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Stock impact report

NBT Bancorp Inc. Announces First Quarter Net Income of $10.4 Million, or $0.23 per Diluted Common Share

NBT Bancorp Inc. (NBTB) 
Last nbt bancorp inc. earnings: 4/27 04:15 pm Check Earnings Report
US:NASDAQ Investor Relations: nbtbancorp.gcs-web.com/investor-relations
Company Research Source: GlobeNewswire
NORWICH, N.Y., April 27, 2020 (GLOBE NEWSWIRE) -- NBT Bancorp Inc. (“NBT” or the “Company”) (NASDAQ: NBTB) reported net income of $10.4 million, or $0.23 per diluted common share, for the three months ended March 31, 2020. NBT’s results in the first quarter of 2020 reflect the Current Expected Credit Losses (“CECL”) accounting methodology, including the estimated impact of the COVID-19 pandemic on expected credit losses. Net income was down 64% from the previous quarter and from the first quarter of 2019 primarily due to higher provision for loan losses related to the deterioration of economic conditions caused by the COVID-19 pandemic. Pre-provision net revenue (“PPNR”)1, excluding securities gains (losses), for the first quarter was $42.5 million compared to $42.9 million from the previous quarter and $43.0 million in the first quarter of 2019. CEO Comments “In the face of the rapidly changing economic conditions brought on by the COVID-19 pandemic, we have been aggressiv Show less Read more
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