NBT Bancorp (NASDAQ: NBTB) Q2 2026 earnings surge as dividend raised
NBT Bancorp Inc. reported second quarter 2026 net income of $53.0 million, or $1.02 per diluted share, compared with $22.5 million, or $0.44, in the second quarter of 2025 and $51.1 million, or $0.98, in the first quarter of 2026. Operating diluted EPS was $1.01 versus $0.88 a year earlier.
Net interest income on a fully taxable equivalent basis was $137.6 million, and the net interest margin was 3.73%, an increase of 14 basis points from one year ago and 1 basis point from the prior quarter. Noninterest income was $49.6 million, representing 27% of total revenues, excluding net securities gains. Period-end loans were $11.87 billion and deposits were $13.54 billion.
Credit metrics remained solid, with net charge-offs to average loans at 0.15% annualized, nonperforming loans at 0.55% of total loans, and an allowance for loan losses of 1.18% of total loans. Stockholders’ equity was $1.94 billion, tangible equity to assets was 9.16%, and the common equity tier 1 capital ratio was 12.24%. The board approved an 8.1% increase in the quarterly cash dividend to $0.40 per share for the third quarter, the fourteenth consecutive annual increase.
Positive
- Q2 2026 net income climbed to $53.0 million, with diluted EPS of $1.02, more than doubling the prior-year quarter’s $0.44 and indicating materially stronger profitability.
- The board approved an 8.1% increase in the quarterly cash dividend to $0.40 per share for the third quarter, marking the fourteenth consecutive year of dividend increases.
Negative
- None.
Filing Explained
The completed Evans transaction left NBT with 5.1 million newly issued shares, reducing existing holders’ percentage ownership absent offsetting changes.
The filing states that NBT Bancorp completed its Evans acquisition on
Because the issuance is completed, its structural effect is historical rather than a pending financing: it increased the total share count and, absent offsetting changes, reduced existing holders’ percentage ownership.
Although the release describes second-quarter earnings as significantly stronger than the prior-year quarter, it says that comparison is significantly impacted by the Evans acquisition, so the improvement is not presented on an unchanged company scope.
For the six months ended
8-K Event Classification
2 items: 2.02, 9.01
2 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
Q2 2026 net income: $53.0 million
Q2 2026 diluted EPS: $1.02
Quarterly dividend: $0.40 per share
+5 more
8 metrics
Q2 2026 net income
$53.0 million
Net income for the second quarter of 2026
Q2 2026 diluted EPS
$1.02
Diluted earnings per share for the second quarter of 2026
Quarterly dividend
$0.40 per share
Third-quarter 2026 cash dividend after an 8.1% increase
Net interest margin (FTE)
3.73 %
Net interest margin on a fully taxable equivalent basis in Q2 2026
Period-end loans
$11.87 billion
Total loans outstanding at June 30, 2026
Period-end deposits
$13.54 billion
Total deposits at June 30, 2026
Total assets
$16.21 billion
Total assets at June 30, 2026
Common equity tier 1 capital ratio
12.24 %
CET1 capital ratio as of June 30, 2026
Key Terms
Net interest margin, Allowance for loan losses, Nonperforming loans, Tangible book value per share, +1 more
5 terms
Net interest margin financial
"we expanded our net interest margin to 3.73%, an increase of 14 basis points"
Net interest margin measures how much a bank earns from lending and investing compared with what it pays for funding, expressed as a percentage of its interest-earning assets. Think of it like a grocery store’s markup: it shows the gap between buying cost and selling price per dollar of goods — here, the cost is interest paid and the sale is interest received. Investors watch it because a higher margin usually means a bank is more profitable and better at managing interest rate and credit conditions.
Allowance for loan losses financial
"Allowance for loan losses to total loans was 1.18%"
Allowance for loan losses is money set aside by a bank to cover potential losses if some loans don’t get repaid. It helps the bank stay prepared for bad debts, much like setting aside savings for unexpected expenses. This ensures the bank remains stable even if some borrowers can’t pay back their loans.
Nonperforming loans financial
"Nonperforming loans to total loans was 0.55%"
Nonperforming loans are loans on which borrowers have stopped making the scheduled interest or principal payments for an extended period (commonly 90 days or more) or are otherwise in serious danger of default. Think of them as IOUs that aren’t being repaid: they tie up a lender’s money, reduce future interest income, and force the lender to hold extra reserves or take losses. For investors, a rising share of nonperforming loans signals weakening credit quality, higher potential losses, and greater risk to a bank’s profitability and capital.
Tangible book value per share financial
"Tangible book value per share (2) was $27.71 at June 30, 2026"
Tangible book value per share is the company's total physical and financial assets minus its liabilities and intangible items (like goodwill and brand value), divided by the number of outstanding shares. It gives investors a conservative, per‑share estimate of what would remain if the business sold only its hard assets and paid its debts—useful for judging whether a stock is priced above or below its underlying, tangible worth, like valuing a property by its bricks and cash rather than its reputation.
Common equity tier 1 capital ratio financial
"Common equity tier 1 capital ratio | | | 12.24 %"
A bank’s common equity tier 1 (CET1) capital ratio measures the size of its strongest loss-absorbing capital—mainly common shares and retained earnings—relative to the bank’s assets after adjusting those assets for how risky they are (riskier loans count more). Think of it as the safety cushion compared with the weight of risky business; investors use it to judge a bank’s ability to survive losses, meet rules, and sustain dividends or growth.
Earnings Snapshot
Q2 2026 net income: $53.0 million
three and six months ended June 30, 2026
Q2 2026 net income
$53.0 million
up from $22.5 million in the second quarter of 2025
Q2 2026 diluted EPS
$1.02
up from $0.44 in the second quarter of 2025
Six-month 2026 diluted EPS
$1.99
up from $1.21 for the six months ended June 30, 2025
Net interest margin (FTE) Q2 2026
3.73 %
up from 3.59% in the second quarter of 2025
Operating diluted EPS Q2 2026
$1.01
up from $0.88 in the second quarter of 2025
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FAQ
What were NBT Bancorp’s (NBTB) earnings for the second quarter of 2026?
NBT Bancorp reported Q2 2026 net income of $53.0 million, or $1.02 diluted EPS. This compares with $22.5 million, or $0.44 per diluted share, in Q2 2025 and $51.1 million, or $0.98, in the first quarter of 2026.
How did NBT Bancorp’s (NBTB) Q2 2026 results compare with the prior-year quarter?
In Q2 2026, diluted EPS was $1.02 versus $0.44 in Q2 2025, and net income was $53.0 million versus $22.5 million. Net interest margin also improved to 3.73%, up 14 basis points from one year earlier.
What dividend did NBT Bancorp (NBTB) declare following its Q2 2026 results?
NBT Bancorp approved a quarterly cash dividend of $0.40 per share for the third quarter of 2026. This represents an 8.1% increase and is the fourteenth consecutive year the company has raised its quarterly dividend.
What were NBT Bancorp’s (NBTB) key balance sheet totals as of June 30, 2026?
At June 30, 2026, NBT Bancorp reported total assets of $16.21 billion, loans of $11.87 billion, and deposits of $13.54 billion. Stockholders’ equity totaled $1.94 billion, supporting its community banking and financial services operations.
How strong were NBT Bancorp’s (NBTB) capital ratios in the second quarter of 2026?
As of June 30, 2026, NBT Bancorp reported a common equity tier 1 capital ratio of 12.24%, a leverage ratio of 9.85%, and a tangible equity-to-assets ratio of 9.16%, indicating a solid capital position relative to its balance sheet size.
What do NBT Bancorp’s (NBTB) Q2 2026 asset quality metrics show?
In Q2 2026, net charge-offs to average loans were 0.15% annualized, nonperforming loans were 0.55% of total loans, and the allowance for loan losses was 1.18% of total loans, reflecting conservative credit loss coverage.
What was NBT Bancorp’s (NBTB) net interest margin and revenue mix in Q2 2026?
NBT Bancorp’s net interest margin on a fully taxable equivalent basis was 3.73% in Q2 2026. Noninterest income totaled $49.6 million and represented 27% of total revenues, excluding net securities gains, highlighting diversified revenue sources.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): July 27, 2026
(Exact name of registrant as specified in its charter)
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(State or other jurisdiction of incorporation or organization)
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(Commission File Number)
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(I.R.S. Employer Identification No.)
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(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code: (607 ) 337-2265
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following
provisions:
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Securities registered pursuant to Section 12(b) of the Act:
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Title of class
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Trading Symbol
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Name of exchange on which registered
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule
12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised
financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
| Item 2.02 |
Results of Operations and Financial Condition
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On July 27, 2026, NBT Bancorp Inc. (the “Company”) issued a press release describing its results of operations for the quarter ended June 30, 2026. That press release is furnished as Exhibit 99.1 hereto. A
conference call will be held at 10:00 a.m. Eastern Time on Tuesday, July 28, 2026, to review the second quarter 2026 financial results. The audio webcast link, along with the corresponding presentation slides, will be available on the
Event Calendar page of the Company’s website at www.nbtbancorp.com.
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Financial Statements and Exhibits.
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(a)
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Not applicable.
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(b)
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Not applicable.
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(c)
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Not applicable.
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(d)
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Exhibits.
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Exhibit No.
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Description
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99.1
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Press release of NBT Bancorp Inc. July 27, 2026
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104
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Cover Page Interactive Data File (embedded within the Inline XBRL document)
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
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NBT BANCORP INC.
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Date: July 27, 2026
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By:
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/s/ Annette L. Burns
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Annette L. Burns
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Executive Vice President and Chief Financial Officer
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Exhibit 99.1
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FOR IMMEDIATE RELEASE
ATTENTION: FINANCIAL AND BUSINESS EDITORS
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Contact:
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Scott A. Kingsley, President and CEO
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Annette L. Burns, Executive Vice President and CFO
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NBT Bancorp Inc.
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52 South Broad Street
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Norwich, NY 13815
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607-337-6589
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NBT BANCORP INC. ANNOUNCES SECOND QUARTER 2026 RESULTS AND APPROVES AN 8.1% CASH DIVIDEND INCREASE
NORWICH, NY (July 27, 2026) – NBT Bancorp Inc. (“NBT” or the “Company”) (NASDAQ: NBTB) reported net income and diluted earnings per share for the three and six
months ended June 30, 2026.
Net income for the second quarter of 2026 was $53.0 million, or $1.02 per diluted common share, compared to $22.5 million, or $0.44 per diluted common share, for the
second quarter of 2025, and $51.1 million, or $0.98 per diluted common share, for the first quarter of 2026. Operating diluted earnings per share(1), a non-GAAP measure, was $1.01 for the second quarter of 2026, compared to $0.88 for
the second quarter of 2025 and $0.97 for the first quarter of 2026.
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 second quarter of 2025 is
significantly impacted by the Evans acquisition.
CEO Comments
“The second quarter demonstrated the strength and momentum of NBT’s diversified banking franchise,” said NBT President and CEO Scott
Kingsley. “We generated significantly stronger earnings than the prior year quarter, grew loans across every business line and expanded our net interest margin to 3.73%, an increase of 14 basis points from one year ago. These results reflect the
trust our customers place in us, the dedication of our employees and our disciplined approach to building long-term relationships and sustainable growth. With strong balance sheet fundamentals, healthy loan growth and continued momentum across
our franchise, we are well positioned as we enter the second half of 2026.”
“We are also pleased to announce that we have increased our quarterly cash dividend for the fourteenth consecutive year to $0.40 per share in the third quarter,”
added Kingsley. “This increase in the quarterly cash dividend of 8.1% affirms our continued commitment to providing favorable long-term returns to our shareholders.”
2
Second Quarter 2026 Financial Highlights
| Net Income | ■ | Net income was $53.0 million and diluted earnings per share was $1.02 |
| ■ | Operating net income was $52.9 million and operating diluted earnings per share was $1.01(1) | |
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Net Interest Income
/ NIM
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■ | Net interest income on a fully taxable equivalent (“FTE”) basis was $137.6 million(1) |
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Net interest margin (“NIM”) on an FTE basis was 3.73%(1), an increase of 1 basis point (“bp”) from the prior quarter | |
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Earning asset yields of 5.05% were down 1 bp from the prior quarter | |
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Total cost of funds of 1.41% was down 1 bp from the prior quarter | |
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Noninterest Income
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Noninterest income was $49.6 million, or 27% of total revenues, excluding net securities gains |
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Loans and Credit
Quality
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Period end loans were $11.87 billion |
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Net charge-offs to average loans was 0.15% annualized | |
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Nonperforming loans to total loans was 0.55% | |
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Allowance for loan losses to total loans was 1.18% | |
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Provision for loan losses was $6.1 million | |
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Deposits
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Period end deposits were $13.54 billion |
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Total cost of deposits was 1.33% for the second quarter of 2026, down 1 bp from the first quarter of 2026 | |
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Capital
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Stockholders’ equity was $1.94 billion as of June 30, 2026 |
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Tangible book value per share(2) was $27.71 at June 30, 2026 an increase of 4.4% from December 31, 2025 | |
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Tangible equity to assets was 9.16%(1) | |
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CET1 ratio of 12.24%; Leverage ratio of 9.85% |
Loans
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Period end total loans were $11.87 billion at June 30, 2026, compared to $11.60 billion at December 31, 2025, with all business lines experiencing growth in the second quarter of
2026.
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Period end total loans increased $276.0 million, or 2.4% from December 31, 2025 which included a $52.4 million decrease in the other consumer and residential solar portfolios,
which are in a planned run-off status.
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Deposits
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Total deposits at June 30, 2026 were $13.54 billion compared to $13.50 billion at December 31, 2025. Deposit mix
characteristics improved with an increase in demand deposits, interest-bearing checking, savings and money market accounts, partially offset by a decrease in time deposits.
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Total deposits decreased $205.7 million from March 31, 2026, primarily due to expected seasonal municipal outflows.
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The loan to deposit ratio was 87.7% at June 30, 2026, compared to 85.9% at December 31, 2025.
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Net Interest Income and Net Interest Margin
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Net interest income for the second quarter of 2026 was $137.0 million, an increase of $2.6 million, or
1.9%, from the first quarter of 2026 and an increase of $12.7 million, or 10.3%, from the second quarter of 2025. The increase in net interest income from the first quarter of 2026 was driven by one additional day in the second quarter of
2026, organic growth in interest-earning assets and a decrease in funding costs. The increase in net interest income from the second quarter of 2025 resulted primarily from the improvement in net interest margin, the Evans acquisition,
organic growth in interest-earning assets and a decrease in funding costs.
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The NIM on an FTE basis for the second quarter of 2026 was 3.73%, an increase of 1 bp from the first quarter of 2026, as a 1 bp decrease in the cost of funds more than offset a 1
bp decline in earning asset yields. The NIM on an FTE basis increased 14 bps from the second quarter of 2025 due to the impact of the Evans acquisition, organic growth and a decrease in the cost of funds.
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Earning asset yields for the three months ended June 30, 2026 decreased 1 bp from the prior quarter to 5.05%. Loan yields for the three months ended June 30, 2026 decreased 2 bps
from the prior quarter to 5.64%. Earning asset yields decreased 7 bps from the same quarter in the prior year due to Federal Reserve interest rate cuts in 2025. Average earning assets increased $109.8 million, or 0.7%, from the first
quarter of 2026 and grew $846.2 million, or 6.1%, from the second quarter of 2025 due primarily to the addition of the interest-earning assets acquired from Evans and organic earning asset growth.
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Total cost of deposits, including noninterest bearing deposits, was 1.33% for the second quarter of 2026, a decrease of 1 bp from the prior quarter, primarily due to the decrease
in the cost of time deposits. Total cost of deposits decreased 18 bps from the same period in the prior year.
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Total cost of funds for the three months ended June 30, 2026 was 1.41%, a decrease of 1 bp from the prior quarter and a decrease of 21 bps from the second quarter of 2025.
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Asset Quality and Allowance for Loan Losses
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Net charge-offs to total average loans for the second quarter of 2026 was 15 bps, compared to 17 bps in the prior quarter primarily due to a decrease in commercial net
charge-offs, partially offset by an increase in residential solar and other consumer net charge-offs.
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Nonperforming assets to total assets was 0.40% at June 30, 2026, up from 0.38% at March 31, 2026 and up from 0.33% at December 31, 2025. The increase in nonperforming assets was
primarily due to an additional commercial lending relationship placed in nonaccrual status during the quarter. Past due loans to total loans increased 23 basis points from March 31, 2026, driven primarily by an increase in past due
commercial loans. The majority of these loans are expected to return to current status in the third quarter.
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Provision expense for the three months ended June 30, 2026 was $6.1 million, compared to $5.6 million for the first quarter of 2026. The increase in the provision for loan losses
during the quarter was primarily due to providing for the second quarter’s loan growth.
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The allowance for loan losses was $140.5 million, or 1.18% of total loans, at June 30, 2026, compared to $138.6 million, or 1.20% of total loans, at March 31, 2026 and compared
to $138.0 million, or 1.19% of total loans, at December 31, 2025. The increase in the allowance for loan losses in the second quarter of 2026 was primarily driven by providing for the
second quarter’s loan growth, partially offset by portfolio mix changes with the run-off of the other consumer and residential solar portfolios.
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The reserve for unfunded loan commitments was $5.5 million at June 30, 2026 and March 31, 2026, compared to $5.8 million at December 31, 2025.
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Noninterest Income
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Total noninterest income, excluding securities gains, was $49.6 million for the three months ended June 30, 2026, consistent with the first quarter of 2026, and up $2.7 million,
or 5.8%, from the second quarter of 2025.
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Service charges on deposit accounts were comparable to the prior quarter and higher than the second quarter of 2025 due primarily to the Evans acquisition and new account growth.
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Card services income increased $0.6 million, or 9.7%, from the prior quarter and increased $0.5 million, or 8.8% from the second quarter of 2025. The increase was driven by
seasonal increased volumes.
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Retirement plan administration fees increased $0.4 million, or 2.2%, from the prior quarter and increased $1.2 million, or 7.8%, from the second quarter of 2025. The increase
from the prior quarter and the second quarter of 2025 was driven by higher activity-based fees, additional fees from new customer relationships and increased market values of assets under administration.
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Noninterest Expense
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Total noninterest expense was $111.4 million for the second quarter of 2026, compared to $112.2 million for the first quarter of 2026 and $122.6 million for the second quarter of
2025. Excluding acquisition expenses of $17.2 million in the second quarter of 2025, noninterest expense was 5.7% higher than the second quarter of 2025 primarily due to the Evans acquisition and continued investments in our people,
markets and infrastructure.
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Salaries and benefits increased 0.4% from the prior quarter driven by a full quarter of merit pay increases, which were effective in March, one additional payroll day and higher
medical expenses. The increase was partially offset by lower payroll taxes and stock-based compensation expenses which are seasonally higher in the first quarter. The increase from the second quarter of 2025 was driven by the impact of the Evans acquisition as NBT added 200 Evans employees in May 2025, annual merit pay increases and higher medical expenses.
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Technology and data services were consistent with the prior quarter and increased $1.0 million from the second quarter of 2025 primarily due to the Evans acquisition, timing of
planned activities and ongoing investment in enterprise technology initiatives.
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Occupancy costs decreased $1.5 million from the prior quarter and increased $0.4 million from the second quarter of 2025. The $1.5 million decrease from the prior quarter was
driven by lower seasonal maintenance and utilities costs following the harsh winter conditions across the footprint in the first quarter of 2026. The $0.4 million increase from the second quarter of 2025 was driven
by additional expenses from the Evans acquisition and higher facilities costs related to new branch banking locations.
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Professional fees and outside services were consistent with the prior quarter and increased $0.6 million from the second quarter of 2025 primarily due to the Evans acquisition
and the timing of various initiatives.
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No provision expense for unfunded loan commitments was recognized for the three months ended June 30, 2026, compared to expense of $1.7 million for the three months ended June
30, 2025, which included $0.5 million of acquisition-related provision associated with unfunded loan commitments acquired in the Evans acquisition.
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Other expenses were consistent with the prior quarter and increased $0.6 million from the second quarter of 2025. The increase from the second quarter of 2025 reflects the Evans
acquisition including increased FDIC insurance expense, travel and charitable contributions.
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Income Taxes
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The effective tax rate for the second quarter of 2026 was 23.3%, which was consistent with the prior quarter and down from 26.7% for the second quarter of 2025. The decrease in
the effective tax rate from the second quarter of 2025 was primarily due to the second quarter 2025 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.
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Capital
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Tangible common equity to tangible assets(1) was 9.16% at June 30, 2026. Tangible book value per share(2) was $27.71 at June 30, 2026, which increased 4.4%
from $26.54 at December 31, 2025 and increased 12.8% from $24.57 at June 30, 2025.
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Stockholders’ equity increased $47.7 million from December 31, 2025 driven by net income generation of $104.2 million, partially offset by dividends declared of $38.5 million,
the repurchase of common stock of $14.0 million and a $6.5 million increase in accumulated other comprehensive loss reflecting the change in the fair value of securities available for sale.
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As of June 30, 2026, CET1 capital ratio of 12.24%, leverage ratio of 9.85% and total risk-based capital ratio of 14.18%.
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5
Dividend
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The Board of Directors approved a third-quarter cash dividend of $0.40 per share at a meeting held earlier today. The dividend represents a $0.03 per share, or 8.1%, increase
over the dividend paid in the third quarter of 2025. This is the Company’s fourteenth consecutive year of annual dividend increases. The dividend will be paid on September 15, 2026 to stockholders of record as of September 1, 2026.
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Stock Repurchase
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The Company purchased 68,595 shares of its common stock during the second quarter of 2026 for a total of $3.0 million at an average price of $43.96 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 June 30, 2026, there were 1,431,405 shares available for repurchase under this plan.
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Subordinated Debt Redemption
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On June 30, 2026, the Company redeemed $25 million of subordinated debt using existing liquidity sources. The subordinated debt had a fixed rate of 3.50% which converted to a
floating rate at 6.50% in the second quarter of 2026.
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Conference Call and Webcast
The Company will host a conference call at 10:00 a.m. (Eastern) Tuesday, July 28, 2026, to review the second quarter 2026 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 $16.21 billion at June 30, 2026. 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 173 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.
6
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 any 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 on which they are 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.
7
|
NBT Bancorp Inc. and Subsidiaries
|
||||||||||||||||||||
|
Selected Financial Data
|
||||||||||||||||||||
|
(unaudited, dollars in thousands except per share data)
|
||||||||||||||||||||
|
2026
|
2025
|
|||||||||||||||||||
|
2nd Q
|
1st Q
|
4th Q
|
3rd Q
|
2nd Q
|
||||||||||||||||
|
Profitability (reported)
|
||||||||||||||||||||
|
Diluted earnings per share
|
$
|
1.02
|
$
|
0.98
|
$
|
1.06
|
$
|
1.03
|
$
|
0.44
|
||||||||||
|
Weighted average diluted common shares outstanding
|
52,238,983
|
52,352,800
|
52,524,388
|
52,642,688
|
50,787,474
|
|||||||||||||||
|
Return on average assets(3)
|
1.32
|
%
|
1.30
|
%
|
1.37
|
%
|
1.35
|
%
|
0.59
|
%
|
||||||||||
|
Return on average equity(3)
|
11.04
|
%
|
10.89
|
%
|
11.81
|
%
|
11.86
|
%
|
5.27
|
%
|
||||||||||
|
Return on average tangible common equity(1)(3)
|
15.65
|
%
|
15.59
|
%
|
17.05
|
%
|
17.35
|
%
|
8.01
|
%
|
||||||||||
|
Net interest margin(1)(3)
|
3.73
|
%
|
3.72
|
%
|
3.65
|
%
|
3.66
|
%
|
3.59
|
%
|
||||||||||
|
6 Months Ended June 30,
|
||||||||||||||||||||
|
2026
|
2025
|
|||||||||||||||||||
|
Profitability (reported)
|
||||||||||||||||||||
|
Diluted earnings per share
|
$
|
1.99
|
$
|
1.21
|
||||||||||||||||
|
Weighted average diluted common shares outstanding
|
52,290,178
|
49,143,067
|
||||||||||||||||||
|
Return on average assets(3)
|
1.31
|
%
|
0.82
|
%
|
||||||||||||||||
|
Return on average equity(3)
|
10.96
|
%
|
7.35
|
%
|
||||||||||||||||
|
Return on average tangible common equity(1)(3)
|
15.62
|
%
|
10.69
|
%
|
||||||||||||||||
|
Net interest margin(1)(3)
|
3.73
|
%
|
3.52
|
%
|
||||||||||||||||
|
2026
|
2025
|
|||||||||||||||||||
|
2nd Q
|
1st Q
|
4th Q
|
3rd Q
|
2nd Q
|
||||||||||||||||
|
Profitability (operating)
|
||||||||||||||||||||
|
Diluted earnings per share(1)
|
$
|
1.01
|
$
|
0.97
|
$
|
1.05
|
$
|
1.05
|
$
|
0.88
|
||||||||||
|
Return on average assets(1)(3)
|
1.32
|
%
|
1.29
|
%
|
1.37
|
%
|
1.37
|
%
|
1.19
|
%
|
||||||||||
|
Return on average equity(1)(3)
|
11.01
|
%
|
10.82
|
%
|
11.79
|
%
|
12.05
|
%
|
10.52
|
%
|
||||||||||
|
Return on average tangible common equity(1)(3)
|
15.61
|
%
|
15.50
|
%
|
17.02
|
%
|
17.61
|
%
|
15.25
|
%
|
||||||||||
|
6 Months Ended June 30,
|
||||||||||||||||||||
|
2026
|
2025
|
|||||||||||||||||||
|
Profitability (operating)
|
||||||||||||||||||||
|
Diluted earnings per share(1)
|
$
|
1.98
|
$
|
1.70
|
||||||||||||||||
|
Return on average assets(1)(3)
|
1.30
|
%
|
1.16
|
%
|
||||||||||||||||
|
Return on average equity(1)(3)
|
10.91
|
%
|
10.34
|
%
|
||||||||||||||||
|
Return on average tangible common equity(1)(3)
|
15.55
|
%
|
14.77
|
%
|
||||||||||||||||
|
2026
|
2025
|
|||||||||||||||||||
|
2nd Q
|
1st Q
|
4th Q
|
3rd Q
|
2nd Q
|
||||||||||||||||
|
Balance sheet data
|
||||||||||||||||||||
|
Short-term interest-bearing accounts
|
$
|
107,489
|
$
|
564,514
|
$
|
301,958
|
$
|
394,485
|
$
|
276,786
|
||||||||||
|
Securities available for sale
|
2,006,206
|
1,918,526
|
1,862,838
|
1,813,194
|
1,729,428
|
|||||||||||||||
|
Securities held to maturity
|
755,086
|
748,607
|
762,756
|
771,474
|
809,664
|
|||||||||||||||
|
Net loans
|
11,733,581
|
11,408,655
|
11,460,114
|
11,456,134
|
11,484,480
|
|||||||||||||||
|
Total assets
|
16,214,957
|
16,204,406
|
15,995,121
|
16,112,584
|
16,014,781
|
|||||||||||||||
|
Total deposits
|
13,537,302
|
13,742,966
|
13,499,193
|
13,660,918
|
13,515,232
|
|||||||||||||||
|
Total borrowings
|
471,195
|
297,407
|
327,422
|
319,358
|
411,376
|
|||||||||||||||
|
Total liabilities
|
14,271,038
|
14,290,009
|
14,098,905
|
14,259,438
|
14,209,615
|
|||||||||||||||
|
Stockholders’ equity
|
1,943,919
|
1,914,397
|
1,896,216
|
1,853,146
|
1,805,166
|
|||||||||||||||
|
Capital
|
||||||||||||||||||||
|
Equity to assets
|
11.99
|
%
|
11.81
|
%
|
11.85
|
%
|
11.50
|
%
|
11.27
|
%
|
||||||||||
|
Tangible equity ratio(1)
|
9.16
|
%
|
8.96
|
%
|
8.95
|
%
|
8.58
|
%
|
8.30
|
%
|
||||||||||
|
Book value per share
|
$
|
37.42
|
$
|
36.81
|
$
|
36.32
|
$
|
35.33
|
$
|
34.46
|
||||||||||
|
Tangible book value per share(2)
|
$
|
27.71
|
$
|
27.05
|
$
|
26.54
|
$
|
25.51
|
$
|
24.57
|
||||||||||
|
Leverage ratio
|
9.85
|
%
|
9.70
|
%
|
9.48
|
%
|
9.34
|
%
|
9.55
|
%
|
||||||||||
|
Common equity tier 1 capital ratio
|
12.24
|
%
|
12.34
|
%
|
12.07
|
%
|
11.80
|
%
|
11.37
|
%
|
||||||||||
|
Tier 1 capital ratio
|
12.24
|
%
|
12.34
|
%
|
12.07
|
%
|
11.80
|
%
|
11.37
|
%
|
||||||||||
|
Total risk-based capital ratio
|
14.18
|
%
|
14.52
|
%
|
14.24
|
%
|
13.97
|
%
|
14.48
|
%
|
||||||||||
|
Common stock price (end of period)
|
$
|
49.37
|
$
|
42.58
|
$
|
41.52
|
$
|
41.76
|
$
|
41.55
|
||||||||||
8
|
NBT Bancorp Inc. and Subsidiaries
|
||||||||||||||||||||
|
Asset Quality and Consolidated Loan Balances
|
||||||||||||||||||||
|
(unaudited, dollars in thousands)
|
||||||||||||||||||||
|
2026
|
2025
|
|||||||||||||||||||
|
2nd Q
|
1st Q
|
4th Q
|
3rd Q
|
2nd Q
|
||||||||||||||||
|
Asset quality
|
||||||||||||||||||||
|
Nonaccrual loans
|
$
|
62,898
|
$
|
57,903
|
$
|
44,592
|
$
|
46,450
|
$
|
43,181
|
||||||||||
|
90 days past due and still accruing
|
2,410
|
3,352
|
7,131
|
6,966
|
3,211
|
|||||||||||||||
|
Total nonperforming loans
|
65,308
|
61,255
|
51,723
|
53,416
|
46,392
|
|||||||||||||||
|
Other real estate owned
|
-
|
22
|
402
|
267
|
345
|
|||||||||||||||
|
Total nonperforming assets
|
65,308
|
61,277
|
52,125
|
53,683
|
46,737
|
|||||||||||||||
|
Allowance for loan losses
|
140,500
|
138,600
|
138,000
|
139,000
|
140,200
|
|||||||||||||||
|
Asset quality ratios
|
||||||||||||||||||||
|
Allowance for loan losses to total loans
|
1.18
|
%
|
1.20
|
%
|
1.19
|
%
|
1.20
|
%
|
1.21
|
%
|
||||||||||
|
Total nonperforming loans to total loans
|
0.55
|
%
|
0.53
|
%
|
0.45
|
%
|
0.46
|
%
|
0.40
|
%
|
||||||||||
|
Total nonperforming assets to total assets
|
0.40
|
%
|
0.38
|
%
|
0.33
|
%
|
0.33
|
%
|
0.29
|
%
|
||||||||||
|
Allowance for loan losses to total nonperforming loans
|
215.13
|
%
|
226.27
|
%
|
266.81
|
%
|
260.22
|
%
|
302.21
|
%
|
||||||||||
|
Past due loans to total loans(4)
|
0.63
|
%
|
0.40
|
%
|
0.38
|
%
|
0.38
|
%
|
0.38
|
%
|
||||||||||
|
Net charge-offs to average loans(3)
|
0.15
|
%
|
0.17
|
%
|
0.16
|
%
|
0.15
|
%
|
0.09
|
%
|
||||||||||
|
2026
|
2025
|
|||||||||||||||||||
|
2nd Q
|
1st Q
|
4th Q
|
3rd Q
|
2nd Q
|
||||||||||||||||
|
Loan net charge-offs by line of business
|
||||||||||||||||||||
|
Commercial
|
$
|
1,217
|
$
|
2,285
|
$
|
1,232
|
$
|
1,047
|
$
|
97
|
||||||||||
|
Residential mortgage and home equity
|
22
|
(106
|
)
|
(15
|
)
|
18
|
(27
|
)
|
||||||||||||
|
Indirect auto
|
439
|
843
|
877
|
679
|
749
|
|||||||||||||||
|
Residential solar and other consumer
|
2,558
|
1,955
|
2,671
|
2,556
|
1,542
|
|||||||||||||||
|
Total loan net charge-offs
|
$
|
4,236
|
$
|
4,977
|
$
|
4,765
|
$
|
4,300
|
$
|
2,361
|
||||||||||
|
2026
|
2025
|
|||||||||||||||||||
|
2nd Q
|
1st Q
|
4th Q
|
3rd Q
|
2nd Q
|
||||||||||||||||
|
Allowance for loan losses as a percentage of loans by segment
|
||||||||||||||||||||
|
Commercial & industrial
|
0.85
|
%
|
0.89
|
%
|
0.76
|
%
|
0.81
|
%
|
0.79
|
%
|
||||||||||
|
Commercial real estate
|
1.06
|
%
|
1.05
|
%
|
1.06
|
%
|
1.13
|
%
|
1.14
|
%
|
||||||||||
|
Residential mortgage
|
0.99
|
%
|
0.99
|
%
|
1.06
|
%
|
1.05
|
%
|
1.05
|
%
|
||||||||||
|
Auto
|
0.70
|
%
|
0.70
|
%
|
0.68
|
%
|
0.70
|
%
|
0.70
|
%
|
||||||||||
|
Residential solar and other consumer
|
4.39
|
%
|
4.39
|
%
|
4.09
|
%
|
3.62
|
%
|
3.64
|
%
|
||||||||||
|
Total
|
1.18
|
%
|
1.20
|
%
|
1.19
|
%
|
1.20
|
%
|
1.21
|
%
|
||||||||||
|
2026
|
2025
|
|||||||||||||||||||
|
2nd Q
|
1st Q
|
4th Q
|
3rd Q
|
2nd Q
|
||||||||||||||||
|
Loans by line of business
|
||||||||||||||||||||
|
Commercial & industrial
|
$
|
1,755,123
|
$
|
1,669,624
|
$
|
1,671,974
|
$
|
1,644,218
|
$
|
1,692,335
|
||||||||||
|
Commercial real estate
|
4,893,543
|
4,783,384
|
4,798,957
|
4,830,761
|
4,800,494
|
|||||||||||||||
|
Residential mortgage
|
2,558,338
|
2,539,249
|
2,537,593
|
2,528,565
|
2,530,344
|
|||||||||||||||
|
Home equity
|
465,340
|
447,462
|
448,113
|
435,584
|
423,355
|
|||||||||||||||
|
Indirect auto
|
1,450,482
|
1,333,017
|
1,340,524
|
1,327,689
|
1,319,401
|
|||||||||||||||
|
Residential solar and other consumer
|
751,255
|
774,519
|
800,953
|
828,317
|
858,751
|
|||||||||||||||
|
Total loans
|
$
|
11,874,081
|
$
|
11,547,255
|
$
|
11,598,114
|
$
|
11,595,134
|
$
|
11,624,680
|
||||||||||
9
|
NBT Bancorp Inc. and Subsidiaries
|
||||||||
|
Consolidated Balance Sheets
|
||||||||
|
(unaudited, in thousands)
|
||||||||
|
June 30,
|
December 31,
|
|||||||
|
2026
|
2025
|
|||||||
|
Assets
|
||||||||
|
Cash and due from banks
|
$
|
187,164
|
$
|
185,158
|
||||
|
Short-term interest-bearing accounts
|
107,489
|
301,958
|
||||||
|
Equity securities, at fair value
|
50,732
|
48,760
|
||||||
|
Securities available for sale, at fair value
|
2,006,206
|
1,862,838
|
||||||
|
Securities held to maturity (fair value $692,689 and $702,577, respectively)
|
755,086
|
762,756
|
||||||
|
Federal Reserve and Federal Home Loan Bank stock
|
51,540
|
44,575
|
||||||
|
Loans held for sale
|
-
|
1,108
|
||||||
|
Loans
|
11,874,081
|
11,598,114
|
||||||
|
Less allowance for loan losses
|
140,500
|
138,000
|
||||||
|
Net loans
|
$
|
11,733,581
|
$
|
11,460,114
|
||||
|
Premises and equipment, net
|
98,119
|
99,277
|
||||||
|
Goodwill
|
453,278
|
453,278
|
||||||
|
Intangible assets, net
|
51,117
|
57,656
|
||||||
|
Bank owned life insurance
|
314,806
|
317,733
|
||||||
|
Other assets
|
405,839
|
399,910
|
||||||
|
Total assets
|
$
|
16,214,957
|
$
|
15,995,121
|
||||
|
Liabilities and stockholders’ equity
|
||||||||
|
Demand (noninterest bearing)
|
$
|
3,861,366
|
$
|
3,800,209
|
||||
|
Savings, interest-bearing checking and money market
|
8,347,052
|
8,206,539
|
||||||
|
Time
|
1,328,884
|
1,492,445
|
||||||
|
Total deposits
|
$
|
13,537,302
|
$
|
13,499,193
|
||||
|
Short-term borrowings
|
316,438
|
148,069
|
||||||
|
Long-term debt
|
43,043
|
43,176
|
||||||
|
Subordinated debt, net
|
-
|
24,509
|
||||||
|
Junior subordinated debt
|
111,714
|
111,668
|
||||||
|
Other liabilities
|
262,541
|
272,290
|
||||||
|
Total liabilities
|
$
|
14,271,038
|
$
|
14,098,905
|
||||
|
Total stockholders’ equity
|
$
|
1,943,919
|
$
|
1,896,216
|
||||
|
Total liabilities and stockholders’ equity
|
$
|
16,214,957
|
$
|
15,995,121
|
||||
10
|
NBT Bancorp Inc. and Subsidiaries
|
||||||||||||||||
|
Consolidated Statements of Income
|
||||||||||||||||
|
(unaudited, in thousands except per share data)
|
||||||||||||||||
|
Three Months Ended
|
Six Months Ended
|
|||||||||||||||
|
June 30,
|
June 30,
|
|||||||||||||||
|
2026
|
2025
|
2026
|
2025
|
|||||||||||||
|
Interest, fee and dividend income
|
||||||||||||||||
|
Interest and fees on loans
|
$
|
163,764
|
$
|
158,912
|
$
|
324,866
|
$
|
296,964
|
||||||||
|
Securities available for sale
|
14,770
|
11,609
|
28,252
|
21,871
|
||||||||||||
|
Securities held to maturity
|
4,426
|
4,870
|
8,776
|
9,784
|
||||||||||||
|
Other
|
2,801
|
2,186
|
6,513
|
3,362
|
||||||||||||
|
Total interest, fee and dividend income
|
$
|
185,761
|
$
|
177,577
|
$
|
368,407
|
$
|
331,981
|
||||||||
|
Interest expense
|
||||||||||||||||
|
Deposits
|
$
|
44,879
|
$
|
48,219
|
$
|
89,714
|
$
|
90,807
|
||||||||
|
Short-term borrowings
|
1,165
|
1,046
|
1,987
|
1,912
|
||||||||||||
|
Long-term debt
|
445
|
296
|
886
|
562
|
||||||||||||
|
Subordinated debt
|
611
|
2,001
|
1,121
|
3,823
|
||||||||||||
|
Junior subordinated debt
|
1,698
|
1,795
|
3,388
|
3,434
|
||||||||||||
|
Total interest expense
|
$
|
48,798
|
$
|
53,357
|
$
|
97,096
|
$
|
100,538
|
||||||||
|
Net interest income
|
$
|
136,963
|
$
|
124,220
|
$
|
271,311
|
$
|
231,443
|
||||||||
|
Provision for loan losses
|
$
|
6,136
|
$
|
4,813
|
$
|
11,713
|
$
|
12,367
|
||||||||
|
Provision for loan losses - acquisition day 1 non-PCD
|
-
|
13,022
|
-
|
13,022
|
||||||||||||
|
Total provision for loan losses
|
$
|
6,136
|
$
|
17,835
|
$
|
11,713
|
$
|
25,389
|
||||||||
|
Net interest income after provision for loan losses
|
$
|
130,827
|
$
|
106,385
|
$
|
259,598
|
$
|
206,054
|
||||||||
|
Noninterest income
|
||||||||||||||||
|
Service charges on deposit accounts
|
$
|
5,194
|
$
|
4,578
|
$
|
10,462
|
$
|
8,821
|
||||||||
|
Card services income
|
6,613
|
6,077
|
12,641
|
11,394
|
||||||||||||
|
Retirement plan administration fees
|
16,928
|
15,710
|
33,494
|
31,568
|
||||||||||||
|
Wealth management
|
10,948
|
10,678
|
22,082
|
21,624
|
||||||||||||
|
Insurance services
|
4,177
|
4,097
|
8,659
|
8,858
|
||||||||||||
|
Bank owned life insurance income
|
2,505
|
2,180
|
5,164
|
5,577
|
||||||||||||
|
Net securities gains
|
175
|
112
|
617
|
8
|
||||||||||||
|
Other
|
3,187
|
3,500
|
6,744
|
6,534
|
||||||||||||
|
Total noninterest income
|
$
|
49,727
|
$
|
46,932
|
$
|
99,863
|
$
|
94,384
|
||||||||
|
Noninterest expense
|
||||||||||||||||
|
Salaries and employee benefits
|
$
|
69,004
|
$
|
64,155
|
$
|
137,763
|
$
|
124,849
|
||||||||
|
Technology and data services
|
11,850
|
10,804
|
23,360
|
21,042
|
||||||||||||
|
Occupancy
|
9,475
|
9,038
|
20,485
|
18,065
|
||||||||||||
|
Professional fees and outside services
|
5,662
|
5,021
|
11,216
|
9,973
|
||||||||||||
|
Amortization of intangible assets
|
3,191
|
3,042
|
6,539
|
5,153
|
||||||||||||
|
Reserve for unfunded loan commitments
|
-
|
1,702
|
(300
|
)
|
1,792
|
|||||||||||
|
Acquisition expenses
|
-
|
17,180
|
-
|
18,401
|
||||||||||||
|
Other
|
12,256
|
11,668
|
24,607
|
23,235
|
||||||||||||
|
Total noninterest expense
|
$
|
111,438
|
$
|
122,610
|
$
|
223,670
|
$
|
222,510
|
||||||||
|
Income before income tax expense
|
$
|
69,116
|
$
|
30,707
|
$
|
135,791
|
$
|
77,928
|
||||||||
|
Income tax expense
|
16,086
|
8,197
|
31,619
|
18,673
|
||||||||||||
|
Net income
|
$
|
53,030
|
$
|
22,510
|
$
|
104,172
|
$
|
59,255
|
||||||||
|
Earnings Per Share
|
||||||||||||||||
|
Basic
|
$
|
1.02
|
$
|
0.45
|
$
|
2.00
|
$
|
1.21
|
||||||||
|
Diluted
|
$
|
1.02
|
$
|
0.44
|
$
|
1.99
|
$
|
1.21
|
||||||||
11
|
NBT Bancorp Inc. and Subsidiaries
|
||||||||||||||||||||
|
Quarterly Consolidated Statements of Income
|
||||||||||||||||||||
|
(unaudited, in thousands except per share data)
|
||||||||||||||||||||
|
2026
|
2025
|
|||||||||||||||||||
|
2nd Q
|
1st Q
|
4th Q
|
3rd Q
|
2nd Q
|
||||||||||||||||
|
Interest, fee and dividend income
|
||||||||||||||||||||
|
Interest and fees on loans
|
$
|
163,764
|
$
|
161,102
|
$
|
166,046
|
$
|
169,301
|
$
|
158,912
|
||||||||||
|
Securities available for sale
|
14,770
|
13,482
|
13,081
|
12,063
|
11,609
|
|||||||||||||||
|
Securities held to maturity
|
4,426
|
4,350
|
4,398
|
4,595
|
4,870
|
|||||||||||||||
|
Other
|
2,801
|
3,712
|
5,019
|
4,508
|
2,186
|
|||||||||||||||
|
Total interest, fee and dividend income
|
$
|
185,761
|
$
|
182,646
|
$
|
188,544
|
$
|
190,467
|
$
|
177,577
|
||||||||||
|
Interest expense
|
||||||||||||||||||||
|
Deposits
|
$
|
44,879
|
$
|
44,835
|
$
|
49,426
|
$
|
52,101
|
$
|
48,219
|
||||||||||
|
Short-term borrowings
|
1,165
|
822
|
915
|
816
|
1,046
|
|||||||||||||||
|
Long-term debt
|
445
|
441
|
451
|
450
|
296
|
|||||||||||||||
|
Subordinated debt
|
611
|
510
|
505
|
547
|
2,001
|
|||||||||||||||
|
Junior subordinated debt
|
1,698
|
1,690
|
1,807
|
1,890
|
1,795
|
|||||||||||||||
|
Total interest expense
|
$
|
48,798
|
$
|
48,298
|
$
|
53,104
|
$
|
55,804
|
$
|
53,357
|
||||||||||
|
Net interest income
|
$
|
136,963
|
$
|
134,348
|
$
|
135,440
|
$
|
134,663
|
$
|
124,220
|
||||||||||
|
Provision for loan losses
|
$
|
6,136
|
$
|
5,577
|
$
|
3,765
|
$
|
3,100
|
$
|
4,813
|
||||||||||
|
Provision for loan losses - acquisition day 1 non-PCD
|
-
|
-
|
-
|
-
|
13,022
|
|||||||||||||||
|
Total provision for loan losses
|
$
|
6,136
|
$
|
5,577
|
$
|
3,765
|
$
|
3,100
|
$
|
17,835
|
||||||||||
|
Net interest income after provision for loan losses
|
$
|
130,827
|
$
|
128,771
|
$
|
131,675
|
$
|
131,563
|
$
|
106,385
|
||||||||||
|
Noninterest income
|
||||||||||||||||||||
|
Service charges on deposit accounts
|
$
|
5,194
|
$
|
5,268
|
$
|
5,146
|
$
|
5,100
|
$
|
4,578
|
||||||||||
|
Card services income
|
6,613
|
6,028
|
6,205
|
6,389
|
6,077
|
|||||||||||||||
|
Retirement plan administration fees
|
16,928
|
16,566
|
14,104
|
15,913
|
15,710
|
|||||||||||||||
|
Wealth management
|
10,948
|
11,134
|
12,028
|
11,103
|
10,678
|
|||||||||||||||
|
Insurance services
|
4,177
|
4,482
|
3,917
|
5,260
|
4,097
|
|||||||||||||||
|
Bank owned life insurance income
|
2,505
|
2,659
|
3,576
|
3,240
|
2,180
|
|||||||||||||||
|
Net securities gains (losses)
|
175
|
442
|
142
|
(2
|
)
|
112
|
||||||||||||||
|
Other
|
3,187
|
3,557
|
4,586
|
4,402
|
3,500
|
|||||||||||||||
|
Total noninterest income
|
$
|
49,727
|
$
|
50,136
|
$
|
49,704
|
$
|
51,405
|
$
|
46,932
|
||||||||||
|
Noninterest expense
|
||||||||||||||||||||
|
Salaries and employee benefits
|
$
|
69,004
|
$
|
68,759
|
$
|
65,993
|
$
|
66,636
|
$
|
64,155
|
||||||||||
|
Technology and data services
|
11,850
|
11,510
|
11,803
|
11,180
|
10,804
|
|||||||||||||||
|
Occupancy
|
9,475
|
11,010
|
9,267
|
9,053
|
9,038
|
|||||||||||||||
|
Professional fees and outside services
|
5,662
|
5,554
|
5,826
|
5,941
|
5,021
|
|||||||||||||||
|
Amortization of intangible assets
|
3,191
|
3,348
|
3,362
|
3,429
|
3,042
|
|||||||||||||||
|
Reserve for unfunded loan commitments
|
-
|
(300
|
)
|
(100
|
)
|
(317
|
)
|
1,702
|
||||||||||||
|
Acquisition expenses
|
-
|
-
|
-
|
1,125
|
17,180
|
|||||||||||||||
|
Other
|
12,256
|
12,351
|
15,537
|
14,096
|
11,668
|
|||||||||||||||
|
Total noninterest expense
|
$
|
111,438
|
$
|
112,232
|
$
|
111,688
|
$
|
111,143
|
$
|
122,610
|
||||||||||
|
Income before income tax expense
|
$
|
69,116
|
$
|
66,675
|
$
|
69,691
|
$
|
71,825
|
$
|
30,707
|
||||||||||
|
Income tax expense
|
16,086
|
15,533
|
14,182
|
17,354
|
8,197
|
|||||||||||||||
|
Net income
|
$
|
53,030
|
$
|
51,142
|
$
|
55,509
|
$
|
54,471
|
$
|
22,510
|
||||||||||
|
Earnings Per Share
|
||||||||||||||||||||
|
Basic
|
$
|
1.02
|
$
|
0.98
|
$
|
1.06
|
$
|
1.04
|
$
|
0.45
|
||||||||||
|
Diluted
|
$
|
1.02
|
$
|
0.98
|
$
|
1.06
|
$
|
1.03
|
$
|
0.44
|
||||||||||
12
|
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
|
|||||||||||||||||||||||||||||||
|
Q2 - 2026
|
Q1 - 2026
|
Q4 - 2025
|
Q3 - 2025
|
Q2 - 2025 | ||||||||||||||||||||||||||||||||||||
|
Assets
|
||||||||||||||||||||||||||||||||||||||||
|
Short-term interest-bearing accounts
|
$
|
248,882
|
3.47
|
%
|
$
|
356,403
|
3.56
|
%
|
$
|
450,719
|
3.93
|
%
|
$
|
338,919
|
4.60
|
%
|
$
|
146,640
|
4.61
|
%
|
||||||||||||||||||||
|
Securities taxable(1)
|
2,633,502
|
2.70
|
%
|
2,547,841
|
2.62
|
%
|
2,513,465
|
2.55
|
%
|
2,464,271
|
2.46
|
%
|
2,486,349
|
2.40
|
%
|
|||||||||||||||||||||||||
|
Securities tax-exempt(1)(5)
|
209,441
|
3.59
|
%
|
192,429
|
3.63
|
%
|
194,638
|
3.48
|
%
|
196,728
|
3.48
|
%
|
221,328
|
3.65
|
%
|
|||||||||||||||||||||||||
|
FRB and FHLB stock
|
45,925
|
5.64
|
%
|
44,589
|
5.32
|
%
|
44,632
|
4.95
|
%
|
42,790
|
5.37
|
%
|
39,176
|
5.12
|
%
|
|||||||||||||||||||||||||
|
Loans(1)(6)
|
11,666,871
|
5.64
|
%
|
11,553,561
|
5.66
|
%
|
11,564,950
|
5.70
|
%
|
11,600,816
|
5.80
|
%
|
11,064,920
|
5.77
|
%
|
|||||||||||||||||||||||||
|
Total interest-earning assets
|
$
|
14,804,621
|
5.05
|
%
|
$
|
14,694,823
|
5.06
|
%
|
$
|
14,768,404
|
5.08
|
%
|
$
|
14,643,524
|
5.18
|
%
|
$
|
13,958,413
|
5.12
|
%
|
||||||||||||||||||||
|
Other assets
|
1,300,564
|
1,315,235
|
1,317,791
|
1,344,775
|
1,242,690
|
|||||||||||||||||||||||||||||||||||
|
Total assets
|
$
|
16,105,185
|
$
|
16,010,058
|
$
|
16,086,195
|
$
|
15,988,299
|
$
|
15,201,103
|
||||||||||||||||||||||||||||||
|
Liabilities and stockholders’ equity
|
||||||||||||||||||||||||||||||||||||||||
|
Money market deposits
|
$
|
4,273,336
|
2.64
|
%
|
$
|
4,188,180
|
2.64
|
%
|
$
|
4,222,137
|
2.78
|
%
|
$
|
4,077,741
|
3.01
|
%
|
$
|
3,808,024
|
3.00
|
%
|
||||||||||||||||||||
|
Interest-bearing checking deposits
|
2,118,007
|
1.02
|
%
|
2,117,278
|
1.04
|
%
|
2,094,105
|
1.14
|
%
|
2,059,009
|
1.10
|
%
|
1,902,392
|
0.98
|
%
|
|||||||||||||||||||||||||
|
Savings deposits
|
2,015,461
|
0.47
|
%
|
1,953,096
|
0.42
|
%
|
1,919,032
|
0.42
|
%
|
1,947,627
|
0.43
|
%
|
1,852,027
|
0.35
|
%
|
|||||||||||||||||||||||||
|
Time deposits
|
1,351,024
|
2.68
|
%
|
1,455,142
|
2.83
|
%
|
1,533,062
|
3.05
|
%
|
1,633,647
|
3.26
|
%
|
1,600,908
|
3.37
|
%
|
|||||||||||||||||||||||||
|
Total interest-bearing deposits
|
$
|
9,757,828
|
1.84
|
%
|
$
|
9,713,696
|
1.87
|
%
|
$
|
9,768,336
|
2.01
|
%
|
$
|
9,718,024
|
2.13
|
%
|
$
|
9,163,351
|
2.11
|
%
|
||||||||||||||||||||
|
Federal funds purchased
|
15,330
|
3.74
|
%
|
-
|
-
|
-
|
-
|
-
|
-
|
14,231
|
4.51
|
%
|
||||||||||||||||||||||||||||
|
Repurchase agreements
|
112,557
|
2.55
|
%
|
126,024
|
2.65
|
%
|
137,832
|
2.63
|
%
|
123,573
|
2.62
|
%
|
89,957
|
2.52
|
%
|
|||||||||||||||||||||||||
|
Short-term borrowings
|
31,291
|
3.92
|
%
|
-
|
-
|
-
|
-
|
11
|
4.61
|
%
|
27,845
|
4.62
|
%
|
|||||||||||||||||||||||||||
|
Long-term debt
|
43,072
|
4.14
|
%
|
43,139
|
4.15
|
%
|
44,216
|
4.05
|
%
|
44,802
|
3.98
|
%
|
30,705
|
3.87
|
%
|
|||||||||||||||||||||||||
|
Subordinated debt, net
|
24,259
|
10.10
|
%
|
24,655
|
8.39
|
%
|
24,338
|
8.23
|
%
|
27,085
|
8.01
|
%
|
134,684
|
5.96
|
%
|
|||||||||||||||||||||||||
|
Junior subordinated debt
|
111,702
|
6.10
|
%
|
111,679
|
6.14
|
%
|
111,654
|
6.42
|
%
|
111,629
|
6.72
|
%
|
107,948
|
6.67
|
%
|
|||||||||||||||||||||||||
|
Total interest-bearing liabilities
|
$
|
10,096,039
|
1.94
|
%
|
$
|
10,019,193
|
1.95
|
%
|
$
|
10,086,376
|
2.09
|
%
|
$
|
10,025,124
|
2.21
|
%
|
$
|
9,568,721
|
2.24
|
%
|
||||||||||||||||||||
|
Demand deposits
|
3,814,717
|
3,811,907
|
3,848,626
|
3,849,288
|
3,634,517
|
|||||||||||||||||||||||||||||||||||
|
Other liabilities
|
267,341
|
273,936
|
287,158
|
292,294
|
285,357
|
|||||||||||||||||||||||||||||||||||
|
Stockholders’ equity
|
1,927,088
|
1,905,022
|
1,864,035
|
1,821,593
|
1,712,508
|
|||||||||||||||||||||||||||||||||||
|
Total liabilities and stockholders’ equity
|
$
|
16,105,185
|
$
|
16,010,058
|
$
|
16,086,195
|
$
|
15,988,299
|
$
|
15,201,103
|
||||||||||||||||||||||||||||||
|
Interest rate spread
|
3.11
|
%
|
3.11
|
%
|
2.99
|
%
|
2.97
|
%
|
2.88
|
%
|
||||||||||||||||||||||||||||||
|
Net interest margin (FTE)(1)(3)
|
3.73
|
%
|
3.72
|
%
|
3.65
|
%
|
3.66
|
%
|
3.59
|
%
|
||||||||||||||||||||||||||||||
|
Total cost of deposits
|
$
|
13,572,545
|
1.33
|
%
|
$
|
13,525,603
|
1.34
|
%
|
$
|
13,616,962
|
1.44
|
%
|
$
|
13,567,312
|
1.52
|
%
|
$
|
12,797,868
|
1.51
|
%
|
||||||||||||||||||||
|
Total cost of funds
|
13,910,756
|
1.41
|
%
|
13,831,100
|
1.42
|
%
|
13,935,002
|
1.51
|
%
|
13,874,412
|
1.60
|
%
|
13,203,238
|
1.62
|
%
|
|||||||||||||||||||||||||
13
|
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
|
|||||||||||||||||||
|
Six Months Ended June 30,
|
2026
|
2025
|
||||||||||||||||||||||
|
Assets
|
||||||||||||||||||||||||
|
Short-term interest-bearing accounts
|
$
|
302,346
|
$
|
5,282
|
3.52
|
%
|
$
|
105,150
|
$
|
2,389
|
4.58
|
%
|
||||||||||||
|
Securities taxable(1)
|
2,590,908
|
34,186
|
2.66
|
%
|
2,444,791
|
28,520
|
2.35
|
%
|
||||||||||||||||
|
Securities tax-exempt(1)(5)
|
200,982
|
3,598
|
3.61
|
%
|
220,772
|
3,968
|
3.62
|
%
|
||||||||||||||||
|
FRB and FHLB stock
|
45,260
|
1,231
|
5.48
|
%
|
36,338
|
973
|
5.40
|
%
|
||||||||||||||||
|
Loans(1)(6)
|
11,610,529
|
325,302
|
5.65
|
%
|
10,526,197
|
297,422
|
5.70
|
%
|
||||||||||||||||
|
Total interest-earning assets
|
$
|
14,750,025
|
$
|
369,599
|
5.05
|
%
|
$
|
13,333,248
|
$
|
333,272
|
5.04
|
%
|
||||||||||||
|
Other assets
|
1,307,859
|
1,165,806
|
||||||||||||||||||||||
|
Total assets
|
$
|
16,057,884
|
$
|
14,499,054
|
||||||||||||||||||||
|
Liabilities and stockholders’ equity
|
||||||||||||||||||||||||
|
Money market deposits
|
$
|
4,230,993
|
$
|
55,340
|
2.64
|
%
|
$
|
3,653,148
|
$
|
54,719
|
3.02
|
%
|
||||||||||||
|
Interest-bearing checking deposits
|
2,117,645
|
10,824
|
1.03
|
%
|
1,792,937
|
8,135
|
0.91
|
%
|
||||||||||||||||
|
Savings deposits
|
1,984,451
|
4,358
|
0.44
|
%
|
1,712,624
|
1,806
|
0.21
|
%
|
||||||||||||||||
|
Time deposits
|
1,402,795
|
19,192
|
2.76
|
%
|
1,526,292
|
26,147
|
3.45
|
%
|
||||||||||||||||
|
Total interest-bearing deposits
|
$
|
9,735,884
|
$
|
89,714
|
1.86
|
%
|
$
|
8,685,001
|
$
|
90,807
|
2.11
|
%
|
||||||||||||
|
Federal funds purchased
|
7,707
|
143
|
3.74
|
%
|
8,287
|
185
|
4.50
|
%
|
||||||||||||||||
|
Repurchase agreements
|
119,253
|
1,539
|
2.60
|
%
|
98,678
|
1,327
|
2.71
|
%
|
||||||||||||||||
|
Short-term borrowings
|
15,732
|
305
|
3.91
|
%
|
17,498
|
400
|
4.61
|
%
|
||||||||||||||||
|
Long-term debt
|
43,105
|
886
|
4.14
|
%
|
29,198
|
562
|
3.88
|
%
|
||||||||||||||||
|
Subordinated debt, net
|
24,456
|
1,121
|
9.24
|
%
|
128,044
|
3,823
|
6.02
|
%
|
||||||||||||||||
|
Junior subordinated debt
|
111,691
|
3,388
|
6.12
|
%
|
104,590
|
3,434
|
6.62
|
%
|
||||||||||||||||
|
Total interest-bearing liabilities
|
$
|
10,057,828
|
$
|
97,096
|
1.95
|
%
|
$
|
9,071,296
|
$
|
100,538
|
2.23
|
%
|
||||||||||||
|
Demand deposits
|
3,813,319
|
3,510,487
|
||||||||||||||||||||||
|
Other liabilities
|
270,621
|
291,139
|
||||||||||||||||||||||
|
Stockholders’ equity
|
1,916,116
|
1,626,132
|
||||||||||||||||||||||
|
Total liabilities and stockholders’ equity
|
$
|
16,057,884
|
$
|
14,499,054
|
||||||||||||||||||||
|
Net interest income (FTE)(1)
|
$
|
272,503
|
$
|
232,734
|
||||||||||||||||||||
|
Interest rate spread
|
3.10
|
%
|
2.81
|
%
|
||||||||||||||||||||
|
Net interest margin (FTE)(1)(3)
|
3.73
|
%
|
3.52
|
%
|
||||||||||||||||||||
|
Taxable equivalent adjustment
|
$
|
1,192
|
$
|
1,291
|
||||||||||||||||||||
|
Net interest income
|
$
|
271,311
|
$
|
231,443
|
||||||||||||||||||||
|
Total cost of deposits
|
$
|
13,549,203
|
$
|
89,714
|
1.34
|
%
|
$
|
12,195,488
|
$
|
90,807
|
1.50
|
%
|
||||||||||||
|
Total cost of funds
|
13,871,147
|
97,096
|
1.41
|
%
|
12,581,783
|
100,538
|
1.61
|
%
|
||||||||||||||||
14
|
(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)
|
||||||||||||||||||||
|
2026
|
2025
|
|||||||||||||||||||
|
2nd Q
|
1st Q
|
4th Q
|
3rd Q
|
2nd Q
|
||||||||||||||||
|
Operating net income
|
||||||||||||||||||||
|
Net income
|
$
|
53,030
|
$
|
51,142
|
$
|
55,509
|
$
|
54,471
|
$
|
22,510
|
||||||||||
|
Acquisition expenses
|
-
|
-
|
-
|
1,125
|
17,180
|
|||||||||||||||
|
Acquisition-related provision for credit losses
|
-
|
-
|
-
|
-
|
13,022
|
|||||||||||||||
|
Acquisition-related reserve for unfunded loan commitments
|
-
|
-
|
-
|
-
|
532
|
|||||||||||||||
|
Securities (gains) losses
|
(175
|
)
|
(442
|
)
|
(142
|
)
|
2
|
(112
|
)
|
|||||||||||
|
Adjustments to net income
|
$
|
(175
|
)
|
$
|
(442
|
)
|
$
|
(142
|
)
|
$
|
1,127
|
$
|
30,622
|
|||||||
|
Adjustments to net income (net of tax)
|
$
|
(134
|
)
|
$
|
(338
|
)
|
$
|
(113
|
)
|
$
|
851
|
$
|
22,413
|
|||||||
|
Operating net income
|
$
|
52,896
|
$
|
50,804
|
$
|
55,396
|
$
|
55,322
|
$
|
44,923
|
||||||||||
|
Operating diluted earnings per share
|
$
|
1.01
|
$
|
0.97
|
$
|
1.05
|
$
|
1.05
|
$
|
0.88
|
||||||||||
|
6 Months Ended June 30,
|
||||||||||||||||||||
|
2026
|
2025
|
|||||||||||||||||||
|
Operating net income
|
||||||||||||||||||||
|
Net income
|
$
|
104,172
|
$
|
59,255
|
||||||||||||||||
|
Acquisition expenses
|
-
|
18,401
|
||||||||||||||||||
|
Acquisition-related provision for credit losses
|
-
|
13,022
|
||||||||||||||||||
|
Acquisition-related reserve for unfunded loan commitments
|
-
|
532
|
||||||||||||||||||
|
Securities (gains)
|
(617
|
)
|
(8
|
)
|
||||||||||||||||
|
Adjustments to net income
|
$
|
(617
|
)
|
$
|
31,947
|
|||||||||||||||
|
Adjustments to net income (net of tax)
|
$
|
(472
|
)
|
$
|
24,120
|
|||||||||||||||
|
Operating net income
|
$
|
103,700
|
$
|
83,375
|
||||||||||||||||
|
Operating diluted earnings per share
|
$
|
1.98
|
$
|
1.70
|
||||||||||||||||
|
2026
|
2025
|
|||||||||||||||||||
|
2nd Q
|
1st Q
|
4th Q
|
3rd Q
|
2nd Q
|
||||||||||||||||
|
FTE adjustment
|
||||||||||||||||||||
|
Net interest income
|
$
|
136,963
|
$
|
134,348
|
$
|
135,440
|
$
|
134,663
|
$
|
124,220
|
||||||||||
|
Add: FTE adjustment
|
614
|
578
|
581
|
594
|
655
|
|||||||||||||||
|
Net interest income (FTE)
|
$
|
137,577
|
$
|
134,926
|
$
|
136,021
|
$
|
135,257
|
$
|
124,875
|
||||||||||
|
Average earning assets
|
$
|
14,804,621
|
$
|
14,694,823
|
$
|
14,768,404
|
$
|
14,643,524
|
$
|
13,958,413
|
||||||||||
|
Net interest margin (FTE)(3)
|
3.73
|
%
|
3.72
|
%
|
3.65
|
%
|
3.66
|
%
|
3.59
|
%
|
||||||||||
|
6 Months Ended June 30,
|
||||||||||||||||||||
|
2026
|
2025
|
|||||||||||||||||||
|
FTE adjustment
|
||||||||||||||||||||
|
Net interest income
|
$
|
271,311
|
$
|
231,443
|
||||||||||||||||
|
Add: FTE adjustment
|
1,192
|
1,291
|
||||||||||||||||||
|
Net interest income (FTE)
|
$
|
272,503
|
$
|
232,734
|
||||||||||||||||
|
Average earning assets
|
$
|
14,750,025
|
$
|
13,333,248
|
||||||||||||||||
|
Net interest margin (FTE)(3)
|
3.73
|
%
|
3.52
|
%
|
||||||||||||||||
|
Interest income for tax-exempt securities and loans have been adjusted to an FTE basis using the statutory Federal income tax rate of 21%.
|
||||||||||||||||||||
15
|
(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)
|
||||||||||||||||||||
|
2026
|
2025
|
|||||||||||||||||||
|
2nd Q
|
1st Q
|
4th Q
|
3rd Q
|
2nd Q
|
||||||||||||||||
|
Tangible equity to tangible assets
|
||||||||||||||||||||
|
Total equity
|
$
|
1,943,919
|
$
|
1,914,397
|
$
|
1,896,216
|
$
|
1,853,146
|
$
|
1,805,166
|
||||||||||
|
Intangible assets
|
504,395
|
507,586
|
510,934
|
515,090
|
518,519
|
|||||||||||||||
|
Total assets
|
$
|
16,214,957
|
$
|
16,204,406
|
$
|
15,995,121
|
$
|
16,112,584
|
$
|
16,014,781
|
||||||||||
|
Tangible equity to tangible assets
|
9.16
|
%
|
8.96
|
%
|
8.95
|
%
|
8.58
|
%
|
8.30
|
%
|
||||||||||
| 2026 | 2025 | |||||||||||||||||||
|
2nd Q
|
1st Q
|
4th Q
|
3rd Q
|
2nd Q
|
||||||||||||||||
|
Return on average tangible common equity
|
||||||||||||||||||||
|
Net income
|
$
|
53,030
|
$
|
51,142
|
$
|
55,509
|
$
|
54,471
|
$
|
22,510
|
||||||||||
|
Amortization of intangible assets (net of tax)
|
2,393
|
2,511
|
2,522
|
2,572
|
2,282
|
|||||||||||||||
|
Net income, excluding intangibles amortization
|
$
|
55,423
|
$
|
53,653
|
$
|
58,031
|
$
|
57,043
|
$
|
24,792
|
||||||||||
|
Average stockholders’ equity
|
$
|
1,927,088
|
$
|
1,905,022
|
$
|
1,864,035
|
$
|
1,821,593
|
$
|
1,712,508
|
||||||||||
|
Less: average goodwill and other intangibles
|
506,308
|
509,643
|
513,728
|
517,271
|
471,159
|
|||||||||||||||
|
Average tangible common equity
|
$
|
1,420,780
|
$
|
1,395,379
|
$
|
1,350,307
|
$
|
1,304,322
|
$
|
1,241,349
|
||||||||||
|
Return on average tangible common equity(3)
|
15.65
|
%
|
15.59
|
%
|
17.05
|
%
|
17.35
|
%
|
8.01
|
%
|
||||||||||
|
6 Months Ended June 30,
|
||||||||||||||||||||
|
2026
|
2025
|
|||||||||||||||||||
|
Return on average tangible common equity
|
||||||||||||||||||||
|
Net income
|
$
|
104,172
|
$
|
59,255
|
||||||||||||||||
|
Amortization of intangible assets (net of tax)
|
4,904
|
3,865
|
||||||||||||||||||
|
Net income, excluding intangibles amortization
|
$
|
109,076
|
$
|
63,120
|
||||||||||||||||
|
Average stockholders’ equity
|
$
|
1,916,116
|
$
|
1,626,132
|
||||||||||||||||
|
Less: average goodwill and other intangibles
|
507,966
|
434,897
|
||||||||||||||||||
|
Average tangible common equity
|
$
|
1,408,150
|
$
|
1,191,235
|
||||||||||||||||
|
Return on average tangible common equity
|
15.62
|
%
|
10.69
|
%
|
||||||||||||||||
|
(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.
|