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(State or other jurisdiction of incorporation or organization) | (Commission File Number) | (I.R.S. Employer Identification No.) |
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Title of class
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Trading Symbol
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Name of exchange on which registered
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Item 2.02 |
Results of Operations and Financial Condition
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Item 9.01 |
Financial Statements and Exhibits.
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(a)
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Not applicable.
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(b)
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Not applicable.
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(c)
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Not applicable.
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(d)
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Exhibits.
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Exhibit No.
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Description
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Press release of NBT Bancorp Inc. October 28, 2024
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104
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Cover Page Interactive Data File (embedded within the Inline XBRL document)
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NBT BANCORP INC.
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Date: October 28, 2024
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By:
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/s/ Annette L. Burns
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Annette L. Burns
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Executive Vice President and Chief Financial Officer
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Contact:
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Scott A. Kingsley, President and CEO
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Annette L. Burns, Executive Vice President and CFO
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NBT Bancorp Inc.
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52 South Broad Street
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Norwich, NY 13815
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607-337-6589
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Net Income
|
◾
|
Net income was $38.1 million and diluted earnings per share was $0.80
|
|
Net Interest Income / NIM
|
◾
|
Net interest income on a fully taxable equivalent (“FTE”) basis was $102.3 million, up $4.5 million from the prior quarter(1)
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|
◾ |
Net interest margin (“NIM”) on an FTE basis was 3.27%(1), up 9 basis points (“bps”) from the prior quarter
|
||
◾ | Included in FTE net interest income was $2.7 million of acquisition-related net accretion, which was consistent with the second quarter of 2024 | ||
◾ |
Earning asset yields of 5.01% were up 9 bps from the prior quarter
|
||
◾ |
Total cost of funds of 1.85% was consistent with the prior quarter
|
||
Noninterest Income
|
◾
|
Noninterest income was at a record level of $45.3 million, or 30.8% of total revenues, excluding net securities gains (losses)
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Loans and Credit Quality
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◾
|
Period end total loans of $9.91 billion as of September 30, 2024, up $256.3 million, or 3.5% annualized, from December 31, 2023
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|
◾ |
Net charge-offs to average loans was 0.16% annualized
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||
◾ |
Nonperforming loans to total loans was 0.38%
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||
◾ |
Allowance for loan losses to total loans was 1.21%
|
||
Deposits
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◾ |
Deposits were $11.59 billion as of September 30, 2024, up $619.3 million, or 5.6%, from December 31, 2023
|
|
◾ |
Total cost of deposits was 1.72% for the third quarter of 2024, up 4 bps from the second quarter of 2024
|
||
◾ |
Full cycle to-date deposit beta of 31%
|
||
◾ |
Composition of total deposits is diverse and granular with over 563,000 accounts with an average per account balance of $20,560
|
||
Capital
|
◾
|
Stockholders’ equity was $1.52 billion as of September 30, 2024
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|
◾ |
Tangible book value per share(2) was $23.83 at September 30, 2024
|
||
◾ |
Tangible equity to assets of 8.36%(1)
|
||
◾ |
CET1 ratio of 11.86%; Leverage ratio of 10.29%
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◾ |
Period end total loans were $9.91 billion at September 30, 2024, $9.85 billion at June 30, 2024 and $9.65 billion at December 31, 2023.
|
◾ |
Period end total loans increased $256.3 million from December 31, 2023. Total commercial loans increased $270.3 million to $5.25 billion; and total consumer loans decreased $13.9
million to $4.66 billion. Excluding the other consumer and residential solar portfolios that are in a planned run-off status, period end loans increased $384.4 million, or 6.0% annualized.
|
◾ |
Commercial line of credit utilization rate was 22% at September 30, 2024, compared to 23% at June 30, 2024 and 22% at September 30, 2023.
|
◾ |
Total deposits at September 30, 2024 were $11.59 billion, compared to $11.27 billion at June 30, 2024 and compared to $10.97 billion at December 31, 2023. The $619.3 million increase
in deposits from December 31, 2023 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 85.5% at September 30, 2024, compared to 88.0% at December 31, 2023.
|
◾ |
Net interest income for the third quarter of 2024 was $101.7 million, an increase of $4.5
million, or 4.6%, from the second quarter of 2024 and up $6.8 million, or 7.1%, from the third quarter of 2023. The increase in net interest income from the second quarter of 2024 resulted primarily from the increase in average loans and
the interest earned on those balances combined with a more favorable funding mix, partially offset by the increase in the cost of deposits.
|
◾ |
The NIM on an FTE basis for the third quarter of 2024 was 3.27%, an increase of 9 bps from the second quarter of 2024. This increase was driven by higher average earning asset yields,
an improved funding mix with lower average balances of short-term borrowings and an increase in the average balance of noninterest-bearing demand deposit accounts, partially offset by an increase in the cost of interest-bearing deposits. The
NIM on an FTE basis increased 6 bps from the third quarter of 2023 due to higher earning asset yields, the impact of acquisition-related net accretion and lower average balances of short-term borrowings, partially offset by the increase in the
cost of interest-bearing deposits.
|
◾ |
Earning asset yields for the three months ended September 30, 2024 increased 9 bps from the prior quarter to 5.01% and increased 38 bps from the same quarter in the prior year. Loan
yields for the three months ended September 30, 2024 increased 11 bps from the prior quarter to 5.74% and increased 38 bps from the same quarter in the prior year. Average earning assets increased $79.2 million, or 0.6%, from the second quarter
of 2024 due to organic loan growth. Average earning assets grew $644.2 million, or 5.5%, from the third quarter of 2023 due to organic loan growth and the Salisbury acquisition, completed in August 2023.
|
◾ |
Total cost of deposits, including noninterest bearing deposits, was 1.72% for the third quarter of 2024, an increase of 4 bps from the prior quarter and an increase of 54 bps from the
same period in the prior year. For the month of September 2024, the total cost of deposits was 1.72%.
|
◾ |
Total cost of funds for the three months ended September 30, 2024 was 1.85%, consistent with the prior quarter and an increase of 35 bps from the third quarter of 2023. For the month
of September 2024, the total cost of funds was 1.83%.
|
◾ |
Net charge-offs to total average loans for the third quarter of 2024 was 16 bps compared to 15 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 was 0.27% which was consistent with the previous three quarter ends at 0.28%.
|
◾ |
Provision expense for the three months ended September 30, 2024 was $2.9 million, compared to $8.9 million for the second quarter of 2024. The decrease in provision expense from the
prior quarter was primarily due to lower level of loan growth in the third quarter including the run-off of the other consumer and residential solar portfolios, the establishment of a specific reserve in the prior quarter and the stabilization
of expected prepayment assumptions impacting the expected life of the loan portfolios. Included in the provision expense in the third quarter of 2023 was $8.8 million of acquisition-related provision for loan losses.
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◾ |
The allowance for loan losses was $119.5 million, or 1.21% of total loans, at September 30, 2024, compared to $120.5 million, or 1.22% of total loans, at June 30, 2024 and $114.4
million, or 1.19% of total loans, at December 31, 2023.
|
◾ |
The reserve for unfunded loan commitments was $4.6 million at September 30, 2024, compared to $4.3 million at June 30, 2024 and $5.1 million at December 31, 2023. The provision for
unfunded loan commitments in the third quarter of 2023 included $0.8 million of acquisition-related provision for unfunded loan commitments.
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◾ |
Total noninterest income, excluding securities gains (losses), was $45.3 million for the three months ended September 30, 2024, up $2.0 million, or 4.6%, from the second quarter of
2024, and up $4.9 million, or 12.1%, from the third quarter of 2023.
|
◾ |
Retirement plan administration fees were consistent with the prior quarter and increased $1.8 million from the third quarter of 2023. The increase from the third quarter of 2023 was
driven by organic growth and higher market levels.
|
◾ |
Wealth management fees increased $0.8 million from the prior quarter and were up $1.6 million from the third quarter of 2023. The increase from the prior quarter was driven by organic
growth and seasonal activity-based fees. The increase from the third quarter of 2023 was driven by the addition of Salisbury revenues, organic growth and market performance.
|
◾ |
Insurance revenues increased $1.1 million from the prior quarter driven by seasonal renewals and increased $0.6 million from the prior year due to organic growth.
|
◾ |
Total noninterest expense was $95.7 million for the third quarter of 2024, compared to $89.6 million for the second quarter of 2024 and $90.8 million for the third quarter of 2023.
Excluding $0.5 million of acquisition expenses in the third quarter of 2024 and $7.9 million of acquisition expenses in the third quarter of 2023, total noninterest expense increased 6.3% compared to the previous quarter and increased 14.9%
from the third quarter of 2023.
|
◾ |
Salaries and benefits increased 7.7% from the prior quarter driven by one additional payroll day and an increase in other benefits including higher levels of incentive compensation.
The 21.1% increase from the third quarter of 2023 was driven by the impact of the Salisbury acquisition, merit pay increases, higher levels of incentive compensation, higher medical and other benefit costs.
|
◾ |
Technology and data services increased from the prior quarter primarily due to timing of planned initiatives and continued investment in digital platform solutions.
|
◾ |
Occupancy costs were consistent with the prior quarter and increased from the third quarter of 2023 driven by additional expenses related to the Salisbury acquisition.
|
◾ |
Professional fees and outside services were consistent with the prior quarter and increased from the third quarter of 2023 driven by additional expenses from the Salisbury acquisition
and the timing of external services for several tactical and strategic initiatives.
|
◾ |
Amortization of intangible assets were consistent with the second quarter of 2024 and increased $0.5 million from the third quarter of 2023 primarily due to the amortization of
intangible assets related to the Salisbury acquisition.
|
◾ |
The effective tax rate was 21.9% for the third quarter of 2024 consistent with 22.0% in the second quarter of 2024 and down from 22.4% for the third quarter of 2023.
|
◾ |
Tangible common equity to tangible assets(1) was 8.36% at September 30, 2024. Tangible book value per share(2) was $23.83 at September 30, 2024, $22.54 at June
30, 2024 and $20.39 at September 30, 2023.
|
◾ |
Stockholders’ equity increased $96.3 million from December 31, 2023 driven by net income generation of $104.6 million and a $35.2 million decrease in accumulated other comprehensive
loss driven by the change in the fair value of securities available for sale, partially offset by dividends declared of $46.2 million.
|
◾ |
September 30, 2024, CET1 capital ratio of 11.86%, leverage ratio of 10.29% and total risk-based capital ratio of 15.02%.
|
◾ |
The Board of Directors approved a fourth-quarter cash dividend of $0.34 per share at a meeting held earlier today. The dividend represents a $0.02 per share, or 6.3%, increase over the
dividend paid in the fourth quarter of 2023. This is the Company’s twelfth consecutive year of annual dividend increases. The dividend will be paid on December 16, 2024 to stockholders of record as of December 2, 2024.
|
◾ |
The Company purchased 7,600 shares of its common stock during 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 September 30, 2024, there were 1,992,400
shares available for repurchase under this plan.
|
◾ |
On September 9, 2024, NBT announced that it had entered into an agreement to acquire Evans Bancorp, Inc. (“Evans”), an 18 branch community bank headquartered in Williamsville, NY, in
an all stock transaction. Evans had assets of $2.26 billion, deposits of $1.89 billion and net loans of $1.74 billion as of June 30, 2024. The merger is expected to close in the second quarter of 2025, subject to the satisfaction of customary
closing conditions, including approval by the shareholders of Evans and the receipt of required regulatory approvals.
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NBT Bancorp Inc. and Subsidiaries
|
||||||||||||||||||||
Selected Financial Data
|
||||||||||||||||||||
(unaudited, dollars in thousands except per share data)
|
||||||||||||||||||||
2024
|
2023
|
|||||||||||||||||||
3rd Q
|
2nd Q
|
1st Q
|
4th Q
|
3rd Q
|
||||||||||||||||
Profitability (reported)
|
||||||||||||||||||||
Diluted earnings per share
|
$
|
0.80
|
$
|
0.69
|
$
|
0.71
|
$
|
0.64
|
$
|
0.54
|
||||||||||
Weighted average diluted common shares outstanding
|
47,473,417
|
47,382,814
|
47,370,145
|
47,356,899
|
45,398,937
|
|||||||||||||||
Return on average assets(3)
|
1.12
|
%
|
0.98
|
%
|
1.02
|
%
|
0.89
|
%
|
0.76
|
%
|
||||||||||
Return on average equity(3)
|
10.21
|
%
|
9.12
|
%
|
9.52
|
%
|
8.79
|
%
|
7.48
|
%
|
||||||||||
Return on average tangible common equity(1)(3)
|
14.54
|
%
|
13.23
|
%
|
13.87
|
%
|
13.08
|
%
|
10.73
|
%
|
||||||||||
Net interest margin(1)(3)
|
3.27
|
%
|
3.18
|
%
|
3.14
|
%
|
3.15
|
%
|
3.21
|
%
|
||||||||||
9 Months Ended September 30,
|
||||||||||||||||||||
2024
|
2023
|
|||||||||||||||||||
Profitability (reported)
|
||||||||||||||||||||
Diluted earnings per share
|
$
|
2.21
|
$
|
2.01
|
||||||||||||||||
Weighted average diluted common shares outstanding
|
47,409,906
|
43,896,042
|
||||||||||||||||||
Return on average assets(3)
|
1.04
|
%
|
0.97
|
%
|
||||||||||||||||
Return on average equity(3)
|
9.62
|
%
|
9.54
|
%
|
||||||||||||||||
Return on average tangible common equity(1)(3)
|
13.89
|
%
|
13.00
|
%
|
||||||||||||||||
Net interest margin(1)(3)
|
3.20
|
%
|
3.34
|
%
|
||||||||||||||||
2024
|
2023
|
|||||||||||||||||||
3rd Q
|
2nd Q
|
1st Q
|
4th Q
|
3rd Q
|
||||||||||||||||
Profitability (operating)
|
||||||||||||||||||||
Diluted earnings per share(1)
|
$
|
0.80
|
$
|
0.69
|
$
|
0.68
|
$
|
0.72
|
$
|
0.84
|
||||||||||
Return on average assets(1)(3)
|
1.12
|
%
|
0.98
|
%
|
0.97
|
%
|
0.99
|
%
|
1.19
|
%
|
||||||||||
Return on average equity(1)(3)
|
10.23
|
%
|
9.14
|
%
|
9.04
|
%
|
9.79
|
%
|
11.65
|
%
|
||||||||||
Return on average tangible common equity(1)(3)
|
14.56
|
%
|
13.26
|
%
|
13.20
|
%
|
14.49
|
%
|
16.43
|
%
|
||||||||||
9 Months Ended September 30,
|
||||||||||||||||||||
2024
|
2023
|
|||||||||||||||||||
Profitability (operating)
|
||||||||||||||||||||
Diluted earnings per share(1)
|
$
|
2.17
|
$
|
2.53
|
||||||||||||||||
Return on average assets(1)(3)
|
1.03
|
%
|
1.22
|
%
|
||||||||||||||||
Return on average equity(1)(3)
|
9.48
|
%
|
11.98
|
%
|
||||||||||||||||
Return on average tangible common equity(1)(3)
|
13.69
|
%
|
16.25
|
%
|
||||||||||||||||
2024
|
2023
|
|||||||||||||||||||
3rd Q
|
2nd Q
|
1st Q
|
4th Q
|
3rd Q
|
||||||||||||||||
Balance sheet data
|
||||||||||||||||||||
Short-term interest-bearing accounts
|
$
|
231,671
|
$
|
35,207
|
$
|
156,632
|
$
|
31,378
|
$
|
459,296
|
||||||||||
Securities available for sale
|
1,509,338
|
1,439,445
|
1,418,471
|
1,430,858
|
1,399,032
|
|||||||||||||||
Securities held to maturity
|
854,941
|
878,909
|
890,863
|
905,267
|
914,520
|
|||||||||||||||
Net loans
|
9,787,541
|
9,733,847
|
9,572,777
|
9,536,313
|
9,552,774
|
|||||||||||||||
Total assets
|
13,839,552
|
13,501,909
|
13,439,199
|
13,309,040
|
13,827,628
|
|||||||||||||||
Total deposits
|
11,588,278
|
11,271,459
|
11,195,289
|
10,968,994
|
11,401,452
|
|||||||||||||||
Total borrowings
|
456,666
|
476,082
|
518,190
|
637,387
|
740,603
|
|||||||||||||||
Total liabilities
|
12,317,572
|
12,039,954
|
11,997,784
|
11,883,349
|
12,464,807
|
|||||||||||||||
Stockholders' equity
|
1,521,980
|
1,461,955
|
1,441,415
|
1,425,691
|
1,362,821
|
|||||||||||||||
Capital
|
||||||||||||||||||||
Equity to assets
|
11.00
|
%
|
10.83
|
%
|
10.73
|
%
|
10.71
|
%
|
9.86
|
%
|
||||||||||
Tangible equity ratio(1)
|
8.36
|
%
|
8.11
|
%
|
7.98
|
%
|
7.93
|
%
|
7.15
|
%
|
||||||||||
Book value per share
|
$
|
32.26
|
$
|
31.00
|
$
|
30.57
|
$
|
30.26
|
$
|
28.94
|
||||||||||
Tangible book value per share(2)
|
$
|
23.83
|
$
|
22.54
|
$
|
22.07
|
$
|
21.72
|
$
|
20.39
|
||||||||||
Leverage ratio
|
10.29
|
%
|
10.16
|
%
|
10.09
|
%
|
9.71
|
%
|
10.23
|
%
|
||||||||||
Common equity tier 1 capital ratio
|
11.86
|
%
|
11.70
|
%
|
11.68
|
%
|
11.57
|
%
|
11.31
|
%
|
||||||||||
Tier 1 capital ratio
|
12.77
|
%
|
12.61
|
%
|
12.61
|
%
|
12.50
|
%
|
12.23
|
%
|
||||||||||
Total risk-based capital ratio
|
15.02
|
%
|
14.88
|
%
|
14.87
|
%
|
14.75
|
%
|
14.45
|
%
|
||||||||||
Common stock price (end of period)
|
$
|
44.23
|
$
|
38.60
|
$
|
36.68
|
$
|
41.91
|
$
|
31.69
|
NBT Bancorp Inc. and Subsidiaries
|
||||||||||||||||||||
Asset Quality and Consolidated Loan Balances
|
||||||||||||||||||||
(unaudited, dollars in thousands)
|
||||||||||||||||||||
2024
|
2023
|
|||||||||||||||||||
3rd Q
|
2nd Q
|
1st Q
|
4th Q
|
3rd Q
|
||||||||||||||||
Asset quality
|
||||||||||||||||||||
Nonaccrual loans
|
$
|
33,338
|
$
|
34,755
|
$
|
35,189
|
$
|
34,213
|
$
|
20,736
|
||||||||||
90 days past due and still accruing
|
3,981
|
3,333
|
2,600
|
3,661
|
3,528
|
|||||||||||||||
Total nonperforming loans
|
37,319
|
38,088
|
37,789
|
37,874
|
24,264
|
|||||||||||||||
Other real estate owned
|
127
|
74
|
-
|
-
|
-
|
|||||||||||||||
Total nonperforming assets
|
37,446
|
38,162
|
37,789
|
37,874
|
24,264
|
|||||||||||||||
Allowance for loan losses
|
119,500
|
120,500
|
115,300
|
114,400
|
114,601
|
|||||||||||||||
Asset quality ratios
|
||||||||||||||||||||
Allowance for loan losses to total loans
|
1.21
|
%
|
1.22
|
%
|
1.19
|
%
|
1.19
|
%
|
1.19
|
%
|
||||||||||
Total nonperforming loans to total loans
|
0.38
|
%
|
0.39
|
%
|
0.39
|
%
|
0.39
|
%
|
0.25
|
%
|
||||||||||
Total nonperforming assets to total assets
|
0.27
|
%
|
0.28
|
%
|
0.28
|
%
|
0.28
|
%
|
0.18
|
%
|
||||||||||
Allowance for loan losses to total nonperforming loans
|
320.21
|
%
|
316.37
|
%
|
305.12
|
%
|
302.05
|
%
|
472.31
|
%
|
||||||||||
Past due loans to total loans(4)
|
0.36
|
%
|
0.30
|
%
|
0.33
|
%
|
0.32
|
%
|
0.49
|
%
|
||||||||||
Net charge-offs to average loans(3)
|
0.16
|
%
|
0.15
|
%
|
0.19
|
%
|
0.22
|
%
|
0.18
|
%
|
||||||||||
2024
|
2023
|
|||||||||||||||||||
3rd Q
|
2nd Q
|
1st Q
|
4th Q
|
3rd Q
|
||||||||||||||||
Loan net charge-offs by line of business
|
||||||||||||||||||||
Commercial
|
$
|
807
|
$
|
(8
|
)
|
$
|
772
|
$
|
1,107
|
$
|
(344
|
)
|
||||||||
Residential real estate and home equity
|
(64
|
)
|
(76
|
)
|
(32
|
)
|
11
|
(75
|
)
|
|||||||||||
Indirect auto
|
725
|
747
|
665
|
399
|
451
|
|||||||||||||||
Residential solar
|
1,599
|
1,610
|
1,211
|
1,081
|
1,253
|
|||||||||||||||
Other consumer
|
853
|
1,426
|
2,063
|
2,729
|
2,919
|
|||||||||||||||
Total loan net charge-offs
|
$
|
3,920
|
$
|
3,699
|
$
|
4,679
|
$
|
5,327
|
$
|
4,204
|
||||||||||
2024
|
2023
|
|||||||||||||||||||
3rd Q
|
2nd Q
|
1st Q
|
4th Q
|
3rd Q
|
||||||||||||||||
Allowance for loan losses as a percentage of loans by segment
|
||||||||||||||||||||
Commercial & industrial
|
0.73
|
%
|
0.76
|
%
|
0.79
|
%
|
0.84
|
%
|
0.87
|
%
|
||||||||||
Commercial real estate
|
1.01
|
%
|
1.00
|
%
|
0.97
|
%
|
0.99
|
%
|
1.00
|
%
|
||||||||||
Residential real estate
|
1.00
|
%
|
0.98
|
%
|
0.89
|
%
|
0.84
|
%
|
0.79
|
%
|
||||||||||
Auto
|
0.83
|
%
|
0.85
|
%
|
0.81
|
%
|
0.83
|
%
|
0.82
|
%
|
||||||||||
Residential solar
|
3.70
|
%
|
3.76
|
%
|
3.58
|
%
|
3.28
|
%
|
3.19
|
%
|
||||||||||
Other consumer
|
3.51
|
%
|
4.09
|
%
|
4.24
|
%
|
4.70
|
%
|
5.23
|
%
|
||||||||||
Total
|
1.21
|
%
|
1.22
|
%
|
1.19
|
%
|
1.19
|
%
|
1.19
|
%
|
||||||||||
2024
|
2023
|
|||||||||||||||||||
3rd Q
|
2nd Q
|
1st Q
|
4th Q
|
3rd Q
|
||||||||||||||||
Loans by line of business
|
||||||||||||||||||||
Commercial & industrial
|
$
|
1,458,926
|
$
|
1,397,935
|
$
|
1,353,446
|
$
|
1,354,248
|
$
|
1,424,579
|
||||||||||
Commercial real estate
|
3,792,498
|
3,784,214
|
3,646,739
|
3,626,910
|
3,575,595
|
|||||||||||||||
Residential real estate
|
2,143,766
|
2,134,875
|
2,133,289
|
2,125,804
|
2,111,670
|
|||||||||||||||
Home equity
|
328,687
|
326,556
|
328,673
|
337,214
|
340,777
|
|||||||||||||||
Indirect auto
|
1,235,175
|
1,225,786
|
1,190,734
|
1,130,132
|
1,099,558
|
|||||||||||||||
Residential solar
|
839,659
|
861,883
|
896,147
|
917,755
|
934,082
|
|||||||||||||||
Other consumer
|
108,330
|
123,098
|
139,049
|
158,650
|
181,114
|
|||||||||||||||
Total loans
|
$
|
9,907,041
|
$
|
9,854,347
|
$
|
9,688,077
|
$
|
9,650,713
|
$
|
9,667,375
|
NBT Bancorp Inc. and Subsidiaries
|
||||||||
Consolidated Balance Sheets
|
||||||||
(unaudited, in thousands)
|
||||||||
September 30,
|
December 31,
|
|||||||
2024
|
2023
|
|||||||
Assets
|
||||||||
Cash and due from banks
|
$
|
250,788
|
$
|
173,811
|
||||
Short-term interest-bearing accounts
|
231,671
|
31,378
|
||||||
Equity securities, at fair value
|
41,974
|
37,591
|
||||||
Securities available for sale, at fair value
|
1,509,338
|
1,430,858
|
||||||
Securities held to maturity (fair value $781,868 and $814,524, respectively)
|
854,941
|
905,267
|
||||||
Federal Reserve and Federal Home Loan Bank stock
|
37,732
|
45,861
|
||||||
Loans held for sale
|
3,713
|
3,371
|
||||||
Loans
|
9,907,041
|
9,650,713
|
||||||
Less allowance for loan losses
|
119,500
|
114,400
|
||||||
Net loans
|
$
|
9,787,541
|
$
|
9,536,313
|
||||
Premises and equipment, net
|
80,133
|
80,675
|
||||||
Goodwill
|
362,010
|
361,851
|
||||||
Intangible assets, net
|
35,843
|
40,443
|
||||||
Bank owned life insurance
|
271,178
|
265,732
|
||||||
Other assets
|
372,690
|
395,889
|
||||||
Total assets
|
$
|
13,839,552
|
$
|
13,309,040
|
||||
Liabilities and stockholders' equity
|
||||||||
Demand (noninterest bearing)
|
$
|
3,476,218
|
$
|
3,413,829
|
||||
Savings, NOW and money market
|
6,678,936
|
6,230,456
|
||||||
Time
|
1,433,124
|
1,324,709
|
||||||
Total deposits
|
$
|
11,588,278
|
$
|
10,968,994
|
||||
Short-term borrowings
|
204,959
|
386,651
|
||||||
Long-term debt
|
29,682
|
29,796
|
||||||
Subordinated debt, net
|
120,829
|
119,744
|
||||||
Junior subordinated debt
|
101,196
|
101,196
|
||||||
Other liabilities
|
272,628
|
276,968
|
||||||
Total liabilities
|
$
|
12,317,572
|
$
|
11,883,349
|
||||
Total stockholders' equity
|
$
|
1,521,980
|
$
|
1,425,691
|
||||
Total liabilities and stockholders' equity
|
$
|
13,839,552
|
$
|
13,309,040
|
NBT Bancorp Inc. and Subsidiaries
|
||||||||||||||||
Consolidated Statements of Income
|
||||||||||||||||
(unaudited, in thousands except per share data)
|
||||||||||||||||
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
September 30,
|
September 30,
|
|||||||||||||||
2024
|
2023
|
2024
|
2023
|
|||||||||||||
Interest, fee and dividend income
|
||||||||||||||||
Interest and fees on loans
|
$
|
141,991
|
$
|
122,097
|
$
|
411,743
|
$
|
329,931
|
||||||||
Securities available for sale
|
7,815
|
7,495
|
22,501
|
22,604
|
||||||||||||
Securities held to maturity
|
5,042
|
5,281
|
15,535
|
15,307
|
||||||||||||
Other
|
1,382
|
2,221
|
4,154
|
4,033
|
||||||||||||
Total interest, fee and dividend income
|
$
|
156,230
|
$
|
137,094
|
$
|
453,933
|
$
|
371,875
|
||||||||
Interest expense
|
||||||||||||||||
Deposits
|
$
|
49,106
|
$
|
30,758
|
$
|
140,133
|
$
|
61,888
|
||||||||
Short-term borrowings
|
1,431
|
7,612
|
7,751
|
20,657
|
||||||||||||
Long-term debt
|
292
|
294
|
873
|
631
|
||||||||||||
Subordinated debt
|
1,810
|
1,612
|
5,416
|
4,281
|
||||||||||||
Junior subordinated debt
|
1,922
|
1,923
|
5,743
|
5,372
|
||||||||||||
Total interest expense
|
$
|
54,561
|
$
|
42,199
|
$
|
159,916
|
$
|
92,829
|
||||||||
Net interest income
|
$
|
101,669
|
$
|
94,895
|
$
|
294,017
|
$
|
279,046
|
||||||||
Provision for loan losses
|
2,920
|
3,883
|
17,398
|
11,398
|
||||||||||||
Provision for loan losses - acquisition day 1 non-PCD
|
-
|
8,750
|
-
|
8,750
|
||||||||||||
Total provision for loan losses
|
$
|
2,920
|
$
|
12,633
|
$
|
17,398
|
$
|
20,148
|
||||||||
Net interest income after provision for loan losses
|
$
|
98,749
|
$
|
82,262
|
$
|
276,619
|
$
|
258,898
|
||||||||
Noninterest income
|
||||||||||||||||
Service charges on deposit accounts
|
$
|
4,340
|
$
|
3,979
|
$
|
12,676
|
$
|
11,260
|
||||||||
Card services income
|
5,897
|
5,503
|
16,679
|
15,469
|
||||||||||||
Retirement plan administration fees
|
14,578
|
12,798
|
43,663
|
35,995
|
||||||||||||
Wealth management
|
10,929
|
9,297
|
30,799
|
25,611
|
||||||||||||
Insurance services
|
4,913
|
4,361
|
13,149
|
12,008
|
||||||||||||
Bank owned life insurance income
|
1,868
|
1,568
|
6,054
|
4,974
|
||||||||||||
Net securities gains (losses)
|
476
|
(183
|
)
|
2,567
|
(9,822
|
)
|
||||||||||
Other
|
2,773
|
2,913
|
8,811
|
8,195
|
||||||||||||
Total noninterest income
|
$
|
45,774
|
$
|
40,236
|
$
|
134,398
|
$
|
103,690
|
||||||||
Noninterest expense
|
||||||||||||||||
Salaries and employee benefits
|
$
|
59,641
|
$
|
49,248
|
$
|
170,738
|
$
|
144,237
|
||||||||
Technology and data services
|
9,920
|
9,677
|
28,919
|
27,989
|
||||||||||||
Occupancy
|
7,754
|
7,090
|
23,523
|
21,233
|
||||||||||||
Professional fees and outside services
|
4,871
|
4,149
|
14,289
|
12,486
|
||||||||||||
Amortization of intangible assets
|
2,062
|
1,609
|
6,363
|
2,603
|
||||||||||||
Reserve for unfunded loan commitments
|
250
|
460
|
(580
|
)
|
(270
|
)
|
||||||||||
Acquisition expenses
|
543
|
7,917
|
543
|
9,724
|
||||||||||||
Other
|
10,704
|
10,647
|
33,311
|
30,911
|
||||||||||||
Total noninterest expense
|
$
|
95,745
|
$
|
90,797
|
$
|
277,106
|
$
|
248,913
|
||||||||
Income before income tax expense
|
$
|
48,778
|
$
|
31,701
|
$
|
133,911
|
$
|
113,675
|
||||||||
Income tax expense
|
10,681
|
7,095
|
29,275
|
25,339
|
||||||||||||
Net income
|
$
|
38,097
|
$
|
24,606
|
$
|
104,636
|
$
|
88,336
|
||||||||
Earnings Per Share
|
||||||||||||||||
Basic
|
$
|
0.81
|
$
|
0.54
|
$
|
2.22
|
$
|
2.02
|
||||||||
Diluted
|
$
|
0.80
|
$
|
0.54
|
$
|
2.21
|
$
|
2.01
|
NBT Bancorp Inc. and Subsidiaries
|
||||||||||||||||||||
Quarterly Consolidated Statements of Income
|
||||||||||||||||||||
(unaudited, in thousands except per share data)
|
||||||||||||||||||||
2024
|
2023
|
|||||||||||||||||||
3rd Q
|
2nd Q
|
1st Q
|
4th Q
|
3rd Q
|
||||||||||||||||
Interest, fee and dividend income
|
||||||||||||||||||||
Interest and fees on loans
|
$
|
141,991
|
$
|
136,606
|
$
|
133,146
|
$
|
132,738
|
$
|
122,097
|
||||||||||
Securities available for sale
|
7,815
|
7,562
|
7,124
|
7,208
|
7,495
|
|||||||||||||||
Securities held to maturity
|
5,042
|
5,190
|
5,303
|
5,374
|
5,281
|
|||||||||||||||
Other
|
1,382
|
1,408
|
1,364
|
5,594
|
2,221
|
|||||||||||||||
Total interest, fee and dividend income
|
$
|
156,230
|
$
|
150,766
|
$
|
146,937
|
$
|
150,914
|
$
|
137,094
|
||||||||||
Interest expense
|
||||||||||||||||||||
Deposits
|
$
|
49,106
|
$
|
46,688
|
$
|
44,339
|
$
|
42,753
|
$
|
30,758
|
||||||||||
Short-term borrowings
|
1,431
|
2,899
|
3,421
|
4,951
|
7,612
|
|||||||||||||||
Long-term debt
|
292
|
291
|
290
|
294
|
294
|
|||||||||||||||
Subordinated debt
|
1,810
|
1,806
|
1,800
|
1,795
|
1,612
|
|||||||||||||||
Junior subordinated debt
|
1,922
|
1,908
|
1,913
|
1,948
|
1,923
|
|||||||||||||||
Total interest expense
|
$
|
54,561
|
$
|
53,592
|
$
|
51,763
|
$
|
51,741
|
$
|
42,199
|
||||||||||
Net interest income
|
$
|
101,669
|
$
|
97,174
|
$
|
95,174
|
$
|
99,173
|
$
|
94,895
|
||||||||||
Provision for loan losses
|
$
|
2,920
|
$
|
8,899
|
$
|
5,579
|
$
|
5,126
|
$
|
3,883
|
||||||||||
Provision for loan losses - acquisition day 1 non-PCD
|
-
|
-
|
-
|
-
|
8,750
|
|||||||||||||||
Total provision for loan losses
|
$
|
2,920
|
$
|
8,899
|
$
|
5,579
|
$
|
5,126
|
$
|
12,633
|
||||||||||
Net interest income after provision for loan losses
|
$
|
98,749
|
$
|
88,275
|
$
|
89,595
|
$
|
94,047
|
$
|
82,262
|
||||||||||
Noninterest income
|
||||||||||||||||||||
Service charges on deposit accounts
|
$
|
4,340
|
$
|
4,219
|
$
|
4,117
|
$
|
4,165
|
$
|
3,979
|
||||||||||
Card services income
|
5,897
|
5,587
|
5,195
|
5,360
|
5,503
|
|||||||||||||||
Retirement plan administration fees
|
14,578
|
14,798
|
14,287
|
11,226
|
12,798
|
|||||||||||||||
Wealth management
|
10,929
|
10,173
|
9,697
|
9,152
|
9,297
|
|||||||||||||||
Insurance services
|
4,913
|
3,848
|
4,388
|
3,659
|
4,361
|
|||||||||||||||
Bank owned life insurance income
|
1,868
|
1,834
|
2,352
|
1,776
|
1,568
|
|||||||||||||||
Net securities gains (losses)
|
476
|
(92
|
)
|
2,183
|
507
|
(183
|
)
|
|||||||||||||
Other
|
2,773
|
2,865
|
3,173
|
2,643
|
2,913
|
|||||||||||||||
Total noninterest income
|
$
|
45,774
|
$
|
43,232
|
$
|
45,392
|
$
|
38,488
|
$
|
40,236
|
||||||||||
Noninterest expense
|
||||||||||||||||||||
Salaries and employee benefits
|
$
|
59,641
|
$
|
55,393
|
$
|
55,704
|
$
|
50,013
|
$
|
49,248
|
||||||||||
Technology and data services
|
9,920
|
9,249
|
9,750
|
10,174
|
9,677
|
|||||||||||||||
Occupancy
|
7,754
|
7,671
|
8,098
|
7,175
|
7,090
|
|||||||||||||||
Professional fees and outside services
|
4,871
|
4,565
|
4,853
|
5,115
|
4,149
|
|||||||||||||||
Amortization of intangible assets
|
2,062
|
2,133
|
2,168
|
2,131
|
1,609
|
|||||||||||||||
Reserve for unfunded loan commitments
|
250
|
(380
|
)
|
(450
|
)
|
300
|
460
|
|||||||||||||
Impairment of a minority interest equity investment
|
-
|
-
|
-
|
4,750
|
-
|
|||||||||||||||
Acquisition expenses
|
543
|
-
|
-
|
254
|
7,917
|
|||||||||||||||
Other
|
10,704
|
10,957
|
11,650
|
12,839
|
10,647
|
|||||||||||||||
Total noninterest expense
|
$
|
95,745
|
$
|
89,588
|
$
|
91,773
|
$
|
92,751
|
$
|
90,797
|
||||||||||
Income before income tax expense
|
$
|
48,778
|
$
|
41,919
|
$
|
43,214
|
$
|
39,784
|
$
|
31,701
|
||||||||||
Income tax expense
|
10,681
|
9,203
|
9,391
|
9,338
|
7,095
|
|||||||||||||||
Net income
|
$
|
38,097
|
$
|
32,716
|
$
|
33,823
|
$
|
30,446
|
$
|
24,606
|
||||||||||
Earnings Per Share
|
||||||||||||||||||||
Basic
|
$
|
0.81
|
$
|
0.69
|
$
|
0.72
|
$
|
0.65
|
$
|
0.54
|
||||||||||
Diluted
|
$
|
0.80
|
$
|
0.69
|
$
|
0.71
|
$
|
0.64
|
$
|
0.54
|
NBT Bancorp Inc. and Subsidiaries
|
||||||||||||||||||||||||||||||||||||||||
Average Quarterly Balance Sheets
|
||||||||||||||||||||||||||||||||||||||||
(unaudited, dollars in thousands)
|
||||||||||||||||||||||||||||||||||||||||
Average
Balance
|
Yield /
Rates
|
Average
Balance
|
Yield /
Rates
|
Average
Balance
|
Yield /
Rates
|
Average
Balance
|
Yield /
Rates
|
Average
Balance
|
Yield /
Rates
|
|||||||||||||||||||||||||||||||
Q3 - 2024
|
Q2 - 2024
|
Q1 - 2024
|
Q4 - 2023
|
Q3 - 2023
|
||||||||||||||||||||||||||||||||||||
Assets
|
||||||||||||||||||||||||||||||||||||||||
Short-term interest-bearing accounts
|
$
|
62,210
|
4.87
|
%
|
$
|
48,861
|
5.48
|
%
|
$
|
47,972
|
4.48
|
%
|
$
|
319,907
|
5.59
|
%
|
$
|
121,384
|
4.26
|
%
|
||||||||||||||||||||
Securities taxable(1)
|
2,266,930
|
1.99
|
%
|
2,280,767
|
1.97
|
%
|
2,278,029
|
1.91
|
%
|
2,310,409
|
1.88
|
%
|
2,364,809
|
1.90
|
%
|
|||||||||||||||||||||||||
Securities tax-exempt(1)(5)
|
217,251
|
3.47
|
%
|
226,032
|
3.56
|
%
|
230,468
|
3.58
|
%
|
232,575
|
3.51
|
%
|
219,427
|
3.34
|
%
|
|||||||||||||||||||||||||
FRB and FHLB stock
|
35,395
|
6.97
|
%
|
40,283
|
7.41
|
%
|
42,296
|
7.89
|
%
|
47,994
|
8.98
|
%
|
53,841
|
6.76
|
%
|
|||||||||||||||||||||||||
Loans(1)(6)
|
9,865,412
|
5.74
|
%
|
9,772,014
|
5.63
|
%
|
9,674,892
|
5.54
|
%
|
9,653,191
|
5.47
|
%
|
9,043,582
|
5.36
|
%
|
|||||||||||||||||||||||||
Total interest-earning assets
|
$
|
12,447,198
|
5.01
|
%
|
$
|
12,367,957
|
4.92
|
%
|
$
|
12,273,657
|
4.84
|
%
|
$
|
12,564,076
|
4.79
|
%
|
$
|
11,803,043
|
4.63
|
%
|
||||||||||||||||||||
Other assets
|
1,072,277
|
1,064,487
|
1,055,386
|
1,052,024
|
968,220
|
|||||||||||||||||||||||||||||||||||
Total assets
|
$
|
13,519,475
|
$
|
13,432,444
|
$
|
13,329,043
|
$
|
13,616,100
|
$
|
12,771,263
|
||||||||||||||||||||||||||||||
Liabilities and stockholders' equity
|
||||||||||||||||||||||||||||||||||||||||
Money market deposit accounts
|
$
|
3,342,845
|
3.68
|
%
|
$
|
3,254,252
|
3.65
|
%
|
$
|
3,129,160
|
3.56
|
%
|
$
|
3,045,531
|
3.43
|
%
|
$
|
2,422,451
|
2.91
|
%
|
||||||||||||||||||||
NOW deposit accounts
|
1,600,547
|
0.87
|
%
|
1,603,695
|
0.78
|
%
|
1,600,288
|
0.75
|
%
|
1,645,401
|
0.80
|
%
|
1,513,420
|
0.57
|
%
|
|||||||||||||||||||||||||
Savings deposits
|
1,566,316
|
0.05
|
%
|
1,586,753
|
0.05
|
%
|
1,607,659
|
0.04
|
%
|
1,666,915
|
0.04
|
%
|
1,707,094
|
0.04
|
%
|
|||||||||||||||||||||||||
Time deposits
|
1,442,424
|
4.00
|
%
|
1,391,062
|
4.00
|
%
|
1,352,559
|
4.00
|
%
|
1,343,548
|
3.81
|
%
|
1,178,352
|
3.60
|
%
|
|||||||||||||||||||||||||
Total interest-bearing deposits
|
$
|
7,952,132
|
2.46
|
%
|
$
|
7,835,762
|
2.40
|
%
|
$
|
7,689,666
|
2.32
|
%
|
$
|
7,701,395
|
2.20
|
%
|
$
|
6,821,317
|
1.79
|
%
|
||||||||||||||||||||
Federal funds purchased
|
2,609
|
5.34
|
%
|
29,945
|
5.56
|
%
|
19,769
|
5.53
|
%
|
217
|
5.48
|
%
|
6,033
|
5.39
|
%
|
|||||||||||||||||||||||||
Repurchase agreements
|
98,035
|
2.80
|
%
|
86,405
|
1.55
|
%
|
82,419
|
1.55
|
%
|
82,387
|
1.59
|
%
|
71,516
|
1.40
|
%
|
|||||||||||||||||||||||||
Short-term borrowings
|
48,875
|
5.74
|
%
|
155,159
|
5.58
|
%
|
213,390
|
5.34
|
%
|
345,250
|
5.31
|
%
|
540,380
|
5.34
|
%
|
|||||||||||||||||||||||||
Long-term debt
|
29,696
|
3.91
|
%
|
29,734
|
3.94
|
%
|
29,772
|
3.92
|
%
|
29,809
|
3.91
|
%
|
29,800
|
3.91
|
%
|
|||||||||||||||||||||||||
Subordinated debt, net
|
120,594
|
5.97
|
%
|
120,239
|
6.04
|
%
|
119,873
|
6.04
|
%
|
119,531
|
5.96
|
%
|
109,160
|
5.86
|
%
|
|||||||||||||||||||||||||
Junior subordinated debt
|
101,196
|
7.56
|
%
|
101,196
|
7.58
|
%
|
101,196
|
7.60
|
%
|
101,196
|
7.64
|
%
|
101,196
|
7.54
|
%
|
|||||||||||||||||||||||||
Total interest-bearing liabilities
|
$
|
8,353,137
|
2.60
|
%
|
$
|
8,358,440
|
2.58
|
%
|
$
|
8,256,085
|
2.52
|
%
|
$
|
8,379,785
|
2.45
|
%
|
$
|
7,679,402
|
2.18
|
%
|
||||||||||||||||||||
Demand deposits
|
3,389,894
|
3,323,906
|
3,356,607
|
3,535,815
|
3,498,424
|
|||||||||||||||||||||||||||||||||||
Other liabilities
|
292,446
|
306,747
|
286,749
|
326,857
|
287,751
|
|||||||||||||||||||||||||||||||||||
Stockholders' equity
|
1,483,998
|
1,443,351
|
1,429,602
|
1,373,643
|
1,305,686
|
|||||||||||||||||||||||||||||||||||
Total liabilities and stockholders' equity
|
$
|
13,519,475
|
$
|
13,432,444
|
$
|
13,329,043
|
$
|
13,616,100
|
$
|
12,771,263
|
||||||||||||||||||||||||||||||
Interest rate spread
|
2.41
|
%
|
2.34
|
%
|
2.32
|
%
|
2.34
|
%
|
2.45
|
%
|
||||||||||||||||||||||||||||||
Net interest margin (FTE)(1)
|
3.27
|
%
|
3.18
|
%
|
3.14
|
%
|
3.15
|
%
|
3.21
|
%
|
NBT Bancorp Inc. and Subsidiaries
|
||||||||||||||||||||||||
Average Year-to-Date Balance Sheets
|
||||||||||||||||||||||||
(unaudited, dollars in thousands)
|
||||||||||||||||||||||||
Average
|
Yield/
|
Average
|
Yield/
|
|||||||||||||||||||||
Balance
|
Interest
|
Rates
|
Balance
|
Interest
|
Rates
|
|||||||||||||||||||
Nine Months Ended September 30,
|
2024
|
2023
|
||||||||||||||||||||||
Assets
|
||||||||||||||||||||||||
Short-term interest-bearing accounts
|
$
|
53,048
|
$
|
1,963
|
4.94
|
%
|
$
|
61,677
|
$
|
1,751
|
3.80
|
%
|
||||||||||||
Securities taxable(1)
|
2,275,212
|
33,336
|
1.96
|
%
|
2,400,237
|
34,218
|
1.91
|
%
|
||||||||||||||||
Securities tax-exempt(1)(5)
|
224,557
|
5,950
|
3.54
|
%
|
207,812
|
4,675
|
3.01
|
%
|
||||||||||||||||
FRB and FHLB stock
|
39,310
|
2,191
|
7.45
|
%
|
48,860
|
2,282
|
6.24
|
%
|
||||||||||||||||
Loans(1)(6)
|
9,771,118
|
412,448
|
5.64
|
%
|
8,516,793
|
330,314
|
5.19
|
%
|
||||||||||||||||
Total interest-earning assets
|
$
|
12,363,245
|
$
|
455,888
|
4.93
|
%
|
$
|
11,235,379
|
$
|
373,240
|
4.44
|
%
|
||||||||||||
Other assets
|
1,064,080
|
880,655
|
||||||||||||||||||||||
Total assets
|
$
|
13,427,325
|
$
|
12,116,034
|
||||||||||||||||||||
Liabilities and stockholders' equity
|
||||||||||||||||||||||||
Money market deposit accounts
|
$
|
3,242,453
|
$
|
88,185
|
3.63
|
%
|
$
|
2,207,126
|
$
|
36,107
|
2.19
|
%
|
||||||||||||
NOW deposit accounts
|
1,601,507
|
9,630
|
0.80
|
%
|
1,525,089
|
4,989
|
0.44
|
%
|
||||||||||||||||
Savings deposits
|
1,586,834
|
541
|
0.05
|
%
|
1,732,205
|
462
|
0.04
|
%
|
||||||||||||||||
Time deposits
|
1,395,520
|
41,777
|
4.00
|
%
|
893,407
|
20,330
|
3.04
|
%
|
||||||||||||||||
Total interest-bearing deposits
|
$
|
7,826,314
|
$
|
140,133
|
2.39
|
%
|
$
|
6,357,827
|
$
|
61,888
|
1.30
|
%
|
||||||||||||
Federal funds purchased
|
17,387
|
721
|
5.54
|
%
|
32,784
|
1,266
|
5.16
|
%
|
||||||||||||||||
Repurchase agreements
|
88,986
|
1,340
|
2.01
|
%
|
66,162
|
416
|
0.84
|
%
|
||||||||||||||||
Short-term borrowings
|
138,812
|
5,690
|
5.48
|
%
|
485,804
|
18,975
|
5.22
|
%
|
||||||||||||||||
Long-term debt
|
29,734
|
873
|
3.92
|
%
|
22,373
|
631
|
3.77
|
%
|
||||||||||||||||
Subordinated debt, net
|
120,237
|
5,416
|
6.02
|
%
|
101,114
|
4,281
|
5.66
|
%
|
||||||||||||||||
Junior subordinated debt
|
101,196
|
5,743
|
7.58
|
%
|
101,196
|
5,372
|
7.10
|
%
|
||||||||||||||||
Total interest-bearing liabilities
|
$
|
8,322,666
|
$
|
159,916
|
2.57
|
%
|
$
|
7,167,260
|
$
|
92,829
|
1.73
|
%
|
||||||||||||
Demand deposits
|
3,356,923
|
3,439,275
|
||||||||||||||||||||||
Other liabilities
|
295,303
|
271,307
|
||||||||||||||||||||||
Stockholders' equity
|
1,452,433
|
1,238,192
|
||||||||||||||||||||||
Total liabilities and stockholders' equity
|
$
|
13,427,325
|
$
|
12,116,034
|
||||||||||||||||||||
Net interest income (FTE)(1)
|
$
|
295,972
|
$
|
280,411
|
||||||||||||||||||||
Interest rate spread
|
2.36
|
%
|
2.71
|
%
|
||||||||||||||||||||
Net interest margin (FTE)(1)
|
3.20
|
%
|
3.34
|
%
|
||||||||||||||||||||
Taxable equivalent adjustment
|
$
|
1,955
|
$
|
1,365
|
||||||||||||||||||||
Net interest income
|
$
|
294,017
|
$
|
279,046
|
(1)
|
The 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
|
|||||||||||||||||||
3rd Q
|
2nd Q
|
1st Q
|
4th Q
|
3rd Q
|
||||||||||||||||
Operating net income
|
||||||||||||||||||||
Net income
|
$
|
38,097
|
$
|
32,716
|
$
|
33,823
|
$
|
30,446
|
$
|
24,606
|
||||||||||
Acquisition expenses
|
543
|
-
|
-
|
254
|
7,917
|
|||||||||||||||
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 (gains) losses
|
(476
|
)
|
92
|
(2,183
|
)
|
(507
|
)
|
183
|
||||||||||||
Adjustments to net income
|
$
|
67
|
$
|
92
|
$
|
(2,183
|
)
|
$
|
4,497
|
$
|
17,686
|
|||||||||
Adjustments to net income (net of tax)
|
$
|
52
|
$
|
72
|
$
|
(1,703
|
)
|
$
|
3,435
|
$
|
13,730
|
|||||||||
Operating net income
|
$
|
38,149
|
$
|
32,788
|
$
|
32,120
|
$
|
33,881
|
$
|
38,336
|
||||||||||
Operating diluted earnings per share
|
$
|
0.80
|
$
|
0.69
|
$
|
0.68
|
$
|
0.72
|
$
|
0.84
|
||||||||||
9 Months Ended September 30,
|
||||||||||||||||||||
2024
|
2023
|
|||||||||||||||||||
Operating net income
|
||||||||||||||||||||
Net income
|
$
|
104,636
|
$
|
88,336
|
||||||||||||||||
Acquisition expenses
|
543
|
9,724
|
||||||||||||||||||
Acquisition-related provision for credit losses
|
-
|
8,750
|
||||||||||||||||||
Acquisition-related reserve for unfunded loan commitments
|
-
|
836
|
||||||||||||||||||
Securities (gains) losses
|
(2,567
|
)
|
9,822
|
|||||||||||||||||
Adjustments to net income
|
$
|
(2,024
|
)
|
$
|
29,132
|
|||||||||||||||
Adjustments to net income (net of tax)
|
$
|
(1,579
|
)
|
$
|
22,577
|
|||||||||||||||
Operating net income
|
$
|
103,057
|
$
|
110,913
|
||||||||||||||||
Operating diluted earnings per share
|
$
|
2.17
|
$
|
2.53
|
||||||||||||||||
2024
|
2023
|
|||||||||||||||||||
3rd Q
|
2nd Q
|
1st Q
|
4th Q
|
3rd Q
|
||||||||||||||||
FTE adjustment
|
||||||||||||||||||||
Net interest income
|
$
|
101,669
|
$
|
97,174
|
$
|
95,174
|
$
|
99,173
|
$
|
94,895
|
||||||||||
Add: FTE adjustment
|
639
|
658
|
658
|
669
|
568
|
|||||||||||||||
Net interest income (FTE)
|
$
|
102,308
|
$
|
97,832
|
$
|
95,832
|
$
|
99,842
|
$
|
95,463
|
||||||||||
Average earning assets
|
$
|
12,447,198
|
$
|
12,367,957
|
$
|
12,273,657
|
$
|
12,564,076
|
$
|
11,803,043
|
||||||||||
Net interest margin (FTE)(3)
|
3.27
|
%
|
3.18
|
%
|
3.14
|
%
|
3.15
|
%
|
3.21
|
%
|
||||||||||
9 Months Ended September 30,
|
||||||||||||||||||||
2024
|
2023
|
|||||||||||||||||||
FTE adjustment
|
||||||||||||||||||||
Net interest income
|
$
|
294,017
|
$
|
279,046
|
||||||||||||||||
Add: FTE adjustment
|
1,955
|
1,365
|
||||||||||||||||||
Net interest income (FTE)
|
$
|
295,972
|
$
|
280,411
|
||||||||||||||||
Average earning assets
|
$
|
12,363,245
|
$
|
11,235,379
|
||||||||||||||||
Net interest margin (FTE)(3)
|
3.20
|
%
|
3.34
|
%
|
(1)
|
The 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
|
|||||||||||||||||||
3rd Q
|
2nd Q
|
1st Q
|
4th Q
|
3rd Q
|
||||||||||||||||
Tangible equity to tangible assets
|
||||||||||||||||||||
Total equity
|
$
|
1,521,980
|
$
|
1,461,955
|
$
|
1,441,415
|
$
|
1,425,691
|
$
|
1,362,821
|
||||||||||
Intangible assets
|
397,853
|
398,686
|
400,819
|
402,294
|
402,745
|
|||||||||||||||
Total assets
|
$
|
13,839,552
|
$
|
13,501,909
|
$
|
13,439,199
|
$
|
13,309,040
|
$
|
13,827,628
|
||||||||||
Tangible equity to tangible assets
|
8.36
|
%
|
8.11
|
%
|
7.98
|
%
|
7.93
|
%
|
7.15
|
%
|
||||||||||
2024
|
2023
|
|||||||||||||||||||
3rd Q
|
2nd Q
|
1st Q
|
4th Q
|
3rd Q
|
||||||||||||||||
Return on average tangible common equity
|
||||||||||||||||||||
Net income
|
$
|
38,097
|
$
|
32,716
|
$
|
33,823
|
$
|
30,446
|
$
|
24,606
|
||||||||||
Amortization of intangible assets (net of tax)
|
1,547
|
1,600
|
1,626
|
1,599
|
1,206
|
|||||||||||||||
Net income, excluding intangibles amortization
|
$
|
39,644
|
$
|
34,316
|
$
|
35,449
|
$
|
32,045
|
$
|
25,812
|
||||||||||
Average stockholders' equity
|
$
|
1,483,998
|
$
|
1,443,351
|
$
|
1,429,602
|
$
|
1,373,643
|
$
|
1,305,686
|
||||||||||
Less: average goodwill and other intangibles
|
399,113
|
399,968
|
401,756
|
401,978
|
350,912
|
|||||||||||||||
Average tangible common equity
|
$
|
1,084,885
|
$
|
1,043,383
|
$
|
1,027,846
|
$
|
971,665
|
$
|
954,774
|
||||||||||
Return on average tangible common equity(3)
|
14.54
|
%
|
13.23
|
%
|
13.87
|
%
|
13.08
|
%
|
10.73
|
%
|
||||||||||
9 Months Ended September 30,
|
||||||||||||||||||||
2024
|
2023
|
|||||||||||||||||||
Return on average tangible common equity
|
||||||||||||||||||||
Net income
|
$
|
104,636
|
$
|
88,336
|
||||||||||||||||
Amortization of intangible assets (net of tax)
|
4,772
|
1,952
|
||||||||||||||||||
Net income, excluding intangibles amortization
|
$
|
109,408
|
$
|
90,288
|
||||||||||||||||
Average stockholders' equity
|
$
|
1,452,433
|
$
|
1,238,192
|
||||||||||||||||
Less: average goodwill and other intangibles
|
400,275
|
309,309
|
||||||||||||||||||
Average tangible common equity
|
$
|
1,052,158
|
$
|
928,883
|
||||||||||||||||
Return on average tangible common equity(3)
|
13.89
|
%
|
13.00
|
%
|
(2) |
Non-GAAP measure - Stockholders' equity less goodwill and intangible assets divided by common shares outstanding.
|
(3) |
Annualized.
|
(4) |
Total past due loans, defined as loans 30 days or more past due and in an accrual status.
|
(5) |
Securities are shown at average amortized cost.
|
(6) |
For purposes of these computations, nonaccrual loans and loans held for sale are included in the average loan balances outstanding.
|