NBT Bancorp Inc. (NASDAQ:NBTB) Q3 2022 Earnings Conference Call October 26, 2022 8:30 AM ET

Company Participants

John Watt - President & CEO

Scott Kingsley - CFO

Annette Burns - CAO

Conference Call Participants

Alexander Twerdahl - Piper Sandler Companies

Christopher O'Connell - KBW

Operator

Good day, everyone and welcome to the NBT Bancorp Third Quarter 2022 Financial Results Conference Call. 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. 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's, President and CEO, John H. Watt, Jr. for his opening remarks. Mr. Watt, please begin.

John Watt

Thank you, Tanya, and good morning and thank you for participating in this earnings call covering NBT Bancorp's third quarter 2022 results. Joining me this morning are NBT's Chief Financial Officer, Scott Kingsley, and our Chief Accounting Officer, Annette Burns.

In an interest rate environment that is volatile and where economic and macroeconomic conditions are constantly changing, we are extremely pleased with our results for the third quarter of 2022, including earnings per share of $0.90, return on average assets at 1.3% and return on average tangible common equity landing [ph] at 17.1%.

Let me take a moment to highlight activity in our business and in the markets we serve. We are excited to be in a position to support the commercial, retail banking and other financial service needs of the Central New York market as Micron Technology makes a transformational investment in this region.

The announcement earlier this month that Micron will invest as much as $100 billion over the next 20 years to boost production of memory chips represents the largest private investment in New York state history. The new Upstate factory will create tens of thousands of jobs. Our franchise is uniquely positioned to play a role in the growth that is being created in the Upstate New York chip corridor running through our core markets from greater Syracuse to the Mohawk Valley in the capital district.