NORWICH, N.Y. — NBT Bancorp, Inc. (NASDAQ: NBTB) recently reported a mixed earnings picture in the second quarter amid a continued tough interest-rate environment. NBT’s net income rose to $32.7 million in the latest quarter from $30.1 million in the year-ago period, but its earnings per share (EPS) inched down to 69 cents per share […]
NORWICH, N.Y. — NBT Bancorp, Inc. (NASDAQ: NBTB) recently reported a mixed earnings picture in the second quarter amid a continued tough interest-rate environment. NBT’s net income rose to $32.7 million in the latest quarter from $30.1 million in the year-ago period, but its earnings per share (EPS) inched down to 69 cents per share in this year’s second quarter from 70 cents in the second quarter of 2023. “Our operating performance for the second quarter and first half of 2024 continues to reflect the strength of our balance sheet, our diversified business model, and the collaboration of our team,” Scott Kingsley, president and CEO of NBT Bancorp, said in a July 23 earnings report. “During the second quarter, we grew loans $166 million across our footprint and improved our net-interest margin incrementally. Noninterest income continued to be a core strength, making up 31 percent of total revenues for the second quarter.” Noninterest income was $43.3 million for the quarter, an increase of $6.6 million from the second quarter of 2023. The increase comes from a $1.9 million jump in wealth-management fees and a $3.1 million rise in retirement plan-administration fees. That includes the impact of the July 1, 2023, acquisition of Retirement Direct, LLC, along with organic growth, and higher market levels. Net interest income also increased, going up $8.1 million, or 9.1 percent, from the second quarter of 2023 to $97.2 million. Noninterest expense increased during the quarter to $89.6 million, up from $78.8 million a year ago, primarily due to the impact of the mid-year 2023 acquisition of Salisbury Bancorp, along with merit pay increases and higher medical and other benefit costs. Total loans on June 30, 2024, were $9.85 billion, up from $9.65 billion on March 31 and $9.65 billion on December 31, 2023. Total deposits on June 30, 2024, were $11.27 billion, an increase of $302.5 million from the $10.97 billion reported on Dec. 31, 2023. The increase was due to higher consumer deposit balances and accounts along with the inflow of seasonal municipal deposits. Headquartered in Norwich, NBT Bancorp, Inc. has $13.5 billion in assets and is the parent company of NBT Bank, N.A., which operates 154 branches in New York, Pennsylvania, Vermont, Massachusetts, New Hampshire, Maine, and Connecticut. Other subsidiaries include EPIC Retirement Plan Services, a Rochester-based national benefits administration firm, and NBT Insurance Agency, LLC, a full-service insurance agency based in Norwich.