The 5 Most Interesting Analyst Questions From NBT Bancorp’s Q4 Earnings Call

Stock Story

NBT Bancorp delivered fourth quarter results that met Wall Street’s expectations for both revenue and non-GAAP profit, with no significant reaction from the market. Management attributed the performance to ongoing benefits from the Evans Bancorp merger, improved deposit mix, and strong noninterest income from retirement, wealth management, and insurance businesses. CEO Scott Kingsley noted, “Our operating performance for the fourth quarter continued to reflect the positive attributes of productive fixed rate asset repricing trends and the diversification of our revenue streams.” The company also saw a 36 basis point improvement in net interest margin year-over-year, aided by disciplined balance sheet management and asset repricing, even as loan payoffs in commercial real estate modestly tempered total loan growth.

NBT Bancorp (NBTB) Q4 CY2025 Highlights:

Revenue: $185.2 million vs analyst estimates of $183 million (24.4% year-on-year growth, 1.2% beat)
Adjusted EPS: $1.05 vs analyst estimates of $0.99 (6.6% beat)
Adjusted Operating Income: $69.79 million vs analyst estimates of $71.2 million (37.7% margin, 2% miss)
Market Capitalization: $2.32 billion

While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.

Our Top 5 Analyst Questions From NBT Bancorp’s Q4 Earnings Call

Feddie Strickland (Hovde Group) asked about the potential for further commercial real estate payoffs impacting loan growth. CEO Scott Kingsley acknowledged this risk, stating, “We think that, that’s an outsized number, but we’re planning for—that could be a risk for our growth attributes going forward this year as well.”
Mark Fitzgibbon (Piper Sandler) inquired about the increased reserve against the solar loan portfolio. CFO Annette Burns clarified, “No trends or negative concerns as it relates to that book,” explaining the change was a recalibration for a runoff portfolio.
David Konrad (KBW) questioned the outlook for net interest margin (NIM) and deposit costs. Burns described NIM as likely to remain stable with “maybe 2 or 3 basis points” improvement per quarter, and noted limited opportunity for further deposit repricing as rates decline.
Daniel Cardenas (Janney Montgomery Scott) pressed on competitive lending conditions and deposit repricing by geography. Kingsley said competition is rational but noted that “highly rated companies…have been able to demand a lower spread,” while deposit rate adjustments are more easily achieved in legacy markets with strong share.
Matthew Breese (Stephens) asked about normalized charge-off rates as legacy consumer books run off. Burns expects normalized charge-offs to settle in the 15 to 20 basis points range, lower than historical averages due to the changing loan mix.

Catalysts in Upcoming Quarters

In upcoming quarters, the StockStory team will monitor (1) the pace of loan growth versus runoff in legacy portfolios, (2) progress in deposit mix improvement and the resulting impact on funding costs, and (3) continued expansion of noninterest income from wealth, retirement, and insurance businesses. Developments in M&A activity and the competitive landscape for both loans and deposits will also be important markers for execution against NBT Bancorp’s strategic priorities.

NBT Bancorp currently trades at $44.46, up from $43.91 just before the earnings. At this price, is it a buy or sell? Find out in our full research report (it’s free).

The Best Stocks for High-Quality Investors

If your portfolio success hinges on just 4 stocks, your wealth is built on fragile ground. You have a small window to secure high-quality assets before the market widens and these prices disappear.

Don’t wait for the next volatility shock. Check out our Top 5 Strong Momentum Stocks for this week. This is a curated list of our High Quality stocks that have generated a market-beating return of 244% over the last five years (as of June 30, 2025).

Stocks that have made our list include now familiar names such as Nvidia (+1,326% between June 2020 and June 2025) as well as under-the-radar businesses like the once-small-cap company Comfort Systems (+782% five-year return).

Risk Warnings and Disclaimers

You understand and acknowledge that there is a high degree of risk involved in trading. Following any strategies or investment methods may lead to potential losses. The content on the site is provided by our contributors and analysts for information purposes only. You are solely responsible for determining whether any trading assets, securities, strategy, or any other product is suitable for investing based on your own investment objectives and financial situation.

Add to Favorites

NBT Bancorp (NASDAQ:NBTB) Surprises With Q4 CY2025 Sales

Stock Story

NBT Bancorp

+0.07%

Regional banking company NBT Bancorp beat Wall Street’s revenue expectations in Q4 CY2025, with sales up 24.3% year on year to $185.1 million. Its non-GAAP profit of $1.05 per share was 6.6% above analysts’ consensus estimates.

NBT Bancorp (NBTB) Q4 CY2025 Highlights:

Net Interest Income: $135.4 million vs analyst estimates of $135.1 million (27.6% year-on-year growth, in line)
Net Interest Margin: 3.7% vs analyst estimates of 3.6% (in line)
Revenue: $185.1 million vs analyst estimates of $183 million (24.3% year-on-year growth, 1.2% beat)
Adjusted EPS: $1.05 vs analyst estimates of $0.99 (6.6% beat)
Tangible Book Value per Share: $26.54 vs analyst estimates of $26.18 (11.1% year-on-year growth, 1.4% beat)
Market Capitalization: $2.28 billion

Company Overview

Tracing its roots back to 1856 when it first opened its doors in Norwich, New York, NBT Bancorp is a community-oriented financial institution providing banking, wealth management, and insurance services to individuals and businesses across the northeastern United States.

Sales Growth

In general, banks make money from two primary sources. The first is net interest income, which is interest earned on loans, mortgages, and investments in securities minus interest paid out on deposits. The second source is non-interest income, which can come from bank account, credit card, wealth management, investing banking, and trading fees. Regrettably, NBT Bancorp’s revenue grew at a mediocre 8.5% compounded annual growth rate over the last five years. This fell short of our benchmark for the banking sector and is a rough starting point for our analysis.

We at StockStory place the most emphasis on long-term growth, but within financials, a half-decade historical view may miss recent interest rate changes, market returns, and industry trends. NBT Bancorp’s annualized revenue growth of 14.6% over the last two years is above its five-year trend, suggesting its demand recently accelerated.

Note: Quarters not shown were determined to be outliers, impacted by outsized investment gains/losses that are not indicative of the recurring fundamentals of the business.

This quarter, NBT Bancorp reported robust year-on-year revenue growth of 24.3%, and its $185.1 million of revenue topped Wall Street estimates by 1.2%.

Net interest income made up 69.7% of the company’s total revenue during the last five years, meaning lending operations are NBT Bancorp’s largest source of revenue.

NBT Bancorp Quarterly Net Interest Income as % of Revenue

While banks generate revenue from multiple sources, investors view net interest income as the cornerstone - its predictable, recurring characteristics stand in sharp contrast to the volatility of non-interest income.

Microsoft, Alphabet, Coca-Cola, Monster Beverage—all began as under-the-radar growth stories riding a massive trend. We’ve identified the next one: a profitable AI semiconductor play Wall Street is still overlooking. Go here for access to our full report.

Tangible Book Value Per Share (TBVPS)

Banks profit by intermediating between depositors and borrowers, making them fundamentally balance sheet-driven enterprises. Market participants emphasize balance sheet quality and sustained book value growth when evaluating these institutions.

Because of this, tangible book value per share (TBVPS) emerges as the critical performance benchmark. By excluding intangible assets with uncertain liquidation values, this metric captures real, liquid net worth per share. Other (and more commonly known) per-share metrics like EPS can sometimes be murky due to M&A or accounting rules allowing for loan losses to be spread out.

NBT Bancorp’s TBVPS grew at a decent 5.3% annual clip over the last five years. TBVPS growth has accelerated recently, growing by 10.5% annually over the last two years from $21.72 to $26.54 per share.

NBT Bancorp Quarterly Tangible Book Value per Share

Over the next 12 months, Consensus estimates call for NBT Bancorp’s TBVPS to grow by 9.8% to $29.13, paltry growth rate.

Key Takeaways from NBT Bancorp’s Q4 Results

It was good to see NBT Bancorp narrowly top analysts’ tangible book value per share expectations this quarter. We were also happy its revenue narrowly outperformed Wall Street’s estimates. Overall, this print had some key positives. The stock traded up 1.3% to $44.50 immediately after reporting.

Is NBT Bancorp an attractive investment opportunity right now? If you’re making that decision, you should consider the bigger picture of valuation, business qualities, as well as the latest earnings. We cover that in our actionable full research report which you can read here (it’s free).

Risk Warnings and Disclaimers

Add to Favorites

NBT Bancorp Inc. Announces Full Year 2025 Results and Declares Cash Dividend

GlobeNewswire

NBT Bancorp

+0.07%

NORWICH, N.Y., Jan. 26, 2026 (GLOBE NEWSWIRE) -- NBT Bancorp Inc. (“NBT” or the “Company”) reported net income and diluted earnings per share for the three and twelve months ended December 31, 2025.

Net income for the fourth quarter of 2025 was $55.5 million, or $1.06 per diluted common share, compared to $36.0 million, or $0.76 per diluted common share, for the fourth quarter of 2024, and $54.5 million, or $1.03 per diluted common share, for the third quarter of 2025. Operating diluted earnings per share(1), a non-GAAP measure, was $1.05 for the fourth quarter of 2025, compared to $0.77 for the fourth quarter of 2024 and $1.05 for the third quarter of 2025.

Net income for the year ended December 31, 2025 was $169.2 million, or $3.33 per diluted common share, compared to $140.6 million, or $2.97 per diluted common share, in the prior year.

The Company completed the acquisition of Evans Bancorp, Inc. (“Evans”) on May 2, 2025, adding 200 employees and 18 banking locations in Western New York, $1.67 billion in loans and $1.86 billion in deposits. In connection with the transaction, the Company issued 5.1 million shares of common stock, with a value of $221.8 million as of the closing date. The comparison to the fourth quarter of 2024 is significantly impacted by the Evans acquisition.

CEO Comments

“For the fourth quarter of 2025, we delivered another strong period of performance, generating operating earnings per share of $1.05 and reported return on average assets of 1.37%. We posted a solid return on average tangible common equity of 17.05% and achieved meaningful positive operating leverage,” said NBT President and CEO Scott Kingsley. “By virtually all measures, 2025 was a successful year with strong execution by team members across the company resulting in record net revenues. We achieved a seamless integration with our Evans merger in May, adding a significant presence in the Western Region of New York along with 200 talented professionals. We also raised our dividend to shareholders by 8.8%, marking our thirteenth consecutive year of dividend increases. We are grateful for the collaborative and diligent work of our team members that consistently strengthens our company and enhances the value we deliver to our customers, communities and shareholders.”

Fourth Quarter 2025 Financial Highlights

Net Income	Net income was $55.5 million and diluted earnings per share was $1.06 Operating net income was $55.4 million and operating diluted earnings per share was $1.05(1)
Net Interest Income / NIM	Net interest income on a fully taxable equivalent (“FTE”) basis was $136.0 million, an increase of $0.8 million from the prior quarter(1) Net interest margin (“NIM”) on an FTE basis was 3.65%(1), a decrease of 1 basis point (“bp”) from the prior quarter Earning asset yields of 5.08% were down 10 bps from the prior quarter Total cost of funds of 1.51% was down 9 bps from the prior quarter Included in FTE net interest income was $7.4 million of acquisition-related net accretion
Noninterest Income	Noninterest income was $49.6 million, or 27% of total revenues, excluding net securities gains (losses)
Loans and Credit Quality	Period end loans increased $1.63 billion, or 16.3% from December 31, 2024 Net charge-offs to average loans was 0.16% annualized Nonperforming loans to total loans was 0.45% Allowance for loan losses to total loans was 1.19% Provision for loan losses was $3.8 million
Deposits	Deposits increased $1.95 billion, or 16.9%, from December 31, 2024 Total cost of deposits was 1.44% for the fourth quarter of 2025, down 8 bps from the third quarter of 2025
Capital	Stockholders’ equity was $1.90 billion as of December 31, 2025 Tangible book value per share(2) was $26.54 at December 31, 2025 an increase of 266 bps from December 31, 2024 Tangible equity to assets of 8.95%(1) CET1 ratio of 12.07%; Leverage ratio of 9.48%

Loans

Period end total loans were $11.60 billion at December 31, 2025, compared to $9.97 billion at December 31, 2024.
Period end total loans increased $1.63 billion from December 31, 2024. Excluding the other consumer and residential solar portfolios, which are in a planned run-off status, and the loans acquired from Evans, period end loans increased $68.1 million, or 0.7%, from December 31, 2024.

Deposits

Total deposits at December 31, 2025 were $13.50 billion, compared to $11.55 billion at December 31, 2024 and $13.66 billion at September 30, 2025. Excluding the deposits acquired from Evans, deposits increased $88.4 million from December 31, 2024. Excluding deposits acquired from Evans, interest-bearing checking and money market accounts increased, partially offset by a decrease in time and savings deposits.
The loan to deposit ratio was 85.9% at December 31, 2025, compared to 86.3% at December 31, 2024 and 84.9% at September 30, 2025.

Net Interest Income and Net Interest Margin

Net interest income for the fourth quarter of 2025 was $135.4 million, an increase of $0.8 million, or 0.6%, from the third quarter of 2025 and an increase of $29.3 million, or 27.6%, from the fourth quarter of 2024. The increase in net interest income from the third quarter of 2025 was driven by the increase in the average balance of earning assets and a decrease in funding costs more than offsetting the decline in earning asset yields. Three Federal Reserve interest rate cuts from September to December affected both earning asset yields and funding costs during the quarter. The increase in net interest income from the fourth quarter of 2024 resulted primarily from the improvement in net interest margin, the Evans acquisition and organic growth in interest-earning assets.
The NIM on an FTE basis for the fourth quarter of 2025 was 3.65%, a decrease of 1 bp from the third quarter of 2025, as a decrease in earning asset yields were almost offset by a decrease in the cost of funds. In addition, the increase in the average balance of lower-yielding short-term interest-bearing accounts reduced NIM by 1 bp for the quarter. The NIM on an FTE basis increased 31 bps from the fourth quarter of 2024 due to higher yields on earning assets, including acquisition-related net accretion and a decrease in the cost of funds.
Earning asset yields for the three months ended December 31, 2025 decreased 10 bps from the prior quarter to 5.08%. Loan yields for the three months ended December 31, 2025 decreased 10 bps from the prior quarter to 5.70% due to the Federal Reserve interest rate cuts partially offset by loans originating at higher rates than portfolio yields. Earning asset yields increased 12 bps from the same quarter in the prior year due to new loan yields that were priced higher than portfolio yields and higher levels of acquisition-related net accretion. Average earning assets increased $124.9 million, or 0.9%, from the third quarter of 2025 and grew $2.07 billion, or 16.2%, from the fourth quarter of 2024 due primarily to the addition of $1.95 billion in interest-earning assets acquired from Evans and organic earning asset growth.
Total cost of deposits, including noninterest bearing deposits, was 1.44% for the fourth quarter of 2025, a decrease of 8 bps from the prior quarter primarily due to the decrease in the cost of time and money market deposits. Total cost of deposits decreased 16 bps from the same period in the prior year.
Total cost of funds for the three months ended December 31, 2025 was 1.51%, a decrease of 9 bps from the prior quarter and a decrease of 20 bps from the fourth quarter of 2024.

Asset Quality and Allowance for Loan Losses

Net charge-offs to total average loans for the fourth quarter of 2025 was 16 bps compared to 15 bps in the prior quarter primarily due to an increase in both commercial and consumer net charge-offs.
Nonperforming assets to total assets was 0.33% at December 31, 2025, unchanged from September 30, 2025 and down from 0.38% at December 31, 2024.
Provision expense for the three months ended December 31, 2025 was $3.8 million, compared to $3.1 million for the third quarter of 2025. The increase in the provision for loan losses during the quarter was primarily due to a higher level of net charge-offs in the fourth quarter of 2025.
The allowance for loan losses was $138.0 million, or 1.19% of total loans, at December 31, 2025, compared to $139.0 million, or 1.20% of total loans, at September 30, 2025 and compared to $116.0 million, or 1.16% of total loans, at December 31, 2024. The decrease in the allowance for loan losses in the fourth quarter of 2025 is primarily driven by a modest improvement in the economic forecast. The increase in the allowance for loan losses from the fourth quarter of 2024 was primarily due to the $20.7 million of allowance for acquired Evans loans.
The reserve for unfunded loan commitments was $5.8 million at December 31, 2025, compared to $5.9 million at September 30, 2025 and compared to $4.4 million at December 31, 2024. The provision for unfunded loan commitments in the second quarter of 2025 included $0.5 million of acquisition-related provision for unfunded loan commitments.

Noninterest Income

Total noninterest income, excluding securities gains (losses), was $49.6 million for the three months ended December 31, 2025, down $1.8 million, or 3.6%, from the seasonally high third quarter of 2025, and up $7.4 million, or 17.4%, from the fourth quarter of 2024.
Service charges on deposit accounts were comparable to the prior quarter and higher than the fourth quarter of 2024 due primarily to the Evans acquisition and new account growth.
Retirement plan administration fees were down $1.8 million from the prior quarter and increased $1.2 million, or 9.1%, from the fourth quarter of 2024. The decrease from the prior quarter was expected due to higher seasonal activity-based fees in the third quarter. The increase from the fourth quarter of 2024 was driven by higher market values of assets under administration and the acquisition of a small third-party administrator in the fourth quarter of 2024.
Wealth management fees increased $0.9 million, or 8.3%, from the prior quarter and increased $1.2 million, or 10.9%, from the fourth quarter of 2024. The increase from the prior quarter and the fourth quarter of 2024 reflects market performance, growth in new customer accounts and seasonal activity-based fees.
Insurance revenues decreased $1.3 million from the prior quarter, which typically has comparatively higher levels of policy renewals than in the fourth quarter.
Bank owned life insurance income increased compared to the fourth quarter of 2024 primarily due to $1.0 million in additional gains recognized.
Other noninterest income increased $0.2 million from the prior quarter and $2.4 million from the fourth quarter of 2024. The increase from the prior quarter was driven by a $1.0 million gain on an equity investment. The third quarter included a $0.6 million gain related to the finalization of a third-party contractual arrangement. The increase from the fourth quarter of 2024 was driven by a $1.0 million gain on an equity investment and an increase in loan related fee income.

Noninterest Expense

Total noninterest expense was $111.7 million for the fourth quarter of 2025, compared to $111.1 million for the third quarter of 2025 and $100.8 million for the fourth quarter of 2024. Excluding acquisition expenses of $1.1 million in the third quarter of 2025 and $1.0 million in the fourth quarter of 2024, noninterest expense increased 1.5% compared to the previous quarter and was 11.9% higher than the fourth quarter of 2024. The increase was primarily due to the Evans acquisition and continued investments in our infrastructure.
Salaries and benefits decreased 1.0% from the prior quarter with changes in incentive compensation and medical expenses. The increase from the fourth quarter of 2024 was driven by the impact of the Evans acquisition as NBT added 200 Evans employees in May, annual merit pay increases and higher medical expenses.
Technology and data services increased $0.6 million from the prior quarter and $1.6 million from the fourth quarter of 2024 primarily due to the Evans acquisition, timing of planned activities and ongoing investment in enterprise technology initiatives.
Occupancy costs were consistent with the prior quarter with a slight increase for seasonal maintenance. The $1.5 million increase from the fourth quarter of 2024 was driven by additional expenses from the Evans acquisition and higher facilities costs related to new branch banking locations.
Professional fees and outside services were consistent with the prior quarter and increased $1.0 million from the fourth quarter of 2024 primarily due to the Evans acquisition and the timing of various initiatives.
Amortization of intangible assets was consistent with the prior quarter and increased $1.3 million from the fourth quarter of 2024 primarily due to the amortization of intangible assets related to the Evans acquisition.
Other expenses increased $1.4 million from the prior quarter and $2.3 million from the fourth quarter of 2024. The increase from the prior quarter was driven by higher levels of marketing, travel, training and charitable contributions. The increase from the fourth quarter of 2024 reflects the Evans acquisition including increased FDIC insurance expense, travel, training and charitable contributions.

Income Taxes

The effective tax rate for the fourth quarter of 2025 was 20.3%, which was down from 24.2% in the prior quarter and 20.9% for the fourth quarter of 2024. The decrease in the effective tax rate from the prior quarter was primarily due to the finalization of the assessment of the deductibility of merger-related expenses and the associated impact on the full year effective tax rate.
The effective tax rate for the full year 2025 and 2024 were 22.9% and 21.6%, respectively. The increase in the effective tax rate from the prior year was primarily due to the higher level of pre-tax income and the impact of certain nondeductible acquisition expenses related to the Evans acquisition.

Capital

Tangible common equity to tangible assets(1) was 8.95% at December 31, 2025. Tangible book value per share(2) was $26.54 at December 31, 2025, increased 103 bps from $25.51 at September 30, 2025 and increased 266 bps from $23.88 at December 31, 2024.
Stockholders’ equity increased $370.1 million from December 31, 2024 driven by the Evans acquisition adding $221.8 million of capital, net income generation of $169.2 million and a $51.8 million decrease in accumulated other comprehensive loss reflecting the change in the fair value of securities available for sale, partially offset by dividends declared of $72.6 million and the repurchase of common stock of $10.2 million.
As of December 31, 2025, CET1 capital ratio of 12.07%, leverage ratio of 9.48% and total risk-based capital ratio of 14.24%.

Dividend

The Board of Directors approved a first-quarter cash dividend of $0.37 per share at a meeting held earlier today. The dividend represents a $0.03 per share, or 8.8%, increase over the dividend paid in the first quarter of 2025. This is the Company’s thirteenth consecutive year of annual dividend increases. The dividend will be paid on March 16, 2026 to stockholders of record as of March 2, 2026.

Stock Repurchase

On October 27, 2025, the Board of Directors authorized and approved an amendment to the Company’s previously announced stock repurchase program. Pursuant to the amended stock repurchase program, the Company may repurchase up to 2,000,000 shares of the Company’s common stock with all repurchases under the stock repurchase program to be made by December 31, 2027.
The Company purchased 250,000 shares of its common stock during the fourth quarter of 2025, for a total of $10.2 million at an average price of $40.74 per share under its previously announced stock repurchase program. The Company may repurchase shares of its common stock from time to time to mitigate the potential dilutive effects of stock-based incentive plans and other potential uses of common stock for corporate purposes. As of December 31, 2025, there were 1,750,000 shares available for repurchase under this plan.

Conference Call and Webcast

The Company will host a conference call at 10:00 a.m. (Eastern) Tuesday, January 27, 2026, to review the fourth quarter 2025 financial results. The audio webcast link, along with the corresponding presentation slides, will be available on the Company’s Event Calendar page at www.nbtbancorp.com/bn/presentations-events.html#events and will be archived for twelve months.

Corporate Overview

NBT Bancorp Inc. is a financial holding company headquartered in Norwich, NY, with total assets of $16.00 billion at December 31, 2025. The Company primarily operates through NBT Bank, N.A., a full-service community bank, and through two financial services companies. NBT Bank, N.A. has 176 banking locations in New York, Pennsylvania, Vermont, Massachusetts, New Hampshire, Maine and Connecticut. EPIC Retirement Plan Services, based in Rochester, NY, is a national benefits administration firm. NBT Insurance Agency, LLC, based in Norwich, NY, is a full-service regional insurance agency. More information about NBT and its divisions is available online at: www.nbtbancorp.com, www.nbtbank.com, www.epicrps.com and www.nbtbank.com/Insurance.

Forward-Looking Statements

This press release contains forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995. These statements may be identified by the use of phrases such as “anticipate,” “believe,” “expect,” “forecasts,” “projects,” “will,” “can,” “would,” “should,” “could,” “may,” or other similar terms. There are a number of factors, many of which are beyond the Company’s control, that could cause actual results to differ materially from those contemplated by the forward-looking statements. Factors that may cause actual results to differ materially from those contemplated by such forward-looking statements include, among others, the following possibilities: (1) local, regional, national and international economic conditions, including actual or potential stress in the banking industry, and the impact they may have on the Company and its customers, and the Company’s assessment of that impact; (2) changes in the level of nonperforming assets and charge-offs; (3) changes in estimates of future reserve requirements based upon the periodic review thereof under relevant regulatory and accounting requirements; (4) the effects of and changes in trade and monetary and fiscal policies and laws, including the interest rate policies of the Federal Reserve Board (“FRB”) and international trade disputes (including threatened or implemented tariffs imposed by the U.S. and threatened or implemented tariffs imposed by foreign countries in retaliation); (5) inflation, interest rate, securities market and monetary fluctuations; (6) political instability; (7) acts of war, including international military conflicts, or terrorism; (8) the timely development and acceptance of new products and services and the perceived overall value of these products and services by users; (9) changes in consumer spending, borrowing and saving habits; (10) changes in the financial performance and/or condition of the Company’s borrowers; (11) technological changes; (12) acquisition and integration of acquired businesses; (13) the ability to increase market share and control expenses; (14) changes in the competitive environment among financial holding companies; (15) the effect of changes in laws and regulations (including laws and regulations concerning taxes, banking, securities and insurance) with which the Company and its subsidiaries must comply, including those under the Dodd-Frank Act, and the Economic Growth, Regulatory Relief, and Consumer Protection Act of 2018; (16) the effect of changes in accounting policies and practices, as may be adopted by the regulatory agencies, as well as the Public Company Accounting Oversight Board, the Financial Accounting Standards Board and other accounting standard setters; (17) changes in the Company’s organization, compensation and benefit plans; (18) the costs and effects of legal and regulatory developments, including the resolution of legal proceedings or regulatory or other governmental inquiries, and the results of regulatory examinations or reviews; (19) greater than expected costs or difficulties related to the integration of new products and lines of business; and (20) the Company’s success at managing the risks involved in the foregoing items.

The Company cautions readers not to place undue reliance on any forward-looking statements, which speak only as of the date made, and advises readers that various factors, including, but not limited to, those described above and other factors discussed in the Company’s annual and quarterly reports previously filed with the SEC, could affect the Company’s financial performance and could cause the Company’s actual results or circumstances for future periods to differ materially from those anticipated or projected.

Unless required by law, the Company does not undertake, and specifically disclaims any obligations to, publicly release any revisions that may be made to any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements.

Non-GAAP Measures

This press release contains financial information determined by methods other than in accordance with U.S. generally accepted accounting principles (“GAAP”). Where non-GAAP disclosures are used in this press release, the comparable GAAP measure, as well as a reconciliation to the comparable GAAP measure, is provided in the accompanying tables. Management believes that these non-GAAP measures provide useful information that is important to an understanding of the results of the Company’s core business as well as provide information standard in the financial institution industry. Non-GAAP measures should not be considered a substitute for financial measures determined in accordance with GAAP and investors should consider the Company’s performance and financial condition as reported under GAAP and all other relevant information when assessing the performance or financial condition of the Company. Amounts previously reported in the consolidated financial statements are reclassified whenever necessary to conform to current period presentation.

NBT Bancorp Inc. and Subsidiaries
Selected Financial Data
(unaudited, dollars in thousands except per share data)

		2025												2024
	4th Q			3rd Q			2nd Q			1st Q			4th Q
Profitability (reported)
Diluted earnings per share	$	1.06		$	1.03		$	0.44		$	0.77		$	0.76
Weighted average diluted common shares outstanding		52,524,388			52,642,688			50,787,474			47,477,391			47,505,760
Return on average assets(3)		1.37	%		1.35	%		0.59	%		1.08	%		1.04	%
Return on average equity(3)		11.81	%		11.86	%		5.27	%		9.68	%		9.44	%
Return on average tangible common equity(1)(3)		17.05	%		17.35	%		8.01	%		13.63	%		13.36	%
Net interest margin(1)(3)		3.65	%		3.66	%		3.59	%		3.44	%		3.34	%

	12 Months Ended December 31,
		2025			2024
Profitability (reported)
Diluted earnings per share	$	3.33		$	2.97
Weighted average diluted common shares outstanding		50,875,220			47,433,174
Return on average assets		1.11	%		1.04	%
Return on average equity		9.75	%		9.57	%
Return on average tangible common equity(1)		14.14	%		13.75	%
Net interest margin(1)		3.59	%		3.23	%

		2025												2024
	4th Q			3rd Q			2nd Q			1st Q			4th Q
Profitability (operating)
Diluted earnings per share(1)	$	1.05		$	1.05		$	0.88		$	0.80		$	0.77
Return on average assets(1)(3)		1.37	%		1.37	%		1.19	%		1.11	%		1.06	%
Return on average equity(1)(3)		11.79	%		12.05	%		10.52	%		9.95	%		9.60	%
Return on average tangible common equity(1)(3)		17.02	%		17.61	%		15.25	%		13.99	%		13.57	%

	12 Months Ended December 31,
		2025			2024
Profitability (operating)
Diluted earnings per share(1)	$	3.82		$	2.94
Return on average assets(1)		1.27	%		1.03	%
Return on average equity(1)		11.21	%		9.51	%
Return on average tangible common equity(1)		16.15	%		13.66	%

		2025												2024
	4th Q			3rd Q			2nd Q			1st Q			4th Q
Balance sheet data
Short-term interest-bearing accounts	$	301,958		$	394,485		$	276,786		$	37,385		$	78,973
Securities available for sale		1,862,838			1,813,194			1,729,428			1,704,677			1,574,664
Securities held to maturity		762,756			771,474			809,664			836,833			842,921
Net loans		11,460,114			11,456,134			11,484,480			9,863,267			9,853,910
Total assets		15,995,121			16,112,584			16,014,781			13,864,251			13,786,666
Total deposits		13,499,193			13,660,918			13,515,232			11,708,511			11,546,761
Total borrowings		327,422			319,358			411,376			312,977			414,983
Total liabilities		14,098,905			14,259,438			14,209,615			12,298,476			12,260,525
Stockholders' equity		1,896,216			1,853,146			1,805,166			1,565,775			1,526,141

Capital
Equity to assets		11.85	%		11.50	%		11.27	%		11.29	%		11.07	%
Tangible equity ratio(1)		8.95	%		8.58	%		8.30	%		8.68	%		8.42	%
Book value per share	$	36.32		$	35.33		$	34.46		$	33.13		$	32.34
Tangible book value per share(2)	$	26.54		$	25.51		$	24.57		$	24.74		$	23.88
Leverage ratio		9.48	%		9.34	%		9.55	%		10.39	%		10.24	%
Common equity tier 1 capital ratio		12.07	%		11.80	%		11.37	%		12.12	%		11.93	%
Tier 1 capital ratio		12.07	%		11.80	%		11.37	%		13.02	%		12.83	%
Total risk-based capital ratio		14.24	%		13.97	%		14.48	%		15.24	%		15.03	%
Common stock price (end of period)	$	41.52		$	41.76		$	41.55		$	42.90		$	47.76

NBT Bancorp Inc. and Subsidiaries
Asset Quality and Consolidated Loan Balances
(unaudited, dollars in thousands)

		2025												2024
	4th Q			3rd Q			2nd Q			1st Q			4th Q
Asset quality
Nonaccrual loans	$	44,592		$	46,450		$	43,181		$	44,829		$	45,819
90 days past due and still accruing		7,131			6,966			3,211			2,862			5,798
Total nonperforming loans		51,723			53,416			46,392			47,691			51,617
Other real estate owned		402			267			345			308			182
Total nonperforming assets		52,125			53,683			46,737			47,999			51,799
Allowance for loan losses		138,000			139,000			140,200			117,000			116,000

Asset quality ratios
Allowance for loan losses to total loans		1.19	%		1.20	%		1.21	%		1.17	%		1.16	%
Total nonperforming loans to total loans		0.45	%		0.46	%		0.40	%		0.48	%		0.52	%
Total nonperforming assets to total assets		0.33	%		0.33	%		0.29	%		0.35	%		0.38	%
Allowance for loan losses to total nonperforming loans		266.81	%		260.22	%		302.21	%		245.33	%		224.73	%
Past due loans to total loans(4)		0.38	%		0.38	%		0.38	%		0.32	%		0.34	%
Net charge-offs to average loans(3)		0.16	%		0.15	%		0.09	%		0.27	%		0.23	%

		2025												2024
	4th Q			3rd Q			2nd Q			1st Q			4th Q
Loan net charge-offs by line of business
Commercial	$	1,232		$	1,047		$	97		$	2,109		$	2,542
Residential mortgage and home equity		(15	)		18			(27	)		(25	)		(25	)
Indirect auto		877			679			749			1,155			675
Residential solar and other consumer		2,671			2,556			1,542			3,315			2,517
Total loan net charge-offs	$	4,765		$	4,300		$	2,361		$	6,554		$	5,709

		2025												2024
	4th Q			3rd Q			2nd Q			1st Q			4th Q
Allowance for loan losses as a percentage of loans by segment
Commercial & industrial		0.76	%		0.81	%		0.79	%		0.76	%		0.73	%
Commercial real estate		1.06	%		1.13	%		1.14	%		1.02	%		0.95	%
Residential mortgage		1.06	%		1.05	%		1.05	%		1.00	%		1.00	%
Auto		0.68	%		0.70	%		0.70	%		0.72	%		0.81	%
Residential solar and other consumer		4.09	%		3.62	%		3.64	%		3.61	%		3.64	%
Total		1.19	%		1.20	%		1.21	%		1.17	%		1.16	%

		2025												2024
	4th Q			3rd Q			2nd Q			1st Q			4th Q
Loans by line of business
Commercial & industrial	$	1,671,974		$	1,644,218		$	1,692,335		$	1,436,990		$	1,426,482
Commercial real estate		4,798,957			4,830,761			4,800,494			3,890,115			3,876,698
Residential mortgage		2,537,593			2,528,565			2,530,344			2,127,588			2,142,249
Home equity		448,113			435,584			423,355			331,400			334,268
Indirect auto		1,340,524			1,327,689			1,319,401			1,309,084			1,273,253
Residential solar and other consumer		800,953			828,317			858,751			885,090			916,960
Total loans	$	11,598,114		$	11,595,134		$	11,624,680		$	9,980,267		$	9,969,910

NBT Bancorp Inc. and Subsidiaries
Consolidated Balance Sheets
(unaudited, in thousands)

	December 31,		December 31,
	2025		2024
Assets
Cash and due from banks	$	185,158	$	205,083
Short-term interest-bearing accounts		301,958		78,973
Equity securities, at fair value		48,760		42,372
Securities available for sale, at fair value		1,862,838		1,574,664
Securities held to maturity (fair value $702,577 and $749,945, respectively)		762,756		842,921
Federal Reserve and Federal Home Loan Bank stock		44,575		33,957
Loans held for sale		1,108		9,744
Loans		11,598,114		9,969,910
Less allowance for loan losses		138,000		116,000
Net loans	$	11,460,114	$	9,853,910
Premises and equipment, net		99,277		80,840
Goodwill		453,278		362,663
Intangible assets, net		57,656		36,360
Bank owned life insurance		317,733		272,657
Other assets		399,910		392,522
Total assets	$	15,995,121	$	13,786,666

Liabilities and stockholders' equity
Demand (noninterest bearing)	$	3,800,209	$	3,446,068
Savings, interest-bearing checking and money market		8,206,539		6,658,188
Time		1,492,445		1,442,505
Total deposits	$	13,499,193	$	11,546,761
Short-term borrowings		148,069		162,942
Long-term debt		43,176		29,644
Subordinated debt, net		24,509		121,201
Junior subordinated debt		111,668		101,196
Other liabilities		272,290		298,781
Total liabilities	$	14,098,905	$	12,260,525

Total stockholders' equity	$	1,896,216	$	1,526,141

Total liabilities and stockholders' equity	$	15,995,121	$	13,786,666

NBT Bancorp Inc. and Subsidiaries
Consolidated Statements of Income
(unaudited, in thousands except per share data)

	Three Months Ended						Twelve Months Ended
	December 31,						December 31,
		2025			2024			2025		2024
Interest, fee and dividend income
Interest and fees on loans	$	166,046		$	141,103		$	632,311	$	552,846
Securities available for sale		13,081			8,773			47,015		31,274
Securities held to maturity		4,398			4,931			18,777		20,466
Other		5,019			2,930			12,889		7,084
Total interest, fee and dividend income	$	188,544		$	157,737		$	710,992	$	611,670
Interest expense
Deposits	$	49,426		$	46,815		$	192,334	$	186,948
Short-term borrowings		915			918			3,643		8,669
Long-term debt		451			293			1,463		1,166
Subordinated debt		505			1,816			4,875		7,232
Junior subordinated debt		1,807			1,790			7,131		7,533
Total interest expense	$	53,104		$	51,632		$	209,446	$	211,548
Net interest income	$	135,440		$	106,105		$	501,546	$	400,122
Provision for loan losses	$	3,765		$	2,209		$	19,232	$	19,607
Provision for loan losses - acquisition day 1 non-PCD		-			-			13,022		-
Total provision for loan losses	$	3,765		$	2,209		$	32,254	$	19,607
Net interest income after provision for loan losses	$	131,675		$	103,896		$	469,292	$	380,515
Noninterest income
Service charges on deposit accounts	$	5,146		$	4,411		$	19,067	$	17,087
Card services income		6,205			5,652			23,988		22,331
Retirement plan administration fees		14,104			12,924			61,585		56,587
Wealth management		12,028			10,842			44,755		41,641
Insurance services		3,917			3,883			18,035		17,032
Bank owned life insurance income		3,576			2,271			12,393		8,325
Net securities gains		142			222			148		2,789
Other		4,586			2,221			15,522		11,032
Total noninterest income	$	49,704		$	42,426		$	195,493	$	176,824
Noninterest expense
Salaries and employee benefits	$	65,993		$	61,749		$	257,478	$	232,487
Technology and data services		11,803			10,220			44,025		39,139
Occupancy		9,267			7,786			36,385		31,309
Professional fees and outside services		5,826			4,843			21,740		19,132
Amortization of intangible assets		3,362			2,080			11,944		8,443
Reserve for unfunded loan commitments		(100	)		(125	)		1,375		(705	)
Acquisition expenses		-			988			19,526		1,531
Other		15,537			13,234			52,868		46,545
Total noninterest expense	$	111,688		$	100,775		$	445,341	$	377,881
Income before income tax expense	$	69,691		$	45,547		$	219,444	$	179,458
Income tax expense		14,182			9,542			50,209		38,817
Net income	$	55,509		$	36,005		$	169,235	$	140,641
Earnings Per Share
Basic	$	1.06		$	0.76		$	3.34	$	2.98
Diluted	$	1.06		$	0.76		$	3.33	$	2.97

NBT Bancorp Inc. and Subsidiaries
Quarterly Consolidated Statements of Income
(unaudited, in thousands except per share data)

		2025											2024
	4th Q			3rd Q			2nd Q		1st Q			4th Q
Interest, fee and dividend income
Interest and fees on loans	$	166,046		$	169,301		$	158,912	$	138,052		$	141,103
Securities available for sale		13,081			12,063			11,609		10,262			8,773
Securities held to maturity		4,398			4,595			4,870		4,914			4,931
Other		5,019			4,508			2,186		1,176			2,930
Total interest, fee and dividend income	$	188,544		$	190,467		$	177,577	$	154,404		$	157,737
Interest expense
Deposits	$	49,426		$	52,101		$	48,219	$	42,588		$	46,815
Short-term borrowings		915			816			1,046		866			918
Long-term debt		451			450			296		266			293
Subordinated debt		505			547			2,001		1,822			1,816
Junior subordinated debt		1,807			1,890			1,795		1,639			1,790
Total interest expense	$	53,104		$	55,804		$	53,357	$	47,181		$	51,632
Net interest income	$	135,440		$	134,663		$	124,220	$	107,223		$	106,105
Provision for loan losses	$	3,765		$	3,100		$	4,813	$	7,554		$	2,209
Provision for loan losses - acquisition day 1 non-PCD		-			-			13,022		-			-
Total provision for loan losses	$	3,765		$	3,100		$	17,835	$	7,554		$	2,209
Net interest income after provision for loan losses	$	131,675		$	131,563		$	106,385	$	99,669		$	103,896
Noninterest income
Service charges on deposit accounts	$	5,146		$	5,100		$	4,578	$	4,243		$	4,411
Card services income		6,205			6,389			6,077		5,317			5,652
Retirement plan administration fees		14,104			15,913			15,710		15,858			12,924
Wealth management		12,028			11,103			10,678		10,946			10,842
Insurance services		3,917			5,260			4,097		4,761			3,883
Bank owned life insurance income		3,576			3,240			2,180		3,397			2,271
Net securities gains (losses)		142			(2	)		112		(104	)		222
Other		4,586			4,402			3,500		3,034			2,221
Total noninterest income	$	49,704		$	51,405		$	46,932	$	47,452		$	42,426
Noninterest expense
Salaries and employee benefits	$	65,993		$	66,636		$	64,155	$	60,694		$	61,749
Technology and data services		11,803			11,180			10,804		10,238			10,220
Occupancy		9,267			9,053			9,038		9,027			7,786
Professional fees and outside services		5,826			5,941			5,021		4,952			4,843
Amortization of intangible assets		3,362			3,429			3,042		2,111			2,080
Reserve for unfunded loan commitments		(100	)		(317	)		1,702		90			(125	)
Acquisition expenses		-			1,125			17,180		1,221			988
Other		15,537			14,096			11,668		11,567			13,234
Total noninterest expense	$	111,688		$	111,143		$	122,610	$	99,900		$	100,775
Income before income tax expense	$	69,691		$	71,825		$	30,707	$	47,221		$	45,547
Income tax expense		14,182			17,354			8,197		10,476			9,542
Net income	$	55,509		$	54,471		$	22,510	$	36,745		$	36,005
Earnings Per Share
Basic	$	1.06		$	1.04		$	0.45	$	0.78		$	0.76
Diluted	$	1.06		$	1.03		$	0.44	$	0.77		$	0.76

NBT Bancorp Inc. and Subsidiaries
Average Quarterly Balance Sheets
(unaudited, dollars in thousands)

	Average Balance		Yield / Rates		Average Balance		Yield / Rates		Average Balance		Yield / Rates		Average Balance		Yield / Rates		Average Balance		Yield / Rates
	Q4 - 2025				Q3 - 2025				Q2 - 2025				Q1 - 2025				Q4 - 2024
Assets
Short-term interest-bearing accounts	$	450,719	3.93	%	$	338,919	4.60	%	$	146,640	4.61	%	$	63,198	4.51	%	$	184,988	5.27	%
Securities taxable(1)		2,513,465	2.55	%		2,464,271	2.46	%		2,486,349	2.40	%		2,402,772	2.30	%		2,317,034	2.10	%
Securities tax-exempt(1)(5)		194,638	3.48	%		196,728	3.48	%		221,328	3.65	%		220,210	3.60	%		211,493	3.46	%
FRB and FHLB stock		44,632	4.95	%		42,790	5.37	%		39,176	5.12	%		33,469	5.73	%		33,261	5.75	%
Loans(1)(6)		11,564,950	5.70	%		11,600,816	5.80	%		11,064,920	5.77	%		9,981,487	5.62	%		9,957,879	5.65	%
Total interest-earning assets	$	14,768,404	5.08	%	$	14,643,524	5.18	%	$	13,958,413	5.12	%	$	12,701,136	4.95	%	$	12,704,655	4.96	%
Other assets		1,317,791				1,344,775				1,242,690				1,088,069				1,093,419
Total assets	$	16,086,195			$	15,988,299			$	15,201,103			$	13,789,205			$	13,798,074
Liabilities and stockholders' equity
Money market deposits	$	4,222,137	2.78	%	$	4,077,741	3.01	%	$	3,808,024	3.00	%	$	3,496,552	3.04	%	$	3,504,937	3.27	%
Interest-bearing checking deposits		2,094,105	1.14	%		2,059,009	1.10	%		1,902,392	0.98	%		1,682,265	0.84	%		1,664,960	0.91	%
Savings deposits		1,919,032	0.42	%		1,947,627	0.43	%		1,852,027	0.35	%		1,571,673	0.05	%		1,561,703	0.05	%
Time deposits		1,533,062	3.05	%		1,633,647	3.26	%		1,600,908	3.37	%		1,450,846	3.55	%		1,446,798	3.85	%
Total interest-bearing deposits	$	9,768,336	2.01	%	$	9,718,024	2.13	%	$	9,163,351	2.11	%	$	8,201,336	2.11	%	$	8,178,398	2.28	%
Federal funds purchased		-	-			-	-			14,231	4.51	%		2,278	4.45	%		-	-
Repurchase agreements		137,832	2.63	%		123,573	2.62	%		89,957	2.52	%		107,496	2.87	%		116,408	3.13	%
Short-term borrowings		-	-			11	4.61	%		27,845	4.62	%		7,033	4.61	%		174	4.57	%
Long-term debt		44,216	4.05	%		44,802	3.98	%		30,705	3.87	%		27,674	3.90	%		29,657	3.93	%
Subordinated debt, net		24,338	8.23	%		27,085	8.01	%		134,684	5.96	%		121,331	6.09	%		120,967	5.97	%
Junior subordinated debt		111,654	6.42	%		111,629	6.72	%		107,948	6.67	%		101,196	6.57	%		101,196	7.04	%
Total interest-bearing liabilities	$	10,086,376	2.09	%	$	10,025,124	2.21	%	$	9,568,721	2.24	%	$	8,568,344	2.23	%	$	8,546,800	2.40	%
Demand deposits		3,848,626				3,849,288				3,634,517				3,385,080				3,438,194
Other liabilities		287,158				292,294				285,357				296,983				295,292
Stockholders' equity		1,864,035				1,821,593				1,712,508				1,538,798				1,517,788
Total liabilities and stockholders' equity	$	16,086,195			$	15,988,299			$	15,201,103			$	13,789,205			$	13,798,074
Interest rate spread			2.99	%			2.97	%			2.88	%			2.72	%			2.56	%
Net interest margin (FTE)(1)			3.65	%			3.66	%			3.59	%			3.44	%			3.34	%

Total cost of deposits	$	13,616,962	1.44	%	$	13,567,312	1.52	%	$	12,797,868	1.51	%	$	11,586,416	1.49	%	$	11,616,592	1.60	%
Total cost of funds		13,935,002	1.51	%		13,874,412	1.60	%		13,203,238	1.62	%		11,953,424	1.60	%		11,984,994	1.71	%

NBT Bancorp Inc. and Subsidiaries
Average Year-to-Date Balance Sheets
(unaudited, dollars in thousands)

	Average				Yield/		Average				Yield/
	Balance		Interest		Rates		Balance		Interest		Rates
Twelve Months Ended December 31,		2025						2024
Assets
Short-term interest-bearing accounts	$	251,174	$	10,779	4.29	%	$	86,213	$	4,412	5.12	%
Securities taxable(1)		2,467,011		59,944	2.43	%		2,285,725		45,588	1.99	%
Securities tax-exempt(1)(5)		208,125		7,403	3.56	%		221,273		7,788	3.52	%
FRB and FHLB stock		40,055		2,110	5.27	%		37,789		2,672	7.07	%
Loans(1)(6)		11,058,882		633,222	5.73	%		9,818,064		553,784	5.64	%
Total interest-earning assets	$	14,025,247	$	713,458	5.09	%	$	12,449,064	$	614,244	4.93	%
Other assets		1,249,225						1,071,455
Total assets	$	15,274,472					$	13,520,519
Liabilities and stockholders' equity
Money market deposits	$	3,903,585	$	115,197	2.95	%	$	3,308,433	$	116,982	3.54	%
Interest-bearing checking deposits		1,935,912		19,840	1.02	%		1,617,456		13,442	0.83	%
Savings deposits		1,823,884		5,942	0.33	%		1,580,517		734	0.05	%
Time deposits		1,555,058		51,355	3.30	%		1,408,410		55,790	3.96	%
Total interest-bearing deposits	$	9,218,439	$	192,334	2.09	%	$	7,914,816	$	186,948	2.36	%
Federal funds purchased		4,110		185	4.50	%		13,016		721	5.54	%
Repurchase agreements		114,822		3,057	2.66	%		95,879		2,255	2.35	%
Short-term borrowings		8,679		401	4.62	%		103,963		5,693	5.48	%
Long-term debt		36,916		1,463	3.96	%		29,715		1,166	3.92	%
Subordinated debt, net		76,458		4,875	6.38	%		120,420		7,232	6.01	%
Junior subordinated debt		108,145		7,131	6.59	%		101,196		7,533	7.44	%
Total interest-bearing liabilities	$	9,567,569	$	209,446	2.19	%	$	8,379,005	$	211,548	2.52	%
Demand deposits		3,681,113						3,377,352
Other liabilities		290,426						295,301
Stockholders' equity		1,735,364						1,468,861
Total liabilities and stockholders' equity	$	15,274,472					$	13,520,519
Net interest income (FTE)(1)			$	504,012					$	402,696
Interest rate spread					2.90	%					2.41	%
Net interest margin (FTE)(1)					3.59	%					3.23	%
Taxable equivalent adjustment			$	2,466					$	2,574
Net interest income			$	501,546					$	400,122

Total cost of deposits	$	12,899,552	$	192,334	1.49	%	$	11,292,168	$	186,948	1.66	%
Total cost of funds		13,248,682		209,446	1.58	%		11,756,357		211,548	1.80	%


(1)	The following tables provide the Non-GAAP reconciliations for the Non-GAAP measures contained in this release:

	Non-GAAP measures
	(unaudited, dollars in thousands except per share data)

			2025												2024
		4th Q			3rd Q			2nd Q			1st Q			4th Q
	Operating net income
	Net income	$	55,509		$	54,471		$	22,510		$	36,745		$	36,005
	Acquisition expenses		-			1,125			17,180			1,221			988
	Acquisition-related provision for credit losses		-			-			13,022			-			-
	Acquisition-related reserve for unfunded loan commitments		-			-			532			-			-
	Securities (gains) losses		(142	)		2			(112	)		104			(222	)
	Adjustments to net income	$	(142	)	$	1,127		$	30,622		$	1,325		$	766
	Adjustments to net income (net of tax)	$	(113	)	$	851		$	22,413		$	1,020		$	604
	Operating net income	$	55,396		$	55,322		$	44,923		$	37,765		$	36,609
	Operating diluted earnings per share	$	1.05		$	1.05		$	0.88		$	0.80		$	0.77

		12 Months Ended December 31,
			2025			2024
	Operating net income
	Net income	$	169,235		$	140,641
	Acquisition expenses		19,526			1,531
	Acquisition-related provision for credit losses		13,022			-
	Acquisition-related reserve for unfunded loan commitments		532			-
	Securities (gains)		(148	)		(2,789	)
	Adjustments to net income	$	32,932		$	(1,258	)
	Adjustments to net income (net of tax)	$	25,295		$	(984	)
	Operating net income	$	194,530		$	139,657
	Operating diluted earnings per share	$	3.82		$	2.94

			2025												2024
		4th Q			3rd Q			2nd Q			1st Q			4th Q
	FTE adjustment
	Net interest income	$	135,440		$	134,663		$	124,220		$	107,223		$	106,105
	Add:FTE adjustment		581			594			655			636			619
	Net interest income (FTE)	$	136,021		$	135,257		$	124,875		$	107,859		$	106,724
	Average earning assets	$	14,768,404		$	14,643,524		$	13,958,413		$	12,701,136		$	12,704,655
	Net interest margin (FTE)(3)		3.65	%		3.66	%		3.59	%		3.44	%		3.34	%

		12 Months Ended December 31,
			2025			2024
	FTE adjustment
	Net interest income	$	501,546		$	400,122
	Add:FTE adjustment		2,466			2,574
	Net interest income (FTE)	$	504,012		$	402,696
	Average earning assets	$	14,025,247		$	12,449,064
	Net interest margin (FTE)		3.59	%		3.23	%

	Interest income for tax-exempt securities and loans have been adjusted to an FTE basis using the statutory Federal income tax rate of 21%.


(1)	The following tables provide the Non-GAAP reconciliations for the Non-GAAP measures contained in this release:

	Non-GAAP measures (continued)
	(unaudited, dollars in thousands)

			2025												2024
		4th Q			3rd Q			2nd Q			1st Q			4th Q
	Tangible equity to tangible assets
	Total equity	$	1,896,216		$	1,853,146		$	1,805,166		$	1,565,775		$	1,526,141
	Intangible assets		510,934			515,090			518,519			396,912			399,023
	Total assets	$	15,995,121		$	16,112,584		$	16,014,781		$	13,864,251		$	13,786,666
	Tangible equity to tangible assets		8.95	%		8.58	%		8.30	%		8.68	%		8.42	%

			2025												2024
		4th Q			3rd Q			2nd Q			1st Q			4th Q
	Return on average tangible common equity
	Net income	$	55,509		$	54,471		$	22,510		$	36,745		$	36,005
	Amortization of intangible assets (net of tax)		2,522			2,572			2,282			1,583			1,560
	Net income, excluding intangibles amortization	$	58,031		$	57,043		$	24,792		$	38,328		$	37,565

	Average stockholders' equity	$	1,864,035		$	1,821,593		$	1,712,508		$	1,538,798		$	1,517,788
	Less: average goodwill and other intangibles		513,728			517,271			471,159			398,233			399,139
	Average tangible common equity	$	1,350,307		$	1,304,322		$	1,241,349		$	1,140,565		$	1,118,649
	Return on average tangible common equity(3)		17.05	%		17.35	%		8.01	%		13.63	%		13.36	%

		12 Months Ended December 31,
			2025			2024
	Return on average tangible common equity
	Net income	$	169,235		$	140,641
	Amortization of intangible assets (net of tax)		8,958			6,332
	Net income, excluding intangibles amortization	$	178,193		$	146,973

	Average stockholders' equity	$	1,735,364		$	1,468,861
	Less: average goodwill and other intangibles		475,530			399,989
	Average tangible common equity	$	1,259,834		$	1,068,872
	Return on average tangible common equity		14.14	%		13.75	%

(2)	Non-GAAP measure - Stockholders' equity less goodwill and intangible assets divided by common shares outstanding.
(3)	Annualized.
(4)	Total past due loans, defined as loans 30 days or more past due and in an accrual status.
(5)	Securities are shown at average amortized cost.
(6)	For purposes of these computations, nonaccrual loans and loans held for sale are included in the average loan balances outstanding.

Contact:	Scott A. Kingsley, President and CEO
	Annette L. Burns, Executive Vice President and CFO
	NBT Bancorp Inc.
	52 South Broad Street
	Norwich, NY 13815
	607-337-6589

This press release was published by a CLEAR® Verified individual.

Risk Warnings and Disclaimers

Add to Favorites

Earnings To Watch: NBT Bancorp (NBTB) Reports Q4 Results Tomorrow

Stock Story

NBT Bancorp

+0.07%

Regional banking company NBT Bancorp will be reporting results this Monday after market hours. Here’s what you need to know.

NBT Bancorp beat analysts’ revenue expectations by 1.4% last quarter, reporting revenues of $186.1 million, up 26.1% year on year. It was a satisfactory quarter for the company, with a narrow beat of analysts’ revenue estimates.

Is NBT Bancorp a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members.

This quarter, analysts are expecting NBT Bancorp’s revenue to grow 22.9% year on year to $183 million, improving from the 8.1% increase it recorded in the same quarter last year. Adjusted earnings are expected to come in at $0.99 per share.

Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. NBT Bancorp has only missed Wall Street’s revenue estimates once over the last two years, exceeding top-line expectations by 1.4% on average.

Looking at NBT Bancorp’s peers in the regional banks segment, some have already reported their Q4 results, giving us a hint as to what we can expect. ServisFirst Bancshares delivered year-on-year revenue growth of 20.7%, beating analysts’ expectations by 5%, and Dime Community Bancshares reported revenues up 24.5%, topping estimates by 5.2%. ServisFirst Bancshares traded up 14.6% following the results while Dime Community Bancshares was also up 12.5%.

Read our full analysis of ServisFirst Bancshares’s results here and Dime Community Bancshares’s results here.

Investors in the regional banks segment have had steady hands going into earnings, with share prices up 1.9% on average over the last month. NBT Bancorp is up 2.2% during the same time and is heading into earnings with an average analyst price target of $48.20 (compared to the current share price of $43.66).

Risk Warnings and Disclaimers

Add to Favorites

Nucor, American Capital Agency, Crane set to report earnings Monday

Investing.com

Earnings season continues, below we highlight companies expected to report earnings the next trading day so you can prepare for the action. Leading the charge are several significant players across various sectors, with Nucor, American Capital Agency, Crane, Western Alliance BanCorp, and Brown & Brown standing out as the largest companies by market capitalization set to release their financial results on Monday.

Earnings Before the Open

• Bank of Hawaii Corp (BOH): EPS estimate of $1.26, revenue estimate of $184.83M

• Dynex Capital Inc (DX): EPS estimate of $0.3816, revenue estimate of $62.38M

• Hbt Financial Inc (HBT): EPS estimate of $0.638, revenue estimate of $61.02M

• WSFS Financial Corp (: EPS estimate of $1.23, revenue estimate of $267.36M

• Lakeland Financial (LKFN): EPS estimate of $1.06, revenue estimate of $69.45M

• Steel Dynamics (STLD): EPS estimate of $1.89, revenue estimate of $4.59B

• Bank of Marin Ban (BMRC): EPS estimate of $0.4967, revenue estimate of $33.1M

Earnings After the Close

• Firstsun Capital Bancorp (FSUN): EPS estimate of $0.8475, revenue estimate of $107.61M

• Triumph Bancorp (TFIN): EPS estimate of $0.296, revenue estimate of $110.71M

• First Bank (FRBA): EPS estimate of $0.49, revenue estimate of $37.42M

• RBB Bancorp (RBB): EPS estimate of $0.49, revenue estimate of $33.2M

• South Plains Financial Inc (SPFI): EPS estimate of $0.875, revenue estimate of $54.11M

• Northwest Bancsha (NWBI): EPS estimate of $0.3063, revenue estimate of $174.15M

• NBT Bancorp Inc (NBTB): EPS estimate of $0.9844, revenue estimate of $184.24M

• Five Star Bancorp (FSBC): EPS estimate of $0.762, revenue estimate of $42.58M

• Home Bancorp (HBCP): EPS estimate of $1.39, revenue estimate of $37.4M

• First Merchants Corp (FRME): EPS estimate of $0.9517, revenue estimate of $173.17M

• Sanmina-SCI Corp (SANM): EPS estimate of $1.64, revenue estimate of $2.12B

• Crane Comp (CR): EPS estimate of $1.53, revenue estimate of $624.82M

• Western Alliance BanCorp (WAL): EPS estimate of $2.39, revenue estimate of $913.4M

• Alexandria Real Estate Equities (ARE): EPS estimate of $0.2808, revenue estimate of $623.36M

• American Capital Agency (AGNC): EPS estimate of $0.3703, revenue estimate of $940.76M

• Nucor (NUE): EPS estimate of $1.97, revenue estimate of $7.93B

• Eagle Financial Services (EFSI): EPS estimate of $0.865, revenue estimate of $20.4M

• Agilysys (AGYS): EPS estimate of $0.4557, revenue estimate of $79.07M

• Wr Berkley Corp (WRB): EPS estimate of $1.13, revenue estimate of $3.19B

• Brown & Brown Inc (BRO): EPS estimate of $0.905, revenue estimate of $1.65B

• Graco Inc (GGG): EPS estimate of $0.7664, revenue estimate of $590.91M

Be sure to check back daily for updates and insights into the earnings season and real-time results at Investing.com’s Earnings Calendar and Headlines section. Do you want to trade the earnings of the biggest companies like a pro? Then get InvestingPro now and access over 1000 metrics that will give you a significant advantage in the shark tank that is Wall Street. Click here.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Risk Warnings and Disclaimers

Add to Favorites

Regional Banks Stocks Q3 Highlights: NBT Bancorp (NASDAQ:NBTB)

Stock Story

Looking back on regional banks stocks’ Q3 earnings, we examine this quarter’s best and worst performers, including NBT Bancorp and its peers.

Regional banks, financial institutions operating within specific geographic areas, serve as intermediaries between local depositors and borrowers. They benefit from rising interest rates that improve net interest margins (the difference between loan yields and deposit costs), digital transformation reducing operational expenses, and local economic growth driving loan demand. However, these banks face headwinds from fintech competition, deposit outflows to higher-yielding alternatives, credit deterioration (increasing loan defaults) during economic slowdowns, and regulatory compliance costs. Recent concerns about regional bank stability following high-profile failures and significant commercial real estate exposure present additional challenges.

The 99 regional banks stocks we track reported a satisfactory Q3. As a group, revenues beat analysts’ consensus estimates by 1.3%.

Thankfully, share prices of the companies have been resilient as they are up 5.6% on average since the latest earnings results.

NBT Bancorp

NBT Bancorp reported revenues of $186.1 million, up 26.1% year on year. This print exceeded analysts’ expectations by 1.4%. Overall, it was a satisfactory quarter for the company with a narrow beat of analysts’ revenue estimates.

Interestingly, the stock is up 2.7% since reporting and currently trades at $41.84.

Best Q3: Customers Bancorp

Originally founded with a "high-tech, high-touch" branch-light banking strategy, Customers Bancorp is a bank holding company that provides commercial and consumer banking services through its Customers Bank subsidiary, with a focus on business lending and digital banking.

Customers Bancorp reported revenues of $231.8 million, up 38.3% year on year, outperforming analysts’ expectations by 6.9%. The business had a stunning quarter with an impressive beat of analysts’ net interest income estimates and a solid beat of analysts’ revenue estimates.

The market seems happy with the results as the stock is up 10% since reporting. It currently trades at $72.14.

Weakest Q3: The Bancorp

Operating behind the scenes of many popular fintech apps and prepaid cards you might use daily, The Bancorp is a bank holding company that specializes in providing banking services to fintech companies and offering specialty lending products.

The Bancorp reported revenues of $174.7 million, up 38.8% year on year, falling short of analysts’ expectations by 9.9%. It was a disappointing quarter as it posted a significant miss of analysts’ revenue estimates and a significant miss of analysts’ net interest income estimates.

The Bancorp delivered the weakest performance against analyst estimates in the group. As expected, the stock is down 13% since the results and currently trades at $67.17.

Read our full analysis of The Bancorp’s results here.

Banner Bank

Founded in 1890 in Walla Walla, Washington, and evolving through more than a century of economic cycles, Banner Corporation operates Banner Bank, providing commercial banking services, loans, and financial products to individuals and businesses across Washington, Oregon, California, Idaho, and Utah.

Banner Bank reported revenues of $172.2 million, up 9.7% year on year. This print topped analysts’ expectations by 0.6%. It was a satisfactory quarter as it also logged a beat of analysts’ EPS estimates.

The stock is flat since reporting and currently trades at $62.66.

Read our full, actionable report on Banner Bank here, it’s free for active Edge members.

1st Source

Tracing its roots back to 1863 during the Civil War era, 1st Source Corporation is a regional bank holding company that provides commercial, consumer, specialty finance, and wealth management services across Indiana, Michigan, and Florida.

1st Source reported revenues of $110.8 million, up 13% year on year. This number surpassed analysts’ expectations by 1.3%. It was a strong quarter as it also produced a solid beat of analysts’ net interest income estimates and a beat of analysts’ EPS estimates.

The stock is up 6.3% since reporting and currently trades at $62.58.

Read our full, actionable report on 1st Source here, it’s free for active Edge members.

Risk Warnings and Disclaimers

Add to Favorites

NBT Bancorp, FirstSun Capital Bancorp, Webster Financial, UMB Financial, and TowneBank Shares Skyrocket, What You Need To Know

Stock Story

UMB Financial Corporation Depositary Shares Each Representing a 1/400th Interest in a Share of 7.750% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series B

-0.06%

What Happened?

A number of stocks jumped in the afternoon session after comments from a key Federal Reserve official boosted hopes for an interest rate cut. New York Fed President John Williams stated that he sees “room for a further adjustment” for interest rates in the near term. Following his speech, traders increased their bets on a rate cut, with the probability of a December reduction jumping from around 39% to over 70%, according to data from CME Group. The positive sentiment was also reflected in the bond market, where the yield on the 10-year Treasury, a benchmark for mortgage rates, eased following the comments.

The stock market overreacts to news, and big price drops can present good opportunities to buy high-quality stocks.

Among others, the following stocks were impacted:

Regional Banks company NBT Bancorp jumped 4.1%. Is now the time to buy NBT Bancorp? Access our full analysis report here, it’s free for active Edge members.
Regional Banks company FirstSun Capital Bancorp jumped 6%. Is now the time to buy FirstSun Capital Bancorp? Access our full analysis report here, it’s free for active Edge members.
Regional Banks company Webster Financial jumped 4.1%. Is now the time to buy Webster Financial? Access our full analysis report here, it’s free for active Edge members.
Regional Banks company UMB Financial jumped 5.4%. Is now the time to buy UMB Financial? Access our full analysis report here, it’s free for active Edge members.
Regional Banks company TowneBank jumped 3.1%. Is now the time to buy TowneBank? Access our full analysis report here, it’s free for active Edge members.

Zooming In On FirstSun Capital Bancorp (FSUN)

FirstSun Capital Bancorp’s shares are not very volatile and have only had 9 moves greater than 5% over the last year. In that context, today’s move indicates the market considers this news meaningful, although it might not be something that would fundamentally change its perception of the business.

The biggest move we wrote about over the last year was about 1 month ago when the stock dropped 5.4% on the news that disclosures from two lenders raised concerns about deteriorating loan quality across the industry.

The drop was triggered by specific incidents that have spooked investors. Zions Bancorp announced a $50 million charge-off—a debt the bank doesn't expect to collect—on a single loan. Separately, Western Alliance Bancorp revealed it was dealing with a borrower who had failed to provide proper collateral. These events are compounding existing anxieties about the regional banking sector, which is already under pressure from elevated interest rates and declining commercial real estate values. The news heightened investor concerns that more cracks could appear in borrowers' creditworthiness, potentially leading to increased loan losses and reduced profitability for other banks in the sector.

FirstSun Capital Bancorp is down 16.8% since the beginning of the year, and at $33.16 per share, it is trading 24.6% below its 52-week high of $43.97 from February 2025. Investors who bought $1,000 worth of FirstSun Capital Bancorp’s shares at the IPO in August 2022 would now be looking at an investment worth $1,382.

Risk Warnings and Disclaimers

Add to Favorites