Business
NBT Bancorp Inc. Announces Full Year Net Income and Declares Dividend
NORWICH, N.Y., Jan. 23, 2024 (GLOBE NEWSWIRE) -- NBT Bancorp Inc. (“NBT” or the “Company”) (NASDAQ: NBTB) reported net income and diluted earnings per share
About this update from Nbt Bancorp Inc.
[{"type":"text","content":"NORWICH, N.Y., Jan. 23, 2024 (GLOBE NEWSWIRE) -- NBT Bancorp Inc. (“NBT” or the “Company”) (NASDAQ: NBTB) reported net income and diluted earnings per share for the three and twelve months ended December 31, 2023. Net income for the three months ended December 31, 2023 was $30.4 million, or $0.64 per diluted common share, compared to $36.1 million, or $0.84 per diluted common share, for the three months ended December 31, 2022, and $24.6 million, or $0.54 per diluted common share, in the third quarter of 2023. Operating diluted earnings per share1, a non-GAAP measure, which excludes acquisition expenses, acquisition-related provision for credit losses, securities gains (losses) and impairment of a minority interest equity investment, net of tax, was $0.72 for the fourth quarter of 2023, compared to $0.86 in the fourth quarter of 2022 and $0.84 in the third quarter of 2023. Net income for the year ended December 31, 2023 was $118.8 million, or $2.65 per diluted common share, compared to $152.0 million, or $3.52 per diluted common share, in the prior year. Operating diluted earnings per share1 was $3.23 for the year ended December 31, 2023, compared to $3.56 in the prior year. CEO Comments “NBT’s fourth quarter and full year results reflect our consistent dedication to improving our traditional banking franchise while growing our diversified revenue sources,” said NBT President and CEO John H. Watt, Jr. “In a year characterized by unprecedented market volatility, we grew loans and deposits, maintained strong asset quality, improved our capital position, completed the high-value acquisition of Salisbury Bancorp, Inc., and continued to deliver best-in-class customer service.” Fourth Quarter Financial Highlights Net Income Net income of $30.4 million and diluted earnings per share of $0.64Operating net income was $33.9 million and diluted operating earnings per share of $0.721 Net Interest Income / NIM Net interest income on a fully taxable equivalent (“FTE”) basis was $99.8 million1Net interest margin (“NIM”) on an FTE basis was 3.15%1, down 6 basis points (“bps”) from the prior quarterIncluded in FTE net interest income was $2.6 million of acquisition-related net accretion which positively impacted NIM by 8 bpsEarning asset yields of 4.79% were up 16 bps from the prior quarterTotal cost of funds of 1.72% was up 22 bps from the prio...