$NBTB

NBT BANCORP INC

CIK:0000790359|SEC Filings

Consolidated Statements of Income (unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Interest, fee and dividend income
Interest and fees on loans	$ 163,764	$ 158,912	$ 324,866	$ 296,964
Securities available for sale	14,770	11,609	28,252	21,871
Securities held to maturity	4,426	4,870	8,776	9,784
Other	2,801	2,186	6,513	3,362
Total interest, fee and dividend income	185,761	177,577	368,407	331,981
Interest expense
Deposits	44,879	48,219	89,714	90,807
Short-term borrowings	1,165	1,046	1,987	1,912
Long-term debt	445	296	886	562
Subordinated debt	611	2,001	1,121	3,823
Junior subordinated debt	1,698	1,795	3,388	3,434
Total interest expense	48,798	53,357	97,096	100,538
Net interest income	136,963	124,220	271,311	231,443
Provision for loan losses	6,136	17,835	11,713	25,389
Net interest income after provision for loan losses	130,827	106,385	259,598	206,054
Noninterest income
Service charges on deposit accounts	5,194	4,578	10,462	8,821
Card services income	6,613	6,077	12,641	11,394
Retirement plan administration fees	16,928	15,710	33,494	31,568
Wealth management	10,948	10,678	22,082	21,624
Insurance services	4,177	4,097	8,659	8,858
Bank owned life insurance income	2,505	2,180	5,164	5,577
Net securities gains	175	112	617	8
Other	3,187	3,500	6,744	6,534
Total noninterest income	49,727	46,932	99,863	94,384
Noninterest expense
Salaries and employee benefits	69,004	64,155	137,763	124,849
Technology and data services	11,850	10,804	23,360	21,042
Occupancy	9,475	9,038	20,485	18,065
Professional fees and outside services	5,662	5,021	11,216	9,973
Office supplies and postage	2,060	1,871	4,227	3,813
FDIC assessment	1,984	1,820	3,994	3,514
Marketing	937	974	1,855	2,112
Amortization of intangible assets	3,191	3,042	6,539	5,153
Loan collection and other real estate owned, net	544	489	1,154	1,148
Acquisition expenses	0	17,180	0	18,401
Other	6,731	8,216	13,077	14,440
Total noninterest expense	111,438	122,610	223,670	222,510
Income before income tax expense	69,116	30,707	135,791	77,928
Income tax expense	16,086	8,197	31,619	18,673
Net income	$ 53,030	$ 22,510	$ 104,172	$ 59,255
Earnings per share
Basic (in Dollars per share)	$ 1.02	$ 0.45	$ 2	$ 1.21
Diluted (in Dollars per share)	$ 1.02	$ 0.44	$ 1.99	$ 1.21

Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Operating activities
Net income	$ 104,172	$ 59,255
Adjustments to reconcile net income to net cash provided by operating activities
Provision for loan losses	11,713	25,389
Depreciation and amortization of premises and equipment	6,953	6,193
Net amortization on securities	215	917
Amortization of intangible assets	6,539	5,153
Amortization of operating lease right-of-use assets	4,578	4,088
Excess tax benefit on stock-based compensation	(201)	(419)
Stock-based compensation expense	4,240	3,047
Bank owned life insurance income	(5,164)	(5,577)
Amortization of subordinated debt issuance costs	0	199
Proceeds from sale of loans held for sale	2,989	173,409
Originations of loans held for sale	(1,802)	(167,816)
Net gains on sale of loans held for sale	(79)	(313)
Net securities (gains)	(617)	(8)
Net gains on sale of other real estate owned	(99)	(83)
Net change in other assets and other liabilities	(18,511)	(14,952)
Net cash provided by operating activities	114,926	88,482
Investing activities
Net cash (used in) provided by acquisitions	(488)	38,597
Securities available for sale:
Proceeds from maturities, calls and principal paydowns	143,690	90,172
Proceeds from sales	0	254,468
Purchases	(295,464)	(202,260)
Securities held to maturity:
Proceeds from maturities, calls and principal paydowns	80,423	81,258
Purchases	(73,341)	(45,167)
Equity securities:
Proceeds from sales	0	491
Other:
Net (increase) in loans	(285,090)	(483)
Proceeds from Federal Reserve and Federal Home Loan Bank stock redemption	11,507	30,216
Purchases of Federal Reserve and Federal Home Loan Bank stock	(18,472)	(26,991)
Proceeds from settlement of bank owned life insurance	8,091	4,330
Purchases of premises and equipment, net	(5,783)	(6,031)
Proceeds from sales of other real estate owned	411	135
Net cash (used in) provided by investing activities	(434,516)	218,735
Financing activities
Net increase in deposits	38,109	104,422
Net increase (decrease) in short-term borrowings	168,369	(92,972)
Redemption of subordinated debt	(25,000)	0
Repayments of long-term debt	(55)	(25,078)
Cash paid by employer for tax-withholding on stock issuance	(1,803)	(2,207)
Purchase of treasury stock	(14,030)	0
Cash dividends	(38,463)	(33,875)
Net cash provided by (used in) financing activities	127,127	(49,710)
Net (decrease) increase in cash and cash equivalents	(192,463)	257,507
Cash and cash equivalents at beginning of period	487,116	284,056
Cash and cash equivalents at end of period	294,653	541,563
Cash paid during the period for:
Interest expense	100,357	99,802
Income taxes paid, net of refund	19,959	16,325
Noncash investing activities:
Loans transferred to other real estate owned	0	215
Acquisitions:
Fair value of assets acquired, excluding acquired cash and goodwill	0	2,087,439
Fair value of liabilities assumed	0	1,997,253
Common stock issued	$ 0	$ 221,767

Consolidated Balance Sheets (unaudited) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Assets
Cash and due from banks	$ 187,164	$ 185,158
Short-term interest-bearing accounts	107,489	301,958
Equity securities, at fair value	50,732	48,760
Securities available for sale, at fair value	2,006,206	1,862,838
Securities held to maturity (fair value $692,689 and $702,577, respectively)	755,086	762,756
Federal Reserve and Federal Home Loan Bank stock	51,540	44,575
Loans held for sale	0	1,108
Loans	11,874,081	11,598,114
Less allowance for loan losses	140,500	138,000
Net loans	11,733,581	11,460,114
Premises and equipment, net	98,119	99,277
Goodwill	453,278	453,278
Intangible assets, net	51,117	57,656
Bank owned life insurance	314,806	317,733
Other assets	405,839	399,910
Total assets	16,214,957	15,995,121
Liabilities
Demand (noninterest bearing)	3,861,366	3,800,209
Savings, interest-bearing checking and money market	8,347,052	8,206,539
Time	1,328,884	1,492,445
Total deposits	13,537,302	13,499,193
Short-term borrowings	316,438	148,069
Long-term debt	43,043	43,176
Subordinated debt, net	0	24,509
Junior subordinated debt	111,714	111,668
Other liabilities	262,541	272,290
Total liabilities	14,271,038	14,098,905
Stockholders’ equity
Preferred stock, $0.01 par value, 2,500,000 shares authorized	0	0
Common stock, $0.01 par value, 100,000,000 shares authorized; 59,083,155 shares issued	591	591
Additional paid-in-capital	966,124	964,778
Retained earnings	1,262,559	1,196,850
Accumulated other comprehensive loss	(89,132)	(82,596)
Common stock in treasury, at cost, 7,128,171 and 6,880,200 shares, respectively	(196,223)	(183,407)
Total stockholders’ equity	1,943,919	1,896,216
Total liabilities and stockholders’ equity	$ 16,214,957	$ 15,995,121