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NBT (NBTB) Reports Q1 Earnings: What Key Metrics Have to Say
Zacks Investment Research· 2024-04-22 23:31
For the quarter ended March 2024, NBT Bancorp (NBTB) reported revenue of $140.57 million, up 11.1% over the same period last year. EPS came in at $0.68, compared to $0.88 in the year-ago quarter.The reported revenue represents a surprise of +4.12% over the Zacks Consensus Estimate of $135.01 million. With the consensus EPS estimate being $0.67, the EPS surprise was +1.49%.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street e ...
NBT Bancorp (NBTB) Tops Q1 Earnings and Revenue Estimates
Zacks Investment Research· 2024-04-22 22:25
NBT Bancorp (NBTB) came out with quarterly earnings of $0.68 per share, beating the Zacks Consensus Estimate of $0.67 per share. This compares to earnings of $0.88 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 1.49%. A quarter ago, it was expected that this financial holding company would post earnings of $0.74 per share when it actually produced earnings of $0.72, delivering a surprise of -2.70%.Over the last four quarters, ...
NBT Bancorp (NBTB) - 2024 Q1 - Quarterly Results
2024-04-22 20:30
Exhibit 99.1 FOR IMMEDIATE RELEASE ATTENTION: FINANCIAL AND BUSINESS EDITORS Contact: John H. Watt, Jr., President and CEO Scott A. Kingsley, Executive Vice President and CFO NBT Bancorp Inc. 52 South Broad Street Norwich, NY 13815 607-337-6589 NBT BANCORP INC. ANNOUNCES FIRST QUARTER 2024 RESULTS NORWICH, NY (April 22, 2024) – NBT Bancorp Inc. ("NBT" or the "Company") (NASDAQ: NBTB) reported net income and diluted earnings per share for the three months ended March 31, 2024. Net income for the three months ...
NBT Bancorp (NBTB) - 2023 Q4 - Annual Report
2024-02-29 21:55
UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-K (MARK ONE) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE FISCAL YEAR ENDED DECEMBER 31, 2023 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 or other jur ...
NBT Bancorp (NBTB) - 2023 Q4 - Earnings Call Transcript
2024-01-24 18:19
Financial Data and Key Metrics Changes - The fourth quarter earnings per share were $0.64, with operating earnings per share at $0.72, excluding acquisition expenses and impairment charges [80] - Return on tangible equity was 15.78% for the full year, and the year-end tangible equity ratio grew 11% to 7.93% [76] - Tangible book value per share increased to $21.72, up $1.33 from the third quarter and $1.07 from the fourth quarter of 2022 [8] Business Line Data and Key Metrics Changes - Total loans increased by $1.5 billion from the fourth quarter of 2022, including $1.18 billion from the Salisbury acquisition [95] - Revenues from retirement plan administration decreased by $1.6 million from the third quarter, reflecting seasonal trends [12] - Non-interest income was $38 million, up 11% year-over-year but down 6% from the linked third quarter [84] Market Data and Key Metrics Changes - Total deposits reached $11 billion, up $1.5 billion in 2023, including $1.3 billion from the Salisbury acquisition [9] - Municipal deposits declined by $225 million from the seasonally high third quarter [96] - The cost of total deposits increased by 251 basis points compared to the linked third quarter [10] Company Strategy and Development Direction - The successful integration of the Salisbury acquisition positions the company for growth in adjacent markets and future strategic growth [91] - The company aims for mid-single-digit loan growth in 2024, with expectations of a stronger performance in business banking [18] - The company is focused on maintaining strong liquidity and capital levels while managing funding costs effectively [83] Management's Comments on Operating Environment and Future Outlook - Management noted that market volatility and uncertainty have pressured funding costs, impacting net interest margins [14] - The company expects modest additional funding pressures to persist in 2024, but remains optimistic about organic growth [83] - Management highlighted a resilient consumer and business environment, with continued investment in small businesses [91] Other Important Information - The company declared a $0.32 dividend, representing a 6.7% increase over the previous quarter, marking 11 consecutive years of annual dividend increases [6] - The company recorded a loan loss provision expense of $5.1 million in the fourth quarter, higher than the previous quarter [39] Q&A Session Summary Question: What are the expectations for funding costs in the first half of the year? - Management indicated that total deposit costs ended the quarter at approximately $155 million, with stability expected in funding costs moving forward [16] Question: How does the company view the loan pipeline and growth outlook? - Management expressed confidence in mid-single-digit growth for 2024, despite a slight decrease in year-over-year pipelines entering the first quarter [18] Question: What is the outlook for charge-offs as the Springstone portfolio winds down? - Management anticipates that charge-offs will decrease as the portfolio reduces, maintaining a range of $2.5 million to $3 million per quarter [122]
NBT Bancorp (NBTB) - 2023 Q3 - Quarterly Report
2023-11-09 21:01
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, 2023. 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 ...
NBT Bancorp (NBTB) - 2023 Q3 - Earnings Call Transcript
2023-10-25 18:09
NBT Bancorp Inc. (NASDAQ:NBTB) Q3 2023 Earnings Conference Call October 25, 2023 8:30 AM ET Company Participants John Watt - President & Chief Executive Officer Scott Kingsley - Chief Financial Officer Annette Burns - Chief Accounting Officer Joseph Ondesko - Treasurer Joseph Stagliano - Chief Information Officer and President of Retail Banking Conference Call Participants Alexander Twerdahl - Piper Sandler Companies Steve Moss - Raymond James Chris O'Connell - KBW Matthew Breese - Stephens Inc. Operator Go ...
NBT Bancorp (NBTB) - 2023 Q2 - Quarterly Report
2023-08-07 20:01
[PART I FINANCIAL INFORMATION](index=3&type=section&id=PART%20I%20FINANCIAL%20INFORMATION) [Financial Statements (Unaudited)](index=3&type=section&id=ITEM%201.%20FINANCIAL%20STATEMENTS%20(Unaudited)) Unaudited statements show total assets at $11.89 billion, with Q2 net income falling to $30.1 million [Consolidated Balance Sheets](index=3&type=section&id=Consolidated%20Balance%20Sheets) Total assets grew to $11.89 billion, driven by a rise in net loans to $8.26 billion Consolidated Balance Sheet Highlights (in thousands) | Account | June 30, 2023 | December 31, 2022 | Change | | :--- | :--- | :--- | :--- | | Total Assets | $11,890,497 | $11,739,296 | $151,201 | | Net Loans | $8,257,724 | $8,049,347 | $208,377 | | Securities (AFS & HTM) | $2,366,802 | $2,446,742 | ($79,940) | | Total Deposits | $9,529,919 | $9,495,933 | $33,986 | | Total Liabilities | $10,680,004 | $10,565,742 | $114,262 | | Total Stockholders' Equity | $1,210,493 | $1,173,554 | $36,939 | [Consolidated Statements of Income](index=4&type=section&id=Consolidated%20Statements%20of%20Income) Q2 2023 net income fell 20.4% to $30.1 million due to higher interest expense and securities losses Key Income Statement Data (in thousands, except per share data) | Metric | Q2 2023 | Q2 2022 | 6 Months 2023 | 6 Months 2022 | | :--- | :--- | :--- | :--- | :--- | | Net Interest Income | $89,085 | $87,585 | $184,151 | $167,933 | | Provision for Loan Losses | $3,606 | $4,390 | $7,515 | $4,986 | | Total Noninterest Income | $32,045 | $41,656 | $63,454 | $84,315 | | Total Noninterest Expense | $78,794 | $76,119 | $158,116 | $148,262 | | Net Income | $30,072 | $37,775 | $63,730 | $76,901 | | Diluted EPS | $0.70 | $0.88 | $1.48 | $1.78 | - Card services income decreased significantly to **$5.1 million in Q2 2023** from $9.8 million in Q2 2022[9](index=9&type=chunk) - Net securities losses widened to **$(4.6) million in Q2 2023** and **$(9.6) million for the first six months of 2023**[9](index=9&type=chunk) [Consolidated Statements of Comprehensive Income (Loss)](index=5&type=section&id=Consolidated%20Statements%20of%20Comprehensive%20Income%20(Loss)) Comprehensive income recovered to $63.7 million for the first half of 2023 from a loss in 2022 Comprehensive Income (Loss) Summary (in thousands) | Metric | Q2 2023 | Q2 2022 | 6 Months 2023 | 6 Months 2022 | | :--- | :--- | :--- | :--- | :--- | | Net Income | $30,072 | $37,775 | $63,730 | $76,901 | | Other Comprehensive (Loss) | $(16,182) | $(33,406) | $(66) | $(101,437) | | Comprehensive Income (Loss) | $13,890 | $4,369 | $63,664 | $(24,536) | [Consolidated Statements of Changes in Stockholders' Equity](index=6&type=section&id=Consolidated%20Statements%20of%20Changes%20in%20Stockholders'%20Equity) Stockholders' equity increased to $1.21 billion, driven by net income offset by dividends and buybacks - For the six months ended June 30, 2023, the company declared cash dividends of **$0.60 per share**, totaling $25.7 million[13](index=13&type=chunk) - The company purchased **87,000 treasury shares for $2.8 million** during the first six months of 2023[13](index=13&type=chunk) [Consolidated Statements of Cash Flows](index=7&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Operating cash flow decreased while financing activities provided cash, reversing the prior year's trend Cash Flow Summary (in thousands) | Activity | 6 Months Ended June 30, 2023 | 6 Months Ended June 30, 2022 | | :--- | :--- | :--- | | Net Cash from Operating Activities | $67,171 | $104,096 | | Net Cash from Investing Activities | $(158,958) | $(557,815) | | Net Cash from Financing Activities | $96,325 | $(291,736) | | Net (Decrease) in Cash | $4,538 | $(745,455) | | Cash at End of Period | $201,888 | $523,616 | [Notes to Unaudited Interim Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Unaudited%20Interim%20Consolidated%20Financial%20Statements) Notes detail accounting policies, including the adoption of new TDR guidance and credit loss allowances - The company adopted ASU 2022-02, eliminating Troubled Debt Restructuring accounting and increasing retained earnings by **$0.5 million**[20](index=20&type=chunk)[33](index=33&type=chunk)[60](index=60&type=chunk) - The company's business consists of providing commercial banking, retail banking, and wealth management services[16](index=16&type=chunk)[17](index=17&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=29&type=section&id=ITEM%202.%20MANAGEMENT'S%20DISCUSSION%20AND%20ANALYSIS%20OF%20FINANCIAL%20CONDITION%20AND%20RESULTS%20OF%20OPERATIONS) Net income fell to $30.1 million in Q2 2023 due to funding costs, while the Salisbury acquisition proceeds [Overview and Key Performance Metrics](index=31&type=section&id=Overview%20and%20Key%20Performance%20Metrics) Q2 2023 net income was $30.1 million, impacted by securities losses and acquisition expenses Q2 2023 Performance Highlights | Metric | Q2 2023 | Q2 2022 | Q1 2023 | | :--- | :--- | :--- | :--- | | Net Income (in millions) | $30.1 | $37.8 | $33.7 | | Diluted EPS | $0.70 | $0.88 | $0.78 | | Return on Average Assets | 1.02% | 1.28% | 1.16% | | Return on Average Equity | 9.91% | 12.73% | 11.47% | | Tangible Book Value/Share | $21.55 | $20.99 | $21.52 | - The company received regulatory approvals for its acquisition of Salisbury Bancorp, Inc, expected to close on **August 11, 2023**[114](index=114&type=chunk) - The company incurred a **$4.5 million securities loss** and **$1.2 million in acquisition expenses** in Q2 2023[117](index=117&type=chunk) [Net Interest Income](index=33&type=section&id=Net%20Interest%20Income) Q2 2023 net interest margin compressed to 3.27% due to a rapid increase in funding costs Net Interest Margin Analysis | Period | Net Interest Income (FTE, in millions) | Net Interest Margin (FTE) | | :--- | :--- | :--- | | Q2 2023 | $89.5 | 3.27% | | Q1 2023 | $95.5 | 3.55% | | Q2 2022 | $87.9 | 3.21% | - A sharp rise in interest expense to **$31.5 million in Q2 2023** from $3.9 million in Q2 2022 was the primary driver of margin compression[122](index=122&type=chunk)[133](index=133&type=chunk) [Noninterest Income](index=37&type=section&id=Noninterest%20Income) Noninterest income fell 23.1% in Q2 2023, driven by securities losses and lower card services income Noninterest Income Breakdown (in thousands) | Category | Q2 2023 | Q2 2022 | Change (%) | | :--- | :--- | :--- | :--- | | Card services income | $5,121 | $9,751 | (47.5%) | | Retirement plan admin fees | $11,735 | $12,676 | (7.4%) | | Net securities (losses) | $(4,641) | $(587) | (690.6%) | | **Total Noninterest Income** | **$32,045** | **$41,656** | **(23.1%)** | - For the first six months of 2023, noninterest income declined due to an **$8.0 million impact from the Durbin Amendment** on card services income[135](index=135&type=chunk) [Noninterest Expense](index=38&type=section&id=Noninterest%20Expense) Noninterest expense rose 3.5% year-over-year, driven by technology costs and higher FDIC assessments Noninterest Expense Breakdown (in thousands) | Category | Q2 2023 | Q2 2022 | Change (%) | | :--- | :--- | :--- | :--- | | Salaries and employee benefits | $46,834 | $46,716 | 0.3% | | Technology and data services | $9,305 | $8,945 | 4.0% | | FDIC assessment | $1,344 | $810 | 65.9% | | Acquisition expenses | $1,189 | $0 | N/A | | **Total Noninterest Expense** | **$78,794** | **$76,119** | **3.5%** | [Income Taxes](index=39&type=section&id=Income%20Taxes) The effective tax rate remained stable at 22.4% for Q2 2023 and 22.3% for the first half of the year - The effective tax rate was **22.4% for Q2 2023**, compared to 22.5% for Q2 2022[140](index=140&type=chunk) - For the six months ended June 30, 2023, the effective tax rate was **22.3%**, identical to the prior-year period[141](index=141&type=chunk) [Analysis of Financial Condition](index=39&type=section&id=Analysis%20of%20Financial%20Condition) Financial condition remains solid with 5.1% annualized loan growth and strong capital ratios - Total loans increased by **$208.0 million (5.1% annualized)** since year-end 2022[145](index=145&type=chunk) - The allowance for credit losses was **$100.4 million**, or 1.20% of total loans[154](index=154&type=chunk) - Nonperforming assets decreased to **$19.9 million (0.17% of total assets)** from $21.2 million at year-end 2022[159](index=159&type=chunk) - Total deposits increased slightly, with a shift to higher-cost time deposits including **$242.0 million in brokered deposits**[161](index=161&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=44&type=section&id=ITEM%203.%20QUANTITATIVE%20AND%20QUALITATIVE%20DISCLOSURES%20ABOUT%20MARKET%20RISK) The company manages interest rate risk and maintains robust liquidity with a surplus of $1.66 billion Interest Rate Sensitivity Analysis (as of June 30, 2023) | Change in Interest Rates (bps) | Percent Change in Net Interest Income | | :--- | :--- | | +200 | 1.57% | | +100 | 1.06% | | -200 | (2.11%) | - The company's 'Basic Surplus' liquidity was **$1.66 billion (13.9% of total assets)**, well above the 5% policy minimum[181](index=181&type=chunk) - The company had additional borrowing capacity of approximately **$924.5 million from the FHLB** and **$1.02 billion from unpledged securities**[182](index=182&type=chunk) [Controls and Procedures](index=46&type=section&id=ITEM%204.%20CONTROLS%20AND%20PROCEDURES) Management concluded that disclosure controls and procedures were effective as of June 30, 2023 - The CEO and CFO concluded that as of June 30, 2023, the company's **disclosure controls and procedures were effective**[188](index=188&type=chunk) [PART II OTHER INFORMATION](index=47&type=section&id=PART%20II%20OTHER%20INFORMATION) [Legal Proceedings](index=47&type=section&id=ITEM%201.%20LEGAL%20PROCEEDINGS) The company is not a party to any material legal proceedings outside of ordinary routine litigation - There are **no material legal proceedings** against the company[190](index=190&type=chunk) [Risk Factors](index=47&type=section&id=ITEM%201A.%20RISK%20FACTORS) No material changes to previously disclosed risk factors were reported during the quarter - **No material changes** to risk factors were reported for the quarter[191](index=191&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=47&type=section&id=ITEM%202.%20UNREGISTERED%20SALES%20OF%20EQUITY%20SECURITIES%20AND%20USE%20OF%20PROCEEDS) The company repurchased 87,000 shares in Q2 2023, with 1.51 million shares remaining under the plan Share Repurchase Activity (Q2 2023) | Period | Total Shares Purchased | Average Price Paid Per Share | | :--- | :--- | :--- | | April 2023 | - | $ - | | May 2023 | - | $ - | | June 2023 | 87,000 | $31.94 | | **Total** | **87,000** | **$31.94** | - As of June 30, 2023, **1,513,000 shares** were available for repurchase under the existing plan expiring December 31, 2023[192](index=192&type=chunk) [Other Information](index=47&type=section&id=ITEM%205.%20OTHER%20INFORMATION) No directors or officers adopted, modified, or terminated any Rule 10b5-1 trading plans this quarter - **No Rule 10b5-1 plans** were adopted, modified, or terminated by any director or officer during the quarter[193](index=193&type=chunk)
NBT Bancorp (NBTB) - 2023 Q2 - Earnings Call Transcript
2023-08-01 18:32
NBT Bancorp Inc. (NASDAQ:NBTB) Q2 2023 Earnings Conference Call August 1, 2023 8:30 AM ET Company Participants John H. Watt, Jr. - President & Chief Executive Officer Scott Kingsley - Chief Financial Officer Conference Call Participants Alex Twerdahl - PSC Steve Moss - Raymond James Chris O’Connell - KBW Matthew Breese - Stephens Inc. Operator Good day, everyone. Welcome to the NBT Bancorp's Second Quarter 2023 Financial Results Conference Call. This call is being recorded and has been made accessible to th ...
NBT Bancorp (NBTB) - 2023 Q1 - Quarterly Report
2023-05-10 20:31
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 March 31, 2023. 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) (State or other jurisdiction of ...