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Share Name | Share Symbol | Market | Type |
---|---|---|---|
NBT Bancorp Inc | NASDAQ:NBTB | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.02 | -0.05% | 37.00 | 36.73 | 50.00 | 37.48 | 36.56 | 37.31 | 138,618 | 05:00:05 |
Net income for the three months ended June 30, 2023 was $30.1 million, or $0.70 per diluted common share, compared to $37.8 million, or $0.88 per diluted share, for the three months ended June 30, 2022, and $33.7 million, or $0.78 per diluted share, in the first quarter of 2023.
CEO Comments
“We delivered solid operating performance for the second quarter and the first half of 2023. Our results reflect the ongoing focus on our long-term strategies, the strength of our balance sheet and our diversified business model,” said NBT President and CEO John H. Watt, Jr. “We grew loans in all our core portfolios in the second quarter, and our funding sources remained resilient. Our credit performance remained consistent and favorable, and we continued to grow capital. We were also very pleased to have received all the regulatory and shareholder approvals required to proceed with our planned combination with Salisbury Bancorp. We expect the merger to close on August 11, 2023. Our integration team with representatives from NBT and Salisbury has worked diligently to ensure the best possible customer experience upon the conversion of Salisbury customer relationships,” said Watt.
Second Quarter Financial Highlights
Net Income |
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Net Interest Income / NIM |
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Noninterest Income |
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Loans and Credit Quality |
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Deposits |
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Capital |
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Loans
Deposits
Net Interest Income and Net Interest Margin
Asset Quality and Allowance for Loan Losses
Noninterest Income
Noninterest Expense
Income Taxes
Capital
Stock Repurchase
Salisbury Bancorp, Inc. Merger
Other Events
Conference Call and Webcast
The Company will host a conference call at 8:30 a.m. (Eastern) Tuesday, August 1, 2023, to review second quarter 2023 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 $11.89 billion at June 30, 2023. 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 140 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 www.nbtinsurance.com.
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 rate, 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 businesses of NBT and Salisbury may not be combined successfully; (14) the possibility that NBT and Salisbury may be unable to achieve expected synergies and operating efficiencies in the merger within the expected timeframes or at all or to successfully integrate Salisbury’s operations and those of NBT; (15) the ability to increase market share and control expenses; (16) changes in the competitive environment among financial holding companies; (17) 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; (18) 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; (19) changes in the Company’s organization, compensation and benefit plans; (20) 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; (21) greater than expected costs or difficulties related to the integration of new products and lines of business; and (22) 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.
NBT Bancorp Inc. and Subsidiaries | |||||||||||||||
Selected Financial Data | |||||||||||||||
(unaudited, dollars in thousands except per share data) | |||||||||||||||
2023 | 2022 | ||||||||||||||
2nd Q | 1st Q | 4th Q | 3rd Q | 2nd Q | |||||||||||
Profitability: | |||||||||||||||
Diluted earnings per share | $ | 0.70 | $ | 0.78 | $ | 0.84 | $ | 0.90 | $ | 0.88 | |||||
Weighted average diluted common shares outstanding | 43,126,498 | 43,125,986 | 43,144,666 | 43,110,932 | 43,092,851 | ||||||||||
Return on average assets3 | 1.02 | % | 1.16 | % | 1.23 | % | 1.33 | % | 1.28 | % | |||||
Return on average equity3 | 9.91 | % | 11.47 | % | 12.30 | % | 12.87 | % | 12.73 | % | |||||
Return on average tangible common equity1 3 | 13.13 | % | 15.31 | % | 16.54 | % | 17.12 | % | 17.00 | % | |||||
Net interest margin1 3 | 3.27 | % | 3.55 | % | 3.68 | % | 3.51 | % | 3.21 | % | |||||
6 Months Ended June 30, | |||||||||||||||
2023 | 2022 | ||||||||||||||
Profitability: | |||||||||||||||
Diluted earnings per share | $ | 1.48 | $ | 1.78 | |||||||||||
Weighted average diluted common shares outstanding | 43,129,259 | 43,238,248 | |||||||||||||
Return on average assets | 1.09 | % | 1.30 | % | |||||||||||
Return on average equity | 10.68 | % | 12.76 | % | |||||||||||
Return on average tangible common equity1 | 14.20 | % | 16.93 | % | |||||||||||
Net interest margin1 | 3.41 | % | 3.08 | % | |||||||||||
2023 | 2022 | ||||||||||||||
2nd Q | 1st Q | 4th Q | 3rd Q | 2nd Q | |||||||||||
Balance sheet data: | |||||||||||||||
Short-term interest-bearing accounts | $ | 31,878 | $ | 68,045 | $ | 30,862 | $ | 97,303 | $ | 328,593 | |||||
Securities available for sale | 1,453,926 | 1,512,008 | 1,527,225 | 1,556,501 | 1,619,356 | ||||||||||
Securities held to maturity | 912,876 | 906,824 | 919,517 | 929,541 | 936,512 | ||||||||||
Net loans | 8,257,724 | 8,164,328 | 8,049,347 | 7,807,984 | 7,684,081 | ||||||||||
Total assets | 11,890,497 | 11,839,730 | 11,739,296 | 11,640,742 | 11,720,459 | ||||||||||
Total deposits | 9,529,919 | 9,681,205 | 9,495,933 | 9,918,751 | 10,028,708 | ||||||||||
Total borrowings | 880,518 | 703,248 | 787,950 | 277,889 | 265,796 | ||||||||||
Total liabilities | 10,680,004 | 10,628,071 | 10,565,742 | 10,484,196 | 10,531,903 | ||||||||||
Stockholders' equity | 1,210,493 | 1,211,659 | 1,173,554 | 1,156,546 | 1,188,556 | ||||||||||
Capital: | |||||||||||||||
Equity to assets | 10.18 | % | 10.23 | % | 10.00 | % | 9.94 | % | 10.14 | % | |||||
Tangible equity ratio1 | 7.95 | % | 7.99 | % | 7.73 | % | 7.64 | % | 7.87 | % | |||||
Book value per share | $ | 28.26 | $ | 28.24 | $ | 27.38 | $ | 27.00 | $ | 27.75 | |||||
Tangible book value per share2 | $ | 21.55 | $ | 21.52 | $ | 20.65 | $ | 20.25 | $ | 20.99 | |||||
Leverage ratio | 10.51 | % | 10.43 | % | 10.32 | % | 10.21 | % | 9.77 | % | |||||
Common equity tier 1 capital ratio | 12.29 | % | 12.28 | % | 12.12 | % | 12.17 | % | 12.14 | % | |||||
Tier 1 capital ratio | 13.35 | % | 13.34 | % | 13.19 | % | 13.27 | % | 13.27 | % | |||||
Total risk-based capital ratio | 15.50 | % | 15.53 | % | 15.38 | % | 15.50 | % | 15.50 | % | |||||
Common stock price (end of period) | $ | 31.85 | $ | 33.71 | $ | 43.42 | $ | 37.95 | $ | 37.59 | |||||
NBT Bancorp Inc. and Subsidiaries | |||||||||||||||
Asset Quality and Consolidated Loan Balances | |||||||||||||||
(unaudited, dollars in thousands) | |||||||||||||||
2023 | 2022 | ||||||||||||||
2nd Q | 1st Q | 4th Q | 3rd Q | 2nd Q | |||||||||||
Asset quality: | |||||||||||||||
Nonaccrual loans | $ | 16,931 | $ | 16,284 | $ | 17,233 | $ | 19,098 | $ | 23,673 | |||||
90 days past due and still accruing | 2,755 | 2,328 | 3,823 | 2,732 | 2,096 | ||||||||||
Total nonperforming loans | 19,686 | 18,612 | 21,056 | 21,830 | 25,769 | ||||||||||
Other real estate owned | 179 | 105 | 105 | - | - | ||||||||||
Total nonperforming assets | 19,865 | 18,717 | 21,161 | 21,830 | 25,769 | ||||||||||
Allowance for loan losses | 100,400 | 100,250 | 100,800 | 96,800 | 93,600 | ||||||||||
Asset quality ratios: | |||||||||||||||
Allowance for loan losses to total loans | 1.20 | % | 1.21 | % | 1.24 | % | 1.22 | % | 1.20 | % | |||||
Total nonperforming loans to total loans | 0.24 | % | 0.23 | % | 0.26 | % | 0.28 | % | 0.33 | % | |||||
Total nonperforming assets to total assets | 0.17 | % | 0.16 | % | 0.18 | % | 0.19 | % | 0.22 | % | |||||
Allowance for loan losses to total nonperforming loans | 510.01 | % | 538.63 | % | 478.72 | % | 443.43 | % | 363.23 | % | |||||
Past due loans to total loans4 | 0.45 | % | 0.30 | % | 0.33 | % | 0.30 | % | 0.40 | % | |||||
Net charge-offs to average loans3 | 0.17 | % | 0.19 | % | 0.18 | % | 0.07 | % | 0.04 | % | |||||
2023 | 2022 | ||||||||||||||
2nd Q | 1st Q | 4th Q | 3rd Q | 2nd Q | |||||||||||
Loan net charge-offs by line of business: | |||||||||||||||
Commercial & industrial | $ | 51 | $ | (294 | ) | $ | (45 | ) | $ | (1,045 | ) | $ | (298 | ) | |
Commercial real estate | 41 | 42 | 8 | 324 | (246 | ) | |||||||||
Residential real estate and home equity | (43 | ) | 80 | (79 | ) | (56 | ) | (210 | ) | ||||||
Indirect auto | 273 | 423 | 445 | 222 | 163 | ||||||||||
Residential solar | 581 | 656 | 596 | 43 | 153 | ||||||||||
Other consumer | 2,553 | 2,904 | 2,752 | 1,796 | 1,228 | ||||||||||
Total loan net charge-offs | $ | 3,456 | $ | 3,811 | $ | 3,677 | $ | 1,284 | $ | 790 | |||||
2023 | 2022 | ||||||||||||||
2nd Q | 1st Q | 4th Q | 3rd Q | 2nd Q | |||||||||||
Allowance for loan losses as a percentage of loans by segment: | |||||||||||||||
Commercial & industrial | 0.86% | 0.85% | 0.82% | 0.80% | 0.74% | ||||||||||
Commercial real estate | 0.93% | 0.93% | 0.91% | 0.88% | 0.89% | ||||||||||
Residential real estate | 0.73% | 0.73% | 0.72% | 0.74% | 0.79% | ||||||||||
Auto | 0.80% | 0.77% | 0.81% | 0.78% | 0.79% | ||||||||||
Residential solar | 3.09% | 3.04% | 3.21% | 3.08% | 3.00% | ||||||||||
Other consumer | 5.98% | 6.19% | 6.27% | 6.67% | 6.19% | ||||||||||
Total | 1.20% | 1.21% | 1.24% | 1.22% | 1.20% | ||||||||||
2023 | 2022 | ||||||||||||||
2nd Q | 1st Q | 4th Q | 3rd Q | 2nd Q | |||||||||||
Loans by line of business: | |||||||||||||||
Commercial & industrial | $ | 1,318,340 | $ | 1,277,446 | $ | 1,265,082 | $ | 1,258,871 | $ | 1,298,072 | |||||
Commercial real estate | 2,884,264 | 2,845,631 | 2,807,941 | 2,724,728 | 2,670,633 | ||||||||||
Paycheck protection program | 753 | 845 | 949 | 3,328 | 17,286 | ||||||||||
Residential real estate | 1,666,204 | 1,651,918 | 1,649,870 | 1,626,528 | 1,606,188 | ||||||||||
Indirect auto | 1,048,739 | 1,031,315 | 989,587 | 952,757 | 936,516 | ||||||||||
Residential solar | 926,365 | 920,084 | 856,798 | 728,898 | 599,565 | ||||||||||
Home equity | 310,897 | 308,219 | 314,124 | 313,557 | 313,395 | ||||||||||
Other consumer | 202,562 | 229,120 | 265,796 | 296,117 | 336,026 | ||||||||||
Total loans | $ | 8,358,124 | $ | 8,264,578 | $ | 8,150,147 | $ | 7,904,784 | $ | 7,777,681 | |||||
PPP income recognized | $ | 5 | $ | 9 | $ | 71 | $ | 320 | $ | 1,301 | |||||
PPP unamortized fees | $ | 35 | $ | 38 | $ | 45 | $ | 108 | $ | 414 | |||||
NBT Bancorp Inc. and Subsidiaries | |||||
Consolidated Balance Sheets | |||||
(unaudited, dollars in thousands) | |||||
June 30, | December 31, | ||||
Assets | 2023 | 2022 | |||
Cash and due from banks | $ | 170,010 | $ | 166,488 | |
Short-term interest-bearing accounts | 31,878 | 30,862 | |||
Equity securities, at fair value | 33,893 | 30,784 | |||
Securities available for sale, at fair value | 1,453,926 | 1,527,225 | |||
Securities held to maturity (fair value $808,641 and $812,647, respectively) | 912,876 | 919,517 | |||
Federal Reserve and Federal Home Loan Bank stock | 53,076 | 44,713 | |||
Loans held for sale | 1,866 | 562 | |||
Loans | 8,358,124 | 8,150,147 | |||
Less allowance for loan losses | 100,400 | 100,800 | |||
Net loans | $ | 8,257,724 | $ | 8,049,347 | |
Premises and equipment, net | 66,799 | 69,047 | |||
Goodwill | 281,204 | 281,204 | |||
Intangible assets, net | 6,497 | 7,341 | |||
Bank owned life insurance | 233,400 | 232,409 | |||
Other assets | 387,348 | 379,797 | |||
Total assets | $ | 11,890,497 | $ | 11,739,296 | |
Liabilities and stockholders' equity | |||||
Demand (noninterest bearing) | $ | 3,326,685 | $ | 3,617,324 | |
Savings, NOW and money market | 5,224,560 | 5,444,837 | |||
Time | 978,674 | 433,772 | |||
Total deposits | $ | 9,529,919 | $ | 9,495,933 | |
Short-term borrowings | 652,413 | 585,012 | |||
Long-term debt | 29,764 | 4,815 | |||
Subordinated debt, net | 97,145 | 96,927 | |||
Junior subordinated debt | 101,196 | 101,196 | |||
Other liabilities | 269,567 | 281,859 | |||
Total liabilities | $ | 10,680,004 | $ | 10,565,742 | |
Total stockholders' equity | $ | 1,210,493 | $ | 1,173,554 | |
Total liabilities and stockholders' equity | $ | 11,890,497 | $ | 11,739,296 | |
NBT Bancorp Inc. and Subsidiaries | ||||||||||||
Consolidated Statements of Income | ||||||||||||
(unaudited, dollars in thousands except per share data) | ||||||||||||
Three Months Ended | Six Months Ended | |||||||||||
June 30, | June 30, | |||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||
Interest, fee and dividend income | ||||||||||||
Interest and fees on loans | $ | 106,935 | $ | 78,539 | $ | 207,834 | $ | 151,882 | ||||
Securities available for sale | 7,493 | 7,317 | 15,109 | 14,157 | ||||||||
Securities held to maturity | 4,991 | 4,185 | 10,026 | 7,678 | ||||||||
Other | 1,170 | 1,442 | 1,812 | 1,967 | ||||||||
Total interest, fee and dividend income | $ | 120,589 | $ | 91,483 | $ | 234,781 | $ | 175,684 | ||||
Interest expense | ||||||||||||
Deposits | $ | 19,986 | $ | 1,756 | $ | 31,130 | $ | 3,598 | ||||
Short-term borrowings | 8,126 | 13 | 13,045 | 29 | ||||||||
Long-term debt | 290 | 33 | 337 | 120 | ||||||||
Subordinated debt | 1,335 | 1,359 | 2,669 | 2,718 | ||||||||
Junior subordinated debt | 1,767 | 737 | 3,449 | 1,286 | ||||||||
Total interest expense | $ | 31,504 | $ | 3,898 | $ | 50,630 | $ | 7,751 | ||||
Net interest income | $ | 89,085 | $ | 87,585 | $ | 184,151 | $ | 167,933 | ||||
Provision for loan losses | 3,606 | 4,390 | 7,515 | 4,986 | ||||||||
Net interest income after provision for loan losses | $ | 85,479 | $ | 83,195 | $ | 176,636 | $ | 162,947 | ||||
Noninterest income | ||||||||||||
Service charges on deposit accounts | $ | 3,733 | $ | 3,763 | $ | 7,281 | $ | 7,451 | ||||
Card services income | 5,121 | 9,751 | 9,966 | 18,446 | ||||||||
Retirement plan administration fees | 11,735 | 12,676 | 23,197 | 25,955 | ||||||||
Wealth management | 8,227 | 8,252 | 16,314 | 16,892 | ||||||||
Insurance services | 3,716 | 3,578 | 7,647 | 7,366 | ||||||||
Bank owned life insurance income | 1,528 | 1,411 | 3,406 | 3,065 | ||||||||
Net securities (losses) | (4,641 | ) | (587 | ) | (9,639 | ) | (766 | ) | ||||
Other | 2,626 | 2,812 | 5,282 | 5,906 | ||||||||
Total noninterest income | $ | 32,045 | $ | 41,656 | $ | 63,454 | $ | 84,315 | ||||
Noninterest expense | ||||||||||||
Salaries and employee benefits | $ | 46,834 | $ | 46,716 | $ | 94,989 | $ | 92,224 | ||||
Technology and data services | 9,305 | 8,945 | 18,312 | 17,492 | ||||||||
Occupancy | 6,923 | 6,487 | 14,143 | 13,280 | ||||||||
Professional fees and outside services | 4,159 | 3,906 | 8,337 | 8,182 | ||||||||
Office supplies and postage | 1,676 | 1,548 | 3,304 | 2,972 | ||||||||
FDIC assessment | 1,344 | 810 | 2,740 | 1,612 | ||||||||
Advertising | 525 | 730 | 1,174 | 1,384 | ||||||||
Amortization of intangible assets | 458 | 545 | 994 | 1,181 | ||||||||
Loan collection and other real estate owned, net | 691 | 757 | 1,546 | 1,141 | ||||||||
Acquisition expenses | 1,189 | - | 1,807 | - | ||||||||
Other | 5,690 | 5,675 | 10,770 | 8,794 | ||||||||
Total noninterest expense | $ | 78,794 | $ | 76,119 | $ | 158,116 | $ | 148,262 | ||||
Income before income tax expense | $ | 38,730 | $ | 48,732 | $ | 81,974 | $ | 99,000 | ||||
Income tax expense | 8,658 | 10,957 | 18,244 | 22,099 | ||||||||
Net income | $ | 30,072 | $ | 37,775 | $ | 63,730 | $ | 76,901 | ||||
Earnings Per Share | ||||||||||||
Basic | $ | 0.70 | $ | 0.88 | $ | 1.49 | $ | 1.79 | ||||
Diluted | $ | 0.70 | $ | 0.88 | $ | 1.48 | $ | 1.78 | ||||
NBT Bancorp Inc. and Subsidiaries | |||||||||||||||
Quarterly Consolidated Statements of Income | |||||||||||||||
(unaudited, dollars in thousands except per share data) | |||||||||||||||
2023 | 2022 | ||||||||||||||
2nd Q | 1st Q | 4th Q | 3rd Q | 2nd Q | |||||||||||
Interest, fee and dividend income | |||||||||||||||
Interest and fees on loans | $ | 106,935 | $ | 100,899 | $ | 95,620 | $ | 85,266 | $ | 78,539 | |||||
Securities available for sale | 7,493 | 7,616 | 7,831 | 7,665 | 7,317 | ||||||||||
Securities held to maturity | 4,991 | 5,035 | 5,050 | 4,854 | 4,185 | ||||||||||
Other | 1,170 | 642 | 671 | 1,429 | 1,442 | ||||||||||
Total interest, fee and dividend income | $ | 120,589 | $ | 114,192 | $ | 109,172 | $ | 99,214 | $ | 91,483 | |||||
Interest expense | |||||||||||||||
Deposits | $ | 19,986 | $ | 11,144 | $ | 4,092 | $ | 2,233 | $ | 1,756 | |||||
Short-term borrowings | 8,126 | 4,919 | 2,510 | 84 | 13 | ||||||||||
Long-term debt | 290 | 47 | 21 | 20 | 33 | ||||||||||
Subordinated debt | 1,335 | 1,334 | 1,346 | 1,360 | 1,359 | ||||||||||
Junior subordinated debt | 1,767 | 1,682 | 1,424 | 1,039 | 737 | ||||||||||
Total interest expense | $ | 31,504 | $ | 19,126 | $ | 9,393 | $ | 4,736 | $ | 3,898 | |||||
Net interest income | $ | 89,085 | $ | 95,066 | $ | 99,779 | $ | 94,478 | $ | 87,585 | |||||
Provision for loan losses | 3,606 | 3,909 | 7,677 | 4,484 | 4,390 | ||||||||||
Net interest income after provision for loan losses | $ | 85,479 | $ | 91,157 | $ | 92,102 | $ | 89,994 | $ | 83,195 | |||||
Noninterest income | |||||||||||||||
Service charges on deposit accounts | $ | 3,733 | $ | 3,548 | $ | 3,598 | $ | 3,581 | $ | 3,763 | |||||
Card services income | 5,121 | 4,845 | 4,958 | 5,654 | 9,751 | ||||||||||
Retirement plan administration fees | 11,735 | 11,462 | 10,661 | 11,496 | 12,676 | ||||||||||
Wealth management | 8,227 | 8,087 | 8,017 | 8,402 | 8,252 | ||||||||||
Insurance services | 3,716 | 3,931 | 3,438 | 3,892 | 3,578 | ||||||||||
Bank owned life insurance income | 1,528 | 1,878 | 1,419 | 1,560 | 1,411 | ||||||||||
Net securities (losses) | (4,641 | ) | (4,998 | ) | (217 | ) | (148 | ) | (587 | ) | |||||
Other | 2,626 | 2,656 | 2,217 | 2,735 | 2,812 | ||||||||||
Total noninterest income | $ | 32,045 | $ | 31,409 | $ | 34,091 | $ | 37,172 | $ | 41,656 | |||||
Noninterest expense | |||||||||||||||
Salaries and employee benefits | $ | 46,834 | $ | 48,155 | $ | 47,235 | $ | 48,371 | $ | 46,716 | |||||
Technology and data services | 9,305 | 9,007 | 9,124 | 9,096 | 8,945 | ||||||||||
Occupancy | 6,923 | 7,220 | 6,521 | 6,481 | 6,487 | ||||||||||
Professional fees and outside services | 4,159 | 4,178 | 4,811 | 3,817 | 3,906 | ||||||||||
Office supplies and postage | 1,676 | 1,628 | 1,699 | 1,469 | 1,548 | ||||||||||
FDIC assessment | 1,344 | 1,396 | 798 | 787 | 810 | ||||||||||
Advertising | 525 | 649 | 879 | 559 | 730 | ||||||||||
Amortization of intangible assets | 458 | 536 | 538 | 544 | 545 | ||||||||||
Loan collection and other real estate owned, net | 691 | 855 | 957 | 549 | 757 | ||||||||||
Acquisition expenses | 1,189 | 618 | 967 | - | - | ||||||||||
Other | 5,690 | 5,080 | 5,980 | 5,021 | 5,675 | ||||||||||
Total noninterest expense | $ | 78,794 | $ | 79,322 | $ | 79,509 | $ | 76,694 | $ | 76,119 | |||||
Income before income tax expense | $ | 38,730 | $ | 43,244 | $ | 46,684 | $ | 50,472 | $ | 48,732 | |||||
Income tax expense | 8,658 | 9,586 | 10,563 | 11,499 | 10,957 | ||||||||||
Net income | $ | 30,072 | $ | 33,658 | $ | 36,121 | $ | 38,973 | $ | 37,775 | |||||
Earnings Per Share | |||||||||||||||
Basic | $ | 0.70 | $ | 0.78 | $ | 0.84 | $ | 0.91 | $ | 0.88 | |||||
Diluted | $ | 0.70 | $ | 0.78 | $ | 0.84 | $ | 0.90 | $ | 0.88 | |||||
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 | ||||||||||||
Q2 - 2023 | Q1 - 2023 | Q4 - 2022 | Q3 - 2022 | Q2 - 2022 | |||||||||||||||||
Assets | |||||||||||||||||||||
Short-term interest-bearing accounts | $ | 28,473 | 3.62 | % | $ | 34,215 | 2.26 | % | $ | 39,573 | 3.31 | % | $ | 191,463 | 2.51 | % | $ | 553,548 | 0.82 | % | |
Securities taxable1 | 2,394,027 | 1.90 | % | 2,442,732 | 1.92 | % | 2,480,959 | 1.88 | % | 2,491,315 | 1.83 | % | 2,439,960 | 1.74 | % | ||||||
Securities tax-exempt 1 5 | 201,499 | 2.83 | % | 202,321 | 2.81 | % | 208,238 | 2.68 | % | 211,306 | 2.47 | % | 256,799 | 1.83 | % | ||||||
FRB and FHLB stock | 51,454 | 7.12 | % | 41,144 | 4.45 | % | 32,903 | 4.11 | % | 25,182 | 3.47 | % | 24,983 | 5.03 | % | ||||||
Loans1 6 | 8,307,894 | 5.17 | % | 8,189,520 | 5.00 | % | 8,039,442 | 4.72 | % | 7,808,025 | 4.34 | % | 7,707,730 | 4.09 | % | ||||||
Total interest-earning assets | $ | 10,983,347 | 4.42 | % | $ | 10,909,932 | 4.26 | % | $ | 10,801,115 | 4.02 | % | $ | 10,727,291 | 3.68 | % | $ | 10,983,020 | 3.35 | % | |
Other assets | 835,424 | 836,879 | 855,410 | 887,378 | 883,498 | ||||||||||||||||
Total assets | $ | 11,818,771 | $ | 11,746,811 | $ | 11,656,525 | $ | 11,614,669 | $ | 11,866,518 | |||||||||||
Liabilities and stockholders' equity | |||||||||||||||||||||
Money market deposit accounts | $ | 2,113,965 | 2.30 | % | $ | 2,081,210 | 1.22 | % | $ | 2,169,192 | 0.39 | % | $ | 2,332,341 | 0.15 | % | $ | 2,577,367 | 0.14 | % | |
NOW deposit accounts | 1,463,953 | 0.38 | % | 1,598,834 | 0.36 | % | 1,604,096 | 0.33 | % | 1,548,115 | 0.21 | % | 1,580,132 | 0.07 | % | ||||||
Savings deposits | 1,708,874 | 0.03 | % | 1,781,465 | 0.03 | % | 1,823,056 | 0.03 | % | 1,854,122 | 0.03 | % | 1,845,128 | 0.03 | % | ||||||
Time deposits | 856,305 | 2.97 | % | 639,645 | 2.10 | % | 432,110 | 0.41 | % | 455,168 | 0.35 | % | 478,531 | 0.37 | % | ||||||
Total interest-bearing deposits | $ | 6,143,097 | 1.30 | % | $ | 6,101,154 | 0.74 | % | $ | 6,028,454 | 0.27 | % | $ | 6,189,746 | 0.14 | % | $ | 6,481,158 | 0.11 | % | |
Federal funds purchased | 48,407 | 5.35 | % | 44,334 | 4.92 | % | 56,576 | 4.03 | % | 1,522 | 3.39 | % | - | - | |||||||
Repurchase agreements | 55,627 | 1.08 | % | 71,340 | 0.08 | % | 76,334 | 0.11 | % | 69,048 | 0.10 | % | 60,061 | 0.09 | % | ||||||
Short-term borrowings | 557,818 | 5.27 | % | 357,200 | 4.96 | % | 177,533 | 4.28 | % | 6,440 | 3.33 | % | - | - | |||||||
Long-term debt | 29,773 | 3.91 | % | 7,299 | 2.61 | % | 3,817 | 2.18 | % | 3,331 | 2.38 | % | 5,336 | 2.48 | % | ||||||
Subordinated debt, net | 97,081 | 5.52 | % | 96,966 | 5.58 | % | 97,839 | 5.46 | % | 98,748 | 5.46 | % | 98,642 | 5.53 | % | ||||||
Junior subordinated debt | 101,196 | 7.00 | % | 101,196 | 6.74 | % | 101,196 | 5.58 | % | 101,196 | 4.07 | % | 101,196 | 2.92 | % | ||||||
Total interest-bearing liabilities | $ | 7,032,999 | 1.80 | % | $ | 6,779,489 | 1.14 | % | $ | 6,541,749 | 0.57 | % | $ | 6,470,031 | 0.29 | % | $ | 6,746,393 | 0.23 | % | |
Demand deposits | 3,316,955 | 3,502,489 | 3,658,965 | 3,708,131 | 3,711,049 | ||||||||||||||||
Other liabilities | 251,511 | 274,517 | 290,895 | 234,851 | 218,491 | ||||||||||||||||
Stockholders' equity | 1,217,306 | 1,190,316 | 1,164,916 | 1,201,656 | 1,190,585 | ||||||||||||||||
Total liabilities and stockholders' equity | $ | 11,818,771 | $ | 11,746,811 | $ | 11,656,525 | $ | 11,614,669 | $ | 11,866,518 | |||||||||||
Interest rate spread | 2.62 | % | 3.12 | % | 3.45 | % | 3.39 | % | 3.12 | % | |||||||||||
Net interest margin (FTE)1 | 3.27 | % | 3.55 | % | 3.68 | % | 3.51 | % | 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 | ||||||||
Six Months Ended June 30, | 2023 | 2022 | |||||||||||
Assets | |||||||||||||
Short-term interest-bearing accounts | $ | 31,328 | $ | 447 | 2.88 | % | $ | 770,727 | $ | 1,533 | 0.40 | % | |
Securities taxable1 | 2,418,245 | 22,902 | 1.91 | % | 2,362,699 | 19,981 | 1.71 | % | |||||
Securities tax-exempt1 5 | 201,908 | 2,826 | 2.82 | % | 257,651 | 2,347 | 1.84 | % | |||||
FRB and FHLB stock | 46,327 | 1,365 | 5.94 | % | 25,004 | 434 | 3.50 | % | |||||
Loans1 6 | 8,249,034 | 208,038 | 5.09 | % | 7,619,691 | 151,964 | 4.02 | % | |||||
Total interest-earning assets | $ | 10,946,842 | $ | 235,578 | 4.34 | % | $ | 11,035,772 | $ | 176,259 | 3.22 | % | |
Other assets | 836,148 | 915,361 | |||||||||||
Total assets | $ | 11,782,990 | $ | 11,951,133 | |||||||||
Liabilities and stockholders' equity | |||||||||||||
Money market deposit accounts | $ | 2,097,678 | $ | 18,368 | 1.77 | % | $ | 2,648,458 | $ | 1,924 | 0.15 | % | |
NOW deposit accounts | 1,531,021 | 2,824 | 0.37 | % | 1,581,603 | 460 | 0.06 | % | |||||
Savings deposits | 1,744,969 | 286 | 0.03 | % | 1,819,978 | 293 | 0.03 | % | |||||
Time deposits | 748,573 | 9,652 | 2.60 | % | 486,537 | 921 | 0.38 | % | |||||
Total interest-bearing deposits | $ | 6,122,241 | $ | 31,130 | 1.03 | % | $ | 6,536,576 | $ | 3,598 | 0.11 | % | |
Federal funds purchased | 46,381 | 1,184 | 5.15 | % | - | - | - | ||||||
Repurchase agreements | 63,440 | 164 | 0.52 | % | 66,379 | 29 | 0.09 | % | |||||
Short-term borrowings | 458,064 | 11,697 | 5.15 | % | - | - | - | ||||||
Long-term debt | 18,598 | 337 | 3.65 | % | 9,634 | 120 | 2.51 | % | |||||
Subordinated debt, net | 97,024 | 2,669 | 5.55 | % | 98,587 | 2,718 | 5.56 | % | |||||
Junior subordinated debt | 101,196 | 3,449 | 6.87 | % | 101,196 | 1,286 | 2.56 | % | |||||
Total interest-bearing liabilities | $ | 6,906,944 | $ | 50,630 | 1.48 | % | $ | 6,812,372 | $ | 7,751 | 0.23 | % | |
Demand deposits | 3,409,209 | 3,710,589 | |||||||||||
Other liabilities | 262,951 | 212,425 | |||||||||||
Stockholders' equity | 1,203,886 | 1,215,747 | |||||||||||
Total liabilities and stockholders' equity | $ | 11,782,990 | $ | 11,951,133 | |||||||||
Net interest income (FTE)1 | $ | 184,948 | $ | 168,508 | |||||||||
Interest rate spread | 2.86 | % | 2.99 | % | |||||||||
Net interest margin (FTE)1 | 3.41 | % | 3.08 | % | |||||||||
Taxable equivalent adjustment | $ | 797 | $ | 575 | |||||||||
Net interest income | $ | 184,151 | $ | 167,933 | |||||||||
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) | ||||||||||||||||
FTE adjustment | 2023 | 2022 | ||||||||||||||
2nd Q | 1st Q | 4th Q | 3rd Q | 2nd Q | ||||||||||||
Net interest income | $ | 89,085 | $ | 95,066 | $ | 99,779 | $ | 94,478 | $ | 87,585 | ||||||
Add: FTE adjustment | 402 | 395 | 392 | 337 | 290 | |||||||||||
Net interest income (FTE) | $ | 89,487 | $ | 95,461 | $ | 100,171 | $ | 94,815 | $ | 87,875 | ||||||
Average earning assets | $ | 10,983,347 | $ | 10,909,932 | $ | 10,801,115 | $ | 10,727,291 | $ | 10,983,020 | ||||||
Net interest margin (FTE)3 | 3.27 | % | 3.55 | % | 3.68 | % | 3.51 | % | 3.21 | % | ||||||
6 Months Ended June 30, | ||||||||||||||||
2023 | 2022 | |||||||||||||||
Net interest income | $ | 184,151 | $ | 167,933 | ||||||||||||
Add: FTE adjustment | 797 | 575 | ||||||||||||||
Net interest income (FTE) | $ | 184,948 | $ | 168,508 | ||||||||||||
Average earning assets | $ | 10,946,842 | $ | 11,035,772 | ||||||||||||
Net interest margin (FTE)3 | 3.41 | % | 3.08 | % | ||||||||||||
Interest income for tax-exempt securities and loans have been adjusted to an FTE basis using the statutory Federal income tax rate of 21%. | ||||||||||||||||
Tangible equity to tangible assets | 2023 | 2022 | ||||||||||||||
2nd Q | 1st Q | 4th Q | 3rd Q | 2nd Q | ||||||||||||
Total equity | $ | 1,210,493 | $ | 1,211,659 | $ | 1,173,554 | $ | 1,156,546 | $ | 1,188,556 | ||||||
Intangible assets | 287,701 | 288,159 | 288,545 | 289,083 | 289,259 | |||||||||||
Total assets | $ | 11,890,497 | $ | 11,839,730 | $ | 11,739,296 | $ | 11,640,742 | $ | 11,720,459 | ||||||
Tangible equity to tangible assets | 7.95 | % | 7.99 | % | 7.73 | % | 7.64 | % | 7.87 | % | ||||||
Return on average tangible common equity | 2023 | 2022 | ||||||||||||||
2nd Q | 1st Q | 4th Q | 3rd Q | 2nd Q | ||||||||||||
Net income | $ | 30,072 | $ | 33,658 | $ | 36,121 | $ | 38,973 | $ | 37,775 | ||||||
Amortization of intangible assets (net of tax) | 344 | 402 | 404 | 408 | 409 | |||||||||||
Net income, excluding intangibles amortization | $ | 30,416 | $ | 34,060 | $ | 36,525 | $ | 39,381 | $ | 38,184 | ||||||
Average stockholders' equity | $ | 1,217,306 | $ | 1,190,316 | $ | 1,164,916 | $ | 1,201,656 | $ | 1,190,585 | ||||||
Less: average goodwill and other intangibles | 287,974 | 288,354 | 288,856 | 289,296 | 289,584 | |||||||||||
Average tangible common equity | $ | 929,332 | $ | 901,962 | $ | 876,060 | $ | 912,360 | $ | 901,001 | ||||||
Return on average tangible common equity3 | 13.13 | % | 15.31 | % | 16.54 | % | 17.12 | % | 17.00 | % | ||||||
6 Months Ended June 30, | ||||||||||||||||
2023 | 2022 | |||||||||||||||
Net income | $ | 63,730 | $ | 76,901 | ||||||||||||
Amortization of intangible assets (net of tax) | 746 | 886 | ||||||||||||||
Net income, excluding intangibles amortization | $ | 64,476 | $ | 77,787 | ||||||||||||
Average stockholders' equity | $ | 1,203,886 | $ | 1,215,747 | ||||||||||||
Less: average goodwill and other intangibles | 288,163 | 289,402 | ||||||||||||||
Average tangible common equity | $ | 915,723 | $ | 926,345 | ||||||||||||
Return on average tangible common equity3 | 14.20 | % | 16.93 | % | ||||||||||||
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. | |||||||||||||||
Contact: | John H. Watt, Jr., President and CEOScott A. Kingsley, Executive Vice President and CFONBT Bancorp Inc.52 South Broad StreetNorwich, NY 13815607-337-6589 |
1 Year NBT Bancorp Chart |
1 Month NBT Bancorp Chart |
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