The Bottom Line: Unitil, NBT Bancorp, and Planet Fitness

A roundup of news updates from public companies in NH and nationwide

UNITIL COMPLETES PURCHASE OF MAINE NATURAL GAS CO.

Unitil Corporation (NYSE: UTL) announced late October that it has completed its acquisition of Maine Natural Gas Company from Avangrid Enterprises, Inc., following the satisfaction of all conditions under a Stock Purchase Agreement first disclosed on April 1, 2025. The deal received final approval from the Maine Public Utilities Commission prior to closing.

Founded in 1999, Maine Natural Gas serves about 6,300 residential and commercial customers across nine communities in the Greater Portland area and in Augusta.

Its network includes roughly 230 miles of natural gas distribution mains and a rate base of approximately $69 million as of December 31, 2024.

With the addition of Maine Natural, Unitil now serves around 213,300 customers across Maine, New Hampshire, and Massachusetts.

The total purchase price was $86 million, plus an estimated $7.1 million for working capital, including cash and regulatory assets. Unitil funded $86 million of the acquisition through a term loan from Scotiabank, with the remainder financed from existing funds. Scotiabank served as Unitil’s financial advisor, while Dentons provided legal counsel.

Additionally, Unitil declared the regular quarterly dividend on the company’s common stock of $0.45 per share, payable Nov. 28, 2025, to shareholders of record on Nov. 13, 2025. This results in a current effective annualized dividend rate of $1.80 per share.

NBT BANCORP REPORTS THIRD-QUARTER 2025 EARNINGS

NBT Bancorp Inc. (NASDAQ: NBTB), the operator of NBT Bank with a few locations in NH, reported net income of $54.5 million, or $1.03 per diluted share, for the third quarter of 2025, up from $38.1 million, or $0.80 per share, in the same period last year and $22.5 million, or $0.44 per share, in the second quarter of 2025. Operating diluted earnings per share, a non-GAAP measure, was $1.05, reflecting strong performance including the impact of its recent acquisition of Evans Bancorp, Inc. on May 2, 2025.

NBT issued 5.1 million shares valued at $221.8 million to fund the acquisition, which significantly influenced year-over-year and sequential comparisons.

Third-quarter highlights include: Net interest income (FTE) of $135.3 million, up $10.4 million from Q2, with a net interest margin of 3.66%. Acquisition-related accretion contributed $6.3 million.

Noninterest income totaled $51.4 million, representing 28% of total revenues.

Loans and deposits reached $11.60 billion and $13.66 billion, respectively, including Evans acquisition balances. Net charge-offs were 0.15% annualized, with nonperforming loans at 0.46%.

Stockholders’ equity was $1.85 billion, tangible book value per share $25.51, CET1 ratio 11.8%, and leverage ratio 9.34%.

NBT’s performance reflects both organic growth and contributions from the Evans acquisition, reinforcing its presence in the New England banking market.

PLANET FITNESS MAKES FORTUNE’S 2025 FASTEST-GROWING COMPANIES LIST

Planet Fitness, Inc. (NYSE: PLNT), one of the largest and fastest-growing fitness brands headquartered in Dover, NH, has been named to Fortune’s 2025 100 Fastest-Growing Companies List. The annual ranking highlights companies demonstrating exceptional growth in revenue, profits and stock performance over a three-year period.

To qualify, companies must meet stringent financial benchmarks, including at least $50 million in revenue and $10 million in net income over the prior four quarters, with annualized growth of 20% or more in both revenue and earnings per share. Rankings are determined by combining revenue growth, EPS growth, and total shareholder return.

“This recognition from Fortune is a testament to the strength of our model and growth over the past several years,” said CEO Colleen Keating. “We continue to enhance the member experience, invest in innovative fitness solutions, and make high-quality, affordable wellness accessible to everyone.”

Planet Fitness has added more than 600 clubs in the past five years and nearly 14 million members over the last decade.