NBT Bancorp Inc., NBT Bank’s holding company, reported net income of $39.8 million, or 91 cents per diluted common share, for the three-month period ending March 31. Net income has 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 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 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.