Why Investors Cashed Out of NBT Bancorp This Week
Regional bank NBT Bancorp (NASDAQ: NBTB) probably couldn't wait for this weekend. The company's share price eroded by more than 11% over the course of the week, following the release of its latest set of quarterly results. All told over the five trading days, NBT stock lost 11% of its value, according to data compiled by S&P Global Market Intelligence.
For its fourth quarter of 2022, NBT's total revenue (for banks, consisting of net interest income combined with noninterest income) was a shade under $133.9 million. This was nearly 9% higher on a year-over-year basis, and it slightly exceeded the average analyst estimate of $133.6 million.
NBT's net profit fell marginally, slipping to $36.1 million, or $0.84 per share, from fourth quarter 2021's $37.3 million. Prognosticators following the stock were collectively modeling $0.93.
Source Fool.com
