NBT Bancorp reports Q1 EPS 68c, consensus 68c

Reports Q1 tangible book value per share $22.07. Reports Q1 CET1 capital ratio 11.68%. Reports Q1 net charge-offs .19%. “NBT reported solid results for the quarter despite the ongoing challenges presented by the interest rate environment. Our resilient balance sheet is the foundation that allows our team to execute on our growth strategies across our markets. Our fee-based businesses continued to grow, providing diversified revenue streams that generated 31% of total revenues,” said NBT president and CEO John Watt, Jr. “NBT is poised to participate in the transformational growth that will occur in our core Upstate NY markets as the result of multiple game-changing investments in semiconductor manufacturing, including the recently announced $6.1 billion grant Micron Technology will receive under the CHIPS & Science Act that will, in part, support its plans to invest as much as $100 billion, over the next ten years, in a new complex of semiconductor chip manufacturing plants near Syracuse.”