NBT Bancorp Inc. reported a net income of $140.6 million, or $2.97 per diluted share, for the fiscal year ending December 31, 2024, marking an increase of $21.9 million from the previous year's net income of $118.8 million, or $2.65 per diluted share. The company's net interest income rose to $400.1 million, a 5.8% increase from $378.2 million in 2023, driven by a higher yield on average interest-earning assets, which increased to 4.93%. The provision for loan losses decreased to $19.6 million from $25.3 million in 2023, reflecting improved credit quality metrics, with net charge-offs to average loans at 0.18%.
In terms of strategic developments, NBT Bancorp completed the acquisition of Salisbury Bancorp in August 2023 for $161.7 million, which significantly expanded its footprint into Connecticut and parts of New York. The acquisition added approximately $1.46 billion in identifiable assets, including $1.18 billion in loans. Additionally, on September 9, 2024, NBT Bancorp entered into a merger agreement with Evans Bancorp, which is expected to close in the second quarter of 2025, pending regulatory approvals. This merger will further enhance NBT's market presence, particularly in Western New York.
Operationally, NBT Bancorp's total loans increased to $9.97 billion, up 3.3% from $9.65 billion in 2023, with notable growth in commercial and industrial loans and commercial real estate loans. The company reported a total deposit increase of 5.3%, reaching $11.55 billion, attributed to the acquisition of Salisbury and organic growth. The employee headcount stood at 2,083 as of December 31, 2024, reflecting the company's commitment to maintaining a robust workforce to support its expanding operations.
Looking ahead, NBT Bancorp anticipates continued challenges in the interest rate environment and overall economic conditions. The company expects to navigate a "higher for longer" interest rate scenario while focusing on long-term strategies, including market growth and revenue diversification. The anticipated merger with Evans is expected to provide additional earnings benefits and growth potential in new markets. Management remains cautious about potential economic slowdowns but is optimistic about the company's resilience and ability to adapt to changing market conditions.
About NBT BANCORP INC
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