NBT Bancorp's Q4 net income rises on Evans acquisition

Overview

• Financial holding company's Q4 net income rose to $55.5 mln

• Company completed acquisition of Evans Bancorp, adding 18 locations and $1.86 bln deposits

• Company raised dividend by 8.8%, marking 13th consecutive yr of increases

Outlook

• Company did not provide specific financial guidance for future quarters or full year in press release

Result Drivers

• EVANS ACQUISITION - Acquisition of Evans Bancorp added $1.67 bln in loans and $1.86 bln in deposits, significantly impacting Q4 results

• NET INTEREST INCOME - Increase driven by higher average balance of earning assets and reduced funding costs

• NONINTEREST INCOME - Growth in service charges and wealth management fees, despite seasonal decline in retirement plan fees

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", 3 "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 $47.00, about 7.7% above its January 23 closing price of $43.65

• The stock recently traded at 10 times the next 12-month earnings vs. a P/E of 10 three months ago

Press Release: ID:nGNXchbsf2

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact RefinitivNewsSupport@thomsonreuters.com.