NBT net income rises in Q2 but EPS dips

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NORWICH, N.Y. — NBT Bancorp, Inc. (NASDAQ: NBTB) recently reported a mixed earnings picture in the second quarter amid a continued tough interest-rate environment. NBT’s net income rose to $32.7 million in the latest quarter from $30.1 million in the year-ago period, but its earnings per share (EPS) inched down to 69 cents per share […]

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NORWICH, N.Y. — NBT Bancorp, Inc. (NASDAQ: NBTB) recently reported a mixed earnings picture in the second quarter amid a continued tough interest-rate environment.

NBT’s net income rose to $32.7 million in the latest quarter from $30.1 million in the year-ago period, but its earnings per share (EPS) inched down to 69 cents per share in this year’s second quarter from 70 cents in the second quarter of 2023.

“Our operating performance for the second quarter and first half of 2024 continues to reflect the strength of our balance sheet, our diversified business model, and the collaboration of our team,” Scott Kingsley, president and CEO of NBT Bancorp, said in a July 23 earnings report. “During the second quarter, we grew loans $166 million across our footprint and improved our net-interest margin incrementally. Noninterest income continued to be a core strength, making up 31 percent of total revenues for the second quarter.”

Noninterest income was $43.3 million for the quarter, an increase of $6.6 million from the second quarter of 2023. The increase comes from a $1.9 million jump in wealth-management fees and a $3.1 million rise in retirement plan-administration fees. That includes the impact of the July 1, 2023, acquisition of Retirement Direct, LLC, along with organic growth, and higher market levels.

Net interest income also increased, going up $8.1 million, or 9.1 percent, from the second quarter of 2023 to $97.2 million.

Noninterest expense increased during the quarter to $89.6 million, up from $78.8 million a year ago, primarily due to the impact of the mid-year 2023 acquisition of Salisbury Bancorp, along with merit pay increases and higher medical and other benefit costs.

Total loans on June 30, 2024, were $9.85 billion, up from $9.65 billion on March 31 and $9.65 billion on December 31, 2023.

Total deposits on June 30, 2024, were $11.27 billion, an increase of $302.5 million from the $10.97 billion reported on Dec. 31, 2023. The increase was due to higher consumer deposit balances and accounts along with the inflow of seasonal municipal deposits.

Headquartered in Norwich, NBT Bancorp, Inc. has $13.5 billion in assets and is the parent company of NBT Bank, N.A., which operates 154 branches in New York, Pennsylvania, Vermont, Massachusetts, New Hampshire, Maine, and Connecticut.

Other subsidiaries include EPIC Retirement Plan Services, a Rochester-based national benefits administration firm, and NBT Insurance Agency, LLC, a full-service insurance agency based in Norwich.

Timothy P. Murphy

People on the Move

Hancock Estabrook, LLP announced that Timothy P. Murphy, managing partner, has been named co-chair of the New York State Bar Association’s Upstate Dispute Resolution Practitioner’s

Seneca Foods Foundation donates $10 million to the Cornell Food Venture Center

Southern Tier, Education & Training, Featured, Manufacturing & Engineering, New York News, Nonprofits, Small Business, Subscriber Only, Technology

GENEVA, N.Y. — The Seneca Foods Foundation is donating $10 million to the Cornell Food Venture Center (CFVC) at AgriTech in Geneva. CFVC at AgriTech works to help food producers of all sizes bring their products to market. The donation is “in recognition of [a] synergistic 75-year relationship” between the company and Cornell University. Arthur

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GENEVA, N.Y. — The Seneca Foods Foundation is donating $10 million to the Cornell Food Venture Center (CFVC) at AgriTech in Geneva.

CFVC at AgriTech works to help food producers of all sizes bring their products to market.

The donation is “in recognition of [a] synergistic 75-year relationship” between the company and Cornell University. Arthur Wolcott, who graduated from Cornell in 1949, bought a bankrupt grape-juice plant in Dundee during an auction.

“Thus began his collaboration with the food science faculty and experts at Cornell as he grew what would become Seneca Foods from a struggling company with $110,000 in revenue its first year in 1949 to the $1.5 billion publicly traded company it is today,” per an announcement on the Cornell Chronicle website.

“Since its launch in 1997, the Cornell Food Venture Center has been a catalyst for food and agricultural business development, bringing more than 40,000 food products to market by connecting entrepreneurs with the resources, expertise and innovation they need to succeed,” Benjamin Houlton, the Ronald P. Lynch Dean of the College of Agriculture and Life Sciences (CALS), said in the Cornell announcement. “This new chapter in Cornell’s longtime partnership with Seneca Foods will ensure that the center’s purpose-driven science provides even greater benefits for our food economy.”

The donation is the largest in AgriTech’s history. It will “grow the food economy in New York state and beyond,” providing new processing and production innovation, regulatory compliance guidance, training, product stability and safety evaluation to the food industry, Cornell said.

“This gift really solidified the partnership that has been ongoing for 75 years between Seneca Foods and Cornell, especially Cornell AgriTech,” Christine Smart, the Goichman Family Director of Cornell AgriTech and associate dean in CALS, said.

Half of the donation will endow the CFVC and name its “state-of-the-art” pilot plant, and the other half will endow a named professorship and director of the CFVC.

“It ensures that we will have outstanding leadership moving into the future,” Smart said, “and will allow companies to look at their processing and packaging to ensure food safety and a quality product. The ability to do things on a small scale in the pilot plant is huge – it enables companies to better test the market and predict food trends by trying different things and running sensory panels.”

Five finalists selected in this year’s Genius NY program at the Syracuse Tech Garden

Education & Training, Employee Benefits & Human Resources, Featured, New York News, Nonprofits, Small Business, Sports, Entertainment & Tourism, Subscriber Only, Technology

SYRACUSE, N.Y. — Empire State Development (ESD) has announced the five teams selected to take part in the 8th round of the Genius NY business accelerator at the Syracuse Tech Garden. Genius NY is short for Growing ENtrepreneurs & Innovators in UpState New York. The finalists include Aerialoop of Miami, Florida; Aviant of Oslo, Norway;

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SYRACUSE, N.Y. — Empire State Development (ESD) has announced the five teams selected to take part in the 8th round of the Genius NY business accelerator at the Syracuse Tech Garden.

Genius NY is short for Growing ENtrepreneurs & Innovators in UpState New York.

The finalists include Aerialoop of Miami, Florida; Aviant of Oslo, Norway; Crover of Edinburg, Scotland; Flyhound of New York City; and INVOLI of Lausanne, Switzerland.

The five finalists include teams from around the world that are advancing both software and hardware applications. Two of the finalists are minority owned, and one is woman co-founded. They were selected from a “highly competitive” pool of applicants, ESD said.

The teams will compete for $3 million in direct investment, with one grand prize of up to $1 million and four $500,000 awards.

ESD describes the program as the “largest business accelerator for the uncrewed systems industry in the world.” Genius NY participants are required to commit to operating their business in Central New York for at least one year.

Supported by the CNY Rising Upstate Revitalization Initiative (URI) and administered by CenterState CEO, the selected companies will participate in the yearlong program at the Syracuse Tech Garden.

About the finalists

In its announcement, ESD provided brief descriptions about each of the finalists.

Aerialoop’s drones streamline deliveries by creating efficient middle-mile networks between warehouses and stores, “enabling faster and more affordable shipping.”

Aviant leverages advanced drone technology to provide autonomous last-mile delivery solutions, “enhancing efficiency and reliability in logistics.” Its system offers an on-demand delivery service, “reducing delivery times and costs while improving customer satisfaction.”

Crover develops uncrewed vehicles/systems that can “swim” through grains and powders to monitor and manage grain storage more accurately, helping operators reduce losses, improve quality and ensure better safety.

Flyhound helps public-safety agencies save lives by locating and identifying people fast in emergencies using their existing drone.

INVOLI provides surveillance products for low-altitude airspace, enhancing safety and operational efficiency for drone operators, small airports and infrastructure managers.

AIS lands a nearly $55 million task order for research

Manufacturing & Engineering, Employee Benefits & Human Resources, Law, Accounting & Taxes, Mohawk Valley, New York News, Small Business, Subscriber Only, Technology

ROME, N.Y. — Assured Information Security (AIS) has been awarded a $54.7 million task order intended to perform the research, selection, application, and delivery of anti-fragility measures to help the U.S. Air Force and its partnering combatant commands achieve cyber superiority, the company announced. The program, called Stalwart, will focus on capabilities that provide assurance

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The program, called Stalwart, will focus on capabilities that provide assurance in cyber-embedded systems or integrated software/hardware systems. The task order is part of the larger AWARE effort, a $150 million indefinite delivery/indefinite quantity contract focused on researching novel and innovative anti-fragility concepts and integrating proven anti-fragility tools, techniques, and processes into operational and emerging cyber platforms.

AWARE is focused on delivering systems characterized by greater cyber resiliency and fewer vulnerabilities throughout the development life cycle, reducing risk to mission systems and ensuring mission demands are met under an array of conditions.

“Stalwart provides AIS the opportunity to continue its anti-fragility research, but now with a focus on cyber-embedded systems,” Salvator Paladino, director of cyber-operations research and development at AIS, said in a news release. “Embedded systems are those that comprise the Internet of Things (IoT) and include devices from routers to drones to wearable sensors. There are profound opportunities to leverage these complex, interconnected systems to achieve military objectives, improve communications and operations, and better connect military and civilian systems with the physical environment to improve quality of life, automation, and safety on military facilities both at home and abroad.”

Stalwart is a Small Business Innovative Research (SBIR) Phase III award. The SBIR program is a competitive program that encourages domestic small businesses to engage in federal research and development aimed at commercializing solutions.

AIS will perform the work at its Rome facility and expects to complete it by July 19, 2029. The Air Force Research Laboratory Information Directorate in Rome is the contracting agency.

Headquartered in Rome, AIS provides cyber and information-security services, products, and operations to commercial and government customers. Founded in 2001, the company has multiple operating locations across the nation and employs more than 220 people.

Katy Heintz

People on the Move

Katy Heintz, chief growth officer at Strategic Financial Services, has been named partner. Heintz joined the firm in 2021 to lead the marketing and business-development

Kendal at Ithaca says 21 older adults complete dementia-volunteer training quarter

Health Care, Southern Tier, Subscriber Only

CAYUGA HEIGHTS — Kendal at Ithaca, a senior-living community, says 21 residents have completed an eight-hour, dementia-education course and are now certified dementia volunteers. The National Council of Certified Dementia Practitioners (NCCDP), based in Sparta, New Jersey, conducts the training program. It marks a “significant milestone” for both the participants, the community, and NCCDP as

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MACNY’s chief member engagement officer, Nave, retires

Manufacturing & Engineering, Subscriber Only

DeWITT — Cindy Nave recently retired as chief member engagement officer at MACNY, The Manufacturers Association. Nave retired, effective June 30, after working in key roles for 11 years at the organization. She served in her most-recent role since January 2022. Prior to that, Nave was MACNY’s chief operations officer. Throughout her tenure at MACNY,

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SRC awarded patent for Angle Diversity MIMO Radar

Manufacturing & Engineering, Subscriber Only, Technology

CICERO — SRC, Inc. has announced that the U.S. Patent and Trademark Office issued the company a patent for the “Angle Diversity Multiple Input Multiple Output (MIMO) Radar.” It’s a process in which signals from multiple beams can be transmitted simultaneously — or nearly simultaneously — and their reflected returns distinguished on receive. “This invention

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Two CNY small businesses certified as SDVOB

Small Business, Subscriber Only

ALBANY— New York State Office of General Services (OGS) Commissioner Jeanette Moy recently announced that nine businesses across the state were certified as service-disabled veteran-owned businesses (SDVOB), including a pair of small firms in Central New York. The New York OGS Division of Service-Disabled Veterans’ Business Development (DSDVBD) issued the certification to Waypoint Canine, which

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