NBT Bancorp, Inc. (NASDAQ:NBTB) Q1 2022 Earnings Conference Call April 26, 2022 8:30 AM ET
Company Participants
John Watt – President and Chief Executive Officer
Scott Kingsley – Chief Financial Officer
Conference Call Participants
Alex Twerdah – Piper Sandler
Matthew Breese – Stephens Incorporated
Chris O’Connell – Keefe, Bruyette & Woods, Inc.
Operator
Good day, everyone. Welcome to the NBT Bancorp, First Quarter 2022, Financial Results Conference Call. This call is being recorded and has been made accessible to the public in accordance with the SEC Regulation FD, corresponding presentation slides can be found on the company's website at NBT Bancorp.com. Before the call begins, NBT's management would like to remind listeners that as noted on Slide 2, today's presentation may contain forward-looking statements as defined by the Securities and Exchange Commission.
Actual results may differ from those projected. In addition, certain non-GAAP measures will be discussed. Reconciliations for these numbers are contained within the appendix of today's presentation. At this time, all participants are in a listen-only mode. Later we will conduct a question-and-answer session. Instructions will follow at that time. [Operator Instructions] As a reminder, this call is being recorded. I would now like to turn the conference over to NBTB Bancorp President and CEO, John.h. Watt Junior for his opening remarks, Mr. Watt, please begin.
John Watt
Good morning. And thank you all for participating in our Earnings Call covering NBT Bancorp's First Quarter 2022 results. Joining me today are our Chief Financial Officer, Scott Kingsley, and our Chief Accounting Officer Annette Burns. We are extremely pleased with our results for the first quarter of 2022, including earnings per share of $0.90 return on average assets of 132 and return on average tangible common equity of 16.9%. Loan growth was strong and in excess of what we typically experience in our markets at the start of the year. Our commercial business generated $250 million in loan originations.
We also experienced an uptick in line of credit usage. It's clear to us that our customers are successfully navigating the challenging operating environment and we are there to help them. Loan pipelines across our platform were strong and active in the first quarter, going into the second quarter, commercial pipelines are particularly robust. The first quarter performance of our Sungage solar fintech partnership and the rebound of indirect auto are also notable. Generally C&I, CRE and consumer loans, including mortgage, all grew. Our fee-based businesses continued their strong performance with total non-interest income at nearly 35% of total revenue for the first quarter.