The following is a summary of the NBT Bancorp Inc. (NBTB) Q2 2024 Earnings Call Transcript:

Financial Performance:

• NBT Bancorp reported Q2 2024 net income of $32.7 million, or $0.69 per share.

• Net interest margin increased slightly to 3.18%, with asset yield improvements outpacing the rise in funding costs.

• Tangible book value per share reached an all-time high at $22.54.

• Total loans grew $204 million annually, with significant contributions from commercial and indirect auto portfolios.

• Total deposits increased to $11.27 billion, reflecting growth in consumer balances and municipal deposits.

Business Progress:

• Announced a 6.3% increase in quarterly cash dividends, marking 12 consecutive years of annual increases.

• Engaged in the Micron Technology project, potentially playing a significant role in financial services for the new semiconductor manufacturing complex in New York.

• Recorded the highest ever quarterly noninterest income at $43.3 million, emphasizing growth in retirement plan administration and wealth management services.

Opportunities:

• Positioned to capitalize on developments in the Upstate New York chip corridor, potentially impacting loan growth, fee income, and deposits through large scale investments like the Micron Technology semiconductor plant.

Risks:

• Mentioned a specific reserve of $1.7 million for a commercial relationship, indicating potential risk exposure from individual credit relationships.

More details: NBT Bancorp IR

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