NBT Bancorp (NBTB) Q4 2024 Earnings Transcript

Motley Fool Transcribing, The Motley Fool

Mon, January 26, 2026 astatine 11:41 AM CST 38 min read

Image source: The Motley Fool.

Tuesday, January 28, 2025 astatine 10:00 a.m. ET

• Chief Executive Officer — Scott Kingsley

• Chief Financial Officer — Annette Burns

• President, NBT Bank, N.A. — Joe Stagliano

Need a punctuation from a Motley Fool analyst? Email [email protected]

Scott Kingsley: Thank you, Daniel. Good morning, and convey you for joining america this morning. With maine successful snowy Norwich contiguous are NBT's Chief Financial Officer, Annette Burns, and Joe Stagliano, President of NBT Bank, N.A. Our operating show for the 4th and afloat twelvemonth 2024 continued to bespeak the spot of our equilibrium sheet, our diversified concern model, and the collaboration and diligence of our team. During the 4th quarter, we productively grew loans, improved our backing profile, and boosted nett involvement borderline for the 3rd consecutive quarter. Incrementally little backing costs much than offset a 5 ground points diminution successful earning plus yields.

Non-interest income continued to beryllium a highlight, making up 30% of full revenues for 2024 with each of our non-banking businesses achieving caller grounds years for gross and net generation. We besides declared a $0.34 quarterly currency dividend to shareholders, which was 6.3% supra the $0.32 dividend we declared successful past year's archetypal quarter. This represents our 12th consecutive twelvemonth of yearly dividend increases and it demonstrates our committedness to supply accordant and favorable semipermanent returns to our shareholders. We added $100 cardinal to shareholders' equity successful 2024 from productive net procreation contempt the higher level of dividends paid, adding to our already desirable level of superior flexibility.

Activity continued to advancement crossed Upstate New York's semiconductor spot corridor successful the 4th quarter, including respective announcements astir caller enlargement and structural investments arsenic good arsenic definite site-specific milestones being reached astatine Micron's planned analyzable extracurricular of Syracuse. NBT is uniquely positioned to play a important relation successful providing fiscal services to each types of customers and prospects surviving and moving on the Upstate New York semiconductor spot corridor. In September, we announced that NBT reached an statement to merge with Evans Bancorp, a $2.3 cardinal assemblage slope headquartered successful Williamsville, New York. Our concern with Evans is simply a earthy geographic enlargement of NBT's footprint into the occidental portion of New York.

Expanding into Buffalo and Rochester, Upstate New York's largest markets by population, complements our meaningful beingness successful Central New York, the Capital District, and the Hudson Valley, and it volition presumption america arsenic the assemblage slope with the largest deposit marketplace stock successful Upstate New York. In December, we received the required regulatory approvals to proceed with the merger arsenic good arsenic support from Evans shareholders who demonstrated beardown enactment for the partnership. We proceed to enactment toward a 2nd 4th 2025 closing and a concurrent halfway systems conversion. Our modulation and integration activities with the Evans squad these past 4 months person reaffirmed our content that they are a customer, employee, and community-focused enactment with dedicated and talented professionals.