NBT’s net income rises nearly 15 percent in 3rd quarter

NORWICH, N.Y. — NBT Bancorp Inc. (NASDAQ: NBTB) reported that its net income increased more than 14 percent to a record $22.9 million in the third quarter from $20 million in the year-ago period, as it benefited from an improving economy and increased consumer confidence.

NBT’s net income was also up 7 percent from the $21.4 million it generated in this year’s second quarter,

The Norwich–based banking company generated earnings per share of 52 cents in the third quarter, up from 49 cents in the second quarter, and 46 cents in the third quarter of 2016, NBT said in its earnings report issued Monday.

“Once again, due to the efforts of a committed and aligned team of NBT professionals, we are able to deliver strong quarter-over-quarter and year-over-year increases in net income and earnings per share,” NBT President and CEO John H. Watt, Jr. said in the report. “Our team has built and sustained momentum supported by the prevailing tailwinds that have been created as a result of an improving domestic economy and higher consumer confidence.”

NBT generated net interest income of $71.9 million in the third quarter, up almost 8 percent from a year ago. The banking company produced noninterest income of $30.8 million in the third quarter, up 3.8 percent from the third quarter of 2016. The increase was driven by higher retirement plan administration, ATM and debit card fees, and trust revenue that were partially offset by lower insurance and other financial-services revenue in the latest quarter, the banking company said.

NBT Bancorp is a financial holding company with total assets of $9.2 billion as of Sept. 30. The company primarily operates through NBT Bank, N.A., a full-service community bank and through two financial-services firms. NBT Bank has 152 branches in six states, including New York, Pennsylvania, Vermont, Massachusetts, New Hampshire, and Maine.

Contact Rombel at arombel@cnybj.com

BJNN file photo of NBT Bank’s downtown Utica branch by Adam Rombel