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NBT Bancorp Inc. Announces Record Third Quarter 2026 Results and Declares Cash Dividend

News Provided by GlobeNewswire2026-10-27
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NORWICH, N.Y., Oct. 27, 2026 (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, 2026.

Net income for the third quarter of 2026 was $58.0 million, or $1.11 per diluted common share, compared to $54.5 million, or $1.03 per diluted common share, for the third quarter of 2025, and $53.0 million, or $1.02 per diluted common share, for the second quarter of 2026. Operating diluted earnings per share(1), a non-GAAP measure, was $1.11 for the third quarter of 2026, compared to $1.05 for the third quarter of 2025 and $1.01 for the second quarter of 2026.

CEO Comments

“Our record third quarter results reflect the strength of our diversified business model and disciplined execution across the company,” said NBT President and CEO Scott Kingsley. “We delivered solid loan growth, grew net interest income and expanded our net interest margin, and continued to maintain strong capital levels. These results position us well to continue serving our customers and communities and creating long-term value for our shareholders.”

Third Quarter 2026 Financial Highlights

Net Income
  • Net income was $58.0 million and diluted earnings per share was $1.11
  • Revenues grew 4.5% while expenses increased 3.3% from the previous quarter
Net Interest Income / NIM
  • Net interest income on a fully taxable equivalent (“FTE”) basis was $142.7 million(1)
  • Net interest margin (“NIM”) on an FTE basis was 3.78%(1), an increase of 5 basis points (“bps”) from the prior quarter
  • Earning asset yields of 5.11% were up 6 bps from the prior quarter
  • Total cost of funds of 1.42% was up 1 bp from the prior quarter
Noninterest Income
  • Noninterest income was $52.9 million, or 27% of total revenues, excluding net securities gains
Loans and Credit Quality
  • Period end loans were $11.95 billion
  • Net charge-offs to average loans was 0.14% annualized
  • Nonperforming loans to total loans was 0.59%
  • Allowance for loan losses to total loans was 1.17%
  • Provision for loan losses was $3.8 million
Deposits
  • Period end deposits were $13.59 billion
  • Total cost of deposits was 1.32% for the third quarter of 2026, down 1 bp from the second quarter of 2026
Capital
  • Stockholders’ equity was $1.94 billion as of September 30, 2026
  • Tangible book value per share(1) was $27.75 at September 30, 2026, an increase of 4.6% from December 31, 2025
  • Tangible equity to assets was 9.07%(1)
  • CET1 ratio of 12.43%; Leverage ratio of 9.99%


Loans

  • Period end total loans were $11.95 billion at September 30, 2026, compared to $11.60 billion at December 31, 2025, with growth in both commercial and consumer lending in the third quarter of 2026.
  • Period end total loans increased $350.4 million, or 3.0% from December 31, 2025. Excluding the other consumer and residential solar portfolios, which are in a planned run-off status, period end loans increased $427.2 million, or 3.9%, from December 31, 2025.

Deposits 

  • Total deposits at September 30, 2026 were $13.59 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.
  • The loan to deposit ratio was 87.9% at September 30, 2026, compared to 85.9% at December 31, 2025.

Net Interest Income and Net Interest Margin

  • Net interest income for the third quarter of 2026 was $142.1 million, an increase of $5.1 million, or 3.7%, from the second quarter of 2026 and an increase of $7.4 million, or 5.5%, from the third quarter of 2025. The increase in net interest income from the second quarter of 2026 was driven by organic growth in average loans, one additional day in the third quarter of 2026 and a $1.5 million increase in purchase accounting accretion. The increase in net interest income from the third quarter of 2025 resulted primarily from organic growth in interest-earning assets, improvement in net interest margin and a decrease in funding costs.
  • The NIM on an FTE basis(1) for the third quarter of 2026 was 3.78%, an increase of 5 bps from the second quarter of 2026, as a 6 bp increase in earning asset yields was partially offset by a 1 bp increase in the cost of funds. The NIM on an FTE basis(1) increased 12 bps from the third quarter of 2025 due primarily to a decrease in the cost of funds.
  • Earning asset yields for the three months ended September 30, 2026 increased 6 bps from the prior quarter to 5.11%. Loan yields for the three months ended September 30, 2026 increased 5 bps from the prior quarter to 5.69%, primarily due to the repricing of cash flows into higher rates and an increase in purchase accounting accretion during the quarter. Average earning assets increased $173.6 million, or 1.2%, from the second quarter of 2026 and grew $334.7 million, or 2.3%, from the third quarter of 2025 due primarily to organic loan growth.
  • Total cost of deposits, including noninterest bearing deposits, was 1.32% for the third 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 20 bps from the same period in the prior year.
  • Total cost of funds for the three months ended September 30, 2026 was 1.42%, an increase of 1 bp from the prior quarter and a decrease of 18 bps from the third quarter of 2025.

Asset Quality and Allowance for Loan Losses 

  • Net charge-offs to total average loans for the third quarter of 2026 was 14 bps, compared to 15 bps in the prior quarter.
  • Nonperforming assets to total assets was 0.43% at September 30, 2026, up from 0.40% at June 30, 2026 and up from 0.33% at December 31, 2025. The increase in nonperforming assets was primarily due to additional commercial lending relationships placed in nonaccrual status during the quarter and an increase in residential past due loans. Past due loans to total loans decreased 28 bps from June 30, 2026, driven primarily by a decrease in past due commercial loans.
  • Provision expense for the three months ended September 30, 2026 was $3.8 million, compared to $6.1 million for the second quarter of 2026. The decrease in the provision for loan losses during the quarter was primarily due to a lower level of loan growth compared to the prior quarter and a decrease in the allowance for loan losses.
  • The allowance for loan losses was $140.0 million, or 1.17% of total loans, at September 30, 2026, compared to $140.5 million, or 1.18% of total loans, at June 30, 2026 and compared to $138.0 million, or 1.19% of total loans, at December 31, 2025. The decrease in the allowance for loan losses in the third quarter of 2026 was primarily driven by improvement in economic forecasts and portfolio mix changes, partially offset by providing for the third quarter’s loan growth.
  • The reserve for unfunded loan commitments was $6.0 million at September 30, 2026, compared to $5.5 million at June 30, 2026 and $5.8 million at December 31, 2025.

Noninterest Income 

  • Total noninterest income, excluding securities gains, was $52.9 million for the three months ended September 30, 2026, up $3.3 million, or 6.7% from the second quarter of 2026, and up $1.5 million, or 2.9%, from the third quarter of 2025.
  • Service charges on deposit accounts increased $0.7 million, or 13.4%, from the prior quarter and increased $0.8 million, or 15.5%, from the third quarter of 2025, reflecting the impact of deposit account pricing initiatives implemented during the quarter, changes in customer account mix and higher transaction-related fee income.
  • Retirement plan administration fees increased $0.4 million, or 2.2%, from the prior quarter and increased $1.4 million, or 8.7%, from the third quarter of 2025. The increase from the prior quarter and the third quarter of 2025 was driven by higher activity-based fees, additional fees from new customer relationships and increased market values of assets under administration.
  • Insurance revenues increased $1.2 million from the prior quarter driven by seasonal renewals and was consistent with the third quarter of 2025.
  • Bank owned life insurance income was consistent with the prior quarter and decreased from the third quarter of 2025 due to a $0.9 million gain recognized in the third quarter of 2025.
  • Other income increased $0.7 million from the prior quarter driven by higher commercial loan swap fees and decreased $0.5 million from the third quarter of 2025 primarily due to a gain recognized in the third quarter of 2025 related to the finalization of a third-party contractual arrangement.

Noninterest Expense

  • Total noninterest expense was $115.2 million for the third quarter of 2026, compared to $111.4 million for the second quarter of 2026 and $111.1 million for the third quarter of 2025. Excluding acquisition expenses of $1.1 million in the third quarter of 2025, noninterest expense was 4.7% higher than the third quarter of 2025 primarily due to the continued investments in our people, markets and infrastructure.
  • Salaries and benefits increased $0.6 million from the prior quarter driven by one additional payroll day and higher incentive compensation expenses, which were partially offset by lower medical expenses and lower payroll taxes. The increase from the third quarter of 2025 was driven by annual merit pay increases and higher employee benefit costs.
  • Technology and data services were consistent with the prior quarter and increased $0.9 million from the third quarter of 2025 primarily due to the timing of planned activities and ongoing investment in enterprise technology initiatives.
  • Occupancy costs were consistent with the prior quarter and increased $0.5 million from the third quarter of 2025. The $0.5 million increase from the third quarter of 2025 was driven by higher facilities costs related to new branch banking locations.
  • Reserve for unfunded loan commitments was $0.5 million for the three months ended September 30, 2026, compared to a release of $0.3 million for the three months ended September 30, 2025.
  • Other expenses increased $2.3 million from the prior quarter and increased $0.5 million from the third quarter of 2025. The increase from the prior quarter was primarily driven by an increase in activity-based costs. The increase from the third quarter of 2025 reflects higher activity-based costs, partially offset by lower FDIC insurance premiums.

Income Taxes

  • The effective tax rate for the third quarter of 2026 was 23.7%, up from 23.3% in the prior quarter and down from 24.2% for the third quarter of 2025. The increase in the effective tax rate from the prior quarter was due to a lower level of tax-exempt income as a percentage of total taxable income. The decrease in the effective tax rate from the third quarter of 2025 was due to acquisition related tax items in 2025 that did not recur. 

Capital

  • Tangible common equity to tangible assets(1) was 9.07% at September 30, 2026. Tangible book value per share(1) was $27.75 at September 30, 2026, which increased 4.6% from $26.54 at December 31, 2025 and increased 8.8% from $25.51 at September 30, 2025.
  • Stockholders’ equity increased $46.3 million from December 31, 2025 driven by net income generation of $162.2 million, partially offset by dividends declared of $59.2 million, the repurchase of common stock of $15.0 million and a $44.6 million increase in accumulated other comprehensive loss reflecting the change in the fair value of securities available for sale.
  • As of September 30, 2026, the CET1 capital ratio was 12.43%, the leverage ratio was 9.99% and the total risk-based capital ratio was 14.36%.

Dividend

  • The Board of Directors approved a fourth-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 December 15, 2026 to stockholders of record as of December 1, 2026.

Stock Repurchase

  • The Company purchased 20,118 shares of its common stock during the third quarter of 2026 for a total of $1.0 million at an average price of $50.02 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. Since quarter end, the Company has purchased 113,364 shares of common stock under the plan. As of October 24, 2026, there were 1,297,923 shares available for repurchase under this plan.

Conference Call and Webcast

The Company will host a conference call at 10:00 a.m. (Eastern) Wednesday, October 28, 2026, to review the third 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 $16.39 billion at September 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 174 banking locations in New York, Pennsylvania, Vermont, Massachusetts, New Hampshire, Maine and Connecticut. EPIC Retirement Plan Services, based in Rochester, NY, is a national benefits administration firm. NBT Insurance Agency, LLC, based in Norwich, NY, is a full-service regional insurance agency. More information about NBT and its divisions is available online at: www.nbtbancorp.com, www.nbtbank.com, www.epicrps.com and www.nbtbank.com/Insurance.

Forward-Looking Statements

This press release contains forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995. These statements may be identified by the use of phrases such as “anticipate,” “believe,” “expect,” “forecasts,” “projects,” “will,” “can,” “would,” “should,” “could,” “may,” or other similar terms. There are a number of factors, many of which are beyond the Company’s control, that could cause actual results to differ materially from those contemplated by 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. The Company presents certain financial measures on an “operating” and “tangible” basis. Operating results exclude the after-tax impact of acquisition expenses, acquisition-related provision for credit losses and securities gains (losses). Tangible results exclude goodwill and intangible assets, net of accumulated amortization and applicable deferred tax effects. Management believes these non-GAAP measures provide investors and analysts with additional insight into the Company 's core operating performance and facilitate comparisons across reporting periods and with financial institutions that have not engaged in acquisitions. The Company also reports net interest income and net interest margin on an FTE basis. The FTE adjustment reflects the tax benefit associated with tax-exempt securities and loans by assuming they were taxable. Management believes that presentation of net interest income and net interest margin on an FTE basis is a standard practice within the banking industry that enhances comparability among financial institutions. 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.

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


      
NBT Bancorp Inc. and Subsidiaries
Selected Financial Data     
(unaudited, dollars in thousands except per share data)
      
  2026  2025 
 3rd Q2nd Q1st Q4th Q3rd Q
Profitability (reported)     
Diluted earnings per share$ 1.11 $1.02 $0.98 $1.06 $1.03 
Weighted average diluted common shares outstanding 52,239,443  52,238,983  52,352,800  52,524,388  52,642,688 
Return on average assets(2) 1.41%  1.32%  1.30%  1.37%  1.35% 
Return on average equity(2) 11.81%  11.04%  10.89%  11.81%  11.86% 
Return on average tangible common equity(1)(2) 16.54%  15.65%  15.59%  17.05%  17.35% 
Net interest margin(1)(2) 3.78%  3.73%  3.72%  3.65%  3.66% 
      
 9 Months Ended September 30,   
  2026  2025    
Profitability (reported)     
Diluted earnings per share$ 3.10 $2.26    
Weighted average diluted common shares outstanding 52,269,406  50,325,671    
Return on average assets(2) 1.34%  1.01%    
Return on average equity(2) 11.25%  8.99%    
Return on average tangible common equity(1)(2) 15.94%  13.07%    
Net interest margin(1)(2) 3.74%  3.57%    
      
  2026  2025 
 3rd Q2nd Q1st Q4th Q3rd Q
Profitability (operating)     
Diluted earnings per share(1)$ 1.11 $1.01 $0.97 $1.05 $1.05 
Return on average assets(1)(2) 1.41%  1.32%  1.29%  1.37%  1.37%
Return on average equity(1)(2) 11.80%  11.01%  10.82%  11.79%  12.05%
Return on average tangible common equity(1)(2) 16.53%  15.61%  15.50%  17.02%  17.61%
      
 9 Months Ended September 30,   
  2026  2025    
Profitability (operating)     
Diluted earnings per share(1)$ 3.09 $2.76    
Return on average assets(1)(2) 1.34%  1.24%    
Return on average equity(1)(2) 11.22%  10.96%    
Return on average tangible common equity(1)(2) 15.89%  15.78%    
      
  2026  2025 
 3rd Q2nd Q1st Q4th Q3rd Q
Balance sheet data     
Short-term interest-bearing accounts$ 106,732 $107,489 $564,514 $301,958 $394,485 
Securities available for sale 1,989,360  2,006,206  1,918,526  1,862,838  1,813,194 
Securities held to maturity 808,645  755,086  748,607  762,756  771,474 
Net loans 11,808,512  11,733,581  11,408,655  11,460,114  11,456,134 
Total assets 16,393,701  16,214,957  16,204,406  15,995,121  16,112,584 
Total deposits 13,586,441  13,537,302  13,742,966  13,499,193  13,660,918 
Total borrowings 569,110  471,195  297,407  327,422  319,358 
Total liabilities 14,451,222  14,271,038  14,290,009  14,098,905  14,259,438 
Stockholders ' equity 1,942,479  1,943,919  1,914,397  1,896,216  1,853,146 
      
Capital     
Equity to assets 11.85%  11.99%  11.81%  11.85%  11.50% 
Tangible equity ratio(1) 9.07%  9.16%  8.96%  8.95%  8.58% 
Book value per share$ 37.40 $37.42 $36.81 $36.32 $35.33 
Tangible book value per share(1)$ 27.75 $27.71 $27.05 $26.54 $25.51 
Leverage ratio 9.99%  9.85%  9.70%  9.48%  9.34% 
Common equity tier 1 capital ratio 12.43%  12.24%  12.34%  12.07%  11.80% 
Tier 1 capital ratio 12.43%  12.24%  12.34%  12.07%  11.80% 
Total risk-based capital ratio 14.36%  14.18%  14.52%  14.24%  13.97% 
Common stock price (end of period)$ 50.16 $49.37 $42.58 $41.52 $41.76 
      



NBT Bancorp Inc. and Subsidiaries
Asset Quality and Consolidated Loan Balances
(unaudited, dollars in thousands)
      
  2026  2025 
 3rd Q2nd Q1st Q4th Q3rd Q
Asset quality     
Nonaccrual loans$65,527 $62,898 $57,903 $44,592 $46,450 
90 days past due and still accruing 4,454  2,410  3,352  7,131  6,966 
Total nonperforming loans 69,981  65,308  61,255  51,723  53,416 
Other real estate owned 347  -  22  402  267 
Total nonperforming assets 70,328  65,308  61,277  52,125  53,683 
Allowance for loan losses 140,000  140,500  138,600  138,000  139,000 
      
Asset quality ratios     
Allowance for loan losses to total loans 1.17%  1.18%  1.20%  1.19%  1.20% 
Total nonperforming loans to total loans 0.59%  0.55%  0.53%  0.45%  0.46% 
Total nonperforming assets to total assets 0.43%  0.40%  0.38%  0.33%  0.33% 
Allowance for loan losses to total nonperforming loans 200.05%  215.13%  226.27%  266.81%  260.22% 
Past due loans to total loans(3) 0.35%  0.63%  0.40%  0.38%  0.38% 
Net charge-offs to average loans(2) 0.14%  0.15%  0.17%  0.16%  0.15% 
      
  2026  2025 
 3rd Q2nd Q1st Q4th Q3rd Q
Loan net charge-offs by line of business     
Commercial$1,338 $1,217 $2,285 $1,232 $1,047 
Residential mortgage and home equity 91  22  (106) (15) 18 
Indirect auto 737  439  843  877  679 
Residential solar and other consumer 2,126  2,558  1,955  2,671  2,556 
Total loan net charge-offs$4,292 $4,236 $4,977 $4,765 $4,300 
      
  2026  2025 
 3rd Q2nd Q1st Q4th Q3rd Q
Allowance for loan losses as a percentage of loans by segment    
Commercial & industrial 0.92%  0.85%  0.89%  0.76%  0.81% 
Commercial real estate 1.01%  1.06%  1.05%  1.06%  1.13% 
Residential mortgage 1.00%  0.99%  0.99%  1.06%  1.05% 
Auto 0.70%  0.70%  0.70%  0.68%  0.70% 
Residential solar and other consumer 4.44%  4.39%  4.39%  4.09%  3.62% 
Total 1.17%  1.18%  1.20%  1.19%  1.20% 
      
  2026  2025 
 3rd Q2nd Q1st Q4th Q3rd Q
Loans by line of business     
Commercial & industrial$1,748,981 $1,755,123 $1,669,624 $1,671,974 $1,644,218 
Commercial real estate 4,955,896  4,893,543  4,783,384  4,798,957  4,830,761 
Residential mortgage 2,584,169  2,558,338  2,539,249  2,537,593  2,528,565 
Home equity 481,142  465,340  447,462  448,113  435,584 
Indirect auto 1,449,719  1,450,482  1,333,017  1,340,524  1,327,689 
Residential solar and other consumer 728,605  751,255  774,519  800,953  828,317 
Total loans$11,948,512 $11,874,081 $11,547,255 $11,598,114 $11,595,134 
      



NBT Bancorp Inc. and Subsidiaries   
Consolidated Balance Sheets   
(unaudited, in thousands)   
    
 September 30,December 31, 
  2026 2025 
Assets   
Cash and due from banks$215,468$185,158 
Short-term interest-bearing accounts 106,732 301,958 
Equity securities, at fair value 49,949 48,760 
Securities available for sale, at fair value 1,989,360 1,862,838 
Securities held to maturity (fair value $726,386 and $702,577, respectively) 808,645 762,756 
Federal Reserve and Federal Home Loan Bank stock 56,663 44,575 
Loans held for sale 841 1,108 
Loans 11,948,512 11,598,114 
Less allowance for loan losses 140,000 138,000 
Net loans$11,808,512$11,460,114 
Premises and equipment, net 96,551 99,277 
Goodwill 453,278 453,278 
Intangible assets, net 48,095 57,656 
Bank owned life insurance 317,201 317,733 
Other assets 442,406 399,910 
Total assets$16,393,701$15,995,121 
    
Liabilities and stockholders ' equity   
Demand (noninterest bearing)$3,919,754$3,800,209 
Savings, interest-bearing checking and money market 8,400,105 8,206,539 
Time 1,266,582 1,492,445 
Total deposits$13,586,441$13,499,193 
Short-term borrowings 414,397 148,069 
Long-term debt 42,975 43,176 
Subordinated debt, net - 24,509 
Junior subordinated debt 111,738 111,668 
Other liabilities 295,671 272,290 
Total liabilities$14,451,222$14,098,905 
    
Total stockholders ' equity$1,942,479$1,896,216 
    
Total liabilities and stockholders ' equity$16,393,701$15,995,121 
    


NBT Bancorp Inc. and Subsidiaries
 
Consolidated Statements of Income
 
(unaudited, in thousands except per share data)
 
      
 Three Months EndedNine Months Ended 
 September 30,September 30, 
  2026 2025  2026 2025 
Interest, fee and dividend income     
Interest and fees on loans$170,714$169,301 $495,580$466,265 
Securities available for sale 15,633 12,063  43,885 33,934 
Securities held to maturity 4,598 4,595  13,374 14,379 
Other 1,447 4,508  7,960 7,870 
Total interest, fee and dividend income$192,392$190,467 $560,799$522,448 
Interest expense     
Deposits$44,939$52,101 $134,653$142,908 
Short-term borrowings 3,191 816  5,178 2,728 
Long-term debt 450 450  1,336 1,012 
Subordinated debt - 547  1,121 4,370 
Junior subordinated debt 1,728 1,890  5,116 5,324 
Total interest expense$50,308$55,804 $147,404$156,342 
Net interest income$142,084$134,663 $413,395$366,106 
Provision for loan losses$3,792$3,100 $15,505$15,467 
Provision for loan losses - acquisition day 1 non-PCD - -  - 13,022 
Total provision for loan losses$3,792$3,100 $15,505$28,489 
Net interest income after provision for loan losses$138,292$131,563 $397,890$337,617 
Noninterest income     
Service charges on deposit accounts$5,891$5,100 $16,353$13,921 
Card services income 6,818 6,389  19,459 17,783 
Retirement plan administration fees 17,299 15,913  50,793 47,481 
Wealth management 11,194 11,103  33,276 32,727 
Insurance services 5,400 5,260  14,059 14,118 
Bank owned life insurance income 2,395 3,240  7,559 8,817 
Net securities gains (losses) 62 (2) 679 6 
Other 3,886 4,402  10,630 10,936 
Total noninterest income$52,945$51,405 $152,808$145,789 
Noninterest expense     
Salaries and employee benefits$69,567$66,636 $207,330$191,485 
Technology and data services 12,074 11,180  35,434 32,222 
Occupancy 9,559 9,053  30,044 27,118 
Professional fees and outside services 5,900 5,941  17,116 15,914 
Amortization of intangible assets 3,022 3,429  9,561 8,582 
Reserve for unfunded loan commitments 450 (317) 150 1,475 
Acquisition expenses - 1,125  - 19,526 
Other 14,592 14,096  39,199 37,331 
Total noninterest expense$115,164$111,143 $338,834$333,653 
Income before income tax expense$76,073$71,825 $211,864$149,753 
Income tax expense 18,045 17,354  49,664 36,027 
Net income$58,028$54,471 $162,200$113,726 
Earnings Per Share     
Basic$1.12$1.04 $3.12$2.27 
Diluted$1.11$1.03 $3.10$2.26 
      


NBT Bancorp Inc. and Subsidiaries
Quarterly Consolidated Statements of Income
(unaudited, in thousands except per share data)
      
  2026  2025 
 3rd Q2nd Q1st Q4th Q3rd Q
Interest, fee and dividend income     
Interest and fees on loans$170,714$163,764$161,102 $166,046 $169,301 
Securities available for sale 15,633 14,770 13,482  13,081  12,063 
Securities held to maturity 4,598 4,426 4,350  4,398  4,595 
Other 1,447 2,801 3,712  5,019  4,508 
Total interest, fee and dividend income$192,392$185,761$182,646 $188,544 $190,467 
Interest expense     
Deposits$44,939$44,879$44,835 $49,426 $52,101 
Short-term borrowings 3,191 1,165 822  915  816 
Long-term debt 450 445 441  451  450 
Subordinated debt - 611 510  505  547 
Junior subordinated debt 1,728 1,698 1,690  1,807  1,890 
Total interest expense$50,308$48,798$48,298 $53,104 $55,804 
Net interest income$142,084$136,963$134,348 $135,440 $134,663 
Provision for loan losses$3,792$6,136$5,577 $3,765 $3,100 
Provision for loan losses - acquisition day 1 non-PCD - - -  -  - 
Total provision for loan losses$3,792$6,136$5,577 $3,765 $3,100 
Net interest income after provision for loan losses$138,292$130,827$128,771 $131,675 $131,563 
Noninterest income     
Service charges on deposit accounts$5,891$5,194$5,268 $5,146 $5,100 
Card services income 6,818 6,613 6,028  6,205  6,389 
Retirement plan administration fees 17,299 16,928 16,566  14,104  15,913 
Wealth management 11,194 10,948 11,134  12,028  11,103 
Insurance services 5,400 4,177 4,482  3,917  5,260 
Bank owned life insurance income 2,395 2,505 2,659  3,576  3,240 
Net securities gains (losses) 62 175 442  142  (2)
Other 3,886 3,187 3,557  4,586  4,402 
Total noninterest income$52,945$49,727$50,136 $49,704 $51,405 
Noninterest expense     
Salaries and employee benefits$69,567$69,004$68,759 $65,993 $66,636 
Technology and data services 12,074 11,850 11,510  11,803  11,180 
Occupancy 9,559 9,475 11,010  9,267  9,053 
Professional fees and outside services 5,900 5,662 5,554  5,826  5,941 
Amortization of intangible assets 3,022 3,191 3,348  3,362  3,429 
Reserve for unfunded loan commitments 450 - (300) (100) (317)
Acquisition expenses - - -  -  1,125 
Other 14,592 12,256 12,351  15,537  14,096 
Total noninterest expense$115,164$111,438$112,232 $111,688 $111,143 
Income before income tax expense$76,073$69,116$66,675 $69,691 $71,825 
Income tax expense 18,045 16,086 15,533  14,182  17,354 
Net income$58,028$53,030$51,142 $55,509 $54,471 
Earnings Per Share     
Basic$1.12$1.02$0.98 $1.06 $1.04 
Diluted$1.11$1.02$0.98 $1.06 $1.03 
      



NBT Bancorp Inc. and Subsidiaries
Average Quarterly Balance Sheets
(unaudited, dollars in thousands)
            
  Average BalanceYield / RatesAverage BalanceYield / RatesAverage BalanceYield / RatesAverage BalanceYield / RatesAverage BalanceYield / Rates
  Q3 - 2026Q2 - 2026Q1 - 2026Q4 - 2025Q3 - 2025
Assets           
Short-term interest-bearing accounts $105,7853.21%$248,8823.47%$356,4033.56%$450,7193.93%$338,9194.60%
Securities taxable(1)  2,672,3832.76% 2,633,5022.70% 2,547,8412.62% 2,513,4652.55% 2,464,2712.46%
Securities tax-exempt(1)(4)  230,4093.57% 209,4413.59% 192,4293.63% 194,6383.48% 196,7283.48%
FRB and FHLB stock  52,1574.50% 45,9255.64% 44,5895.32% 44,6324.95% 42,7905.37%
Loans(1)(5)  11,917,5035.69% 11,666,8715.64% 11,553,5615.66% 11,564,9505.70% 11,600,8165.80%
Total interest-earning assets $14,978,2375.11%$14,804,6215.05%$14,694,8235.06%$14,768,4045.08%$14,643,5245.18%
Other assets  1,306,010  1,300,564  1,315,235  1,317,791  1,344,775 
Total assets $16,284,247 $16,105,185 $16,010,058 $16,086,195 $15,988,299 
Liabilities and stockholders ' equity           
Money market deposits $4,301,0042.66%$4,273,3362.64%$4,188,1802.64%$4,222,1372.78%$4,077,7413.01%
Interest-bearing checking deposits  2,067,5111.04% 2,118,0071.02% 2,117,2781.04% 2,094,1051.14% 2,059,0091.10%
Savings deposits  1,987,0290.43% 2,015,4610.47% 1,953,0960.42% 1,919,0320.42% 1,947,6270.43%
Time deposits  1,281,9982.64% 1,351,0242.68% 1,455,1422.83% 1,533,0623.05% 1,633,6473.26%
Total interest-bearing deposits $9,637,5421.85%$9,757,8281.84%$9,713,6961.87%$9,768,3362.01%$9,718,0242.13%
Federal funds purchased  68,9133.80% 15,3303.74% --  --  -- 
Repurchase agreements  119,0302.62% 112,5572.55% 126,0242.65% 137,8322.63% 123,5732.62%
Short-term borrowings  171,2284.04% 31,2913.92% --  --  114.61%
Long-term debt  43,0054.15% 43,0724.14% 43,1394.15% 44,2164.05% 44,8023.98%
Subordinated debt, net  --  24,25910.10% 24,6558.39% 24,3388.23% 27,0858.01%
Junior subordinated debt  111,7266.14% 111,7026.10% 111,6796.14% 111,6546.42% 111,6296.72%
Total interest-bearing liabilities $10,151,4441.97%$10,096,0391.94%$10,019,1931.95%$10,086,3762.09%$10,025,1242.21%
Demand deposits  3,900,192  3,814,717  3,811,907  3,848,626  3,849,288 
Other liabilities  283,320  267,341  273,936  287,158  292,294 
Stockholders ' equity  1,949,291  1,927,088  1,905,022  1,864,035  1,821,593 
Total liabilities and stockholders ' equity $16,284,247 $16,105,185 $16,010,058 $16,086,195 $15,988,299 
Interest rate spread  3.14% 3.11% 3.11% 2.99% 2.97%
Net interest margin (FTE)(1)(2)  3.78% 3.73% 3.72% 3.65% 3.66%
            
Total cost of deposits $13,537,7341.32%$13,572,5451.33%$13,525,6031.34%$13,616,9621.44%$13,567,3121.52%
Total cost of funds  14,051,6361.42% 13,910,7561.41% 13,831,1001.42% 13,935,0021.51% 13,874,4121.60%
            



NBT Bancorp Inc. and Subsidiaries       
Average Year-to-Date Balance Sheets      
(unaudited, dollars in thousands)       
        
  Average Yield/Average Yield/
  BalanceInterestRatesBalanceInterestRates
Nine Months Ended September 30,  2026  2025 
Assets       
Short-term interest-bearing accounts $236,105$6,1383.48%$183,929$6,3184.59%
Securities taxable(1)  2,618,365 52,7802.70% 2,451,356 43,8142.39%
Securities tax-exempt(1)(4)  210,899 5,6693.59% 212,670 5,6953.58%
FRB and FHLB stock  47,585 1,8225.12% 38,512 1,5525.39%
Loans(1)(5)  11,713,978 496,2425.66% 10,888,339 466,9545.73%
Total interest-earning assets $14,826,932$562,6515.07%$13,774,806$524,3335.09%
Other assets  1,307,235   1,226,118  
Total assets $16,134,167  $15,000,924  
Liabilities and stockholders ' equity       
Money market deposits $4,254,587$84,1772.65%$3,796,235$85,6163.02%
Interest-bearing checking deposits  2,100,750 16,2431.03% 1,882,602 13,8290.98%
Savings deposits  1,985,319 6,4950.44% 1,791,819 3,9110.29%
Time deposits  1,362,087 27,7382.72% 1,562,470 39,5523.38%
Total interest-bearing deposits $9,702,743$134,6531.86%$9,033,126$142,9082.12%
Federal funds purchased  28,333 8033.79% 5,495 1854.50%
Repurchase agreements  119,178 2,3252.61% 107,067 2,1422.67%
Short-term borrowings  68,134 2,0504.02% 11,604 4014.62%
Long-term debt  43,071 1,3364.15% 34,456 1,0123.93%
Subordinated debt, net  16,214 1,1219.24% 94,022 4,3706.21%
Junior subordinated debt  111,703 5,1166.12% 106,963 5,3246.65%
Total interest-bearing liabilities $10,089,376$147,4041.95%$9,392,733$156,3422.23%
Demand deposits  3,842,595   3,624,662  
Other liabilities  274,900   291,527  
Stockholders ' equity  1,927,296   1,692,002  
Total liabilities and stockholders ' equity$16,134,167  $15,000,924  
Net interest income (FTE)(1)  $415,247  $367,991 
Interest rate spread   3.12%  2.86%
Net interest margin (FTE)(1)(2)   3.74%  3.57%
Taxable equivalent adjustment  $1,852  $1,885 
Net interest income  $413,395  $366,106 
        
Total cost of deposits $13,545,338$134,6531.33%$12,657,788$142,9081.51%
Total cost of funds  13,931,971 147,4041.41% 13,017,395 156,3421.61%



       
(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 
  3rd Q2nd Q1st Q4th Q3rd Q
 Operating net income     
 Net income$58,028 $53,030 $51,142 $55,509 $54,471 
 Acquisition expenses -  -  -  -  1,125 
 Securities (gains) losses (62) (175) (442) (142) 2 
 Adjustments to net income$(62)$(175)$(442)$(142)$1,127 
 Adjustments to net income (net of tax)$(47)$(134)$(338)$(113)$851 
 Operating net income$57,981 $52,896 $50,804 $55,396 $55,322 
 Operating diluted earnings per share$1.11 $1.01 $0.97 $1.05 $1.05 
       
  9 Months Ended September 30,   
   2026  2025    
 Operating net income     
 Net income$162,200 $113,726    
 Acquisition expenses -  19,526    
 Acquisition-related provision for credit losses -  13,022    
 Acquisition-related reserve for unfunded loan commitments -  532    
 Securities (gains) (679) (6)   
 Adjustments to net income$(679)$33,074    
 Adjustments to net income (net of tax)$(519)$24,971    
 Operating net income$161,681 $138,697    
 Operating diluted earnings per share$3.09 $2.76    
       
   2026  2025 
  3rd Q2nd Q1st Q4th Q3rd Q
 FTE adjustment     
 Net interest income$142,084 $136,963 $134,348 $135,440 $134,663 
 Add: FTE adjustment 660  614  578  581  594 
 Net interest income (FTE)$142,744 $137,577 $134,926 $136,021 $135,257 
 Average earning assets$14,978,237 $14,804,621 $14,694,823 $14,768,404 $14,643,524 
 Net interest margin (FTE)(2) 3.78%  3.73%  3.72%  3.65%  3.66% 
       
  9 Months Ended September 30,   
   2026  2025    
 FTE adjustment     
 Net interest income$413,395 $366,106    
 Add: FTE adjustment 1,852  1,885    
 Net interest income (FTE)$415,247 $367,991    
 Average earning assets$14,826,932 $13,774,806    
 Net interest margin (FTE)(2) 3.74%  3.57%    
       
 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)     
       
   2026  2025 
  3rd Q2nd Q1st Q4th Q3rd Q
 Tangible equity to tangible assets     
 Total equity$1,942,479 $1,943,919 $1,914,397 $1,896,216 $1,853,146 
 Intangible assets 501,373  504,395  507,586  510,934  515,090 
 Total assets$16,393,701 $16,214,957 $16,204,406 $15,995,121 $16,112,584 
 Tangible equity to tangible assets 9.07%  9.16%  8.96%  8.95%  8.58% 
 Tangible book value per share     
 Common shares outstanding 51,940,582  51,954,984  52,009,646  52,202,955  52,448,654 
 Tangible book value per share$27.75 $27.71 $27.05 $26.54 $25.51 
       
   2026  2025 
  3rd Q2nd Q1st Q4th Q3rd Q
 Return on average tangible common equity    
 Net income$58,028 $53,030 $51,142 $55,509 $54,471 
 Amortization of intangible assets (net of tax) 2,267  2,393  2,511  2,522  2,572 
 Net income, excluding intangibles amortization$60,295 $55,423 $53,653 $58,031 $57,043 
       
 Average stockholders ' equity$1,949,291 $1,927,088 $1,905,022 $1,864,035 $1,821,593 
 Less: average goodwill and other intangibles 503,142  506,308  509,643  513,728  517,271 
 Average tangible common equity$1,446,149 $1,420,780 $1,395,379 $1,350,307 $1,304,322 
 Return on average tangible common equity(2) 16.54%  15.65%  15.59%  17.05%  17.35% 
       
  9 Months Ended September 30,   
   2026  2025    
 Return on average tangible common equity    
 Net income$162,200 $113,726    
 Amortization of intangible assets (net of tax) 7,171  6,437    
 Net income, excluding intangibles amortization$169,371 $120,163    
       
 Average stockholders ' equity$1,927,296 $1,692,002    
 Less: average goodwill and other intangibles 506,341  462,657    
 Average tangible common equity$1,420,955 $1,229,345    
 Return on average tangible common equity 15.94%  13.07%    
       
(2)Annualized.     
(3)Total past due loans, defined as loans 30 days or more past due and in an accrual status.  
(4)Securities are shown at average amortized cost.    
(5)For purposes of these computations, nonaccrual loans and loans held for sale are included in the average loan balances outstanding.
       



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




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