NBT Bancorp Inc

NASDAQ:NBTBUnited States

Oct 28, 2024

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• NBT Bancorp Inc. Announces Third Quarter 2024 Results and Declares Cash Dividend, from 4:15PM ET on Monday Oct 28, 2024 by Dow Jones

  4:15PM ET on Monday Oct 28, 2024 by Dow Jones
  Companies Mentioned: NBTB
  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% Interest income for tax-exempt securities and loans have been adjusted to an FTE basis using the statutory Federal income tax rate of 21%. The following tables provide the Non-GAAP reconciliations (1) 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.