FOR IMMEDIATE RELEASE
ATTENTION: FINANCIAL AND BUSINESS EDITORS
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Contact:
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John H. Watt, Jr., President and CEO
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Scott A. Kingsley, 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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NBT BANCORP INC. ANNOUNCES THIRD QUARTER RESULTS AND DECLARES DIVIDEND
NORWICH, NY (October 24, 2023) – NBT Bancorp Inc. (“NBT” or the “Company”) (NASDAQ: NBTB) reported net income and diluted earnings per share for the three and nine
months ended September 30, 2023.
Net income for the three months ended September 30, 2023 was $24.6 million, or $0.54 per diluted common share, compared to $39.0 million, or $0.90 per diluted share,
for the three months ended September 30, 2022, and $30.1 million, or $0.70 per diluted share, in the second quarter of 2023. Operating diluted earnings per share1, a non-GAAP measure, which excludes acquisition expense,
acquisition-related provision for credit losses and securities gains (losses), net of tax, was $0.84 for the third quarter of 2023, compared to $0.91 in the third quarter of 2022 and $0.80 in the second quarter of 2023.
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The acquisition of Salisbury Bancorp, Inc. (“Salisbury”) by the merger of Salisbury with and into NBT (“Merger”) was completed on August 11, 2023. The Merger added 13 banking offices, $1.18 billion
in loans and $1.31 billion in deposits.
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Period end total loans increased $1.52 billion from December 31, 2022. Excluding loans acquired from Salisbury, loans grew $337.2 million, or 5.5% annualized, since December 31, 2022.
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Period end total deposits increased $1.91 billion from December 31, 2022. Excluding deposits acquired from Salisbury, deposits increased $596.5 million since December 31, 2022.
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Noninterest income, excluding net securities gains (losses), increased 10.2% from the prior quarter and was approximately 30% of total revenue.
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CEO Comments
“We delivered solid operating performance for the third quarter and through the first nine months of 2023, driven by our diversified business model and strength of our
balance sheet,” said NBT President and CEO John H. Watt, Jr. “We completed our merger with Salisbury on August 11, 2023, welcoming new customers, employees, and shareholders to the NBT family and simultaneously we successfully completed the
conversion to the NBT core banking systems. Our combined team is committed to providing a comprehensive suite of financial services to all of our customers and the communities we serve while also generating long-term value for our shareholders.”
Third Quarter Financial Highlights
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Net Income
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◾ Net income of $24.6
million and diluted earnings per share of $0.54
◾ Operating net income
was $38.3 million and diluted operating earnings per share of $0.841
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Net Interest Income / NIM
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◾ Net interest income
on a fully taxable equivalent (“FTE”) basis was $95.5 million1
◾ Net interest margin
(“NIM”) on an FTE basis was 3.21%1, down 6 basis points (“bps”) from the prior quarter
◾ Included in FTE net
interest income was $1.4 million of acquisition-related net accretion which positively impacted NIM by 5 bps
◾ Earning asset
yields of 4.63%, up 21 bps from the prior quarter
◾ Total cost of funds
of 1.50%, up 28 bps from the prior quarter
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Noninterest Income
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◾ Excluding net
securities gains (losses), noninterest income was $40.4 million and was 29.9% of total revenues
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Loans and Credit Quality
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◾ Period end total
loans of $9.67 billion as of September 30, 2023, up $1.52 billion from December 31, 2022 which included $1.18 billion of loans acquired from Salisbury
◾ Net charge-offs to
average loans were 0.18%, annualized
◾ Nonperforming loans
to total loans was 0.25%, compared to 0.24% in the prior quarter and down from 0.28% in the third quarter of 2022
◾ Allowance for loan
losses to total loans of 1.19%
◾ Provision for loan
losses included $8.8 million of acquisition related provision for credit losses
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Deposits
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◾ Deposits were
$11.40 billion as of September 30, 2023, up $1.91 billion from December 31, 2022 which included $1.31 billion in deposits acquired from Salisbury
◾ Total cost of
deposits was 1.18% for the third quarter of 2023, up 33 bps from the prior quarter
◾ Full cycle to-date
deposit beta of 24%
◾ Deposit composition
is diverse and granular with over 565,000 accounts with an average per account balance of $20,160
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Capital
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◾ Stockholders’
equity was $1.36 billion as of September 30, 2023
◾ Tangible book value
per share2 was $20.39 at September 30, 2023
◾ Tangible equity to
assets of 7.15%1
◾ CET1 ratio of
11.31%; Leverage ratio of 10.23%
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Loans
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Period end total loans were $9.67 billion at September 30, 2023, $8.36 billion at June 30, 2023 and $8.15 billion at December 31, 2022.
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Period end loans increased $1.52 billion from December 31, 2022. Commercial and industrial loans increased $158.5 million to $1.42 billion; commercial real estate loans increased $767.7 million to
$3.58 billion; and total consumer loans increased $591.0 million to $4.67 billion. Included in total consumer loans is $132.6 million of a portfolio of loans in a run-off status.
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Commercial line of credit utilization rate was 22% at September 30, 2023, compared to 23% at June 30, 2023 and September 30, 2022.
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Deposits
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Total deposits at September 30, 2023 were $11.40 billion, compared to $9.50 billion at December 31, 2022. The Company continued to experience incremental migration from noninterest bearing and low
interest checking and savings accounts into higher cost money market and time deposit instruments.
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Loan to deposit ratio was 84.8% at September 30, 2023, compared to 85.8% at December 31, 2022.
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Net Interest Income and Net Interest Margin
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Net interest income for the third quarter of 2023 was $94.9 million, which was up $5.8 million, or 6.5%, from the second
quarter of 2023 and up $0.4 million, or 0.4%, from the third quarter of 2022. The increase in net interest income resulted from the Salisbury acquisition and was partially offset by the increase in cost of funds outpacing the improvement in
asset yields during the quarter.
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The NIM on an FTE basis for the third quarter of 2023 was 3.21%, a decrease of 6 bps from the second quarter of 2023 driven by the increase in the cost of interest-bearing deposits, partly offset
by an increase in average earning asset yields and $1.4 million in acquisition-related net accretion. The NIM on an FTE basis decreased 30 bps from the third quarter of 2022 due to the increase in the cost of interest-bearing deposits and
higher short-term borrowings costs and average balances, partially offset by higher earning asset yields.
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Earning asset yields for the three months ended September 30, 2023 increased 21 bps from the prior quarter to 4.63% and increased 95 bps from the same quarter in the prior year. Average earning
assets grew $819.7 million, or 7.5%, from the second quarter of 2023 due primarily to the Salisbury acquisition and organic loan growth.
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Total cost of deposits, including noninterest bearing deposits, was 1.18% for the third quarter of 2023, up 33 bps from the prior quarter and up 109 bps from the same period in the prior year.
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Total cost of funds for the three months ended September 30, 2023 was 1.50%, up 28 bps from the prior quarter and up 132 bps from the third quarter of 2022.
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Asset Quality and Allowance for Loan Losses
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Net charge-offs to total average loans was 18 bps compared to 17 bps in the prior quarter and 7 bps in the third quarter of 2022. The increase in net charge-offs from the third quarter of 2022 was
due to an increase in charge-offs in the Company’s other consumer portfolio, which is in a run-off status. Net charge-offs for the portfolios in a run-off status represented the majority of total net charge-offs for the third quarter.
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Nonperforming assets to total assets were 0.18% at September 30, 2023, compared to 0.17% at June 30, 2023 and 0.19% at September 30, 2022.
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Provision expense for the three months ended September 30, 2023 was $12.6 million, compared to $3.6 million for the second quarter of 2023 and $4.5 million for the third quarter of 2022. 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 $114.6 million, or 1.19% of total loans, at September 30, 2023, compared to 1.20% of total loans at June 30, 2023 and 1.22% of total loans at September 30, 2022.
The increase in the allowance for loan losses in the third quarter included $14.5 million of allowance for acquired Salisbury loans which included both the $8.8 million of non-purchased credit deteriorated allowance recognized through the
provision for loan losses and the $5.8 million of purchased credit deteriorated allowance reclassified from loans.
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The reserve for unfunded loan commitments increased to $4.8 million at September 30, 2023 compared to the prior quarter-end at $4.4 million and to $5.3 million at September 30, 2022. 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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Noninterest Income
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Total noninterest income, excluding securities gains (losses), was $40.4 million for the three months ended September 30, 2023, up $3.7 million from the second quarter and up $3.1 million from the
prior year’s third quarter.
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Card services income increased $0.4 million from the prior quarter and decreased $0.2 million from the third quarter of 2022.
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Retirement plan administration fees were up $1.1 million from the prior quarter and were $1.3 million higher than the third quarter of 2022 due primarily to seasonal activity-based fees in the
quarter, favorable market conditions, new account growth and the acquisition of Retirement Direct, LLC on July 1, 2023.
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Wealth management fees increased $1.1 million from the prior quarter and were $0.9 million higher than the third quarter of 2022 primarily due to the Salisbury acquisition and approximately $0.5
million in seasonal activity-based fees.
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Insurance services were up $0.6 million from the prior quarter and were $0.5 million higher than the third quarter of 2022.
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Noninterest Expense
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Total noninterest expense, excluding $7.9 million of acquisition expenses in the third quarter of 2023 and $1.2 million in the second quarter of 2023, increased 6.8% compared to the previous
quarter due primarily to the acquisition of Salisbury and increased 8.1% from the third quarter of 2022 due primarily to the acquisition of Salisbury and merit increases for employees.
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Salaries and benefits increased 5.2% from the prior quarter driven by the Salisbury acquisition and increased from the third quarter of 2022 due to the Salisbury acquisition and merit increases.
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Amortization of intangible assets increased $1.2 million from the prior quarter and $1.1 million from the third quarter of 2022 primarily due to the amortization of intangible assets related to the
Salisbury acquisition. The Company recorded a core deposit intangible of $31.2 million and a wealth management customer list intangible of $4.7 million for Salisbury.
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FDIC assessment expense increased $0.3 million in the prior quarter primarily due to the acquisition of Salisbury and increased $0.9 million from the third quarter of 2022 driven by the statutory
increase in the FDIC assessment rate.
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Income Taxes
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The effective tax rate was 22.4% for the third quarter of 2023 which was consistent with the second quarter of 2023 and 22.8% for the third quarter of 2022.
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Capital
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Tangible common equity to tangible assets1 was 7.15% at September 30, 2023. Tangible book value per share2 was $20.39 at September 30, 2023, $21.55 at June 30, 2023 and $20.25
at September 30, 2022.
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Stockholders’ equity increased $189.3 million from December 31, 2022 driven by the Salisbury acquisition adding $161.7 million of capital and net income generation of $88.3 million, partially
offset by dividends declared of $40.8 million, the repurchase of common stock of $4.9 million and a $17.5 million decrease in accumulated other comprehensive income driven by the change in the market value of securities available for sale.
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September 30, 2023, CET1 capital ratio of 11.31%, leverage ratio of 10.23% and total risk-based capital ratio of 14.45%.
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Dividend
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On October 23, 2023, the Board of Directors approved a fourth-quarter cash dividend of $0.32 per share, which represents a $0.02 per quarter, or 6.7%, increase over the dividend paid in the fourth
quarter of 2022. This is the Company’s eleventh consecutive year of annual dividend increases. The dividend will be paid on December 15, 2023 to stockholders of record as of December 1, 2023.
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Stock Repurchase
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The Company purchased 68,500 shares of its common stock in the third quarter of 2023 at an average price of $31.61 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, 2023, there were
1,444,500 shares available for repurchase under this plan.
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Salisbury Bancorp, Inc. Merger
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On August 11, 2023, NBT completed its acquisition of Salisbury. Salisbury was a Connecticut-chartered commercial bank with 13 banking offices in northwestern Connecticut, the Hudson Valley region
of New York, and southwestern Massachusetts.
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In connection with the acquisition, the Company issued 4.3 million shares and acquired approximately $1.57 billion of identifiable assets, including $1.18 billion of loans, $122.7 million in
investment securities which were subsequently sold during the quarter, $31.2 million of core deposit intangibles and $4.7 million in a wealth management customer intangible, as well as $1.31 billion in deposits. As of the acquisition date,
the fair value discount was $78.7 million for loans, net of the reclassification of the purchase credit deteriorated allowance, and was $3.0 million for subordinated debt, respectively.
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Conference Call and Webcast
The Company will host a conference call at 8:30 a.m. (Eastern) Wednesday, October 25, 2023, to review third 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 $13.83 billion at September 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 153 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
possibility that NBT and Salisbury may be unable to achieve expected synergies and operating efficiencies in the merger within the expected timeframes; (14) the ability to increase market share and control expenses; (15) changes in the competitive
environment among financial holding companies; (16) 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; (17) 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; (18) changes in the Company’s organization, compensation and benefit plans; (19) 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; (20) greater than expected costs or difficulties related to the integration
of new products and lines of business; and (21) 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.
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NBT Bancorp Inc. and Subsidiaries
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Selected Financial Data
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(unaudited, dollars in thousands except per share data)
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2023
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2022
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3rd Q
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2nd Q
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1st Q
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4th Q
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3rd Q
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Profitability (reported)
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Diluted earnings per share
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$
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0.54
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$
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0.70
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$
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0.78
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$
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0.84
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$
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0.90
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Weighted average diluted common shares outstanding
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45,398,937
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43,126,498
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43,125,986
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43,144,666
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43,110,932
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Return on average assets3
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0.76
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%
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1.02
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%
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1.16
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%
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1.23
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%
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1.33
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%
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Return on average equity3
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7.48
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%
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9.91
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%
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11.47
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%
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12.30
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%
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12.87
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%
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Return on average tangible common equity1 3
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10.73
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%
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13.13
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%
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15.31
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%
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16.54
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%
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17.12
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%
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Net interest margin1 3
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3.21
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%
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3.27
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%
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3.55
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%
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3.68
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%
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3.51
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%
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9 Months Ended September 30,
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2023
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2022
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Profitability (reported)
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Diluted earnings per share
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$
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2.01
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$
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2.68
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Weighted average diluted common shares outstanding
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43,896,042
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43,194,037
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Return on average assets3
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0.97
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%
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1.31
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%
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Return on average equity3
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9.54
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%
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12.79
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%
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Return on average tangible common equity1 3
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13.00
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%
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17.00
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%
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Net interest margin1 3
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3.34
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%
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3.22
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%
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2023
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2022
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3rd Q
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2nd Q
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1st Q
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4th Q
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3rd Q
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Profitability (operating)
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Diluted earnings per share1
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$
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0.84
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$
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0.80
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$
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0.88
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$
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0.86
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$
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0.91
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Return on average assets1 3
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1.19
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%
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1.17
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%
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1.31
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%
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1.26
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%
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1.34
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%
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Return on average equity1 3
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11.65
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%
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11.40
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%
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12.95
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%
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12.61
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%
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12.91
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%
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Return on average tangible common equity1 3
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16.43
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%
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15.08
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%
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17.27
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%
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16.95
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%
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17.17
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%
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9 Months Ended September 30,
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|
|
|
| |
|
|
2023
|
|
|
|
2022
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profitability (operating)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per share1
|
|
$
|
2.53
|
|
|
$
|
2.70
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average assets1 3
|
|
|
1.22
|
%
|
|
|
1.32
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average equity1 3
|
|
|
11.98
|
%
|
|
|
12.87
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average tangible common equity1 3
|
|
|
16.25
|
%
|
|
|
17.10
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
2023
|
|
|
2022
|
|
| |
|
3rd Q
|
|
|
2nd Q
|
|
|
1st Q
|
|
|
4th Q
|
|
|
3rd Q
|
|
|
Balance sheet data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-term interest-bearing accounts
|
|
$
|
459,296
|
|
|
$
|
31,878
|
|
|
$
|
68,045
|
|
|
$
|
30,862
|
|
|
$
|
97,303
|
|
|
Securities available for sale
|
|
|
1,399,032
|
|
|
|
1,453,926
|
|
|
|
1,512,008
|
|
|
|
1,527,225
|
|
|
|
1,556,501
|
|
|
Securities held to maturity
|
|
|
914,520
|
|
|
|
912,876
|
|
|
|
906,824
|
|
|
|
919,517
|
|
|
|
929,541
|
|
|
Net loans
|
|
|
9,552,774
|
|
|
|
8,257,724
|
|
|
|
8,164,328
|
|
|
|
8,049,347
|
|
|
|
7,807,984
|
|
|
Total assets
|
|
|
13,827,628
|
|
|
|
11,890,497
|
|
|
|
11,839,730
|
|
|
|
11,739,296
|
|
|
|
11,640,742
|
|
|
Total deposits
|
|
|
11,401,452
|
|
|
|
9,529,919
|
|
|
|
9,681,205
|
|
|
|
9,495,933
|
|
|
|
9,918,751
|
|
|
Total borrowings
|
|
|
740,603
|
|
|
|
880,518
|
|
|
|
703,248
|
|
|
|
787,950
|
|
|
|
277,889
|
|
|
Total liabilities
|
|
|
12,464,807
|
|
|
|
10,680,004
|
|
|
|
10,628,071
|
|
|
|
10,565,742
|
|
|
|
10,484,196
|
|
|
Stockholders' equity
|
|
|
1,362,821
|
|
|
|
1,210,493
|
|
|
|
1,211,659
|
|
|
|
1,173,554
|
|
|
|
1,156,546
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity to assets
|
|
|
9.86
|
%
|
|
|
10.18
|
%
|
|
|
10.23
|
%
|
|
|
10.00
|
%
|
|
|
9.94
|
%
|
|
Tangible equity ratio1
|
|
|
7.15
|
%
|
|
|
7.95
|
%
|
|
|
7.99
|
%
|
|
|
7.73
|
%
|
|
|
7.64
|
%
|
|
Book value per share
|
|
$
|
28.94
|
|
|
$
|
28.26
|
|
|
$
|
28.24
|
|
|
$
|
27.38
|
|
|
$
|
27.00
|
|
|
Tangible book value per share2
|
|
$
|
20.39
|
|
|
$
|
21.55
|
|
|
$
|
21.52
|
|
|
$
|
20.65
|
|
|
$
|
20.25
|
|
|
Leverage ratio
|
|
|
10.23
|
%
|
|
|
10.51
|
%
|
|
|
10.43
|
%
|
|
|
10.32
|
%
|
|
|
10.21
|
%
|
|
Common equity tier 1 capital ratio
|
|
|
11.31
|
%
|
|
|
12.29
|
%
|
|
|
12.28
|
%
|
|
|
12.12
|
%
|
|
|
12.17
|
%
|
|
Tier 1 capital ratio
|
|
|
12.23
|
%
|
|
|
13.35
|
%
|
|
|
13.34
|
%
|
|
|
13.19
|
%
|
|
|
13.27
|
%
|
|
Total risk-based capital ratio
|
|
|
14.45
|
%
|
|
|
15.50
|
%
|
|
|
15.53
|
%
|
|
|
15.38
|
%
|
|
|
15.50
|
%
|
|
Common stock price (end of period)
|
|
$
|
31.69
|
|
|
$
|
31.85
|
|
|
$
|
33.71
|
|
|
$
|
43.42
|
|
|
$
|
37.95
|
|
|
NBT Bancorp Inc. and Subsidiaries
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset Quality and Consolidated Loan Balances
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(unaudited, dollars in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
2023
|
|
|
2022
|
|
| |
|
3rd Q
|
|
|
2nd Q
|
|
|
1st Q
|
|
|
4th Q
|
|
|
3rd Q
|
|
|
Asset quality
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual loans
|
|
$
|
20,736
|
|
|
$
|
16,931
|
|
|
$
|
16,284
|
|
|
$
|
17,233
|
|
|
$
|
19,098
|
|
|
90 days past due and still accruing
|
|
|
3,528
|
|
|
|
2,755
|
|
|
|
2,328
|
|
|
|
3,823
|
|
|
|
2,732
|
|
|
Total nonperforming loans
|
|
|
24,264
|
|
|
|
19,686
|
|
|
|
18,612
|
|
|
|
21,056
|
|
|
|
21,830
|
|
|
Other real estate owned
|
|
|
-
|
|
|
|
179
|
|
|
|
105
|
|
|
|
105
|
|
|
|
-
|
|
|
Total nonperforming assets
|
|
|
24,264
|
|
|
|
19,865
|
|
|
|
18,717
|
|
|
|
21,161
|
|
|
|
21,830
|
|
|
Allowance for loan losses
|
|
|
114,601
|
|
|
|
100,400
|
|
|
|
100,250
|
|
|
|
100,800
|
|
|
|
96,800
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset quality ratios
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan losses to total loans
|
|
|
1.19
|
%
|
|
|
1.20
|
%
|
|
|
1.21
|
%
|
|
|
1.24
|
%
|
|
|
1.22
|
%
|
|
Total nonperforming loans to total loans
|
|
|
0.25
|
%
|
|
|
0.24
|
%
|
|
|
0.23
|
%
|
|
|
0.26
|
%
|
|
|
0.28
|
%
|
|
Total nonperforming assets to total assets
|
|
|
0.18
|
%
|
|
|
0.17
|
%
|
|
|
0.16
|
%
|
|
|
0.18
|
%
|
|
|
0.19
|
%
|
|
Allowance for loan losses to total nonperforming loans
|
|
|
472.31
|
%
|
|
|
510.01
|
%
|
|
|
538.63
|
%
|
|
|
478.72
|
%
|
|
|
443.43
|
%
|
|
Past due loans to total loans4
|
|
|
0.49
|
%
|
|
|
0.45
|
%
|
|
|
0.30
|
%
|
|
|
0.33
|
%
|
|
|
0.30
|
%
|
|
Net charge-offs to average loans3
|
|
|
0.18
|
%
|
|
|
0.17
|
%
|
|
|
0.19
|
%
|
|
|
0.18
|
%
|
|
|
0.07
|
%
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
2023
|
|
|
2022
|
|
| |
|
3rd Q
|
|
|
2nd Q
|
|
|
1st Q
|
|
|
4th Q
|
|
|
3rd Q
|
|
|
Loan net charge-offs by line of business
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial & industrial
|
|
$
|
(327
|
)
|
|
$
|
51
|
|
|
$
|
(294
|
)
|
|
$
|
(45
|
)
|
|
$
|
(1,045
|
)
|
|
Commercial real estate
|
|
|
(17
|
)
|
|
|
41
|
|
|
|
42
|
|
|
|
8
|
|
|
|
324
|
|
|
Residential real estate and home equity
|
|
|
(75
|
)
|
|
|
(43
|
)
|
|
|
80
|
|
|
|
(79
|
)
|
|
|
(56
|
)
|
|
Indirect auto
|
|
|
451
|
|
|
|
273
|
|
|
|
423
|
|
|
|
445
|
|
|
|
222
|
|
|
Residential solar
|
|
|
1,253
|
|
|
|
581
|
|
|
|
656
|
|
|
|
596
|
|
|
|
43
|
|
|
Other consumer
|
|
|
2,919
|
|
|
|
2,553
|
|
|
|
2,904
|
|
|
|
2,752
|
|
|
|
1,796
|
|
|
Total loan net charge-offs
|
|
$
|
4,204
|
|
|
$
|
3,456
|
|
|
$
|
3,811
|
|
|
$
|
3,677
|
|
|
$
|
1,284
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
2023
|
|
|
2022
|
|
| |
|
3rd Q
|
|
|
2nd Q
|
|
|
1st Q
|
|
|
4th Q
|
|
|
3rd Q
|
|
|
Allowance for loan losses as a percentage of loans by segment
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial & industrial
|
|
|
0.88
|
%
|
|
|
0.86
|
%
|
|
|
0.85
|
%
|
|
|
0.82
|
%
|
|
|
0.80
|
%
|
|
Commercial real estate
|
|
|
1.00
|
%
|
|
|
0.93
|
%
|
|
|
0.93
|
%
|
|
|
0.91
|
%
|
|
|
0.88
|
%
|
|
Residential real estate
|
|
|
0.79
|
%
|
|
|
0.73
|
%
|
|
|
0.73
|
%
|
|
|
0.72
|
%
|
|
|
0.74
|
%
|
|
Auto
|
|
|
0.82
|
%
|
|
|
0.80
|
%
|
|
|
0.77
|
%
|
|
|
0.81
|
%
|
|
|
0.78
|
%
|
|
Residential solar
|
|
|
3.19
|
%
|
|
|
3.09
|
%
|
|
|
3.04
|
%
|
|
|
3.21
|
%
|
|
|
3.08
|
%
|
|
Other consumer
|
|
|
5.23
|
%
|
|
|
5.98
|
%
|
|
|
6.19
|
%
|
|
|
6.27
|
%
|
|
|
6.67
|
%
|
|
Total
|
|
|
1.19
|
%
|
|
|
1.20
|
%
|
|
|
1.21
|
%
|
|
|
1.24
|
%
|
|
|
1.22
|
%
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
2023
|
|
|
2022
|
|
| |
|
3rd Q
|
|
|
2nd Q
|
|
|
1st Q
|
|
|
4th Q
|
|
|
3rd Q
|
|
|
Loans by line of business
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial & industrial
|
|
$
|
1,424,579
|
|
|
$
|
1,319,093
|
|
|
$
|
1,278,291
|
|
|
$
|
1,266,031
|
|
|
$
|
1,262,199
|
|
|
Commercial real estate
|
|
|
3,575,595
|
|
|
|
2,884,264
|
|
|
|
2,845,631
|
|
|
|
2,807,941
|
|
|
|
2,724,728
|
|
|
Residential real estate
|
|
|
2,111,670
|
|
|
|
1,666,204
|
|
|
|
1,651,918
|
|
|
|
1,649,870
|
|
|
|
1,626,528
|
|
|
Indirect auto
|
|
|
1,099,558
|
|
|
|
1,048,739
|
|
|
|
1,031,315
|
|
|
|
989,587
|
|
|
|
952,757
|
|
|
Residential solar
|
|
|
934,082
|
|
|
|
926,365
|
|
|
|
920,084
|
|
|
|
856,798
|
|
|
|
728,898
|
|
|
Home equity
|
|
|
340,777
|
|
|
|
310,897
|
|
|
|
308,219
|
|
|
|
314,124
|
|
|
|
313,557
|
|
|
Other consumer
|
|
|
181,114
|
|
|
|
202,562
|
|
|
|
229,120
|
|
|
|
265,796
|
|
|
|
296,117
|
|
|
Total loans
|
|
$
|
9,667,375
|
|
|
$
|
8,358,124
|
|
|
$
|
8,264,578
|
|
|
$
|
8,150,147
|
|
|
$
|
7,904,784
|
|
|
NBT Bancorp Inc. and Subsidiaries
|
|
|
|
|
|
|
|
Consolidated Balance Sheets
|
|
|
|
|
|
|
|
(unaudited, dollars in thousands)
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
| |
|
September 30,
|
|
|
December 31,
|
|
| |
|
2023
|
|
|
2022
|
|
|
Assets
|
|
|
|
|
|
|
|
Cash and due from banks
|
|
$
|
213,358
|
|
|
$
|
166,488
|
|
|
Short-term interest-bearing accounts
|
|
|
459,296
|
|
|
|
30,862
|
|
|
Equity securities, at fair value
|
|
|
35,600
|
|
|
|
30,784
|
|
|
Securities available for sale, at fair value
|
|
|
1,399,032
|
|
|
|
1,527,225
|
|
|
Securities held to maturity (fair value $783,986 and $812,647, respectively)
|
|
|
914,520
|
|
|
|
919,517
|
|
|
Federal Reserve and Federal Home Loan Bank stock
|
|
|
50,333
|
|
|
|
44,713
|
|
|
Loans held for sale
|
|
|
4,113
|
|
|
|
562
|
|
|
Loans
|
|
|
9,667,375
|
|
|
|
8,150,147
|
|
|
Less allowance for loan losses
|
|
|
114,601
|
|
|
|
100,800
|
|
|
Net loans
|
|
$
|
9,552,774
|
|
|
$
|
8,049,347
|
|
|
Premises and equipment, net
|
|
|
82,837
|
|
|
|
69,047
|
|
|
Goodwill
|
|
|
360,171
|
|
|
|
281,204
|
|
|
Intangible assets, net
|
|
|
42,574
|
|
|
|
7,341
|
|
|
Bank owned life insurance
|
|
|
264,537
|
|
|
|
232,409
|
|
|
Other assets
|
|
|
448,483
|
|
|
|
379,797
|
|
|
Total assets
|
|
$
|
13,827,628
|
|
|
$
|
11,739,296
|
|
| |
|
|
|
|
|
|
|
|
|
Liabilities and stockholders' equity
|
|
|
|
|
|
|
|
|
|
Demand (noninterest bearing)
|
|
$
|
3,716,309
|
|
|
$
|
3,617,324
|
|
|
Savings, NOW and money market
|
|
|
6,340,944
|
|
|
|
5,444,837
|
|
|
Time
|
|
|
1,344,199
|
|
|
|
433,772
|
|
|
Total deposits
|
|
$
|
11,401,452
|
|
|
$
|
9,495,933
|
|
|
Short-term borrowings
|
|
|
490,180
|
|
|
|
585,012
|
|
|
Long-term debt
|
|
|
29,834
|
|
|
|
4,815
|
|
|
Subordinated debt, net
|
|
|
119,393
|
|
|
|
96,927
|
|
|
Junior subordinated debt
|
|
|
101,196
|
|
|
|
101,196
|
|
|
Other liabilities
|
|
|
322,752
|
|
|
|
281,859
|
|
|
Total liabilities
|
|
$
|
12,464,807
|
|
|
$
|
10,565,742
|
|
| |
|
|
|
|
|
|
|
|
|
Total stockholders' equity
|
|
$
|
1,362,821
|
|
|
$
|
1,173,554
|
|
| |
|
|
|
|
|
|
|
|
|
Total liabilities and stockholders' equity
|
|
$
|
13,827,628
|
|
|
$
|
11,739,296
|
|
|
NBT Bancorp Inc. and Subsidiaries
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated Statements of Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(unaudited, dollars in thousands except per share data)
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Three Months Ended
|
|
|
Nine Months Ended
|
|
| |
|
September 30,
|
|
|
September 30,
|
|
| |
|
2023
|
|
|
2022
|
|
|
2023
|
|
|
2022
|
|
|
Interest, fee and dividend income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and fees on loans
|
|
$
|
122,097
|
|
|
$
|
85,266
|
|
|
$
|
329,931
|
|
|
$
|
237,148
|
|
|
Securities available for sale
|
|
|
7,495
|
|
|
|
7,665
|
|
|
|
22,604
|
|
|
|
21,822
|
|
|
Securities held to maturity
|
|
|
5,281
|
|
|
|
4,854
|
|
|
|
15,307
|
|
|
|
12,532
|
|
|
Other
|
|
|
2,221
|
|
|
|
1,429
|
|
|
|
4,033
|
|
|
|
3,396
|
|
|
Total interest, fee and dividend income
|
|
$
|
137,094
|
|
|
$
|
99,214
|
|
|
$
|
371,875
|
|
|
$
|
274,898
|
|
|
Interest expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
$
|
30,758
|
|
|
$
|
2,233
|
|
|
$
|
61,888
|
|
|
$
|
5,831
|
|
|
Short-term borrowings
|
|
|
7,612
|
|
|
|
84
|
|
|
|
20,657
|
|
|
|
113
|
|
|
Long-term debt
|
|
|
294
|
|
|
|
20
|
|
|
|
631
|
|
|
|
140
|
|
|
Subordinated debt
|
|
|
1,612
|
|
|
|
1,360
|
|
|
|
4,281
|
|
|
|
4,078
|
|
|
Junior subordinated debt
|
|
|
1,923
|
|
|
|
1,039
|
|
|
|
5,372
|
|
|
|
2,325
|
|
|
Total interest expense
|
|
$
|
42,199
|
|
|
$
|
4,736
|
|
|
$
|
92,829
|
|
|
$
|
12,487
|
|
|
Net interest income
|
|
$
|
94,895
|
|
|
$
|
94,478
|
|
|
$
|
279,046
|
|
|
$
|
262,411
|
|
|
Provision for loan losses
|
|
$
|
3,883
|
|
|
$
|
4,484
|
|
|
$
|
11,398
|
|
|
$
|
9,470
|
|
|
Provision for loan losses - acquisition day 1 non-PCD
|
|
|
8,750
|
|
|
|
-
|
|
|
|
8,750
|
|
|
|
-
|
|
|
Total provision for loan losses
|
|
$
|
12,633
|
|
|
$
|
4,484
|
|
|
$
|
20,148
|
|
|
$
|
9,470
|
|
|
Net interest income after provision for loan losses
|
|
$
|
82,262
|
|
|
$
|
89,994
|
|
|
$
|
258,898
|
|
|
$
|
252,941
|
|
|
Noninterest income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service charges on deposit accounts
|
|
$
|
3,979
|
|
|
$
|
3,581
|
|
|
$
|
11,260
|
|
|
$
|
11,032
|
|
|
Card services income
|
|
|
5,503
|
|
|
|
5,654
|
|
|
|
15,469
|
|
|
|
24,100
|
|
|
Retirement plan administration fees
|
|
|
12,798
|
|
|
|
11,496
|
|
|
|
35,995
|
|
|
|
37,451
|
|
|
Wealth management
|
|
|
9,297
|
|
|
|
8,402
|
|
|
|
25,611
|
|
|
|
25,294
|
|
|
Insurance services
|
|
|
4,361
|
|
|
|
3,892
|
|
|
|
12,008
|
|
|
|
11,258
|
|
|
Bank owned life insurance income
|
|
|
1,568
|
|
|
|
1,560
|
|
|
|
4,974
|
|
|
|
4,625
|
|
|
Net securities (losses)
|
|
|
(183
|
)
|
|
|
(148
|
)
|
|
|
(9,822
|
)
|
|
|
(914
|
)
|
|
Other
|
|
|
2,913
|
|
|
|
2,735
|
|
|
|
8,195
|
|
|
|
8,641
|
|
|
Total noninterest income
|
|
$
|
40,236
|
|
|
$
|
37,172
|
|
|
$
|
103,690
|
|
|
$
|
121,487
|
|
|
Noninterest expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits
|
|
$
|
49,248
|
|
|
$
|
48,371
|
|
|
$
|
144,237
|
|
|
$
|
140,595
|
|
|
Technology and data services
|
|
|
9,677
|
|
|
|
9,096
|
|
|
|
27,989
|
|
|
|
26,588
|
|
|
Occupancy
|
|
|
7,090
|
|
|
|
6,481
|
|
|
|
21,233
|
|
|
|
19,761
|
|
|
Professional fees and outside services
|
|
|
4,149
|
|
|
|
3,817
|
|
|
|
12,486
|
|
|
|
11,999
|
|
|
Office supplies and postage
|
|
|
1,700
|
|
|
|
1,469
|
|
|
|
5,004
|
|
|
|
4,441
|
|
|
FDIC assessment
|
|
|
1,657
|
|
|
|
787
|
|
|
|
4,397
|
|
|
|
2,399
|
|
|
Advertising
|
|
|
667
|
|
|
|
559
|
|
|
|
1,841
|
|
|
|
1,943
|
|
|
Amortization of intangible assets
|
|
|
1,609
|
|
|
|
544
|
|
|
|
2,603
|
|
|
|
1,725
|
|
|
Loan collection and other real estate owned, net
|
|
|
569
|
|
|
|
549
|
|
|
|
2,115
|
|
|
|
1,690
|
|
|
Reserve for unfunded loan commitments
|
|
|
460
|
|
|
|
225
|
|
|
|
(270
|
)
|
|
|
205
|
|
|
Acquisition expenses
|
|
|
7,917
|
|
|
|
-
|
|
|
|
9,724
|
|
|
|
-
|
|
|
Other
|
|
|
6,054
|
|
|
|
4,796
|
|
|
|
17,554
|
|
|
|
13,610
|
|
|
Total noninterest expense
|
|
$
|
90,797
|
|
|
$
|
76,694
|
|
|
$
|
248,913
|
|
|
$
|
224,956
|
|
|
Income before income tax expense
|
|
$
|
31,701
|
|
|
$
|
50,472
|
|
|
$
|
113,675
|
|
|
$
|
149,472
|
|
|
Income tax expense
|
|
|
7,095
|
|
|
|
11,499
|
|
|
|
25,339
|
|
|
|
33,598
|
|
|
Net income
|
|
$
|
24,606
|
|
|
$
|
38,973
|
|
|
$
|
88,336
|
|
|
$
|
115,874
|
|
|
Earnings Per Share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
0.54
|
|
|
$
|
0.91
|
|
|
$
|
2.02
|
|
|
$
|
2.70
|
|
|
Diluted
|
|
$
|
0.54
|
|
|
$
|
0.90
|
|
|
$
|
2.01
|
|
|
$
|
2.68
|
|
|
NBT Bancorp Inc. and Subsidiaries
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarterly Consolidated Statements of Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(unaudited, dollars in thousands except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
2023
|
|
|
2022
|
|
| |
|
3rd Q
|
|
|
2nd Q
|
|
|
1st Q
|
|
|
4th Q
|
|
|
3rd Q
|
|
|
Interest, fee and dividend income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and fees on loans
|
|
$
|
122,097
|
|
|
$
|
106,935
|
|
|
$
|
100,899
|
|
|
$
|
95,620
|
|
|
$
|
85,266
|
|
|
Securities available for sale
|
|
|
7,495
|
|
|
|
7,493
|
|
|
|
7,616
|
|
|
|
7,831
|
|
|
|
7,665
|
|
|
Securities held to maturity
|
|
|
5,281
|
|
|
|
4,991
|
|
|
|
5,035
|
|
|
|
5,050
|
|
|
|
4,854
|
|
|
Other
|
|
|
2,221
|
|
|
|
1,170
|
|
|
|
642
|
|
|
|
671
|
|
|
|
1,429
|
|
|
Total interest, fee and dividend income
|
|
$
|
137,094
|
|
|
$
|
120,589
|
|
|
$
|
114,192
|
|
|
$
|
109,172
|
|
|
$
|
99,214
|
|
|
Interest expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
$
|
30,758
|
|
|
$
|
19,986
|
|
|
$
|
11,144
|
|
|
$
|
4,092
|
|
|
$
|
2,233
|
|
|
Short-term borrowings
|
|
|
7,612
|
|
|
|
8,126
|
|
|
|
4,919
|
|
|
|
2,510
|
|
|
|
84
|
|
|
Long-term debt
|
|
|
294
|
|
|
|
290
|
|
|
|
47
|
|
|
|
21
|
|
|
|
20
|
|
|
Subordinated debt
|
|
|
1,612
|
|
|
|
1,335
|
|
|
|
1,334
|
|
|
|
1,346
|
|
|
|
1,360
|
|
|
Junior subordinated debt
|
|
|
1,923
|
|
|
|
1,767
|
|
|
|
1,682
|
|
|
|
1,424
|
|
|
|
1,039
|
|
|
Total interest expense
|
|
$
|
42,199
|
|
|
$
|
31,504
|
|
|
$
|
19,126
|
|
|
$
|
9,393
|
|
|
$
|
4,736
|
|
|
Net interest income
|
|
$
|
94,895
|
|
|
$
|
89,085
|
|
|
$
|
95,066
|
|
|
$
|
99,779
|
|
|
$
|
94,478
|
|
|
Provision for loan losses
|
|
$
|
3,883
|
|
|
$
|
3,606
|
|
|
$
|
3,909
|
|
|
$
|
7,677
|
|
|
$
|
4,484
|
|
|
Provision for loan losses - acquisition day 1 non-PCD
|
|
|
8,750
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
Total provision for loan losses
|
|
$
|
12,633
|
|
|
$
|
3,606
|
|
|
$
|
3,909
|
|
|
$
|
7,677
|
|
|
$
|
4,484
|
|
|
Net interest income after provision for loan losses
|
|
$
|
82,262
|
|
|
$
|
85,479
|
|
|
$
|
91,157
|
|
|
$
|
92,102
|
|
|
$
|
89,994
|
|
|
Noninterest income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service charges on deposit accounts
|
|
$
|
3,979
|
|
|
$
|
3,733
|
|
|
$
|
3,548
|
|
|
$
|
3,598
|
|
|
$
|
3,581
|
|
|
Card services income
|
|
|
5,503
|
|
|
|
5,121
|
|
|
|
4,845
|
|
|
|
4,958
|
|
|
|
5,654
|
|
|
Retirement plan administration fees
|
|
|
12,798
|
|
|
|
11,735
|
|
|
|
11,462
|
|
|
|
10,661
|
|
|
|
11,496
|
|
|
Wealth management
|
|
|
9,297
|
|
|
|
8,227
|
|
|
|
8,087
|
|
|
|
8,017
|
|
|
|
8,402
|
|
|
Insurance services
|
|
|
4,361
|
|
|
|
3,716
|
|
|
|
3,931
|
|
|
|
3,438
|
|
|
|
3,892
|
|
|
Bank owned life insurance income
|
|
|
1,568
|
|
|
|
1,528
|
|
|
|
1,878
|
|
|
|
1,419
|
|
|
|
1,560
|
|
|
Net securities (losses)
|
|
|
(183
|
)
|
|
|
(4,641
|
)
|
|
|
(4,998
|
)
|
|
|
(217
|
)
|
|
|
(148
|
)
|
|
Other
|
|
|
2,913
|
|
|
|
2,626
|
|
|
|
2,656
|
|
|
|
2,217
|
|
|
|
2,735
|
|
|
Total noninterest income
|
|
$
|
40,236
|
|
|
$
|
32,045
|
|
|
$
|
31,409
|
|
|
$
|
34,091
|
|
|
$
|
37,172
|
|
|
Noninterest expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits
|
|
$
|
49,248
|
|
|
$
|
46,834
|
|
|
$
|
48,155
|
|
|
$
|
47,235
|
|
|
$
|
48,371
|
|
|
Technology and data services
|
|
|
9,677
|
|
|
|
9,305
|
|
|
|
9,007
|
|
|
|
9,124
|
|
|
|
9,096
|
|
|
Occupancy
|
|
|
7,090
|
|
|
|
6,923
|
|
|
|
7,220
|
|
|
|
6,521
|
|
|
|
6,481
|
|
|
Professional fees and outside services
|
|
|
4,149
|
|
|
|
4,159
|
|
|
|
4,178
|
|
|
|
4,811
|
|
|
|
3,817
|
|
|
Office supplies and postage
|
|
|
1,700
|
|
|
|
1,676
|
|
|
|
1,628
|
|
|
|
1,699
|
|
|
|
1,469
|
|
|
FDIC assessment
|
|
|
1,657
|
|
|
|
1,344
|
|
|
|
1,396
|
|
|
|
798
|
|
|
|
787
|
|
|
Advertising
|
|
|
667
|
|
|
|
525
|
|
|
|
649
|
|
|
|
879
|
|
|
|
559
|
|
|
Amortization of intangible assets
|
|
|
1,609
|
|
|
|
458
|
|
|
|
536
|
|
|
|
538
|
|
|
|
544
|
|
|
Loan collection and other real estate owned, net
|
|
|
569
|
|
|
|
691
|
|
|
|
855
|
|
|
|
957
|
|
|
|
549
|
|
|
Reserve for unfunded loan commitments
|
|
|
460
|
|
|
|
(100
|
)
|
|
|
(630
|
)
|
|
|
(185
|
)
|
|
|
225
|
|
|
Acquisition expenses
|
|
|
7,917
|
|
|
|
1,189
|
|
|
|
618
|
|
|
|
967
|
|
|
|
-
|
|
|
Other
|
|
|
6,054
|
|
|
|
5,790
|
|
|
|
5,710
|
|
|
|
6,165
|
|
|
|
4,796
|
|
|
Total noninterest expense
|
|
$
|
90,797
|
|
|
$
|
78,794
|
|
|
$
|
79,322
|
|
|
$
|
79,509
|
|
|
$
|
76,694
|
|
|
Income before income tax expense
|
|
$
|
31,701
|
|
|
$
|
38,730
|
|
|
$
|
43,244
|
|
|
$
|
46,684
|
|
|
$
|
50,472
|
|
|
Income tax expense
|
|
|
7,095
|
|
|
|
8,658
|
|
|
|
9,586
|
|
|
|
10,563
|
|
|
|
11,499
|
|
|
Net income
|
|
$
|
24,606
|
|
|
$
|
30,072
|
|
|
$
|
33,658
|
|
|
$
|
36,121
|
|
|
$
|
38,973
|
|
|
Earnings Per Share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
0.54
|
|
|
$
|
0.70
|
|
|
$
|
0.78
|
|
|
$
|
0.84
|
|
|
$
|
0.91
|
|
|
Diluted
|
|
$
|
0.54
|
|
|
$
|
0.70
|
|
|
$
|
0.78
|
|
|
$
|
0.84
|
|
|
$
|
0.90
|
|
|
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 - 2023
|
|
|
Q2 - 2023
|
|
|
Q1 - 2023
|
|
|
Q4 - 2022
|
|
|
Q3 - 2022
|
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-term interest-bearing accounts
|
|
$
|
121,384
|
|
|
|
4.26
|
%
|
|
$
|
28,473
|
|
|
|
3.62
|
%
|
|
$
|
34,215
|
|
|
|
2.26
|
%
|
|
$
|
39,573
|
|
|
|
3.31
|
%
|
|
$
|
191,463
|
|
|
|
2.51
|
%
|
|
Securities taxable1
|
|
|
2,364,809
|
|
|
|
1.90
|
%
|
|
|
2,394,027
|
|
|
|
1.90
|
%
|
|
|
2,442,732
|
|
|
|
1.92
|
%
|
|
|
2,480,959
|
|
|
|
1.88
|
%
|
|
|
2,491,315
|
|
|
|
1.83
|
%
|
|
Securities tax-exempt 1 5
|
|
|
219,427
|
|
|
|
3.34
|
%
|
|
|
201,499
|
|
|
|
2.83
|
%
|
|
|
202,321
|
|
|
|
2.81
|
%
|
|
|
208,238
|
|
|
|
2.68
|
%
|
|
|
211,306
|
|
|
|
2.47
|
%
|
|
FRB and FHLB stock
|
|
|
53,841
|
|
|
|
6.76
|
%
|
|
|
51,454
|
|
|
|
7.12
|
%
|
|
|
41,144
|
|
|
|
4.45
|
%
|
|
|
32,903
|
|
|
|
4.11
|
%
|
|
|
25,182
|
|
|
|
3.47
|
%
|
|
Loans1 6
|
|
|
9,043,582
|
|
|
|
5.36
|
%
|
|
|
8,307,894
|
|
|
|
5.17
|
%
|
|
|
8,189,520
|
|
|
|
5.00
|
%
|
|
|
8,039,442
|
|
|
|
4.72
|
%
|
|
|
7,808,025
|
|
|
|
4.34
|
%
|
|
Total interest-earning assets
|
|
$
|
11,803,043
|
|
|
|
4.63
|
%
|
|
$
|
10,983,347
|
|
|
|
4.42
|
%
|
|
$
|
10,909,932
|
|
|
|
4.26
|
%
|
|
$
|
10,801,115
|
|
|
|
4.02
|
%
|
|
$
|
10,727,291
|
|
|
|
3.68
|
%
|
|
Other assets
|
|
|
968,220
|
|
|
|
|
|
|
|
835,424
|
|
|
|
|
|
|
|
836,879
|
|
|
|
|
|
|
|
855,410
|
|
|
|
|
|
|
|
887,378
|
|
|
|
|
|
|
Total assets
|
|
$
|
12,771,263
|
|
|
|
|
|
|
$
|
11,818,771
|
|
|
|
|
|
|
$
|
11,746,811
|
|
|
|
|
|
|
$
|
11,656,525
|
|
|
|
|
|
|
$
|
11,614,669
|
|
|
|
|
|
|
Liabilities and stockholders' equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Money market deposit accounts
|
|
$
|
2,422,451
|
|
|
|
2.91
|
%
|
|
$
|
2,113,965
|
|
|
|
2.30
|
%
|
|
$
|
2,081,210
|
|
|
|
1.22
|
%
|
|
$
|
2,169,192
|
|
|
|
0.39
|
%
|
|
$
|
2,332,341
|
|
|
|
0.15
|
%
|
|
NOW deposit accounts
|
|
|
1,513,420
|
|
|
|
0.57
|
%
|
|
|
1,463,953
|
|
|
|
0.38
|
%
|
|
|
1,598,834
|
|
|
|
0.36
|
%
|
|
|
1,604,096
|
|
|
|
0.33
|
%
|
|
|
1,548,115
|
|
|
|
0.21
|
%
|
|
Savings deposits
|
|
|
1,707,094
|
|
|
|
0.04
|
%
|
|
|
1,708,874
|
|
|
|
0.03
|
%
|
|
|
1,781,465
|
|
|
|
0.03
|
%
|
|
|
1,823,056
|
|
|
|
0.03
|
%
|
|
|
1,854,122
|
|
|
|
0.03
|
%
|
|
Time deposits
|
|
|
1,178,352
|
|
|
|
3.60
|
%
|
|
|
856,305
|
|
|
|
2.97
|
%
|
|
|
639,645
|
|
|
|
2.10
|
%
|
|
|
432,110
|
|
|
|
0.41
|
%
|
|
|
455,168
|
|
|
|
0.35
|
%
|
|
Total interest-bearing deposits
|
|
$
|
6,821,317
|
|
|
|
1.79
|
%
|
|
$
|
6,143,097
|
|
|
|
1.30
|
%
|
|
$
|
6,101,154
|
|
|
|
0.74
|
%
|
|
$
|
6,028,454
|
|
|
|
0.27
|
%
|
|
$
|
6,189,746
|
|
|
|
0.14
|
%
|
|
Federal funds purchased
|
|
|
6,033
|
|
|
|
5.39
|
%
|
|
|
48,407
|
|
|
|
5.35
|
%
|
|
|
44,334
|
|
|
|
4.92
|
%
|
|
|
56,576
|
|
|
|
4.03
|
%
|
|
|
1,522
|
|
|
|
3.39
|
%
|
|
Repurchase agreements
|
|
|
71,516
|
|
|
|
1.40
|
%
|
|
|
55,627
|
|
|
|
1.08
|
%
|
|
|
71,340
|
|
|
|
0.08
|
%
|
|
|
76,334
|
|
|
|
0.11
|
%
|
|
|
69,048
|
|
|
|
0.10
|
%
|
|
Short-term borrowings
|
|
|
540,380
|
|
|
|
5.34
|
%
|
|
|
557,818
|
|
|
|
5.27
|
%
|
|
|
357,200
|
|
|
|
4.96
|
%
|
|
|
177,533
|
|
|
|
4.28
|
%
|
|
|
6,440
|
|
|
|
3.33
|
%
|
|
Long-term debt
|
|
|
29,800
|
|
|
|
3.91
|
%
|
|
|
29,773
|
|
|
|
3.91
|
%
|
|
|
7,299
|
|
|
|
2.61
|
%
|
|
|
3,817
|
|
|
|
2.18
|
%
|
|
|
3,331
|
|
|
|
2.38
|
%
|
|
Subordinated debt, net
|
|
|
109,160
|
|
|
|
5.86
|
%
|
|
|
97,081
|
|
|
|
5.52
|
%
|
|
|
96,966
|
|
|
|
5.58
|
%
|
|
|
97,839
|
|
|
|
5.46
|
%
|
|
|
98,748
|
|
|
|
5.46
|
%
|
|
Junior subordinated debt
|
|
|
101,196
|
|
|
|
7.54
|
%
|
|
|
101,196
|
|
|
|
7.00
|
%
|
|
|
101,196
|
|
|
|
6.74
|
%
|
|
|
101,196
|
|
|
|
5.58
|
%
|
|
|
101,196
|
|
|
|
4.07
|
%
|
|
Total interest-bearing liabilities
|
|
$
|
7,679,402
|
|
|
|
2.18
|
%
|
|
$
|
7,032,999
|
|
|
|
1.80
|
%
|
|
$
|
6,779,489
|
|
|
|
1.14
|
%
|
|
$
|
6,541,749
|
|
|
|
0.57
|
%
|
|
$
|
6,470,031
|
|
|
|
0.29
|
%
|
|
Demand deposits
|
|
|
3,498,424
|
|
|
|
|
|
|
|
3,316,955
|
|
|
|
|
|
|
|
3,502,489
|
|
|
|
|
|
|
|
3,658,965
|
|
|
|
|
|
|
|
3,708,131
|
|
|
|
|
|
|
Other liabilities
|
|
|
287,751
|
|
|
|
|
|
|
|
251,511
|
|
|
|
|
|
|
|
274,517
|
|
|
|
|
|
|
|
290,895
|
|
|
|
|
|
|
|
234,851
|
|
|
|
|
|
|
Stockholders' equity
|
|
|
1,305,686
|
|
|
|
|
|
|
|
1,217,306
|
|
|
|
|
|
|
|
1,190,316
|
|
|
|
|
|
|
|
1,164,916
|
|
|
|
|
|
|
|
1,201,656
|
|
|
|
|
|
|
Total liabilities and stockholders' equity
|
|
$
|
12,771,263
|
|
|
|
|
|
|
$
|
11,818,771
|
|
|
|
|
|
|
$
|
11,746,811
|
|
|
|
|
|
|
$
|
11,656,525
|
|
|
|
|
|
|
$
|
11,614,669
|
|
|
|
|
|
|
Interest rate spread
|
|
|
|
|
|
|
2.45
|
%
|
|
|
|
|
|
|
2.62
|
%
|
|
|
|
|
|
|
3.12
|
%
|
|
|
|
|
|
|
3.45
|
%
|
|
|
|
|
|
|
3.39
|
%
|
|
Net interest margin (FTE)1
|
|
|
|
|
|
|
3.21
|
%
|
|
|
|
|
|
|
3.27
|
%
|
|
|
|
|
|
|
3.55
|
%
|
|
|
|
|
|
|
3.68
|
%
|
|
|
|
|
|
|
3.51
|
%
|
|
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,
|
|
2023
|
|
|
2022
|
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-term interest-bearing accounts
|
|
$
|
61,677
|
|
|
$
|
1,751
|
|
|
|
3.80
|
%
|
|
$
|
575,517
|
|
|
$
|
2,742
|
|
|
|
0.64
|
%
|
|
Securities taxable1
|
|
|
2,400,237
|
|
|
|
34,218
|
|
|
|
1.91
|
%
|
|
|
2,406,042
|
|
|
|
31,460
|
|
|
|
1.75
|
%
|
|
Securities tax-exempt1 5
|
|
|
207,812
|
|
|
|
4,675
|
|
|
|
3.01
|
%
|
|
|
242,033
|
|
|
|
3,664
|
|
|
|
2.02
|
%
|
|
FRB and FHLB stock
|
|
|
48,860
|
|
|
|
2,282
|
|
|
|
6.24
|
%
|
|
|
25,064
|
|
|
|
654
|
|
|
|
3.49
|
%
|
|
Loans1 6
|
|
|
8,516,793
|
|
|
|
330,314
|
|
|
|
5.19
|
%
|
|
|
7,683,159
|
|
|
|
237,290
|
|
|
|
4.13
|
%
|
|
Total interest-earning assets
|
|
$
|
11,235,379
|
|
|
$
|
373,240
|
|
|
|
4.44
|
%
|
|
$
|
10,931,815
|
|
|
$
|
275,810
|
|
|
|
3.37
|
%
|
|
Other assets
|
|
|
880,655
|
|
|
|
|
|
|
|
|
|
|
|
905,931
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
$
|
12,116,034
|
|
|
|
|
|
|
|
|
|
|
$
|
11,837,746
|
|
|
|
|
|
|
|
|
|
|
Liabilities and stockholders' equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Money market deposit accounts
|
|
$
|
2,207,126
|
|
|
$
|
36,107
|
|
|
|
2.19
|
%
|
|
$
|
2,541,927
|
|
|
$
|
2,801
|
|
|
|
0.15
|
%
|
|
NOW deposit accounts
|
|
|
1,525,089
|
|
|
|
4,989
|
|
|
|
0.44
|
%
|
|
|
1,570,318
|
|
|
|
1,260
|
|
|
|
0.11
|
%
|
|
Savings deposits
|
|
|
1,732,205
|
|
|
|
462
|
|
|
|
0.04
|
%
|
|
|
1,831,485
|
|
|
|
442
|
|
|
|
0.03
|
%
|
|
Time deposits
|
|
|
893,407
|
|
|
|
20,330
|
|
|
|
3.04
|
%
|
|
|
475,966
|
|
|
|
1,328
|
|
|
|
0.37
|
%
|
|
Total interest-bearing deposits
|
|
$
|
6,357,827
|
|
|
$
|
61,888
|
|
|
|
1.30
|
%
|
|
$
|
6,419,696
|
|
|
$
|
5,831
|
|
|
|
0.12
|
%
|
|
Federal funds purchased
|
|
|
32,784
|
|
|
|
1,266
|
|
|
|
5.16
|
%
|
|
|
513
|
|
|
|
13
|
|
|
|
3.39
|
%
|
|
Repurchase agreements
|
|
|
66,162
|
|
|
|
416
|
|
|
|
0.84
|
%
|
|
|
67,279
|
|
|
|
46
|
|
|
|
0.09
|
%
|
|
Short-term borrowings
|
|
|
485,804
|
|
|
|
18,975
|
|
|
|
5.22
|
%
|
|
|
2,170
|
|
|
|
54
|
|
|
|
3.33
|
%
|
|
Long-term debt
|
|
|
22,373
|
|
|
|
631
|
|
|
|
3.77
|
%
|
|
|
7,509
|
|
|
|
140
|
|
|
|
2.49
|
%
|
|
Subordinated debt, net
|
|
|
101,114
|
|
|
|
4,281
|
|
|
|
5.66
|
%
|
|
|
98,641
|
|
|
|
4,078
|
|
|
|
5.53
|
%
|
|
Junior subordinated debt
|
|
|
101,196
|
|
|
|
5,372
|
|
|
|
7.10
|
%
|
|
|
101,196
|
|
|
|
2,325
|
|
|
|
3.07
|
%
|
|
Total interest-bearing liabilities
|
|
$
|
7,167,260
|
|
|
$
|
92,829
|
|
|
|
1.73
|
%
|
|
$
|
6,697,004
|
|
|
$
|
12,487
|
|
|
|
0.25
|
%
|
|
Demand deposits
|
|
|
3,439,275
|
|
|
|
|
|
|
|
|
|
|
|
3,709,761
|
|
|
|
|
|
|
|
|
|
|
Other liabilities
|
|
|
271,307
|
|
|
|
|
|
|
|
|
|
|
|
219,983
|
|
|
|
|
|
|
|
|
|
|
Stockholders' equity
|
|
|
1,238,192
|
|
|
|
|
|
|
|
|
|
|
|
1,210,998
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and stockholders' equity
|
|
$
|
12,116,034
|
|
|
|
|
|
|
|
|
|
|
$
|
11,837,746
|
|
|
|
|
|
|
|
|
|
|
Net interest income (FTE)1
|
|
|
|
|
|
$
|
280,411
|
|
|
|
|
|
|
|
|
|
|
$
|
263,323
|
|
|
|
|
|
|
Interest rate spread
|
|
|
|
|
|
|
|
|
|
|
2.71
|
%
|
|
|
|
|
|
|
|
|
|
|
3.12
|
%
|
|
Net interest margin (FTE)1
|
|
|
|
|
|
|
|
|
|
|
3.34
|
%
|
|
|
|
|
|
|
|
|
|
|
3.22
|
%
|
|
Taxable equivalent adjustment
|
|
|
|
|
|
$
|
1,365
|
|
|
|
|
|
|
|
|
|
|
$
|
912
|
|
|
|
|
|
|
Net interest income
|
|
|
|
|
|
$
|
279,046
|
|
|
|
|
|
|
|
|
|
|
$
|
262,411
|
|
|
|
|
|
|
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)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
2023
|
|
2022
|
|
| |
|
3rd Q
|
|
|
2nd Q
|
|
|
1st Q
|
|
|
4th Q
|
|
|
3rd Q
|
|
|
Operating net income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
24,606
|
|
|
$
|
30,072
|
|
|
$
|
33,658
|
|
|
$
|
36,121
|
|
|
$
|
38,973
|
|
|
Acquisition expenses
|
|
|
7,917
|
|
|
|
1,189
|
|
|
|
618
|
|
|
|
967
|
|
|
|
-
|
|
|
Acquisition-related provision for credit losses
|
|
|
8,750
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
Acquisition-related reserve for unfunded loan commitments
|
|
|
836
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
Securities losses
|
|
|
183
|
|
|
|
4,641
|
|
|
|
4,998
|
|
|
|
217
|
|
|
|
148
|
|
|
Adjustment to net income
|
|
$
|
17,686
|
|
|
$
|
5,830
|
|
|
$
|
5,616
|
|
|
$
|
1,184
|
|
|
$
|
148
|
|
|
Adjustment to net income (net of tax)
|
|
$
|
13,730
|
|
|
$
|
4,525
|
|
|
$
|
4,341
|
|
|
$
|
913
|
|
|
$
|
114
|
|
|
Operating net income
|
|
$
|
38,336
|
|
|
$
|
34,597
|
|
|
$
|
37,999
|
|
|
$
|
37,034
|
|
|
$
|
39,087
|
|
|
Operating diluted earnings per share
|
|
$
|
0.84
|
|
|
$
|
0.80
|
|
|
$
|
0.88
|
|
|
$
|
0.86
|
|
|
$
|
0.91
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
9 Months Ended September 30,
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
2023
|
|
|
|
2022
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating net income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
88,336
|
|
|
$
|
115,874
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition expenses
|
|
|
9,724
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition-related provision for credit losses
|
|
|
8,750
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition-related reserve for unfunded loan commitments
|
|
|
836
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Securities losses
|
|
|
9,822
|
|
|
|
914
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustment to net income
|
|
$
|
29,132
|
|
|
$
|
914
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustment to net income (net of tax)
|
|
$
|
22,577
|
|
|
$
|
712
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating net income
|
|
$
|
110,913
|
|
|
$
|
116,586
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating diluted earnings per share
|
|
$
|
2.53
|
|
|
$
|
2.70
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
2023
|
|
|
2022
|
|
| |
|
3rd Q
|
|
|
2nd Q
|
|
|
1st Q
|
|
|
4th Q
|
|
|
3rd Q
|
|
|
FTE adjustment
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income
|
|
$
|
94,895
|
|
|
$
|
89,085
|
|
|
$
|
95,066
|
|
|
$
|
99,779
|
|
|
$
|
94,478
|
|
|
Add: FTE adjustment
|
|
|
568
|
|
|
|
402
|
|
|
|
395
|
|
|
|
392
|
|
|
|
337
|
|
|
Net interest income (FTE)
|
|
$
|
95,463
|
|
|
$
|
89,487
|
|
|
$
|
95,461
|
|
|
$
|
100,171
|
|
|
$
|
94,815
|
|
|
Average earning assets
|
|
$
|
|
|
|
$
|
10,983,347
|
|
|
$
|
10,909,932
|
|
|
$
|
10,801,115
|
|
|
$
|
10,727,291
|
|
|
Net interest margin (FTE)3
|
|
|
3.21
|
%
|
|
|
3.27
|
%
|
|
|
3.55
|
%
|
|
|
3.68
|
%
|
|
|
3.51
|
%
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
9 Months Ended September 30,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
2023
|
|
|
|
2022
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FTE adjustment
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income
|
|
$
|
279,046
|
|
|
$
|
262,411
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Add: FTE adjustment
|
|
|
1,365
|
|
|
|
912
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income (FTE)
|
|
$
|
280,411
|
|
|
$
|
263,323
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average earning assets
|
|
$ |
|
|
|
$
|
10,931,815
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest margin (FTE)3
|
|
|
3.34
|
%
|
|
|
3.22
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income for tax-exempt securities and loans have been adjusted to an FTE basis using the statutory Federal income tax rate of 21%.
|
|
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)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
2023
|
|
|
2022
|
|
| |
|
3rd Q
|
|
|
2nd Q
|
|
|
1st Q
|
|
|
4th Q
|
|
|
3rd Q
|
|
|
Tangible equity to tangible assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total equity
|
|
$
|
1,362,821
|
|
|
$
|
1,210,493
|
|
|
$
|
1,211,659
|
|
|
$
|
1,173,554
|
|
|
$
|
1,156,546
|
|
|
Intangible assets
|
|
|
402,745
|
|
|
|
287,701
|
|
|
|
288,159
|
|
|
|
288,545
|
|
|
|
289,083
|
|
|
Total assets
|
|
$
|
13,827,628
|
|
|
$
|
11,890,497
|
|
|
$
|
11,839,730
|
|
|
$
|
11,739,296
|
|
|
$
|
11,640,742
|
|
|
Tangible equity to tangible assets
|
|
|
7.15
|
%
|
|
|
7.95
|
%
|
|
|
7.99
|
%
|
|
|
7.73
|
%
|
|
|
7.64
|
%
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
2023
|
|
|
2022
|
|
| |
|
3rd Q
|
|
|
2nd Q
|
|
|
1st Q
|
|
|
4th Q
|
|
|
3rd Q
|
|
|
Return on average tangible common equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
24,606
|
|
|
$
|
30,072
|
|
|
$
|
33,658
|
|
|
$
|
36,121
|
|
|
$
|
38,973
|
|
|
Amortization of intangible assets (net of tax)
|
|
|
1,206
|
|
|
|
344
|
|
|
|
402
|
|
|
|
404
|
|
|
|
408
|
|
|
Net income, excluding intangibles amortization
|
|
$
|
25,812
|
|
|
$
|
30,416
|
|
|
$
|
34,060
|
|
|
$
|
36,525
|
|
|
$
|
39,381
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average stockholders' equity
|
|
$
|
1,305,686
|
|
|
$
|
1,217,306
|
|
|
$
|
1,190,316
|
|
|
$
|
1,164,916
|
|
|
$
|
1,201,656
|
|
|
Less: average goodwill and other intangibles
|
|
|
350,912
|
|
|
|
287,974
|
|
|
|
288,354
|
|
|
|
288,856
|
|
|
|
289,296
|
|
|
Average tangible common equity
|
|
$
|
954,774
|
|
|
$
|
929,332
|
|
|
$
|
901,962
|
|
|
$
|
876,060
|
|
|
$
|
912,360
|
|
|
Return on average tangible common equity3
|
|
|
10.73
|
%
|
|
|
13.13
|
%
|
|
|
15.31
|
%
|
|
|
16.54
|
%
|
|
|
17.12
|
%
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
9 Months Ended September 30,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
2023
|
|
|
|
2022
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average tangible common equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
88,336
|
|
|
$
|
115,874
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of intangible assets (net of tax)
|
|
|
1,952
|
|
|
|
1,294
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income, excluding intangibles amortization
|
|
$
|
90,288
|
|
|
$
|
117,168
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average stockholders' equity
|
|
$
|
1,238,192
|
|
|
$
|
1,210,998
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: average goodwill and other intangibles
|
|
|
309,309
|
|
|
|
289,366
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average tangible common equity
|
|
$
|
928,883
|
|
|
$
|
921,632
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average tangible common equity3
|
|
|
13.00
|
%
|
|
|
17.00
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2 |
Non-GAAP measure - Stockholders' equity less goodwill and intangible assets divided by common shares outstanding.
|
| 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.
|