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Sep 30, 2024
NBT Q3 2024 Earnings Report
NBT Bancorp Inc. reported increased net income and diluted earnings per share for the third quarter of 2024, driven by sequential growth in net interest income and strong performance from fee businesses.
Key Takeaways
NBT Bancorp Inc. reported a net income of $38.1 million, or $0.80 per diluted common share, for the third quarter of 2024. The company saw sequential growth in net interest income and margin, along with strong performance from its fee businesses. They also entered an agreement to merge with Evans Bancorp, Inc.
Net income was $38.1 million and diluted earnings per share was $0.80.
Net interest income on a fully taxable equivalent (“FTE”) basis was $102.3 million, up $4.5 million from the prior quarter.
Noninterest income was at a record level of $45.3 million, or 30.8% of total revenues, excluding net securities gains (losses).
Period end total loans of $9.91 billion as of September 30, 2024, up $256.3 million, or 3.5% annualized, from December 31, 2023
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CapyFin.com Forward Guidance
NBT Bancorp Inc. expects the merger with Evans Bancorp, Inc. to close in the second quarter of 2025, pending required approvals by regulatory agencies and Evans' shareholders.