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NBT Bancorp. (NBTB)

NBT Bancorp Inc. is a financial holding company headquartered in Norwich, N.Y., with total assets of $9.7 billion at December 31, 2019. 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 146 banking locations in New York, Pennsylvania, Vermont, Massachusetts, New Hampshire and Maine. EPIC Retirement Plan Services, based in Rochester, N.Y., is a full-service 401(k) plan recordkeeping firm. NBT Insurance Agency, LLC, based in Norwich, N.Y., is a full-service insurance agency.

Company profile

Ticker
NBTB
Exchange
Website
CEO
John H. Watt
Employees
Incorporated
Location
Fiscal year end
Industry (SIC)
SEC CIK
Subsidiaries
NBT Financial Services, Inc. • NBT Holdings, Inc. • NBT Holdings • NBT Capital Corp. • NBT Capital Corp • NBT Capital Management, Inc. • Broad Street Property Associates, Inc. • FNB Financial Services, Inc. • Pennstar Financial Services, Inc. • EPIC Advisors, Inc. ...
IRS number
161268674

NBTB stock data

Calendar

8 Aug 22
12 Aug 22
31 Dec 22
Quarter (USD) Jun 22 Mar 22 Dec 21 Sep 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Dec 21 Dec 20 Dec 19 Dec 18
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Cash burn rate (est.) Burn method: Change in cash Burn method: Operating income Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 523.62M 523.62M 523.62M 523.62M 523.62M 523.62M
Cash burn (monthly) 190.19M 45.28M (no burn) (no burn) (no burn) (no burn)
Cash used (since last report) 277M 65.94M n/a n/a n/a n/a
Cash remaining 246.62M 457.67M n/a n/a n/a n/a
Runway (months of cash) 1.3 10.1 n/a n/a n/a n/a

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
27 Jul 22 Hyle Shaunastar NBT Bancorp Inc. Common Stock Sell Dispose S No No 40.1142 1,264 50.7K 16,083
15 Jul 22 Scott Allen Kingsley NBT Bancorp Inc. Common Stock Payment of exercise Dispose F No No 38.35 421 16.15K 19,794
6 Jul 22 Scott Allen Kingsley NBT Bancorp Inc. Common Stock Grant Acquire A No No 0 3,000 0 20,215
24 Jun 22 Kowalczyk Andrew S III Phantom Stock NBT Bancorp Inc. Common Stock Grant Acquire A No No 37.139 50 1.86K 3,311
15 Jun 22 Burns Annette L NBT Bancorp Inc. Common Stock Payment of exercise Dispose F No No 36.05 541 19.5K 14,563.239
55.4% owned by funds/institutions
13F holders Current Prev Q Change
Total holders 187 182 +2.7%
Opened positions 22 22
Closed positions 17 19 -10.5%
Increased positions 66 56 +17.9%
Reduced positions 56 59 -5.1%
13F shares Current Prev Q Change
Total value 858.02M 923.36M -7.1%
Total shares 23.72M 23.98M -1.1%
Total puts 22.5K 6.9K +226.1%
Total calls 46.8K 14.7K +218.4%
Total put/call ratio 0.5 0.5 +2.4%
Largest owners Shares Value Change
BLK Blackrock 6.39M $230.99M +0.9%
Vanguard 4.77M $172.2M +1.1%
Dimensional Fund Advisors 1.93M $69.55M +2.8%
STT State Street 1.91M $68.98M +9.1%
Geode Capital Management 771.3K $27.87M +4.0%
NTRS Northern Trust 732.87K $26.48M -3.2%
BK Bank Of New York Mellon 561.26K $20.28M -0.7%
Charles Schwab Investment Management 426.57K $15.41M +3.4%
IVZ Invesco 316.06K $11.42M +163.7%
PFG Principal Financial Group Inc - Registered Shares 286.5K $10.35M -0.8%
Largest transactions Shares Bought/sold Change
MCQEF Macquarie 238.67K -645.8K -73.0%
Norges Bank 0 -319.41K EXIT
IVZ Invesco 316.06K +196.23K +163.7%
STT State Street 1.91M +159.61K +9.1%
Millennium Management 194.07K +129.55K +200.8%
JPM JPMorgan Chase & Co. 136.8K -66.99K -32.9%
BLK Blackrock 6.39M +56.33K +0.9%
Richard Bernstein Advisors 0 -55.73K EXIT
Dimensional Fund Advisors 1.93M +53.03K +2.8%
NBT Bank N A 212.57K +52.36K +32.7%

Financial report summary

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Risks
  • Risks Related to our Business and Industry
  • Deterioration in local economic conditions may negatively impact our financial performance.
  • Severe weather, flooding and other effects of climate change and other natural disasters, such as earthquakes, could adversely affect our financial condition, results of operations or liquidity.
  • Variations in interest rates could adversely affect our results of operations and financial condition.
  • Our lending, and particularly our emphasis on commercial lending, exposes us to the risk of losses upon borrower default.
  • Our allowance for loan losses may not be sufficient to cover actual loan losses, which could have a material adverse effect on our business, financial condition and results of operations.
  • Strong competition within our industry and market area could adversely affect our performance and slow our growth.
  • The Company is subject to liquidity risk, which could adversely affect net interest income and earnings.
  • Our ability to service our debt, pay dividends and otherwise pay our obligations as they come due is substantially dependent on capital distributions from our subsidiaries.
  • A reduction in the Company’s credit rating could adversely affect our business and/or the holders of our securities.
  • The Company relies on third parties to provide key components of its business infrastructure.
  • The possibility of the economy’s return to recessionary conditions and the possibility of further turmoil or volatility in the financial markets would likely have an adverse effect on our business, financial position and results of operations.
  • We are subject to other-than-temporary impairment risk, which could negatively impact our financial performance.
  • There are substantial risks and uncertainties associated with the introduction or expansion of lines of business or new products and services within existing lines of business.
  • Risks Related to Legal, Governmental and Regulatory Changes
  • We are subject to extensive government regulation and supervision, which may interfere with our ability to conduct our business and may negatively impact our financial results.
  • We are subject to heightened regulatory requirements because we now exceed $10 billion in total consolidated assets.
  • Replacement of the LIBOR benchmark interest rate could adversely affect our business, financial condition, and results of operations.
  • Our controls and procedures may fail or be circumvented, which may result in a material adverse effect on our business.
  • We may be held responsible for environmental liabilities with respect to properties to which we obtain title, resulting in significant financial loss.
  • We may be adversely affected by the soundness of other financial institutions including the FHLB of New York.
  • Provisions of our certificate of incorporation and bylaws, as well as Delaware law and certain banking laws, could delay or prevent a takeover of us by a third party.
  • The Company has risk related to legal proceedings.
  • Risks Related to Cybersecurity and Data Privacy
  • The Company faces operational risks and cybersecurity risks associated with incidents which have the potential to disrupt our operations, cause material harm to our financial condition, result in misappropriation of assets, compromise confidential information and/or damage our business relationships and cannot guarantee that the steps we and our service providers take in response to these risks will be effective.
  • The Company may be adversely affected by fraud.
  • We continually encounter technological change and the failure to understand and adapt to these changes could have a material adverse impact our business.
  • Risks Related to an Investment in the Company’s Securities
  • The Company’s common stock price may fluctuate significantly.
  • There may be future sales or other dilution of the Company’s equity, which may adversely affect the market price of the Company’s stock.
  • The risks presented by acquisitions could adversely affect our financial condition and results of operations.
Management Discussion
  • The Company reported net income of $37.8 million for the three months ended June 30, 2022, down $1.4 million from $39.1 million for the first quarter of 2022 and down $2.5 million from $40.3 million for the second quarter of 2021. Net interest income was $87.6 million for the three months ended June 30, 2022, up $7.2 million, or 9.0%, from the first quarter of 2022 and up $8.4 million, or 10.6% from the second quarter of 2021. Average interest-earning assets were down $106.1 million, or 1.0% from the prior quarter and up $351.9 million, or 3.3%, from the second quarter of 2021. The provision for loan losses was $4.4 million for three months ended June 30, 2022, as compared with $0.6 million in the first quarter of 2022 and a net benefit of $5.2 million in the second quarter of 2021.

Content analysis

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H.S. sophomore Avg
New words: advertising, Article, conversion, deemed, demonstrate, favorable, forgivable, human, LGD, PD, promulgated, Regulation, saving, slight, TheCompany
Removed: enabling, epidemiological, expert, grew, lending, limit, mixed, setting, settle, showed, slightly, taxing