NBT Bancorp (US:NBTB)2025-01-27 21:30Financial 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].