NBT Bancorp Q2 operating EPS rises

Overview

• NBT Bancorp Q2 net income falls to $22.5 mln, down from $32.7 mln last year

• Operating EPS for Q2 rises 28% yr/yr to $0.88, driven by Evans acquisition

• Company acquired Evans Bancorp, adding $1.67 bln in loans, $1.86 bln in deposits

Result Drivers

• EVANS ACQUISITION - Acquisition added $1.67 bln in loans and $1.86 bln in deposits, boosting operating EPS

• NET INTEREST MARGIN - Improved due to higher earning asset yields and acquisition-related net accretion

• LOAN LOSS PROVISION - Increased provision for loan losses due to acquisition-related factors and economic forecast deterioration

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 3 "strong buy" or "buy", 4 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the banks peer group is "buy"

• Wall Street's median 12-month price target for NBT Bancorp Inc is $50.00, about 17.2% above its July 25 closing price of $41.38

• The stock recently traded at 11 times the next 12-month earnings vs. a P/E of 12 three months ago

Press Release: ID:nGNX3NQWnV