NBT Bancorp Inc. in Norwich, N.Y., reported third-quarter net income of $15.2 million, up 4.4% from a year earlier, due largely to improved asset quality.

The $5.5 billion-asset company, which released its results late Monday, said it earned 45 cents per share, beating consensus analysts’ estimates by two cents.

The provision for loan losses for the quarter was $5.2 million, down 31% from a year ago, as net chargeoffs fell 28%, to $4.3 million for the quarter. However, the provision was higher than in earlier quarters this year as a result of severe late-summer flooding in its markets that affected its customers.

In the earnings press release, the company also said that last week it completed its acquisition and conversion of four Legacy Bancorp branches in Massachusetts.

NBT's shares fell 5.6% Tuesday, to close at $20.35.

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