NBT Bancorp ( (NBTB) ) has released its Q4 earnings. Here is a breakdown of the information NBT Bancorp presented to its investors.
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NBT Bancorp Inc., a financial holding company based in Norwich, NY, operates mainly through NBT Bank, N.A., providing full-service community banking and financial services across several northeastern states. NBT Bancorp Inc. has reported its earnings for the fourth quarter and full year of 2024, showing significant growth in net income and strategic expansions through acquisitions. Net income for the fourth quarter of 2024 was $36.0 million, or $0.76 per diluted share, up from $30.4 million in the same period the previous year. For the full year, net income was $140.6 million, a notable increase from $118.8 million in 2023. The company’s acquisition of Salisbury Bancorp, Inc. and the planned merger with Evans Bancorp, Inc. are key strategic moves aimed at strengthening its market position. The Salisbury acquisition contributed to an increase in banking offices, loans, and deposits, significantly impacting the annual comparisons. Additionally, the regulatory approval for the Evans Bancorp merger is expected to close by mid-2025. Looking forward, NBT Bancorp is poised for continued growth with the integration of acquired entities and a strategic focus on expanding its presence in new markets.
