NBTB - Earnings call transcript Q1 2024

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Operator

Good day, everyone. Welcome to the conference call covering NBT Bancorp's First 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 ntbbancorp.com (sic) [ 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

will certain these numbers addition, presentation. Later, will session. non-GAAP time. appendix measures for Reconciliations we Instructions question-and-answer a discussed. be conduct at are today's that will of In follow contained the within

is this begin. Bancorp's turn opening NBT recorded. I and remarks. for his CEO, John Mr. As the call will over please conference a being reminder, Jr., Watt, to President now H. Watt

John Watt

earnings all you, covering Victor, morning, good First participating XXXX NBT call Thank this Quarter and thank Bancorp's for in you and results.

Joining me Chief of Financial and Kingsley; Scott Retail Officer, Officer, President Accounting Annette today are our NBT's our Chief Stagliano. Banking, Joe Burns;

we led happier Board a that a be make January, who I for and has been will and As in I could we successor disciplined President will our step a highly very is role by CEO not thoughtful down communities announced process of employees XX. Kingsley, transition. from Scott and professional May as my time, complete my customers, our on succession Directors. what regarded will that At seamless shareholders, this

announcement, In internal and while a who for in this have colleague investment Financial I get for Financial and that over many with assume NBT and of story. It years, the addition, the I said this your to momentum institutional years. to beyond. opportunity our know you XX way of to all Alliance become community there years work Burns, January averaging has you take our the NBT in promotions up analysts constituents these times thank sell-side in team. been in my to interest I XX was over with to pleasure will want over Annette its every NBT will help Officer. Each as are of maintains NBT of of Joe Chief Stagliano since and And President will Bank, title assure the XXXX the the covered

the complex in growth has agreement a manufacturing. Last As support of I markets ] back plans NBT, to the a town $X.X of entered semiconductor U.S. invest announced as Commerce investments $XXX will it impart Department Micron transformational the [ occur of NBT of is week, CHIPS to of plants fabrications turn upstate serve we to in that York, core is Technology an grant that New at the Syracuse. over wind game-changing that multiple with the leadership as in semiconductor result the in was into our in participate as in billion a and will poised near provide billion much Act under Clay, its the

This the County. $X.X CHIPS support by Junction, funding Green $X.X in that GlobalFoundries to Act Onondaga complex from in facility investments Act manufacturing the the and Essex billion jobs by announcement its follows Capital New York in in the to February infrastructure the Additional of build District an CHIPS will facility upgrade York, Vermont. provide fab Malta, in direct another billion includes state, New program for State significant credits and tax Clay

prospects the all Combined a corridor. New alone. investment also from in chip X,XXX will is Malta customers York providing the to for and jobs positioned NBT manufacturing million of funding $XXX uniquely X,XXX types projected role living this jobs project. an State to provide are working construction services direct financial in play in and and additional significant

experienced in first hands Scott? turn quarter. financial discussion -- And team forward. I over capable to doing in the in assure going our for performance in will you that So very I shareholders so, the now our last a are the of and

Scott Kingsley

in well have York corridor. we capitalizing as continued on Vice look support engagement and exciting as guidance manufacturing to your forward thank you. appreciated as Board in New leadership Upstate our and and markets the your in John, the morning, Chairman semiconductor Good sincerely your opportunities and energy

share in results, were earnings Our operating including quarter per line of with first $X.XX our expectations.

the Our Customer loan sentiment $XX first to in health quarter in team seasonal primarily or new million deposit from adding inflows, growth be while in and our municipal generated first X.X% core portfolios. annualized continues of funding favorable. We net incremental grew quarter, importantly the accounts.

and ended the generation Despite quarter. ratio to of interest our represented higher, XX.XX% higher total improve equity midterm the related X that, productively I Our and Annette transition, I more and the planned it through income of noninterest will am financial our quarter working to Annette? is for our results. and Tier required detailed AOCI Xx continued tangible first declines comments for grateful over continued more XX% some on turn some revenues level. The very ratio leadership rates, leverage their is focus than first regulatory team With quarter discipline. to in

Annette Burns

morning, good and Scott, everyone. you, Thank

the page to overview presentation. results Turning earnings of our

which $X.XX, of Our per share per earnings share $X.XX. first gains. excludes quarter earnings Operating were securities per $X.XX share were

trends margin X.XX%, first interest of per included were XXXX $X.XX fourth increase which the Our of of of Total from as in and in costs book funding X nearly quarter up linked per the XXXX. both was net the our points from basis shows consumer $X.XX up asset our annualized, share loans. end The and or was share of offset the earning growth quarter. Tangible up portfolios. was quarter next quarter point in page in commercial basis the million the X $XX.XX our at improvement X.X% from XXXX, loans in value outstanding quarter March down fourth and XX $XX.X quarter first of for the yield

Excluding a increased that million or loans the planned are $XX portfolios residential X.X% status, consumer in runoff annualized. solar contractual and other

yields quarter X basis of points the XXXX, higher of new loan fourth up reflective continued were quarter from First rates. origination

and $X.XX loans. On quarter collections billion relationships inflow due checking most portfolio is and in first and money deposits savings tax X, no remixing consumer million low interest loan of total XX% into company of municipal $XXX market of from XX% are seasonal higher-yielding linked during fourth the the comprised were accounts continues deposits markets, Our total deposit some the commercial remains in to experience quarters concentrated of time diversified instruments. and quarter. of interest well and very to third and each Page year. The billion $XX.X up of from our Generally, municipal

quarterly of cost prior total deposits Our the points increased basis XXX XX to basis up from points, quarter.

granularity We mix our changes at a our the deposit margin. looks net diversification base. The of have in interest slide and illustrates income included our type, detailed summary of by next customer which and deep

results. linked interest to funds quarterly quarter net calendar in first day a was in quarter The The fourth the the was one company's the Fed drivers $X position million and decline below in the net sold average primary interest quarter. income income less first decrease

in summarized of X. the modest funds experienced a in on income additional we pressures continue. to noninterest expect we of quarter, slower the Page Although in growth are The funding cost rate trends

the our fee the securities of up or retirement million, plan our income $XX administration customer business up $X.X actuarial quarter in and from first account quarter, the growth quarter performance. activity-based million XXXX. Revenues the of up was from $X.X $X.X XX% were fees Excluding positive or million market XX% comprised gains other from quarter, $X.X fourth of and from first million, million and linked fourth

renewals stronger revenue and Wealth favorable quarter. The benefited level of sources agency our quarter and a of performance a policy the be XX% of Insurance continues Management diversification organic in higher and the from also market total reflect revenues of to core growth. Services company first first seasonally strength generation The represented are revenues.

expense. Turning to noninterest

charge the costs, X higher The due and of of or seasonal increase the merit X other operating first occupancy is $X compensation recorded in $XX.X operating acquisition of quarter seasonally March the million quarter of million services one million accounted X.X% year increases benefit of level offset driven expense, expenses were partly incentive quarters above merit than QX of the timing attributed for were other higher the The in employee Our which higher $XX.X payroll in year. full for $X.XX remaining expenses share, approximately quarter. quarters an offset QX and expenses higher a low by quarter-over-quarter by be costs costs. Professional which fourth additional utilities in can will quarter, to impairment benefit the excluding higher were pay and in XX.X% quarter lower and compensation and effective maintenance fourth in quarter, historically per stock-based expense costs expected, be linked higher XXXX. The of of in increase remainder was XXXX. Salaries increases by total costs the including last payroll the linked very costs impact were compared taxes occupancy The the for costs and initiatives. the to day XXXX. incentive first and in expenses to elevated increases

a On metrics. the basis loan XXXX linked of which of was the the provision to XX higher interest key X.XX% basis rate points of continue of provide would XX continued quarter. Reserve of linked recorded mostly cost slide, the assets loans environment, to and norms charge-offs were the coverage were of charge-off the with future will likely was continuation quarter $X.X We we mix total quarter. quarter. In toward the quarter, in balance Net and than first fourth higher, points asset quarter. NIM of consistent needs. reprice of recorded first consistent increases this expect loans in continue compared to to sheet total fourth loans changes we as activity slowing closing, in loss with expense prior see overview trend compression provision million to our drivers million the $X.X quality will next $XXX,XXX an our growth in the believe in also the that earning prior historical funds. to offsetting expected more provisioning We Nonperforming be

organic fee allowed interest to and the have productively from quality of growth, base, challenges net deposit a on us our generation. loan well-balanced granular solid recurring positive income portion income results credit offset Our lines

us any we're Lastly, in questions you future capital put growth continue we happy that, time. answer may a With to opportunities. our consider deployment at to favorable position and levels as this

Operator

Instructions] [Operator

James. line Moss Raymond from question will first the Our come Steve of

Unknown Analyst

us of there This that a this is It sounds like run of income can rate for rest line Steve. range quarter. for provide a seasonal year? was was lot the a with Thomas the in fee for maybe this through wondering noise you I pensioning

Annette Burns

that. answer I'd to Thomas, be happy Sure,

was retirement forward, or basis quarter, rate the the in and in some another activity plan $X.XX our in X X very the the quarter. seasonal tailwind -- performance businesses. $X.XX our quarter first to Wealth about Management we run had market probably Our to strong for both Thinking

if So variable run noninterest think or we income. our for when rate that a about continues that's

Unknown Analyst

us moving bit, really ratio with a stepped up points, charge-offs maybe auto that just then little there? maybe low. credit guess color provide I still you to But And a can any line? indirect basis I charge-off on see that normalized Okay. seeing trends maybe for here. XX-ish you're

Scott Kingsley

the there's Those the project Thomas. still would really relative So go of we than to which an to low seen very in, they're sure, that exaggeratedly haven't not most levels inflection. we portfolio obligations. And XXXX, to by was any closer close of were reminder, we forward way public to low think levels, XXs historical XXXX that as think comparison. We to were the if much all If to on -- it auto big like there our the longer-term again, we customer I plethora And that XXs, geographies trends were instantaneously. But their a basis basis, healthy expectations points. as about a moved about you very a charge-offs will us like looks the on back indirect basis a performing take closer of start long-term you look are think our XXXX, if still transportation. serving to XX in don't higher doesn't if

So work. people as are get servicing their to they're trying auto obligations to

Unknown Analyst

Okay. Great.

aided Just the peaking Can share looks you residential runoff. us with out? build reserve where me. solar more continued see for that you It maybe one continued to ratio like reserve by

Annette Burns

change expect wouldn't I to Sure. from where significantly today. it it's at

at reserves to wouldn't the of prepayment comfortable so with up extension and We're level expect increase is -- some that just higher. given it's assumptions. much continue asset, a today the longer-term tick probably it to We of very

Operator

question Stephens. the from next our Breese And will line of come Matthew from

Matthew Breese

like What sure appropriate of a is not portfolio. changed percentage as kind goal solar of question. ultimate But of for terms who this I total? we as there in defining curious that I'm was What the are runoff? the size on the

Scott Kingsley

we even strategy probably say our frame solar since years we So demand. they to is servicer some or below really in to sheet the that. depending function number, -- this would that of service I that we would go we to a a of Initially, our to was time, of selling reached point able of billion, on inflect as before started obligations partner, has would Matt, originations. It's a even and way, just with to the thought that, would it bring that the future be source. more that up, $X under and market from liquidity that, able And know, to be become an assault assets add liquidity ago people of selling couple on you or just it's the industry to or to be been understatement rates capacity roster probably be to residential balance forward

time, of fairness, we'll think loans we us, we in contractual for point would I on and line. based conditions say, we've In quarter. some have adding don't $XXX think in time, down combined just So that million on credit experienced at runoff this specialty -- consumer the with be to terms like made over we sheet. That, we bring already still those first the balance of will the portfolios about

a frame other portfolios. rate, would sheet, about most billion would grow expect that I instead, this we'll we the our at runoff. like contractual to mid-single-digit not way. probably So talked And on There's we currently it of balance sits with experience probably that $X

So again, where anticipating X.X% first said annualized we the growth we portfolio, X.X% across we actually the experienced or portfolios in similar what upon the we're but growing. X.X% had to whole quarter

Matthew Breese

Understood.

current nibbling accelerate out market that components your you was of is Okay. to NIM, potential curious, even portfolio get or levels. behind the around restructuring just restructurings rate kind the does fast I at then well at stand thinking to one And rates. looking market securities of thing your can is how that

Scott Kingsley

evaluate No, of Yes. from utilization continue standpoint, capital an opportunity again, today. that against to and that other we we evaluate

some risk we're if make case in as dominated to from and a we so back a portfolio that uses that we sources or we capital or management, fund are $XX today, to is off to some to that say, us at our portfolio and NIM better think that turning the essentially probably we have the liquidity replace than by in that and month. And coming mortgage-backed of yield it, those the tune today. I of to been amortizing the certainly, have taking have It like-minded us So million $XX to just think term so rate natural there flows stand of where points portfolio fine and instruments instruments, to capital it we look expansion. But sits portfolio relative holds higher. asset cash our are incremental with growth near million don't and around change again, We XXX other approach. is only on securities excellent using loan where our solid Yes, plans it other still that can't XXX for incremental needs. X% the investment for out helps today, portion it risk-free basis restructure an interest

Matthew Breese

Got it.

your I kind and parity finally outlook of cost thoughts NIM assets do we was increases. increases the hit around the NIM, curious that Okay. and earning the between moment And when deposit

Scott Kingsley

I'll run Annette you in at comments, more And too. can has that. chime

said, just I think you down what "finding a outcome promising But a decline it's us X.XX% interest that we're is the very relative being pleased with pace and has rate risk neutral. floor." that X.XX% a at we're looked to quarter-over-quarter, to of a very, slowed profile, from if sheer

out rates much there think pickup for So banking a huge a the as -- to lower of there's would thought I as industry. school relative allow that

more say, if opportunity go which have have is almost customer base thought impact, able ] [indiscernible] lower would if supported But our our loan is around offer competitive rates, to that is weeks. today to to a [ coming be lower have able a our to we're basis. last that it's to we down be in on rates positive years, but supported our we to X going customers' and we've dialogue create centered to impact funding were tactical for to of say Fed having We're off and curve. us outcome say, end, it positive a would some have and sources we midpoint very it could been from for the the the tactical, while. out reason there coming those inversion or costs. Costs more not that If the front that are it's typically X.X is an a we quite just incremental of the are priced inability funding us, pleasant, For to for

at mix if margin likely itself we're of of faster practical But pretty in of the think than side, And that again, probably kind happy our beneficiary And change a standpoint, is reprice where of we supportable. reached believe around the and sort opportunity for that that. so we deposit to point stable in we today little from net presents I to and could think assets that management I be we're is the think bit any continue. sort we've a

Matthew Breese

and understanding -- seasonal the some And expenses. I shake of items aspects? there's just kind some love then expenses should in of out remainder and to would few of given should year we expect say, those for onetime quarter what the a then seasonal the second of an I or, idea

Annette Burns

The Sure, we seasonal Matt. costs, was said $X.XX. about

of then and and that travel we occupancy, like resurface as offset the off after by other expecting we're costs in that kind be that back you So know winter. training the upticks to those

will days a going from on additional forward, And of we second down today, then first. the activity half where or said, the as depending back at plus are the quarter impact we probably payroll I year. the being few So minus the think hundred thousand

Matthew Breese

realistically optimism year. dollars feel much chip you the these of do end in believe, permeate customers? John, the Micron to this the then how some and the upstate is New one XXXX? that York start And is It's at by ballpark break the benefits is is the of to good me. that see I think to GlobalFoundries. your in the I When guess? And flowing money actually fathom Is sometime just start going companies. last and hard we are towards ground, your Micron around Okay. Do to for to a impacts down early

John Watt

of the Q start sector on think 'XX, first are this and The workforce, side, I I then. housing. very on you're large. next the that subcontractors to what business accomplish well depending shovel projects going and housing The year, rate, necessary So in market around be number in and is needs going to go feeling lift to right the goes ground, around is you're small ground planning in the think underway additional will commercial

All of announcement momentum up those things week. the this of grant last with pick

will build It build. it in XXXX, So will XXXX.

into 'XX. a a X,XXX I first GlobalFoundries operational. be existing up workers of end full-time next ground to line also plant means fabricated technicians workers lot in of will and going off And will plant the generate think man are that That the the necessary just to the been who activity. That's about the 'XX Central there's Think number York. and York. -- fab of hired cited hired. rolls to that construction have chip plant out there it's bringing Malta, once I've of or New also probably be that New

also So that momentum. creates

and a needs them side, work. everyone to needs get a to truck house to of them in rent. a on or live apartment Everyone of consumer car the So to

of to economic generate that positive All going activity. is

-- in and in growth bit when time still that. that I we going a that we and in out with New given forecast. But first it's it's thought give little get to about think, coming, ground actual real, Q, start is to the York quantifying Clay have It's shovel some there percentage of before Annette have Scott XXXX.

Matthew Breese

retirement, store chapter? congratulations And next I'm And John, see on well just excited the you have in to deserved. what for

John Watt

It's pleasure. Appreciate that, a Matt. been

Operator

[Operator Instructions]

Bruyette, line Woods. question of O'Connell & Our Keefe, next Christopher the from from comes

Christopher O'Connell

understanding in just of to time Or X Am few runoff wanted circle I is down on right, next just another it it in for I kind to point run the line? the the going mode is solar residential reassess now? back that down and it's quarters, portfolio. at to

Scott Kingsley

see our performed I us future, it's that as spot frame is good that solar in Chris, think their go has capital we that's class, XXXX, this the property. improvements a to foreseeable up of meaningful over cost balance than not to quite that frankly, in better back a for would very a put customer certainly great if for on we asset I expectations. becomes on the allocate end to to attractive that, still originations expect to it, forward, decisions. incremental probably that FICO is have an then well, savings sheet, way a try decided our and who grow and that's homeowner to some we'll We is Remember, to the like makes band like customer really our time. We think

it For originations us, not branches and difficult the those that we've that basis. operate to of always had say, to all customer states a in, look the that extent somewhat the X were bank holistic on to we is at in

So to And class. expectations it like quality being relative said, the asset has That as again, -- above date, asset performance. we our that capable performed is but to being class collateral. of pledged asset

Christopher O'Connell

runoff the quarterly for you of to rest QX, the think, is Great. year? And similar the

Scott Kingsley

Chris. I estimate, good think that's pretty a

Christopher O'Connell

on And solar then yields can those? also us consumer and are the are the running specialty what remind on the off, the also resi you on what yields

Scott Kingsley

Yes.

outcome. get solar would loans, standpoint. portfolio a we're around in from to today argue you Chris, and our off-line should the existing total, we that I that residential fits probably if looked So go middle right consumer of that But probably down at detailed X% yield of

we're and higher. Club stuff credit. that mostly Springstone those a runoff relationship in specialty unsecured with again, be again But a status, that's the Lending that in, touch might is of our Some rates

would we that. So expected have

Christopher O'Connell

what's an coming can update And us on origination far give yields these you as just Great. as and the days? loan

Scott Kingsley

that to fixed currently, on the rate the XX-year certainly real XX-year date, to X.XX% the or the mid-X% residential instruments depending versus we're long-term asset low Sure. consumer rates. To of class. again, X.X% the we're volume side, estate mortgages in characteristics in range, because really probably residential are mix, versus real and -- years, estate, and productive see In In where that's we function to originations a commercial on adjustable certain in do to point putting we of liquidity a been Fannie get have the all to are lower into standpoint. And sources than the portfolio. but start Mae opportunity sell past -- pickup If forcing the us not we've that, Freddie of rates always or Mac. amount today, to to that from a

Christopher O'Connell

the what's that the expected book net loan And portfolios forward? commercial thinking this How pickup of the at growth kind strong Has are of runoff about from the start for on these holistic of all and changed year? going year? you

Annette Burns

X% think quarter proxy about that runoff we're to change, portfolio year. the is bit, growth The thinking is the loan mix for proxy. a the of So X% a excluding but rest in the good first change that the somewhere a I how good might little

Christopher O'Connell

confirm just second of and from hundred similar kind or of couple a And first compensation wanted on has out the kind and other to months occupancy of the settling pretty into travel the in that helpful. right? and give you're some to other comments come left a the -- you pretty out of take, couple thousand. still Is said That's in, net Great. areas quarter of shifts to to some expenses, the quarter,

Scott Kingsley

in feel and us we that probably not categories between the expect I benefits, the please Annette free modestly are that salaries think are within some Chris, jump and beneficial out occupancy quarters. I'll that costs modest So in other for net and shift

incur higher than processed year be and that line, X.X% costs did quarter actually payroll balance natural the for impact range taxes the compensation on the of share $X.XX of think the As it raises equity by a first benefits salary We quarter of that we offset in relates March. to full a the a merit rate some that mirror about our run will basis. and quarterly of we

second there's improvement. and then quarter second, first think Annette payroll then one an the quarter full extra we're quarter I the out, fourth the in to as granular pretty and going and the earning also in a the day extra And So pointed of forward. that day third asset getting impact there's but compared again, and

Christopher O'Connell

around pretty Okay. any beyond. any X% for robust, Got guys are and it any you at strong like relatively it. an you're And I is thoughts on thoughts have and XXXX EC, at now year that? know Do guys this growth regulatory But repurchases then down probably appetite contained. is net still share capital here? seems looking into you growth

Scott Kingsley

sure, For Chris.

and by way. So the great question timely,

something that look as So allocation we at process. would repurchases say the again, I share probably of to close end our capital

annual and to the a better we're an shareholder First foremost, getting committed outcome on basis.

use that. a dividend our That's XX%. made share. to an a a quarter as we're $X.XX we to improvements But So example, keep were That's streak our payout support years XX paying making of ratio. We just in trying of first can place. clearly function of sure XX% if earnings the

the for still level with ability went If very improve to that earnings, continue you XX%. to on environment. that our We're and comfortable that back it's persists operating think to

thing, some good planned X%. runoff The we that. It not grow sheet a out loan side. know less have the probably we on at pointed holistically XXXX probably does you think I because X% grows or balance than

tangible we a will least capital that prior capital? the the we accrete at transaction And hopefully. now again, from ratio point to use that closing, to that We're back on how enjoyed most we Salisbury really to So happy likely, standpoint, side. are the capital again,

sort don't think have of any limitations we restrictions we around or So that.

community growth think organic at we something X-state people do is current But I like-minded with banks have the very actionable, think feel we're at understand think most are if primary that around support having that time. smaller I franchise. And transactions time. to the and that dynamic of M&A still productive conversations across economics our our the we capital objectives presents same support to the we itself like challenged

So any standpoint. where think from we there's capital that a I just are limitations don't

Christopher O'Connell

retirement, on And the congratulations Great. John.

Operator

Sandler. Batter line will question Our [ of come next the Hilde Piper from from ]

Unknown Analyst

just side, you that's I in a today. a NIM. moving us give little? have Can yield us to slowing the I for want least Alex yields for been yields in on see guys -- loan forward, from you left loan the guys at filling the lift can down give Just the touch sense loan

Scott Kingsley

quarterly Batter and yield time to the at transaction, basis X post on X, between I somewhere it basis. period of picking on we've Salisbury back So loan last X about think ], if for points a been look just of the quarters, [ sort the up the go

of I to think expiring above balance whole that, loans sheet XXX the new at. what XXX that's originations being probably going to basis sustainable idea that points are back off

can't reason that easier be actually a no full with I yes, it think question generate that So to little think, behind again, bit. of longer And that sustained. to does You demand for construct it on higher them? make terms new -- the would loans side, is, in say think the that, does

So sheet think for away We've asset the that market and that turning I would that's best had and meet at. some our some that pricing fulfill single don't them. growth, we're instead think opportunities sponsors to looking banking characteristics, I we trade-off our opportunities full balance using relationship and our holistic argue additional in our for we're promoting

Unknown Analyst

the easing to think is that the And does see drive experience inflection? NIM? you for in need Got to Or side the also us sufficient rebound the to do it. funding pressures

Scott Kingsley

the quarters. X really been for I Yes. mean, close or last X we've

to itself. front that appropriate change that of But their that those optimistic to never as going So that we're being treasury said, we're base. opportunity primary to timely and we're remember, ask that, customer And customers. folks same providing customers. We're I our to that management services advice providing in means out our think focus. presents And our we're

So be the at to and for competitive have it's funding able time, hold us profitability a in us upon levels opportunities products as to incumbent to same create company.

Unknown Analyst

see a until of the NIM the push borrowings least at that and funding to side? quarter up next assume inflection decline Got one and side, it. on with that fair next borrowings, mini assuming the on -- we cost And on cost NIM in other out the question last delay you side it replaced as the continue is deposits guys to flow quarter funding

Scott Kingsley

say are on But higher good borrowings that's funding we're I today. at And classes the balance management again, the the cost hopefully, most XXX. that. we would than have tactical pretty definitely that deposit sheet of of

everything that instrument. we're So by just borrowing conceding becomes the balance sheet that leaves a not replaced

our and historical to that's grow funding with We base, have consistent objectives results.

Unknown Analyst

And as it. Annette, on congrats retirement, promotion the Joe, John, Got on Scott, and congrats well.

Operator

And I'm questions John over closing at time. to remarks. back for turn his call further now any not I showing this the will Watt

John Watt

shareholder you averaging and for Thank and up morning, where time you, you is and thank started, for Victor, the interest questions. here the of your back. wind all and our your your thank we at I'll is end all this

you. thank So

Operator

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

disconnect. You may a day. now have Everyone, great

NBT Bancorp (NBTB) 23 Apr 242024 Q1 Earnings call transcript