NORWICH — NBT Bancorp Inc. (NASDAQ: NBTB) reported that its net income jumped 28 percent in the first quarter to nearly $26 million, or 59 cents a share, from $20.3 million, or 46 cents, in the year-ago period. Loan growth, fee-income growth, and lower income-tax expenses helped drive the profit increase. NBT Bancorp, parent company […]
NORWICH — NBT Bancorp Inc. (NASDAQ: NBTB) reported that its net income jumped 28 percent in the first quarter to nearly $26 million, or 59 cents a share, from $20.3 million, or 46 cents, in the year-ago period. Loan growth, fee-income growth, and lower income-tax expenses helped drive the profit increase.
NBT Bancorp, parent company of NBT Bank, is off to a “strong” start to 2018 and sees “momentum across most of our business lines,” John H. Watt, Jr., president and CEO of NBT Bancorp, said in the banking company’s earnings report.
NBT reported net interest income of $73.5 million in the first quarter, up more than 7 percent from $68.5 million in the same quarter in 2017.
Noninterest income in the first quarter totaled $31.3 million, up nearly 9 percent from $28.8 million in the first quarter of 2017. The increase was driven by retirement-plan administration and other noninterest income. Retirement-plan administration fees increased primarily to the acquisition of Downeast Pension Services in the second quarter of 2017. Other noninterest income increased from the same period of 2017 due to non-recurring charges recognized in the first quarter of this year.
Following the first quarter, NBT Bancorp made a move to further expand its retirement-plan administration business by acquiring Retirement Plan Services, LLC (RPS) of Brentwood, Missouri in April.
NBT reported noninterest expense of $64.3 million in this year’s first quarter, up almost 5 percent from the year-ago period. The rise was driven by increases in salaries and employee-benefits expenses, professional fees, outside services, and equipment expenses, NBT said. Salaries and employee-benefits expenses rose mainly because of the acquisition of DPS in the second quarter of last year.
The banking company incurred income-tax expense of $7 million in the first quarter, down nearly 16 percent from the first quarter of 2017 primarily because of a lower effective tax rate from the tax-reform bill Congress passed and President Trump signed into law in December.
NBT balance sheet
NBT Bancorp had total assets of $9.2 billion as of March 31, up 1 percent from Dec. 31, 2017. It had loans totaling $6.6 billion at the end of the first quarter, up 0.9 percent from the end of 2017.
NBT’s total deposits were $7.4 billion as of March 31, up 3.1 percent from the end of 2017, “primarily reflecting seasonal inflows of government and municipal deposits,” the banking company said.
Norwich–based NBT Bancorp Inc. is a financial holding company that primarily operates through NBT Bank, N.A. and through two financial-services companies, including EPIC Advisors and NBT Insurance Agency, LLC, also based in Norwich.
NBT Bank has 152 branches in New York, Pennsylvania, Vermont, Massachusetts, New Hampshire, and Maine.
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NORWICH — NBT Bancorp Inc. (NASDAQ: NBTB) reported that its net income jumped 28 percent in the first quarter to nearly $26 million, or 59 cents a share, from $20.3 million, or 46 cents, in the year-ago period. Loan growth, fee-income growth, and lower income-tax expenses helped drive the profit increase.
NBT Bancorp, parent company of NBT Bank, is off to a “strong” start to 2018 and sees “momentum across most of our business lines,” John H. Watt, Jr., president and CEO of NBT Bancorp, said in the banking company’s earnings report.
NBT reported net interest income of $73.5 million in the first quarter, up more than 7 percent from $68.5 million in the same quarter in 2017.
Noninterest income in the first quarter totaled $31.3 million, up nearly 9 percent from $28.8 million in the first quarter of 2017. The increase was driven by retirement-plan administration and other noninterest income. Retirement-plan administration fees increased primarily to the acquisition of Downeast Pension Services in the second quarter of 2017. Other noninterest income increased from the same period of 2017 due to non-recurring charges recognized in the first quarter of this year.
Following the first quarter, NBT Bancorp made a move to further expand its retirement-plan administration business by acquiring Retirement Plan Services, LLC (RPS) of Brentwood, Missouri in April.
NBT reported noninterest expense of $64.3 million in this year’s first quarter, up almost 5 percent from the year-ago period. The rise was driven by increases in salaries and employee-benefits expenses, professional fees, outside services, and equipment expenses, NBT said. Salaries and employee-benefits expenses rose mainly because of the acquisition of DPS in the second quarter of last year.
The banking company incurred income-tax expense of $7 million in the first quarter, down nearly 16 percent from the first quarter of 2017 primarily because of a lower effective tax rate from the tax-reform bill Congress passed and President Trump signed into law in December.
NBT balance sheet
NBT Bancorp had total assets of $9.2 billion as of March 31, up 1 percent from Dec. 31, 2017. It had loans totaling $6.6 billion at the end of the first quarter, up 0.9 percent from the end of 2017.
NBT’s total deposits were $7.4 billion as of March 31, up 3.1 percent from the end of 2017, “primarily reflecting seasonal inflows of government and municipal deposits,” the banking company said.
Norwich–based NBT Bancorp Inc. is a financial holding company that primarily operates through NBT Bank, N.A. and through two financial-services companies, including EPIC Advisors and NBT Insurance Agency, LLC, also based in Norwich.
NBT Bank has 152 branches in New York, Pennsylvania, Vermont, Massachusetts, New Hampshire, and Maine.
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NORWICH — NBT Bancorp Inc. (NASDAQ: NBTB) reported that its net income jumped 28 percent in the first quarter to nearly $26 million, or 59 cents a share, from $20.3 million, or 46 cents, in the year-ago period. Loan growth, fee-income growth, and lower income-tax expenses helped drive the profit increase. NBT Bancorp, parent company […]
NORWICH — NBT Bancorp Inc. (NASDAQ: NBTB) reported that its net income jumped 28 percent in the first quarter to nearly $26 million, or 59 cents a share, from $20.3 million, or 46 cents, in the year-ago period. Loan growth, fee-income growth, and lower income-tax expenses helped drive the profit increase.
NBT Bancorp, parent company of NBT Bank, is off to a “strong” start to 2018 and sees “momentum across most of our business lines,” John H. Watt, Jr., president and CEO of NBT Bancorp, said in the banking company’s earnings report.
NBT reported net interest income of $73.5 million in the first quarter, up more than 7 percent from $68.5 million in the same quarter in 2017.
Noninterest income in the first quarter totaled $31.3 million, up nearly 9 percent from $28.8 million in the first quarter of 2017. The increase was driven by retirement-plan administration and other noninterest income. Retirement-plan administration fees increased primarily to the acquisition of Downeast Pension Services in the second quarter of 2017. Other noninterest income increased from the same period of 2017 due to non-recurring charges recognized in the first quarter of this year.
Following the first quarter, NBT Bancorp made a move to further expand its retirement-plan administration business by acquiring Retirement Plan Services, LLC (RPS) of Brentwood, Missouri in April.
NBT reported noninterest expense of $64.3 million in this year’s first quarter, up almost 5 percent from the year-ago period. The rise was driven by increases in salaries and employee-benefits expenses, professional fees, outside services, and equipment expenses, NBT said. Salaries and employee-benefits expenses rose mainly because of the acquisition of DPS in the second quarter of last year.
The banking company incurred income-tax expense of $7 million in the first quarter, down nearly 16 percent from the first quarter of 2017 primarily because of a lower effective tax rate from the tax-reform bill Congress passed and President Trump signed into law in December.
NBT balance sheet
NBT Bancorp had total assets of $9.2 billion as of March 31, up 1 percent from Dec. 31, 2017. It had loans totaling $6.6 billion at the end of the first quarter, up 0.9 percent from the end of 2017.
NBT’s total deposits were $7.4 billion as of March 31, up 3.1 percent from the end of 2017, “primarily reflecting seasonal inflows of government and municipal deposits,” the banking company said.
Norwich–based NBT Bancorp Inc. is a financial holding company that primarily operates through NBT Bank, N.A. and through two financial-services companies, including EPIC Advisors and NBT Insurance Agency, LLC, also based in Norwich.
NBT Bank has 152 branches in New York, Pennsylvania, Vermont, Massachusetts, New Hampshire, and Maine.
