NBT Bancorp Inc. Files Q3 2024 10-Q Report
Ticker: NBTB · Form: 10-Q · Filed: Nov 8, 2024 · CIK: 790359
Sentiment: neutral
Topics: 10-Q, financials, quarterly-report
TL;DR
NBT Bancorp's Q3 2024 10-Q is in. Check financials.
AI Summary
NBT Bancorp Inc. filed its 10-Q for the period ending September 30, 2024. The filing details financial performance and operational updates for the third quarter of 2024. Key financial data and disclosures relevant to investors are presented in this report.
Why It Matters
This 10-Q filing provides crucial financial insights into NBT Bancorp's performance for the third quarter of 2024, impacting investor decisions and market perception.
Risk Assessment
Risk Level: low — This is a routine quarterly financial filing with no immediate red flags or significant new risks highlighted.
Key Numbers
- Q3 2024 — Reporting Period (The third quarter of 2024, for which financial results are reported.)
- 2024-09-30 — Period End Date (The specific date marking the end of the reporting quarter.)
- 2024-11-08 — Filing Date (The date the 10-Q report was officially submitted to the SEC.)
Key Players & Entities
- NBT Bancorp Inc. (company) — Filer of the 10-Q report
- 20240930 (date) — End of the reporting period
- 20241108 (date) — Filing date of the report
FAQ
What is the reporting period for this 10-Q filing?
The reporting period for this 10-Q filing is the quarter ended September 30, 2024.
When was this 10-Q filing submitted to the SEC?
This 10-Q filing was submitted to the SEC on November 8, 2024.
What is the company's Central Index Key (CIK)?
The company's Central Index Key (CIK) is 0000790359.
What is the Standard Industrial Classification (SIC) code for NBT Bancorp Inc.?
The Standard Industrial Classification (SIC) code for NBT Bancorp Inc. is 6021, which corresponds to National Commercial Banks.
What is the fiscal year end for NBT Bancorp Inc.?
The fiscal year end for NBT Bancorp Inc. is December 31.
Filing Stats: 4,499 words · 18 min read · ~15 pages · Grade level 16.5 · Accepted 2024-11-08 16:00:45
Key Financial Figures
- $0.01 — ch registered Common Stock, par value $0.01 per share NBTB The NASDAQ Stock Mar
Filing Documents
- ef20034491_10q.htm (10-Q) — 4311KB
- ef20034491_ex31-1.htm (EX-31.1) — 7KB
- ef20034491_ex31-2.htm (EX-31.2) — 7KB
- ef20034491_ex32-1.htm (EX-32.1) — 4KB
- ef20034491_ex32-2.htm (EX-32.2) — 4KB
- 0001140361-24-045834.txt ( ) — 18897KB
- nbtb-20240930.xsd (EX-101.SCH) — 72KB
- nbtb-20240930_cal.xml (EX-101.CAL) — 151KB
- nbtb-20240930_def.xml (EX-101.DEF) — 384KB
- nbtb-20240930_lab.xml (EX-101.LAB) — 1065KB
- nbtb-20240930_pre.xml (EX-101.PRE) — 620KB
- ef20034491_10q_htm.xml (XML) — 4901KB
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 33 ITEM 3.
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 52 ITEM 4.
CONTROLS AND PROCEDURES
CONTROLS AND PROCEDURES 52 PART II OTHER INFORMATION ITEM 1.
LEGAL PROCEEDINGS
LEGAL PROCEEDINGS 52 ITEM 1A.
RISK FACTORS
RISK FACTORS 52 ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS 55 ITEM 3. DEFAULTS UPON SENIOR SECURITIES 55 ITEM 4. MINE SAFETY DISCLOSURES 55 ITEM 5. OTHER INFORMATION 55 ITEM 6. EXHIBITS 56
SIGNATURES
SIGNATURES 57 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 sal e 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 Evans Evans Bancorp, Inc. Evans Bank Evans Bank, National Association 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
FINANCIAL STATEMENTS
FINANCIAL STATEMENTS NBT Bancorp Inc. and Subsidiaries Consolidated Balance Sheets (unaudited) September 30, December 31, (In thousands, except share and per share data) 2024 2023 Assets Cash and due from banks $ 250,788 $ 173,811 Short-term interest-bearing accounts 231,671 31,378 Equity securities, at fair value 41,974 37,591 Securities available for sale, at fair value 1,509,338 1,430,858 Securities held to maturity (fair value $ 781,868 and $ 814,524 , respectively) 854,941 905,267 Federal Reserve and Federal Home Loan Bank stock 37,732 45,861 Loans held for sale 3,713 3,371 Loans 9,907,041 9,650,713 Less allowance for loan losses 119,500 114,400 Net loans $ 9,787,541 $ 9,536,313 Premises and equipment, net 80,133 80,675 Goodwill 362,010 361,851 Intangible assets, net 35,843 40,443 Bank owned life insurance 271,178 265,732 Other assets 372,690 395,889 Total assets $ 13,839,552 $ 13,309,040 Liabilities Demand (noninterest bearing) $ 3,476,218 $ 3,413,829 Savings, NOW and money market 6,678,936 6,230,456 Time 1,433,124 1,324,709 Total deposits $ 11,588,278 $ 10,968,994 Short-term borrowings 204,959 386,651 Long-term debt 29,682 29,796 Subordinated debt, net 120,829 119,744 Junior subordinated debt 101,196 101,196 Other liabilities 272,628 276,968 Total liabilities $ 12,317,572 $ 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 742,524 740,943 Retained earnings 1,080,245 1,021,831 Accumulated other comprehensive loss ( 125,736 ) ( 160,934 ) Common stock in treasury, at cost, 6,797,664 and 6,864,593 shares, respectively ( 175,593 ) ( 176,689 ) Total stockholders' equity $ 1,521,980 $ 1,425,691 T