NBT BANCORP INC
For the period ended Dec 31, 2024. Filed Feb 28, 2025.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2024 · Filed Feb 28, 2025
NBTB$53.41-0.4%Stored close · as of Nov 10, 2026
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Item 8. Consolidated Statements of Cash Flows
CashFlows
| Years Ended December 31, | |||
|---|---|---|---|
| (In thousands) | 2024 | 2023 | 2022 |
| Operating activities | |||
| Net income | $140,641 | $118,782 | $151,995 |
| Adjustments to reconcile net income to net cash provided by operating activities | |||
| Provision for loan losses | 19,607 | 25,274 | 17,147 |
| Depreciation and amortization of premises and equipment | 11,525 | 10,695 | 10,155 |
| Net amortization on securities | 2,500 | 2,736 | 3,460 |
| Amortization of intangible assets | 8,443 | 4,734 | 2,263 |
| Amortization of operating lease right-of-use assets | 7,527 | 6,843 | 6,643 |
| Excess tax benefit on stock-based compensation | (295) | (296) | (288) |
| Stock-based compensation expense | 5,992 | 5,102 | 4,530 |
| Bank owned life insurance income | (8,325) | (6,750) | (6,044) |
| Amortization of subordinated debt issuance costs | 437 | 437 | 437 |
| Discount on repurchase of subordinated debt | - | - | (106) |
| Proceeds from sale of loans held for sale | 153,973 | 53,969 | 5,674 |
| Originations of loans held for sale | (159,943) | (55,960) | (5,475) |
| Net gains on sales of loans held for sale | (202) | (156) | (122) |
| Net security (gains) losses | (2,789) | 9,315 | 1,131 |
| Net gains on sale of other real estate owned | (1) | (69) | (259) |
| Impairment of a minority interest equity investment | - | 4,750 | - |
| Net deferred income tax expense (benefit) | 8,729 | 5,958 | (19,850) |
| Net change in other assets and other liabilities | 748 | (27,907) | 11,932 |
| Net cash provided by operating activities | $188,567 | $157,457 | $183,223 |
| Investing activities | |||
| Net cash (used in) provided by acquisitions | $(1,383) | $44,564 | $(2,616) |
| Securities available for sale: | |||
| Proceeds from maturities, calls and principal paydowns | 167,903 | 116,453 | 213,722 |
| Proceeds from sales | 2,284 | 124,577 | - |
| Purchases | (292,941) | - | (264,569) |
| Securities held to maturity: | |||
| Proceeds from maturities, calls and principal paydowns | 144,301 | 100,954 | 177,554 |
| Purchases | (83,282) | (88,022) | (365,033) |
| Equity securities: | |||
| Purchases | (18) | (11) | (1,000) |
| Other: | |||
| Net increase in loans | (337,661) | (338,111) | (659,949) |
| Proceeds from Federal Home Loan Bank stock redemption | 74,675 | 91,535 | 36,125 |
| Purchases of Federal Reserve Bank and Federal Home Loan Bank stock | (62,771) | (90,945) | (55,740) |
| Proceeds from settlement of bank owned life insurance | 1,400 | 3,766 | 1,873 |
| Purchases of premises and equipment, net | (11,742) | (9,254) | (7,009) |
| Proceeds from sales of other real estate owned | 75 | 268 | 426 |
| Net cash used in investing activities | $(399,160) | $(44,226) | $(926,216) |
| Financing activities | |||
| Net increase (decrease) in deposits | $577,767 | $164,085 | $(738,536) |
| Net (decrease) increase in short-term borrowings | (223,709) | (231,743) | 487,217 |
| Repurchase of subordinated debt | - | - | (2,000) |
| Proceeds from long-term debt | - | 25,000 | 1,519 |
| Repayments of long-term debt | (152) | (118) | (10,699) |
| Proceeds from the issuance of shares to employee and other stock plans | 61 | 91 | - |
| Cash paid by employer for tax-withholding on stock issuance | (1,993) | (1,877) | (1,751) |
| Purchase of treasury stock | (251) | (4,944) | (14,713) |
| Cash dividends | (62,263) | (55,886) | (49,765) |
| Net cash provided (used in) by financing activities | $289,460 | $(105,392) | $(328,728) |
| Net increase (decrease) in cash and cash equivalents | $78,867 | $7,839 | $(1,071,721) |
| Cash and cash equivalents at beginning of year | 205,189 | 197,350 | 1,269,071 |
| Cash and cash equivalents at end of year | $284,056 | $205,189 | $197,350 |
| Years Ended December 31, | |||
|---|---|---|---|
| 2024 | 2023 | 2022 | |
| Supplemental disclosure of cash flow information: | |||
| Cash paid during the year for: | |||
| Interest expense | $215,154 | $130,180 | $20,608 |
| Income taxes paid, net of refund | 23,317 | 27,636 | 62,795 |
| Noncash investing activities: | |||
| Loans transferred to other real estate owned | $256 | $94 | $105 |
| Acquisitions: | |||
| Fair value of assets acquired, excluding acquired cash and goodwill | $4,360 | $1,415,712 | $705 |
| Fair value of liabilities assumed | - | 1,380,386 | - |
| Common stock issued | - | 161,723 | - |
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