NBT Bancorp (NBTB) Tops Q3 EPS by 3c

NBT Bancorp (NASDAQ: NBTB) reported Q3 EPS of $0.68, $0.03 better than the analyst estimate of $0.65.

Highlights:

• Quarterly earnings per share up 6.3% from prior quarter and up 30.8% from prior year
• 4% quarterly dividend increase to $0.26 per share
• Loan growth for the nine months ended September 30, 2018 of 6.2% (annualized)
• Average demand deposits for the nine months ended September 30, 2018 up 4.7% over 2017
• FTE net interest margin of 3.57% for nine months ended September 30, 2018 up 11 bps from 2017
• Full cycle deposit beta of 5.7% through the quarter ending September 30, 20181

“For the third quarter and through the first nine months of the year, we have achieved record net income and earnings per share,” said NBT President and CEO John H. Watt. Jr. “These results reflect the continuing efforts of our team to drive organic growth in loans and deposits and to grow our fee-based businesses while making important and ongoing technology investments that enable NBT to continually enhance the customer experience and create long-term shareholder value. Our ability to successfully manage deposit costs in a rising rate environment and to maintain strong asset quality is fundamental to our business. We are also pleased to announce a 4% increase to the quarterly dividend to $0.26 per share. Combined with the dividend increase we announced earlier this year, this represents a 13% increase in our quarterly dividend in 2018.”

For earnings history and earnings-related data on NBT Bancorp (NBTB) click here.

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