NBT Bancorp Inc. (NASDAQ:NBTB) Q2 2023 Earnings Conference Call August 1, 2023 8:30 AM ET

Company Participants

John H. Watt, Jr. - President & Chief Executive Officer

Scott Kingsley - Chief Financial Officer

Conference Call Participants

Alex Twerdahl - PSC

Steve Moss - Raymond James

Chris O’Connell - KBW

Matthew Breese - Stephens Inc.

Operator

Good day, everyone. Welcome to the NBT Bancorp's Second Quarter 2023 Financial Results Conference Call. This call is being recorded and has been made accessible to the public in accordance with the SEC 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 disclosed. Reconciliations for these numbers as contained within the appendix of today's presentation. At this time, all participants are on 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 like to turn the conference over to NBT Bancorp President and CEO, John H. Watt, Jr. for his opening remarks. Mr. Watt, please begin.

John H. Watt, Jr.

Thank you, Jonathan, and good morning, and thank you all for participating in this earnings call covering NBT Bancorp's second quarter 2023 results.

Joining me today are NBT's Chief Financial Officer, Scott Kingsley; and our Chief Accounting Officer, Annette Burns. There is no doubt that we entered 2Q in an environment overshadowed by volatility at the macro level, which had an impact on the banking industry. Throughout this period, NBT is focused on our customers and communities, and our results demonstrate the success of this approach.

By mid-quarter, we experienced higher visibility that gives us confidence about our forward momentum. Importantly, in early July, we were pleased to announce that NBT received the regulatory approvals necessary to proceed with our acquisition of Salisbury Bank. We've scheduled the closing for August 11 with a simultaneous core systems conversion. Our integration team is prepared to ensure a seamless experience for the Salisbury customers and we are excited to welcome our new colleagues who will join NBT at that time.

Let me take a moment to highlight second quarter activity across our businesses. We achieved commercial and consumer loan growth at an annualized growth rate of 5%. That growth was diverse with our commercial lending and indirect auto businesses leading the way.