NBT Bancorp Inc. Reports Strong Financial Results for Q4 2024

NBT Bancorp Inc. recently released its financial report for the quarter ended December 31, 2024. The company’s net income for the three months ended December 31, 2024, stood at $36.0 million, translating to earnings per diluted common share of $0.76. This marked an increase from the same period in 2023, where net income was $30.4 million, or $0.64 per diluted common share, reflecting positive growth in the company’s financial performance.

For the full year ending December 31, 2024, NBT Bancorp reported a net income of $140.6 million, with earnings per diluted common share at $2.97. This was a notable increase from the previous year’s net income of $118.8 million, or $2.65 per diluted common share.

The acquisition of Salisbury Bancorp, Inc. in August 2023 significantly impacted the comparisons to the full year of 2023, adding 13 banking offices, $1.18 billion in loans, and $1.31 billion in deposits to NBT Bancorp’s portfolio.

NBT Bancorp Inc.’s President and CEO, Scott A. Kingsley, expressed satisfaction with the company’s performance, noting three consecutive quarters of growth in net interest income and margin. Kingsley highlighted the robust results from the diverse mix of fee businesses in driving NBT’s operating performance for the fourth quarter of 2024.

During the fourth quarter of 2024, the company received regulatory approval to proceed with its planned merger with Evans Bancorp, Inc. The merger is expected to be finalized in the second quarter of 2025, coinciding with a core system conversion. The teams from NBT and Evans are collaborating closely to ensure a seamless transition for customers and communities in the Buffalo and Rochester markets.

Financial highlights from the fourth quarter of 2024 include net interest income of $106.1 million, an increase of $4.4 million from the previous quarter, and net interest margin of 3.34%, up 7 basis points from the third quarter of 2024.

Following the strong financial performance, NBT Bancorp’s Board of Directors approved a first-quarter cash dividend of $0.34 per share, representing a 6.3% increase from the previous quarter’s dividend.

The complete financial report, including detailed financial statements and further insights, can be accessed on NBT Banc

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read NBT Bancorp’s 8K filing here.

NBT Bancorp Company Profile

NBT Bancorp Inc, a financial holding company, provides commercial banking, retail banking, and wealth management services. Its deposit products include demand deposit, savings, negotiable order of withdrawal, money market deposit, and certificate of deposit accounts. The company's loan portfolio comprises indirect and direct consumer, home equity, mortgages, business banking loans, and commercial loans; commercial and industrial, commercial real estate, agricultural, and commercial construction loans; and residential real estate loans.