NBT Bank posts $24.7 million in second quarter net income
NBT Bank's holding company posted $24.7 million in net income, or 56 cents per diluted share, during the second quarter of 2020, which ended June 30. Net income was up $14.3 million from the previous quarter primarily due to lower loan loss provision and lower non-interest expense and down $5.8 million from the second quarter of 2019 primarily due to higher provision for loan losses related to the deterioration of economic conditions caused by the COVID-19 pandemic. Excluding real estate repositioning charges of $0.7 million, net income and earnings per diluted share were $25.2 million and 57 cents, respectively.
Pre-provision net revenue for the second quarter of 2020 was $50.7 million compared to $44.9 million in the previous quarter and $47.2 million in the second quarter of 2019 reflecting higher net interest income and lower non-interest expense than the previous quarter. Based in Norwich, N.Y., NBT Bank operates five branches in the Berkshires.
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