NBT Bancorp (NBTB)

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NBT Bancorp (NBTB) Expected to Beat Earnings Estimates: Can the Stock Move Higher?
ZACKS· 2024-10-21 15:05
NBT Bancorp (NBTB) is expected to deliver a year-over-year decline in earnings on higher revenues when it reports results for the quarter ended September 2024. This widely-known consensus outlook gives a good sense of the company's earnings picture, but how the actual results compare to these estimates is a powerful factor that could impact its near-term stock price.The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on October ...
What Makes NBT (NBTB) a New Strong Buy Stock
ZACKS· 2024-09-18 17:06
Investors might want to bet on NBT Bancorp (NBTB) , as it has been recently upgraded to a Zacks Rank #1 (Strong Buy). An upward trend in earnings estimates -- one of the most powerful forces impacting stock prices - - has triggered this rating change. The Zacks rating relies solely on a company's changing earnings picture. It tracks EPS estimates for the current and following years from the sell-side analysts covering the stock through a consensus measure -- the Zacks Consensus Estimate. Individual investor ...
NBT Bancorp (NBTB) - 2024 Q2 - Quarterly Report
2024-08-09 20:02
Financial Performance - Net income for Q2 2024 was $32.7 million, an increase of $2.6 million from Q2 2023, with diluted earnings per share at $0.69[119] - Operating net income for Q2 2024 was $32.8 million, or $0.69 per diluted common share, down from $0.80 per diluted common share in Q2 2023[120] - Diluted earnings per share for Q2 2024 was $0.69, a decrease of 1.4% from $0.71 in Q1 2024 and a decrease of 1.4% from $0.70 in Q2 2023[125] Income and Revenue - Net interest income for Q2 2024 was $97.2 million, up $8.1 million or 9.1% from Q2 2023[122] - Noninterest income for Q2 2024 was $43.3 million, up $6.6 million or 18.1% from Q2 2023, representing 31% of total revenues[122] - Noninterest income for Q2 2024 was $43.2 million, a decrease of $2.2 million (4.8%) from the prior quarter, but an increase of $11.2 million (34.9%) from Q2 2023[142] - Total noninterest income for the first half of 2024 was $88.6 million, up $25.2 million (39.7%) from the same period in 2023, driven by increases in retirement plan administration fees and wealth management fees[143] Loan and Deposit Growth - Total loans at the end of the period were $9.85 billion, an increase of $203.6 million or 4.2% annualized from December 31, 2023[122] - Total deposits at the end of the period were $11.27 billion, up $302.5 million or 2.8% from December 31, 2023[122] - Total loans increased by $203.6 million (4.2%) from December 31, 2023, to June 30, 2024, with commercial and industrial loans rising to $1.40 billion[150] - Average deposits rose by $1.57 billion, or 16.5%, compared to the same period last year, primarily due to $1.31 billion in deposits acquired from Salisbury in Q3 2023[170] Interest Income and Expense - Interest income for Q2 2024 increased by $30.2 million, or 25.0%, compared to Q2 2023, driven by a yield increase of 50 basis points to 4.92%[130] - Interest expense for Q2 2024 increased by $22.1 million, or 70.1%, compared to Q2 2023, primarily due to a 110 basis points increase in interest-bearing deposit costs[130] - Net interest income (FTE) for the three months ended June 30, 2024, was $97,832 thousand, compared to $89,487 thousand for the same period in 2023, reflecting an increase of 9.3%[134] Asset Quality and Loan Losses - The provision for loan losses was $8.9 million for Q2 2024, compared to $3.6 million in Q2 2023, reflecting an increase of $5.3 million[122] - The allowance for credit losses totaled $120.5 million at June 30, 2024, up from $100.4 million at June 30, 2023, representing an increase of 20.1% year-over-year[162] - Total nonperforming assets were $38.2 million at June 30, 2024, compared to $19.9 million at June 30, 2023, indicating a 91.5% increase year-over-year[168] - Nonperforming loans at June 30, 2024, were $38.1 million or 0.39% of total loans, unchanged from December 31, 2023, but up from $19.7 million or 0.24% at June 30, 2023[168] Capital and Equity - Stockholders' equity rose to $1.46 billion, representing 10.83% of total assets at June 30, 2024, up from $1.43 billion, or 10.71%, at December 31, 2023[174] - The Company’s Tier 1 leverage ratio was 10.16% and the total risk-based capital ratio was 14.88% as of June 30, 2024, indicating a "well capitalized" status[177] - The average tangible common equity for Q2 2024 was $1,043,383 thousand, reflecting an increase from $1,027,846 thousand in Q1 2024[126] Acquisition and Integration - The Company completed the acquisition of Salisbury in August 2023, which had $1.46 billion in assets[121] - Salaries and employee benefits for Q2 2024 were $55.4 million, an increase from $46.8 million in Q2 2023, primarily due to the Salisbury acquisition[145] Regulatory and Liquidity - The Company considers its Basic Surplus position to be strong, but potential adverse impacts on liquidity are anticipated in 2024 due to rising interest rates and competition for deposits[190] - The Bank's ability to pay dividends is subject to compliance with regulatory capital requirements, which it currently meets[192] - Enhanced liquidity monitoring remains in place to address volatility in the banking system and liquidity risk[190]
NBT Bancorp (NBTB) - 2024 Q2 - Earnings Call Presentation
2024-07-23 13:39
NBT Bancorp Inc. Q2 2024 Earnings Presentation Forward-Looking Statements 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 circumstanc ...
NBT (NBTB) Q2 Earnings: How Key Metrics Compare to Wall Street Estimates
ZACKS· 2024-07-22 23:00
Core Insights - NBT Bancorp reported revenue of $140.41 million for the quarter ended June 2024, marking a year-over-year increase of 15.9% [1] - The earnings per share (EPS) for the same period was $0.69, down from $0.80 a year ago [1] Financial Performance Metrics - The reported revenue exceeded the Zacks Consensus Estimate of $139.02 million, resulting in a surprise of +1.00% [3] - The EPS fell short of the consensus estimate of $0.70, delivering a surprise of -1.43% [3] - Net interest margin (FTE) was reported at 3.2%, slightly above the average estimate of 3.1% [5] - Net charge-offs to average loans were consistent with the average estimate at 0.2% [5] - Total noninterest income was $43.23 million, surpassing the average estimate of $42.71 million [5] - Wealth management income was reported at $10.17 million, exceeding the average estimate of $9.52 million [5] - Net interest income (FTE) was $97.83 million, above the average estimate of $97.14 million [5] Stock Performance - NBT shares have returned +24.9% over the past month, significantly outperforming the Zacks S&P 500 composite's +0.4% change [6] - The stock currently holds a Zacks Rank 4 (Sell), indicating potential underperformance relative to the broader market in the near term [6]
NBT Bancorp (NBTB) - 2024 Q2 - Quarterly Results
2024-07-22 20:30
Exhibit 99.1 FOR IMMEDIATE RELEASE ATTENTION: FINANCIAL AND BUSINESS EDITORS | 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. ANNOUNCES SECOND QUARTER 2024 RESULTS AND APPROVES A 6.3% CASH DIVIDEND INCREASE NORWICH, NY (July 22, 2024) – NBT Bancorp Inc. ("NBT" or the "Company") (NASDAQ: NBTB) reported net income and diluted e ...
NBT Bancorp Inc. Announces Second Quarter 2024 Results and Approves a 6.3% Cash Dividend Increase
Newsfilter· 2024-07-22 20:15
"Our operating performance for the second quarter and first half of 2024 continues to reflect the strength of our balance sheet, our diversified business model, and the collaboration of our team," said NBT President and CEO Scott A. Kingsley. "During the second quarter, we grew loans $166 million across our footprint and improved our net interest margin incrementally. Noninterest income continued to be a core strength, making up 31% of total revenues for the second quarter. We are also pleased to announce t ...
NBT Bancorp Inc. Announces Cash Dividend
Newsfilter· 2024-05-21 20:35
NORWICH, N.Y., May 21, 2024 (GLOBE NEWSWIRE) -- The Board of Directors of NBT Bancorp Inc. ("NBT" or the "Company") (NASDAQ: NBTB) approved a second-quarter cash dividend of $0.32 per share at a meeting held today. The dividend will be paid on June 17, 2024 to shareholders of record as of June 3, 2024. Corporate Overview NBT Bancorp Inc. is a financial holding company headquartered in Norwich, NY, with total assets of $13.44 billion at March 31, 2024. The Company primarily operates through NBT Bank, N.A., a ...
NBT Bancorp Inc. Completes Leadership Transition
Newsfilter· 2024-05-21 16:00
Kingsley joined NBT in 2021 as Executive Vice President and Chief Financial Officer. He has more than 35 years of experience, including 16 years as a member of the management team at Community Bank System, Inc., where he served as Chief Operating Officer and, prior to that, as Chief Financial Officer. Kingsley started his career with PricewaterhouseCoopers, LLP before joining the Carlisle Companies, Inc., a publicly traded global manufacturer and distributor, where he served in financial and operational lea ...
NBT Bancorp (NBTB) - 2024 Q1 - Quarterly Report
2024-05-09 20:16
Financial Performance - Net income for Q1 2024 was $33.8 million, or $0.71 per diluted share, an increase of $3.4 million from Q4 2023 and a slight increase from $33.7 million in Q1 2023[116] - Net income for Q1 2024 was $33.8 million, comparable to Q1 2023, and up $3.4 million from Q4 2023[118] - Diluted earnings per share for Q1 2024 were $0.71, down $0.07 from Q1 2023, and up $0.07 from Q4 2023[118] - Operating net income for Q1 2024 was $32.1 million, or $0.68 per diluted share, compared to $0.88 in Q1 2023 and $0.72 in Q4 2023[120] - Noninterest income for Q1 2024 was $43.2 million, up $5.2 million, or 13.8%, from Q4 2023, and up $6.8 million, or 18.7%, from Q1 2023[118] - Total noninterest income for Q1 2024 was $45.4 million, an increase of $6.9 million, or 17.9%, from the prior quarter and up $14.0 million, or 44.5%, from Q1 2023[130] Asset and Liability Management - Total loans at the end of Q1 2024 were $9.69 billion, up $37.4 million, or 1.6%, annualized from December 31, 2023[118] - Total deposits at the end of Q1 2024 were $11.20 billion, up $226.3 million, or 2.1%, from December 31, 2023[118] - Total assets as of March 31, 2024, were $13.329 billion, down from $13.616 billion at the end of 2023[125] - The Company’s stockholders' equity increased to $1.430 billion as of March 31, 2024, from $1.374 billion at the end of 2023[125] - Average deposits rose by $1.44 billion, or 15.0%, from the same period last year, largely due to $1.31 billion in deposits acquired from Salisbury in Q3 2023[156] Capital Ratios and Equity - The common equity tier 1 capital ratio stood at 11.68% in Q1 2024, compared to 11.57% in Q4 2023[117] - The tangible equity ratio was reported at 7.98% in Q1 2024, up from 7.93% in Q4 2023[117] - The total risk-based capital ratio was 14.87% as of March 31, 2024, compared to 14.75% in the previous quarter and 15.52% a year ago[119] - Stockholders' equity increased by $15.7 million to $1.44 billion at March 31, 2024, representing 10.73% of total assets[162] - The Tier 1 leverage ratio was 10.09% at March 31, 2024, compared to 9.71% at December 31, 2023[165] Credit Quality and Allowance for Losses - The allowance for credit losses totaled $115.3 million at March 31, 2024, compared to $100.3 million at March 31, 2023, reflecting an increase due to acquired Salisbury loans[148] - The provision for loan losses in Q1 2024 was $5.6 million, compared to $3.9 million in Q1 2023 and $5.1 million in Q4 2023[118] - The allowance for credit losses as a percentage of loans was 1.19% at March 31, 2024, compared to 1.21% at March 31, 2023[148] - Net charge-offs totaled $4.7 million during Q1 2024, compared to $3.8 million in Q1 2023[150] - Total nonperforming assets were $37.8 million at March 31, 2024, compared to $37.9 million at December 31, 2023, and $18.7 million at March 31, 2023[153] Interest Income and Margin - The net interest margin (FTE) for Q1 2024 was 3.14%, slightly down from 3.15% in Q4 2023[117] - Net interest income for Q1 2024 was $95.2 million, down $4.0 million, or 4.0%, from Q4 2023, and up $0.1 million, or 0.1%, from Q1 2023[122] - The interest rate spread for Q1 2024 was 2.32%, compared to 2.34% in Q4 2023 and 3.12% in Q1 2023[125] - The Company recognized a gain of $2.3 million from the sale of a previously written-off subordinated debt security in Q1 2024[130] Economic Outlook and Projections - The Company anticipates a Northeast GDP annualized growth starting at approximately 3.3% in Q2 2024, decreasing to 2.8% before increasing to 3.4% by the end of the forecast period[111] - The Company has a downside scenario where national unemployment could peak at 7.7% by Q2 2025, impacting the allowance for credit losses significantly[111] - The effective tax rate for Q1 2024 was 21.7%, down from 22.2% in Q1 2023, due to a higher level of tax-exempt income[132] - The trajectory of net interest income is significantly influenced by inflationary pressures and FOMC monetary policy, with a total increase of 425 bps in 2022 and an additional 100 bps in 2023[174] Liquidity Management - The Company has a remaining available borrowing capacity of $3.13 billion as of March 31, 2024, compared to $2.99 billion at December 31, 2023[178] - The Company continues to monitor liquidity closely due to potential adverse impacts from rising interest rates and increased competition for deposits[179] - The Company has the ability to issue brokered time deposits and borrow against established facilities, providing additional liquidity of $2.03 billion as of March 31, 2024[178] - Approximately $77.1 million of the Bank's total stockholders' equity is available for payment of dividends to the Company without OCC approval as of March 31, 2024[182]