Loading...
•
Mar 31, 2020
NBT Q1 2020 Earnings Report
NBT Bancorp reported first quarter earnings, which were impacted by the COVID-19 pandemic and CECL adoption.
Key Takeaways
NBT Bancorp Inc. reported a net income of $10.4 million, or $0.23 per diluted common share, for the three months ended March 31, 2020. The results 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.
Net income of $10.4 million.
Diluted earnings per share of $0.23.
Net interest income on a fully taxable equivalent basis was $77.5 million.
Net interest margin on a fully taxable equivalent basis was 3.52%.