Business
NBT Bancorp Inc. Announces Third Quarter Net Income of $37.4 Million ($0.86 per Diluted Common Share); Approves Dividend
NORWICH, N.Y., Oct. 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., Oct. 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 nine months ended September 30, 2021. Net income for the three months ended September 30, 2021 was $37.4 million, or $0.86 per diluted common share. Net income increased $2.3 million from the third quarter of 2020, primarily due to changes in the estimated impact of the COVID-19 pandemic on expected credit losses. The third quarter 2020 provision for loan losses was $3.3 million compared to the third quarter 2021 provision release of $3.3 million. Net income decreased $2.9 million from the previous quarter primarily due to a lower net benefit from provision for loan losses and slightly higher noninterest expense, partly offset by higher noninterest income. Pre-provision net revenue (“PPNR”)1 for the third quarter of 2021 was $47.4 million compared to $49.0 million in the previous quarter and $49.6 million in the third quarter of 2020. Income from Paycheck Protection Program (“PPP”) loans decreased $1.9 million and $1.8 million from the previous quarter and the third quarter of 2020, respectively. CEO Comments “We continue to experience momentum across the markets we serve. Our team is focused on our customers and successful execution of our key strategies,” said NBT President and CEO John H. Watt, Jr. “Across our New England footprint, we are advancing our growth strategy by leveraging the market disruption occurring in that region. Our balance sheet is strong and it continues to provide us optionality to deploy capital in a strategic manner, and we are actively exploring opportunities.” Third Quarter Financial Highlights Net Income Net income of $37.4 millionDiluted earnings per share of $0.86 Net Interest Income / NIM Net interest income on a fully taxable equivalent basis was $78.0 million1Net interest margin (“NIM”) on a fully taxable equivalent basis was 2.88%1, down 12 basis points (“bps”) from the prior quarterTotal cost of deposits of 0.10% PPNR PPNR1 was $47.4 million compared to $49.0 million in the second quarter of 2021 and $49.6 million in the third quarter of 2020 Loans and Credit Quality Period end total loans were $7.6 billion, up 1%, annualized, from December 31, 2020Excluding $276 million and $431 million of PPP loans at September 30, 2021...