NBT Bancorp Inc. (NASDAQ:NBTB) Q3 2024 Earnings Conference Call October 29, 2024 10:00 AM ET
Company Participants
Scott Kingsley – President and Chief Executive Officer
Annette Burns – Chief Financial Officer
Joe Stagliano – President-NBT Bank, N.A.
Conference Call Participants
Steve Moss - Raymond James
Christopher O’Connell – KBW
Matthew Breese – Stephens
Operator
Good day, everyone. Welcome to the conference call covering NBT Bancorp's Third Quarter 2024 Financial Results. 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 will now turn the conference over to NBT Bancorp President and CEO, Scott Kingsley, for his opening remarks. Mr. Kingsley, please begin.
Scott Kingsley
Thank you, Dede. Good morning and thank you everyone for joining us for this call covering NBT Bancorp's third quarter 2024 results. With me today are NBT's Chief Financial Officer, Annette Burns; Joe Stagliano, the President of NBT Bank, N.A.; and Joe Ondesko, our Treasurer.
Our Operating performance for the quarter for the nine months of 2024 continues to reflect he strength of our balance sheet, our diversified business model and the collaboration and diligence of our team. During the quarter, we productively grew loans and deposits across our footprint and improved our net interest margin for the second consecutive quarter as earning asset yields increased incrementally higher than funding costs. Noninterest income continued to be a highlight, making up 31% of total revenues for the quarter and reaching a new quarterly all-time high. We also declared a $0.34 quarterly cash dividend to shareholders, which was 6.3% above the $0.32 dividend we declared in last year's fourth quarter. This represents our 12th consecutive year of annual dividend increases, and it demonstrates our commitment to providing consistent and favorable long-term returns to our shareholders. The increase also represents a 27% improvement over the past three years.