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NBT Bancorp Inc. (NBTB-0.59%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing net interest income of $101.7 million, an increase from $94.9 million in the same quarter of the previous year. The increase was driven by a higher yield on interest-earning assets.
Net income for the quarter was $38.1 million, up from $24.6 million in the previous year. Diluted earnings per share were $0.80, compared to $0.54 in the previous year.
The company reported a provision for loan losses of $2.9 million for the quarter, down from $12.6 million in the previous year. The decrease is attributed to lower levels of loan growth and stabilization of expected prepayment assumptions.
Noninterest income for the quarter was $45.8 million, an increase from $40.2 million in the previous year, driven by higher retirement plan administration fees and wealth management fees.
Noninterest expense for the quarter was $95.7 million, up from $90.8 million in the previous year, primarily due to higher salaries and employee benefits.
Total loans increased to $9.91 billion, up from $9.65 billion at the end of 2023. The increase was primarily in the commercial and industrial and commercial real estate loan segments.
Total deposits were $11.59 billion, up from $10.97 billion at the end of 2023, with an increase in brokered time deposits.
NBT Bancorp announced a pending merger with Evans Bancorp, Inc. (EVBN-0.97%), expected to close in the second quarter of 2025, subject to regulatory approvals.
The filing also details the company's liquidity position, with a Basic Surplus of 16.4% of total assets, and its capital resources, with a total risk-based capital ratio of 15.02%.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the NBT Bancorp Inc. quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.