NORWICH — NBT Bancorp Inc. (NASDAQ: NBTB), parent company of NBT Bank, recently reported that its net income rose 43 percent to $54.5 million in the third quarter from $38.1 million in the year-prior period, as it improved margins and benefitted from a recent merger. NBT’s earnings per share rose to $1.03, compared to 80 […]
NORWICH — NBT Bancorp Inc. (NASDAQ: NBTB), parent company of NBT Bank, recently reported that its net income rose 43 percent to $54.5 million in the third quarter from $38.1 million in the year-prior period, as it improved margins and benefitted from a recent merger.
NBT’s earnings per share rose to $1.03, compared to 80 cents over the same period.
Norwich–based NBT Bancorp completed the acquisition of Evans Bancorp, Inc. on May 2, adding 200 employees and 18 branches in Western New York, $1.67 billion in loans, and $1.86 billion in deposits. In connection with the transaction, NBT issued 5.1 million shares of common stock, with a value of $221.8 million as of the closing date.
“For the third quarter of 2025, we achieved record net income and earnings per share, and we reported a return on average assets of 1.35% and a return on average tangible common equity of 17.35%,” NBT Bancorp President and CEO Scott Kingsley said in the Oct. 27 earnings report. “These results reflect productive growth in earning assets, deposits, and our sixth consecutive quarter of net interest margin improvement, including a full quarter of our merger with Evans Bancorp, Inc. completed in May.”
The NBT board of directors approved a fourth-quarter cash dividend of 37 cents per share at a meeting held on Oct. 27. The dividend is up by 3 cents, or 8.8 percent, over the amount the banking company paid in the fourth quarter of 2024. This is NBT’s 13th straight year of annual dividend increases. The company will pay the new, higher dividend on Dec. 15, to stockholders of record as of Dec. 1.
Kingsley said the dividend increase is “illustrative of our ongoing commitment to providing favorable long-term returns.”
NBT Bancorp did not purchase any shares of its common stock during the third quarter, ended Sept. 30. On the same day as its earnings report and dividend increase, the NBT board authorized and approved an amendment to the company’s previously announced stock repurchase program. Pursuant to the amended stock buyback program, NBT may repurchase up to
2 million shares of its common stock with all repurchases under the program to be made by Dec. 31, 2027.
