NBT Bancorp reports Q3 EPS 80c, consensus 78c

Reports Q3 Net interest income for the third quarter of 2024 was $101.7M an increase of $4.5 M or 4.6%, from the second quarter of 2024 and up $6.8M or 7.1%, from the third quarter of 2023. The increase in net interest income from the second quarter of 2024 resulted primarily from the increase in average loans and the interest earned on those balances combined with a more favorable funding mix, partially offset by the increase in the cost of deposits…”Sequential growth in net interest income and margin for the second consecutive quarter as well as strong performance from our diverse mix of fee businesses drove NBT’s positive operating performance in the third quarter of 2024.” said NBT President and Chief Executive Officer Scott A. Kingsley. “In September, we entered into a definitive agreement to merge with Evans Bancorp, Inc. The greater Buffalo and Rochester communities served by Evans are a natural extension of NBT’s footprint in Upstate New York, and our shared community banking values support our strategic rationale. We expect the merger to close in the second quarter of 2025, pending required approvals by regulatory agencies and Evans’ shareholders.”