UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2025. OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________ to ________. COMMISSION FILE NUMBER 0-14703 NBT BANCORP INC. (Exact name of registrant as specified in its charter) Delaware 16-1268674 (State or ot ...

Core Points - NBT Bancorp Inc. completed the merger with Evans Bancorp, Inc. on May 2, 2025, followed by a core systems conversion [1] - The merger expanded NBT Bank's branch network into Western New York, adding 14 offices in Buffalo and 4 in greater Rochester, bringing the total to 175 branches across seven states [2] - Over 200 employees and more than 40,000 customers from Evans Bank joined NBT as a result of the merger [3] - Three executives from Evans have taken leadership roles at NBT Bank, enhancing continuity in leadership for the Western Region of New York [4] - NBT Bancorp has total assets of $13.86 billion as of March 31, 2025, and operates through NBT Bank and two financial services subsidiaries [5]

Earnings Presentation First Quarter 2025 NBTB Forward-Looking Statements This presentation 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 dif ...

Financial Data and Key Metrics Changes - NBT Bancorp reported net income of $36.7 million or $0.77 per share, with operating earnings per share at $0.80, an increase of $0.03 compared to the prior quarter [10] - Revenues increased by 4.4% from the prior quarter and nearly 12% from the same quarter last year, driven by improvements in net interest income and fee-based revenues [10] - Operating return on assets was 1.11%, return on equity was 10%, and return on tangible common equity (ROTCE) was 14% [4][5] Business Line Data and Key Metrics Changes - Total loans increased by $40 million or 1.8%, with a diversified portfolio comprising 53% commercial and 47% consumer loans [13] - Non-interest income represented 31% of total revenues, with fee income increasing by 12.7% compared to the linked fourth quarter [18] - Net interest margin increased by 10 basis points to 3.44%, primarily due to a decrease in the cost of interest-bearing deposits [15][16] Market Data and Key Metrics Changes - Total deposits rose to $11.7 billion, up $162 million from the linked fourth quarter, mainly due to seasonal municipal deposits [14] - The deposit portfolio consists of 58% no and low-cost checking and savings accounts, while 42% is held in time and money market accounts [14] Company Strategy and Development Direction - The company is focused on supporting the semiconductor chip corridor in upstate New York, with plans to enhance financial services in this growing ecosystem [6][7] - The merger with Evans Bancorp is expected to expand the company's footprint in Buffalo and Rochester, adding over 200 employees and more than 40,000 customers [8][9] Management's Comments on Operating Environment and Future Outlook - Management noted that while macro uncertainties exist, customer pipelines remain stable across various markets [29][31] - The company anticipates modest loan growth of 2% to 3% for the upcoming quarter, down from a previous estimate of 3% to 5% due to macroeconomic uncertainties [58] Other Important Information - Net charge-offs to average loans were 27 basis points, with a significant write-down of a commercial real estate loan included in this figure [21][60] - The company has added over $100 million to shareholders' equity in the past fifteen months while maintaining a strong capital position [6] Q&A Session Summary Question: Credit demand in the market - Management indicated that pipelines are good and consistent across their footprint, with no significant project abandonment despite macro uncertainties [29][31] Question: Supply of credit and competition - Management noted that competition remains reasonable and disciplined, with some smaller banks occasionally competing outside of comfort levels [32][33] Question: Opportunities from the Evans merger - Management expressed confidence that the merger will allow Evans bankers to leverage a larger balance sheet to expand client relationships and drive loan growth [34][36] Question: Impact of the CHIPS Act on projects - Management confirmed that while there are contractual obligations related to the CHIPS Act, the overall sentiment for semiconductor manufacturing in the U.S. remains strong [44][45] Question: Fee income and loan growth expectations - Management provided insights on fee income sensitivity to market conditions and adjusted loan growth expectations for the second quarter [50][58] Question: Charge-offs and credit quality - Management indicated that charge-offs are expected to be primarily from auto and residential solar portfolios, with commercial charge-offs being more episodic [110] Question: Overall M&A appetite - Management stated that the focus remains on the Evans acquisition, but they are open to discussions with other community banks for future opportunities [101][102]

NBT Bancorp (NBTB) Q1 2025 Earnings Call April 25, 2025 10:00 AM ET Company Participants Scott Kingsley - President & CEOAnnette Burns - Executive VP & CFOMatthew Breese - Managing DirectorChristopher O'Connell - DirectorFeddie Strickland - Director Conference Call Participants None - AnalystManuel Navas - MD & Senior Research Analyst Operator Good day, everyone. Welcome to the conference call covering NBT Bancorp's first quarter twenty twenty five financial results. This call is being recorded and has been ...

Core Insights - NBT Bancorp reported revenue of $155.31 million for the quarter ended March 2025, marking a year-over-year increase of 10.5% and exceeding the Zacks Consensus Estimate by 2.96% [1] - The earnings per share (EPS) for the same period was $0.80, up from $0.68 a year ago, representing a surprise of 5.26% over the consensus estimate of $0.76 [1] Financial Performance Metrics - The net interest margin (FTE) was reported at 3.4%, matching the average estimate from two analysts [4] - The average balance of total interest-earning assets was $12.70 billion, slightly below the estimated $12.72 billion [4] - Net charge-offs to average loans stood at 0.3%, higher than the average estimate of 0.2% [4] - Total noninterest income reached $47.45 million, surpassing the average estimate of $44.37 million [4] - Net interest income (FTE) was reported at $107.86 million, exceeding the average estimate of $106.48 million [4] Stock Performance - NBT shares have returned -4% over the past month, compared to a -5.1% change in the Zacks S&P 500 composite [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating expected performance in line with the broader market in the near term [3]

Financial Performance - Net income for Q1 2025 was $36.7 million, or $0.77 per diluted share, up from $33.8 million, or $0.71 per diluted share in Q1 2024[4] - Net income for Q1 2025 was $36,745,000, representing an increase of 2.1% from $36,005,000 in Q4 2024[26] - Basic earnings per share for Q1 2025 was $0.78, up from $0.76 in Q4 2024[26] - Operating diluted earnings per share for Q1 2025 was $0.80, compared to $0.77 in Q4 2024[28] - Return on average assets for Q1 2025 is 1.08%, up from 1.04% in Q4 2024[23] - Return on average tangible common equity for Q1 2025 was 13.63%, an increase from 13.36% in Q4 2024[29] Income and Revenue - Net interest income on a fully taxable equivalent basis was $107.2 million, an increase of $1.1 million from the prior quarter, and up $12.0 million, or 12.7%, from Q1 2024[6] - Noninterest income was $47.6 million, an increase of 12.7% from the fourth quarter of 2024, and up 10.1% from Q1 2024[12] - Total interest, fee and dividend income for Q1 2025 was $154,404,000, a decrease of 2.1% from Q4 2024's $157,737,000[26] - Net interest income after provision for loan losses for Q1 2025 was $99,669,000, compared to $103,896,000 in Q4 2024, reflecting a decrease of 4.3%[26] - Noninterest income increased to $47,452,000 in Q1 2025, up 11.8% from $42,426,000 in Q4 2024[26] Assets and Loans - Total assets increased to $13.86 billion in Q1 2025 from $13.79 billion in Q4 2024[23] - Total loans were $9.98 billion as of March 31, 2025, up $10.4 million, or 0.4% annualized, from December 31, 2024[8] - Net loans reached $9.86 billion in Q1 2025, slightly up from $9.85 billion in Q4 2024[23] - Total loan net charge-offs increased to $6,554 thousand in Q1 2025 from $5,709 thousand in Q4 2024, indicating a rise in charge-offs[24] - Total nonperforming loans decreased to $47,691 thousand in Q1 2025 from $51,617 thousand in Q4 2024, showing a reduction of 7.5%[24] Deposits and Equity - Total deposits were $11.71 billion, an increase of $161.8 million, or 1.4%, from December 31, 2024[8] - Total deposits increased to $11,708,511 thousand in Q1 2025 from $11,546,761 thousand in Q4 2024, reflecting a growth of 1.4%[25] - The total stockholders' equity increased to $1,565,775 thousand in Q1 2025 from $1,526,141 thousand in Q4 2024, reflecting a positive trend in equity growth[25] Capital Ratios - The CET1 capital ratio was 12.12% and the leverage ratio was 10.39% as of March 31, 2025[17] - Common equity tier 1 capital ratio improved to 12.12% in Q1 2025 from 11.93% in Q4 2024[23] - Tangible equity ratio for Q1 2025 is 8.68%, up from 8.42% in Q4 2024[23] - Tangible book value per share increased to $24.74 at March 31, 2025, from $23.88 at December 31, 2024[17] Tax and Expenses - The effective tax rate for Q1 2025 was 22.2%, up from 21.7% in Q1 2024[13] - Total noninterest expense for Q1 2025 was $99,900,000, slightly down from $100,775,000 in Q4 2024[26] - Acquisition expenses for Q1 2025 totaled $1,221,000, compared to $988,000 in Q4 2024[28] Mergers and Acquisitions - The company plans to complete its merger with Evans Bancorp, Inc. on May 2, 2025, which will add over 200 bankers and 18 locations[5]

Company Overview - NBT Bancorp (NBTB) is headquartered in Norwich and operates in the Finance sector, with a year-to-date stock price change of -16.98% [3] - The company currently pays a dividend of $0.34 per share, resulting in a dividend yield of 3.43%, which is higher than the Banks - Northeast industry's yield of 2.74% and the S&P 500's yield of 1.65% [3] Dividend Performance - NBT Bancorp's annualized dividend of $1.36 has increased by 3% from the previous year, with a historical average annual increase of 5.42% over the last 5 years [4] - The company's current payout ratio is 46%, indicating that it pays out 46% of its trailing 12-month earnings per share as dividends [4] Earnings Growth - The Zacks Consensus Estimate for NBT Bancorp's earnings per share for 2025 is $3.48, reflecting a year-over-year growth rate of 18.37% [5] Investment Considerations - NBT Bancorp is viewed as a compelling investment opportunity due to its strong dividend profile and current Zacks Rank of 3 (Hold) [7]

Core Viewpoint - NBT Bancorp Inc. will announce its financial results for Q1 2025 on April 24, 2025, and will host a conference call on April 25, 2025, to discuss these results [1]. Company Overview - NBT Bancorp Inc. is a financial holding company based in Norwich, NY, with total assets of $13.79 billion as of December 31, 2024 [3]. - The company operates primarily through NBT Bank, N.A., which is a full-service community bank with 157 locations across New York, Pennsylvania, Vermont, Massachusetts, New Hampshire, Maine, and Connecticut [3]. - NBT Bancorp also includes EPIC Retirement Plan Services, a national benefits administration firm, and NBT Insurance Agency, LLC, a full-service insurance agency [3].

Company Overview - NBT Bancorp (NBTB) is a financial holding company headquartered in Norwich, operating in the Finance sector [3] - The stock has experienced a price decline of 9.17% since the beginning of the year [3] Dividend Information - NBT Bancorp currently pays a dividend of $0.34 per share, resulting in a dividend yield of 3.14%, which is higher than the Banks - Northeast industry's yield of 2.89% and the S&P 500's yield of 1.57% [3] - The annualized dividend of $1.36 has increased by 3% from the previous year, with a historical average annual increase of 5.42% over the past five years [4] - The company's current payout ratio is 46%, indicating that it distributes 46% of its trailing 12-month earnings per share as dividends [4] Earnings Growth Expectations - For the fiscal year 2025, the Zacks Consensus Estimate predicts earnings of $3.69 per share, reflecting a year-over-year growth rate of 25.51% [5] Investment Appeal - NBT Bancorp is considered an attractive dividend investment and a compelling opportunity, holding a Zacks Rank of 2 (Buy) [7]