Q2 2024 NBT Bancorp Inc Earnings Call Transcript
Key Points
- NBT Bancorp Inc (NBTB) reported net income of $32.7 million or $0.69 per share for the second quarter of 2024.
- The net interest margin increased to 3.18%, up 4 basis points from the prior quarter.
- Noninterest income reached a new quarterly all-time high, making up 31% of total revenues.
- The company announced a 6.3% increase in its quarterly cash dividend, marking the 12th consecutive year of annual dividend increases.
- Total deposits grew by $302.5 million from December 2023, showing strong consumer and municipal deposit growth.
- The loan loss provision expense increased by $3.3 million from the first quarter, primarily due to loan growth and specific reserves.
- Net charge-offs to total loans were 15 basis points, indicating some level of credit risk.
- The company continues to experience remixing from no interest and low interest accounts into higher yielding instruments, increasing funding costs.
- The cost of total deposits increased by 7 basis points from the prior quarter to 1.68%.
- There is uncertainty around the resolution of a specific reserve relationship, making it difficult to predict future provisioning needs.
Good day, everyone. Welcome to the conference call covering NBT Bancorp's second-quarter 2024 financial results. This call is being recorded and has been made accessible to the public in accordance with the SEC's Regulation FD. Corresponding presentation slides can be found on the company's website at nbtbancorp.com.
Before the call begins, NBT's management would like to remind listeners that as noted on slide 2, today's presentation may contain forward-looking statements as defined by the Securities and Exchange Commission. Actual results may differ from those projected. In addition, certain non-GAAP measures will be discussed. Reconciliations for these numbers are contained within the appendix of today's presentation.
At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session and instructions will follow at that time. As a reminder, this call is being recorded.
I would now turn the conference over to NBT Bancorp President and CEO, Scott Kingsley, for his opening remarks. Mr. Kingsley, please begin.
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