Business
NBT Bancorp Inc. Announces Second Quarter Net Income of $40.3 Million ($0.92 Per Diluted Common Share); Approves a 3.7% Dividend Increase
NORWICH, N.Y., July 26, 2021 (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 26, 2021 (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, 2021. Net income for the three months ended June 30, 2021 was $40.3 million, or $0.92 per diluted common share. Net income increased $15.6 million from the second quarter of 2020 primarily due to the estimated impact of the COVID-19 pandemic on expected credit losses in 2020, which resulted in a second quarter 2020 provision for loan losses of $18.8 million. Net income increased $0.5 million from the previous quarter primarily due to lower provision for loan losses and higher noninterest income, partly offset by higher noninterest expense. Pre-provision net revenue (“PPNR”)1 for the second quarter of 2021 was $49.0 million compared to $47.5 million in the previous quarter and $50.7 million in the second quarter of 2020. CEO Comments “Through the first half of 2021 momentum at NBT has continued to build,” said NBT President and CEO John H. Watt, Jr. “Our team has driven growth with increases in total loans and pivoted quickly from supporting our customers and communities through the worst of the pandemic and the reopening of our markets to full-on execution of our strategic growth plans. We continue to prioritize our disciplined approach to the allocation of capital, including the advancement of our New England expansion with our first full-service locations in Connecticut opening in the second quarter. Our continued strong capital generation and our commitment to enhancing long-term shareholder value resulted in our decision to increase our quarterly dividend to $0.28 per share, a 3.7% increase.” Second Quarter Financial Highlights Net Income Net income of $40.3 millionDiluted earnings per share of $0.92 Net Interest Income / NIM Net interest income on a fully taxable equivalent basis was $79.5 million1Net interest margin (“NIM”) on a fully taxable equivalent basis was 3.00%1, down 17 basis points (“bps”) from the prior quarter PPNR PPNR1 was $49.0 million compared to $47.5 million in the first quarter of 2021 and $50.7 million in the second quarter of 2020 Loans and Credit Quality Period end loans were $7.5 billion, up 1%, annualized, from December 31, 2020Excluding $360 million of Paycheck Protection Program (“PPP”) loans at June...