Form 8-K

8-K — NBT BANCORP INC

Accession: 0001140361-26-016398

Filed: 2026-04-23

Period: 2026-04-23

CIK: 0000790359

SIC: 6021 (NATIONAL COMMERCIAL BANKS)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — ef20071127_8k.htm (Primary)

EX-99.1 — EXHIBIT 99.1 (ef20071127_ex99-1.htm)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

Filename: ef20071127_8k.htm · Sequence: 1

false000079035900007903592026-04-232026-04-23

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): April 23, 2026

NBT BANCORP INC.

(Exact name of registrant as specified in its charter)

Delaware

000-14703

16-1268674

(State or other jurisdiction of incorporation or organization)

(Commission File Number)

(I.R.S. Employer Identification No.)

52 South Broad Street, Norwich, New York 13815

(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:

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of class

Trading Symbol

Name of exchange on which registered

Common Stock, par value $0.01 per share

NBTB

The NASDAQ Stock Market LLC

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

On April 23, 2026, NBT Bancorp Inc. (the “Company”) issued a press release describing its results of operations for the quarter ended March 31, 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 Friday, April 24, 2026, to review the first 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.

Item 9.01

Financial Statements and Exhibits.

(a)

Not applicable.

(b)

Not applicable.

(c)

Not applicable.

(d)

Exhibits.

Exhibit No.

Description

99.1

Press release of NBT Bancorp Inc. April 23, 2026

104

Cover Page Interactive Data File (embedded within the Inline XBRL document)

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.

NBT BANCORP INC.

Date: April 23, 2026

By:

/s/ Annette L. Burns

Annette L. Burns

Executive Vice President and Chief Financial Officer

EX-99.1 — EXHIBIT 99.1

EX-99.1

Filename: ef20071127_ex99-1.htm · Sequence: 2

Exhibit 99.1

FOR IMMEDIATE RELEASE

ATTENTION: FINANCIAL AND BUSINESS EDITORS

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. ANNOUNCES FIRST QUARTER 2026 RESULTS

NORWICH, NY (April 23, 2026) – NBT Bancorp Inc. (“NBT” or the “Company”) (NASDAQ: NBTB) reported net income and diluted earnings per share for the three months ended

March 31, 2026.

Net income for the first quarter of 2026 was $51.1 million, or $0.98 per diluted common share, compared to $36.7 million, or $0.77 per diluted common share, for the

first quarter of 2025, and $55.5 million, or $1.06 per diluted common share, for the fourth quarter of 2025. Operating diluted earnings per share(1), a non-GAAP measure, was $0.97 for the first quarter of 2026, compared to $0.80 for the

first quarter of 2025 and $1.05 for the fourth quarter of 2025.

The Company completed the acquisition of Evans Bancorp, Inc. (“Evans”) on May 2, 2025, adding 200 employees and 18 banking locations in Western New York, $1.67 billion

in loans and $1.86 billion in deposits. In connection with the transaction, the Company issued 5.1 million shares of common stock, with a value of $221.8 million as of the closing date. The comparison to the first quarter of 2025 is significantly

impacted by the Evans acquisition.

CEO Comments

“We delivered solid first quarter results that reflect disciplined execution across our franchise and provided meaningful improvement in

profitability compared to the first quarter of 2025,” said NBT President and CEO Scott Kingsley. “Earnings growth was driven by continued net interest margin expansion, higher net interest income and strong performance in our fee-based businesses.

First quarter results were consistent with our seasonal expectations. Net interest margin expanded during the quarter while deposit growth across all major customer segments reflected the strength of our franchise. Retirement plan administration fees

also increased, driven by productive organic growth activities, highlighting the benefits of our diversified business mix. We remain focused on disciplined balance sheet management and continued investment in our people, markets and platform to drive

long-term shareholder value.”

First Quarter 2026 Financial Highlights

Net Income

■

Net income was $51.1 million and diluted earnings per share was $0.98

■

Operating net income was $50.8 million and operating diluted earnings per share was

$0.97(1)

Net Interest Income

/ NIM

■

Net interest income on a fully taxable equivalent (“FTE”) basis was $134.9 million(1)

■

Net interest margin (“NIM”) on an FTE basis was 3.72%(1), an increase of 7

basis points (“bps”) from the prior quarter

■

Earning asset yields of 5.06% were down 2 bps from the prior quarter

■

Total cost of funds of 1.42% was down 9 bps from the prior quarter

Noninterest Income

■

Noninterest income was $49.7 million, or 27% of total revenues, excluding net

securities gains (losses)

Loans and Credit

Quality

■

Period end loans were $11.55 billion

■

Net charge-offs to average loans was 0.17% annualized

■

Nonperforming loans to total loans was 0.53%

■

Allowance for loan losses to total loans was 1.20%

■

Provision for loan losses was $5.6 million

Deposits

■

Period end deposits were $13.74 billion

■

Total cost of deposits was 1.34% for the first quarter of 2026, down 10 bps from the

fourth quarter of 2025

Capital

■

Stockholders’ equity was $1.91 billion as of March 31, 2026

■

Tangible book value per share(2) was $27.05 at March 31, 2026 an increase

of 51 bps from December 31, 2025

■

Tangible equity to assets of 8.96%(1)

■

CET1 ratio of 12.34%; Leverage ratio of 9.70%

Loans

■

Period end total loans were $11.55 billion at March 31, 2026, compared to $9.98 billion at March 31, 2025.

■

Period end total loans decreased $50.9 million from December 31, 2025 which included a $25.9 million decrease in the other consumer and residential solar portfolios, which are in a planned run-off

status. During the first quarter of 2026, we continued to experience elevated levels of commercial payoffs similar to the prior two quarters.

Deposits

■

Total deposits at March 31, 2026 were $13.74 billion, compared to $13.50 billion at December 31, 2025 and $11.71 billion at March 31, 2025,

with all business lines experiencing growth during the quarter.

■

The loan to deposit ratio was 84.0% at March 31, 2026, compared to 85.9% at December 31, 2025 and 85.2% at March 31, 2025.

Net Interest Income and Net Interest Margin

■

Net interest income for the first quarter of 2026 was $134.3 million, a decrease of $1.1 million, or 0.8%, from the fourth

quarter of 2025 and an increase of $27.1 million, or 25.3%, from the first quarter of 2025. The decrease in net interest income from the fourth quarter of 2025 was driven by two fewer days in the first quarter of 2026 and lower earning asset

yields partially offset by a decrease in funding costs. The increase in net interest income from the first quarter of 2025 resulted primarily from the improvement in net interest margin, the Evans acquisition and organic growth in

interest-earning assets.

■

The NIM on an FTE basis for the first quarter of 2026 was 3.72%, an increase of 7 bps from the fourth quarter of 2025, as a 9 bp decrease in the cost of funds more than offset a 2 bp decline in

earning asset yields. The NIM on an FTE basis increased 28 bps from the first quarter of 2025 due to higher yields on earning assets, including the impact of the Evans acquisition and a decrease in the cost of funds.

■

Earning asset yields for the three months ended March 31, 2026 decreased 2 bps from the prior quarter to 5.06%. Loan yields for the three months ended March 31, 2026 decreased 4 bps from the prior

quarter to 5.66% due to the fourth quarter Federal Reserve interest rate cuts partially offset by loans originating at higher rates than portfolio yields. Earning asset yields increased 11 bps from the same quarter in the prior year due to

new earning asset yields that were priced higher than portfolio yields, including an increase in acquisition-related net accretion. Average earning assets decreased $73.6 million, or 0.5%, from the fourth quarter of 2025 and grew $1.99

billion, or 15.7%, from the first quarter of 2025 due primarily to the addition of the interest-earning assets acquired from Evans and organic earning asset growth.

■

Total cost of deposits, including noninterest bearing deposits, was 1.34% for the first quarter of 2026, a decrease of 10 bps from the prior quarter, primarily due to the decrease in the cost of time

and money market deposits. Total cost of deposits decreased 15 bps from the same period in the prior year.

■

Total cost of funds for the three months ended March 31, 2026 was 1.42%, a decrease of 9 bps from the prior quarter and a decrease of 18 bps from the first quarter of 2025.

Asset Quality and Allowance for Loan Losses

■

Net charge-offs to total average loans for the first quarter of 2026 was 17 bps, compared to 16 bps in the prior quarter primarily due to an increase in commercial net charge-offs.

■

Nonperforming assets to total assets was 0.38% at March 31, 2026, up from 0.33% at December 31, 2025 and up from 0.35% at March 31, 2025. The increase in nonperforming assets was primarily due to

additional commercial lending relationships placed in nonaccrual status during the quarter.

■

Provision expense for the three months ended March 31, 2026 was $5.6 million, compared to $3.8 million for the fourth quarter of 2025. The increase in the provision for loan losses during the quarter

was primarily due to higher net charge-offs and a higher level of allowance for loan losses.

■

The allowance for loan losses was $138.6 million, or 1.20% of total loans, at March 31, 2026, 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 first quarter of 2026 was primarily driven by an increase in specific reserves for a commercial relationship placed in nonaccrual status during the quarter,

partially offset by the run-off of residential solar and other consumer portfolios and model adjustments related to improved loss experience.

■

The reserve for unfunded loan commitments was $5.5 million at March 31, 2026, compared to $5.8 million at December 31, 2025 and compared to $4.5 million at March 31, 2025.

Noninterest Income

■

Total noninterest income, excluding securities gains (losses), was $49.7 million for the three months ended March 31, 2026, consistent with the fourth quarter of 2025, and up $2.1 million, or 4.5%,

from the first quarter of 2025.

■

Service charges on deposit accounts were comparable to the prior quarter and higher than the first quarter of 2025 due primarily to the Evans acquisition and new account growth.

■

Retirement plan administration fees increased $2.5 million, or 17.5%, from the prior quarter and increased $0.7 million, or 4.5%, from the first quarter of 2025. The increase from the prior quarter

and the first quarter of 2025 was driven by higher activity-based fees, increased market values of assets under administration and the additional revenue from new customer relationships.

■

Wealth management fees decreased $0.9 million, or 7.4%, from the prior quarter and were consistent with the first quarter of 2025. The decrease from the prior quarter was driven primarily by higher

seasonal and activity-based fees recognized in the fourth quarter of 2025.

■

Insurance revenues increased $0.6 million from the prior quarter, due to organic growth and first quarter seasonality.

■

Bank owned life insurance income decreased compared to the fourth quarter of 2025 and the first quarter of 2025 primarily due to lower gains recognized.

■

Other noninterest income decreased $1.0 million from the prior quarter and increased $0.5 million from the first quarter of 2025. The decrease from the prior quarter was driven by a $1.0 million

gain on an equity investment recognized in the fourth quarter of 2025.

Noninterest Expense

■

Total noninterest expense was $112.2 million for the first quarter of 2026, compared to $111.7 million for the fourth quarter of 2025 and $99.9 million for the first quarter of 2025. Excluding

acquisition expenses of $1.2 million in the first quarter of 2025, noninterest expense was 13.7% higher than the first quarter of 2025 primarily due to the Evans acquisition and continued investments in our people, markets and infrastructure.

■

Salaries and benefits increased 4.2% from the prior quarter driven by seasonally higher payroll taxes and stock-based compensation expenses of approximately $3 million, partially offset by lower

medical expenses. The increase from the first 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, higher medical expenses

and higher stock-based compensation expenses.

■

Technology and data services were consistent with the prior quarter and increased $1.3 million from the first quarter of 2025 primarily due to the Evans acquisition, timing of planned activities and

ongoing investment in enterprise technology initiatives.

■

Occupancy costs increased $1.7 million from the prior quarter and increased $2.0 million from the first quarter of 2025. The $1.7 million increase from the prior quarter was due to seasonal

maintenance and utilities costs due to harsh winter conditions across the footprint. The $2.0 million increase from the first quarter of 2025 was driven by additional expenses from the Evans acquisition, higher

seasonal maintenance and utilities and higher facilities costs related to new branch banking locations.

■

Professional fees and outside services were consistent with the prior quarter and increased $0.6 million from the first quarter of 2025 primarily due to the Evans acquisition and the timing of

various initiatives.

■

Amortization of intangible assets was consistent with the prior quarter and increased $1.2 million from the first quarter of 2025 primarily due to the amortization of intangible assets related to the

Evans acquisition.

■

Other expenses decreased $3.2 million from the prior quarter and increased $0.8 million from the first quarter of 2025. The decrease from the prior quarter was driven by seasonally lower levels of

travel, training and charitable contributions and loan-servicing related expenses. The increase from the first quarter of 2025 reflects the Evans acquisition including increased FDIC insurance expense.

Income Taxes

■

The effective tax rate for the first quarter of 2026 was 23.3%, which was up from 20.3% in the prior quarter and 22.2% for the first quarter of 2025. The increase in the effective tax rate from the

prior quarter was primarily due to the finalization of the assessment of the deductibility of merger-related expenses and the associated impact on the full year effective tax rate in the fourth quarter of 2025. The increase in the effective

tax rate from the first quarter of 2025 was primarily due to the increase in fully taxable pre-tax income.

Capital

■

Tangible common equity to tangible assets(1) was 8.96% at March 31, 2026. Tangible book value per share(2) was $27.05 at March 31, 2026, which increased 51 bps from $26.54 at

December 31, 2025 and increased 231 bps from $24.74 at March 31, 2025.

■

Stockholders’ equity increased $18.2 million from December 31, 2025 driven by net income generation of $51.1 million partially offset by dividends declared of $19.2 million, the repurchase of common

stock of $11.0 million and a $4.7 million increase in accumulated other comprehensive loss reflecting the change in the fair value of securities available for sale.

■

As of March 31, 2026, CET1 capital ratio of 12.34%, leverage ratio of 9.70% and total risk-based capital ratio of 14.52%.

Stock Repurchase

■

Consistent with the prior quarter, the Company purchased 250,000 shares of its common stock during the first quarter of 2026 for a total of $11.0 million at an average price of $44.06 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 March 31, 2026, there were 1,500,000 shares available for repurchase under this plan.

Conference Call and Webcast

The Company will host a conference call at 10:00 a.m. (Eastern) Friday, April 24, 2026, to review the first 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 $16.20 billion at March 31, 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 176 banking locations in New York, Pennsylvania, Vermont, Massachusetts, New Hampshire, Maine and Connecticut. EPIC Retirement

Plan Services, based in Rochester, NY, is a national benefits administration firm. NBT Insurance Agency, LLC, based in Norwich, NY, is a full-service regional insurance agency. More information about NBT and its divisions is available online at: www.nbtbancorp.com,

www.nbtbank.com, www.epicrps.com and www.nbtbank.com/Insurance.

Forward-Looking Statements

This press release contains forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995. These statements may be

identified by the use of phrases such as “anticipate,” “believe,” “expect,” “forecasts,” “projects,” “will,” “can,” “would,” “should,” “could,” “may,” or other similar terms. There are a number of factors, many of which are beyond the Company’s

control, that could cause actual results to differ materially from those contemplated by the forward-looking statements. Factors that may cause actual results to differ materially from those contemplated by such forward-looking statements include,

among others, the following possibilities: (1) local, regional, national and international economic conditions, including actual or potential stress in the banking industry, and the impact they may have on the Company and its customers, and the

Company’s assessment of that impact; (2) changes in the level of nonperforming assets and charge-offs; (3) changes in estimates of future reserve requirements based upon the periodic review thereof under relevant regulatory and accounting

requirements; (4) the effects of and changes in trade and monetary and fiscal policies and laws, including the interest rate policies of the Federal Reserve Board (“FRB”) and international trade disputes (including threatened or implemented tariffs

imposed by the U.S. and threatened or implemented tariffs imposed by foreign countries in retaliation); (5) inflation, interest rate, securities market and monetary fluctuations; (6) political instability; (7) acts of war, including international

military conflicts, or terrorism; (8) the timely development and acceptance of new products and services and the perceived overall value of these products and services by users; (9) changes in consumer spending, borrowing and saving habits; (10)

changes in the financial performance and/or condition of the Company’s borrowers; (11) technological changes; (12) acquisition and integration of acquired businesses; (13) the ability to increase market share and control expenses; (14) changes in the

competitive environment among financial holding companies; (15) the effect of changes in laws and regulations (including laws and regulations concerning taxes, banking, securities and insurance) with which the Company and its subsidiaries must

comply, including those under the Dodd-Frank Act, and the Economic Growth, Regulatory Relief, and Consumer Protection Act of 2018; (16) the effect of changes in accounting policies and practices, as may be adopted by the regulatory agencies, as well

as the Public Company Accounting Oversight Board, the Financial Accounting Standards Board and other accounting standard setters; (17) changes in the Company’s organization, compensation and benefit plans; (18) the costs and effects of legal and

regulatory developments, including the resolution of legal proceedings or regulatory or other governmental inquiries, and the results of regulatory examinations or reviews; (19) greater than expected costs or difficulties related to the integration

of new products and lines of business; and (20) the Company’s success at managing the risks involved in the foregoing items.

The Company cautions readers not to place undue reliance on any forward-looking statements, which speak only as of the date 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.

NBT Bancorp Inc. and Subsidiaries

Selected Financial Data

(unaudited, dollars in thousands except per share data)

2026

2025

1st Q

4th Q

3rd Q

2nd Q

1st Q

Profitability (reported)

Diluted earnings per share

0.98

1.06

1.03

0.44

0.77

Weighted average diluted common shares outstanding

52,352,800

52,524,388

52,642,688

50,787,474

47,477,391

Return on average assets(3)

1.30

1.37

1.35

0.59

1.08

Return on average equity(3)

10.89

11.81

11.86

5.27

9.68

Return on average tangible common equity(1)(3)

15.59

17.05

17.35

8.01

13.63

Net interest margin(1)(3)

3.72

3.65

3.66

3.59

3.44

2026

2025

1st Q

4th Q

3rd Q

2nd Q

1st Q

Profitability (operating)

Diluted earnings per share(1)

0.97

1.05

0.88

0.80

Return on average assets(1)(3)

1.29

1.37

1.19

1.11

Return on average equity(1)(3)

10.82

11.79

12.05

10.52

9.95

Return on average tangible common equity(1)(3)

15.50

17.02

17.61

15.25

13.99

2026

2025

1st Q

4th Q

3rd Q

2nd Q

1st Q

Balance sheet data

Short-term interest-bearing accounts

564,514

301,958

394,485

276,786

37,385

Securities available for sale

1,918,526

1,862,838

1,813,194

1,729,428

1,704,677

Securities held to maturity

748,607

762,756

771,474

809,664

836,833

Net loans

11,408,655

11,460,114

11,456,134

11,484,480

9,863,267

Total assets

16,204,406

15,995,121

16,112,584

16,014,781

13,864,251

Total deposits

13,742,966

13,499,193

13,660,918

13,515,232

11,708,511

Total borrowings

297,407

327,422

319,358

411,376

312,977

Total liabilities

14,290,009

14,098,905

14,259,438

14,209,615

12,298,476

Stockholders' equity

1,914,397

1,896,216

1,853,146

1,805,166

1,565,775

Capital

Equity to assets

11.81

11.85

11.50

11.27

11.29

Tangible equity ratio(1)

8.96

8.95

8.58

8.30

8.68

Book value per share

36.81

36.32

35.33

34.46

33.13

Tangible book value per share(2)

27.05

26.54

25.51

24.57

24.74

Leverage ratio

9.70

9.48

9.34

9.55

10.39

Common equity tier 1 capital ratio

12.34

12.07

11.80

11.37

12.12

Tier 1 capital ratio

12.34

12.07

11.80

11.37

13.02

Total risk-based capital ratio

14.52

14.24

13.97

14.48

15.24

Common stock price (end of period)

42.58

41.52

41.76

41.55

42.90

NBT Bancorp Inc. and Subsidiaries

Asset Quality and Consolidated Loan Balances

(unaudited, dollars in thousands)

2026

2025

1st Q

4th Q

3rd Q

2nd Q

1st Q

Asset quality

Nonaccrual loans

57,903

44,592

46,450

43,181

44,829

90 days past due and still accruing

3,352

7,131

6,966

3,211

2,862

Total nonperforming loans

61,255

51,723

53,416

46,392

47,691

Other real estate owned

402

267

345

308

Total nonperforming assets

61,277

52,125

53,683

46,737

47,999

Allowance for loan losses

138,600

138,000

139,000

140,200

117,000

Asset quality ratios

Allowance for loan losses to total loans

1.20

1.19

1.20

1.21

1.17

Total nonperforming loans to total loans

0.53

0.45

0.46

0.40

0.48

Total nonperforming assets to total assets

0.38

0.33

0.29

0.35

Allowance for loan losses to total nonperforming loans

226.27

266.81

260.22

302.21

245.33

Past due loans to total loans(4)

0.40

0.38

0.32

Net charge-offs to average loans(3)

0.17

0.16

0.15

0.09

0.27

2026

2025

1st Q

4th Q

3rd Q

2nd Q

1st Q

Loan net charge-offs by line of business

Commercial

2,285

1,232

1,047

2,109

Residential mortgage and home equity

(106

)

(15

)

(27

)

(25

)

Indirect auto

843

877

679

749

1,155

Residential solar and other consumer

1,955

2,671

2,556

1,542

3,315

Total loan net charge-offs

4,977

4,765

4,300

2,361

6,554

2026

2025

1st Q

4th Q

3rd Q

2nd Q

1st Q

Allowance for loan losses as a percentage of loans by segment

Commercial & industrial

0.89

0.76

0.81

0.79

0.76

Commercial real estate

1.05

1.06

1.13

1.14

1.02

Residential mortgage

0.99

1.06

1.05

1.00

Auto

0.70

0.68

0.70

0.72

Residential solar and other consumer

4.39

4.09

3.62

3.64

3.61

Total

1.20

1.19

1.20

1.21

1.17

2026

2025

1st Q

4th Q

3rd Q

2nd Q

1st Q

Loans by line of business

Commercial & industrial

1,669,624

1,671,974

1,644,218

1,692,335

1,436,990

Commercial real estate

4,783,384

4,798,957

4,830,761

4,800,494

3,890,115

Residential mortgage

2,539,249

2,537,593

2,528,565

2,530,344

2,127,588

Home equity

447,462

448,113

435,584

423,355

331,400

Indirect auto

1,333,017

1,340,524

1,327,689

1,319,401

1,309,084

Residential solar and other consumer

774,519

800,953

828,317

858,751

885,090

Total loans

11,547,255

11,598,114

11,595,134

11,624,680

9,980,267

NBT Bancorp Inc. and Subsidiaries

Consolidated Balance Sheets

(unaudited, in thousands)

March 31,

2026

December 31,

2025

Assets

Cash and due from banks

151,558

185,158

Short-term interest-bearing accounts

564,514

301,958

Equity securities, at fair value

47,186

48,760

Securities available for sale, at fair value

1,918,526

1,862,838

Securities held to maturity (fair value $687,330 and $702,577, respectively)

748,607

762,756

Federal Reserve and Federal Home Loan Bank stock

44,658

44,575

Loans held for sale

185

1,108

Loans

11,547,255

11,598,114

Less allowance for loan losses

138,600

138,000

Net loans

11,408,655

11,460,114

Premises and equipment, net

100,253

99,277

Goodwill

453,278

Intangible assets, net

54,308

57,656

Bank owned life insurance

319,397

317,733

Other assets

393,281

399,910

Total assets

16,204,406

15,995,121

Liabilities and stockholders' equity

Demand (noninterest bearing)

3,847,041

3,800,209

Savings, interest-bearing checking and money market

8,508,200

8,206,539

Time

1,387,725

1,492,445

Total deposits

13,742,966

13,499,193

Short-term borrowings

117,806

148,069

Long-term debt

43,110

43,176

Subordinated debt, net

24,800

24,509

Junior subordinated debt

111,691

111,668

Other liabilities

249,636

272,290

Total liabilities

14,290,009

14,098,905

Total stockholders' equity

1,914,397

1,896,216

Total liabilities and stockholders' equity

16,204,406

15,995,121

NBT Bancorp Inc. and Subsidiaries

Quarterly Consolidated Statements of Income

(unaudited, in thousands except per share data)

2026

2025

1st Q

4th Q

3rd Q

2nd Q

1st Q

Interest, fee and dividend income

Interest and fees on loans

161,102

166,046

169,301

158,912

138,052

Securities available for sale

13,482

13,081

12,063

11,609

10,262

Securities held to maturity

4,350

4,398

4,595

4,870

4,914

Other

3,712

5,019

4,508

2,186

1,176

Total interest, fee and dividend income

182,646

188,544

190,467

177,577

154,404

Interest expense

Deposits

44,835

49,426

52,101

48,219

42,588

Short-term borrowings

822

915

816

1,046

866

Long-term debt

441

451

450

296

266

Subordinated debt

510

505

547

2,001

1,822

Junior subordinated debt

1,690

1,807

1,890

1,795

1,639

Total interest expense

48,298

53,104

55,804

53,357

47,181

Net interest income

134,348

135,440

134,663

124,220

107,223

Provision for loan losses

5,577

3,765

3,100

4,813

7,554

Provision for loan losses - acquisition day 1 non-PCD

13,022

Total provision for loan losses

5,577

3,765

3,100

17,835

7,554

Net interest income after provision for loan losses

128,771

131,675

131,563

106,385

99,669

Noninterest income

Service charges on deposit accounts

5,268

5,146

5,100

4,578

4,243

Card services income

6,028

6,205

6,389

6,077

5,317

Retirement plan administration fees

16,566

14,104

15,913

15,710

15,858

Wealth management

11,134

12,028

11,103

10,678

10,946

Insurance services

4,482

3,917

5,260

4,097

4,761

Bank owned life insurance income

2,659

3,576

3,240

2,180

3,397

Net securities gains (losses)

442

142

)

112

(104

)

Other

3,557

4,586

4,402

3,500

3,034

Total noninterest income

50,136

49,704

51,405

46,932

47,452

Noninterest expense

Salaries and employee benefits

68,759

65,993

66,636

64,155

60,694

Technology and data services

11,510

11,803

11,180

10,804

10,238

Occupancy

11,010

9,267

9,053

9,038

9,027

Professional fees and outside services

5,554

5,826

5,941

5,021

4,952

Amortization of intangible assets

3,348

3,362

3,429

3,042

2,111

Reserve for unfunded loan commitments

(300

)

(100

)

(317

)

1,702

Acquisition expenses

1,125

17,180

1,221

Other

12,351

15,537

14,096

11,668

11,567

Total noninterest expense

112,232

111,688

111,143

122,610

99,900

Income before income tax expense

66,675

69,691

71,825

30,707

47,221

Income tax expense

15,533

14,182

17,354

8,197

10,476

Net income

51,142

55,509

54,471

22,510

36,745

Earnings Per Share

Basic

0.98

1.06

1.04

0.45

0.78

Diluted

0.98

1.06

1.03

0.44

0.77

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

Q1 - 2026

Q4 - 2025

Q3 - 2025

Q2 - 2025

Q1 - 2025

Assets

Short-term interest-bearing accounts

356,403

3.56

450,719

3.93

338,919

4.60

146,640

4.61

63,198

4.51

Securities taxable(1)

2,547,841

2.62

2,513,465

2.55

2,464,271

2.46

2,486,349

2.40

2,402,772

2.30

Securities tax-exempt(1)(5)

192,429

3.63

194,638

3.48

196,728

3.48

221,328

3.65

220,210

3.60

FRB and FHLB stock

44,589

5.32

44,632

4.95

42,790

5.37

39,176

5.12

33,469

5.73

Loans(1)(6)

11,553,561

5.66

11,564,950

5.70

11,600,816

5.80

11,064,920

5.77

9,981,487

5.62

Total interest-earning assets

14,694,823

5.06

14,768,404

5.08

14,643,524

5.18

13,958,413

5.12

12,701,136

4.95

Other assets

1,315,235

1,317,791

1,344,775

1,242,690

1,088,069

Total assets

16,010,058

16,086,195

15,988,299

15,201,103

13,789,205

Liabilities and stockholders' equity

Money market deposits

4,188,180

2.64

4,222,137

2.78

4,077,741

3.01

3,808,024

3.00

3,496,552

3.04

Interest-bearing checking deposits

2,117,278

1.04

2,094,105

1.14

2,059,009

1.10

1,902,392

0.98

1,682,265

0.84

Savings deposits

1,953,096

0.42

1,919,032

0.42

1,947,627

0.43

1,852,027

0.35

1,571,673

0.05

Time deposits

1,455,142

2.83

1,533,062

3.05

1,633,647

3.26

1,600,908

3.37

1,450,846

3.55

Total interest-bearing deposits

9,713,696

1.87

9,768,336

2.01

9,718,024

2.13

9,163,351

2.11

8,201,336

2.11

Federal funds purchased

14,231

4.51

2,278

4.45

Repurchase agreements

126,024

2.65

137,832

2.63

123,573

2.62

89,957

2.52

107,496

2.87

Short-term borrowings

4.61

27,845

4.62

7,033

4.61

Long-term debt

43,139

4.15

44,216

4.05

44,802

3.98

30,705

3.87

27,674

3.90

Subordinated debt, net

24,655

8.39

24,338

8.23

27,085

8.01

134,684

5.96

121,331

6.09

Junior subordinated debt

111,679

6.14

111,654

6.42

111,629

6.72

107,948

6.67

101,196

6.57

Total interest-bearing liabilities

10,019,193

1.95

10,086,376

2.09

10,025,124

2.21

9,568,721

2.24

8,568,344

2.23

Demand deposits

3,811,907

3,848,626

3,849,288

3,634,517

3,385,080

Other liabilities

273,936

287,158

292,294

285,357

296,983

Stockholders' equity

1,905,022

1,864,035

1,821,593

1,712,508

1,538,798

Total liabilities and stockholders' equity

16,010,058

16,086,195

15,988,299

15,201,103

13,789,205

Interest rate spread

3.11

2.99

2.97

2.88

2.72

Net interest margin (FTE)(1)(3)

3.72

3.65

3.66

3.59

3.44

Total cost of deposits

13,525,603

1.34

13,616,962

1.44

13,567,312

1.52

12,797,868

1.51

11,586,416

1.49

Total cost of funds

13,831,100

1.42

13,935,002

1.51

13,874,412

1.60

13,203,238

1.62

11,953,424

1.60

(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

1st Q

4th Q

3rd Q

2nd Q

1st Q

Operating net income

Net income

51,142

55,509

54,471

22,510

36,745

Acquisition expenses

1,125

17,180

1,221

Acquisition-related provision for credit losses

13,022

Acquisition-related reserve for unfunded loan commitments

532

Securities (gains) losses

(442

)

(142

)

(112

)

104

Adjustments to net income

(442

)

(142

)

1,127

30,622

1,325

Adjustments to net income (net of tax)

(338

)

(113

)

851

22,413

1,020

Operating net income

50,804

55,396

55,322

44,923

37,765

Operating diluted earnings per share

0.97

1.05

0.88

0.80

2026

2025

1st Q

4th Q

3rd Q

2nd Q

1st Q

FTE adjustment

Net interest income

134,348

135,440

134,663

124,220

107,223

Add: FTE adjustment

578

581

594

655

636

Net interest income (FTE)

134,926

136,021

135,257

124,875

107,859

Average earning assets

14,694,823

14,768,404

14,643,524

13,958,413

12,701,136

Net interest margin (FTE)(3)

3.72

3.65

3.66

3.59

3.44

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

2026

2025

1st Q

4th Q

3rd Q

2nd Q

1st Q

Tangible equity to tangible assets

Total equity

1,914,397

1,896,216

1,853,146

1,805,166

1,565,775

Intangible assets

507,586

510,934

515,090

518,519

396,912

Total assets

16,204,406

15,995,121

16,112,584

16,014,781

13,864,251

Tangible equity to tangible assets

8.96

8.95

8.58

8.30

8.68

2026

2025

1st Q

4th Q

3rd Q

2nd Q

1st Q

Return on average tangible common equity

Net income

51,142

55,509

54,471

22,510

36,745

Amortization of intangible assets (net of tax)

2,511

2,522

2,572

2,282

1,583

Net income, excluding intangibles amortization

53,653

58,031

57,043

24,792

38,328

Average stockholders' equity

1,905,022

1,864,035

1,821,593

1,712,508

1,538,798

Less: average goodwill and other intangibles

509,643

513,728

517,271

471,159

398,233

Average tangible common equity

1,395,379

1,350,307

1,304,322

1,241,349

1,140,565

Return on average tangible common equity(3)

15.59

17.05

17.35

8.01

13.63

(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.

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