0001140361-23-002420.txt : 20230123 0001140361-23-002420.hdr.sgml : 20230123 20230123163049 ACCESSION NUMBER: 0001140361-23-002420 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 13 CONFORMED PERIOD OF REPORT: 20230123 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20230123 DATE AS OF CHANGE: 20230123 FILER: COMPANY DATA: COMPANY CONFORMED NAME: NBT BANCORP INC CENTRAL INDEX KEY: 0000790359 STANDARD INDUSTRIAL CLASSIFICATION: NATIONAL COMMERCIAL BANKS [6021] IRS NUMBER: 161268674 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-14703 FILM NUMBER: 23544834 BUSINESS ADDRESS: STREET 1: 52 S BROAD ST CITY: NORWICH STATE: NY ZIP: 13815 BUSINESS PHONE: 6073372265 MAIL ADDRESS: STREET 1: 52 S. BROAD STREET CITY: NORWICH STATE: NY ZIP: 13815 8-K 1 brhc10046884_8k.htm 8-K
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): January 23, 2023


NBT BANCORP INC.
(Exact name of registrant as specified in its charter)

Delaware
000-14703
16-1268674
(State or other jurisdiction of incorporation or organization)
(Commission File Number)
(I.R.S. Employer Identification No.)

52 South Broad Street, Norwich, New York 13815
(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code: (607) 337-2265

Not Applicable
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of class
Trading Symbol
Name of exchange on which registered
Common Stock, par value $0.01 per share
NBTB
The NASDAQ Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02
Results of Operations and Financial Condition

On January 23, 2023, NBT Bancorp Inc. issued a press release describing its results of operations for the quarter ended December 31, 2022. That press release is furnished as Exhibit 99.1 hereto. A conference call will be held at 8:30 a.m. Eastern Time on Tuesday, January 24, 2023, to review the fourth quarter 2022 financial results. The audio webcast link, along with the corresponding presentation slides, will be available on the Event Calendar page of the Company’s website at www.nbtbancorp.com.
 
Item 9.01
Financial Statements and Exhibits.
 
(a)
Not applicable.
   
(b)
Not applicable.
   
(c)
Not applicable.
   
(d)
Exhibits.

Exhibit No.
  
Description
     
 
Press release of NBT Bancorp Inc. January 23, 2023
     
104
  
Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 
NBT BANCORP INC.
     
Date: January 23, 2023
By:
/s/ Scott A. Kingsley
   
Scott A. Kingsley
   
Executive Vice President
   
and Chief Financial Officer


EX-99.1 2 brhc10046884_ex99-1.htm EXHIBIT 99.1
Exhibit 99.1

1

FOR IMMEDIATE RELEASE
ATTENTION: FINANCIAL AND BUSINESS EDITORS

Contact:
John H. Watt, Jr., President and CEO
 
Scott A. Kingsley, Executive Vice President and CFO
 
NBT Bancorp Inc.
 
52 South Broad Street
 
Norwich, NY 13815
 
607-337-6589

NBT BANCORP INC. ANNOUNCES FULL YEAR NET INCOME OF $152.0 MILLION ($3.52 PER DILUTED COMMON SHARE); APPROVES DIVIDEND

NORWICH, NY (January 23, 2023) – NBT Bancorp Inc. (“NBT” or the “Company”) (NASDAQ: NBTB) reported net income and diluted earnings per share for the quarter and year ended December 31, 2022.
 
Net income for the year ended December 31, 2022 was $152.0 million, or $3.52 per diluted common share, compared to $154.9 million, or $3.54 per diluted share, in the prior year.
 
 
◾
Generated positive operating leverage of $21.7 million with total revenues increasing 8.1%, or $38.9 million, while operating expenses were higher by 6.0%, or $17.2 million.

◾
Net interest income in 2022 improved in comparison to 2021, primarily due to higher yields on earning assets due to increases in the Federal Reserve’s targeted Federal Funds rate combined with growth in earning assets, strongly overcoming a $17.6 million ($0.31 per diluted share) year-over-year decrease in income from the Paycheck Protection Program (“PPP”).

◾
The Company recorded a provision for loan losses of $17.1 million ($0.31 per diluted share) in 2022, compared to a net benefit of $8.3 million ($0.15 per diluted share) in 2021.

◾
Card services income was lower than 2021 driven by the impact from the Company being subject to the statutory price cap provisions of the Durbin Amendment to the Dodd-Frank Act (“Durbin Amendment”) of approximately $8 million ($0.14 per diluted share).

Net income for the three months ended December 31, 2022 was $36.1 million, or $0.84 per diluted common share, compared to $37.3 million, or $0.86 per diluted share, in the fourth quarter of 2021.
 

 ◾
Net interest income in the fourth quarter of 2022 improved in comparison to the fourth quarter of 2021 and the linked third quarter of 2022, primarily due to higher yields on earning assets due to increases in the Federal Funds rate, despite a $7.5 million ($0.13 per diluted share) decrease in income from the PPP.

◾
The Company recorded a provision for loan losses of $7.7 million ($0.14 per diluted share) in the fourth quarter of 2022, compared to a provision for loan losses of $3.1 million ($0.06 per diluted share) in the fourth quarter of 2021.

◾
Card services income was lower than the fourth quarter of 2021 driven by the impact from the Company being subject to the statutory price cap provisions of the Durbin Amendment of approximately $4 million ($0.07 per diluted share).

◾
In the fourth quarter of 2022, the Company incurred merger expenses of $1.0 million ($0.02 per diluted share) related to the pending acquisition of Salisbury Bancorp, Inc.

2
CEO Comments

“Our operating results for the fourth quarter and full year of 2022 reflect strong execution by our team, including organic loan growth of over 10% and disciplined cost of funds management,” said NBT President and CEO John H. Watt, Jr. “We recognized the benefits of an asset-sensitive balance sheet in 2022 with increases in the targeted Fed Funds rate, and our credit quality continues to be excellent with low levels of net charge-offs and nonperforming assets.”

“In December, we entered into a definitive agreement to merge with Salisbury Bancorp, Inc. Aligned cultures and complementary markets support the strategic rationale for our partnership with this premier community bank franchise headquartered in Lakeville, CT. We expect the merger to close in the second quarter of 2023, pending required regulatory and shareholder approvals.”

“We were pleased to reach the milestone of 10 consecutive years of annual dividend increases in 2022,” added Watt. “The payment of a meaningful and growing dividend is an important component of our commitment to consistent and favorable long-term returns for our shareholders.”

Fourth Quarter Financial Highlights
 
Net Income
◾          Net income of $36.1 million
◾          Diluted earnings per share of $0.84
◾          Excluding merger expenses and securities gains (losses), diluted earnings per share of $0.86
Net Interest Income / NIM
◾          Net interest income on a fully taxable equivalent (“FTE”) basis was $100.2 million1
◾          Net interest margin (“NIM”) on a FTE basis was 3.68%1, up 17 basis points (“bps”) from the prior quarter,
              due primarily to a 34 bp increase in the yields on earning assets
◾          Total cost of deposits of 0.17%, up 8 bps from the prior quarter
◾          Total cost of funds of 0.37%, up 19 bps from the prior quarter
Noninterest Income
◾          Noninterest income was $34.3 million, excluding securities gains (losses) and was 25.6% of total revenue
Pre-Provision Net Revenue (“PPNR”)
◾          PPNR1 was $55.8 million, consistent with the third quarter of 2022 and was 8.3% higher than the fourth
             quarter of 2021
Loans and Credit Quality
◾          Period end total loans of $8.15 billion at December 31, 2022, up 10.2% from December 31, 2021, excluding
             impact of PPP loans
◾          Period end loans increased $752.0 million from December 31, 2021, excluding $0.9 million and $101.2
             million of PPP loans at December 31, 2022 and December 31, 2021, respectively
◾          Net charge-offs to average loans was 0.18%, annualized
◾          Nonperforming loans to total loans was 0.26%, down from 0.28% in the prior quarter
◾          Allowance for loan losses to total loans of 1.24%
Capital
◾          Announced a $0.30 per share dividend for the first quarter of 2023, which was a $0.02 per share, or 7.1%,
             increase from the first quarter of 2022
◾          Stockholders’ equity was $1.17 billion as of December 31, 2022
◾          Tangible book value per share2 was $20.65 at December 31, 2022, modestly lower than the fourth quarter of
             2021 and higher than the third quarter of 2022, due primarily to the impact of the changes in accumulated
             other comprehensive income (“AOCI”)
◾          Tangible equity to assets of 7.73%1
◾          CET1 ratio of 12.12%; Leverage ratio of 10.32%

3
Loans


 ◾
Period end total loans were $8.15 billion at December 31, 2022 and $7.50 billion at December 31, 2021.

◾
Excluding PPP loans, period end loans increased $752.0 million from December 31, 2021. Commercial and industrial loans increased $109.8 million to $1.27 billion; commercial real estate loans increased $152.6 million to $2.81 billion; and total consumer loans increased $489.5 million to $4.08 billion.

◾
Total PPP loans as of December 31, 2022 were $0.9 million (net of unamortized fees) with over 99% of the original $836 million forgiven or extinguished through the fourth quarter of 2022. The following PPP loan activity occurred during the fourth quarter of 2022:

o
$2.2 million of loans forgiven.

o
$0.1 million of interest and fees recognized into interest income, compared to $0.3 million for the third quarter of 2022 and $7.5 million for the fourth quarter of 2021.

◾
Commercial line of credit utilization rate was 21% at December 31, 2022, compared to 23% at September 30, 2022 and 21% at December 31, 2021.

Deposits


 ◾
Total deposits at December 31, 2022 were $9.50 billion, compared to $10.23 billion at December 31, 2021. The decrease in deposits was primarily concentrated in certain larger more rate-sensitive accounts. The effects of tighter monetary policy, inflation and higher rate alternatives continued to weigh on balances. Even though deposit balances declined from 2021, year-end 2022 deposit balances are still 25.1% higher than the end of 2019.

◾
Loan to deposit ratio was 85.8% at December 31, 2022, compared to 73.3% at December 31, 2021.

Net Interest Income and Net Interest Margin
 

 ◾
Net interest income for the fourth quarter of 2022 was $99.8 million, which was up $5.3 million, or 5.6%, from the third quarter of 2022 and up $14.6 million, or 17.1%, from the fourth quarter of 2021 primarily due to higher yields on earning assets. PPP income for the fourth quarter of 2022 was $0.1 million, which was $0.2 million lower compared to the prior quarter and down $7.5 million compared to the fourth quarter of 2021.

◾
The NIM on a FTE basis for the fourth quarter of 2022 was 3.68%, up 17 bps from the third quarter of 2022 and up 60 bps from the fourth quarter of 2021 due to higher earning asset yields partly offset by higher cost of interest-bearing liabilities.

◾
Earning asset yields for the three months ended December 31, 2022 were up 34 bps from the prior quarter and up 79 bps from the same quarter in the prior year. Earning assets grew $73.8 million, or 0.7%, from the prior quarter and declined $216.1 million, or 2.0% compared to the same quarter in the prior year. The following are highlights comparing the fourth quarter of 2022 to the prior quarter:

o
Loan yields increased 38 bps to 4.72% for the quarter.

o
During the fourth quarter, the Company shifted from an excess liquidity position to an overnight borrowing position. The Company had net average short-term interest-earning assets of $185.0 million in the third quarter compared to net average short-term borrowings of $138.0 million in the fourth quarter. The impact of the change net liquidity position was approximately a $3.2 million decrease in net interest income.

◾
Total cost of deposits was 0.17% for the fourth quarter of 2022, up 8 bps from the prior quarter and up 9 bps from the same period in the prior year.

◾
The cost of total interest-bearing liabilities for the three months ended December 31, 2022 was 0.57%, up 28 bps from the prior quarter and up 33 bps from the fourth quarter of 2021.

4
Credit Quality and Allowance for Credit Losses


 ◾
Net charge-offs to total average loans was 18 bps compared to 7 bps in the prior quarter and 22 bps in the fourth quarter of 2021. Recoveries in the fourth quarter of 2022 were $1.7 million compared to $3.4 million in the prior quarter and $2.5 million in the fourth quarter of 2021. The increase in net charge-offs from the prior quarter was driven by higher charge-offs in the other consumer portfolio and lower recoveries in the commercial and industrial portfolio.

◾
Nonperforming assets to total assets was 0.18% at December 31, 2022, compared to 0.19% at September 30, 2022 and 0.27% (0.28% excluding PPP loans) at December 31, 2021.

◾
Provision expense for the three months ended December 31, 2022 was $7.7 million with net charge-offs of $3.7 million. Provision expense was $3.2 million higher than the third quarter of 2022 and $4.6 million higher than the fourth quarter of 2021. The increase in provision expense from the fourth quarter of 2021 was driven by loan growth and less favorable economic forecasts in 2022 versus an improving economic forecast in the prior year.

◾
The allowance for loan losses was $100.8 million, or 1.24% of total loans, at December 31, 2022, compared to 1.22% (1.23% excluding PPP loans and related allowance) of total loans at September 30, 2022 and 1.23% (1.24% excluding PPP loans and related allowance) of total loans at December 31, 2021. The reserve for unfunded loan commitments decreased to $5.1 million at December 31, 2022 compared to the prior quarter at $5.3 million and compared to the fourth quarter of 2021 at $5.1 million.

Noninterest Income
 

 ◾
Total noninterest income, excluding securities gains (losses), was $34.3 million for the three months ended December 31, 2022, down $3.0 million from the third quarter and down $6.8 million from the prior year’s fourth quarter.

◾
Card services income was lower than the fourth quarter of 2021 driven by the impact from the Company being subject to the statutory price cap provisions of the Durbin Amendment. Card services income was lower than the prior quarter driven primarily by lower levels of card utilization.

◾
Retirement plan administration fees were lower than the prior quarter driven by market decline, seasonal revenues recognized in the third quarter and lower activity-based fees. Retirement plan administration fees were lower than the fourth quarter of 2021 driven by lower activity-based fees and market performance. In 2022, the Company recognized approximately $2.5 million of fees related to statutory plan document restatement requirements that generally recur on a six-year cycle.

◾
Wealth management fees were lower than the prior quarter due to seasonal tax preparation services in the third quarter and lower than the fourth quarter of 2021 driven primarily by market performance.

◾
Other income decreased from the prior quarter and the fourth quarter of 2021 driven by lower commercial loan swap fees.

Noninterest Expense


 ◾
Total noninterest expense, excluding $1.0 million of merger expense in the fourth quarter of 2022 was up 2.4% from the previous quarter and up 4.6% from the fourth quarter of 2021.

◾
Salaries and benefits decreased 2.3% from the prior quarter driven by lower benefit plan costs. The increase from the fourth quarter of 2021 was driven by increased salaries and wages, including merit pay increases and higher levels of incentive compensation accruals.

◾
Technology and data services expenses were consistent with the prior quarter and increased from the fourth quarter of 2021 due to continued investment in digital platform solutions.

◾
Professional fees and outside services expense were higher than the prior quarter due to seasonal expenses and timing of external services for several tactical and strategic initiatives.

5
Income Taxes


 ◾
The effective tax rate was 22.6% for the fourth quarter of 2022, compared to 22.8% for the third quarter of 2022 and 22.4% for the fourth quarter of 2021.

Capital


 ◾
Capital ratios remain strong with tangible common equity to tangible assets1 at 7.73%. Tangible book value per share2 was $20.65 at December 31, 2022, $20.25 at September 30, 2022 and $22.26 at December 31, 2021.

◾
Stockholders’ equity decreased $76.9 million from December 31, 2021 driven by the $166.7 million decrease in AOCI due primarily to the change in the market value of securities available for sale, dividends declared of $49.8 million and the repurchase of common stock of $14.7 million, partly offset by net income generation of $152.0 million.

◾
December 31, 2022, CET1 capital ratio of 12.12%, leverage ratio of 10.32 % and total risk-based capital ratio of 15.38%.

◾
The Company purchased 400,000 shares of its common stock in the first half of 2022 at an average price of $36.78 per share under its previously announced share repurchase program. There were 1,600,000 shares available for repurchase under this plan which is set to expire on December 31, 2023.

Dividend


 ◾
The Board of Directors approved a first-quarter cash dividend of $0.30 per share at a meeting held today, an increase of $0.02, or 7.1%, from the amount paid in the first quarter of 2022. 2022 was the tenth consecutive year of annual dividend increases by the Company. The dividend will be paid on March 15, 2023 to stockholders of record as of March 1, 2023.

Salisbury Bancorp, Inc. Merger


 ◾
On December 5, 2022, NBT announced that it had entered into an agreement to acquire Salisbury Bancorp, Inc., a 14 branch community bank franchise headquartered in Lakeville, CT, in an all stock transaction. Salisbury Bancorp, Inc. had assets of $1.51 billion, deposits of $1.33 billion, and net loans of $1.18 billion as of September 30, 2022. The merger is expected to close in the second quarter of 2023 subject to customary closing conditions, including approval by the shareholders of Salisbury Bancorp, Inc. and required regulatory approvals.

Conference Call and Webcast

The Company will host a conference call at 8:30 a.m. (Eastern) Tuesday, January 24, 2023, to review fourth quarter 2022 financial results. The audio webcast link, along with the corresponding presentation slides, will be available on the Company’s Event Calendar page at https://stockholderinfo.nbtbancorp.com/events-calendar/upcoming-events and will be archived for twelve months.
 
Corporate Overview

NBT Bancorp Inc. is a financial holding company headquartered in Norwich, NY, with total assets of $11.74 billion at December 31, 2022. The Company primarily operates through NBT Bank, N.A., a full-service community bank, and through two financial services companies. NBT Bank, N.A. has 140 banking locations in New York, Pennsylvania, Vermont, Massachusetts, New Hampshire, Maine and Connecticut. EPIC Retirement Plan Services, based in Rochester, NY, is a national benefits administration firm. NBT Insurance Agency, LLC, based in Norwich, NY, is a full-service insurance agency. More information about NBT and its divisions is available online at: www.nbtbancorp.com, www.nbtbank.com, www.epicrps.com and www.nbtinsurance.com.

6
Forward-Looking Statements
 
This press release 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,” “should,” “could,” “may,” or other similar terms. There are a number of factors, many of which are beyond the Company’s control, that could cause actual results to differ materially from those contemplated by the forward-looking statements. Factors that may cause actual results to differ materially from those contemplated by such forward-looking statements include, among others, the following possibilities: (1) local, regional, national and international economic conditions and the impact they may have on the Company and its customers and the Company’s assessment of that impact; (2) changes in the level of nonperforming assets and charge-offs; (3) changes in estimates of future reserve requirements based upon the periodic review thereof under relevant regulatory and accounting requirements; (4) the effects of and changes in trade and monetary and fiscal policies and laws, including the interest rate policies of the Federal Reserve Board (“FRB”); (5) inflation, interest rate, securities market and monetary fluctuations; (6) political instability; (7) acts of war, including international military conflicts, or terrorism; (8) the timely development and acceptance of new products and services and perceived overall value of these products and services by users; (9) changes in consumer spending, borrowings and savings habits; (10) changes in the financial performance and/or condition of the Company’s borrowers; (11) technological changes; (12) acquisitions and integration of acquired businesses; (13) the ability to increase market share and control expenses; (14) changes in the competitive environment among financial holding companies; (15) the effect of changes in laws and regulations (including laws and regulations concerning taxes, banking, securities and insurance) with which the Company and its subsidiaries must comply, including those under the Dodd-Frank Act, Economic Growth, Regulatory Relief, Consumer Protection Act of 2018, Coronavirus Aid, Relief and Economic Security Act (“CARES Act”), and other legislative and regulatory responses to the coronavirus (“COVID-19”) pandemic; (16) the effect of changes in accounting policies and practices, as may be adopted by the regulatory agencies, as well as the Public Company Accounting Oversight Board, the Financial Accounting Standards Board (“FASB”) and other accounting standard setters; (17) changes in the Company’s organization, compensation and benefit plans; (18) the costs and effects of legal and regulatory developments, including the resolution of legal proceedings or regulatory or other governmental inquiries, and the results of regulatory examinations or reviews; (19) greater than expected costs or difficulties related to the integration of new products and lines of business; (20) the adverse impact on the U.S. economy, including the markets in which we operate, of the COVID-19 global pandemic; and (21) the Company’s success at managing the risks involved in the foregoing items.

The Company cautions readers not to place undue reliance on any forward-looking statements, which speak only as of the date made, and advises readers that various factors including, but not limited to, those described above and other factors discussed in the Company’s annual and quarterly reports previously filed with the SEC, could affect the Company’s financial performance and could cause the Company’s actual results or circumstances for future periods to differ materially from those anticipated or projected.

Unless required by law, the Company does not undertake, and specifically disclaims any obligations to, publicly release any revisions that may be made to any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements.

7
Non-GAAP Measures

This press release contains financial information determined by methods other than in accordance with accounting principles generally accepted in the United States of America (“GAAP”). Where non-GAAP disclosures are used in this press release, the comparable GAAP measure, as well as a reconciliation to the comparable GAAP measure, is provided in the accompanying tables. Management believes that these non-GAAP measures provide useful information that is important to an understanding of the results of the Company’s core business as well as provide information standard in the financial institution industry. Non-GAAP measures should not be considered a substitute for financial measures determined in accordance with GAAP and investors should consider the Company’s performance and financial condition as reported under GAAP and all other relevant information when assessing the performance or financial condition of the Company. Amounts previously reported in the consolidated financial statements are reclassified whenever necessary to conform to current period presentation.

8
NBT Bancorp Inc. and Subsidiaries
                              
Selected Financial Data
                              
(unaudited, dollars in thousands except per share data)
                          
                               
   
2022
    
2021
  
   
4th Q
    
3rd Q
    
2nd Q
    
1st Q
    
4th Q
  
Profitability:
                              
Diluted earnings per share
  
$
0.84
    
$
0.90
    
$
0.88
    
$
0.90
    
$
0.86
  
Weighted average diluted common shares outstanding
    
43,144,666
      
43,110,932
      
43,092,851
      
43,385,451
      
43,574,539
  
Return on average assets3
    
1.23
%
    
1.33
%
    
1.28
%
    
1.32
%
    
1.23
%
Return on average equity3
    
12.30
%
    
12.87
%
    
12.73
%
    
12.78
%
    
11.89
%
Return on average tangible common equity1 3
    
16.54
%
    
17.12
%
    
17.00
%
    
16.87
%
    
15.70
%
Net interest margin1 3
    
3.68
%
    
3.51
%
    
3.21
%
    
2.95
%
    
3.08
%
                                         
     12 Months Ended December 31, 
                         
     
2022
      
2021
                          
Profitability:
                                        
Diluted earnings per share
  
$
3.52
    
$
3.54
                          
Weighted average diluted common shares outstanding
    
43,181,312
      
43,718,804
                          
Return on average assets
    
1.29
%
    
1.33
%
                        
Return on average equity
    
12.67
%
    
12.71
%
                        
Return on average tangible common equity1
    
16.89
%
    
16.92
%
                        
Net interest margin1
    
3.34
%
    
3.03
%
                        
                                         
     
2022
      
2021
  
   
4th Q
    
3rd Q
    
2nd Q
    
1st Q
    
4th Q
  
Balance sheet data:
                                        
Short-term interest-bearing accounts
  
$
30,862
    
$
97,303
    
$
328,593
    
$
913,315
    
$
1,111,296
  
Securities available for sale
    
1,527,225
      
1,556,501
      
1,619,356
      
1,662,697
      
1,687,361
  
Securities held to maturity
    
919,517
      
929,541
      
936,512
      
895,005
      
733,210
  
Net loans
    
8,049,347
      
7,807,984
      
7,684,081
      
7,559,826
      
7,406,459
  
Total assets
    
11,739,296
      
11,640,742
      
11,720,459
      
12,147,833
      
12,012,111
  
Total deposits
    
9,495,933
      
9,918,751
      
10,028,708
      
10,461,623
      
10,234,469
  
Total borrowings
    
787,950
      
277,889
      
265,796
      
278,788
      
311,476
  
Total liabilities
    
10,565,742
      
10,484,196
      
10,531,903
      
10,945,583
      
10,761,658
  
Stockholders' equity
    
1,173,554
      
1,156,546
      
1,188,556
      
1,202,250
      
1,250,453
  
                                         
Capital:
                                        
Equity to assets
    
10.00
%
    
9.94
%
    
10.14
%
    
9.90
%
    
10.41
%
Tangible equity ratio1
    
7.73
%
    
7.64
%
    
7.87
%
    
7.70
%
    
8.20
%
Book value per share
  
$
27.38
    
$
27.00
    
$
27.75
    
$
27.96
    
$
28.97
  
Tangible book value per share2
  
$
20.65
    
$
20.25
    
$
20.99
    
$
21.25
    
$
22.26
  
Leverage ratio
    
10.32
%
    
10.21
%
    
9.77
%
    
9.52
%
    
9.41
%
Common equity tier 1 capital ratio
    
12.12
%
    
12.17
%
    
12.14
%
    
12.23
%
    
12.25
%
Tier 1 capital ratio
    
13.19
%
    
13.27
%
    
13.27
%
    
13.39
%
    
13.43
%
Total risk-based capital ratio
    
15.38
%
    
15.50
%
    
15.50
%
    
15.64
%
    
15.73
%
Common stock price (end of period)
  
$
43.42
    
$
37.95
    
$
37.59
    
$
36.13
    
$
38.52
  

9
NBT Bancorp Inc. and Subsidiaries
                              
Asset Quality and Consolidated Loan Balances
                              
(unaudited, dollars in thousands)
                              
                               
   
2022
    
2021
  
   
4th Q
    
3rd Q
    
2nd Q
    
1st Q
    
4th Q
  
Asset quality:
                              
Nonaccrual loans
  
$
17,233
    
$
19,098
    
$
23,673
    
$
25,812
    
$
30,285
  
90 days past due and still accruing
    
3,823
      
2,732
      
2,096
      
1,944
      
2,458
  
Total nonperforming loans
    
21,056
      
21,830
      
25,769
      
27,756
      
32,743
  
Other real estate owned
    
105
      
-
      
-
      
-
      
167
  
Total nonperforming assets
    
21,161
      
21,830
      
25,769
      
27,756
      
32,910
  
Allowance for loan losses
    
100,800
      
96,800
      
93,600
      
90,000
      
92,000
  
                                         
Asset quality ratios (total):
                                        
Allowance for loan losses to total loans
    
1.24
%
    
1.22
%
    
1.20
%
    
1.18
%
    
1.23
%
Total nonperforming loans to total loans
    
0.26
%
    
0.28
%
    
0.33
%
    
0.36
%
    
0.44
%
Total nonperforming assets to total assets
    
0.18
%
    
0.19
%
    
0.22
%
    
0.23
%
    
0.27
%
Allowance for loan losses to total nonperforming loans
    
478.72
%
    
443.43
%
    
363.23
%
    
324.25
%
    
280.98
%
Past due loans to total loans4
    
0.33
%
    
0.30
%
    
0.40
%
    
0.24
%
    
0.29
%
Net charge-offs to average loans3
    
0.18
%
    
0.07
%
    
0.04
%
    
0.14
%
    
0.22
%
                                         
Asset quality ratios (excluding paycheck protection program):
                                  
Allowance for loan losses to total loans
    
1.24
%
    
1.23
%
    
1.21
%
    
1.18
%
    
1.24
%
Total nonperforming loans to total loans
    
0.26
%
    
0.28
%
    
0.33
%
    
0.37
%
    
0.44
%
Total nonperforming assets to total assets
    
0.18
%
    
0.19
%
    
0.22
%
    
0.23
%
    
0.28
%
Allowance for loan losses to total nonperforming loans
    
478.72
%
    
443.43
%
    
363.27
%
    
324.24
%
    
280.96
%
Past due loans to total loans4
    
0.33
%
    
0.29
%
    
0.40
%
    
0.25
%
    
0.29
%
Net charge-offs to average loans3
    
0.18
%
    
0.07
%
    
0.04
%
    
0.14
%
    
0.22
%
                                         
     
2022
      
2021
  
Net charge-offs by line of business:
  
4th Q
    
3rd Q
    
2nd Q
    
1st Q
    
4th Q
  
Commercial & industrial
  
$
(45
)
  
$
(1,045
)
  
$
(298
)
  
$
139
    
$
1,929
  
Commercial real estate
    
8
      
324
      
(246
)
    
346
      
372
  
Residential real estate and home equity
    
(79
)
    
(56
)
    
(210
)
    
163
      
51
  
Indirect auto
    
445
      
222
      
163
      
135
      
(58
)
Residential solar
    
596
      
43
      
153
      
132
      
170
  
Other consumer
    
2,752
      
1,796
      
1,228
      
1,681
      
1,633
  
Total net charge-offs
  
$
3,677
    
$
1,284
    
$
790
    
$
2,596
    
$
4,097
  
                                         
     
2022
      
2021
  
   
4th Q
    
3rd Q
    
2nd Q
    
1st Q
    
4th Q
  
Allowance for loan losses as a percentage of loans by segment:
                          
Commercial & industrial
    
0.82
%
    
0.80
%
    
0.75
%
    
0.66
%
    
0.78
%
Commercial real estate
    
0.91
%
    
0.88
%
    
0.89
%
    
0.79
%
    
0.78
%
Paycheck protection program
    
0.01
%
    
0.01
%
    
0.01
%
    
0.01
%
    
0.01
%
Residential real estate
    
0.72
%
    
0.74
%
    
0.79
%
    
0.88
%
    
0.92
%
Auto
    
0.81
%
    
0.78
%
    
0.79
%
    
0.76
%
    
0.79
%
Residential solar
    
3.21
%
    
3.08
%
    
3.00
%
    
2.97
%
    
3.04
%
Other consumer
    
6.27
%
    
6.67
%
    
6.19
%
    
6.24
%
    
6.66
%
Total
    
1.24
%
    
1.22
%
    
1.20
%
    
1.18
%
    
1.23
%
Total excluding PPP loans
    
1.24
%
    
1.23
%
    
1.21
%
    
1.18
%
    
1.24
%
                                         
     
2022
      
2021
  
Loans by line of business:
  
4th Q
    
3rd Q
    
2nd Q
    
1st Q
    
4th Q
  
Commercial & industrial
  
$
1,265,082
    
$
1,258,871
    
$
1,298,072
    
$
1,214,834
    
$
1,155,240
  
Commercial real estate
    
2,807,941
      
2,724,728
      
2,670,633
      
2,709,611
      
2,655,367
  
Paycheck protection program
    
949
      
3,328
      
17,286
      
50,977
      
101,222
  
Residential real estate
    
1,649,870
      
1,626,528
      
1,606,188
      
1,584,551
      
1,571,232
  
Indirect auto
    
989,587
      
952,757
      
936,516
      
890,643
      
859,454
  
Residential solar
    
856,798
      
728,898
      
599,565
      
514,526
      
440,016
  
Home equity
    
314,124
      
313,557
      
313,395
      
319,180
      
330,357
  
Other consumer
    
265,796
      
296,117
      
336,026
      
365,504
      
385,571
  
Total loans
  
$
8,150,147
    
$
7,904,784
    
$
7,777,681
    
$
7,649,826
    
$
7,498,459
  
                                         
PPP income recognized
  
$
71
    
$
320
    
$
1,301
    
$
1,976
    
$
7,545
  
PPP unamortized fees
  
$
45
    
$
108
    
$
414
    
$
1,629
    
$
3,420
  

10
NBT Bancorp Inc. and Subsidiaries
            
Consolidated Balance Sheets
            
(unaudited, dollars in thousands)
            
             
   
December 31,
    
December 31,
  
Assets
  
2022
    
2021
  
Cash and due from banks
  
$
166,488
    
$
157,775
  
Short-term interest-bearing accounts
    
30,862
      
1,111,296
  
Equity securities, at fair value
    
30,784
      
33,550
  
Securities available for sale, at fair value
    
1,527,225
      
1,687,361
  
Securities held to maturity (fair value $812,647 and $735,260, respectively)
    
919,517
      
733,210
  
Federal Reserve and Federal Home Loan Bank stock
    
44,713
      
25,098
  
Loans held for sale
    
562
      
830
  
Loans
    
8,150,147
      
7,498,459
  
Less allowance for loan losses
    
100,800
      
92,000
  
Net loans
  
$
8,049,347
    
$
7,406,459
  
Premises and equipment, net
    
69,047
      
72,093
  
Goodwill
    
281,204
      
280,541
  
Intangible assets, net
    
7,341
      
8,927
  
Bank owned life insurance
    
232,409
      
228,238
  
Other assets
    
379,797
      
266,733
  
Total assets
  
$
11,739,296
    
$
12,012,111
  
                 
Liabilities and stockholders' equity
                
Demand (noninterest bearing)
  
$
3,617,324
    
$
3,689,556
  
Savings, NOW and money market
    
5,444,837
      
6,043,441
  
Time
    
433,772
      
501,472
  
Total deposits
  
$
9,495,933
    
$
10,234,469
  
Short-term borrowings
    
585,012
      
97,795
  
Long-term debt
    
4,815
      
13,995
  
Subordinated debt, net
    
96,927
      
98,490
  
Junior subordinated debt
    
101,196
      
101,196
  
Other liabilities
    
281,859
      
215,713
  
Total liabilities
  
$
10,565,742
    
$
10,761,658
  
                 
Total stockholders' equity
  
$
1,173,554
    
$
1,250,453
  
                 
Total liabilities and stockholders' equity
  
$
11,739,296
    
$
12,012,111
  

11
NBT Bancorp Inc. and Subsidiaries
                        
Consolidated Statements of Income
                        
(unaudited, dollars in thousands except per share data)
              
                         
   
Three Months Ended
    
Twelve Months Ended
  
   
December 31,
    
December 31,
  
   
2022
    
2021
    
2022
    
2021
  
Interest, fee and dividend income
                        
Interest and fees on loans
  
$
95,620
    
$
79,470
    
$
332,768
    
$
302,175
  
Securities available for sale
    
7,831
      
6,101
      
29,653
      
23,305
  
Securities held to maturity
    
5,050
      
3,097
      
17,582
      
12,551
  
Other
    
671
      
639
      
4,067
      
1,845
  
Total interest, fee and dividend income
  
$
109,172
    
$
89,307
    
$
384,070
    
$
339,876
  
Interest expense
                                
Deposits
  
$
4,092
    
$
2,132
    
$
9,923
    
$
10,714
  
Short-term borrowings
    
2,510
      
28
      
2,623
      
158
  
Long-term debt
    
21
      
88
      
161
      
389
  
Subordinated debt
    
1,346
      
1,360
      
5,424
      
5,437
  
Junior subordinated debt
    
1,424
      
518
      
3,749
      
2,090
  
Total interest expense
  
$
9,393
    
$
4,126
    
$
21,880
    
$
18,788
  
Net interest income
  
$
99,779
    
$
85,181
    
$
362,190
    
$
321,088
  
Provision for loan losses
    
7,677
      
3,097
      
17,147
      
(8,257)
  
Net interest income after provision for loan losses
  
$
92,102
    
$
82,084
    
$
345,043
    
$
329,345
  
Noninterest income
                                
Service charges on deposit accounts
  
$
3,598
    
$
3,804
    
$
14,630
    
$
13,348
  
Card services income
    
4,958
      
8,847
      
29,058
      
34,682
  
Retirement plan administration fees
    
10,661
      
11,816
      
48,112
      
42,188
  
Wealth management
    
8,017
      
8,619
      
33,311
      
33,718
  
Insurance services
    
3,438
      
3,394
      
14,696
      
14,083
  
Bank owned life insurance income
    
1,419
      
1,629
      
6,044
      
6,217
  
Net securities (losses) gains
    
(217
)
    
(2
)
    
(1,131
)
    
566
  
Other
    
2,217
      
3,004
      
10,858
      
12,992
  
Total noninterest income
  
$
34,091
    
$
41,111
    
$
155,578
    
$
157,794
  
Noninterest expense
                                
Salaries and employee benefits
  
$
47,235
    
$
44,118
    
$
187,830
    
$
172,580
  
Technology and data services
    
9,124
      
8,563
      
35,712
      
34,717
  
Occupancy
    
6,521
      
6,635
      
26,282
      
26,048
  
Professional fees and outside services
    
4,811
      
4,903
      
16,810
      
16,306
  
Office supplies and postage
    
1,699
      
1,528
      
6,140
      
6,006
  
FDIC expense
    
798
      
798
      
3,197
      
3,041
  
Advertising
    
879
      
1,019
      
2,822
      
2,521
  
Amortization of intangible assets
    
539
      
651
      
2,264
      
2,808
  
Loan collection and other real estate owned, net
    
957
      
956
      
2,647
      
2,915
  
Merger expenses
    
967
      
-
      
967
      
-
  
Other
    
5,979
      
5,934
      
19,794
      
20,339
  
Total noninterest expense
  
$
79,509
    
$
75,105
    
$
304,465
    
$
287,281
  
Income before income tax expense
  
$
46,684
    
$
48,090
    
$
196,156
    
$
199,858
  
Income tax expense
    
10,563
      
10,780
      
44,161
      
44,973
  
Net income
  
$
36,121
    
$
37,310
    
$
151,995
    
$
154,885
  
Earnings Per Share
                                
Basic
  
$
0.84
    
$
0.86
    
$
3.54
    
$
3.57
  
Diluted
  
$
0.84
    
$
0.86
    
$
3.52
    
$
3.54
  

12
NBT Bancorp Inc. and Subsidiaries
                              
Quarterly Consolidated Statements of Income
                          
(unaudited, dollars in thousands except per share data)
                    
                               
   
2022
    
2021
  
   
4th Q
    
3rd Q
    
2nd Q
    
1st Q
    
4th Q
  
Interest, fee and dividend income
                              
Interest and fees on loans
  
$
95,620
    
$
85,266
    
$
78,539
    
$
73,343
    
$
79,470
  
Securities available for sale
    
7,831
      
7,665
      
7,317
      
6,840
      
6,101
  
Securities held to maturity
    
5,050
      
4,854
      
4,185
      
3,493
      
3,097
  
Other
    
671
      
1,429
      
1,442
      
525
      
639
  
Total interest, fee and dividend income
  
$
109,172
    
$
99,214
    
$
91,483
    
$
84,201
    
$
89,307
  
Interest expense
                                        
Deposits
  
$
4,092
    
$
2,233
    
$
1,756
    
$
1,842
    
$
2,132
  
Short-term borrowings
    
2,510
      
84
      
13
      
16
      
28
  
Long-term debt
    
21
      
20
      
33
      
87
      
88
  
Subordinated debt
    
1,346
      
1,360
      
1,359
      
1,359
      
1,360
  
Junior subordinated debt
    
1,424
      
1,039
      
737
      
549
      
518
  
Total interest expense
  
$
9,393
    
$
4,736
    
$
3,898
    
$
3,853
    
$
4,126
  
Net interest income
  
$
99,779
    
$
94,478
    
$
87,585
    
$
80,348
    
$
85,181
  
Provision for loan losses
    
7,677
      
4,484
      
4,390
      
596
      
3,097
  
Net interest income after provision for loan losses
  
$
92,102
    
$
89,994
    
$
83,195
    
$
79,752
    
$
82,084
  
Noninterest income
                                        
Service charges on deposit accounts
  
$
3,598
    
$
3,581
    
$
3,763
    
$
3,688
    
$
3,804
  
Card services income
    
4,958
      
5,654
      
9,751
      
8,695
      
8,847
  
Retirement plan administration fees
    
10,661
      
11,496
      
12,676
      
13,279
      
11,816
  
Wealth management
    
8,017
      
8,402
      
8,252
      
8,640
      
8,619
  
Insurance services
    
3,438
      
3,892
      
3,578
      
3,788
      
3,394
  
Bank owned life insurance income
    
1,419
      
1,560
      
1,411
      
1,654
      
1,629
  
Net securities (losses)
    
(217
)
    
(148
)
    
(587
)
    
(179
)
    
(2)
  
Other
    
2,217
      
2,735
      
2,812
      
3,094
      
3,004
  
Total noninterest income
  
$
34,091
    
$
37,172
    
$
41,656
    
$
42,659
    
$
41,111
  
Noninterest expense
                                        
Salaries and employee benefits
  
$
47,235
    
$
48,371
    
$
46,716
    
$
45,508
    
$
44,118
  
Technology and data services
    
9,124
      
9,096
      
8,945
      
8,547
      
8,563
  
Occupancy
    
6,521
      
6,481
      
6,487
      
6,793
      
6,635
  
Professional fees and outside services
    
4,811
      
3,817
      
3,906
      
4,276
      
4,903
  
Office supplies and postage
    
1,699
      
1,469
      
1,548
      
1,424
      
1,528
  
FDIC expense
    
798
      
787
      
810
      
802
      
798
  
Advertising
    
879
      
559
      
730
      
654
      
1,019
  
Amortization of intangible assets
    
539
      
544
      
545
      
636
      
651
  
Loan collection and other real estate owned, net
    
957
      
549
      
757
      
384
      
956
  
Merger expenses
    
967
      
-
      
-
      
-
      
-
  
Other
    
5,979
      
5,021
      
5,675
      
3,119
      
5,934
  
Total noninterest expense
  
$
79,509
    
$
76,694
    
$
76,119
    
$
72,143
    
$
75,105
  
Income before income tax expense
  
$
46,684
    
$
50,472
    
$
48,732
    
$
50,268
    
$
48,090
  
Income tax expense
    
10,563
      
11,499
      
10,957
      
11,142
      
10,780
  
Net income
  
$
36,121
    
$
38,973
    
$
37,775
    
$
39,126
    
$
37,310
  
Earnings Per Share
                                        
Basic
  
$
0.84
    
$
0.91
    
$
0.88
    
$
0.91
    
$
0.86
  
Diluted
  
$
0.84
    
$
0.90
    
$
0.88
    
$
0.90
    
$
0.86
  

13
NBT Bancorp Inc. and Subsidiaries
                                                          
Average Quarterly Balance Sheets
                                                        
(unaudited, dollars in thousands)
                                                        
                                                             
   
Average Balance
    
Yield /
Rates
    
Average Balance
    
Yield /
Rates
    
Average Balance
    
Yield /
Rates
    
Average Balance
    
Yield /
Rates
    
Average Balance
    
Yield /
Rates
  
 
Q4 - 2022
  
Q3 - 2022
    
Q2 - 2022
  
Q1 - 2022
    
Q4 - 2021
Assets
                                                                      
Short-term interest-bearing accounts
  
$
39,573
      
3.31
%
  
$
191,463
      
2.51
%
  
$
553,548
      
0.82
%
  
$
990,319
      
0.17
%
  
$
1,145,794
      
0.16
%
Securities taxable1
    
2,480,959
      
1.88
%
    
2,491,315
      
1.83
%
    
2,439,960
      
1.74
%
    
2,284,578
      
1.67
%
    
2,081,796
      
1.57
%
Securities tax-exempt 1 5
    
208,238
      
2.68
%
    
211,306
      
2.47
%
    
256,799
      
1.83
%
    
258,513
      
1.84
%
    
257,320
      
1.85
%
FRB and FHLB stock
    
32,903
      
4.11
%
    
25,182
      
3.47
%
    
24,983
      
5.03
%
    
25,026
      
1.98
%
    
25,149
      
2.74
%
Loans1 6
    
8,039,442
      
4.72
%
    
7,808,025
      
4.34
%
    
7,707,730
      
4.09
%
    
7,530,674
      
3.95
%
    
7,507,165
      
4.20
%
Total interest-earning assets
  
$
10,801,115
      
4.02
%
  
$
10,727,291
      
3.68
%
  
$
10,983,020
      
3.35
%
  
$
11,089,110
      
3.09
%
  
$
11,017,224
      
3.23
%
Other assets
    
855,410
              
887,378
              
883,498
              
947,578
              
982,136
          
Total assets
  
$
11,656,525
      


 
$
11,614,669
            
$
11,866,518
            
$
12,036,688
            
$
11,999,360
          
Liabilities and stockholders' equity
                                                                          
Money market deposit accounts
  
$
2,169,192
      
0.39
%
  
$
2,332,341
      
0.15
%
  
$
2,577,367
      
0.14
%
  
$
2,720,338
      
0.15
%
  
$
2,678,477
      
0.16
%
NOW deposit accounts
    
1,604,096
      
0.33
%
    
1,548,115
      
0.21
%
    
1,580,132
      
0.07
%
    
1,583,091
      
0.05
%
    
1,551,846
      
0.05
%
Savings deposits
    
1,823,056
      
0.03
%
    
1,854,122
      
0.03
%
    
1,845,128
      
0.03
%
    
1,794,549
      
0.03
%
    
1,725,004
      
0.05
%
Time deposits
    
432,110
      
0.41
%
    
455,168
      
0.35
%
    
478,531
      
0.37
%
    
494,632
      
0.40
%
    
537,875
      
0.46
%
Total interest-bearing deposits
  
$
6,028,454
      
0.27
%
  
$
6,189,746
      
0.14
%
  
$
6,481,158
      
0.11
%
  
$
6,592,610
      
0.11
%
  
$
6,493,202
      
0.13
%
Federal funds purchased
    
56,576
      
4.03
%
    
1,522
      
3.39
%
    
-
      
-
      
-
      
-
      
65
      
-
  
Repurchase agreements
    
76,334
      
0.11
%
    
69,048
      
0.10
%
    
60,061
      
0.09
%
    
72,768
      
0.09
%
    
97,389
      
0.11
%
Short-term borrowings
    
177,533
      
4.28
%
    
6,440
      
3.33
%
    
-
      
-
      
-
      
-
      
1
      
-
  
Long-term debt
    
3,817
      
2.18
%
    
3,331
      
2.38
%
    
5,336
      
2.48
%
    
13,979
      
2.52
%
    
14,004
      
2.49
%
Subordinated debt, net
    
97,839
      
5.46
%
    
98,748
      
5.46
%
    
98,642
      
5.53
%
    
98,531
      
5.59
%
    
98,422
      
5.48
%
Junior subordinated debt
    
101,196
      
5.58
%
    
101,196
      
4.07
%
    
101,196
      
2.92
%
    
101,196
      
2.20
%
    
101,196
      
2.03
%
Total interest-bearing liabilities
  
$
6,541,749
      
0.57
%
  
$
6,470,031
      
0.29
%
  
$
6,746,393
      
0.23
%
  
$
6,879,084
      
0.23
%
  
$
6,804,279
      
0.24
%
Demand deposits
    
3,658,965
              
3,708,131
              
3,711,049
              
3,710,124
              
3,719,070
          
Other liabilities
    
290,895
              
234,851
              
218,491
              
206,292
              
231,260
          
Stockholders' equity
    
1,164,916
              
1,201,656
              
1,190,585
              
1,241,188
              
1,244,751
          
Total liabilities and stockholders' equity
  
$
11,656,525
            
$
11,614,669
            
$
11,866,518
            
$
12,036,688
            
$
11,999,360
          
Interest rate spread
            
3.45
%
            
3.39
%
            
3.12
%
            
2.86
%
            
2.99
%
Net interest margin (FTE)1
            
3.68
%
            
3.51
%
            
3.21
%
            
2.95
%
            
3.08
%

14
NBT Bancorp Inc. and Subsidiaries
                                    
Average Year-to-Date Balance Sheets
                                
(unaudited, dollars in thousands)
                                    
                                     
   
Average
          
Yield/
    
Average
          
Yield/
  
   
Balance
    
Interest
    
Rates
    
Balance
    
Interest
    
Rates
  
Twelve Months Ended December 31,
  
2022
    
2021
Assets
                                    
Short-term interest-bearing accounts
  
$
440,429
    
$
3,072
      
0.70
%
  
$
932,086
    
$
1,229
      
0.13
%
Securities taxable1
    
2,424,925
      
43,229
      
1.78
%
    
1,910,641
      
31,962
      
1.67
%
Securities tax-exempt 1 5
    
233,515
      
5,070
      
2.17
%
    
220,759
      
4,929
      
2.23
%
FRB and FHLB stock
    
27,040
      
995
      
3.68
%
    
25,255
      
616
      
2.44
%
Loans1 6
    
7,772,962
      
333,008
      
4.28
%
    
7,543,149
      
302,331
      
4.01
%
Total interest-earning assets
  
$
10,898,871
    
$
385,374
      
3.54
%
  
$
10,631,890
    
$
341,067
      
3.21
%
Other assets
    
893,197
                      
983,809
                  
Total assets
  
$
11,792,068
                    
$
11,615,699
                  
Liabilities and stockholders' equity
                                                
Money market deposit accounts
  
$
2,447,978
    
$
4,955
      
0.20
%
  
$
2,587,748
    
$
5,117
      
0.20
%
NOW deposit accounts
    
1,578,831
      
2,600
      
0.16
%
    
1,452,560
      
738
      
0.05
%
Savings deposits
    
1,829,360
      
592
      
0.03
%
    
1,656,893
      
829
      
0.05
%
Time deposits
    
464,912
      
1,776
      
0.38
%
    
577,150
      
4,030
      
0.70
%
Total interest-bearing deposits
  
$
6,321,081
    
$
9,923
      
0.16
%
  
$
6,274,351
    
$
10,714
      
0.17
%
Federal funds purchased
    
14,644
      
588
      
4.02
%
    
17
      
-
      
-
  
Repurchase agreements
    
69,561
      
67
      
0.10
%
    
100,519
      
132
      
0.13
%
Short-term borrowings
    
46,371
      
1,968
      
4.24
%
    
1,302
      
26
      
2.00
%
Long-term debt
    
6,579
      
161
      
2.45
%
    
15,479
      
389
      
2.51
%
Subordinated debt, net
    
98,439
      
5,424
      
5.51
%
    
98,259
      
5,437
      
5.53
%
Junior subordinated debt
    
101,196
      
3,749
      
3.70
%
    
101,196
      
2,090
      
2.07
%
Total interest-bearing liabilities
  
$
6,657,871
    
$
21,880
      
0.33
%
  
$
6,591,123
    
$
18,788
      
0.29
%
Demand deposits
    
3,696,957
                      
3,565,693
                  
Other liabilities
    
237,857
                      
240,434
                  
Stockholders' equity
    
1,199,383
                      
1,218,449
                  
Total liabilities and stockholders' equity
  
$
11,792,068
                    
$
11,615,699
                  
  Net interest income (FTE)1
          
$
363,494
                    
$
322,279
          
Interest rate spread
                    
3.21
%
                    
2.92
%
Net interest margin (FTE)1
                    
3.34
%
                    
3.03
%
Taxable equivalent adjustment
          
$
1,304
                    
$
1,191
          
Net interest income
          
$
362,190
                    
$
321,088
          

15
1
The following tables provide the Non-GAAP reconciliations for the Non-GAAP measures contained in this release:

Non-GAAP measures
                              
(unaudited, dollars in thousands)
                              
                               
Pre-provision net revenue ("PPNR")
    
2022
      
2021
  
   
4th Q
    
3rd Q
    
2nd Q
    
1st Q
    
4th Q
  
Net income
  
$
36,121
    
$
38,973
    
$
37,775
    
$
39,126
    
$
37,310
  
Income tax expense
    
10,563
      
11,499
      
10,957
      
11,142
      
10,780
  
Provision for loan losses
    
7,677
      
4,484
      
4,390
      
596
      
3,097
  
FTE adjustment
    
392
      
337
      
290
      
285
      
292
  
Net securities losses
    
217
      
148
      
587
      
179
      
2
  
Provision for unfunded loan commitments reserve
    
(185
)
    
225
      
240
      
(260
)
    
(250
)
Merger expense
    
967
      
-
      
-
      
-
      
-
  
Nonrecurring expense
    
-
      
-
      
-
      
(172
)
    
250
  
 PPNR
  
$
55,752
    
$
55,666
    
$
54,239
    
$
50,896
    
$
51,481
  
                                         
Average assets
  
$
11,656,525
    
$
11,614,669
    
$
11,866,518
    
$
12,036,688
    
$
11,999,360
  
                                         
Return on average assets3
    
1.23
%
    
1.33
%
    
1.28
%
    
1.32
%
    
1.23
%
PPNR return on average assets3
    
1.90
%
    
1.90
%
    
1.83
%
    
1.71
%
    
1.70
%
                                         
    12 Months Ended December 31,                          
     
2022
      
2021
                          
Net income
  
$
151,995
    
$
154,885
                          
Income tax expense
    
44,161
      
44,973
                          
Provision for loan losses
    
17,147
      
(8,257
)
                        
FTE adjustment
    
1,304
      
1,191
                          
Net securities losses (gains)
    
1,131
      
(566
)
                        
Provision for unfunded loan commitments reserve
    
20
      
(1,300
)
                        
Merger expense
    
967
      
-
                          
Nonrecurring expense
    
(172
)
    
4,418
                          
 PPNR
  
$
216,553
    
$
195,344
                          
                                         
Average Assets
  
$
11,792,068
    
$
11,615,699
                          
                                         
Return on average assets
    
1.29
%
    
1.33
%
                        
PPNR return on average assets
    
1.84
%
    
1.68
%
                        

PPNR is a Non-GAAP financial measure that management believes is useful in evaluating the underlying operating results of the Company excluding the volatility in the provision for loan losses, net securities gains (losses) and non-recurring income and/or expense.

FTE adjustment
    
2022
      
2021
  
   
4th Q
    
3rd Q
    
2nd Q
    
1st Q
    
4th Q
  
Net interest income
  
$
99,779
    
$
94,478
    
$
87,585
    
$
80,348
    
$
85,181
  
Add: FTE adjustment
    
392
      
337
      
290
      
285
      
292
  
Net interest income (FTE)
  
$
100,171
    
$
94,815
    
$
87,875
    
$
80,633
    
$
85,473
  
Average earning assets
  
$
10,801,115
    
$
10,727,291
    
$
10,983,020
    
$
11,089,110
    
$
11,017,224
  
Net interest margin (FTE)3
    
3.68
%
    
3.51
%
    
3.21
%
    
2.95
%
    
3.08
%
                                         
      12 Months Ended December 31,
                        
     
2022
      
2021
                          
Net interest income
  
$
362,190
    
$
321,088
                          
Add: FTE adjustment
    
1,304
      
1,191
                          
Net interest income (FTE)
  
$
363,494
    
$
322,279
                          
Average earning assets
  
$
10,898,871
    
$
10,631,890
                          
Net interest margin (FTE)
    
3.34
%
    
3.03
%
                        

Interest income for tax-exempt securities and loans have been adjusted to a FTE basis using the statutory Federal income tax rate of 21%.

16
1
The following tables provide the Non-GAAP reconciliations for the Non-GAAP measures contained in this release:

Non-GAAP measures
                              
(unaudited, dollars in thousands)
                              
                               
Tangible equity to tangible assets
    
2022
      
2021
  
   
4th Q
    
3rd Q
    
2nd Q
    
1st Q
    
4th Q
  
Total equity
  
$
1,173,554
    
$
1,156,546
    
$
1,188,556
    
$
1,202,250
    
$
1,250,453
  
Intangible assets
    
288,545
      
289,083
      
289,259
      
288,832
      
289,468
  
Total assets
  
$
11,739,296
    
$
11,640,742
    
$
11,720,459
    
$
12,147,833
    
$
12,012,111
  
Tangible equity to tangible assets
    
7.73
%
    
7.64
%
    
7.87
%
    
7.70
%
    
8.20
%
                                         
Return on average tangible common equity
    
2022
      
2021
  
   
4th Q
    
3rd Q
    
2nd Q
    
1st Q
    
4th Q
  
Net income
  
$
36,121
    
$
38,973
    
$
37,775
    
$
39,126
    
$
37,310
  
Amortization of intangible assets (net of tax)
    
404
      
408
      
409
      
477
      
488
  
Net income, excluding intangibles amortization
  
$
36,525
    
$
39,381
    
$
38,184
    
$
39,603
    
$
37,798
  
                                         
Average stockholders' equity
  
$
1,164,916
    
$
1,201,656
    
$
1,190,585
    
$
1,241,188
    
$
1,244,751
  
Less: average goodwill and other intangibles
    
288,856
      
289,296
      
289,584
      
289,218
      
289,834
  
Average tangible common equity
  
$
876,060
    
$
912,360
    
$
901,001
    
$
951,970
    
$
954,917
  
Return on average tangible common equity3
    
16.54
%
    
17.12
%
    
17.00
%
    
16.87
%
    
15.70
%
                                         
    12 Months Ended December 31,                        
     
2022
      
2021
                          
Net income
  
$
151,995
    
$
154,885
                          
Amortization of intangible assets (net of tax)
    
1,698
      
2,106
                          
Net income, excluding intangibles amortization
  
$
153,693
    
$
156,991
                          
                                         
Average stockholders' equity
  
$
1,199,383
    
$
1,218,449
                          
Less: average goodwill and other intangibles
    
289,238
      
290,838
                          
Average tangible common equity
  
$
910,145
    
$
927,611
                          
Return on average tangible common equity
    
16.89
%
    
16.92
%
                        

2
Non-GAAP measure - Stockholders' equity less goodwill and intangible assets divided by common shares outstanding.
3
Annualized.
4
Total past due loans, defined as loans 30 days or more past due and in an accrual status.
5
Securities are shown at average amortized cost.
6
For purposes of these computations, nonaccrual loans and loans held for sale are included in the average loan balances outstanding.


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City Area Code 607
Local Phone Number 337-2265
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Security Exchange Name NASDAQ
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