NBT earnings dip slightly in Q4 and full 2022 year

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NORWICH, N.Y. — NBT Bancorp, Inc. (NASDAQ: NBTB), parent company of NBT Bank, closed out a challenging year of volatile interest rates and weak stock and bond markets with a slight drop in profit for the year and final quarter. But the banking company is optimistic about the year ahead. NBT, which ranks No. 3 […]

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NBT, which ranks No. 3 in deposit market share in the 16-county Central New York region, posted fourth-quarter net income of $36.1 million, or 84 cents a share, down about 3 percent from $37.3 million, or 86 cents per share, in the year-ago quarter.

The banking company generated full-year 2022 net income of $152 million, or $3.52 per share, down nearly 2 percent from $154.9 million, or $3.54 a share, in the prior year.

“We achieved superior operating results for the full year 2022 defined by strong long growth in connection with our strategy to build scale and create higher operating leverage,” President/CEO John H. Watt, Jr. contended during a Jan. 24 conference call, discussing the earnings results with analysts and investors.

Highlights for the 2022 year include the Dec. 5 announcement that NBT will acquire Salisbury Bancorp, Inc., a 14-branch community bank headquartered in Lakeville, Connecticut, in an all-stock transaction expected to close in the second quarter of this year.

NBT also generated loan growth of 10.2 percent last year, pushed by a strong fourth quarter for the company’s commercial and residential solar lending portfolio, Watt said.

The banking company also saw a continued strong customer transition to digital services, with a 94 percent cumulative increase in consumer digital adoption since 2020, he noted.

Net interest income for the year grew to $362.2 million, up from $321.1 million a year earlier. Non-interest expenses totaled
$304.5 million, up from $287.3 million in 2021.

Chicago–based Zacks Equity Research, which noted in a Jan. 25 report that NBT’s stock declined about 15 percent over the prior four weeks with significant selling pressure, indicates things may be turning around and lists NBTB as a strong buy.

“The heavy selling could be in the process of exhausting itself, so the stock could bounce back in a quest for reaching the old equilibrium of supply and demand,” the report read. “A strong agreement among sell-side analysts covering NBTB in raising earnings estimates for the current year has led to an increase in the consensus EPS estimate by 1.6 percent over the last 30 days.”

In the first five trading days after that report, NBT’s stock bounced back, rising almost 7 percent, cumulatively.

For his part, Watt’s outlook is positive heading into 2023.

“Across our markets, our commercial business banking customers are active and their sentiment is generally optimistic,” he says. Projects funded by a 2021 federal infrastructure bill are moving forward, and “our customers are bidding and winning their fair share.”

With the acquisition of Salisbury, NBT is positioning itself to be a strong player in the state’s “chip corridor” running from Syracuse to the Hudson Valley, and Watt predicts strong growth over the next five years along the corridor.

NBT Bank has 140 branches across New York, Vermont, Pennsylvania, New Hampshire, Maine, and Connecticut. NBT Bancorp also operates two financial-services companies. EPIC Retirement Plan Services, based in Rochester, is a national benefits-administration firm. NBT Insurance Agency, LLC, based in Norwich, is a full-service insurance agency.

Ask Rusty: What Counts for Social Security’s Earnings Limit?

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Dear Rusty: I retired on Feb. 1, 2022. I collect a pension from my employer plus a union pension, as well as Social Security, all of which started in February 2022. I am married and I’m 65 years old. I only worked four weeks in 2022 before retiring, but my income ended up being far

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Dear Rusty: I retired on Feb. 1, 2022. I collect a pension from my employer plus a union pension, as well as Social Security, all of which started in February 2022. I am married and I’m 65 years old. I only worked four weeks in 2022 before retiring, but my income ended up being far more than expected. I got five weeks of vacation pay and a retroactive check from an overdue labor contract. I also received hazard pay and a small check for a class-action lawsuit my union filed years ago. All of that brings my 2022 income to about $35,000, which means I have exceeded what I can make as far as Social Security goes. My question is, should I contribute some money to my IRA to offset my earned income? And is it even possible for me to do that?

Signed: Retired but Concerned

Dear Retired but Concerned: Generally, income earned before starting your Social Security (SS) benefits (such as accumulated vacation pay) doesn’t count toward Social Security’s earnings limit for those who have not yet reached their full retirement age (FRA), nor do your earnings from working in the four weeks of 2022 before your SS benefits started. Similarly, the check for retroactive labor-contract benefits, hazard pay for past work, and income from the class-action suit do not count toward Social Security’s earnings limit. The only thing that counts toward the limit is earnings from working after your Social Security benefits started, which you apparently did not do. Thus, from what you have shared, you should not be subject to any impact to your monthly SS benefits as a result of your total 2022 income. Note: you may still get an inquiry from Social Security next year about your 2022 earnings, but only earnings from actually working after your Social Security benefits started (which you did not) would count toward Social Security’s earnings limit.

You may, however, wish to consult with a qualified tax advisor because some of your Social Security benefits received in 2022 will be subject to income tax on your 2022 tax return. Assuming you file your tax return as “married/jointly,” if your combined income from all sources exceeded $32,000 then 50 percent of the SS benefits you received during the tax year will become part of your overall taxable income; and if your 2022 combined income from all sources (including your wife’s income) exceeded $44,000, then up to 85 percent of your SS benefits received in 2022 will become taxable income. A tax advisor can give you more information on that, and also help you decide if it would be wise to contribute to an IRA. But, in any case, contributing to an IRA will not affect your monthly Social Security benefit.

Russell Gloor is a national Social Security advisor at the AMAC Foundation, the nonprofit arm of the Association of Mature American Citizens (AMAC). The 2.4-million-member AMAC says it is a senior advocacy organization. Send your questions to: ssadvisor@amacfoundation.org.

Author’s note: This article is intended for information purposes only and does not represent legal or financial guidance. It presents the opinions and interpretations of the AMAC Foundation’s staff, trained and accredited by the National Social Security Association (NSSA). The NSSA and the AMAC Foundation and its staff are not affiliated with or endorsed by the Social Security Administration or any other governmental entity.

KeyBank Foundation makes grants for CNY workforce, community development

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SYRACUSE — Le Moyne College, Jubilee Homes of Syracuse, and other nonprofit organizations will use a total of $545,000 in grant funding from the KeyBank Foundation. The foundation seeks to help the Central New York organizations in support of their workforce development and community initiatives. These grants are part of KeyBank’s $40 billion National Community

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SYRACUSE — Le Moyne College, Jubilee Homes of Syracuse, and other nonprofit organizations will use a total of $545,000 in grant funding from the KeyBank Foundation.

The foundation seeks to help the Central New York organizations in support of their workforce development and community initiatives.

These grants are part of KeyBank’s $40 billion National Community Benefits Plan, which “represents its commitment to diversity, equity, and inclusion,” per a KeyBank announcement.

“KeyBank’s purpose is to help the communities we serve thrive. With these investments, we are lifting up and amplifying efforts that will make our region even stronger,” Stephen Fournier, KeyBank market president for Central New York, said in a statement. “Each of these organizations play a huge role in making Central New York a great place to live. We are proud to support the transformative work they do each day.”

Jubilee Homes grant

Jubilee Homes of Syracuse will use its $150,000 award for its Build to Work (B2W) program. Jubilee Homes will use the money to begin restorations of Creekside Landing at 416 West Onondaga St. in Syracuse, a location in which will house Jubilee’s Workforce Skill Training Center.

The money will also help Jubilee’s collaborative effort with Syracuse Builds to create training programs that will enhance participants’ ability to secure long-term employment through in-demand construction trades, KeyBank said.

The targeted goal under Build to Work over the next three years is to have a minimum of 60 people (20 participants per a year) complete the Build to Work program and place 25 percent of clients (five participants per a year) into job opportunities.

Le Moyne grant

Le Moyne College will use a grant of $150,000 to expand its ERIE21 STEM (science, technology, engineering, and mathematics) programming for high-school students and incoming Le Moyne College first-year students from low-income backgrounds in Central New York.

ERIE21 is an initiative designed to address the region’s “twin problems of persistently high poverty in Syracuse and the inability of employers to attract and retain the skilled workers needed to fill current job openings as well as those resulting from the looming exodus of baby boomers from the workforce,” as described in the KeyBank announcement.

Additional grants

In addition to the grants for Jubilee Homes and Le Moyne College, KeyBank also recently provided grant funding totaling $245,000 to several local organizations and programs. They include:

• Arc Of Onondaga — employment opportunities program

• CenterState CEO — equity loan fund

• Community Folk Art Center — Creative Arts Academy

• Excelsior College — Degrees Open Doors Scholarship Program for Syracuse Housing Authority residents

• Food Bank of Central New York — mobile food pantry

• Interfaith Works of Central New York — TARR Community Wide Dialogue

• Ministries of Victory Temple — Community Feeding Program

• Nile Dayne Foundation — Go, See, Be, Do Tutoring & Mentoring

• PEACE Inc. — low-income tax-prep program

• Utica Monday Nite — Artist Refinery Program

• WISE Women’s Business Center — “Exito!” Latina Entrepreneurship Program

Five Star Bank expands to Syracuse with loan office

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Five Star Bank’s Syracuse office will be home to a three-person commercial and industrial team led by Alison Miller, the bank’s Central New York regional president and commercial and industrial executive. It’ll also be home to a commercial real-estate banker who will report to Craig Burton, the bank’s Finger Lakes/Southern Tier regional president and commercial

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Tioga State Bank adds Hoyt to commercial- lending team

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SPENCER, N.Y. — Tioga State Bank recently announced the addition of Joseph Hoyt to its commercial-lending team. As a small-business lender, Hoyt works with individual businesses to help find financial solutions tailored to specific needs to help those businesses succeed. He is located at the bank’s branch on Fifth Avenue in Owego. Hoyt brings to

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Burnout hitting consumer confidence, KeyBank survey finds

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The KeyBank 2023 Financial Mobility Survey, released Jan. 9, finds Americans are in a “difficult” financial position as 55 percent faced financial challenges over the past year. The finding represents a “substantial” increase from the year prior (37 percent), with more than double the number of respondents saying their biggest financial faux pas involved budgeting issues

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The KeyBank 2023 Financial Mobility Survey, released Jan. 9, finds Americans are in a “difficult” financial position as 55 percent faced financial challenges over the past year.

The finding represents a “substantial” increase from the year prior (37 percent), with more than double the number of respondents saying their biggest financial faux pas involved budgeting issues (89 percent vs. 35 percent, respectively).

Yet, even as Americans face these challenges, the majority (85 percent) strongly desire to become more aware of their financial picture.

“After the rollercoaster of the last three years, Americans are much more aware of the financial challenges they face and are seeking ways to manage their lives better,” Mitch Kime, executive VP of consumer client growth at KeyBank, said. “More people have experienced a loss of income, fewer feel financially savvy, and burnout is rising among younger respondents. Given the current economic climate, it’s no surprise that Americans want to take control of their finances.”

The survey polled more than 1,000 Americans on their financial, life and work-related priorities after a year of market volatility and uncertainty, revealing the steps they have taken to become more financially mobile.

Headquartered in Cleveland, Ohio, Key is one of the nation’s largest bank-based financial-services companies, with assets of about $190 billion. Its roots trace back nearly 200 years to Albany. KeyBank has a network of about 1,000 branches and 1,300 ATMs in 15 states. It is ranked No. 2 in deposit market share in the 16-county Central New York region.

Findings breakdown

The report found two in five people (42 percent) reported feeling overwhelmed or burned out regularly, with Millennials or younger (53 percent) “experiencing burnout more acutely.” To cope with this feeling, 39 percent of Americans are spending less and budgeting more, followed closely by 25 percent of those who spend more frequently on everyday items.

Compared to last year, a good night’s sleep is “no longer sufficient” when it comes to feeling financially resilient.

The top three things that will make consumers feel more financially resilient in 2023 are financial information (55 percent, up from 48 percent); digital banking tools (47 percent, up from 39 percent); and advice from a financial advisor (36 percent, up from 29 percent) — edging out a good night’s sleep (30 percent, down from 43 percent).

One in three (33 percent) consumers are protecting themselves from making financial faux pas by “better identifying and prioritizing needs versus wants,” but with plans to spend more money on experiences or events, what constitutes a must-have versus a nice-to-have “may be changing,” KeyBank said.

“The last several years have taken a toll on individuals, impacting their financial and mental well-being,” Jamie Warder, head of digital banking at KeyBank, said. “Yet, despite all this, Americans find themselves much more mindful about money going into 2023.”

Methodology

Schmidt Market Research conducted the online survey. A total of 1,018 Americans — ages 18-70 with sole or shared responsibility for household financial decisions, who own a checking or savings account — completed the survey between Sept. 8 and Sept. 16, 2022.

The survey asked respondents about their financial attitudes, understanding, awareness, and actions over the prior year.

New CFO of Berkshire Bank parent begins his position

Banks & Credit Unions, Employee Benefits & Human Resources, Insurance & Financial Services, New York News, People on the Move, Regional News, Subscriber Only

David Rosato — who served most recently as CFO of People’s United Financial, Inc., and prior to that as treasurer at Webster Financial Corporation — was set to join Berkshire on Feb. 6, as senior executive VP and CFO. In his new role, Rosato will serve as Boston–based Berkshire Hills Bancorp’s top financial leader. He

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Visions FCU plans to build a new branch office in Oneonta

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ONEONTA, N.Y. — Visions Federal Credit Union (FCU) says construction will start soon on its first branch in Oneonta. The new office will be located in the WellNow Plaza at 5001 State Highway 23, Visions said in its Jan. 30 announcement. The new office will allow individuals and businesses to conduct banking services, apply for

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Visions donates $50K to American Foundation for Suicide Prevention

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ENDWELL, N.Y. — Visions Federal Credit Union says it has donated $50,000 to the American Foundation for Suicide Prevention (AFSP) as part of “The Big Give” of 2022. Created by Visions in 2021, “The Big Give” is an annual initiative to make an “outstanding” charitable contribution to organizations performing community service within Visions’ three-state footprint,

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Syracuse Fire Department Employees FCU names new CEO

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SYRACUSE, N.Y. — The board of directors of the Syracuse Fire Department Employees Federal Credit Union (SFDEFCU) announced it has promoted Roxane Bowering to be the credit union’s next CEO. “After an extensive search, the Board of Directors is pleased to announce the appointment of Ms. Bowering to this position. She brings a wealth of

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