Nbt Bancorp Inc. · NASDAQ:NBTB
Nbt Bancorp — Q3 2024 Earnings Presentation
20 slides from Nbt Bancorp's earnings presentation, Oct 29, 2024
Slide 1: Earnings Presentation Third Quarter 2024
Earnings Presentation Third Quarter 2024 NBTB
Slide 2: Forward-Looking Statements
Forward-Looking Statements This presentation contains forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995. These statements may be identified by the use of phrases such as “anticipate,” “believe,” “expect,” “forecasts,” “projects,” “will,” “can,” “would,” “
Slide 3: Q3 2024 Results Highlights
Q3 2024 Results Highlights $0.80 Earnings per share • Well Positioned Balance Sheet • Diversified loan portfolio with desirable balance of commercial and consumer loans and deposits • Year-to-date loan growth of $256.3 million, or 3.5% annualized (6.0% annualized excluding consumer 14.54% portfolios
Slide 4: Results Overview Q3 2024
Results Overview Change % Change Q3 2024 ($ in millions except per share data) Q3 2024 Q2 2024 Q3 2023 Q2 2024 Q3 2023 Period End Balance Sheet Total loans $ 9,907.0 $ 52.7 $ 239.7 0.5% 2.5% Total deposits 11,588.3 316.8 186.8 2.8% 1.6% HIGHLIGHTS(1) Income Statement (2) FTE net interest income $ 10
Slide 5: Loans $9.91 billion
Loans HIGHLIGHTS(1) Total Loans • Loans increased $256.3 million from December 31, 2023 $9.91 billion • C&I loans increased $104.7 million to $1.46 billion • CRE loans increased $165.6 million to $3.79 billion Home Equity Residential Solar 3% 9% • Total consumer loans decreased $13.9 million to $4.6
Slide 6: Deposits $11.59 billion
Deposits Total Deposits Time $11.59 billion 12% Demand (Noninterest Bearing) 30% Money Market HIGHLIGHTS(1) 30% • Cost of total deposits of 1.72%, up 4 bps Savings and • Total cost of funds was 1.85%, consistent with prior quarter NOW 28% • Month of September 2024: • 1.72% total cost of deposits • 1
Slide 7: Net Interest Income & Net Interest Margin
Net Interest Income & Net Interest Margin Net Interest Income ($ in millions) & Net Interest Margin (%) HIGHLIGHTS(1) $105.0 4.00% $102.3 • Net interest income increased $4.5 million to $102.3 million $99.8 $95.0 $95.5 $95.8 $97.8 3.75% • Net interest margin increased 9 bps to 3.27% $85.0 3.50% • In
Slide 8: Noninterest Income
Noninterest Income Noninterest Income Trend(2) ($ in millions) $50.0 HIGHLIGHTS(1) $4.2 $4.3 $4.1 $40.0 $4.0 • Noninterest income to total $4.2 $5.2 $5.6 $5.9 revenue was 31%(1) $5.5 $5.4 (above peer levels) $30.0 $14.6 $14.3 • Record high of $45.3 million(1) $12.8 $14.8 $11.2 in noninterest income
Slide 9: Noninterest Expense
Noninterest Expense Noninterest Expense Trend(2) ($ in millions) $100.0 HIGHLIGHTS(1) Salaries & Benefits $80.0 • Increased by 7.7% driven by one additional payroll day and an increase in other $55.7 $59.6 $50.0 $55.4 benefits including higher levels of incentive $60.0 $49.2 compensation Other Expen
Slide 10: Asset Quality
Asset Quality Net Charge-Offs $50,000 Nonperforming Loans(2) 0.90% $7,500 0.45% $40,000 $37,874 $37,789 $38,088 $37,319 $6,000 $5,327 0.70% $4,679 0.30% $4,204 $30,000 $4,500 $3,920 $24,264 $3,699 0.50% $20,000 $3,000 0.22% 0.18% 0.19% 0.15% 0.39% 0.39% 0.39% 0.38% 0.30% 0.15% 0.16% $10,000 $1,500 0
Slide 11: Appendix
Appendix APPENDIX 11
Slide 12: Loan Loss Reserve (CECL)
Loan Loss Reserve (CECL) Loan Type 1/1/2020 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 Reserve / Loans Commercial & Industrial 0.98% 0.87% 0.84% 0.79% 0.76% 0.73% by Segment Commercial Real Estate 0.74% 1.00% 0.99% 0.97% 1.00% 1.01% Residential Real Estate 0.83% 0.79% 0.84% 0.89% 0.98% 1.00%
Slide 13: Commercial Portfolio Detail $5.25 billion
Commercial Portfolio Detail Commercial & Industrial ($1.46 billion) Wholesalers 6.8% Manufacturing Construction Trade 10.6% 10.0% Medical 6.4% General Commercial Loan Portfolio Real Estate Retailers Industry 3.5% $5.25 billion 15.8% Agriculture 7.0% Automotive Retailers 2.2% Education 4.0% Food Serv
Slide 14: Consumer & Residential Portfolio Detail $4.66 billion
Consumer & Residential Portfolio Detail Home Equity 7% Residential Solar 18% Consumer Lending Portfolio $4.66 billion Other Consumer 2% Residential Real Estate 46% Indirect Auto 27% Consumer Lending Portfolio Metrics Total Weighted Outstandings # of Average Average Average Category ($000s) Accounts
Slide 15: Investment Securities Portfolio
Investment Securities Portfolio September 30, 2024 December 31, 2023 Amortized Net Unrealized Estimated Amortized Net Unrealized Estimated AFS Securities (In thousands) Cost (Losses)/Gains Fair Value Cost (Losses)/Gains Fair Value U.S. treasury & federal agency $ 382,061 $ (30,884) $ 351,177 $ 381,6
Slide 16: Transformational Investments Underway: Upstate NY Semiconductor Chip Corridor
Transformational Investments Underway: Upstate NY Semiconductor Chip Corridor New York State has fostered the ideal semiconductor and advanced electronics manufacturing ecosystem1: ✓ The most advanced, publicly owned semiconductor R&D facility in North America ✓ The nation’s lar est public universit
Slide 17: External Recognition
External Recognition In the J.D. Power 2024 U.S. Retail Banking Satisfaction Study, NBT Bank ranked #2 in the NY Tri-State Region, which includes New York, Connecticut and New Jersey. 17 APPENDIX
Slide 18: Reconciliation of Non-GAAP Measures
Reconciliation (Dollars in Thousands, Except Per Share Data) Q3 2024 Q2 2024 Q3 2023 of Non-GAAP Net Income $ 38,097 $ 32,716 $ 24,606 Amortization of Intangible Assets (Net of Tax) 1,547 1,600 1,206 Measures Net Income, Excluding Intangibles Amortization $ 39,644 $ 34,316 $ 25,812 Average Tangible
Slide 19: Reconciliation of Non-GAAP Measures
Reconciliation (Dollars in Thousands) Q3 2024 Q2 2024 Q1 2024 Q4 2023 Q3 2023 of Non-GAAP Net Interest Income $ 101,669 $ 97,174 $ 95,174 $ 99,173 $ 94,895 FTE Adjustment 639 658 658 669 568 Measures Net Interest Income, Tax Equivalent $ 102,308 $ 97,832 $ 95,832 $ 99,842 $ 95,463 Average Total Inte
Slide 20: Peer Group
Peer Group Name HQ City State Ticker Berkshire Hills Bancorp, Inc. Boston MA BHLB Brookline Bancorp, Inc. Boston MA BRKL Community Financial System, Inc. Dewitt NY CBU Dime Community Bancshares, Inc. Hauppauge NY DCOM Eastern Bankshares, Inc. Boston MA EBC First Busey Corporation Champaign IL BUSE F