Company Overview - NBT Bancorp (NBTB) is headquartered in Norwich and operates in the Finance sector, with a year-to-date stock price change of -16.98% [3] - The company currently pays a dividend of $0.34 per share, resulting in a dividend yield of 3.43%, which is higher than the Banks - Northeast industry's yield of 2.74% and the S&P 500's yield of 1.65% [3] Dividend Performance - NBT Bancorp's annualized dividend of $1.36 has increased by 3% from the previous year, with a historical average annual increase of 5.42% over the last 5 years [4] - The company's current payout ratio is 46%, indicating that it pays out 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 $3.48, reflecting a year-over-year growth rate of 18.37% [5] Investment Considerations - NBT Bancorp is viewed as a compelling investment opportunity due to its strong dividend profile and current Zacks Rank of 3 (Hold) [7]

Core Viewpoint - NBT Bancorp Inc. will announce its financial results for Q1 2025 on April 24, 2025, and will host a conference call on April 25, 2025, to discuss these results [1]. Company Overview - NBT Bancorp Inc. is a financial holding company based in Norwich, NY, with total assets of $13.79 billion as of December 31, 2024 [3]. - The company operates primarily through NBT Bank, N.A., which is a full-service community bank with 157 locations across New York, Pennsylvania, Vermont, Massachusetts, New Hampshire, Maine, and Connecticut [3]. - NBT Bancorp also includes EPIC Retirement Plan Services, a national benefits administration firm, and NBT Insurance Agency, LLC, a full-service insurance agency [3].

Company Overview - NBT Bancorp (NBTB) is a financial holding company headquartered in Norwich, operating in the Finance sector [3] - The stock has experienced a price decline of 9.17% since the beginning of the year [3] Dividend Information - NBT Bancorp currently pays a dividend of $0.34 per share, resulting in a dividend yield of 3.14%, which is higher than the Banks - Northeast industry's yield of 2.89% and the S&P 500's yield of 1.57% [3] - The 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 current payout ratio is 46%, indicating that it distributes 46% of its trailing 12-month earnings per share as dividends [4] Earnings Growth Expectations - For the fiscal year 2025, the Zacks Consensus Estimate predicts earnings of $3.69 per share, reflecting a year-over-year growth rate of 25.51% [5] Investment Appeal - NBT Bancorp is considered an attractive dividend investment and a compelling opportunity, holding a Zacks Rank of 2 (Buy) [7]

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 ...