NBT Bancorp Inc. (NASDAQ:NBTB) Q4 2023 Earnings Conference Call January 24, 2024 8:30 AM ET
Company Participants
John Watt - President and CEO
Scott Kingsley - Chief Financial Officer
Annette Burns - Chief Accounting Officer
Joe Ondesko - Treasurer
Joe Stagliano - President, Retail Banking
Conference Call Participants
Steve Moss - Raymond James
Chris O’Connell - KBW
Alexander Twerdahl - Piper Sandler
Operator
Good day, everyone. And welcome to the conference call covering NBT Bancorp’s Fourth Quarter and Full Year 2023 Financial Results. This call is being recorded and has been made accessible to the public in accordance with the SEC Regulation FD. Corresponding presentation slides may 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 two, 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, non -- certain non-GAAP measures will be discussed. Reconciliations for those numbers are 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 Chief Executive Officer, John H. Watt, Jr. for the opening remarks. Mr. Watt, you please begin.
John Watt
Good morning. Thank you, Norma. And thank you all for participating in this earnings call covering NBT Bancorp’s fourth quarter and full year 2023 results. Joining me today are NBT’s Chief Financial Officer, Scott Kingsley; our Chief Accounting Officer, Annette Burns; our Treasurer, Joe Ondesko; as well as our President of Retail Banking, Joe Stagliano.
It was a very active quarter at NBT, while navigating the volatile interest rate environment we observed that the consumer is still spending and that small businesses are still investing. At the same time, we continue to experience movement to a normalized pre-pandemic credit environment. I will note that the successful integration of our August acquisition of Salisbury Bancorp positions NBT well for growth in adjacent markets and for future strategic growth.
Let me take a moment to highlight activity across our businesses. First, our operating results include earnings per share of $0.72 for the fourth quarter and $3.23 for the year. Return on tangible equity was 15.78% for the full year and the year-end tangible equity ratio grew 11% to 7.93%.