating expenses is expected to be between $97 million and $99 million for the first half of 2025, considering merit increases [34][46] Question: Loan loss reserve trends - The decrease in the coverage ratio for commercial real estate is related to specific reserves being released due to charge-offs [36] Question: Growth opportunities in fee-based businesses - Management is optimistic about growth in retirement plan administration, wealth management, and insurance, with a compounded growth rate of 9% over the past five years [50] Question: Evans merger timeline and integration - The merger is expected to close in Q2 2025, with a focus on simultaneous core systems conversion to mitigate risks [59] Question: Future M&A opportunities - Management is focused on successfully integrating Evans before considering additional M&A opportunities, with potential for organic growth in existing markets [96][102]

Group 1 - NBT Bancorp reported $149.15 million in revenue for the quarter ended December 2024, an 8.4% year-over-year increase [1] - The EPS for the same period was $0.77, compared to $0.72 a year ago, indicating growth [1] - The reported revenue exceeded the Zacks Consensus Estimate of $148.24 million by 0.62%, while the EPS fell short of the consensus estimate of $0.78 by 1.28% [1] Group 2 - Key metrics indicate that NBT's net interest margin (FTE) was 3.3%, matching the average estimate [4] - Total Noninterest Income was reported at $42.43 million, slightly below the estimated $42.86 million [4] - Net interest income (FTE) was $106.72 million, surpassing the average estimate of $105.38 million [4] Group 3 - NBT's shares have returned -0.8% over the past month, while the Zacks S&P 500 composite increased by 1.1% [3] - The stock currently holds a Zacks Rank 2 (Buy), suggesting potential outperformance against the broader market in the near term [3]

分组1 - NBT Bancorp reported quarterly earnings of $0.77 per share, missing the Zacks Consensus Estimate of $0.78 per share, but showing an increase from $0.72 per share a year ago, resulting in an earnings surprise of -1.28% [1] - The company posted revenues of $149.15 million for the quarter ended December 2024, surpassing the Zacks Consensus Estimate by 0.62% and increasing from $137.66 million year-over-year [2] - NBT has surpassed consensus revenue estimates four times over the last four quarters, indicating a positive trend in revenue performance [2] 分组2 - The stock has added about 0.5% since the beginning of the year, underperforming compared to the S&P 500's gain of 3.7% [3] - The current consensus EPS estimate for the coming quarter is $0.79 on revenues of $149.67 million, and for the current fiscal year, it is $3.46 on revenues of $671.63 million [7] - The Zacks Industry Rank for Banks - Northeast is currently in the top 11% of over 250 Zacks industries, suggesting a favorable outlook for the industry [8]

Financial Performance - Net income for Q4 2024 was $36.0 million, or $0.76 per diluted share, up from $30.4 million, or $0.64 per diluted share in Q4 2023, representing a 18.4% increase [3]. - Full year net income for 2024 was $140.6 million, or $2.97 per diluted share, compared to $118.8 million, or $2.65 per diluted share in 2023, reflecting an 18.3% year-over-year growth [4]. - Diluted earnings per share for 2024 were $2.97, an increase from $2.65 in 2023, representing an increase of 12.1% [27]. - Net income for Q4 2024 was $36,005,000, representing a 18.5% increase from $30,446,000 in Q4 2023 [33]. - Net income for the 12 months ended December 31, 2024, was $140,641,000, an increase from $118,782,000 in 2023 [43]. Loan and Deposit Growth - Total loans at the end of Q4 2024 were $9.97 billion, an increase of $319.2 million, or 3.3%, from $9.65 billion at the end of Q4 2023 [8]. - Total deposits as of December 31, 2024, were $11.55 billion, up $577.8 million, or 5.3%, from $10.97 billion at the end of Q4 2023 [8]. - Total loans reached $9,969,910 thousand in Q4 2024, compared to $9,907,041 thousand in Q3 2024, reflecting a 0.6% growth [29]. - Total deposits increased to $11,546,761 thousand in 2024 from $10,968,994 thousand in 2023, marking a 5.3% rise [31]. Interest Income and Margin - Net interest income for Q4 2024 was $106.1 million, a 4.4% increase from Q3 2024 and a 7.0% increase from Q4 2023 [12]. - The net interest margin (NIM) for Q4 2024 was 3.34%, up 7 basis points from the prior quarter and up 19 basis points from the same quarter in the prior year [12]. - Net interest income for Q4 2024 reached $106,105,000, up from $99,173,000 in Q4 2023, indicating a 7.4% increase [41]. - The net interest margin (FTE) for Q4 2024 was 3.34%, an increase from 3.15% in Q4 2023 [41]. - Net interest income after provision for loan losses for Q4 2024 was $103,896,000, up 10.0% from $94,047,000 in Q4 2023 [33]. Asset and Equity Growth - Total assets of NBT Bancorp Inc. reached $13.79 billion as of December 31, 2024 [20]. - Total assets grew to $13,786,666 thousand in 2024, compared to $13,309,040 thousand in 2023, an increase of 3.6% [31]. - Stockholders' equity increased to $1,517,788 thousand in Q4 2024, up from $1,373,643 thousand in Q4 2023, representing a growth of 10.5% year-over-year [37]. - Total equity as of Q4 2024 was $1,526,141,000, up from $1,425,691,000 in Q4 2023, reflecting a 7% increase [43]. Nonperforming Loans and Allowance for Loan Losses - Nonaccrual loans increased to $45,819 thousand in Q4 2024 from $33,338 thousand in Q3 2024, representing a 37.4% increase [29]. - Total nonperforming loans rose to $51,617 thousand in Q4 2024, up from $37,319 thousand in Q3 2024, indicating a 38.3% increase [29]. - The allowance for loan losses decreased to $116,000 thousand in Q4 2024 from $119,500 thousand in Q3 2024, a decline of 2.1% [29]. - The ratio of total nonperforming loans to total loans was 0.52% in Q4 2024, up from 0.38% in Q3 2024 [29]. Dividends and Capital Ratios - The Board of Directors declared a cash dividend of $0.34 per share, a 6.3% increase from the previous quarter [15]. - The CET1 capital ratio was 11.93% and the leverage ratio was 10.24% as of December 31, 2024 [16]. - Common equity tier 1 capital ratio was 11.93% in Q4 2024, up from 11.57% in Q4 2023 [27]. - Tangible equity to tangible assets ratio improved to 8.42% in Q4 2024 from 7.93% in Q4 2023 [43]. Acquisitions and Mergers - The company completed the acquisition of Salisbury Bancorp, adding $1.18 billion in loans and $1.31 billion in deposits [4]. - The merger with Evans Bancorp is expected to close in Q2 2025, with regulatory approval received and strong shareholder support [5].

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 2 ...

Wall Street analysts expect NBT Bancorp (NBTB) to post quarterly earnings of $0.78 per share in its upcoming report, which indicates a year-over-year increase of 8.3%. Revenues are expected to be $148.24 million, up 7.7% from the year-ago quarter.The consensus EPS estimate for the quarter has remained unchanged over the last 30 days. This reflects how the analysts covering the stock have collectively reevaluated their initial estimates during this timeframe.Prior to a company's earnings announcement, it is ...

NORWICH, N.Y., Jan. 02, 2025 (GLOBE NEWSWIRE) -- NBT Bancorp Inc. (“NBT” or the “Company”) (NASDAQ: NBTB) will release details of its financial results for the fourth quarter 2024 on Monday, January 27, 2025, following the market close. The Company will host a conference call at 10:00 a.m. (Eastern) Tuesday, January 28, 2025, to review these 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/prese ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2024. OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________ to ________. COMMISSION FILE NUMBER 0-14703 NBT BANCORP INC. (Exact name of registrant as specified in its charter) Delaware 16-1268674 (State o ...