NBT Bancorp Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>NBT Bancorp Inc. filed its Q1 2024 10-Q report, detailing financial performance and equity changes.</b>

AI Summary

NBT BANCORP INC (NBTB) filed a Quarterly Report (10-Q) with the SEC on May 9, 2024. NBT Bancorp Inc. filed a 10-Q report for the quarterly period ended March 31, 2024. The filing details financial information for NBT Bancorp Inc., a national commercial bank. Key dates include the filing date of May 9, 2024, and the reporting period of January 1, 2024, to March 31, 2024. The report references various accounting standards updates, including ASU 2022-02. Financial data pertains to equity accounts such as Common Stock, Additional Paid-In Capital, Retained Earnings, and Treasury Stock.

Why It Matters

For investors and stakeholders tracking NBT BANCORP INC, this filing contains several important signals. This filing provides investors with the latest quarterly financial performance of NBT Bancorp Inc., crucial for assessing its current health and future prospects. Understanding the changes in equity accounts like Retained Earnings and Additional Paid-In Capital offers insight into the company's profitability and capital management strategies.

Risk Assessment

Risk Level: low — NBT BANCORP INC shows low risk based on this filing. The filing is a standard quarterly report (10-Q) for a publicly traded company, indicating routine financial disclosure rather than significant new risks.

Analyst Insight

Monitor future 10-Q filings for trends in NBT Bancorp's equity structure and profitability metrics.

Key Numbers

• 2024-03-31 — Reporting Period End Date (Conformed period of report)
• 2024-05-09 — Filing Date (Filed as of date)
• 2023-12-31 — Previous Fiscal Year End (Fiscal year end)
• 2023-01-01 — Prior Year Q1 Start Date (Prior year period)
• 2023-03-31 — Prior Year Q1 End Date (Prior year period)

Key Players & Entities

• NBT BANCORP INC (company) — Filer name
• 0000790359 (company) — Central Index Key
• 2024-03-31 (date) — Conformed period of report
• 2024-05-09 (date) — Filed as of date
• 6021 (industry) — Standard Industrial Classification (National Commercial Banks)
• ASU 2022-02 (regulation) — Accounting Standards Update

FAQ

Key Dates

• 2024-05-09: 10-Q Filing — Filing of the quarterly report for the period ended March 31, 2024.
• 2024-03-31: Reporting Period End — End date for the financial data presented in the 10-Q.
• 2023-12-31: Fiscal Year End — Indicates the end of the company's fiscal year.
• 2023-03-31: Prior Year Quarter End — End date for comparative financial data from the previous year.

Glossary

10-Q

A quarterly report required by the U.S. Securities and Exchange Commission (SEC). (Provides investors with an update on the company's financial performance and position during the quarter.)

Common Stock

Represents ownership in a corporation. (Key component of the company's equity structure, changes reflect stock issuance or repurchase.)

Key Financial Figures

• $0.01 — ch registered Common Stock, par value $0.01 per share NBTB The NASDAQ Stock Mar

Filing Documents

• ef20026280_10q.htm (10-Q) — 3719KB
• ef20026280_ex31-1.htm (EX-31.1) — 7KB
• ef20026280_ex31-2.htm (EX-31.2) — 7KB
• ef20026280_ex32-1.htm (EX-32.1) — 4KB
• ef20026280_ex32-2.htm (EX-32.2) — 4KB
• 0001140361-24-025185.txt (&nbsp;) — 17325KB
• nbtb-20240331.xsd (EX-101.SCH) — 60KB
• nbtb-20240331_cal.xml (EX-101.CAL) — 133KB
• nbtb-20240331_def.xml (EX-101.DEF) — 327KB
• nbtb-20240331_lab.xml (EX-101.LAB) — 929KB
• nbtb-20240331_pre.xml (EX-101.PRE) — 542KB
• ef20026280_10q_htm.xml (XML) — 4696KB

FINANCIAL STATEMENTS (Unaudited)

FINANCIAL STATEMENTS (Unaudited) Consolidated Balance Sheets 4 Consolidated Statements of Income 5 Consolidated Statements of Comprehensive Income (Loss) 6 Consolidated Statements of Changes in Stockholders' Equity 7 Consolidated Statements of Cash Flows 8 Notes to Unaudited Interim Consolidated Financial Statements 10 ITEM 2.

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 3.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 40 ITEM 4.

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 40 PART II OTHER INFORMATION ITEM 1.

LEGAL PROCEEDINGS

LEGAL PROCEEDINGS 41 ITEM 1A.

RISK FACTORS

RISK FACTORS 41 ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS 41 ITEM 3. DEFAULTS UPON SENIOR SECURITIES 41 ITEM 4. MINE SAFETY DISCLOSURES 41 ITEM 5. OTHER INFORMATION 41 ITEM 6. EXHIBITS 41

SIGNATURES

SIGNATURES 42 2 Table of Contents GLOSSARY OF ABBREVIATIONS AND ACRONYMS When references to "NBT", "we," "our," "us," and "the Company" are made 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 acronyms and abbreviations identified below are used throughout this report, including the Notes to Unaudited Interim Consolidated Financial Statements. You may find it helpful to refer to this page as you read this report. AFS available for sale AIR accrued interest receivable AOCI accumulated other comprehensive income (loss) ASC Accounting Standards Codification ASU Accounting Standards Update BP(S) basis point(s) C&I Commercial & Industrial CECL current expected credit losses CD certificate of deposit CME Chicago Mercantile Exchange Clearing House CRE Commercial Real Estate EPS earnings per share FASB Financial Accounting Standards Board FDIC Federal Deposit Insurance Corporation FHLB Federal Home Loan Bank FOMC Federal Open Market Committee FRB Federal Reserve Board FTE fully taxable equivalent GAAP generally accepted accounting principles in the United States of America HTM held to maturity LGD loss given default LIBOR London Interbank Offered Rate MMDA money market deposit accounts NASDAQ The NASDAQ Stock Market LLC NIM net interest margin NOW negotiable order of withdrawal OCC Office of the Comptroller of the Currency OREO other real estate owned PCD purchased credit deteriorated PD probability of default Salisbury Salisbury Bancorp, Inc. Salisbury Bank Salisbury Bank and Trust Company SEC U.S. Securities and Exchange Commission SOFR Secured Overnight Financing Rate TDRs troubled debt restructurings 3 Table of Contents

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS NBT Bancorp Inc. and Subsidiaries Consolidated Balance Sheets (unaudited) March 31, December 31, (In thousands, except share and per share data) 2024 2023 Assets Cash and due from banks $ 162,460 $ 173,811 Short-term interest-bearing accounts 156,632 31,378 Equity securities, at fair value 39,470 37,591 Securities available for sale, at fair value 1,418,471 1,430,858 Securities held to maturity (fair value $ 793,319 and $ 814,524 , respectively) 890,863 905,267 Federal Reserve and Federal Home Loan Bank stock 37,336 45,861 Loans held for sale 3,263 3,371 Loans 9,688,077 9,650,713 Less allowance for loan losses 115,300 114,400 Net loans $ 9,572,777 $ 9,536,313 Premises and equipment, net 80,239 80,675 Goodwill 361,851 361,851 Intangible assets, net 38,968 40,443 Bank owned life insurance 267,476 265,732 Other assets 409,393 395,889 Total assets $ 13,439,199 $ 13,309,040 Liabilities Demand (noninterest bearing) $ 3,359,789 $ 3,413,829 Savings, NOW and money market 6,467,364 6,230,456 Time 1,368,136 1,324,709 Total deposits $ 11,195,289 $ 10,968,994 Short-term borrowings 267,134 386,651 Long-term debt 29,759 29,796 Subordinated debt, net 120,101 119,744 Junior subordinated debt 101,196 101,196 Other liabilities 284,305 276,968 Total liabilities $ 11,997,784 $ 11,883,349 Stockholders' equity Preferred stock, $ 0.01 par value. 2,500,000 shares authorized $ - $ - Common stock, $ 0.01 par value. 100,000,000 shares authorized; 53,974,492 shares issued 540 540 Additional paid-in-capital 740,792 740,943 Retained earnings 1,040,563 1,021,831 Accumulated other comprehensive loss ( 164,492 ) ( 160,934 ) Common stock in treasury, at cost, 6,819,477 and 6,864,593 shares, respectively ( 175,988 ) ( 176,689 ) Total stockholders' equity $ 1,441,415 $ 1,425,691

View Full Filing

View this 10-Q filing on SEC EDGAR