Form 8-K

8-K — NBT BANCORP INC

Accession: 0001140361-26-040897

Filed: 2026-10-27

Period: 2026-10-27

CIK: 0000790359

SIC: 6021 (NATIONAL COMMERCIAL BANKS)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — ef20084356_8k.htm (Primary)

EX-99.1 — EXHIBIT 99.1 (ef20084356_ex99-1.htm)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

Filename: ef20084356_8k.htm · Sequence: 1

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): October 27, 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 October 27, 2026, NBT Bancorp Inc. (the “Company”) issued a press release describing its results of operations for the quarter ended September 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 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 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. October 27, 2026

104

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

(d)

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: October 27, 2026

By:

/s/ Annette L. Burns

Annette L. Burns

Executive Vice President and Chief Financial Officer

0000790359

false

0000790359

2026-10-27

EX-99.1 — EXHIBIT 99.1

EX-99.1

Filename: ef20084356_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 RECORD THIRD QUARTER 2026 RESULTS AND DECLARES CASH DIVIDEND

NORWICH, NY (October 27, 2026) – 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.

NBT Bancorp Inc. and Subsidiaries

Selected Financial Data

(unaudited, dollars in thousands except per share data)

2026

2025

3rd Q

2nd Q

1st Q

4th Q

3rd 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 Q

2nd Q

1st Q

4th Q

3rd Q

Profitability (operating)

Diluted earnings per share(1)

$ 1.11

$ 1.01

$ 0.97

$ 1.05

Return on average assets(1)(2)

1.41 %

1.32 %

1.29 %

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 Q

2nd Q

1st Q

4th Q

3rd 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 Q

2nd Q

1st Q

4th Q

3rd 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

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 %

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 %

Net charge-offs to average loans(2)

0.14 %

0.15 %

0.17 %

0.16 %

0.15 %

2026

2025

3rd Q

2nd Q

1st Q

4th Q

3rd 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

(106 )

(15 )

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 Q

2nd Q

1st Q

4th Q

3rd 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 %

1.06 %

1.05 %

Auto

0.70 %

0.68 %

0.70 %

Residential solar and other consumer

4.44 %

4.39 %

4.09 %

3.62 %

Total

1.17 %

1.18 %

1.20 %

1.19 %

1.20 %

2026

2025

3rd Q

2nd Q

1st Q

4th Q

3rd 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

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 Ended

September 30,

Nine Months Ended

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

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)

(2 )

679

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 Q

2nd Q

1st Q

4th Q

3rd 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)

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

Balance

Yield /

Rates

Average

Balance

Yield /

Rates

Average

Balance

Yield /

Rates

Average

Balance

Yield /

Rates

Average

Balance

Yield /

Rates

Q3 - 2026

Q2 - 2026

Q1 - 2026

Q4 - 2025

Q3 - 2025

Assets

Short-term interest-bearing accounts

105,785

3.21

248,882

3.47

356,403

3.56

450,719

3.93

338,919

4.60

Securities taxable(1)

2,672,383

2.76

2,633,502

2.70

2,547,841

2.62

2,513,465

2.55

2,464,271

2.46

Securities tax-exempt(1)(4)

230,409

3.57

209,441

3.59

192,429

3.63

194,638

3.48

196,728

3.48

FRB and FHLB stock

52,157

4.50

45,925

5.64

44,589

5.32

44,632

4.95

42,790

5.37

Loans(1)(5)

11,917,503

5.69

11,666,871

5.64

11,553,561

5.66

11,564,950

5.70

11,600,816

5.80

Total interest-earning assets

14,978,237

5.11

14,804,621

5.05

14,694,823

5.06

14,768,404

5.08

14,643,524

5.18

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

4,301,004

2.66

4,273,336

2.64

4,188,180

2.64

4,222,137

2.78

4,077,741

3.01

Interest-bearing checking deposits

2,067,511

1.04

2,118,007

1.02

2,117,278

1.04

2,094,105

1.14

2,059,009

1.10

Savings deposits

1,987,029

0.43

2,015,461

0.47

1,953,096

0.42

1,919,032

0.42

1,947,627

0.43

Time deposits

1,281,998

2.64

1,351,024

2.68

1,455,142

2.83

1,533,062

3.05

1,633,647

3.26

Total interest-bearing deposits

9,637,542

1.85

9,757,828

1.84

9,713,696

1.87

9,768,336

2.01

9,718,024

2.13

Federal funds purchased

68,913

3.80

15,330

3.74

Repurchase agreements

119,030

2.62

112,557

2.55

126,024

2.65

137,832

2.63

123,573

2.62

Short-term borrowings

171,228

4.04

31,291

3.92

4.61

Long-term debt

43,005

4.15

43,072

4.14

43,139

4.15

44,216

4.05

44,802

3.98

Subordinated debt, net

24,259

10.10

24,655

8.39

24,338

8.23

27,085

8.01

Junior subordinated debt

111,726

6.14

111,702

6.10

111,679

6.14

111,654

6.42

111,629

6.72

Total interest-bearing liabilities

10,151,444

1.97

10,096,039

1.94

10,019,193

1.95

10,086,376

2.09

10,025,124

2.21

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

2.99

2.97

Net interest margin (FTE)(1)(2)

3.78

3.73

3.72

3.65

3.66

Total cost of deposits

13,537,734

1.32

13,572,545

1.33

13,525,603

1.34

13,616,962

1.44

13,567,312

1.52

Total cost of funds

14,051,636

1.42

13,910,756

1.41

13,831,100

1.42

13,935,002

1.51

13,874,412

1.60

NBT Bancorp Inc. and Subsidiaries

Average Year-to-Date Balance Sheets

(unaudited, dollars in thousands)

Average

Balance

Interest

Yield/

Rates

Average

Balance

Interest

Yield/

Rates

Nine Months Ended September 30,

2026

2025

Assets

Short-term interest-bearing accounts

236,105

6,138

3.48

183,929

6,318

4.59

Securities taxable(1)

2,618,365

52,780

2.70

2,451,356

43,814

2.39

Securities tax-exempt(1)(4)

210,899

5,669

3.59

212,670

5,695

3.58

FRB and FHLB stock

47,585

1,822

5.12

38,512

1,552

5.39

Loans(1)(5)

11,713,978

496,242

5.66

10,888,339

466,954

5.73

Total interest-earning assets

14,826,932

562,651

5.07

13,774,806

524,333

5.09

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

84,177

2.65

3,796,235

85,616

3.02

Interest-bearing checking deposits

2,100,750

16,243

1.03

1,882,602

13,829

0.98

Savings deposits

1,985,319

6,495

0.44

1,791,819

3,911

0.29

Time deposits

1,362,087

27,738

2.72

1,562,470

39,552

3.38

Total interest-bearing deposits

9,702,743

134,653

1.86

9,033,126

142,908

2.12

Federal funds purchased

28,333

803

3.79

5,495

185

4.50

Repurchase agreements

119,178

2,325

2.61

107,067

2,142

2.67

Short-term borrowings

68,134

2,050

4.02

11,604

401

4.62

Long-term debt

43,071

1,336

4.15

34,456

1,012

3.93

Subordinated debt, net

16,214

1,121

9.24

94,022

4,370

6.21

Junior subordinated debt

111,703

5,116

6.12

106,963

5,324

6.65

Total interest-bearing liabilities

10,089,376

147,404

1.95

9,392,733

156,342

2.23

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

134,653

1.33

12,657,788

142,908

1.51

Total cost of funds

13,931,971

147,404

1.41

13,017,395

156,342

1.61

(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 Q

2nd Q

1st Q

4th Q

3rd 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

)

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

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

)

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 Q

2nd Q

1st Q

4th Q

3rd 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 Q

2nd Q

1st Q

4th Q

3rd 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 Q

2nd Q

1st Q

4th Q

3rd 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.

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Oct. 27, 2026

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NBT BANCORP INC.

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16-1268674

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52 South Broad Street

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Norwich

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13815

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607

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