NBT Bancorp Inc. reported significant financial growth for the third quarter and the nine months ended September 30, 2024, compared to the same periods in 2023. The company achieved a net income of $38.1 million for Q3 2024, an increase of $13.5 million from Q3 2023, and $104.6 million for the nine months, up from $88.3 million in the prior year. Basic earnings per share rose to $0.81 for Q3 2024, compared to $0.54 in Q3 2023.

Total interest, fee, and dividend income for Q3 2024 reached $156.2 million, up from $137.1 million in the same quarter of 2023. Net interest income also increased to $101.7 million, reflecting a 7.1% rise from the previous year. The growth in net interest income was attributed to a higher yield on average interest-earning assets, which increased to 5.01%. However, interest expense surged by 29.3% to $54.5 million, driven by rising rates.

Noninterest income for Q3 2024 was $45.8 million, a 13.8% increase from the prior year, bolstered by growth in wealth management and insurance services. Conversely, noninterest expenses rose to $95.7 million, up 6.9% from Q3 2023, primarily due to higher salaries and technology costs.

The company’s total loans increased to $9.91 billion, a 3.5% annualized growth from December 31, 2023. Notably, commercial and industrial loans rose by $104.7 million, while total consumer loans saw a slight decline. The allowance for credit losses was $119.5 million, representing 1.21% of total loans, reflecting an increase from the previous year due to organic loan growth.

NBT Bancorp completed the acquisition of Salisbury Bancorp in August 2023, enhancing its market presence. Additionally, on September 9, 2024, the company announced a merger agreement to acquire Evans Bancorp, Inc., which has assets of approximately $2.28 billion. This merger is expected to close in the second quarter of 2025, pending regulatory and shareholder approvals.

As of September 30, 2024, total deposits increased to $11.59 billion, up 5.6% from the end of 2023, with brokered time deposits also rising significantly. The company maintained a strong capital position, with total stockholders’ equity at $1.52 billion, representing 11.00% of total assets. NBT Bancorp remains well-capitalized under regulatory requirements, with capital ratios exceeding minimum guidelines.