Earnings call transcript Q2 2023

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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. from differ may results those projected. Actual

a certain these numbers addition, presentation. question-and-answer this are session non-GAAP conduct will we appendix time. measures for Reconciliations At on participants all at disclosed. and be time, mode. as a today's Later, will will of In listen-only follow contained that instructions the within

a this As reminder, call is being recorded.

John please opening to turn NBT and CEO, to remarks. the Bancorp his for Watt, over like H. conference now Jr. would begin. I Mr. Watt, President

John H. Watt

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

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

mid-quarter, that momentum. higher confidence us visibility gives experienced forward our about By we

with the to for Importantly, regulatory of that we scheduled July, Bank. were announce in simultaneous a acquisition conversion. necessary systems pleased our We've to NBT approvals received XX proceed early August core with Salisbury the closing

team customers will prepared join at experience and Our NBT welcome seamless integration new Salisbury is who colleagues to time. we the to for a ensure our are excited that

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

the rest planned Like book has a reshuffled. business to commenced servicing our risen of our moderated Our cost the industry, during as fee-based has evolution funds the residential as deposit platform significantly our quarter. of solar

deposits robust. well. XQ, since book the sources have our funding are of experienced Nevertheless, seasonal our and In as we XX, grown contraction municipal December

XXXX our deposit and XX% plan end to landed at plenty the have execute at beta full-cycle beyond. quarter. We headroom of The the of

high retail levels, we enjoy during to the and continue the growth in experienced accounts We retention quarter. deposit

Our acquired with talented XXX our income $X on at fee-based connection Retirement individual firm focused revenue total businesses nearly assets strategies, in the our of In direct with X. for the July along professionals. organization Charlotte-based with XX% benefits to Epic plans total second and fee-based assets team performance the recordkeeping quarter. This base, and of over EPIC, solid continued of retirement a national administration non-interest adds client their billion

mindful to to continues NBT the Credit to is the very we owner. six consumer to perform better and resilient prior business those levels quality at environment we are forward likely through experienced small than continue remains strong months, at that observed Although be pandemic. we volatile a and

announcements several During growth the economic markets. Upstate the long-term along drive corridor New impactful were across core quarter, York will chip there that our

the this its continued growth in very as core anticipate and Menlo use Microsystems transformation markets aerospace We quarter, fab capital Ithaca, major facility In Lockheed and the switch economy announced discussed with are a announced a to large partnership in the vibrant produce calls. York our strategic announcements year a chips. their produce earnings activity and the GlobalFoundries the to manufacturing recent result. in our defense of end At to addition silicon for chips down ideal segments. a region, up in corridor and These New of in Martin investment the previously in

business into year, head of we offense part by of driven in the successful model. into half Salisbury As NBTs integration back the the our

diversified liquidity of effective the experienced and professionals. capital levels, team strong We business are highly a well practices mix, risk and with positioned management

performance to quarter. for talk the we'll Scott, over And turn Scott's take our your following you now financial the questions. call greater second about to I'll in remarks, detail

Scott Kingsley

Thank morning. and John, good you,

results overview of presentation. the to earnings our page Turning

earnings were of indicated, in acquisition $X.XX quarter year $X.XX quarter in last per compared linked John share to the the losses, share our $X.XX, generated the quarter. excluding we second impact securities second per As of and of earnings and $X.XX first expenses

the Despite than was noninterest for of expenses, net $X.XX second share per higher costs $XX.XX quarter. income quarter interest the higher linked at higher continuation and core the as lower resulted earnings income and book well levels value Tangible quarter. than the June $X.XX XX and as higher operating XXXX funding first of of acceleration in of in decline the

the loans and loans. commercial were page Total in in and annualized both X.X% portfolios. next and shows included $XXX the year in consumer million up quarter or $XX The second our trends outstanding growth for million

meaningfully New origination have to continued move yields higher.

loan markets. portfolio reflective $X.XX very total and between evenly diversified outstandings, customer of in our is well billion consumer demand commercial balanced Our remains of and

from outflows. accounts $X.XX municipal seasonal experience Total checking quarter, of were continues interest the money higher-yielding deposits interest X.X% million the of into billion end $XX The its but and reflective were down from instruments. of savings migration and deposit to from market prior XXXX, low no up and company time

higher have of relationships of we second quarter very quarter accounts pre-pandemic declined XXXX high, from and operating deposits retention and XXXX. customers has the continue quarter. second though this add new than are Even remained deposit end early Our to XX% core successfully balances XXXX,

cost quarterly basis in increased increased to points cost basis deposits compared basis first quarter. points the in total to in second and basis XXX linked to XX linked the points to XX of compared of XX the total funds quarter quarter points Our first

XXX month XX funds of cost In total were and to of cost were basis addition, June up of our points. the points, basis our total for deposits

mix included granularity which our of also diversification summary customer the have and by illustrates a type, We deposit of our base.

available which uninsured provided coverage updated addition, sources deposits, at presentation, appendix uncollateralized In compared end. to of our XXX% a the of estimated funding the we have table and provides of ratio an quarter

income interest in net and slide next margin. looks The our changes at detailed

up second quarter results the from $X.X XXXX. income the million of Second quarter $X below net interest first billion was linked quarter and

believe at couple interest critical results. margin for and element least granular would core pressure will profile quarters. deposits we next Retaining funding interest ability our Although remains results continued of our to a on we manage net growing continue to be margin the some strength, deposit a expect core net of

non-interest The on are income trends page eight. in summarized

securities Excluding was losses, from $XX.X the linked our fee income million but to $X.X of second up quarter quarter than first was the $XXX,XXX XXXX. million, lower

generation XXXX, the the plan and interchange $X.X second provisions the subject but from increased Durbin million management wealth the productive seasonally and declined this to retirement first first from Our Card the the growth XXXX. services quarter, revenue driven year. beginning of revenue linked from third in experienced company. of of the of of quarter Dodd-Frank Amendment the businesses diversification administration quarter to strength generation the of by being debit core is The the sources our Act banks income quarter

were of non-interest operating excluding expenses the million quarter, was to expenses merger-related total second expense, the our quarter Turning which of quarter or $X.X the billion XXXX, $XX.X $X.X of for year. in million above second X% this

were stock-based well expenses compensation seasonally quarter were $XX.X quarter. first quarter. the than million operating of higher a in the first than as and compensation due benefit linked XXXX lower of employee of and payroll costs to incentive Salaries Total first higher X.X% taxes and current linked experienced as quarter the expense lower lower in the level

the We expect consistent our basis, to and Bancorp of closing to open of the quarter merger growth engagement same pending be XXXX we'd NBT objectives our a quarters subsequent do couple fill customer as core with next payroll Salisbury over has mid-August. number operating of of many expect of On support expenses positions the of relatively to in our each in standalone days.

We the with presents. levels year, this have the remained staffing opportunity on deliberately that Salisbury conservative combination understanding

presentation. overview the walk we forward an the quality our provide of slide, available of loss A to also asset reserve appendix next in changes key On loan is metrics. the

quarter compared quarterly were points release, XX In provided data to charge-offs basis basis the of second points the of prior have by XXXX summarized with financial components XX charge-offs the line we earnings of quarter. business. summaries the in selected net the in Net

concentrated for our XX% quarter. charge-offs second net are other quarters, and consumer charge-offs quarter status total run-off planned the unsecured Consistent represented with a which portfolios, were previous of net in in

were basis than of total assets second Non-performing to were the XXXX non-performing last quarter loans points nine lower lower five than loans year. basis of points total the assets and to quarter second

is than times quarter. losses more of at the the five loan for loans the allowance of level non-performing Our second end

wrap-up fourth quarter early prepared XXXX, started pressure March The some I pressures. additional XXXX. that expecting and accelerate those market of began in has We uncertainty on the As continued volatility costs, remarks, funding to incremental arose in closing which thoughts.

in management and of income. the allowed recurring income lines, Positive lower credit fee despite solid operating fundamental quarter, report results results continue our net diligent to to expense us quality from second interest levels outcomes stable

past we the Our quarters capital XXXX over us as in opportunities and the remainder consider several growth of put for continue an beyond. accumulation to enviable results position

We combination also performance very excited will that Salisbury optimistic remain the the with enhancement opportunities around create. and Bancorp

have happy time. Jonathan? may With that, you answer at any this questions we're to

Operator

question. Certainly. [Operator Instructions] for moment One our first

comes line from Twerdahl the first PSC. from Our question Alex of

question, Your please.

Alex Twerdahl

Hey. Good morning guys.

John H. Watt

Good morning, Alex.

Alex Twerdahl

think figure cost little the costs level out bit that maybe continue trying do moderate while those you with little to quarter. the It comments to in that funding we you then NIM to that starting you sort out, second of put fourth you June, abating sounds in the is a just of bit, to together pressure -- to quarter, from going to And maybe made deposits that and saw just the be at a all on do it's going a it there that or level pressure, same pressure bit. to trying Scott, costs comment that that in third the me, be still funding the that and are I'm your will may with little expect think

Scott Kingsley

is has that what funds we of asset repricing cost to relief the observing some on Alex, but are So we're up, side. getting move continued

relative the cost that's of into up, that, also actually coming in bit? largely related question to the funding third. So and your quarter back to the but second do where repricing pressure think that late do, is I the changes catching in a I little to I asset abating level think

Alex Twerdahl

or new loans catching you bit? of talk with spreads, repricing the variable And that of just is can through growth that maybe are some is or or that Is finally getting that asset that moves, Fed yield widening little a price up? rate loan because

Scott Kingsley

Sure.

of the a that will of rate a Fed little about $X decisioning assets July from on review, based kind we that get should quick so rate on the change, lift with got billion Fed. we've So the worth of move adjustable bit

bit flows cash the the coming out of $X.X that as to instruments off even as above longer consistently is re-pricing into probably that billion existing term, opportunity in maybe been we've re-price yield. blended observing that a ability new little think And to important for more the yields important instruments. have But above we got about has XXX what we're XXX portfolios current portfolio our points basis or

So, our movement natural natural re-pricing. natural flows just favor tends or in to asset relative to be cash servicing and

Alex Twerdahl

is That's there is primarily or growth, reinvestment that there? of component Okay. well due great. to in loan And security as some

Scott Kingsley

It's are now, side. not that. all would at any the the adding to balance thinking like combined we loan Right on that make is for decisioning current Salisbury before the we on NBT our and we to portfolio, sheet look more securities

Alex Twerdahl

makes sense. That

bit from you help any based out the of little going you did, can just the of real that's size that Direct number the financial size customers? acquisition small in always and tell the these if acquisition, difficult transactions Retirement the AUM on impact. from result figure a -- It's to to us With

Scott Kingsley

You're right.

GAAP revenue this first into couple we demographic partnering in from positive. of than think obviously, annual million thinking have What kind are about transaction who is the at we're Epic. modest. accretion pretty very us, with small where a But the of around somebody were albeit extends good that it's intangible most the doing, And I the transaction. our Southeast purchase in that's was amortizable ends an like pretty up what years presence smaller changes they that it small, the you of when opportunity price $X.X we're for transaction really

Alex Twerdahl

operating And that with the Got is it. as guidance that you expense gave included in that associated earlier expense well?

Scott Kingsley

XX% work if Alex, opportunity, would it's way, the XX% to $X.X margin, a generate has probably or -- capability -- of generated million kind there. so I sense operating about if that, from think this it's that's

Alex Twerdahl

And final then great. question me. for That's

sense overall how a liquidating terms or in then you long long going to that Just And will that's -- of portfolio, have do for loan a be balances? that drag take how on

Scott Kingsley

of part outcome. that relationship we off, we about became a had that's Springstone, years several more which XX running with We would those relationship think think been And it of Lending ago. the goes the think, part we -- Club long-standing months has have

that comfortable they're a assets losses, unusual are to since us. these because something extent getting -- to for when they're From again, with the more just So, be it experiencing in tends actual of that in we're but perspective, is historical perspective, the from to just we're out life. piece that we're not which status is a of the calling its that outcome a end proportional runoff

Alex Twerdahl

Yes. And that's consumer full other off? $XXX in running the that's million

Scott Kingsley

It is.

Alex Twerdahl

guess? some And expect the guess be I that with charge-offs? I charge-offs that to charge-offs of associated what the a that. going quarter a similar And once I in that level forward? of Is done, that's free do released, the up will you terms of does ACL this lot know expectation continue

Scott Kingsley

It happens Alex. naturally, Yeah.

have things from these the now net loans income but think enough runoff I pay the reserve it's not the actually losses, we off, as a we to conclusion significant. cover until generate need of our but as those portfolios, interest So think the off, of pay to

Alex Twerdahl

for Great. Thanks all my Okay. questions.

John H. Watt

Alex. Thanks,

Operator

And question from you. Steve next comes our our James. next Moss moment of Raymond line from Thank One for question. the

please. Your question,

Steve Moss

morning. Good

John H. Watt

Good morning.

Scott Kingsley

Steve. morning, Good

Steve Moss

just think or are balance just back you the the restructuring the and give margin -- combination But I the or securities sheet you just Saulsbury, on their around of could it, portfolio kind secure to circling alluded portfolio? of Maybe thoughts your with us Scott. you

John H. Watt

Sure.

than we margin margin core the been which we'll always than the with So is likelihood back have announcement, margin Steve, where had market, a know, results so made line base, probably that's we you since lower that accounting core we reverts case had core the lower slightly purchase to in they enjoyed. are Saulsbury's which Because our is adjustments, are. that, obviously

for marking of market, accounting investment that that $XXX today carry has to today, be them about purchase will million be but purposes. that we'll we mark-to-market -- Saulsbury securities will marking

that have want down want to we whether marked will we those those So and the reposition we that assets will that. experience accretion to to whether already attached opportunity to have been run consider or off

ourselves the if as No damage Selfishly, of earnings and something can to not cash or turn accretable to motivated opposed do ourselves execution question. that. Steve, into that, earnings market to dilute we we're relative

when confident in to we just under interest Relative other that X we to the months, in rest December Salisbury changes could that meaningful of that we're the announced a the level. rates despite transaction outcome standpoint, results, be the things thought and accretive still last NBT's from with or pretty XX% over X months

think So we XX% standpoint, accretion. be about think we a to able expect from contribution should we

Steve Moss

-- quarter had Okay. loan even moderating good then guys the side, in with Great. And of this pretty on here. you the growth loan growth solar terms

and out -- you're about what opportunities there, Just you're curious feeling how seeing loan how the pipeline the you're pricing? loan

Scott Kingsley

higher. to time perhaps at lower lot was bid Q and mid-second quarter all I'll XQ first opportunities than of still end It's pipeline is now as exist, Good right but and momentum and to year, it's active well. CRE terms Happy and really situations but the about that first on it little one, last a seven C&I of very but The across nevertheless, didn't morning. is Steve. it's the XQ this talk into states competitive, active a commercial. is in activity take that

commercial the business. in momentum about good pretty feel we So

full Business accounts now. them. active when banking also to right when acquire small relationships business we Those owners, tend very full be we

And really be opportunities, So been month-over-month, pipeline closing only nice we've management And treasury not has opportunities, there's there will financing observed there. that deposit strong. level.

year. going of that's continue rest the think through I So to the

up, was last at it certainly is levels the seasonally not Mortgage year. but

it's rate active. But environment. the So, obviously, that's

we're So targets. are ensure quoting irrational our the they're that generally have perspective, feel that levels our appropriate of optimistic earlier yield what of about us And optimistic is you are, hitting to given what pricing we funds. we this that's to and that true capitulating cost a internal the more markets, provide competitors us realizing going in feel enabling market which is a some about experienced and From we we speaking, doing Scott finally business. heard

of rationalization that to good market So the feels us.

Steve Moss

question. great. then And one Okay, more

Just over of from Is expect flows going that $X.X months? cash you the XX for billion back to portfolio. or months guys loan XX the

John H. Watt

year. That's one over

Steve Moss

one Over year.

very right. All Thank great. you Okay, much.

Scott Kingsley

cash got of the Steve, our in as faster things auto portfolio because of diversification is flows much like you've indirect example. an

So we're pretty that blended with on comfortable basis. a

Steve Moss

Great. all thanks. Scott, I appreciate the color there.

Scott Kingsley

Thanks Steve.

Operator

Thank from line O’Connell the KBW. question you. And our from [Operator Chris comes Instructions] next of

question Your please.

Chris O’Connell

morning. good Hey

base touch expenses deal the mid-quarter. SAL closes, deal, closes it the and impact and to for wanted on just and the So what I on the once fee know is

well first tide quickly so saves their as will So come side OpEx the talking merger about the date, maybe quarter full conversion cost and goes? through how the the on just impact as to given

John H. Watt

week, the line so we end very the of an had results at they their Chris, income with quarters. obviously expense and of several numbers last were in Yeah. outcome released over generation tail and which last much seen from the

can comfortable think integration combined from outcome cost achieve two So, that we're a we a vendor XX% about still companies. we from of our the and save

that I see accretion would point, the we wouldn't much it's first expect mid-quarter. to a in quarter, your

of to we'll beginning have noise expenses third of begin to little quarter, in quarter expectations with those quarter the The correct somewhere of that full the it starting half year. the would the savings before experience having acquisition fourth start third objective and of above rate the a I with the three-quarters the accounting end at us bit purchase save of of will cost run marks between a in getting think lot that

Chris O’Connell

how mix deposit versus shift May far July That's where the just in it's see non-interest that how that heading June, you you've talk And the of can of kind then versus year? the back about you of April half as And and bearing slowed seen? helpful. much core Okay. as much

Scott Kingsley

Chris. Yes,

NBT some frame to that there we a out other a with I longer-term objectives don't into what our safety safe good time inflection got money. going relative And of anybody came discussion in April. their So, really whether because was was to to as the them were. to discussions was have our for And further exaggerated understanding lining March questioned just customers. I think that with customers' have of opportunities think plans whole silver spot their lot But

So we more experienced bit little a than.

of mix portfolio, come or because on excess I to going the bit excess deposit have they tended of terms deposit retail have little think, balance tended all that balance, of I bit more deposits side retail the of a or through holders activity think -- mix that higher probably liquidity that's or latent our to of because still in the relative shifted a to there's shifted instruments. their interest-bearing conservative low be because shift. of into They, be to outcomes not

have What above we deposits of still we track continue know so in in a end same little the that the the we levels to we continue at at really are reached is pre-pandemic. point pandemic, where time, process But to bit don't monitor that surge this we we're from that. and started

to So we're of attention a reasons. paying for obvious lot that

could. that, people So, prognosticating in interest-bearing headed I think we for could an more further of outcome? terms see we

I second as be So meaningful it I think it don't. was in quarter? will as the

Chris O’Connell

for Got guys spot have I June? give it. helpful. but missed That's And NIM earlier, the did it may you

Scott Kingsley

Yes.

were of and an that a just XX, just line I the we quarter. try made think of of month to of -- of that blended bit funds, June that from we XXX cost we the to on you extension were trend total Chris, little -- for deposits give we comment the cost just

Chris O’Connell

NIM June? guys willing you Are for provide the to

Scott Kingsley

the It's quarter. a lower little the than bit for probably average

Chris O’Connell

Got Thanks. Okay. it.

Operator

next Matthew comes you. next our question moment Thank of Inc. line Stephens our question. And Breese from from for the One

please. question Your

Matthew Breese

Good morning. Hey.

John H. Watt

Good Hi. Matt. morning,

Scott Kingsley

Hey. Good morning, Matt.

Matthew Breese

more. we bit was NIM could hoping parse just I the a little

yield reference over First helpful. some six expected question year the I for accretable it or and is be Salisbury, don't if would know with months, frame can you provide but of first

John H. Watt

but yield closing and So level provide estimate portfolio a We're along shy from hard we last -- Matt. transaction. announced and because don't over would of we than accretable in a that to months don't better December, a actually what weeks repriced because we're to itself. right away probably we're that. for two so rates little today anything interest has do now, have a bit We're probably the little their higher close Clearly, the line. We nine generate --

deposit come substantial? by It our and in from was accretable And announced The yield. be offset securities of We're yield on loans, December pretty be. we the to still from GAAP a of some comfortable will it thought that changed creating bit, a make we sticking that I would core half fact, be have numbers Will about we what to combination would accretable accretion mean with but that that little themselves the guidance intangible. a sense of standpoint. us. seems

Matthew Breese

think On NIM a on yield, you basis, settle expect do excluding where about to that intimated each core the had you I par accretable with out? they other. were

next guess comment I pressure couple on yield? basis declining meant you with versus accretable the all-in a was I tying some what quarters, core so that about, talked to of as And over was, NIM you

John H. Watt

Absolutely. did. I

Matthew Breese

have And first do a of core NIM full Okay. might any out where on quarter? shake that combined idea you

John H. Watt

sheet but is gotten keep to that the straight it Have I we And really -- now. up this, be things be make I'll given on coy whether don't that this about are their securities on the to that all not after want sheet. with of really that securities difference to depends or that been decide size just we a they've their today, whether significant their including will balance of liquidate balance marked,

Matthew Breese

Understood.

Okay.

hike, Fed the past in given your back might -- be cycle this be Looking thinking cycles hiking when do a the place but you start that's for proxy cycle? see about for out you to deposit flatten that costs thoughts just move, curious basically different think and long on overall your I'd And after rate it its to in do this puts how last good institution?

John H. Watt

before. is has to that haven't mean, it's should seen side. fair put -- we're two on I Fed obviously come I of in that a acceleration the getting be in their something we pressure stake probably would is But the after the probably It's done, this say to the proxy. ground cycle this good think Yes. end that we the quarters the funding

We mix your have detailed the to is. to pay where attributes attention of

And different pre-pandemic today in isn't all do so balance the operating radically that of to continue than we'll sheet NBT honesty, sheet the But that. balance mix from our was

Matthew Breese

Okay. more one-year I the appreciate XX, an I'm were type feels like peers like And that. sensitivity. change? might then a moving, does that the you move, down get downward on really a we provide NIM tied If of just curve updated the get rate how XXX react? or next. up does interest in end Page likely short of XXX is lot direction to sensitivity And shift, assuming your to a we parallel of how

John H. Watt

reasonable question. a It's

that or the where think is actually midpoint starts the curve I curve stay comes to of and higher, of end action, -- longer end if a be you the it Fed if down shouldn't outcome. net today of front slightly from the but beneficiary the we the that

like up end seven-year incremental three, short we curve. of to to from -- Just about in to would funding from where remembering curve the us pick today it price having Think most today customers but that we're the today the point five, price the or

today. So bit it detrimental can little a be

beneficial basis. be think could to a longer-term on we actually us that So

Matthew Breese

as as tangible have seems have impacted ground. know and curious on, these Got more bank I of going your in All your it's sheet? the me. you a of are for What right. them local woods. shovels of neck and reference have John, the be changes I It one time updates there's appreciate occurred or corridor. goes that chip can long-term I'd on it. on more but balance some community effort, the Last the sort if in tangible things any benefits, already the

John H. Watt

Global that. do I'm Capital years. go sorry, let's has been producing District -- to where to the GlobalFoundries XX for Crossing has Well, Happy

financing We've experienced maintaining other growth we warehouses, and codes, a population ecosystem markets. ZIP are build-out building from logistics which participate which perspective. GlobalFoundries, see of those experienced multifamily family have infrastructure, of in We've experienced the of in residential, and we deposit in vibrant companies, a growth housing, customers growth in support all single We time. those our all engaged around over in

So time. to New the higher level model of Central at Capital and a producing is be and in longer in District up is once over repeated likely York Micron the gets period a

see that on of we in those numbers in we've Capital -- more successful plant before the want subject. some clearly, driven that share around that as function make We we and by broadly. is have to large what done growth analysis a internal tight see we But part So we District there. sure XX-year its them run

Matthew Breese

And amount of has have of for terms is committed Micron do versus to market dollars in GlobalFoundries reference you what provide -- the for just set that size? to some sense scale and

John H. Watt, Jr.

as completed, multiple the GlobalFoundries be way on a happens it of it's times larger with than significantly it three So when planned they investment or announced, larger goes by that if the have Micron should two what

Matthew Breese

I’ll, Great. for questions. taking my you it leave there. Thank

John H. Watt, Jr.

Sure.

Operator

I'd the Watt does remarks. question-and-answer This conclude you. back John to hand any the program. Thank program like today's session further for of to

John H. Watt

of you in the and with weeks have thank and to this we'll participating Jonathan, next Q combination some and all We banks look forward it. Salisbury, at call. get associated you with end the position Thank some to in the with able a done discussion talking concrete be being in that third in of then you, for to the around and fill two

day. good a have and thanks, So

Operator

participation conference. the does conclude you, for in your today's gentlemen, Thank program. This and ladies

now may Good You disconnect. day.

NBT Bancorp (NBTB) 1 Aug 232023 Q2 Earnings call transcript