NBT Bancorp ( (NBTB) ) has realeased its Q3 earnings. Here is a breakdown of the information NBT Bancorp presented to its investors.
NBT Bancorp Inc., a financial holding company based in Norwich, NY, operates primarily through its community bank NBT Bank, providing comprehensive banking services across several states in the Northeastern United States. In its latest earnings report for the third quarter of 2024, NBT Bancorp reported a notable increase in net income, reaching $38.1 million, or $0.80 per diluted share, a significant rise from the same period last year. This performance was largely driven by an increase in net interest income and strong noninterest income, despite the rising costs of deposits.
Key financial highlights include a net interest income of $102.3 million on a fully taxable equivalent basis, marking an increase from the previous quarter, and a net interest margin of 3.27%. The company’s deposit levels also rose to $11.59 billion, indicating a 5.6% increase from the end of 2023. Additionally, NBT’s acquisition of Salisbury Bancorp in 2023 has continued to impact its financial metrics positively, adding substantial loan and deposit volume.
The company also reported a strategic move with a definitive agreement to merge with Evans Bancorp, Inc., which is expected to close in the second quarter of 2025. This merger aligns with NBT’s strategy to expand its footprint in Upstate New York, complementing its community banking values and services.
Looking ahead, NBT Bancorp remains focused on maintaining its growth trajectory through strategic acquisitions and organic growth. The management anticipates continued performance improvements, driven by its expanding market presence and the integration of acquired businesses, while navigating the challenges posed by the economic environment.
