NORWICH — NBT Bancorp, Inc. (NASDAQ: NBTB), parent of NBT Bank, posted a high single-digit increase in first-quarter profit on the strength of gains in both interest-based income and fee-based income. NBT reported net income of $36.7 million in this year’s first quarter, up 8.6 percent from $33.8 million in the year-prior quarter. The banking […]
NORWICH — NBT Bancorp, Inc. (NASDAQ: NBTB), parent of NBT Bank, posted a high single-digit increase in first-quarter profit on the strength of gains in both interest-based income and fee-based income.
NBT reported net income of $36.7 million in this year’s first quarter, up 8.6 percent from $33.8 million in the year-prior quarter. The banking company’s earnings per share increased by 8.5 percent to 77 cents in the latest quarter from 71 cents in the first quarter of 2024.
“Growth in both net interest income and non-interest income compared to the prior quarter and the first quarter of 2024 resulted in the generation of positive operating leverage by our team in the first quarter of 2025,” NBT President/CEO Scott A. Kingsley said in the Norwich–based company’s earnings report issued on April 24.
NBT’s net interest income for the first quarter was $107.2 million, up almost 13 percent from the first quarter of 2024. The increase resulted primarily from a decline in the cost of deposits, partially offset by lower yields on loans and two fewer days in the quarter this year.
Non-interest income at NBT totaled $47.6 million in this year’s first quarter, up 10 percent from the year-earlier earnings period. Retirement-plan administration fees rose $1.6 million during the quarter, driven by additional revenue from new customer plans, an acquisition, and higher market values of assets under administration. Wealth-management fees increased by $1.2 million compared with the first quarter of 2024 due to market performance and growth in new customer accounts.
NBT Bancorp had total assets of nearly $13.9 billion, as of March 31. NBT Bank has 157 branches across New York, Pennsylvania, Vermont, Massachusetts, New Hampshire, Maine, and Connecticut. NBT’s other subsidiaries are EPIC Retirement Plan Services, a Rochester–based national benefits-administration firm, and NBT Insurance Agency, LLC, a full-service insurance agency based in Norwich.
