NBT Bancorp Inc. Files Q2 2024 10-Q Report
Ticker: NBTB · Form: 10-Q · Filed: Aug 9, 2024 · CIK: 790359
Sentiment: neutral
Topics: 10-Q, financials, quarterly-report, banking
Related Tickers: NBTB
TL;DR
NBT Bancorp's Q2 10-Q is in: check financials for latest performance.
AI Summary
NBT Bancorp Inc. filed its 10-Q for the period ending June 30, 2024. The filing details the company's financial performance and position, including its assets and liabilities. Specific financial figures and comparative data from previous periods are presented within the report.
Why It Matters
This filing provides investors and analysts with a detailed look at NBT Bancorp's financial health and operational results for the second quarter of 2024, influencing investment decisions.
Risk Assessment
Risk Level: low — This is a routine quarterly financial filing with no immediate red flags.
Key Numbers
- 20240630 — Period End Date (Quarterly financial reporting period)
- 20240809 — Filing Date (Date the report was submitted to the SEC)
Key Players & Entities
- NBT BANCORP INC (company) — Filer
- 0001140361-24-036613 (accession_number) — Filing Accession Number
- 20240630 (date) — Period of Report
- 20240809 (date) — Filing Date
- 52 S BROAD ST NORWICH NY 13815 (address) — Company Business Address
FAQ
What was NBT Bancorp Inc.'s total revenue for the quarter ending June 30, 2024?
The filing does not explicitly state the total revenue figure in the provided snippet, but it is a key component of the full 10-Q report.
How does NBT Bancorp Inc.'s net income for Q2 2024 compare to Q2 2023?
The provided text does not contain specific net income figures for comparison between Q2 2024 and Q2 2023.
What are the main components of NBT Bancorp Inc.'s assets as of June 30, 2024?
The filing references 'OtherAssets' and 'OtherLiabilities' from the US GAAP taxonomy, indicating these are categories reported, but specific dollar amounts are not detailed in this snippet.
What is NBT Bancorp Inc.'s fiscal year end?
NBT Bancorp Inc.'s fiscal year ends on December 31.
When was the 10-Q filing for the period ending June 30, 2024, filed with the SEC?
The 10-Q filing for the period ending June 30, 2024, was filed on August 9, 2024.
Filing Stats: 4,512 words · 18 min read · ~15 pages · Grade level 16.2 · Accepted 2024-08-09 16:02:35
Key Financial Figures
- $0.01 — ch registered Common Stock, par value $0.01 per share NBTB The NASDAQ Stock Mar
Filing Documents
- ef20029443_10q.htm (10-Q) — 4202KB
- ef20029443_ex31-1.htm (EX-31.1) — 7KB
- ef20029443_ex31-2.htm (EX-31.2) — 6KB
- ef20029443_ex32-1.htm (EX-32.1) — 4KB
- ef20029443_ex32-2.htm (EX-32.2) — 4KB
- 0001140361-24-036613.txt ( ) — 18092KB
- nbtb-20240630.xsd (EX-101.SCH) — 64KB
- nbtb-20240630_cal.xml (EX-101.CAL) — 135KB
- nbtb-20240630_def.xml (EX-101.DEF) — 341KB
- nbtb-20240630_lab.xml (EX-101.LAB) — 967KB
- nbtb-20240630_pre.xml (EX-101.PRE) — 563KB
- ef20029443_10q_htm.xml (XML) — 4775KB
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 30 ITEM 3.
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 47 ITEM 4.
CONTROLS AND PROCEDURES
CONTROLS AND PROCEDURES 47 PART II OTHER INFORMATION ITEM 1.
LEGAL PROCEEDINGS
LEGAL PROCEEDINGS 47 ITEM 1A.
RISK FACTORS
RISK FACTORS 47 ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS 47 ITEM 3. DEFAULTS UPON SENIOR SECURITIES 47 ITEM 4. MINE SAFETY DISCLOSURES 47 ITEM 5. OTHER INFORMATION 47 ITEM 6. EXHIBITS 48
SIGNATURES
SIGNATURES 49 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 ITEM 1.
FINANCIAL STATEMENTS
FINANCIAL STATEMENTS NBT Bancorp Inc. and Subsidiaries Consolidated Balance Sheets (unaudited) June 30, December 31, (In thousands, except share and per share data) 2024 2023 Assets Cash and due from banks $ 172,313 $ 173,811 Short-term interest-bearing accounts 35,207 31,378 Equity securities, at fair value 40,087 37,591 Securities available for sale, at fair value 1,439,445 1,430,858 Securities held to maturity (fair value $ 780,490 and $ 814,524 , respectively) 878,909 905,267 Federal Reserve and Federal Home Loan Bank stock 38,314 45,861 Loans held for sale 3,183 3,371 Loans 9,854,347 9,650,713 Less allowance for loan losses 120,500 114,400 Net loans $ 9,733,847 $ 9,536,313 Premises and equipment, net 78,713 80,675 Goodwill 361,851 361,851 Intangible assets, net 36,835 40,443 Bank owned life insurance 269,310 265,732 Other assets 413,895 395,889 Total assets $ 13,501,909 $ 13,309,040 Liabilities Demand (noninterest bearing) $ 3,333,828 $ 3,413,829 Savings, NOW and money market 6,532,834 6,230,456 Time 1,404,797 1,324,709 Total deposits $ 11,271,459 $ 10,968,994 Short-term borrowings 224,703 386,651 Long-term debt 29,721 29,796 Subordinated debt, net 120,462 119,744 Junior subordinated debt 101,196 101,196 Other liabilities 292,413 276,968 Total liabilities $ 12,039,954 $ 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 741,933 740,943 Retained earnings 1,058,187 1,021,831 Accumulated other comprehensive loss ( 162,919 ) ( 160,934 ) Common stock in treasury, at cost, 6,809,123 and 6,864,593 shares, respectively ( 175,786 ) ( 176,689 ) Total stockholders' equity $ 1,461,955 $ 1,425,691 Total l