NBT Bancorp Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>NBT Bancorp Inc. has submitted its 2023 annual report (10-K), detailing financial performance and business operations for the fiscal year ending December 31, 2023.</b>

AI Summary

NBT BANCORP INC (NBTB) filed a Annual Report (10-K) with the SEC on February 29, 2024. NBT Bancorp Inc. filed its 2023 Form 10-K on February 29, 2024, reporting on its fiscal year ending December 31, 2023. The filing covers financial data and business operations for NBT Bancorp Inc., a national commercial bank. Key dates related to the filing include the fiscal year end of December 31, 2023, and the filing date of February 29, 2024. The company's principal business address is 52 S Broad St, Norwich, NY 13815. NBT Bancorp Inc. is incorporated in Delaware and operates under IRS number 161268674.

Why It Matters

For investors and stakeholders tracking NBT BANCORP INC, this filing contains several important signals. This 10-K filing provides a comprehensive overview of NBT Bancorp's financial health, operational strategies, and risk factors for investors and stakeholders. The detailed financial statements and disclosures within the report are crucial for understanding the bank's performance in the current economic climate and its outlook for the future.

Risk Assessment

Risk Level: medium — NBT BANCORP INC shows moderate risk based on this filing. The filing is a standard 10-K for a publicly traded bank, which inherently carries medium risk due to the complex regulatory environment and market sensitivities of the financial sector.

Analyst Insight

Review the detailed financial statements and management's discussion and analysis in the 10-K to assess NBT Bancorp's profitability, asset quality, and capital adequacy.

Key Numbers

• 20231231 — Fiscal Year End (Conformed period of report)
• 20240229 — Filing Date (Filed as of date)
• 132 — Public Document Count (Number of documents in the filing)
• 6073372265 — Business Phone (Company contact number)

Key Players & Entities

• NBT BANCORP INC (company) — Filer name
• 0001140361-24-010464 (other) — Accession number
• 20231231 (date) — Conformed period of report
• 20240229 (date) — Filed as of date
• 0000790359 (company) — Central Index Key
• 6021 (other) — Standard Industrial Classification
• 52 S BROAD ST (other) — Business address street
• NORWICH (other) — Business address city

FAQ

Industry Context

NBT Bancorp Inc. operates within the national commercial banking sector, a highly regulated industry sensitive to economic conditions and interest rate fluctuations.

Regulatory Implications

As a commercial bank, NBT Bancorp Inc. is subject to extensive regulation by federal and state authorities, including oversight from the SEC, Federal Reserve, and state banking departments.

What Investors Should Do

1. Analyze the financial statements for revenue trends, net income, and earnings per share.
2. Review the balance sheet for asset quality, loan portfolio composition, and capital ratios.
3. Examine the management's discussion and analysis (MD&A) for insights into strategic priorities and risk management.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K.
• 2024-02-29: Filing Date — Date NBT Bancorp Inc. submitted its 10-K to the SEC.

Year-Over-Year Comparison

This filing represents the company's annual report for the fiscal year 2023, providing updated financial and operational information compared to previous filings.

Key Financial Figures

• $0.01 — ch registered Common Stock, par value $0.01 per share NBTB The NASDAQ Stock Mar
• $13.31 billion — sis, at December 31, 2023 had assets of $13.31 billion and stockholders' equity of $1.43 billi
• $1.43 billion — .31 billion and stockholders' equity of $1.43 billion. When we refer to "NBT," "we," "our," "
• $161.7 million — ith the Bank as the surviving bank, for $161.7 million in stock. Salisbury Bank was a Connecti
• $1.46 billion — llion shares and acquired approximately $1.46 billion of identifiable assets, including $1.18
• $1.18 billion — llion of identifiable assets, including $1.18 billion of loans, $122.7 million in investment
• $122.7 million — sets, including $1.18 billion of loans, $122.7 million in investment securities, which were so
• $31.2 million — were sold immediately after the merger, $31.2 million of core deposit intangibles and $4.7 mi
• $4.7 million — million of core deposit intangibles and $4.7 million in a wealth management customer intangi
• $1.31 billion — agement customer intangible, as well as $1.31 billion in deposits. As of the acquisition date
• $78.7 million — ition date, the fair value discount was $78.7 million for loans, net of the reclassification
• $3.0 million — credit deteriorated allowance, and was $3.0 million for subordinated debt. Competition Th
• $2.0 million — business, the Company contributed over $2.0 million in 2023. Our teams' efforts to distribu
• $500,000 — n August 2023 and to make an additional $500,000 in geographically focused contributions
• $355,000 — 023, these commitments resulted in over $355,000 in funding for United Way chapters that

Filing Documents

• ef20014996_10k.htm (10-K) — 6533KB
• ef20014996_ex10-18.htm (EX-10.18) — 64KB
• ef20014996_ex21.htm (EX-21) — 18KB
• ef20014996_ex23.htm (EX-23) — 2KB
• ef20014996_ex97.htm (EX-97) — 14KB
• ef20014996_ex31-1.htm (EX-31.1) — 7KB
• ef20014996_ex31-2.htm (EX-31.2) — 7KB
• ef20014996_ex32-1.htm (EX-32.1) — 4KB
• ef20014996_ex32-2.htm (EX-32.2) — 4KB
• image0.jpg (GRAPHIC) — 60KB
• 0001140361-24-010464.txt (&nbsp;) — 29539KB
• nbtb-20231231.xsd (EX-101.SCH) — 113KB
• nbtb-20231231_cal.xml (EX-101.CAL) — 219KB
• nbtb-20231231_def.xml (EX-101.DEF) — 687KB
• nbtb-20231231_lab.xml (EX-101.LAB) — 1830KB
• nbtb-20231231_pre.xml (EX-101.PRE) — 1093KB
• ef20014996_10k_htm.xml (XML) — 7208KB

BUSINESS

BUSINESS 3 ITEM 1A.

RISK FACTORS

RISK FACTORS 15 ITEM 1B. UNRESOLVED STAFF COMMENTS 23 ITEM 1C. CYBERSECURITY 23 ITEM 2.

PROPERTIES

PROPERTIES 24 ITEM 3.

LEGAL PROCEEDINGS

LEGAL PROCEEDINGS 24 ITEM 4. MINE SAFETY DISCLOSURES 24 PART II ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES 25 ITEM 6. [RESERVED] 26 ITEM 7.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 27 ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK 48 ITEM 8.

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA 49 Report of Independent Registered Public Accounting Firm 49 Consolidated Balance Sheets at December 31, 2023 and 2022 51 Consolidated Statements of Income for each of the years in the three-year period ended December 31, 2023 52 Consolidated Statements of Comprehensive Income (Loss) for each of the years in the three-year period ended December 31, 2023 53 Consolidated Statements of Changes in Stockholders' Equity for each of the years in the three-year period ended December 31, 2023 54 Consolidated Statements of Cash Flows for each of the years in the three-year period ended December 31, 2023 55

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 57 ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE 101 ITEM 9A.

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 101 ITEM 9B. OTHER INFORMATION 103 ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS 103 PART III ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE 103 ITEM 11.

EXECUTIVE COMPENSATION

EXECUTIVE COMPENSATION 103 ITEM 12.

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS 103 ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE 103 ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES 103 PART IV ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES 104 ITEM 16. FORM 10-K SUMMARY 106

SIGNATURES

SIGNATURES 107 Table of Contents PART I ITEM 1.

BUSINESS

BUSINESS NBT Bancorp Inc. is a registered financial holding company incorporated in the state of Delaware in 1986, with its principal headquarters located in Norwich, New York. The principal assets of NBT Bancorp Inc. consist of all of the outstanding shares of common stock of its subsidiaries, including: NBT Bank, National Association (the "Bank"), NBT Financial Services, Inc. ("NBT Financial"), NBT Holdings, Inc. ("NBT Holdings"), CNBF Capital Trust I, NBT Statutory Trust I, NBT Statutory Trust II, Alliance Financial Capital Trust I and Alliance Financial Capital Trust II (collectively, the "Trusts"). The principal sources of revenue for NBT Bancorp Inc. are the management fees and dividends it receives from the Bank, NBT Financial and NBT Holdings. Collectively, NBT Bancorp Inc. and its subsidiaries are referred to herein as (the "Company"). The Company, on a consolidated basis, at December 31, 2023 had assets of $13.31 billion and stockholders' equity of $1.43 billion. When we refer to "NBT," "we," "our," "us," and "the Company" in this report, we mean NBT Bancorp Inc. and our consolidated subsidiaries, unless the context indicates that we refer only to the parent company, NBT Bancorp Inc. When we refer to the "Bank" in this report, we mean its only bank subsidiary, NBT Bank, National Association, and its subsidiaries. The Company's business, primarily conducted through the Bank, consists of providing commercial banking, retail banking and wealth management services primarily to customers in its market area, which includes upstate New York, northeastern Pennsylvania, southern New Hampshire, western Massachusetts, Vermont, southern Maine and central and northwestern Connecticut. The Company has been, and intends to continue to be, a community-oriented financial institution offering a variety of financial services. The Company's business philosophy is to operate as a community bank with local decision-making, providing a broad array of banking and financial ser

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View this 10-K filing on SEC EDGAR