• NBT Bancorp Inc. Announces Second Quarter 2024 Results and Approves a 6.3% Cash Dividend Increase

    Источник: Nasdaq GlobeNewswire / 22 июл 2024 16:15:01   America/New_York

    NORWICH, N.Y., July 22, 2024 (GLOBE NEWSWIRE) -- NBT Bancorp Inc. (“NBT” or the “Company”) (NASDAQ: NBTB) reported net income and diluted earnings per share for the three and six months ended June 30, 2024.

    Net income for the three months ended June 30, 2024 was $32.7 million, or $0.69 per diluted common share, compared to $30.1 million, or $0.70 per diluted common share, for the three months ended June 30, 2023, and $33.8 million, or $0.71 per diluted common share, for the first quarter of 2024. Operating diluted earnings per share1, a non-GAAP measure, which excludes acquisition expenses and securities gains (losses), net of tax, was $0.69 for the second quarter of 2024, compared to $0.80 for the second quarter of 2023 and $0.68 for the first quarter of 2024.

    CEO Comments

    “Our operating performance for the second quarter and first half of 2024 continues to reflect the strength of our balance sheet, our diversified business model, and the collaboration of our team,” said NBT President and CEO Scott A. Kingsley. “During the second quarter, we grew loans $166 million across our footprint and improved our net interest margin incrementally. Noninterest income continued to be a core strength, making up 31% of total revenues for the second quarter. We are also pleased to announce the Board of Directors approved a third quarter cash dividend of $0.34, an increase in the quarterly cash dividend of 6.3%. This is our twelfth consecutive year of annual dividend increases, demonstrating our commitment to providing consistent and favorable long-term returns to our shareholders.”

    Second Quarter 2024 Financial Highlights

    Net Income
    • Net income of $32.7 million and diluted earnings per share of $0.69
    Net Interest Income / NIM
    • Net interest income on a fully taxable equivalent (“FTE”) basis was $97.8 million, up $2 million from the prior quarter1
    • Net interest margin (“NIM”) on an FTE basis was 3.18%1, up 4 basis points (“bps”) from the prior quarter
    • Included in FTE net interest income was $2.6 million of acquisition-related net accretion, which was consistent with the first quarter of 2024
    • Earning asset yields of 4.92% were up 8 bps from the prior quarter
    • Total cost of funds of 1.85% was up 6 bps from the prior quarter
    Noninterest Income
    • Noninterest income was at a record level of $43.3 million, or 30.8% of total revenues, excluding net securities gains (losses)
    Loans and Credit Quality
    • Period end total loans of $9.85 billion as of June 30, 2024, up $203.6 million, or 4.2% annualized, from December 31, 2023
    • Net charge-offs to average loans was 0.15% annualized
    • Nonperforming loans to total loans were 0.39%, consistent with the prior quarter
    • Allowance for loan losses to total loans was 1.22%
    Deposits
    • Deposits were $11.27 billion as of June 30, 2024, up $302.5 million, or 2.8%, from December 31, 2023
    • Total cost of deposits was 1.68% for the second quarter of 2024, up 7 bps from the first quarter of 2024
    • Full cycle to-date deposit beta of 31%
    • Composition of total deposits is diverse and granular with over 562,000 accounts with an average per account balance of $20,052
    Capital
    • Stockholders’ equity was $1.46 billion as of June 30, 2024
    • Tangible book value per share2 was $22.54 at June 30, 2024
    • Tangible equity to assets of 8.11%1
    • CET1 ratio of 11.70%; Leverage ratio of 10.16%


    Loans

    • Period end total loans were $9.85 billion at June 30, 2024, $9.69 billion at March 31, 2024 and $9.65 billion at December 31, 2023.
    • Period end total loans increased $203.6 million from December 31, 2023. Total commercial loans increased $201.0 million to $5.18 billion; and total consumer loans increased $2.6 million to $4.67 billion. Excluding the other consumer and residential solar portfolios that are in a planned run-off status, period end loans increased $294.9 million, or 6.9% annualized.
    • Commercial line of credit utilization rate was 23% at June 30, 2024, compared to 21% at March 31, 2024 and 23% at June 30, 2023.

    Deposits

    • Total deposits at June 30, 2024 increased $302.5 million to $11.27 billion, compared to $10.97 billion at December 31, 2023. The increase in deposits was primarily due to higher consumer deposit balances and accounts and the inflow of seasonal municipal deposits. The Company continued to experience some incremental migration from noninterest bearing and low interest checking and savings accounts into higher cost money market and time deposit instruments.
    • The loan to deposit ratio was 87.4% at June 30, 2024, compared to 88.0% at December 31, 2023.

    Net Interest Income and Net Interest Margin

    • Net interest income for the second quarter of 2024 was $97.2 million, which was up $2.0 million, or 2.1%, from the first quarter of 2024 and up $8.1 million, or 9.1%, from the second quarter of 2023. The increase in net interest income from the first quarter of 2024 resulted primarily from the increase in average loans and the interest earned on those balances, partially offset by the increase in the cost of deposits.
    • The NIM on an FTE basis for the second quarter of 2024 was 3.18%, an increase of 4 bps from the first quarter of 2024, driven by an increase in average earning asset yields and lower average balances of short-term borrowings partly offset by an increase in the cost of interest-bearing deposits and a decrease in the average balance of noninterest-bearing demand deposit accounts. The NIM on an FTE basis decreased 9 bps from the second quarter of 2023 due to the increase in the cost of interest-bearing deposits, partially offset by lower average balances of short-term borrowings, higher earning asset yields and the impact of acquisition-related net accretion.
    • Earning asset yields for the three months ended June 30, 2024 increased 8 bps from the prior quarter to 4.92% and increased 50 bps from the same quarter in the prior year. Loan yields for the three months ended June 30, 2024 increased 9 bps from the prior quarter to 5.63% and increased 46 bps from the same quarter in the prior year. Average earning assets increased $94.3 million, or 0.8%, from the first quarter of 2024 due to organic loan growth. Average earning assets grew $1.38 billion, or 12.6%, from the second quarter of 2023 due to organic loan growth and the Salisbury Bancorp, Inc. (“Salisbury”) acquisition, which was completed in August 2023.
    • Total cost of deposits, including noninterest bearing deposits, was 1.68% for the second quarter of 2024, an increase of 7 bps from the prior quarter and an increase of 83 bps from the same period in the prior year. For the month of June, the total cost of deposits was 1.70%.
    • Total cost of funds for the three months ended June 30, 2024 was 1.85%, up 6 bps from the prior quarter and up 63 bps from the second quarter of 2023. For the month of June, the total cost of funds was 1.85%.

    Asset Quality and Allowance for Loan Losses

    • Net charge-offs to total average loans for the second quarter of 2024 was 15 bps compared to 19 bps in the prior quarter. Net charge-offs for the portfolios in a planned run-off status represented the majority of total net charge-offs for the quarter.
    • Nonperforming assets to total assets were 0.28% for each of the last three quarter-ends.
    • Provision expense for the three months ended June 30, 2024 was $8.9 million, compared to $5.6 million for the first quarter of 2024. The increase in provision expense from the prior quarter was primarily due to providing for the second quarter’s loan growth, changes in model assumptions, including the extension of the expected duration of the portfolio, and a specific reserve related to a commercial relationship placed on nonaccrual in the fourth quarter of 2023.
    • The allowance for loan losses was $120.5 million, or 1.22% of total loans, at June 30, 2024, compared to $115.3 million, or 1.19% of total loans, at March 31, 2024 and $114.4 million, or 1.19% of total loans, at December 31, 2023.
    • The reserve for unfunded loan commitments was $4.3 million at June 30, 2024, compared to $4.7 million at March 31, 2024 and $5.1 million at December 31, 2023.

    Noninterest Income        

    • Total noninterest income, excluding securities gains (losses), was $43.3 million for the three months ended June 30, 2024, up $0.1 million, or 0.3%, from the first quarter of 2024, and up $6.6 million, or 18.1%, from the second quarter of 2023.
    • Retirement plan administration fees were up $0.5 million from the prior quarter and were up $3.1 million from the second quarter of 2023. The increase from the prior quarter was due to organic growth, positive market performance and higher activity based fees. The increase from the second quarter of 2023 included the impact of the acquisition of Retirement Direct, LLC on July 1, 2023, organic growth and higher market levels.
    • Wealth management fees were up $0.5 million from the prior quarter and were up $1.9 million from the second quarter of 2023. The increase from the prior quarter was driven by organic growth and favorable market performance. The increase from the second quarter of 2023 was driven by the addition of Salisbury revenues, organic growth and market performance.
    • Insurance revenues decreased $0.5 million from the seasonally high first quarter of 2024 and increased 7.7% from the prior year due to solid organic growth.

    Noninterest Expense        

    • Total noninterest expense was $89.6 million for the second quarter of 2024, compared to $91.8 million for the first quarter of 2024 and $78.8 million for the second quarter of 2023. Total noninterest expense, excluding $1.2 million of acquisition expenses in the second quarter of 2023, decreased 2.4% compared to the previous quarter and increased 15.4% from the second quarter of 2023.
    • Salaries and benefits decreased 0.6% from the prior quarter driven by seasonally higher payroll taxes and stock-based compensation expenses in the first quarter of 2024. These decreases were partially offset by a full quarter of merit pay increases, which were effective in March, and higher medical costs. The 18.3% increase from the second quarter of 2023 was driven by the impact of the Salisbury acquisition, merit pay increases, higher medical and other benefit costs.
    • Technology and data services decreased from the prior quarter primarily due to cost savings from various efficiency initiatives.
    • Occupancy costs decreased from the prior quarter due to lower seasonal costs, including utilities, and increased from the second quarter of 2023 driven by additional expenses from the Salisbury acquisition.
    • Amortization of intangible assets were consistent with the first quarter and increased $1.7 million from the second quarter of 2023 primarily due to the amortization of intangible assets related to the Salisbury acquisition.

    Income Taxes

    • The effective tax rate was 22.0% for the second quarter of 2024 which was up from 21.7% for the first quarter of 2024 and down from 22.4% for the second quarter of 2023.

    Capital

    • Tangible common equity to tangible assets1 was 8.11% at June 30, 2024. Tangible book value per share2 was $22.54 at June 30, 2024, $22.07 at March 31, 2024 and $21.55 at June 30, 2023.
    • Stockholders’ equity increased $36.3 million from December 31, 2023 driven by net income generation of $66.5 million, partially offset by dividends declared of $30.2 million and a $2.0 million increase in accumulated other comprehensive loss driven by the change in the fair value of securities available for sale.
    • June 30, 2024, CET1 capital ratio of 11.70%, leverage ratio of 10.16% and total risk-based capital ratio of 14.88%.

    Dividend

    • The Board of Directors approved a third-quarter cash dividend of $0.34 per share at a meeting held earlier today. The dividend represents a $0.02 per quarter, or 6.3%, increase over the dividend paid in the third quarter of 2023. This is the Company’s twelfth consecutive year of annual dividend increases. The dividend will be paid on September 13, 2024 to stockholders of record as of August 30, 2024.

    Stock Repurchase

    • The Company purchased 5,700 shares of its common stock during the second quarter of 2024 at an average price of $33.02 per share under its previously announced share repurchase program. The Company may repurchase shares of its common stock from time to time to mitigate the potential dilutive effects of stock-based incentive plans and other potential uses of common stock for corporate purposes. As of June 30, 2024, there were 1,992,400 shares available for repurchase under this plan.

    Conference Call and Webcast

    The Company will host a conference call at 10:00 a.m. (Eastern) Tuesday, July 23, 2024, to review the second quarter 2024 financial results. The audio webcast link, along with the corresponding presentation slides, will be available on the Company’s Event Calendar page at https://www.nbtbancorp.com/bn/presentations-events.html#events and will be archived for twelve months.

    Corporate Overview

    NBT Bancorp Inc. is a financial holding company headquartered in Norwich, NY, with total assets of $13.50 billion at June 30, 2024. The Company primarily operates through NBT Bank, N.A., a full-service community bank, and through two financial services companies. NBT Bank, N.A. has 154 banking locations in New York, Pennsylvania, Vermont, Massachusetts, New Hampshire, Maine and Connecticut. EPIC Retirement Plan Services, based in Rochester, NY, is a national benefits administration firm. NBT Insurance Agency, LLC, based in Norwich, NY, is a full-service insurance agency. More information about NBT and its divisions is available online at: www.nbtbancorp.com, www.nbtbank.com, www.epicrps.com and https://www.nbtbank.com/Insurance.

    Forward-Looking Statements

    This press release contains forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995. These statements may be identified by the use of phrases such as “anticipate,” “believe,” “expect,” “forecasts,” “projects,” “will,” “can,” “would,” “should,” “could,” “may,” or other similar terms. There are a number of factors, many of which are beyond the Company’s control, that could cause actual results to differ materially from those contemplated by the forward-looking statements. Factors that may cause actual results to differ materially from those contemplated by such forward-looking statements include, among others, the following possibilities: (1) local, regional, national and international economic conditions, including actual or potential stress in the banking industry, and the impact they may have on the Company and its customers, and the Company’s assessment of that impact; (2) changes in the level of nonperforming assets and charge-offs; (3) changes in estimates of future reserve requirements based upon the periodic review thereof under relevant regulatory and accounting requirements; (4) the effects of and changes in trade and monetary and fiscal policies and laws, including the interest rate policies of the Federal Reserve Board (“FRB”); (5) inflation, interest rates, securities market and monetary fluctuations; (6) political instability; (7) acts of war, including international military conflicts, or terrorism; (8) the timely development and acceptance of new products and services and the perceived overall value of these products and services by users; (9) changes in consumer spending, borrowing and saving habits; (10) changes in the financial performance and/or condition of the Company’s borrowers; (11) technological changes; (12) acquisition and integration of acquired businesses; (13) the ability to increase market share and control expenses; (14) changes in the competitive environment among financial holding companies; (15) the effect of changes in laws and regulations (including laws and regulations concerning taxes, banking, securities and insurance) with which the Company and its subsidiaries must comply, including those under the Dodd-Frank Act, and the Economic Growth, Regulatory Relief, and Consumer Protection Act of 2018; (16) the effect of changes in accounting policies and practices, as may be adopted by the regulatory agencies, as well as the Public Company Accounting Oversight Board, the Financial Accounting Standards Board and other accounting standard setters; (17) changes in the Company’s organization, compensation and benefit plans; (18) the costs and effects of legal and regulatory developments, including the resolution of legal proceedings or regulatory or other governmental inquiries, and the results of regulatory examinations or reviews; (19) greater than expected costs or difficulties related to the integration of new products and lines of business; and (20) the Company’s success at managing the risks involved in the foregoing items.

    The Company cautions readers not to place undue reliance on any forward-looking statements, which speak only as of the date made, and advises readers that various factors, including, but not limited to, those described above and other factors discussed in the Company’s annual and quarterly reports previously filed with the SEC, could affect the Company’s financial performance and could cause the Company’s actual results or circumstances for future periods to differ materially from those anticipated or projected.

    Unless required by law, the Company does not undertake, and specifically disclaims any obligations to, publicly release any revisions that may be made to any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements.

    Non-GAAP Measures

    This press release contains financial information determined by methods other than in accordance with accounting principles generally accepted in the United States of America (“GAAP”). Where non-GAAP disclosures are used in this press release, the comparable GAAP measure, as well as a reconciliation to the comparable GAAP measure, is provided in the accompanying tables. Management believes that these non-GAAP measures provide useful information that is important to an understanding of the results of the Company’s core business as well as provide information standard in the financial institution industry. Non-GAAP measures should not be considered a substitute for financial measures determined in accordance with GAAP and investors should consider the Company’s performance and financial condition as reported under GAAP and all other relevant information when assessing the performance or financial condition of the Company. Amounts previously reported in the consolidated financial statements are reclassified whenever necessary to conform to current period presentation.

    Contact: Scott A. Kingsley, President and CEO
      Annette L. Burns, Executive Vice President and CFO
      NBT Bancorp Inc.
      52 South Broad Street
      Norwich, NY 13815
      607-337-6589


    NBT Bancorp Inc. and Subsidiaries      
    Selected Financial Data      
    (unaudited, dollars in thousands except per share data)     
           
      2024  2023  
     2nd Q1st Q4th Q3rd Q2nd Q 
    Profitability (reported)      
    Diluted earnings per share$ 0.69 $0.71 $0.64 $0.54 $0.70  
    Weighted average diluted common shares outstanding 47,382,814  47,370,145  47,356,899  45,398,937  43,126,498  
    Return on average assets3 0.98% 1.02% 0.89% 0.76% 1.02% 
    Return on average equity3 9.12% 9.52% 8.79% 7.48% 9.91% 
    Return on average tangible common equity1 3 13.23% 13.87% 13.08% 10.73% 13.13% 
    Net interest margin1 3 3.18% 3.14% 3.15% 3.21% 3.27% 
           
     6 Months Ended June 30,    
      2024  2023     
    Profitability (reported)      
    Diluted earnings per share$ 1.40 $1.48     
    Weighted average diluted common shares outstanding 47,381,054  43,129,259     
    Return on average assets3 1.00% 1.09%    
    Return on average equity3 9.32% 10.68%    
    Return on average tangible common equity1 3 13.55% 14.20%    
    Net interest margin1 3 3.16% 3.41%    
           
      2024  2023  
     2nd Q1st Q4th Q3rd Q2nd Q 
    Profitability (operating)      
    Diluted earnings per share1$ 0.69 $0.68 $0.72 $0.84 $0.80  
    Return on average assets1 3 0.98% 0.97% 0.99% 1.19% 1.17% 
    Return on average equity1 3 9.14% 9.04% 9.79% 11.65% 11.40% 
    Return on average tangible common equity1 3 13.26% 13.20% 14.49% 16.43% 15.08% 
           
     6 Months Ended June 30,    
      2024  2023     
    Profitability (operating)      
    Diluted earnings per share1$ 1.37 $1.68     
    Return on average assets1 3 0.98% 1.24%    
    Return on average equity1 3 9.09% 12.16%    
    Return on average tangible common equity1 3 13.23% 16.15%    
           
      2024  2023  
     2nd Q1st Q4th Q3rd Q2nd Q 
    Balance sheet data      
    Short-term interest-bearing accounts$ 35,207 $156,632 $31,378 $459,296 $31,878  
    Securities available for sale 1,439,445  1,418,471  1,430,858  1,399,032  1,453,926  
    Securities held to maturity 878,909  890,863  905,267  914,520  912,876  
    Net loans 9,733,847  9,572,777  9,536,313  9,552,774  8,257,724  
    Total assets 13,501,909  13,439,199  13,309,040  13,827,628  11,890,497  
    Total deposits 11,271,459  11,195,289  10,968,994  11,401,452  9,529,919  
    Total borrowings 476,082  518,190  637,387  740,603  880,518  
    Total liabilities 12,039,954  11,997,784  11,883,349  12,464,807  10,680,004  
    Stockholders' equity 1,461,955  1,441,415  1,425,691  1,362,821  1,210,493  
           
    Capital      
    Equity to assets 10.83% 10.73% 10.71% 9.86% 10.18% 
    Tangible equity ratio1 8.11% 7.98% 7.93% 7.15% 7.95% 
    Book value per share$ 31.00 $30.57 $30.26 $28.94 $28.26  
    Tangible book value per share2$ 22.54 $22.07 $21.72 $20.39 $21.55  
    Leverage ratio 10.16% 10.09% 9.71% 10.23% 10.51% 
    Common equity tier 1 capital ratio 11.70% 11.68% 11.57% 11.31% 12.29% 
    Tier 1 capital ratio 12.61% 12.61% 12.50% 12.23% 13.35% 
    Total risk-based capital ratio 14.88% 14.87% 14.75% 14.45% 15.50% 
    Common stock price (end of period)$ 38.60 $36.68 $41.91 $31.69 $31.85  
           


    NBT Bancorp Inc. and Subsidiaries       
    Asset Quality and Consolidated Loan Balances       
    (unaudited, dollars in thousands)       
            
      2024  2023   
     2nd Q1st Q4th Q3rd Q2nd Q  
    Asset quality       
    Nonaccrual loans$ 34,755 $35,189 $34,213 $20,736 $16,931   
    90 days past due and still accruing 3,333  2,600  3,661  3,528  2,755   
    Total nonperforming loans 38,088  37,789  37,874  24,264  19,686   
    Other real estate owned 74  -  -  -  179   
    Total nonperforming assets 38,162  37,789  37,874  24,264  19,865   
    Allowance for loan losses 120,500  115,300  114,400  114,601  100,400   
            
    Asset quality ratios       
    Allowance for loan losses to total loans 1.22% 1.19% 1.19% 1.19% 1.20%  
    Total nonperforming loans to total loans 0.39% 0.39% 0.39% 0.25% 0.24%  
    Total nonperforming assets to total assets 0.28% 0.28% 0.28% 0.18% 0.17%  
    Allowance for loan losses to total nonperforming loans 316.37% 305.12% 302.05% 472.31% 510.01%  
    Past due loans to total loans4 0.30% 0.33% 0.32% 0.49% 0.45%  
    Net charge-offs to average loans3 0.15% 0.19% 0.22% 0.18% 0.17%  
            
      2024  2023   
     2nd Q1st Q4th Q3rd Q2nd Q  
    Loan net charge-offs by line of business       
    Commercial$ (8)$772 $1,107 $(344)$92   
    Residential real estate and home equity (76) (32) 11  (75) (43)  
    Indirect auto 747  665  399  451  273   
    Residential solar 1,610  1,211  1,081  1,253  581   
    Other consumer 1,426  2,063  2,729  2,919  2,553   
      Total loan net charge-offs$ 3,699 $4,679 $5,327 $4,204 $3,456   
            
      2024  2023   
     2nd Q1st Q4th Q3rd Q2nd Q  
    Allowance for loan losses as a percentage of loans by segment      
    Commercial & industrial 0.76% 0.79% 0.84% 0.87% 0.86%  
    Commercial real estate 1.00% 0.97% 0.99% 1.00% 0.93%  
    Residential real estate 0.98% 0.89% 0.84% 0.79% 0.73%  
    Auto 0.85% 0.81% 0.83% 0.82% 0.80%  
    Residential solar 3.76% 3.58% 3.28% 3.19% 3.09%  
    Other consumer 4.09% 4.24% 4.70% 5.23% 5.98%  
      Total 1.22% 1.19% 1.19% 1.19% 1.20%  
            
      2024  2023   
     2nd Q1st Q4th Q3rd Q2nd Q  
    Loans by line of business       
    Commercial & industrial$ 1,397,935 $1,353,446 $1,354,248 $1,424,579 $1,319,093   
    Commercial real estate 3,784,214  3,646,739  3,626,910  3,575,595  2,884,264   
    Residential real estate 2,134,875  2,133,289  2,125,804  2,111,670  1,666,204   
    Home equity 326,556  328,673  337,214  340,777  310,897   
    Indirect auto 1,225,786  1,190,734  1,130,132  1,099,558  1,048,739   
    Residential solar 861,883  896,147  917,755  934,082  926,365   
    Other consumer 123,098  139,049  158,650  181,114  202,562   
      Total loans$ 9,854,347 $9,688,077 $9,650,713 $9,667,375 $8,358,124   
            


    NBT Bancorp Inc. and Subsidiaries    
    Consolidated Balance Sheets   
    (unaudited, in thousands)   
        
     June 30,December 31, 
      2024 2023 
    Assets   
    Cash and due from banks$ 172,313$173,811 
    Short-term interest-bearing accounts 35,207 31,378 
    Equity securities, at fair value 40,087 37,591 
    Securities available for sale, at fair value 1,439,445 1,430,858 
    Securities held to maturity (fair value $780,490 and $814,524, respectively) 878,909 905,267 
    Federal Reserve and Federal Home Loan Bank stock 38,314 45,861 
    Loans held for sale 3,183 3,371 
    Loans 9,854,347 9,650,713 
    Less allowance for loan losses 120,500 114,400 
      Net loans$ 9,733,847$9,536,313 
    Premises and equipment, net 78,713 80,675 
    Goodwill 361,851 361,851 
    Intangible assets, net 36,835 40,443 
    Bank owned life insurance 269,310 265,732 
    Other assets 413,895 395,889 
    Total assets$ 13,501,909$13,309,040 
        
    Liabilities and stockholders' equity   
    Demand (noninterest bearing)$ 3,333,828$3,413,829 
    Savings, NOW and money market 6,532,834 6,230,456 
    Time 1,404,797 1,324,709 
      Total deposits$ 11,271,459$10,968,994 
    Short-term borrowings 224,703 386,651 
    Long-term debt 29,721 29,796 
    Subordinated debt, net 120,462 119,744 
    Junior subordinated debt 101,196 101,196 
    Other liabilities 292,413 276,968 
      Total liabilities$ 12,039,954$11,883,349 
        
    Total stockholders' equity$ 1,461,955$1,425,691 
        
    Total liabilities and stockholders' equity$ 13,501,909$13,309,040 
        


    NBT Bancorp Inc. and Subsidiaries      
    Consolidated Statements of Income     
    (unaudited, in thousands except per share data)     
          
     Three Months EndedSix Months Ended 
     June 30,June 30, 
      2024  2023  2024  2023  
    Interest, fee and dividend income     
    Interest and fees on loans$ 136,606 $106,935 $ 269,752 $207,834  
    Securities available for sale 7,562  7,493  14,686  15,109  
    Securities held to maturity 5,190  4,991  10,493  10,026  
    Other 1,408  1,170  2,772  1,812  
      Total interest, fee and dividend income$ 150,766 $120,589 $ 297,703 $234,781  
    Interest expense     
    Deposits$ 46,688 $19,986 $ 91,027 $31,130  
    Short-term borrowings 2,899  8,126  6,320  13,045  
    Long-term debt 291  290  581  337  
    Subordinated debt 1,806  1,335  3,606  2,669  
    Junior subordinated debt 1,908  1,767  3,821  3,449  
      Total interest expense$ 53,592 $31,504 $ 105,355 $50,630  
    Net interest income$ 97,174 $89,085 $ 192,348 $184,151  
    Provision for loan losses 8,899  3,606  14,478  7,515  
      Net interest income after provision for loan losses$ 88,275 $85,479 $ 177,870 $176,636  
    Noninterest income     
    Service charges on deposit accounts$ 4,219 $3,733 $ 8,336 $7,281  
    Card services income 5,587  5,121  10,782  9,966  
    Retirement plan administration fees 14,798  11,735  29,085  23,197  
    Wealth management 10,173  8,227  19,870  16,314  
    Insurance services 3,848  3,716  8,236  7,647  
    Bank owned life insurance income 1,834  1,528  4,186  3,406  
    Net securities (losses) gains (92) (4,641) 2,091  (9,639) 
    Other 2,865  2,626  6,038  5,282  
      Total noninterest income$ 43,232 $32,045 $ 88,624 $63,454  
    Noninterest expense     
    Salaries and employee benefits$ 55,393 $46,834 $ 111,097 $94,989  
    Technology and data services 9,249  9,305  18,999  18,312  
    Occupancy 7,671  6,923  15,769  14,143  
    Professional fees and outside services 4,565  4,159  9,418  8,337  
    Amortization of intangible assets 2,133  458  4,301  994  
    Reserve for unfunded loan commitments (380) (100) (830) (730) 
    Acquisition expenses -  1,189  -  1,807  
    Other 10,957  10,026  22,607  20,264  
      Total noninterest expense$ 89,588 $78,794 $ 181,361 $158,116  
    Income before income tax expense$ 41,919 $38,730 $ 85,133 $81,974  
    Income tax expense 9,203  8,658  18,594  18,244  
       Net income$ 32,716 $30,072 $ 66,539 $63,730  
    Earnings Per Share     
    Basic$ 0.69 $0.70 $ 1.41 $1.49  
    Diluted$ 0.69 $0.70 $ 1.40 $1.48  
          


    NBT Bancorp Inc. and Subsidiaries     
    Quarterly Consolidated Statements of Income     
    (unaudited, in thousands except per share data)     
          
      2024  2023 
     2nd Q1st Q4th Q3rd Q2nd Q
    Interest, fee and dividend income     
    Interest and fees on loans$ 136,606 $133,146 $132,738$122,097 $106,935 
    Securities available for sale 7,562  7,124  7,208 7,495  7,493 
    Securities held to maturity 5,190  5,303  5,374 5,281  4,991 
    Other 1,408  1,364  5,594 2,221  1,170 
      Total interest, fee and dividend income$ 150,766 $146,937 $150,914$137,094 $120,589 
    Interest expense     
    Deposits$ 46,688 $44,339 $42,753$30,758 $19,986 
    Short-term borrowings 2,899  3,421  4,951 7,612  8,126 
    Long-term debt 291  290  294 294  290 
    Subordinated debt 1,806  1,800  1,795 1,612  1,335 
    Junior subordinated debt 1,908  1,913  1,948 1,923  1,767 
      Total interest expense$ 53,592 $51,763 $51,741$42,199 $31,504 
    Net interest income$ 97,174 $95,174 $99,173$94,895 $89,085 
    Provision for loan losses$ 8,899 $5,579 $5,126$3,883 $3,606 
    Provision for loan losses - acquisition day 1 non-PCD -  -  - 8,750  - 
    Total provision for loan losses$ 8,899 $5,579 $5,126$12,633 $3,606 
      Net interest income after provision for loan losses$ 88,275 $89,595 $94,047$82,262 $85,479 
    Noninterest income     
    Service charges on deposit accounts$ 4,219 $4,117 $4,165$3,979 $3,733 
    Card services income 5,587  5,195  5,360 5,503  5,121 
    Retirement plan administration fees 14,798  14,287  11,226 12,798  11,735 
    Wealth management 10,173  9,697  9,152 9,297  8,227 
    Insurance services 3,848  4,388  3,659 4,361  3,716 
    Bank owned life insurance income 1,834  2,352  1,776 1,568  1,528 
    Net securities (losses) gains (92) 2,183  507 (183) (4,641)
    Other 2,865  3,173  2,643 2,913  2,626 
      Total noninterest income$ 43,232 $45,392 $38,488$40,236 $32,045 
    Noninterest expense     
    Salaries and employee benefits$ 55,393 $55,704 $50,013$49,248 $46,834 
    Technology and data services 9,249  9,750  10,174 9,677  9,305 
    Occupancy 7,671  8,098  7,175 7,090  6,923 
    Professional fees and outside services 4,565  4,853  5,115 4,149  4,159 
    Amortization of intangible assets 2,133  2,168  2,131 1,609  458 
    Reserve for unfunded loan commitments (380) (450) 300 460  (100)
    Impairment of a minority interest equity investment -  -  4,750 -  - 
    Acquisition expenses -  -  254 7,917  1,189 
    Other 10,957  11,650  12,839 10,647  10,026 
      Total noninterest expense$ 89,588 $91,773 $92,751$90,797 $78,794 
    Income before income tax expense$ 41,919 $43,214 $39,784$31,701 $38,730 
    Income tax expense 9,203  9,391  9,338 7,095  8,658 
       Net income$ 32,716 $33,823 $30,446$24,606 $30,072 
    Earnings Per Share     
    Basic$ 0.69 $0.72 $0.65$0.54 $0.70 
    Diluted$ 0.69 $0.71 $0.64$0.54 $0.70 
          


    NBT Bancorp Inc. and Subsidiaries            
    Average Quarterly Balance Sheets            
    (unaudited, dollars in thousands)            
                 
      Average BalanceYield / RatesAverage BalanceYield / RatesAverage BalanceYield / RatesAverage BalanceYield / RatesAverage BalanceYield / Rates 
      Q2 - 2024Q1 - 2024Q4 - 2023Q3 - 2023Q2 - 2023 
    Assets            
    Short-term interest-bearing accounts $ 48,8615.48%$47,9724.48%$319,9075.59%$121,3844.26%$28,4733.62% 
    Securities taxable1  2,280,7671.97% 2,278,0291.91% 2,310,4091.88% 2,364,8091.90% 2,394,0271.90% 
    Securities tax-exempt 1 5  226,0323.56% 230,4683.58% 232,5753.51% 219,4273.34% 201,4992.83% 
    FRB and FHLB stock  40,2837.41% 42,2967.89% 47,9948.98% 53,8416.76% 51,4547.12% 
    Loans1 6  9,772,0145.63% 9,674,8925.54% 9,653,1915.47% 9,043,5825.36% 8,307,8945.17% 
    Total interest-earning assets $ 12,367,9574.92%$12,273,6574.84%$12,564,0764.79%$11,803,0434.63%$10,983,3474.42% 
    Other assets  1,064,487  1,055,386  1,052,024  968,220  835,424  
    Total assets $ 13,432,444 $13,329,043 $13,616,100 $12,771,263 $11,818,771  
    Liabilities and stockholders' equity            
    Money market deposit accounts $ 3,254,2523.65%$3,129,1603.56%$3,045,5313.43%$2,422,4512.91%$2,113,9652.30% 
    NOW deposit accounts  1,603,6950.78% 1,600,2880.75% 1,645,4010.80% 1,513,4200.57% 1,463,9530.38% 
    Savings deposits  1,586,7530.05% 1,607,6590.04% 1,666,9150.04% 1,707,0940.04% 1,708,8740.03% 
    Time deposits  1,391,0624.00% 1,352,5594.00% 1,343,5483.81% 1,178,3523.60% 856,3052.97% 
    Total interest-bearing deposits $ 7,835,7622.40%$7,689,6662.32%$7,701,3952.20%$6,821,3171.79%$6,143,0971.30% 
    Federal funds purchased  29,9455.56% 19,7695.53% 2175.48% 6,0335.39% 48,4075.35% 
    Repurchase agreements  86,4051.55% 82,4191.55% 82,3871.59% 71,5161.40% 55,6271.08% 
    Short-term borrowings  155,1595.58% 213,3905.34% 345,2505.31% 540,3805.34% 557,8185.27% 
    Long-term debt  29,7343.94% 29,7723.92% 29,8093.91% 29,8003.91% 29,7733.91% 
    Subordinated debt, net  120,2396.04% 119,8736.04% 119,5315.96% 109,1605.86% 97,0815.52% 
    Junior subordinated debt  101,1967.58% 101,1967.60% 101,1967.64% 101,1967.54% 101,1967.00% 
    Total interest-bearing liabilities $ 8,358,4402.58%$8,256,0852.52%$8,379,7852.45%$7,679,4022.18%$7,032,9991.80% 
    Demand deposits  3,323,906  3,356,607  3,535,815  3,498,424  3,316,955  
    Other liabilities  306,747  286,749  326,857  287,751  251,511  
    Stockholders' equity  1,443,351  1,429,602  1,373,643  1,305,686  1,217,306  
    Total liabilities and stockholders' equity $ 13,432,444 $13,329,043 $13,616,100 $12,771,263 $11,818,771  
    Interest rate spread  2.34% 2.32% 2.34% 2.45% 2.62% 
    Net interest margin (FTE)1  3.18% 3.14% 3.15% 3.21% 3.27% 
                 



    NBT Bancorp Inc. and Subsidiaries         
    Average Year-to-Date Balance Sheets        
    (unaudited, dollars in thousands)         
              
      Average Yield/Average Yield/  
      BalanceInterestRates BalanceInterestRates  
    Six Months Ended June 30,  2024  2023   
    Assets         
    Short-term interest-bearing accounts $ 48,416$ 1,2014.99%$31,328$4472.88%  
    Securities taxable1  2,279,399 21,9771.94% 2,418,245 22,9021.91%  
    Securities tax-exempt 1 5  228,250 4,0533.57% 201,908 2,8262.82%  
    FRB and FHLB stock  41,289 1,5717.65% 46,327 1,3655.94%  
    Loans1 6  9,723,453 270,2175.59% 8,249,034 208,0385.09%  
    Total interest-earning assets $ 12,320,807$ 299,0194.88%$10,946,842$235,5784.34%  
    Other assets  1,059,937   836,148    
    Total assets $ 13,380,744  $11,782,990    
    Liabilities and stockholders' equity         
    Money market deposit accounts $ 3,191,706$ 57,2783.61%$2,097,678$18,3681.77%  
    NOW deposit accounts  1,601,992 6,1200.77% 1,531,021 2,8240.37%  
    Savings deposits  1,597,206 3520.04% 1,744,969 2860.03%  
    Time deposits  1,371,810 27,2774.00% 748,573 9,6522.60%  
    Total interest-bearing deposits $ 7,762,714$ 91,0272.36%$6,122,241$31,1301.03%  
    Federal funds purchased  24,857 6865.55% 46,381 1,1845.15%  
    Repurchase agreements  84,412 6491.55% 63,440 1640.52%  
    Short-term borrowings  184,275 4,9855.44% 458,064 11,6975.15%  
    Long-term debt  29,753 5813.93% 18,598 3373.65%  
    Subordinated debt, net  120,056 3,6066.04% 97,024 2,6695.55%  
    Junior subordinated debt  101,196 3,8217.59% 101,196 3,4496.87%  
    Total interest-bearing liabilities $ 8,307,263$ 105,3552.55%$6,906,944$50,6301.48%  
    Demand deposits  3,340,257   3,409,209    
    Other liabilities  296,747   262,951    
    Stockholders' equity  1,436,477   1,203,886    
    Total liabilities and stockholders' equity$ 13,380,744  $11,782,990    
    Net interest income (FTE)1  $ 193,664  $184,948   
    Interest rate spread   2.33%  2.86%  
    Net interest margin (FTE)1   3.16%  3.41%  
    Taxable equivalent adjustment  $ 1,316  $797   
    Net interest income  $ 192,348  $184,151   
              



             
    1The following tables provide the Non-GAAP reconciliations for the Non-GAAP measures contained in this release:   
             
     Non-GAAP measures       
     (unaudited, dollars in thousands except per share data)       
             
       2024  2023   
      2nd Q1st Q4th Q3rd Q2nd Q  
     Operating net income       
     Net income$ 32,716 $33,823 $30,446 $24,606 $30,072   
     Acquisition expenses -  -  254  7,917  1,189   
     Acquisition-related provision for credit losses -  -  -  8,750  -   
     Acquisition-related reserve for unfunded loan commitments -  -  -  836  -   
     Impairment of a minority interest equity investment -  -  4,750  -  -   
     Securities losses (gains) 92  (2,183) (507) 183  4,641   
     Adjustments to net income$ 92 $(2,183)$4,497 $17,686 $5,830   
     Adjustments to net income (net of tax)$ 72 $(1,703)$3,435 $13,730 $4,525   
     Operating net income$ 32,788 $32,120 $33,881 $38,336 $34,597   
     Operating diluted earnings per share$ 0.69 $0.68 $0.72 $0.84 $0.80   
             
      6 Months Ended June 30,     
       2024  2023      
     Operating net income       
     Net income$ 66,539 $63,730      
     Acquisition expenses -  1,807      
     Securities (gains) losses (2,091) 9,639      
     Adjustments to net income$ (2,091)$11,446      
     Adjustments to net income (net of tax)$ (1,631)$8,866      
     Operating net income$ 64,908 $72,596      
     Operating diluted earnings per share$ 1.37 $1.68      
             
       2024  2023   
      2nd Q1st Q4th Q3rd Q2nd Q  
     FTE adjustment       
     Net interest income$ 97,174 $95,174 $99,173 $94,895 $89,085   
     Add: FTE adjustment 658  658  669  568  402   
     Net interest income (FTE)$ 97,832 $95,832 $99,842 $95,463 $89,487   
     Average earning assets$ 12,367,957 $12,273,657 $12,564,076 $11,803,043 $10,983,347   
     Net interest margin (FTE)3 3.18% 3.14% 3.15% 3.21% 3.27%  
             
      6 Months Ended June 30,     
       2024  2023      
     FTE adjustment       
     Net interest income$ 192,348 $184,151      
     Add: FTE adjustment 1,316  797      
     Net interest income (FTE)$ 193,664 $184,948      
     Average earning assets$ 12,320,807 $10,946,842      
     Net interest margin (FTE)3 3.16% 3.41%     
             
     Interest income for tax-exempt securities and loans have been adjusted to an FTE basis using the statutory Federal income tax rate of 21%. 
             



             
    1The following tables provide the Non-GAAP reconciliations for the Non-GAAP measures contained in this release:  
             
     Non-GAAP measures (continued)       
     (unaudited, dollars in thousands)       
             
       2024  2023   
      2nd Q1st Q4th Q3rd Q2nd Q  
     Tangible equity to tangible assets       
     Total equity$ 1,461,955 $1,441,415 $1,425,691 $1,362,821 $1,210,493   
     Intangible assets 398,686  400,819  402,294  402,745  287,701   
     Total assets$ 13,501,909 $13,439,199 $13,309,040 $13,827,628 $11,890,497   
     Tangible equity to tangible assets 8.11% 7.98% 7.93% 7.15% 7.95%  
             
       2024  2023   
      2nd Q1st Q4th Q3rd Q2nd Q  
     Return on average tangible common equity      
     Net income$ 32,716 $33,823 $30,446 $24,606 $30,072   
     Amortization of intangible assets (net of tax) 1,600  1,626  1,599  1,206  344   
     Net income, excluding intangibles amortization$ 34,316 $35,449 $32,045 $25,812 $30,416   
             
     Average stockholders' equity$ 1,443,351 $1,429,602 $1,373,643 $1,305,686 $1,217,306   
     Less: average goodwill and other intangibles 399,968  401,756  401,978  350,912  287,974   
     Average tangible common equity$ 1,043,383 $1,027,846 $971,665 $954,774 $929,332   
     Return on average tangible common equity3 13.23% 13.87% 13.08% 10.73% 13.13%  
             
      6 Months Ended June 30,     
       2024  2023      
     Return on average tangible common equity      
     Net income$ 66,539 $63,730      
     Amortization of intangible assets (net of tax) 3,226  746      
     Net income, excluding intangibles amortization$ 69,765 $64,476      
             
     Average stockholders' equity$ 1,436,477 $1,203,886      
     Less: average goodwill and other intangibles 400,862  288,163      
     Average tangible common equity$ 1,035,615 $915,723      
     Return on average tangible common equity3 13.55% 14.20%     
             
    2Non-GAAP measure - Stockholders' equity less goodwill and intangible assets divided by common shares outstanding.  
    3Annualized.       
    4Total past due loans, defined as loans 30 days or more past due and in an accrual status.    
    5Securities are shown at average amortized cost.      
    6For purposes of these computations, nonaccrual loans and loans held for sale are included in the average loan balances outstanding. 
             




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