NBT Bancorp (US:NBTB)2025-10-27 20:30Financial Performance - Net income for Q3 2025 was $54.5 million, or $1.03 per diluted share, up from $38.1 million, or $0.80 per diluted share in Q3 2024, and $22.5 million, or $0.44 per diluted share in Q2 2025[2] - Operating diluted earnings per share for Q3 2025 was $1.05, compared to $0.80 in Q3 2024 and $0.88 in Q2 2025[2] - Net income for Q3 2025 reached $54,471,000, a significant increase from $22,510,000 in Q2 2025[29] - Basic earnings per share for Q3 2025 was $1.04, compared to $0.81 in Q3 2024, reflecting a 28.8% increase[25] - Net income for the nine months ended September 30, 2025, was $113,726,000, compared to $104,636,000 for the same period in 2024, showing a year-over-year increase of 10.5%[30] Asset and Loan Growth - Total loans at the end of Q3 2025 were $11.60 billion, an increase of $1.63 billion from December 31, 2024[7] - Net loans amounted to $11.46 billion as of September 30, 2025, compared to $9.86 billion a year earlier[22] - Total assets of NBT Bancorp Inc. reached $16.11 billion as of September 30, 2025[16] - Total assets reached $16,112,584 thousand as of September 30, 2025, up from $13,786,666 thousand at the end of 2024, marking a 16.8% growth[24] - The total loans outstanding were $11,595,134 thousand in Q3 2025, compared to $9,907,041 thousand in Q3 2024, reflecting a 17.0% increase[24] Deposit Growth - Total deposits were $13.66 billion as of September 30, 2025, up from $11.55 billion at December 31, 2024[7] - Total deposits increased to $13,660,918 thousand in Q3 2025 from $11,546,761 thousand in Q4 2024, a rise of 18.3%[24] Income and Expense Analysis - Net interest income for Q3 2025 was $135.3 million, an increase of $10.4 million from the prior quarter, and net interest margin was 3.66%, up 7 basis points from Q2 2025[5] - Noninterest income for Q3 2025 was $51.4 million, up 9.8% from Q2 2025 and 13.5% from Q3 2024[12] - Total noninterest expense for Q3 2025 was $111,143, representing a 16.0% increase from $95,745 in Q3 2024[25] - Interest expense for Q3 2025 totaled $55,804, a slight increase from $54,561 in Q3 2024[25] Capital and Ratios - The CET1 capital ratio was 11.80%, leverage ratio was 9.34%, and total risk-based capital ratio was 13.97% as of September 30, 2025[17] - The tangible common equity to tangible assets ratio was 8.58% as of September 30, 2025[17] - Return on average assets was 1.35% and return on average tangible common equity was 17.35% for Q3 2025[4] - Return on average tangible common equity for Q3 2025 was 17.35%, a notable increase from 8.01% in Q2 2025[30] Shareholder Returns - A quarterly cash dividend of $0.37 per share was declared, representing an 8.8% increase over the prior year[14] - The company did not repurchase any shares during the three months ended September 30, 2025, but has authorized a program to repurchase up to 2,000,000 shares by December 31, 2027[17] Acquisition Impact - The acquisition of Evans Bancorp added $1.67 billion in loans and $1.86 billion in deposits, with 200 new employees and 18 banking locations[3] - Stockholders' equity increased by $327.0 million from December 31, 2024, driven by the Evans acquisition, net income generation of $113.7 million, and a decrease in accumulated other comprehensive loss of $41.8 million[17] Loan Quality - Nonaccrual loans increased to $46,450 thousand in Q3 2025 from $33,338 thousand in Q3 2024, representing a 39.5% year-over-year increase[23] - Total nonperforming loans rose to $53,416 thousand in Q3 2025, up from $37,319 thousand in Q3 2024, indicating a 43.3% increase[23] - The allowance for loan losses stood at $139,000 thousand in Q3 2025, compared to $116,000 thousand in Q4 2024, reflecting a 19.8% increase[23] - The total nonperforming assets to total assets ratio improved to 0.33% in Q3 2025 from 0.27% in Q3 2024[23]