NBT Bancorp Inc. Announces Record Third Quarter 2025 Results and Declares Cash Dividend

Rhea-AI Summary

NBT Bancorp (NASDAQ: NBTB) reported record Q3 2025 net income of $54.5 million and diluted EPS $1.03, driven by the May 2, 2025 acquisition of Evans Bancorp. Operating diluted EPS was $1.05. Key metrics:

• Net interest margin (FTE) 3.66% (+7 bps QoQ)
• Period-end loans $11.60 billion (includes $1.67B Evans)
• Deposits $13.66 billion (includes $1.86B Evans)
• Tangible book value $25.51 per share

The board approved a $0.37 quarterly dividend (+8.8% YoY) and authorized repurchases up to 2,000,000 shares through Dec 31, 2027.

Positive

• Net income of $54.5 million in Q3 2025
• Diluted EPS of $1.03 and operating diluted EPS $1.05
• Net interest margin (FTE) of 3.66% (+7 bps QoQ)
• Period-end loans of $11.60 billion including Evans acquisition
• Period-end deposits of $13.66 billion including Evans acquisition
• Board approved $0.37 quarterly dividend (+8.8% YoY) and 2.0M share repurchase authorization

Negative

• Issued 5.1 million shares in Evans acquisition (dilution)
• Total noninterest expense of $111.1 million, +15.6% YoY
• Net charge-offs annualized 0.15% (up from 0.09% prior quarter)
• Nonperforming assets to total assets 0.33% (increase QoQ)

Insights

bank financial analyst

NBT reported record Q3 2025 profits, EPS growth, raised the dividend and integrated Evans, strengthening scale and capital.

Net income of $54.5 million and diluted EPS of $1.03 for the quarter reflect a clear earnings uplift versus prior periods, driven in large part by the May acquisition of Evans Bancorp which added $1.67 billion of loans and $1.86 billion of deposits. Net interest income and NIM improved to $134.7 million and 3.66% (FTE), with acquisition-related accretion of $6.3 million supporting margin expansion; these are concrete, measurable drivers of the record result.

Key dependencies and risks include successful conversion and cost control from the Evans integration, portfolio mix shifts (planned run-off consumer and solar portfolios) and modest deterioration noted in the economic forecast that slightly pressured reserves; allowance for loan losses stands at 1.20% of loans and nonperforming assets remain low at 0.33% of assets. Watch capital and shareholder returns over the next 12–24 months: tangible book value rose to $25.51 per share, the Board approved a quarterly cash dividend of $0.37 payable on December 15, 2025, and a repurchase authorization of up to 2,000,000 shares through December 31, 2027, all of which are monitorable near-term milestones that will show how management balances growth, capital and returns.

NORWICH, N.Y., Oct. 27, 2025 (GLOBE NEWSWIRE) -- NBT Bancorp Inc. (“NBT” or the “Company”) (NASDAQ: NBTB) reported net income and diluted earnings per share for the three and nine months ended September 30, 2025.

Net income for the third quarter of 2025 was $54.5 million, or $1.03 per diluted common share, compared to $38.1 million, or $0.80 per diluted common share, for the third quarter of 2024, and $22.5 million, or $0.44 per diluted common share, for the second quarter of 2025. Operating diluted earnings per share⁽¹⁾, a non-GAAP measure, was $1.05 for the third quarter of 2025, compared to $0.80 for the third quarter of 2024 and $0.88 for the second quarter of 2025.

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 comparisons to the second quarter of 2025 and to the third quarter of 2024 are significantly impacted by the Evans acquisition.        

CEO Comments

“For the third quarter of 2025, we achieved record net income and earnings per share, and we reported a return on average assets of 1.35% and a return on average tangible common equity of 17.35%,” said NBT President and CEO Scott Kingsley. “These results reflect productive growth in earning assets, deposits, and our sixth consecutive quarter of net interest margin improvement, including a full quarter of our merger with Evans Bancorp, Inc. completed in May. Having increased our dividend for the thirteenth consecutive year, we approved a quarterly cash dividend for our shareholders of $0.37 per share, representing an increase of 8.8% over the prior year and illustrative of our ongoing commitment to providing favorable long-term returns.”

Third Quarter 2025 Financial Highlights

Net Income	Net income was $54.5 million and diluted earnings per share was $1.03 Operating net income was $55.3 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 $135.3 million, an increase of $10.4 million from the prior quarter(1) Net interest margin (“NIM”) on an FTE basis was 3.66%(1), an increase of 7 basis points (“bps”) from the prior quarter Earning asset yields of 5.18% were up 6 bps from the prior quarter Total cost of funds of 1.60% was down 2 bps from the prior quarter Included in FTE net interest income was $6.3 million of acquisition-related net accretion, which was up $1.3 million from the second quarter of 2025
Noninterest Income	Noninterest income was $51.4 million, or 28% of total revenues, excluding net securities (losses) gains
Loans and Credit Quality	Period end total loans were $11.60 billion as of September 30, 2025, including $1.67 billion of loans acquired from Evans Net charge-offs to average loans was 0.15% annualized Nonperforming loans to total loans was 0.46% Allowance for loan losses to total loans was 1.20% Provision for loan losses was $3.1 million
Deposits	Deposits were $13.66 billion as of September 30, 2025, including $1.86 billion in deposits acquired from Evans Total cost of deposits was 1.52% for the third quarter of 2025, up 1 bp from the second quarter of 2025
Capital	Stockholders’ equity was $1.85 billion as of September 30, 2025 Tangible book value per share(2) was $25.51 at September 30, 2025 Tangible equity to assets of 8.58%(1) CET1 ratio of 11.80%; Leverage ratio of 9.34%

Loans

• Period end total loans were $11.60 billion at September 30, 2025, compared to $9.97 billion at December 31, 2024 and $9.91 billion at September 30, 2024.
• Period end total loans increased $1.63 billion from December 31, 2024 and $1.69 billion from September 30, 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 $132.4 million, or 1.5%, from September 30, 2024.

Deposits

• Total deposits at September 30, 2025 were $13.66 billion, compared to $11.55 billion at December 31, 2024 and $11.59 billion at September 30, 2024. Excluding the deposits acquired from Evans, deposits increased $250.1 million from December 31, 2024 and $208.6 million from September 30, 2024. Excluding deposits acquired from Evans, demand, interest-bearing checking and money market accounts increased, partially offset by a decrease in time deposits.
• The loan to deposit ratio was 84.9% at September 30, 2025, compared to 86.3% at December 31, 2024 and 85.5% at September 30, 2024.

Net Interest Income and Net Interest Margin

• Net interest income for the third quarter of 2025 was $134.7 million, an increase of $10.4 million, or 8.4%, from the second quarter of 2025 and an increase of $33.0 million, or 32.5%, from the third quarter of 2024. The increase in net interest income from the second quarter of 2025 was largely attributed to the full quarter impact of the Evans acquisition with higher earning asset yields also contributing to the increase. The increase in net interest income from the third quarter of 2024 resulted primarily from the Evans acquisition, the improvement in net interest margin and organic growth in interest-earning assets.
• The NIM on an FTE basis for the third quarter of 2025 was 3.66%, an increase of 7 bps from the second quarter of 2025. This increase was primarily driven by an increase in earning asset yields and acquisition-related net accretion. The NIM on an FTE basis increased 39 bps from the third quarter of 2024 due to higher yields on earning assets, including acquisition-related net accretion and a decrease in the cost of borrowings.
• Earning asset yields for the three months ended September 30, 2025 increased 6 bps from the prior quarter to 5.18%. Loan yields for the three months ended September 30, 2025 increased 3 bps from the prior quarter to 5.80% due to loans originating at higher rates than portfolio yields during the quarter and acquisition-related net accretion. Earning asset yields increased 17 bps from the same quarter in the prior year due to new loan yields that were priced higher than portfolio yields and acquisition-related net accretion. Average earning assets increased $685.1 million, or 4.9%, from the second quarter of 2025 and grew $2.20 billion, or 17.6%, from the third 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 1.52% for the third quarter of 2025, an increase of 1 bp from the prior quarter as a full quarter of Evans higher cost of deposits, primarily in interest-bearing checking and savings deposit accounts, were partially offset by a decrease in the cost of time 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 September 30, 2025 was 1.60%, a decrease of 2 bps from the prior quarter and a decrease of 25 bps from the third quarter of 2024.
• In July of 2025, the Company redeemed $118 million of subordinated debt that had a weighted average rate of 5.45% using existing liquidity sources. The $118 million of subordinated debt would have converted to a weighted average floating rate in excess of 9%.

Asset Quality and Allowance for Loan Losses

• Net charge-offs to total average loans for the third quarter of 2025 was 15 bps compared to 9 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 September 30, 2025, compared to 0.29% at June 30, 2025 and compared to 0.38% at December 31, 2024.
• Provision expense for the three months ended September 30, 2025 was $3.1 million, compared to $17.8 million for the second quarter of 2025. The decrease in the provision for loan losses during the quarter was due to the $13.0 million of acquisition-related provision for loan losses recognized in the second quarter of 2025.
• The allowance for loan losses was $139.0 million, or 1.20% of total loans, at September 30, 2025, compared to $140.2 million, or 1.21% of total loans, at June 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 third quarter of 2025 was driven by portfolio mix changes resulting from the run-off of the other consumer and residential solar portfolios which were partially offset by a modest deterioration of the economic forecast. The increase in the allowance for loan losses from the fourth quarter of 2024 was due to the $20.7 million of allowance for acquired Evans loans.
• The reserve for unfunded loan commitments was $5.9 million at September 30, 2025, compared to $6.2 million at June 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 (losses) gains, was $51.4 million for the three months ended September 30, 2025, up $4.6 million, or 9.8%, from the second quarter of 2025, and up $6.1 million, or 13.5%, from the third quarter of 2024. The seasonally higher third quarter also benefited from the full quarter impact of the Evans acquisition.
• Service charges on deposit accounts were higher than the prior quarter and the third quarter of 2024 due primarily to the Evans acquisition and new account growth.
• Card services income increased $0.3 million from the prior quarter and increased $0.5 million from the third quarter of 2024 driven by the Evans acquisition and increased volumes.
• Retirement plan administration fees were consistent with the prior quarter and increased $1.3 million, or 9.2%, from the third quarter of 2024. The increase from the third quarter of 2024 was driven by higher market values of assets under administration and the acquisition of a small third-party administrator business in the fourth quarter of 2024.
• Wealth management fees increased $0.4 million, or 4.0%, from the prior quarter and were consistent with the third quarter of 2024. The increase from the prior quarter was driven by market performance, growth in new customer accounts and seasonal activity-based fees.
• Insurance revenues increased $1.2 million from the prior quarter driven by seasonal renewals and increased $0.3 million, or 7.1%, from the prior year due to organic growth.
• Bank owned life insurance income increased from the second quarter of 2025 and the third quarter of 2024 due to a $0.9 million gain recognized in the third quarter of 2025.
• Other noninterest income increased $0.9 million from the prior quarter and $1.6 million from the third quarter of 2024 driven by a $0.6 million gain related to the finalization of a third-party contractual arrangement. In addition, the increase from the third quarter of 2024 was driven by an increase in loan servicing income and loan related fee income.

Noninterest Expense

• Total noninterest expense was $111.1 million for the third quarter of 2025, compared to $122.6 million for the second quarter of 2025 and $95.7 million for the third quarter of 2024. Total noninterest expense, excluding $1.1 million of acquisition expenses in the third quarter of 2025, $17.2 million of acquisition expenses in the second quarter of 2025 and $0.5 million of acquisition expenses in the third quarter of 2024, increased 4.4% compared to the previous quarter and increased 15.6% from the third quarter of 2024. The increase was primarily due to the Evans acquisition.
• Salaries and benefits increased 3.9% from the prior quarter driven by the full quarter impact of the Evans acquisition as NBT added 200 Evans employees in May, higher incentive compensation expenses and higher medical costs. The increase from the third quarter of 2024 was driven by the impact of the Evans acquisition, merit pay increases, higher medical expenses and higher incentive compensation expenses.
• Technology and data services increased $0.4 million from the prior quarter and $1.3 million from the third quarter of 2024 primarily due to the Evans acquisition, timing of planned activities and ongoing investment in enterprise technology initiatives.
• Occupancy costs were consistent from the prior quarter due to lower seasonal maintenance and utilities costs being offset by the additional expenses from the Evans acquisition. The $1.3 million increase from the third quarter of 2024 was driven by the additional expenses from the Evans acquisition, higher utilities and higher facilities costs related to new banking locations.
• Professional fees and outside services increased $0.9 million from the prior quarter and $1.1 million from the third quarter of 2024 primarily due to the Evans acquisition and the timing of various initiatives.
• Amortization of intangible assets increased $0.4 million from the prior quarter and $1.4 million from the third quarter of 2024 primarily due to the amortization of intangible assets related to the Evans acquisition.
• Other expense increased $2.4 million from the prior quarter and $3.4 million from the third quarter of 2024. The increase from the previous quarter was driven by the Evans acquisition including increased FDIC insurance expense, travel, training and charitable contributions.
  

Income Taxes

• The effective tax rate for the third quarter of 2025 was 24.2%, which was up from 21.9% for the third quarter of 2024 primarily due to the estimated impact of nondeductible acquisition expenses related to the Evans acquisition and a lower level of tax-exempt income as a percentage of total pretax income.
  

Capital

• Tangible common equity to tangible assets⁽¹⁾ was 8.58% at September 30, 2025. Tangible book value per share⁽²⁾ was $25.51 at September 30, 2025, $24.57 at June 30, 2025 and $23.83 at September 30, 2024.
• Stockholders’ equity increased $327.0 million from December 31, 2024 driven by the Evans acquisition adding $221.8 million of capital, net income generation of $113.7 million and a $41.8 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 $53.3 million.
• As of September 30, 2025, CET1 capital ratio of 11.80%, leverage ratio of 9.34% and total risk-based capital ratio of 13.97%.
  

Dividend

• The Board of Directors approved a fourth-quarter cash dividend of $0.37 per share at a meeting held earlier today. The dividend represents a $0.03 per quarter, or 8.8%, increase over the dividend paid in the fourth quarter of 2024. This is the Company’s thirteenth consecutive year of annual dividend increases. The dividend will be paid on December 15, 2025 to stockholders of record as of December 1, 2025.
  

Stock Repurchase

• The Company did not purchase shares of its common stock during the three months ended September 30, 2025.
• 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 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.

Conference Call and Webcast

The Company will host a conference call at 10:00 a.m. (Eastern) Tuesday, October 28, 2025, to review the third 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 $16.11 billion at September 30, 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 175 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 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
	3rd Q			2nd Q			1st Q			4th Q			3rd Q
Profitability (reported)
Diluted earnings per share	$	1.03		$	0.44		$	0.77		$	0.76		$	0.80
Weighted average diluted common shares outstanding		52,642,688			50,787,474			47,477,391			47,505,760			47,473,417
Return on average assets(3)		1.35%			0.59%			1.08%			1.04%			1.12%
Return on average equity(3)		11.86%			5.27%			9.68%			9.44%			10.21%
Return on average tangible common equity(1)(3)		17.35%			8.01%			13.63%			13.36%			14.54%
Net interest margin(1)(3)		3.66%			3.59%			3.44%			3.34%			3.27%
	9 Months Ended September 30,
		2025			2024
Profitability (reported)
Diluted earnings per share	$	2.26		$	2.21
Weighted average diluted common shares outstanding		50,325,671			47,409,906
Return on average assets(3)		1.01%			1.04%
Return on average equity(3)		8.99%			9.62%
Return on average tangible common equity(1)(3)		13.07%			13.89%
Net interest margin(1)(3)		3.57%			3.20%
		2025								2024
	3rd Q			2nd Q			1st Q			4th Q			3rd Q
Profitability (operating)
Diluted earnings per share(1)	$	1.05		$	0.88		$	0.80		$	0.77		$	0.80
Return on average assets(1)(3)		1.37%			1.19%			1.11%			1.06%			1.12%
Return on average equity(1)(3)		12.05%			10.52%			9.95%			9.60%			10.23%
Return on average tangible common equity(1)(3)		17.61%			15.25%			13.99%			13.57%			14.56%
	9 Months Ended September 30,
		2025			2024
Profitability (operating)
Diluted earnings per share(1)	$	2.76		$	2.17
Return on average assets(1)(3)		1.24%			1.03%
Return on average equity(1)(3)		10.96%			9.48%
Return on average tangible common equity(1)(3)		15.78%			13.69%
	2025									2024
	3rd Q			2nd Q			1st Q			4th Q			3rd Q
Balance sheet data
Short-term interest-bearing accounts	$	394,485		$	276,786		$	37,385		$	78,973		$	231,671
Securities available for sale		1,813,194			1,729,428			1,704,677			1,574,664			1,509,338
Securities held to maturity		771,474			809,664			836,833			842,921			854,941
Net loans		11,456,134			11,484,480			9,863,267			9,853,910			9,787,541
Total assets		16,112,584			16,014,781			13,864,251			13,786,666			13,839,552
Total deposits		13,660,918			13,515,232			11,708,511			11,546,761			11,588,278
Total borrowings		319,358			411,376			312,977			414,983			456,666
Total liabilities		14,259,438			14,209,615			12,298,476			12,260,525			12,317,572
Stockholders' equity		1,853,146			1,805,166			1,565,775			1,526,141			1,521,980
Capital
Equity to assets		11.50%			11.27%			11.29%			11.07%			11.00%
Tangible equity ratio(1)		8.58%			8.30%			8.68%			8.42%			8.36%
Book value per share	$	35.33		$	34.46		$	33.13		$	32.34		$	32.26
Tangible book value per share(2)	$	25.51		$	24.57		$	24.74		$	23.88		$	23.83
Leverage ratio		9.34%			9.55%			10.39%			10.24%			10.29%
Common equity tier 1 capital ratio		11.80%			11.37%			12.12%			11.93%			11.86%
Tier 1 capital ratio		11.80%			11.37%			13.02%			12.83%			12.77%
Total risk-based capital ratio		13.97%			14.48%			15.24%			15.03%			15.02%
Common stock price (end of period)	$	41.76		$	41.55		$	42.90%		$	47.76		$	44.23

NBT Bancorp Inc. and Subsidiaries
Asset Quality and Consolidated Loan Balances
(unaudited, dollars in thousands)
	2025									2024
	3rd Q			2nd Q			1st Q			4th Q			3rd Q
Asset quality
Nonaccrual loans	$	46,450		$	43,181		$	44,829		$	45,819		$	33,338
90 days past due and still accruing		6,966			3,211			2,862			5,798			3,981
Total nonperforming loans		53,416			46,392			47,691			51,617			37,319
Other real estate owned		267			345			308			182			127
Total nonperforming assets		53,683			46,737			47,999			51,799			37,446
Allowance for loan losses		139,000			140,200			117,000			116,000			119,500
Asset quality ratios
Allowance for loan losses to total loans		1.20	%		1.21	%		1.17	%		1.16	%		1.21	%
Total nonperforming loans to total loans		0.46	%		0.40	%		0.48	%		0.52	%		0.38	%
Total nonperforming assets to total assets		0.33	%		0.29	%		0.35	%		0.38	%		0.27	%
Allowance for loan losses to total nonperforming loans		260.22	%		302.21	%		245.33	%		224.73	%		320.21	%
Past due loans to total loans(4)		0.38	%		0.38	%		0.32	%		0.34	%		0.36	%
Net charge-offs to average loans(3)		0.15	%		0.09	%		0.27	%		0.23	%		0.16	%
		2025									2024
	3rd Q			2nd Q			1st Q			4th Q			3rd Q
Loan net charge-offs by line of business
Commercial	$	1,047		$	97		$	2,109		$	2,542		$	807
Residential mortgage and home equity		18			(27)			(25)			(25)			(64)
Indirect auto		679			749			1,155			675			725
Residential solar and other consumer		2,556			1,542			3,315			2,517			2,452
Total loan net charge-offs	$	4,300		$	2,361		$	6,554		$	5,709		$	3,920
	2025									2024
	3rd Q			2nd Q			1st Q			4th Q			3rd Q
Allowance for loan losses as a percentage of loans by segment
Commercial & industrial		0.81	%		0.79	%		0.76	%		0.73	%		0.73	%
Commercial real estate		1.13	%		1.14	%		1.02	%		0.95	%		1.01	%
Residential mortgage		1.05	%		1.05	%		1.00	%		1.00	%		1.00	%
Auto		0.70	%		0.70	%		0.72	%		0.81	%		0.83	%
Residential solar and other consumer		3.62	%		3.64	%		3.61	%		3.64	%		3.69	%
Total		1.20	%		1.21	%		1.17	%		1.16	%		1.21	%
		2025									2024
	3rd Q			2nd Q			1st Q			4th Q			3rd Q
Loans by line of business
Commercial & industrial	$	1,644,218		$	1,692,335		$	1,436,990		$	1,426,482		$	1,458,926
Commercial real estate		4,830,761			4,800,494			3,890,115			3,876,698			3,792,498
Residential mortgage		2,528,565			2,530,344			2,127,588			2,142,249			2,143,766
Home equity		435,584			423,355			331,400			334,268			328,687
Indirect auto		1,327,689			1,319,401			1,309,084			1,273,253			1,235,175
Residential solar and other consumer		828,317			858,751			885,090			916,960			947,989
Total loans	$	11,595,134		$	11,624,680		$	9,980,267		$	9,969,910		$	9,907,041

NBT Bancorp Inc. and Subsidiaries
Consolidated Balance Sheets
(unaudited, in thousands)
	September 30,		December 31,
	2025		2024
Assets
Cash and due from banks	$	245,757	$	205,083
Short-term interest-bearing accounts		394,485		78,973
Equity securities, at fair value		49,607		42,372
Securities available for sale, at fair value		1,813,194		1,574,664
Securities held to maturity (fair value $706,291 and $749,945, respectively)		771,474		842,921
Federal Reserve and Federal Home Loan Bank stock		44,650		33,957
Loans held for sale		3,926		9,744
Loans		11,595,134		9,969,910
Less allowance for loan losses		139,000		116,000
Net loans	$	11,456,134	$	9,853,910
Premises and equipment, net		98,669		80,840
Goodwill		454,072		362,663
Intangible assets, net		61,018		36,360
Bank owned life insurance		317,677		272,657
Other assets		401,921		392,522
Total assets	$	16,112,584	$	13,786,666
Liabilities and stockholders' equity
Demand (noninterest bearing)	$	3,871,074	$	3,446,068
Savings, interest-bearing checking and money market		8,197,697		6,658,188
Time		1,592,147		1,442,505
Total deposits	$	13,660,918	$	11,546,761
Short-term borrowings		138,729		162,942
Long-term debt		44,762		29,644
Subordinated debt, net		24,223		121,201
Junior subordinated debt		111,644		101,196
Other liabilities		279,162		298,781
Total liabilities	$	14,259,438	$	12,260,525
Total stockholders' equity	$	1,853,146	$	1,526,141
Total liabilities and stockholders' equity	$	16,112,584	$	13,786,666

NBT Bancorp Inc. and Subsidiaries
Consolidated Statements of Income
(unaudited, in thousands except per share data)
	Three Months Ended					Nine Months Ended
	September 30,					September 30,
		2025			2024		2025		2024
Interest, fee and dividend income
Interest and fees on loans	$	169,301		$	141,991	$	466,265	$	411,743
Securities available for sale		12,063			7,815		33,934		22,501
Securities held to maturity		4,595			5,042		14,379		15,535
Other		4,508			1,382		7,870		4,154
Total interest, fee and dividend income	$	190,467		$	156,230	$	522,448	$	453,933
Interest expense
Deposits	$	52,101		$	49,106	$	142,908	$	140,133
Short-term borrowings		816			1,431		2,728		7,751
Long-term debt		450			292		1,012		873
Subordinated debt		547			1,810		4,370		5,416
Junior subordinated debt		1,890			1,922		5,324		5,743
Total interest expense	$	55,804		$	54,561	$	156,342	$	159,916
Net interest income	$	134,663		$	101,669	$	366,106	$	294,017
Provision for loan losses	$	3,100		$	2,920	$	15,467	$	17,398
Provision for loan losses - acquisition day 1 non-PCD		-			-		13,022		-
Total provision for loan losses	$	3,100		$	2,920	$	28,489	$	17,398
Net interest income after provision for loan losses	$	131,563		$	98,749	$	337,617	$	276,619
Noninterest income
Service charges on deposit accounts	$	5,100		$	4,340	$	13,921	$	12,676
Card services income		6,389			5,897		17,783		16,679
Retirement plan administration fees		15,913			14,578		47,481		43,663
Wealth management		11,103			10,929		32,727		30,799
Insurance services		5,260			4,913		14,118		13,149
Bank owned life insurance income		3,240			1,868		8,817		6,054
Net securities (losses) gains		(2	)		476		6		2,567
Other		4,402			2,773		10,936		8,811
Total noninterest income	$	51,405		$	45,774	$	145,789	$	134,398
Noninterest expense
Salaries and employee benefits	$	66,636		$	59,641	$	191,485	$	170,738
Technology and data services		11,180			9,920		32,222		28,919
Occupancy		9,053			7,754		27,118		23,523
Professional fees and outside services		5,941			4,871		15,914		14,289
Amortization of intangible assets		3,429			2,062		8,582		6,363
Reserve for unfunded loan commitments		(317	)		250		1,475		(580	)
Acquisition expenses		1,125			543		19,526		543
Other		14,096			10,704		37,331		33,311
Total noninterest expense	$	111,143		$	95,745	$	333,653	$	277,106
Income before income tax expense	$	71,825		$	48,778	$	149,753	$	133,911
Income tax expense		17,354			10,681		36,027		29,275
Net income	$	54,471		$	38,097	$	113,726	$	104,636
Earnings Per Share
Basic	$	1.04		$	0.81	$	2.27	$	2.22
Diluted	$	1.03		$	0.80	$	2.26	$	2.21

NBT Bancorp Inc. and Subsidiaries
Quarterly Consolidated Statements of Income
(unaudited, in thousands except per share data)
		2025							2024
	3rd Q			2nd Q		1st Q			4th Q			3rd Q
Interest, fee and dividend income
Interest and fees on loans	$	169,301		$	158,912	$	138,052		$	141,103		$	141,991
Securities available for sale		12,063			11,609		10,262			8,773			7,815
Securities held to maturity		4,595			4,870		4,914			4,931			5,042
Other		4,508			2,186		1,176			2,930			1,382
Total interest, fee and dividend income	$	190,467		$	177,577	$	154,404		$	157,737		$	156,230
Interest expense
Deposits	$	52,101		$	48,219	$	42,588		$	46,815		$	49,106
Short-term borrowings		816			1,046		866			918			1,431
Long-term debt		450			296		266			293			292
Subordinated debt		547			2,001		1,822			1,816			1,810
Junior subordinated debt		1,890			1,795		1,639			1,790			1,922
Total interest expense	$	55,804		$	53,357	$	47,181		$	51,632		$	54,561
Net interest income	$	134,663		$	124,220	$	107,223		$	106,105		$	101,669
Provision for loan losses	$	3,100		$	4,813	$	7,554		$	2,209		$	2,920
Provision for loan losses - acquisition day 1 non-PCD		-			13,022		-			-			-
Total provision for loan losses	$	3,100		$	17,835	$	7,554		$	2,209		$	2,920
Net interest income after provision for loan losses	$	131,563		$	106,385	$	99,669		$	103,896		$	98,749
Noninterest income
Service charges on deposit accounts	$	5,100		$	4,578	$	4,243		$	4,411		$	4,340
Card services income		6,389			6,077		5,317			5,652			5,897
Retirement plan administration fees		15,913			15,710		15,858			12,924			14,578
Wealth management		11,103			10,678		10,946			10,842			10,929
Insurance services		5,260			4,097		4,761			3,883			4,913
Bank owned life insurance income		3,240			2,180		3,397			2,271			1,868
Net securities (losses) gains		(2	)		112		(104	)		222			476
Other		4,402			3,500		3,034			2,221			2,773
Total noninterest income	$	51,405		$	46,932	$	47,452		$	42,426		$	45,774
Noninterest expense
Salaries and employee benefits	$	66,636		$	64,155	$	60,694		$	61,749		$	59,641
Technology and data services		11,180			10,804		10,238			10,220			9,920
Occupancy		9,053			9,038		9,027			7,786			7,754
Professional fees and outside services		5,941			5,021		4,952			4,843			4,871
Amortization of intangible assets		3,429			3,042		2,111			2,080			2,062
Reserve for unfunded loan commitments		(317	)		1,702		90			(125	)		250
Acquisition expenses		1,125			17,180		1,221			988			543
Other		14,096			11,668		11,567			13,234			10,704
Total noninterest expense	$	111,143		$	122,610	$	99,900		$	100,775		$	95,745
Income before income tax expense	$	71,825		$	30,707	$	47,221		$	45,547		$	48,778
Income tax expense		17,354			8,197		10,476			9,542			10,681
Net income	$	54,471		$	22,510	$	36,745		$	36,005		$	38,097
Earnings Per Share
Basic	$	1.04		$	0.45	$	0.78		$	0.76		$	0.81
Diluted	$	1.03		$	0.44	$	0.77		$	0.76		$	0.80

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
		Q3 - 2025				Q2 - 2025				Q1 - 2025				Q4 - 2024				Q3 - 2024
Assets
Short-term interest-bearing accounts		$	338,919	4.60	%	$	146,640	4.61	%	$	63,198	4.51	%	$	184,988	5.27	%	$	62,210	4.87	%
Securities taxable(1)			2,464,271	2.46	%		2,486,349	2.40	%		2,402,772	2.30	%		2,317,034	2.10	%		2,266,930	1.99	%
Securities tax-exempt(1)(5)			196,728	3.48	%		221,328	3.65	%		220,210	3.60	%		211,493	3.46	%		217,251	3.47	%
FRB and FHLB stock			42,790	5.37	%		39,176	5.12	%		33,469	5.73	%		33,261	5.75	%		35,395	6.97	%
Loans(1)(6)			11,600,816	5.80	%		11,064,920	5.77	%		9,981,487	5.62	%		9,957,879	5.65	%		9,865,412	5.74	%
Total interest-earning assets		$	14,643,524	5.18	%	$	13,958,413	5.12	%	$	12,701,136	4.95	%	$	12,704,655	4.96	%	$	12,447,198	5.01	%
Other assets			1,344,775				1,242,690				1,088,069				1,093,419				1,072,277
Total assets		$	15,988,299			$	15,201,103			$	13,789,205			$	13,798,074			$	13,519,475
Liabilities and stockholders' equity
Money market deposits		$	4,077,741	3.01	%	$	3,808,024	3.00	%	$	3,496,552	3.04	%	$	3,504,937	3.27	%	$	3,342,845	3.68	%
Interest-bearing checking deposits			2,059,009	1.10	%		1,902,392	0.98	%		1,682,265	0.84	%		1,664,960	0.91	%		1,600,547	0.87	%
Savings deposits			1,947,627	0.43	%		1,852,027	0.35	%		1,571,673	0.05	%		1,561,703	0.05	%		1,566,316	0.05	%
Time deposits			1,633,647	3.26	%		1,600,908	3.37	%		1,450,846	3.55	%		1,446,798	3.85	%		1,442,424	4.00	%
Total interest-bearing deposits		$	9,718,024	2.13	%	$	9,163,351	2.11	%	$	8,201,336	2.11	%	$	8,178,398	2.28	%	$	7,952,132	2.46	%
Federal funds purchased			-	-			14,231	4.51	%		2,278	4.45	%		-	-			2,609	5.34	%
Repurchase agreements			123,573	2.62	%		89,957	2.52	%		107,496	2.87	%		116,408	3.13	%		98,035	2.80	%
Short-term borrowings			11	4.61	%		27,845	4.62	%		7,033	4.61	%		174	4.57	%		48,875	5.74	%
Long-term debt			44,802	3.98	%		30,705	3.87	%		27,674	3.90	%		29,657	3.93	%		29,696	3.91	%
Subordinated debt, net			27,085	8.01	%		134,684	5.96	%		121,331	6.09	%		120,967	5.97	%		120,594	5.97	%
Junior subordinated debt			111,629	6.72	%		107,948	6.67	%		101,196	6.57	%		101,196	7.04	%		101,196	7.56	%
Total interest-bearing liabilities		$	10,025,124	2.21	%	$	9,568,721	2.24	%	$	8,568,344	2.23	%	$	8,546,800	2.40	%	$	8,353,137	2.60	%
Demand deposits			3,849,288				3,634,517				3,385,080				3,438,194				3,389,894
Other liabilities			292,294				285,357				296,983				295,292				292,446
Stockholders' equity			1,821,593				1,712,508				1,538,798				1,517,788				1,483,998
Total liabilities and stockholders' equity		$	15,988,299			$	15,201,103			$	13,789,205			$	13,798,074			$	13,519,475
Interest rate spread				2.97	%			2.88	%			2.72	%			2.56	%			2.41	%
Net interest margin (FTE)(1)				3.66	%			3.59	%			3.44	%			3.34	%			3.27	%
Total cost of deposits		$	13,567,312	1.52	%	$	12,797,868	1.51	%	$	11,586,416	1.49	%	$	11,616,592	1.60	%	$	11,342,026	1.72	%
Total cost of funds			13,874,412	1.60	%		13,203,238	1.62	%		11,953,424	1.60	%		11,984,994	1.71	%		11,743,031	1.85	%

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
Nine Months Ended September 30,			2025						2024
Assets
Short-term interest-bearing accounts		$	183,929	$	6,318	4.59	%	$	53,048	$	1,963	4.94	%
Securities taxable(1)			2,451,356		43,814	2.39	%		2,275,212		33,336	1.96	%
Securities tax-exempt(1)(5)			212,670		5,695	3.58	%		224,557		5,950	3.54	%
FRB and FHLB stock			38,512		1,552	5.39	%		39,310		2,191	7.45	%
Loans(1)(6)			10,888,339		466,954	5.73	%		9,771,118		412,448	5.64	%
Total interest-earning assets		$	13,774,806	$	524,333	5.09	%	$	12,363,245	$	455,888	4.93	%
Other assets			1,226,118						1,064,080
Total assets		$	15,000,924					$	13,427,325
Liabilities and stockholders' equity
Money market deposits		$	3,796,235	$	85,616	3.02	%	$	3,242,453	$	88,185	3.63	%
Interest-bearing checking deposits			1,882,602		13,829	0.98	%		1,601,507		9,630	0.80	%
Savings deposits			1,791,819		3,911	0.29	%		1,586,834		541	0.05	%
Time deposits			1,562,470		39,552	3.38	%		1,395,520		41,777	4.00	%
Total interest-bearing deposits		$	9,033,126	$	142,908	2.12	%	$	7,826,314	$	140,133	2.39	%
Federal funds purchased			5,495		185	4.50	%		17,387		721	5.54	%
Repurchase agreements			107,067		2,142	2.67	%		88,986		1,340	2.01	%
Short-term borrowings			11,604		401	4.62	%		138,812		5,690	5.48	%
Long-term debt			34,456		1,012	3.93	%		29,734		873	3.92	%
Subordinated debt, net			94,022		4,370	6.21	%		120,237		5,416	6.02	%
Junior subordinated debt			106,963		5,324	6.65	%		101,196		5,743	7.58	%
Total interest-bearing liabilities		$	9,392,733	$	156,342	2.23	%	$	8,322,666	$	159,916	2.57	%
Demand deposits			3,624,662						3,356,923
Other liabilities			291,527						295,303
Stockholders' equity			1,692,002						1,452,433
Total liabilities and stockholders' equity		$	15,000,924					$	13,427,325
Net interest income (FTE)(1)				$	367,991					$	295,972
Interest rate spread						2.86	%					2.36	%
Net interest margin (FTE)(1)						3.57	%					3.20	%
Taxable equivalent adjustment				$	1,885					$	1,955
Net interest income				$	366,106					$	294,017
Total cost of deposits		$	12,657,788	$	142,908	1.51	%	$	11,183,237	$	140,133	1.67	%
Total cost of funds			13,017,395		156,342	1.61	%		11,679,589		159,916	1.83	%

(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
		3rd Q			2nd Q			1st Q			4th Q			3rd Q
	Operating net income
	Net income	$	54,471		$	22,510		$	36,745		$	36,005		$	38,097
	Acquisition expenses		1,125			17,180			1,221			988			543
	Acquisition-related provision for credit losses		-			13,022			-			-			-
	Acquisition-related reserve for unfunded loan commitments		-			532			-			-			-
	Securities losses (gains)		2			(112	)		104			(222	)		(476	)
	Adjustments to net income	$	1,127		$	30,622		$	1,325		$	766		$	67
	Adjustments to net income (net of tax)	$	851		$	22,413		$	1,020		$	604		$	52
	Operating net income	$	55,322		$	44,923		$	37,765		$	36,609		$	38,149
	Operating diluted earnings per share	$	1.05		$	0.88		$	0.80		$	0.77		$	0.80
		9 Months Ended September 30,
			2025			2024
	Operating net income
	Net income	$	113,726		$	104,636
	Acquisition expenses		19,526			543
	Acquisition-related provision for credit losses		13,022			-
	Acquisition-related reserve for unfunded loan commitments		532			-
	Securities (gains)		(6	)		(2,567	)
	Adjustments to net income	$	33,074		$	(2,024	)
	Adjustments to net income (net of tax)	$	24,971		$	(1,579	)
	Operating net income	$	138,697		$	103,057
	Operating diluted earnings per share	$	2.76		$	2.17
			2025									2024
		3rd Q			2nd Q			1st Q			4th Q			3rd Q
	FTE adjustment
	Net interest income	$	134,663		$	124,220		$	107,223		$	106,105		$	101,669
	Add: FTE adjustment		594			655			636			619			639
	Net interest income (FTE)	$	135,257		$	124,875		$	107,859		$	106,724		$	102,308
	Average earning assets	$	14,643,524		$	13,958,413		$	12,701,136		$	12,704,655		$	12,447,198
	Net interest margin (FTE)(3)		3.66%			3.59%			3.44%			3.34%			3.27%
		9 Months Ended September 30,
			2025			2024
	FTE adjustment
	Net interest income	$	366,106		$	294,017
	Add: FTE adjustment		1,885			1,955
	Net interest income (FTE)	$	367,991		$	295,972
	Average earning assets	$	13,774,806		$	12,363,245
	Net interest margin (FTE)(3)		3.57	%		3.20	%
	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
		3rd Q			2nd Q			1st Q			4th Q			3rd Q
	Tangible equity to tangible assets
	Total equity	$	1,853,146		$	1,805,166		$	1,565,775		$	1,526,141		$	1,521,980
	Intangible assets		515,090			518,519			396,912			399,023			397,853
	Total assets	$	16,112,584		$	16,014,781		$	13,864,251		$	13,786,666		$	13,839,552
	Tangible equity to tangible assets		8.58%			8.30%			8.68%			8.42%			8.36%
			2025									2024
		3rd Q			2nd Q			1st Q			4th Q			3rd Q
	Return on average tangible common equity
	Net income	$	54,471		$	22,510		$	36,745		$	36,005		$	38,097
	Amortization of intangible assets (net of tax)		2,572			2,282			1,583			1,560			1,547
	Net income, excluding intangibles amortization	$	57,043		$	24,792		$	38,328		$	37,565		$	39,644
	Average stockholders' equity	$	1,821,593		$	1,712,508		$	1,538,798		$	1,517,788		$	1,483,998
	Less: average goodwill and other intangibles		517,271			471,159			398,233			399,139			399,113
	Average tangible common equity	$	1,304,322		$	1,241,349		$	1,140,565		$	1,118,649		$	1,084,885
	Return on average tangible common equity(3)		17.35%			8.01%			13.63%			13.36%			14.54%
		9 Months Ended September 30,
			2025			2024
	Return on average tangible common equity
	Net income	$	113,726		$	104,636
	Amortization of intangible assets (net of tax)		6,437			4,772
	Net income, excluding intangibles amortization	$	120,163		$	109,408
	Average stockholders' equity	$	1,692,002		$	1,452,433
	Less: average goodwill and other intangibles		462,657			400,275
	Average tangible common equity	$	1,229,345		$	1,052,158
	Return on average tangible common equity(3)		13.07%			13.89%
(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.

FAQ

What were NBTB Q3 2025 net income and diluted EPS?

NBT reported $54.5 million net income and $1.03 diluted EPS for Q3 2025.

How did the Evans acquisition affect NBTB Q3 2025 results?

The May 2, 2025 Evans acquisition added $1.67B loans, $1.86B deposits and 18 branches, materially boosting revenue and balances.

What dividend did NBTB declare for Q4 2025 and when is payment?

Board approved a quarterly cash dividend of $0.37 per share, payable Dec 15, 2025 to holders of record on Dec 1, 2025.

What is NBTB's net interest margin and trend in Q3 2025?

NBT reported a 3.66% FTE net interest margin in Q3 2025, up 7 bps from Q2 2025.

How large are NBTB's loans and deposits after Q3 2025?

Period-end loans were $11.60 billion and deposits were $13.66 billion at Sept 30, 2025 (including Evans balances).

What share repurchase authorization did NBTB approve on Oct 27, 2025?

The board authorized repurchases of up to 2,000,000 common shares, to be completed by Dec 31, 2027.