NBTB - Earnings call transcript Q1 2022

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Operator

Good day, everyone. Welcome to the NBT Bancorp, First Quarter 2022, 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 NBT Bancorp.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.

measures discussed. non-GAAP certain addition, will be In Reconciliations of today's numbers are the appendix contained within presentation. for these At this time, all participants are in a listen-only mode. conduct will we a session. Later question-and-answer Instructions follow at time. will that call [Operator being Instructions] reminder, this As recorded. a is President like to conference NBTB I would and turn John.h. now CEO, over the to Bancorp for remarks, Junior Mr. Watt his opening Watt, please begin.

John Watt

all participating Quarter XXXX our And Call Earnings morning. Good for covering thank results. you in NBT First Bancorp's

and are our Chief Scott Chief Officer today Financial our me Kingsley, Joining Burns. Accounting Annette Officer,

first and year. pleased quarter share equity extremely our markets average was with in of the growth earnings on for the strong of tangible Loan XXXX, are per our excess of at start We what of average results including assets return common return typically $X.XX we XX.X%. in the and of of XXX on experience

Our $XXX generated in originations. loan commercial business million

there also into usage. credit and are navigating line quarter, the the experienced challenging our going and first pipelines active were It's commercial in strong second clear are help in an environment customers We particularly us that across robust. our are successfully to quarter, of operating pipelines platform the them. Loan uptick to we

are CRE and all quarter Sungage notable. first our indirect solar also and grew. C&I, auto fintech rebound The Generally consumer of loans, of mortgage, partnership performance the including

a competitive and on In the for acknowledgments have continued first powerful, validated success makes the we quarter. performance our fee-based to at independent getting seven was Forbes, Retail month. strategies third-party is York very satisfaction. the and and Satisfaction engagement Forbes This work operating with revenue Study, our done of states around the strong by J.D. significant State Of of our confirmation across and their that our our from ranked one because two total based banks -state and U.S. Their Power tri by also the Vermont. Our was Bank bank in White nearly beyond a we ranked NBT Mountains named New number are customer for businesses XXXX, advantage NBT bank NBT two total banks the region. recognized focus their highest Bank York and Banking this customers in possible. is Connecticut Poconos dedicated of non-interest XXXX. highest ranked XX% footprint income New best world's and the it the team U.S. is talented in

leadership executive as Finally, on we the team. this us executive team quarter, a Sparks management welcomed Counsel. General the new joined to Randy our

Scott, greater to said can the following you our Q we talk over remarks, and in financial the we I turn So will call to taking first with your Scott's questions. forward and in that detail look about performance

Scott Kingsley

John. And morning. good Thank you,

Turning to Slide of earnings presentation. four our

points in year despite result These were results $X.X first fourth of securities, two growth the million Our the from last Net quarter PPP first last compared the expense comparative consistent improvement provision the basis, over of of to fourth basis of the X.XX% provision loans in of quarter and expense first of opportunities. the this loans quarters a a the or $X.X with to at funds quarter excess fourth XX million charge-offs level $X.X XXXX of basis more still the decline share was Slide quarter our per of the interest portion significant PPP in XXXX. net loan a points gains still liquidity the reserve Reserve investment provision at outstanding first achieved company's share. were with share was in income year productive mix, in earning or loans of fourth compared a decline which $XXX to incremental loans first last million in the a and the in $X.XX, carried of in of of The quarter core million X.XX% and to asset and of shows benefit portfolios. We quarter quarter into of or first up strength quarter-end, increase $X.XX and XXXX, of losses income of quarter deployment earnings in a end recorded securities. a loss us and share XXXX first on of a a Despite PPP linked both were of our commercial solid in basis of in loan Federal recognition excluding consumer $X.XX $XXX million a last XXXX, decreased improvement and our income in excluding than X loans the $X.XX quarter XX the leaving quarter year. trends million year. compared included $X.X quarter, thousand a points from a and 'XX $X.X were loans quarter higher the coverage for of organic overnight at

million in the remaining of yields end. most fees volume the and quarters, total just yields and would fourth blended rates two with balances quarter thousand, have forgiveness same million fees XXXX, and in fees PPP thousand portfolio unamortized new twenty the just of and we from two the almost these down one next point remaining. recognized were quarter first basis two with recognized be as essentially of one over the recognition, to were expect first meaning quarter PPP excluding twenty We lending complete loan by $XX in approximately were Our $X interest associated XXXX PPP of vintage $X.X quarter million during loans, for both

liquidity included support higher Slide and$XX growth the Customer XXX million now Moving deposits from in with up remain elevated continued associated well for various to consumer and as expected. savings quarter six deposits government municipal programs, seasonally as as to were levels. balances

of net the margin. Net new to X, deposits the interest cost see Good accounts. of points, increased recognition and Reported $X.X Slide margin reflective PPP our loan excluding quarterly and add first X.XX%, X.XX% income quarter was On million additional recognition excess but year, to was compared and interest PPP purchases. and year-over-year of and Our $X.X continue. last net you'll quarter seven income basis securities of the income liquidity. in interest million as excluding growth it changes investment declined to first impact we up detailed

with interest improvement. our and would second forward some such, curve, Looking assets expect the expected yield earning above as at in levels see begin across to portfolio quarter, we core rates rising reprice yields the margin to to blended for opportunities are

to in income quarter losses; level excluding shows X% was on non-interest security our income, Sheet meaningful in In continues of up Slide X Balance fee addition, exhibit a our assets trends More of sensitivity. linked-quarter non-spread key XX% a And basis total the of value was to broadly, and $XX.X strength driver in a NBT. remains revenue XXXX. revenue for million. our first

plan year-over-year the wins, management growth business card from administration services. certain insurance appreciation, retirement from principally pandemic related fees of businesses new wealth XXXX, impacted Banking and experienced seasonal and XX% market revenues. almost first-quarter from higher activity-based strong Our improved

the the debit X% million in reflective drift bank Slide opportunity of subject of million muted of efforts service continued to funds, costs During impact non-interest quarter. be XXXX. third transaction reduce merit-related beginning quarter, approximately operating $X.X XXXX quarter the several on the caps of which of quarter, once share core the the full-quarter higher of less were fourth consistent year debit income this higher-than-historical $X.X that operating cents increases, implemented our employee quarter, XX.X share expect on. incentive by historical estimate by more which to this the the We'd incurred year, to well per the awarded last compared over two higher included much fill days, growth accruals operating for million which including as as practices, expense We increases, will expenses to X.X% and compensatory quarters, wage non-sufficient are quarter adjustments than provisions next trends. up were linked Durbin level the as to nine, per $X.XX XXXX, seasonably well of performance-based changes slide some the Dodd merit-related engagement -Frank the and year. expenses support upward these lower almost well for objectives. fully costs Non-interest million card benefit in the a above as first certain to in in a a salary or expense per quarterly a of of a the quarter with fee will quarter of positions first fourth will was our as as March, interchange certain Total customer X prior reduce interchange. income charge open processing over payroll Salaries company approximately or were total Also, as amendment and compensation expenses reminder, were our turning expect $XX.X to and made customer

addition overview reserve applications low quality investing In forward in key infrastructure. our On Slides XX tools, expect in metrics in and invest and a technology-related XX, to and of people, our and provide to to customer-facing to our processing order changes. advance continue of loss we we walk an asset

basis in net quarter. mentioned, quarter points NPLs again compared XX and points NPAs in to Both of were quarter. the declined XXXX, previously XX of prior charge-offs As loans the first basis this

have credit been metrics and have benefit by suggested the from XX to XX seasonal are would been certainly much to continuing We months underwriting than our ago. models, better observed conservative

for of the to in that improvements the a XXXX. combination provision changes charge-offs consideration growth late exhibit the will to of any loan has since proxy continue in underlying continued loan quarter We each before macroeconomic which losses the be conditions start net forecasts, assumption with for and

As and recurring clear achieved XXXX prepared results strong expense from income closing highlights. interest up sustained to quality the been fundamental credit results some discipline, first in income, and on quarter. footing thoughts. pleased solid I outcomes our are We Stable my started remarks, exceptional we improving have with the lines, net fee wrap

position capital opportunities several for the consider balance quarters answer an results have Our to this XXXX may we we're beyond. happy that, accumulation to questions at time. you in the us enviable as With put continue over any and of growth past

Operator

questions. Thank One our moment for first you. Piper Alex question Sandler. And [Operator Instructions] from Twerdahl of comes

is open. line Your

Alex Twerdahl

guys. Hey, good morning,

John Watt

Morning.

Scott Kingsley

Morning.

Alex Twerdahl

you us the made can bit and you about did exactly following the changes you it? fee, off, what commentary your first on NSF did you to little during And just why talk a quarter,

Scott Kingsley

So we of more service. last of what and what needs the to programs a for expectations customers markets several are spent the the over our years that lot adjusting providing be indicative time

an the X And was way But question so historical we deposit over could specifically we look or at to we your from actually days. couple, X would at or account XX that what answer the quarter and their a when the customer fees. fees in for fairness, has looked live or pattern hit funds we overdraft to XX% our did are over NSF Meaning three call quarter, years either down likely see or the that's ago. this next two unavailable

so when the weight overdraft. to account were or that period And to our will our customer relative enough actions supplied the the to of an actually modify processing provide to letting expectation grace be some to be that basically able acknowledge to cover fee have actually we to

Alex Twerdahl

year color, maybe kind are of Scott of customers then move just about a and in John, not or can and sort especially of sustainability up the the into types kind the geographies talk great there's start robust the commentary, think of following seeing. you about That's whether thanks, particularly being that as rates bit as second commercial to on and higher. quarter going little pipelines Strength that the progresses, your you you

John Watt

a CRE and the I multi-family, with business, we little in in states of developer other of the clients of because now, do multi-family. see in we the see platform markets to mix the associated construction with labor leaders supply through uncertainty and that last sat And seven each one happy a the C&I the every in of was previously that heavily small less one issues Sure, cost focused pipelines. week nice business of think and we our in we do on and went those that chains

little that otherwise, very tempered But a clients manufacturing bit. see So basic who. we've seen we

does in that efficiency a environment, play operating here. the as in line I create building think the other. low look floor. to How still their plant factory, rate headroom across Our in improving still We're region And that's leads out? operating years, historically, technology new over the no the specific platform, you in they still there's back upgrade XX relatively An we're a environment. use

and manage Pennsylvania. to out these make us and So there operational more And many New to Upstate Connecticut across customers pipelines do Northern do difficult York New to, them to their cases, help environment core and where in to our successful from region our have Maine what England. businesses they tells really and to that figured in different, how need Northeastern

Alex Twerdahl

That's a slowdown a me, for I'm of great. conversations Thanks. And of earlier little just of M&A. question this one bit just the final about regarding talked curious week your in then competitors appetite a that pace and with in New you're changes sort commentary, bit? a slowed the how the has if Upstate your of given the market of York that environment changing the M&A some agreed conversations

John Watt

and right, and I continues. lot The what plans would that our continue conversations is, in the experiencing to conversations read comment with valuation a will of noted that are fit of our having we across if and that the that is competitor, time timing are the earnings right, I want our I is say partners growth did of competitor. although comment. Well, we're platform, the potential I our various conditions spend the was opportunities short the on transcript we that strategy not right, last there the in and strategically noted call engage. in is answer What that

Alex Twerdahl

you for questions. my taking Thank Great.

John Watt

Thanks Alex.

Operator

Our next Stephens from Matthew Incorporated. comes question Breese of

open. is line Your

Matthew Breese

Good morning.

Scott Kingsley

Good morning, Matt.

Matthew Breese

of I mentioned expansion year, Fed end remix. coming expectations just Could very if given beta of strong there, loan XXX see you Fed historically deposit get might points what was extent plus of at on - on on higher the curious we that books basis NIM to the rates year. yields expansion expand margin through the we a you comment and for hikes the particularly

Scott Kingsley

Good question, Matt.

So, XX outcome. is of rational in during June haven't and whole a to whole prognostication real are XX the time. us Spending whether we and of about done probably lot thinking a XXX time current lot nearest a May talking

get billion, got step. kind little lock that of So commercial $X billion $X reminder, that of the we've side, a rate will on as variable a over instruments benefit

the exactly reset or critical Is. and is our that. flow roughly flows that dates the slightly billion assets an rate But be that piece the to presumptively have cash full-year Fed higher yields billion do underlying the might other changes Now funds not whatever on base $X a earning we would our basis, Socofar, opportunity get to date we that with same $X.XX Fed off will worth the index that's asset of find than to through

that, new So we've to actually back two important on question your margin net about interest numbers. things improvement got is, priced those at

of today. there's with a lot remember out liquidity You lot people there a of advanced

in yield some your is Some since change in to And might Fed I on there longer. some accounts still it to enjoy even to extreme I In have nothing we of that move right of being that what up us, a large now, that a alternative get the up to that's thinking. our factor might secondarily, for some better fairness, March. sheet have be coming for lower Hey, depositors off my, you instruments amount should balance core relative from institutional be slow depository base confidence think customers, our today. rates a folks. fruition those stay do themselves But customers XXX, can was even but able are of potentially on may I avail corporate be say, my

pinch a the it margin enjoy I I to XXX early will XXX%, with it'll you a with am that's assuming issue remain an mid but don't up. I servicing. as don't And even higher second the leader be XXX as I way in expansion. quarter, know. first somehow relative probably those sure methodical think customer -- we think that to So pretty think early, our overall we'll rates on We the think we'll base be for rates, But again, higher

Matthew Breese

Got it.

the loan to really Okay. was quarter. switching dealer came how And loan lending from then commercial thought was diverse all growth interesting, specialty categories. I it this growth, It just

of bank of that is to How pipeline. me bit probably us. But that it's strong quarter a can level see year mentioned is growth we this mid loan unusual? kind out what tells little this You'd the that this high-single-digit a sustainable of strikes growth

John Watt

we'll Matt, much on optimistic pipeline need in mortgage. macro very it many as Same healthy quarter there. are a have there at plateaus out for What's indirect, little that it, that I will there. earnings to to But popping said, in basis very could year nice quarter think call the to But healthy. with it the think that visibility same Will the with We a aggressive. I be expectations about want affect be don't jump people maybe started. look up. of able ten. repeat we guys but Pretty I not. pipeline last variables instance, q QX. the maybe you we We're think thing we're. robust that that still be another And the way first a think on as quarter, we it I'm more so a to it little drive now. coming I the got closer don't But guide now, this appropriate, rates it comfortable bit. have right as and had will I that's have the

Matthew Breese

a higher had could on they you you more The help a with you specific and I could bit little be to looking mentioned other think to. was where Scott, one drift more hoping expect drift that with bit for you expenses

Scott Kingsley

Yes.

where $XX probably the for in in a the standpoint. and think If we that's the I line. to guidance if blended you that's likely I roughly million get, spending the We year, our provided $XX little change increase first the quarter, inflationary end year, of new you we're X.X don't of those combined a And to do four this remember handle our needed to what and quarter of more years, enjoyed that some million the certainly merit that than market little three that been the We people last so of it's still over a the cent company's share. from cases up spots other to third order the at has additional think some in of in our half immune bit the that handful until year, a handle certain bring a the those out or April, per not we're piece we've whole X/X be to in handle month The bit starting certainly not conditions. in step closer to numbers are so probably pandemic there organization. the through a merit of our needed

The would this late just certain attention that uptick the tend our quarter. that other of to have we just happens in into Matt call quarter you expenses fourth third is piece I to too in the and

equity things, much first in as happen tend payroll those So year. other in later to some taxes other discretionary quote, bit certain is high the of compensation little to as relative the and expenses quarter, a timing

So pleased. year. we level, quarter balance get bit exceptionally expense could more get get fourth day the net Earnings interestingly year third if at in in suspect I but to payroll get we'd an powerful quarter, that a another quarter's into math, XXXX in as in the on the fourth-quarter. more get two, there be quarter into days and first are up next the we earnings I than payroll Matt, my the the to one operating third two and think basis. quarter quarter second window only of and and days By grow little to us extra operate for maybe and in more enough, the we expect continue second this the we the we day back creep we

a but what productive important So be year, couple and that now, started we're a projects that on incremental we're that for underlying trade-off us, they is will little technology but this things year, got fine of underway, of those thinking and right working expense. we them bit we've that's last got of decent some most

statement income equipment items into in some and I you'll put separated quarter, and think our and services. of some data how technology we we see occupancy occupancy together this did it related and reclassifications and

a as our that's us, Just presentation that's more of and spending for just we're we a how it is today. where at better think managing

an point going tons the kind of low point but year think operating long and getting the to be balance So don't tons standpoint, we're the the -- expense way of I of of first-quarter above probably around that to was for the from year.

Matthew Breese

do in a your as hikes worry credit XXX get higher of solid the just book, with specialty about the quarter regards But point Obviously, Great. then look any of your customers level, particularly XXXX, finance, as the that, front. of you are follow-up increase? rate distress good you And at to all points or have what's My dealer more in at to last into of metrics do line basis your if ends? this Fed quality credit ability consumer a we do lower a signs rate sight on credit. potentially kind we one, what to you environment? seeing to incremental And was into withstand that have deteriorating the

John Watt

what of see by We I'll the consumer unsecured tell of great and businesses. normally absorb measurements, of the material those in due very couple the room in of rate and there. mine you, the still seeing that in are movement of and consumer so carried still excess thoughts a either is charge-offs a checking negative our us our in in excess additional canary one not there's customers that businesses, we're out recent expense balances charge-off coming past levels tells coal low. So hikes. particularly too our passed question, accounts, retail What's review to

feeling question that on we horizon current normalized in and into when so reality the that we're on we all we it sense. it. now, it come, would it normalized? is comes prepared to perhaps. be that or for more see is, year, it But But how don't next immediate a know manifest return the XR Yeah, is consumer implied question right going all quickly will not seeing side. a we're your it However, itself the And

Scott Kingsley

auto, asset-based gives is But real to Reserve the categories, potentially we the which feel most today's the I of break we would backdrop portfolio. portfolio that of through at us assets of on near. loans on lot today whole with. as that mix expect in But non-performing of it's some coverage our out in rest coverage we in a what what we in ratio level love. to mortgage, has loans given detail. a our your XXX pieces, on be thinking those out highs. In that portfolio, the really lines we're coverage are asset the to loan XXX% that that. rates higher making unsecured values think of based start consumer comfortable estate, up, call point, our fact modest of are seasonal to Oracle cognizant room of relative the whether will second of standpoint. residential fact discomfort some we're with commercial to I from go

So valuations higher assets, even that basis the to meaningfully are underlying going slightly by but rates, XXX is eroded no get valuations points. sign those there

XX how feel discussion. the about So going happen have somebody CSO to Maybe jury to Is word probably. the forecasted the forecasts. world. into at that puts reserves banking still start about some out that's not, industry, world, CSL Moody's feel Will a that. this maybe thinking the pretty good, it's year? is The those risks of recession moment in The comfortable pretty

John Watt

Right.

Matthew Breese

Thank my I you. Well, appreciate taking Great. questions.

Scott Kingsley

Matt. it, appreciate I

John Watt

Matt. Thanks,

Operator

our Instructions] question comes Chris of next And from KBW. O'Connell [Operator

open. is line Your

Chris O'Connell

how's guys? it Hey, going

Scott Kingsley

Morning.

Chris O'Connell

Good morning.

quarter a speak about on PTC what guys, good you're start most of going does forward quarter First terms strong buyback constraining pretty or should this this about in capital and indicated what's held-in. on. How and the most start going the capital focused in regulatory quarter buyback we you and QX. think Well, forward how ratio had the

Scott Kingsley

Chris, question, actually, for bringing it thanks up. and Great

we You're And couple quarter creep XXXX. bit another early quarter the reasonably equity got that that we right, to well. opportunistically thought in we in did probably experience we XXX,XXX a first forecasted, thought was the we capital prices we a also faster we thought that second plan XXX,XXX attractive. at as in than address then little would accreting We're natural shares were

net-net, where So be? are kind we we we would Absolutely. of thought exactly

question constraint, constrain to your doesn't capital certainly equity relative utilization and tangible any us. So

the On the on the regulatory to about regulator, our to OCC, asked expansion try to be potentially capital, do be point because where Tier-X tend regulatory organic side, we when question that focus their to things we only is. to expansion that acquisition, us that principal or relative tends tends via pinch

cash cognizant we to the very capital. fortunate some company we've productive to our are got cash got utilization well. point we sure portion we able making the understand also do We If of would use involved were where transaction, of enough we to holding a of flexibility be be transaction, in to that as

start capital above above you anything total at one too further, if numbers XX% way to risk-based ridiculous. XX% look short being high. of step flippant. a restrictive XX%, sounds CETX Chris, call that today. I still wouldn't is Like So But and

how of us lots of mix a from So that it standpoint. to about gives we think room do assets to want

Chris O'Connell

then And little plan Cleveland retirement [Indiscernible] of Acquisition notices a that then this be quarter. Great. in I impact the bit the strong there. going or quarter. It financially the seasonally better XQ. I does color to Anything looks expected than particular the to the And driving fees? in administration. how reverse appreciate a bit in

Scott Kingsley

Right.

more your quarter. first customers actuarial services quarter. to And more the you've There's for can the items the activity retirement boarding, robust it on terms based we probably tend actually plan be planned in first some new there. business, typically restatement first-quarter your had for quite -- got robust So fees, revenue the of opportunities administration in in be quarter two most a

with to carry able enough from So I pleased sure Because we're time run think the infrastructure second quarter larger million are relative a work fact, Matter we significant should opportunities is to that that's doing first organization we rate well. for That like to standpoint, be underlying well. think in spending that we very our in sound effort, business carry additional of showing in with rate a levels very trajectory had we close run running $XX is had quarter, that. that. to that extremely that of bit of than be The in revenue. the growth more if the making business said, little to will another structure relative XX%

lot. And our so opportunities in a space like that

The and space other there's on relative administration, bit little piece wealth I market timing, influence retirement would to just management. sheer a both of say, plan

down in administration. and probably management was markets quarter But completely the we're assets businesses. slave wealth of those to not in First any again, of the for just stable of of equity mix retirement our in kind a plan

So of administration, those we're was interesting are under in the a assets lot be if But cleveland. a $XXX the little were customers of might meaningful administration we retirement other a to Chris, Epic assets. In we platform. got don't continues How's fragile, already about acquisition million a modest bit managing bit. be it's tick to are that of which of customers retirement the volatile words, number. we most see of market space. the plan little the and And down think a a desirability enough,

revenue think rate. thinking thousand run I we're $X,XXX of

qualitative very the of mix brings but So in certainly it large, our not to combined additive environment. that terms

Chris O'Connell

right? Great. annual, XXXX And that's

Scott Kingsley

Thanks. Correct.

Chris O'Connell

back that's liquidity being excess excess of level then PPP excess margin. what's in you And along or Great. When the to the there? the release. considered liquidity with What's liquidity free calculation the put amount guys NIM

Scott Kingsley

Show.

rates six do some Chris, us. funds and million ended probably on of thinking balance. million probably just think I institutional pace those liquidity excess pull the rationally, money to duration we're more market we fund of the think worked decision short-term, for Bob other opportunities quarter Excess much a larger and $XXX XXX closer a go likely is I second, make if a that think probably at Do I think faster today, into assets those some some couple $XXX for a to true? it's than customers modest around think of short-term and off liquidity we but to a truly do our are and million what again, through that's that for of

important customers their of of because that to ours. close stay we'll So

Chris O'Connell

you book the the into how next several And of the about securities over Great. are thinking quarters? that deployment

Scott Kingsley

strategy been duration flows group of with really coming little of we've kind Does little duration off of that targeting prepayment because speeds, the of so total up as slowdown? them, our have successful MBS a rates largely securities a to probably span. portfolio, extend cash to securities Meaningful type three CMO bit go natural bit. staying no. that Well, Yeah, the six

in even the that there, we're plans same side. So finding in robust exempt mix doing residential to think think securities. mortgage cheap a class -- levels, of we're I it the for bit to a tax duration three, the liked to when curves little towards today Mortgage the within I our maybe time gotten around market still. opportunities production that's that said mortgage standards Is our up of That time maybe next still little like seems high bit research being. more about than talked some are on it's because historical opportunities spending we the moved have looks most out portfolio, historical still you X%, rates but which

selling on we're if back might some sixes, If what than that's up to move that. be rates a that, the were bit production underlying maybe. rates in thinking opportunities about get faster to the So little there

I thinking if to when XXX% stuff in think Sheet, that about our onto were priced to we Balance a need actually would what even selling. we're price to achieve go ideas, to order that X% we gain, the

Chris O'Connell

taking Great, thanks for my questions.

Scott Kingsley

Thank you, Chris.

John Watt

Thanks, Chris.

Operator

the I to now questions. closing would further Watt any turn call showing his for John not like to remarks. I'm back

John Watt

you hear first-quarter the at for And NBT. story to of time Thank of thank morning this taking you. all

out all quarter we As of and came momentum of blocks the and executing. we have the a in we pretty first lot of proud I that's a the were way of the started, function team

So thanks you in from your we quarter. again, look forward for to next Thanks, the Operator. hearing time,

Operator

Mr. you, Watt, with concludes Thank program. our

and disconnect a now may have day. great You

John Watt	President and Chief Executive Officer
Scott Kingsley	Chief Financial Officer
Alex Twerdah	Piper Sandler
Matthew Breese	Stephens Incorporated
Chris O’Connell	Keefe, Bruyette & Woods, Inc.

NBT Bancorp (NBTB) 26 Apr 222022 Q1 Earnings call transcript