NBT Bancorp Closes Merger With Salisbury Bancorp, Raises Dividend by 7%

NBT Bancorp Inc NBTB disclosed the merger completion with Salisbury Bancorp, Inc.

In connection with this, NBTB approved a Q3 2023 dividend per share of $0.32 to be paid on September 15, 2023, to shareholders of record as on September 1, 2023.

The dividend represents a 6.7% increase over the payout in Q2 of this year. 

The deal added 13 banking offices to the NBT franchise in complementary markets, including the Hudson Valley region of New York, northwestern Connecticut, and southwestern Massachusetts. 

With this, NBTB now has 153 banking offices across its seven-state footprint. 

In connection with the closing, NBT has appointed former President and CEO of Salisbury, Richard J. Cantele, Jr., to its board of directors. He will also join the Executive Management Team at NBT.

NBT President and CEO John H. Watt, Jr. said, "We are also pleased to welcome the dedicated professionals joining NBT in customer-facing positions in our retail, commercial and wealth management businesses along with many in key support roles in our new Lakeville Operations Center. With the integration of our two high-quality community banks, we are focused on continuing to support all stakeholders with a smooth transition and to the opportunity to grow our combined company together."

On December 5, 2022, NBT and Salisbury penned a merger deal in an all-stock transaction.

NBT Bancorp posted Q2 adj. EPS of $0.80, beating the consensus of $0.76, and sales of $121.13 million, missing the consensus of $126.11 million. 

As of June 30, 2023, NBTB held $170 million in cash and due from banks.

Price Action: NBTB shares are trading lower by 1.12% at $36.99 on the last check Monday.