Overview

• U.S. regional bank's Q1 net income and EPS rose sharply yr/yr, aided by Evans acquisition

• Net interest income grew 25% yr/yr, with net interest margin up to 3.72%

• Company repurchased $11 mln in stock under existing buyback program

Outlook

• Company did not provide specific financial guidance for the current or future periods

Result Drivers

• EVANS ACQUISITION - Co said Evans Bancorp deal significantly boosted yr/yr loan and deposit growth, as well as noninterest income and expenses

• NET INTEREST MARGIN EXPANSION - Net interest margin rose 7 bps from prior qtr, as lower funding costs offset a slight decline in earning asset yields

• FEE INCOME GROWTH - Retirement plan administration fees rose, driven by higher activity-based fees, increased market values, and new customer relationships

Company press release: ID:nGNX1D2Mv

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q1 Net Income		$51.1 mln
Q1 Net Interest Income		$134.30 mln
Q1 Net Interest Margin		3.72%
Q1 Allowance for loan losses		-$138.60 mln

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 4 "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 5.1% above its April 22 closing price of $44.72

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

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