NBT Bancorp in Norwich, N.Y., reported lower quarterly net income after writing off a $5 million investment in a failed bank.
The $11.8 billion-asset company said in a press release that it had invested in subordinated debt for the failed institution, which it did not name.
AmeriServ Financial recently disclosed that it wrote off sub debt tied to Signature Bank.
First-quarter profit at NBT fell by 14% from a year earlier, to $33.1 million. The company’s $3.9 million loan-loss provision was much higher than the $596,000 it set aside a year earlier.
Deposits increased by 1.8% in the quarter compared to the end of 2022, to $9.7 billion.