NBT Bancorp (NBTB) Q1 FY2024 earnings: revenue $141 million, up 11.1% on the year

NBT Bancorp Inc. (NBTB) reported revenue of $141 million for Q1 FY2024, the quarter ended 31 March 2024, up 11.1% on the same quarter a year earlier. Net income was $34 million, up 0.5% on the year, and diluted earnings per share $0.71. The figures are the company's own, from the 10-Q it filed with the SEC on 9 May 2024.

Revenue$141 millionup 11.1%

Net income$34 millionup 0.5%

Diluted EPS$0.71

QuarterQ1 FY2024ended 31 March 2024

The quarter, against the one before and a year earlier

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Revenue	141	138	n/a	n/a
Interest expense	51.8	51.7	n/a	n/a
Pre-tax income	43.2	39.8	n/a	n/a
Income tax	9.4	9.3	n/a	n/a
Effective tax rate	21.7%	23.5%	n/a
Net income	33.8	30.4	n/a	n/a
Net margin	24.1%	22.1%	n/a
Diluted EPS	$0.71	$0.64	n/a	n/a

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Operating cash flow	36.7	35.7	n/a	n/a
Capital expenditure	2.4	2.9	n/a	n/a
Free cash flow	34.3	32.7	n/a	n/a
Cash from investing	-13.1	48.2	n/a	n/a
Cash from financing	90.3	-551	n/a	n/a
Share-based compensation	2.3	1.0	n/a	n/a
Buybacks	0.1	0.0	n/a	n/a
Dividends paid	15.1	15.1	n/a	n/a
Dividend per share	$0.32	n/a	n/a	n/a
Diluted shares, weighted	47m	45m	n/a	n/a
Shares outstanding at period end	47m	47m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Shareholders' equity	1,441	1,426	n/a	n/a
Deposits	11,195	10,969	n/a	n/a
Short-term borrowings	267	387	n/a	n/a
Other liabilities	535	528	n/a	n/a
Total liabilities and equity	13,439	13,309	n/a	n/a
Fixed assets	80.2	80.7	n/a	n/a
Goodwill	362	362	n/a	n/a
Intangible assets	39.0	40.4	n/a	n/a
Securities held for sale or to maturity	2,309	2,336	n/a	n/a
Cash and equivalents	319	205	n/a	n/a
Other assets	10,330	10,285	n/a	n/a
Total assets	13,439	13,309	n/a	n/a

Questions

What was NBT Bancorp's revenue in Q1 FY2024?

NBT Bancorp (NBTB) reported revenue of $141 million for Q1 FY2024, the quarter ended 31 March 2024, up 11.1% on the same quarter a year earlier.

How much did NBT Bancorp earn in Q1 FY2024?

Net income for Q1 FY2024 was $34 million, up 0.5% on the year, and diluted earnings per share $0.71.

When did NBT Bancorp report Q1 FY2024 results?

NBT Bancorp filed its 10-Q for the quarter ended 31 March 2024 with the SEC on 9 May 2024.

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	135	138	141	140	147	149	155	171	186	185	184	187
Interest expense	42.2	51.7	51.8	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Pre-tax income	31.7	39.8	43.2	41.9	48.8	45.5	47.2	30.7	71.8	69.7	66.7	69.1
Tax rate	22%	23%	22%	22%	22%	21%	22%	27%	24%	20%	23%	23%
Net income	24.6	30.4	33.8	32.7	38.1	36.0	36.7	22.5	54.5	55.5	51.1	53.0
Net margin	18%	22%	24%	23%	26%	24%	24%	13%	29%	30%	28%	28%
Diluted EPS	$0.54	$0.64	$0.71	$0.69	$0.80	$0.76	$0.77	$0.44	$1.03	$1.06	$0.98	$1.02
Operating cash flow	54.6	35.7	36.7	50.5	52.1	49.2	42.0	46.5	80.6	66.1	53.0	61.9
Capital expenditure	3.5	2.9	2.4	1.4	4.3	3.6	3.7	2.3	6.2	4.0	4.4	1.4
Free cash flow	51.2	32.7	34.3	49.1	47.8	45.5	38.3	44.1	74.3	62.1	48.6	60.5
Buybacks	2.2	0.0	0.1	0.2	0.0	0.0	0.0	0.0	0.0	10.2	11.0	3.0
Dividends paid	15.1	15.1	15.1	15.1	16.0	16.0	16.1	17.8	19.4	19.3	19.2	19.2
Shares outstanding	47m	47m	47m	47m	47m	47m	47m	52m	52m	52m	52m	52m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 31 March 2024, filed 9 May 2024, accession 0001140361-24-025185: the filing on EDGAR. All of NBT Bancorp Inc.'s filings: EDGAR company page.

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