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EX - 99.1 2 brhc10023580_ex99-1.htm EXHIBIT 99.1 Exhibit 99.1 1 FOR IMMEDIATE RELEASE ATTENTION : FINANCIAL AND BUSINESS EDITORS Contact : John H. Watt , Jr. , President and CEO John V. Moran , Executive Vice President and CFO NBT Bancorp Inc. 52 South Broad Street Norwich , NY 13815 607-337-6589 NBT BANCORP INC . ANNOUNCES FIRST QUARTER NET INCOME OF $ 39.8 MILLION ( $ 0.91 PER DILUTED COMMON SHARE ) ; APPROVES DIVIDEND - NORWICH , NY ( April 26 , 2021 ) – NBT Bancorp Inc. ( “ NBT ” or the “ Company ” ) ( NASDAQ : NBTB ) reported net income and diluted earnings per share for the three months ended March 31 , 2021 . Net income for the three months ended March 31 , 2021 was $ 39.8 million , or $ 0.91 per diluted common share . Net income increased $ 5.7 million from the previous quarter primarily due to lower provision for loan losses and branch optimization charges recognized in the previous quarter . Net income increased $ 29.5 million from the first quarter of 2020 due to the adoption of the Current Expected Credit Losses ( " CECL " ) accounting methodology , including the estimated impact of the COVID - 19 pandemic on expected credit losses , which resulted in first quarter 2020 provision for loan losses of $ 29.6 million . Pre - provision net revenue ( “ PPNR ” ) ¹ for the first quarter of 2021 was $ 47.5 million compared to $ 48.2 million in the previous quarter and $ 44.9 million in the first quarter of 2020 . CEO Comments " The results for the first quarter of 2021 demonstrate the resiliency of our banking platform . We drove commercial loan growth and experienced increased levels of consumer activity . Our mortgage pipeline is strong , and our indirect auto business exceeded production targets , " said NBT President and CEO John H. Watt , Jr. " We are optimistic about the prospects for the rest of the year driven by pent up demand and a snap back in many sectors of the economy that we anticipate will occur as the markets we serve continue to open up . Sustained levels of excellent credit quality allow for plenty of optionality in the deployment of capital which will drive growth . Record Assets Under Management and Administration in our wealth management business exceeded $ 9 billion . Finally , we leaned heavily into the Paycheck Protection Program in the latest round of funding to support the Main Street businesses and non - profits that are the backbone of the communities we serve . "