Evans Bancorp Reports Net Income of $2.9 Million In Third Quarter 2024
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Oct 31 2024
0mins
Source: Newsfilter
Financial Performance: Evans Bancorp reported a net income of $2.9 million for Q3 2024, with a net income per share of $0.53, reflecting stable performance despite merger-related expenses and the impact of the sale of The Evans Agency in 2023. Total loans and deposits increased significantly, contributing to an improved net interest margin of 2.80%.
Merger Announcement: The company announced a definitive agreement to merge with NBT Bancorp Inc., with the transaction valued at approximately $236 million, expected to close in Q2 2025, which aims to enhance service delivery and community support through combined resources.
Analyst Views on NBTB
Wall Street analysts forecast NBTB stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for NBTB is 47.00 USD with a low forecast of 47.00 USD and a high forecast of 47.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
1 Analyst Rating
1 Buy
0 Hold
0 Sell
Moderate Buy
Current: 43.710
Low
47.00
Averages
47.00
High
47.00
Current: 43.710
Low
47.00
Averages
47.00
High
47.00
About NBTB
NBT Bancorp Inc. is a financial holding company. The Company primarily operates through NBT Bank, N.A. (the Bank), a full-service community bank, and through two financial services subsidiaries. The Company’s business, primarily conducted through the Bank, consists of providing commercial banking, retail banking and wealth management services. The Bank offers a range of products and services tailored to individuals, businesses and municipalities. The Bank’s deposit products include demand deposit accounts, savings accounts, NOW accounts, MMDA and CD accounts. The Bank’s loan products include indirect and direct consumer loans, home equity loans and mortgages. The Bank has approximately 175 banking locations in New York, Pennsylvania, Vermont, Massachusetts, New Hampshire, Maine and Connecticut. The Company operates EPIC Retirement Plan Services, which is a national benefits administration firm. It operates NBT Insurance Agency, LLC, which is a full-service regional insurance agency.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
