Business
NBT Bancorp Inc. Announces Second Quarter Net Income of $30.1 Million ($0.70 Per Diluted Common Share)
NORWICH, N.Y., July 31, 2023 (GLOBE NEWSWIRE) -- NBT Bancorp Inc. (“NBT” or the “Company”) (NASDAQ: NBTB) reported net income and diluted earnings per share
About this update from Nbt Bancorp Inc.
[{"type":"text","content":"NORWICH, N.Y., July 31, 2023 (GLOBE NEWSWIRE) -- NBT Bancorp Inc. (“NBT” or the “Company”) (NASDAQ: NBTB) reported net income and diluted earnings per share for the three and six months ended June 30, 2023. Net income for the three months ended June 30, 2023 was $30.1 million, or $0.70 per diluted common share, compared to $37.8 million, or $0.88 per diluted share, for the three months ended June 30, 2022, and $33.7 million, or $0.78 per diluted share, in the first quarter of 2023. Excluding the impact of securities losses and acquisition expenses, the Company generated $0.80 per diluted share of earnings in the second quarter of 2023, compared to $0.89 per share in the second quarter of 2022 and $0.88 per share in the first quarter of 2023. Net interest income was impacted on a linked quarter basis from the continuation of higher funding costs.In the second quarter of 2023, the Company realized $4.5 million ($0.08 per diluted share) in securities losses. In the first quarter of 2023, the Company realized a $5.0 million ($0.09 per diluted share) securities loss.The Company incurred acquisition expenses of $1.2 million ($0.02 per diluted share) and $0.6 million ($0.01 per diluted share) related to the pending merger with Salisbury Bancorp, Inc. (“Salisbury”) in the second quarter of 2023 and the first quarter of 2023, respectively.Period end total loans increased $208.0 million from December 31, 2022, or 5.1% annualized. CEO Comments “We delivered solid operating performance for the second quarter and the first half of 2023. Our results reflect the ongoing focus on our long-term strategies, the strength of our balance sheet and our diversified business model,” said NBT President and CEO John H. Watt, Jr. “We grew loans in all our core portfolios in the second quarter, and our funding sources remained resilient. Our credit performance remained consistent and favorable, and we continued to grow capital. We were also very pleased to have received all the regulatory and shareholder approvals required to proceed with our planned combination with Salisbury Bancorp. We expect the merger to close on August 11, 2023. Our integration team with representatives from NBT and Salisbury has worked diligently to ensure the best possible customer experience upon the conversion of Salisbury customer relationships,” said Watt. Second Quarter Financ...