The following is a summary of the NBT Bancorp Inc. (NBTB) Q3 2024 Earnings Call Transcript:
Financial Performance:
NBT Bancorp reported Q3 2024 net income of $38.1 million, or $0.80 per share, an increase of $5.4 million or $0.11 per share from the prior quarter.
Tangible book value per share reached an all-time high of $23.83 as of September 30, up $1.29 per share from the end of the second quarter.
Reported net interest margin for Q3 2024 was 3.27%, which increased by 9 basis points from the prior quarter.Total loans grew by $256 million for the year, a 3.5% annualized increase, with notable growth in C&I, commercial real estate, indirect auto, and residential lending portfolios.
Total deposits rose by $619.3 million since December 2023, showcasing growth in commercial, consumer, and municipal deposits.
Business Progress:
NBT Bancorp declared a $0.34 quarterly cash dividend, marking a 6.3% increase from the previous year and 12 consecutive years of annual dividend increases.
Announced a merger with Evans Bancorp, Inc., aiming to extend their footprint into the Buffalo and Rochester markets, enhancing their position as the largest community bank in Upstate New York.
Expects to close the merger with Evans Bancorp in Q2 2025, pending shareholder and regulatory approvals.
Opportunities:
Positioned to benefit from substantial investments in a new semiconductor manufacturing complex by Micron Technology near Syracuse, enhancing financial service opportunities in the Upstate New York Chip Corridor.
Risks:
Anticipates a need to manage funding costs effectively due to approximately $2 billion in variable rate loans repricing almost immediately, in response to changes in the federal funds rate.
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