NBT Bancorp Q3 profit rises on loan growth, higher net interest income

Overview

• U.S. regional bank's Q3 net income and diluted EPS rose year-over-year

• Net interest income and noninterest income both increased from a year earlier

• Company raised quarterly dividend by 8.1% over prior year

Outlook

• Company did not provide specific financial guidance for the current or upcoming periods in its press release

Result Drivers

• LOAN GROWTH - Co said organic growth in average loans contributed to higher net interest income and supported results

• NET INTEREST INCOME - Co attributed increase in net interest income to loan growth, additional day in quarter and higher purchase accounting accretion

• DEPOSIT ACCOUNT FEES - Higher service charges on deposit accounts driven by pricing initiatives and customer mix changes

Company press release:

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 2 "strong buy" or "buy", 5 "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 $57.50, about 8.2% above its October 26 closing price of $53.13

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

Reuters Recommended Reads

• Oct 26 - Northwest Bancshares Q3 adjusted EPS beats estimates on C&I loan growth

• Oct 27 - Central Bancompany Q3 net income rises 20% on higher net interest income

• Oct 26 - German American Bancorp Q3 net income rises on higher yields and margin expansion

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)