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Dec 31, 2022
NBT Q4 2022 Earnings Report
NBT Bancorp Inc. reported net income of $36.1 million and diluted earnings per share of $0.84 for Q4 2022, reflecting strong execution and organic loan growth.
Key Takeaways
NBT Bancorp Inc. reported a net income of $36.1 million, or $0.84 per diluted common share, for the fourth quarter of 2022. The results reflect strong execution, including organic loan growth and disciplined cost of funds management. The company also announced a merger agreement with Salisbury Bancorp, Inc., expected to close in the second quarter of 2023.
Net income for Q4 2022 was $36.1 million, with diluted earnings per share at $0.84.
Net interest income improved due to higher yields on earning assets, overcoming a decrease in income from the PPP.
The company recorded a provision for loan losses of $7.7 million in Q4 2022.
A merger agreement with Salisbury Bancorp, Inc. was entered into, expected to close in Q2 2023.
NBT
NBT
NBT Revenue by Segment
Revenue by Segment
Deposit Account Fees Revenue
CapyFin.comCard Services Revenue
CapyFin.comRetirement Admin Fees Revenue
CapyFin.comBOLI Income Revenue
CapyFin.comOther Income Revenue
CapyFin.com Forward Guidance
NBT Bancorp anticipates the merger with Salisbury Bancorp, Inc. to close in the second quarter of 2023, pending regulatory and shareholder approvals. The company expects to maintain its focus on organic loan growth and disciplined cost management.
Positive Outlook
- Merger with Salisbury Bancorp, Inc. expected to close in Q2 2023.
- Continued focus on organic loan growth.
- Commitment to disciplined cost management.
- Anticipated benefits from an asset-sensitive balance sheet.
- Maintenance of excellent credit quality.
Challenges Ahead
- Potential for changes in economic conditions.
- Changes in the level of nonperforming assets and charge-offs.
- Impact of changes in laws and regulations.
- Technological changes.
- Uncertainties related to the integration of new products and lines of business.
Revenue & Expenses
Visualization of income flow from segment revenue to net income