Business
NBT Bancorp Inc. Announces Second Quarter Net Income of $37.8 Million ($0.88 Per Diluted Common Share); Approves a 7.1% Dividend Increase
NORWICH, N.Y., July 25, 2022 (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 25, 2022 (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, 2022. Net income for the three months ended June 30, 2022 was $37.8 million, or $0.88 per diluted common share, compared to $40.3 million, or $0.92 per diluted share, in the second quarter of 2021 and $39.1 million, or $0.90 per diluted share in the first quarter of 2022. Net interest income recognized in the second quarter of 2022 from the Paycheck Protection Program (“PPP”) was approximately $1.3 million ($0.02 per diluted share), compared to $4.7 million ($0.08 per diluted share) in the second quarter of 2021 and $2.0 million ($0.04 per diluted share) in the first quarter of 2022, reflective of higher levels of loan forgiveness in the prior year and prior quarter. Excluding the impact of PPP loan income recognition, net interest income in the second quarter of 2022 improved in comparison to the second quarter of 2021 and the linked first quarter of 2022 due to loan growth, incremental deployment of excess liquidity into investment securities and increases in the Federal Reserve’s targeted Federal Funds rate. The Company recorded a provision for loan losses of $4.4 million ($0.08 per diluted share) in the second quarter of 2022, compared to a net benefit of $5.2 million ($0.09 per diluted share) in the second quarter of 2021 and a provision of $0.6 million ($0.01 per diluted share) in the first quarter of 2022. CEO Comments “We are very pleased with our operating results for the second quarter and first half of 2022, which reflect continued organic loan growth and solid performance by our fee-based businesses. With the increases in the targeted Fed Funds rate in the quarter, we experienced the benefits of an asset-sensitive balance sheet,” said NBT President and CEO John H. Watt, Jr. “Our asset quality continues to be excellent, with historically low levels of net charge-offs and nonperforming assets. Given our strong loan growth and increased uncertainty surrounding the domestic macro-economic outlook, we did add to our loan loss reserves at quarter-end.” “We are also pleased to have approved a $0.02, or 7.1% increase, to our quarterly dividend to stockholders,” added Watt. “The payment of a meaningful and growing dividend is an...