NBT Bancorp (NBTB) - 2025 Q1 - Quarterly Results

Financial Performance - Net income for Q1 2025 was $36.7 million, or$0.77 per diluted share, up from $33.8 million, or$0.71 per diluted share in Q1 2024[4] - Net income for Q1 2025 was $36,745,000, representing an increase of 2.1$36,005,000 in Q4 2024[26] - Basic earnings per share for Q1 2025 was $0.78, up from$0.76 in Q4 2024[26] - Operating diluted earnings per share for Q1 2025 was $0.80, compared to$0.77 in Q4 2024[28] - Return on average assets for Q1 2025 is 1.08%, up from 1.04% in Q4 2024[23] - Return on average tangible common equity for Q1 2025 was 13.63%, an increase from 13.36% in Q4 2024[29] Income and Revenue - Net interest income on a fully taxable equivalent basis was $107.2 million, an increase of$1.1 million from the prior quarter, and up $12.0 million, or 12.7$47.6 million, an increase of 12.7% from the fourth quarter of 2024, and up 10.1% from Q1 2024[12] - Total interest, fee and dividend income for Q1 2025 was $154,404,000, a decrease of 2.1$157,737,000[26] - Net interest income after provision for loan losses for Q1 2025 was $99,669,000, compared to$103,896,000 in Q4 2024, reflecting a decrease of 4.3%[26] - Noninterest income increased to $47,452,000 in Q1 2025, up 11.8$42,426,000 in Q4 2024[26] Assets and Loans - Total assets increased to $13.86 billion in Q1 2025 from$13.79 billion in Q4 2024[23] - Total loans were $9.98 billion as of March 31, 2025, up$10.4 million, or 0.4% annualized, from December 31, 2024[8] - Net loans reached $9.86 billion in Q1 2025, slightly up from$9.85 billion in Q4 2024[23] - Total loan net charge-offs increased to $6,554 thousand in Q1 2025 from$5,709 thousand in Q4 2024, indicating a rise in charge-offs[24] - Total nonperforming loans decreased to $47,691 thousand in Q1 2025 from$51,617 thousand in Q4 2024, showing a reduction of 7.5%[24] Deposits and Equity - Total deposits were $11.71 billion, an increase of$161.8 million, or 1.4%, from December 31, 2024[8] - Total deposits increased to $11,708,511 thousand in Q1 2025 from$11,546,761 thousand in Q4 2024, reflecting a growth of 1.4%[25] - The total stockholders' equity increased to $1,565,775 thousand in Q1 2025 from$1,526,141 thousand in Q4 2024, reflecting a positive trend in equity growth[25] Capital Ratios - The CET1 capital ratio was 12.12% and the leverage ratio was 10.39% as of March 31, 2025[17] - Common equity tier 1 capital ratio improved to 12.12% in Q1 2025 from 11.93% in Q4 2024[23] - Tangible equity ratio for Q1 2025 is 8.68%, up from 8.42% in Q4 2024[23] - Tangible book value per share increased to $24.74 at March 31, 2025, from$23.88 at December 31, 2024[17] Tax and Expenses - The effective tax rate for Q1 2025 was 22.2%, up from 21.7% in Q1 2024[13] - Total noninterest expense for Q1 2025 was $99,900,000, slightly down from$100,775,000 in Q4 2024[26] - Acquisition expenses for Q1 2025 totaled $1,221,000, compared to$988,000 in Q4 2024[28] Mergers and Acquisitions - The company plans to complete its merger with Evans Bancorp, Inc. on May 2, 2025, which will add over 200 bankers and 18 locations[5]