NBT Bancorp Inc. Announces Record Third Quarter 2025 Results and Declares Cash Dividend

NORWICH, N.Y., Oct. 27, 2025 (GLOBE NEWSWIRE) -- NBT Bancorp Inc. (“NBT” or the “Company”) (NASDAQ: NBTB) reported net income and diluted earnings per share for the three and nine months ended September 30, 2025.

Net income for the third quarter of 2025 was $54.5 million, or $1.03 per diluted common share, compared to $38.1 million, or $0.80 per diluted common share, for the third quarter of 2024, and $22.5 million, or $0.44 per diluted common share, for the second quarter of 2025. Operating diluted earnings per share(1), a non-GAAP measure, was $1.05 for the third quarter of 2025, compared to $0.80 for the third quarter of 2024 and $0.88 for the second 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 comparisons to the second quarter of 2025 and to the third quarter of 2024 are significantly impacted by the Evans acquisition.

CEO Comments

“For the third quarter of 2025, we achieved record net income and earnings per share, and we reported a return on average assets of 1.35% and a return on average tangible common equity of 17.35%,” said NBT President and CEO Scott Kingsley. “These results reflect productive growth in earning assets, deposits, and our sixth consecutive quarter of net interest margin improvement, including a full quarter of our merger with Evans Bancorp, Inc. completed in May. Having increased our dividend for the thirteenth consecutive year, we approved a quarterly cash dividend for our shareholders of $0.37 per share, representing an increase of 8.8% over the prior year and illustrative of our ongoing commitment to providing favorable long-term returns.”

Third Quarter 2025 Financial Highlights

Net Income Net income was $54.5 million and diluted earnings per share was $1.03Operating net income was $55.3 million and operating diluted earnings per share was $1.05(1)Net Interest Income / NIM Net interest income on a fully taxable equivalent (“FTE”) basis was $135.3 million, an increase of $10.4 million from the prior quarter(1)Net interest margin (“NIM”) on an FTE basis was 3.66%(1), an increase of 7 basis points (“bps”) from the prior quarterEarning asset yields of 5.18% were up 6 bps from the prior quarterTotal cost of funds of 1.60% was down 2 bps from the prior quarterIncluded in FTE net interest income was $6.3 million of acquisition-related net accretion, which was up $1.3 million from the second quarter of 2025Noninterest Income Noninterest income was $51.4 million, or 28% of total revenues, excluding net securities (losses) gainsLoans and Credit Quality Period end total loans were $11.60 billion as of September 30, 2025, including $1.67 billion of loans acquired from EvansNet charge-offs to average loans was 0.15% annualizedNonperforming loans to total loans was 0.46%Allowance for loan losses to total loans was 1.20%Provision for loan losses was $3.1 millionDeposits Deposits were $13.66 billion as of September 30, 2025, including $1.86 billion in deposits acquired from EvansTotal cost of deposits was 1.52% for the third quarter of 2025, up 1 bp from the second quarter of 2025Capital Stockholders’ equity was $1.85 billion as of September 30, 2025Tangible book value per share(2) was $25.51 at September 30, 2025Tangible equity to assets of 8.58%(1)CET1 ratio of 11.80%; Leverage ratio of 9.34%

Loans

Period end total loans were $11.60 billion at September 30, 2025, compared to $9.97 billion at December 31, 2024 and $9.91 billion at September 30, 2024.Period end total loans increased $1.63 billion from December 31, 2024 and $1.69 billion from September 30, 2024. Excluding the other consumer and residential solar portfolios, which are in a planned run-off status, and the loans acquired from Evans, period end loans increased $132.4 million, or 1.5%, from September 30, 2024.

Deposits

Total deposits at September 30, 2025 were $13.66 billion, compared to $11.55 billion at December 31, 2024 and $11.59 billion at September 30, 2024. Excluding the deposits acquired from Evans, deposits increased $250.1 million from December 31, 2024 and $208.6 million from September 30, 2024. Excluding deposits acquired from Evans, demand, interest-bearing checking and money market accounts increased, partially offset by a decrease in time deposits.The loan to deposit ratio was 84.9% at September 30, 2025, compared to 86.3% at December 31, 2024 and 85.5% at September 30, 2024.

Net Interest Income and Net Interest Margin

Net interest income for the third quarter of 2025 was $134.7 million, an increase of $10.4 million, or 8.4%, from the second quarter of 2025 and an increase of $33.0 million, or 32.5%, from the third quarter of 2024. The increase in net interest income from the second quarter of 2025 was largely attributed to the full quarter impact of the Evans acquisition with higher earning asset yields also contributing to the increase. The increase in net interest income from the third quarter of 2024 resulted primarily from the Evans acquisition, the improvement in net interest margin and organic growth in interest-earning assets.The NIM on an FTE basis for the third quarter of 2025 was 3.66%, an increase of 7 bps from the second quarter of 2025. This increase was primarily driven by an increase in earning asset yields and acquisition-related net accretion. The NIM on an FTE basis increased 39 bps from the third quarter of 2024 due to higher yields on earning assets, including acquisition-related net accretion and a decrease in the cost of borrowings.Earning asset yields for the three months ended September 30, 2025 increased 6 bps from the prior quarter to 5.18%. Loan yields for the three months ended September 30, 2025 increased 3 bps from the prior quarter to 5.80% due to loans originating at higher rates than portfolio yields during the quarter and acquisition-related net accretion. Earning asset yields increased 17 bps from the same quarter in the prior year due to new loan yields that were priced higher than portfolio yields and acquisition-related net accretion. Average earning assets increased $685.1 million, or 4.9%, from the second quarter of 2025 and grew $2.20 billion, or 17.6%, from the third quarter of 2024 due primarily to the addition of $1.95 billion in interest-earning assets acquired from Evans and organic earning asset growth.Total cost of deposits, including noninterest bearing deposits, was 1.52% for the third quarter of 2025, an increase of 1 bp from the prior quarter as a full quarter of Evans higher cost of deposits, primarily in interest-bearing checking and savings deposit accounts, were partially offset by a decrease in the cost of time deposits. Total cost of deposits decreased 16 bps from the same period in the prior year.Total cost of funds for the three months ended September 30, 2025 was 1.60%, a decrease of 2 bps from the prior quarter and a decrease of 25 bps from the third quarter of 2024.In July of 2025, the Company redeemed $118 million of subordinated debt that had a weighted average rate of 5.45% using existing liquidity sources. The $118 million of subordinated debt would have converted to a weighted average floating rate in excess of 9%.

Asset Quality and Allowance for Loan Losses

Net charge-offs to total average loans for the third quarter of 2025 was 15 bps compared to 9 bps in the prior quarter primarily due to an increase in both commercial and consumer net charge-offs.Nonperforming assets to total assets was 0.33% at September 30, 2025, compared to 0.29% at June 30, 2025 and compared to 0.38% at December 31, 2024.Provision expense for the three months ended September 30, 2025 was $3.1 million, compared to $17.8 million for the second quarter of 2025. The decrease in the provision for loan losses during the quarter was due to the $13.0 million of acquisition-related provision for loan losses recognized in the second quarter of 2025.The allowance for loan losses was $139.0 million, or 1.20% of total loans, at September 30, 2025, compared to $140.2 million, or 1.21% of total loans, at June 30, 2025 and compared to $116.0 million, or 1.16% of total loans, at December 31, 2024. The decrease in the allowance for loan losses in the third quarter of 2025 was driven by portfolio mix changes resulting from the run-off of the other consumer and residential solar portfolios which were partially offset by a modest deterioration of the economic forecast. The increase in the allowance for loan losses from the fourth quarter of 2024 was due to the $20.7 million of allowance for acquired Evans loans.The reserve for unfunded loan commitments was $5.9 million at September 30, 2025, compared to $6.2 million at June 30, 2025 and compared to $4.4 million at December 31, 2024. The provision for unfunded loan commitments in the second quarter of 2025 included $0.5 million of acquisition-related provision for unfunded loan commitments.

Noninterest Income

Total noninterest income, excluding securities (losses) gains, was $51.4 million for the three months ended September 30, 2025, up $4.6 million, or 9.8%, from the second quarter of 2025, and up $6.1 million, or 13.5%, from the third quarter of 2024. The seasonally higher third quarter also benefited from the full quarter impact of the Evans acquisition.Service charges on deposit accounts were higher than the prior quarter and the third quarter of 2024 due primarily to the Evans acquisition and new account growth.Card services income increased $0.3 million from the prior quarter and increased $0.5 million from the third quarter of 2024 driven by the Evans acquisition and increased volumes.Retirement plan administration fees were consistent with the prior quarter and increased $1.3 million, or 9.2%, from the third quarter of 2024. The increase from the third quarter of 2024 was driven by higher market values of assets under administration and the acquisition of a small third-party administrator business in the fourth quarter of 2024.Wealth management fees increased $0.4 million, or 4.0%, from the prior quarter and were consistent with the third quarter of 2024. The increase from the prior quarter was driven by market performance, growth in new customer accounts and seasonal activity-based fees.Insurance revenues increased $1.2 million from the prior quarter driven by seasonal renewals and increased $0.3 million, or 7.1%, from the prior year due to organic growth.Bank owned life insurance income increased from the second quarter of 2025 and the third quarter of 2024 due to a $0.9 million gain recognized in the third quarter of 2025.Other noninterest income increased $0.9 million from the prior quarter and $1.6 million from the third quarter of 2024 driven by a $0.6 million gain related to the finalization of a third-party contractual arrangement. In addition, the increase from the third quarter of 2024 was driven by an increase in loan servicing income and loan related fee income.

Noninterest Expense

Total noninterest expense was $111.1 million for the third quarter of 2025, compared to $122.6 million for the second quarter of 2025 and $95.7 million for the third quarter of 2024. Total noninterest expense, excluding $1.1 million of acquisition expenses in the third quarter of 2025, $17.2 million of acquisition expenses in the second quarter of 2025 and $0.5 million of acquisition expenses in the third quarter of 2024, increased 4.4% compared to the previous quarter and increased 15.6% from the third quarter of 2024. The increase was primarily due to the Evans acquisition.Salaries and benefits increased 3.9% from the prior quarter driven by the full quarter impact of the Evans acquisition as NBT added 200 Evans employees in May, higher incentive compensation expenses and higher medical costs. The increase from the third quarter of 2024 was driven by the impact of the Evans acquisition, merit pay increases, higher medical expenses and higher incentive compensation expenses.Technology and data services increased $0.4 million from the prior quarter and $1.3 million from the third quarter of 2024 primarily due to the Evans acquisition, timing of planned activities and ongoing investment in enterprise technology initiatives.Occupancy costs were consistent from the prior quarter due to lower seasonal maintenance and utilities costs being offset by the additional expenses from the Evans acquisition. The $1.3 million increase from the third quarter of 2024 was driven by the additional expenses from the Evans acquisition, higher utilities and higher facilities costs related to new banking locations.Professional fees and outside services increased $0.9 million from the prior quarter and $1.1 million from the third quarter of 2024 primarily due to the Evans acquisition and the timing of various initiatives.Amortization of intangible assets increased $0.4 million from the prior quarter and $1.4 million from the third quarter of 2024 primarily due to the amortization of intangible assets related to the Evans acquisition.Other expense increased $2.4 million from the prior quarter and $3.4 million from the third quarter of 2024. The increase from the previous quarter was driven by the Evans acquisition including increased FDIC insurance expense, travel, training and charitable contributions.

Income Taxes

The effective tax rate for the third quarter of 2025 was 24.2%, which was up from 21.9% for the third quarter of 2024 primarily due to the estimated impact of nondeductible acquisition expenses related to the Evans acquisition and a lower level of tax-exempt income as a percentage of total pretax income.

Capital

Tangible common equity to tangible assets(1) was 8.58% at September 30, 2025. Tangible book value per share(2) was $25.51 at September 30, 2025, $24.57 at June 30, 2025 and $23.83 at September 30, 2024.Stockholders’ equity increased $327.0 million from December 31, 2024 driven by the Evans acquisition adding $221.8 million of capital, net income generation of $113.7 million and a $41.8 million decrease in accumulated other comprehensive loss reflecting the change in the fair value of securities available for sale, partially offset by dividends declared of $53.3 million.As of September 30, 2025, CET1 capital ratio of 11.80%, leverage ratio of 9.34% and total risk-based capital ratio of 13.97%.

Dividend

The Board of Directors approved a fourth-quarter cash dividend of $0.37 per share at a meeting held earlier today. The dividend represents a $0.03 per quarter, or 8.8%, increase over the dividend paid in the fourth quarter of 2024. This is the Company’s thirteenth consecutive year of annual dividend increases. The dividend will be paid on December 15, 2025 to stockholders of record as of December 1, 2025.

Stock Repurchase

The Company did not purchase shares of its common stock during the three months ended September 30, 2025.On October 27, 2025, the Board of Directors authorized and approved an amendment to the Company’s previously announced stock repurchase program. Pursuant to the amended stock repurchase program, the Company may repurchase up to 2,000,000 shares of the Company’s common stock with all repurchases under the stock repurchase program to be made by December 31, 2027. 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.

Conference Call and Webcast

The Company will host a conference call at 10:00 a.m. (Eastern) Tuesday, October 28, 2025, to review the third quarter 2025 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 $16.11 billion at September 30, 2025. 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 175 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 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 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) 2025 2024 3rd Q2nd Q1st Q4th Q3rd Q Profitability (reported) Diluted earnings per share$ 1.03 $0.44 $0.77 $0.76 $0.80 Weighted average diluted common shares outstanding 52,642,688 50,787,474 47,477,391 47,505,760 47,473,417 Return on average assets(3) 1.35% 0.59% 1.08% 1.04% 1.12% Return on average equity(3) 11.86% 5.27% 9.68% 9.44% 10.21% Return on average tangible common equity(1)(3) 17.35% 8.01% 13.63% 13.36% 14.54% Net interest margin(1)(3) 3.66% 3.59% 3.44% 3.34% 3.27% 9 Months Ended September 30, 2025 2024 Profitability (reported) Diluted earnings per share$ 2.26 $2.21 Weighted average diluted common shares outstanding 50,325,671 47,409,906 Return on average assets(3) 1.01% 1.04% Return on average equity(3) 8.99% 9.62% Return on average tangible common equity(1)(3) 13.07% 13.89% Net interest margin(1)(3) 3.57% 3.20% 2025 2024 3rd Q2nd Q1st Q4th Q3rd Q Profitability (operating) Diluted earnings per share(1)$ 1.05 $0.88 $0.80 $0.77 $0.80 Return on average assets(1)(3) 1.37% 1.19% 1.11% 1.06% 1.12% Return on average equity(1)(3) 12.05% 10.52% 9.95% 9.60% 10.23% Return on average tangible common equity(1)(3) 17.61% 15.25% 13.99% 13.57% 14.56% 9 Months Ended September 30, 2025 2024 Profitability (operating) Diluted earnings per share(1)$ 2.76 $2.17 Return on average assets(1)(3) 1.24% 1.03% Return on average equity(1)(3) 10.96% 9.48% Return on average tangible common equity(1)(3) 15.78% 13.69% 2025 2024 3rd Q2nd Q1st Q4th Q3rd Q Balance sheet data Short-term interest-bearing accounts$ 394,485 $276,786 $37,385 $78,973 $231,671 Securities available for sale 1,813,194 1,729,428 1,704,677 1,574,664 1,509,338 Securities held to maturity 771,474 809,664 836,833 842,921 854,941 Net loans 11,456,134 11,484,480 9,863,267 9,853,910 9,787,541 Total assets 16,112,584 16,014,781 13,864,251 13,786,666 13,839,552 Total deposits 13,660,918 13,515,232 11,708,511 11,546,761 11,588,278 Total borrowings 319,358 411,376 312,977 414,983 456,666 Total liabilities 14,259,438 14,209,615 12,298,476 12,260,525 12,317,572 Stockholders' equity 1,853,146 1,805,166 1,565,775 1,526,141 1,521,980 Capital Equity to assets 11.50% 11.27% 11.29% 11.07% 11.00% Tangible equity ratio(1) 8.58% 8.30% 8.68% 8.42% 8.36% Book value per share$ 35.33 $34.46 $33.13 $32.34 $32.26 Tangible book value per share(2)$ 25.51 $24.57 $24.74 $23.88 $23.83 Leverage ratio 9.34% 9.55% 10.39% 10.24% 10.29% Common equity tier 1 capital ratio 11.80% 11.37% 12.12% 11.93% 11.86% Tier 1 capital ratio 11.80% 11.37% 13.02% 12.83% 12.77% Total risk-based capital ratio 13.97% 14.48% 15.24% 15.03% 15.02% Common stock price (end of period)$ 41.76 $41.55 $42.90% $47.76 $44.23

NBT Bancorp Inc. and Subsidiaries Asset Quality and Consolidated Loan Balances (unaudited, dollars in thousands) 2025 2024 3rd Q2nd Q1st Q4th Q3rd Q Asset quality Nonaccrual loans$ 46,450 $43,181 $44,829 $45,819 $33,338 90 days past due and still accruing 6,966 3,211 2,862 5,798 3,981 Total nonperforming loans 53,416 46,392 47,691 51,617 37,319 Other real estate owned 267 345 308 182 127 Total nonperforming assets 53,683 46,737 47,999 51,799 37,446 Allowance for loan losses 139,000 140,200 117,000 116,000 119,500 Asset quality ratios Allowance for loan losses to total loans 1.20% 1.21% 1.17% 1.16% 1.21% Total nonperforming loans to total loans 0.46% 0.40% 0.48% 0.52% 0.38% Total nonperforming assets to total assets 0.33% 0.29% 0.35% 0.38% 0.27% Allowance for loan losses to total nonperforming loans 260.22% 302.21% 245.33% 224.73% 320.21% Past due loans to total loans(4) 0.38% 0.38% 0.32% 0.34% 0.36% Net charge-offs to average loans(3) 0.15% 0.09% 0.27% 0.23% 0.16% 2025 2024 3rd Q2nd Q1st Q4th Q3rd Q Loan net charge-offs by line of business Commercial$ 1,047 $97 $2,109 $2,542 $807 Residential mortgage and home equity 18 (27) (25) (25) (64) Indirect auto 679 749 1,155 675 725 Residential solar and other consumer 2,556 1,542 3,315 2,517 2,452 Total loan net charge-offs$ 4,300 $2,361 $6,554 $5,709 $3,920 2025 2024 3rd Q2nd Q1st Q4th Q3rd Q Allowance for loan losses as a percentage of loans by segment Commercial & industrial 0.81% 0.79% 0.76% 0.73% 0.73% Commercial real estate 1.13% 1.14% 1.02% 0.95% 1.01% Residential mortgage 1.05% 1.05% 1.00% 1.00% 1.00% Auto 0.70% 0.70% 0.72% 0.81% 0.83% Residential solar and other consumer 3.62% 3.64% 3.61% 3.64% 3.69% Total 1.20% 1.21% 1.17% 1.16% 1.21% 2025 2024 3rd Q2nd Q1st Q4th Q3rd Q Loans by line of business Commercial & industrial$ 1,644,218 $1,692,335 $1,436,990 $1,426,482 $1,458,926 Commercial real estate 4,830,761 4,800,494 3,890,115 3,876,698 3,792,498 Residential mortgage 2,528,565 2,530,344 2,127,588 2,142,249 2,143,766 Home equity 435,584 423,355 331,400 334,268 328,687 Indirect auto 1,327,689 1,319,401 1,309,084 1,273,253 1,235,175 Residential solar and other consumer 828,317 858,751 885,090 916,960 947,989 Total loans$ 11,595,134 $11,624,680 $9,980,267 $9,969,910 $9,907,041

NBT Bancorp Inc. and Subsidiaries Consolidated Balance Sheets (unaudited, in thousands) September 30,December 31, 2025 2024 Assets Cash and due from banks$ 245,757$205,083 Short-term interest-bearing accounts 394,485 78,973 Equity securities, at fair value 49,607 42,372 Securities available for sale, at fair value 1,813,194 1,574,664 Securities held to maturity (fair value $706,291 and $749,945, respectively) 771,474 842,921 Federal Reserve and Federal Home Loan Bank stock 44,650 33,957 Loans held for sale 3,926 9,744 Loans 11,595,134 9,969,910 Less allowance for loan losses 139,000 116,000 Net loans$ 11,456,134$9,853,910 Premises and equipment, net 98,669 80,840 Goodwill 454,072 362,663 Intangible assets, net 61,018 36,360 Bank owned life insurance 317,677 272,657 Other assets 401,921 392,522 Total assets$ 16,112,584$13,786,666 Liabilities and stockholders' equity Demand (noninterest bearing)$ 3,871,074$3,446,068 Savings, interest-bearing checking and money market 8,197,697 6,658,188 Time 1,592,147 1,442,505 Total deposits$ 13,660,918$11,546,761 Short-term borrowings 138,729 162,942 Long-term debt 44,762 29,644 Subordinated debt, net 24,223 121,201 Junior subordinated debt 111,644 101,196 Other liabilities 279,162 298,781 Total liabilities$ 14,259,438$12,260,525 Total stockholders' equity$ 1,853,146$1,526,141 Total liabilities and stockholders' equity$ 16,112,584$13,786,666

NBT Bancorp Inc. and Subsidiaries Consolidated Statements of Income (unaudited, in thousands except per share data) Three Months EndedNine Months Ended September 30,September 30, 2025 2024 2025 2024 Interest, fee and dividend income Interest and fees on loans$ 169,301 $141,991$ 466,265$411,743 Securities available for sale 12,063 7,815 33,934 22,501 Securities held to maturity 4,595 5,042 14,379 15,535 Other 4,508 1,382 7,870 4,154 Total interest, fee and dividend income$ 190,467 $156,230$ 522,448$453,933 Interest expense Deposits$ 52,101 $49,106$ 142,908$140,133 Short-term borrowings 816 1,431 2,728 7,751 Long-term debt 450 292 1,012 873 Subordinated debt 547 1,810 4,370 5,416 Junior subordinated debt 1,890 1,922 5,324 5,743 Total interest expense$ 55,804 $54,561$ 156,342$159,916 Net interest income$ 134,663 $101,669$ 366,106$294,017 Provision for loan losses$ 3,100 $2,920$ 15,467$17,398 Provision for loan losses - acquisition day 1 non-PCD - - 13,022 - Total provision for loan losses$ 3,100 $2,920$ 28,489$17,398 Net interest income after provision for loan losses$ 131,563 $98,749$ 337,617$276,619 Noninterest income Service charges on deposit accounts$ 5,100 $4,340$ 13,921$12,676 Card services income 6,389 5,897 17,783 16,679 Retirement plan administration fees 15,913 14,578 47,481 43,663 Wealth management 11,103 10,929 32,727 30,799 Insurance services 5,260 4,913 14,118 13,149 Bank owned life insurance income 3,240 1,868 8,817 6,054 Net securities (losses) gains (2) 476 6 2,567 Other 4,402 2,773 10,936 8,811 Total noninterest income$ 51,405 $45,774$ 145,789$134,398 Noninterest expense Salaries and employee benefits$ 66,636 $59,641$ 191,485$170,738 Technology and data services 11,180 9,920 32,222 28,919 Occupancy 9,053 7,754 27,118 23,523 Professional fees and outside services 5,941 4,871 15,914 14,289 Amortization of intangible assets 3,429 2,062 8,582 6,363 Reserve for unfunded loan commitments (317) 250 1,475 (580) Acquisition expenses 1,125 543 19,526 543 Other 14,096 10,704 37,331 33,311 Total noninterest expense$ 111,143 $95,745$ 333,653$277,106 Income before income tax expense$ 71,825 $48,778$ 149,753$133,911 Income tax expense 17,354 10,681 36,027 29,275 Net income$ 54,471 $38,097$ 113,726$104,636 Earnings Per Share Basic$ 1.04 $0.81$ 2.27$2.22 Diluted$ 1.03 $0.80$ 2.26$2.21

NBT Bancorp Inc. and Subsidiaries Quarterly Consolidated Statements of Income (unaudited, in thousands except per share data) 2025 2024 3rd Q2nd Q1st Q4th Q3rd QInterest, fee and dividend income Interest and fees on loans$ 169,301 $158,912$138,052 $141,103 $141,991Securities available for sale 12,063 11,609 10,262 8,773 7,815Securities held to maturity 4,595 4,870 4,914 4,931 5,042Other 4,508 2,186 1,176 2,930 1,382 Total interest, fee and dividend income$ 190,467 $177,577$154,404 $157,737 $156,230Interest expense Deposits$ 52,101 $48,219$42,588 $46,815 $49,106Short-term borrowings 816 1,046 866 918 1,431Long-term debt 450 296 266 293 292Subordinated debt 547 2,001 1,822 1,816 1,810Junior subordinated debt 1,890 1,795 1,639 1,790 1,922 Total interest expense$ 55,804 $53,357$47,181 $51,632 $54,561Net interest income$ 134,663 $124,220$107,223 $106,105 $101,669Provision for loan losses$ 3,100 $4,813$7,554 $2,209 $2,920Provision for loan losses - acquisition day 1 non-PCD - 13,022 - - -Total provision for loan losses$ 3,100 $17,835$7,554 $2,209 $2,920 Net interest income after provision for loan losses$ 131,563 $106,385$99,669 $103,896 $98,749Noninterest income Service charges on deposit accounts$ 5,100 $4,578$4,243 $4,411 $4,340Card services income 6,389 6,077 5,317 5,652 5,897Retirement plan administration fees 15,913 15,710 15,858 12,924 14,578Wealth management 11,103 10,678 10,946 10,842 10,929Insurance services 5,260 4,097 4,761 3,883 4,913Bank owned life insurance income 3,240 2,180 3,397 2,271 1,868Net securities (losses) gains (2) 112 (104) 222 476Other 4,402 3,500 3,034 2,221 2,773 Total noninterest income$ 51,405 $46,932$47,452 $42,426 $45,774Noninterest expense Salaries and employee benefits$ 66,636 $64,155$60,694 $61,749 $59,641Technology and data services 11,180 10,804 10,238 10,220 9,920Occupancy 9,053 9,038 9,027 7,786 7,754Professional fees and outside services 5,941 5,021 4,952 4,843 4,871Amortization of intangible assets 3,429 3,042 2,111 2,080 2,062Reserve for unfunded loan commitments (317) 1,702 90 (125) 250Acquisition expenses 1,125 17,180 1,221 988 543Other 14,096 11,668 11,567 13,234 10,704 Total noninterest expense$ 111,143 $122,610$99,900 $100,775 $95,745Income before income tax expense$ 71,825 $30,707$47,221 $45,547 $48,778Income tax expense 17,354 8,197 10,476 9,542 10,681 Net income$ 54,471 $22,510$36,745 $36,005 $38,097Earnings Per Share Basic$ 1.04 $0.45$0.78 $0.76 $0.81Diluted$ 1.03 $0.44$0.77 $0.76 $0.80

NBT Bancorp Inc. and Subsidiaries Average Quarterly Balance Sheets (unaudited, dollars in thousands) Average BalanceYield / RatesAverage BalanceYield / RatesAverage BalanceYield / RatesAverage BalanceYield / RatesAverage BalanceYield / Rates Q3 - 2025Q2 - 2025Q1 - 2025Q4 - 2024Q3 - 2024 Assets Short-term interest-bearing accounts $ 338,9194.60%$146,6404.61%$63,1984.51%$184,9885.27%$62,2104.87% Securities taxable(1) 2,464,2712.46% 2,486,3492.40% 2,402,7722.30% 2,317,0342.10% 2,266,9301.99% Securities tax-exempt(1)(5) 196,7283.48% 221,3283.65% 220,2103.60% 211,4933.46% 217,2513.47% FRB and FHLB stock 42,7905.37% 39,1765.12% 33,4695.73% 33,2615.75% 35,3956.97% Loans(1)(6) 11,600,8165.80% 11,064,9205.77% 9,981,4875.62% 9,957,8795.65% 9,865,4125.74% Total interest-earning assets $ 14,643,5245.18%$13,958,4135.12%$12,701,1364.95%$12,704,6554.96%$12,447,1985.01% Other assets 1,344,775 1,242,690 1,088,069 1,093,419 1,072,277 Total assets $ 15,988,299 $15,201,103 $13,789,205 $13,798,074 $13,519,475 Liabilities and stockholders' equity Money market deposits $ 4,077,7413.01%$3,808,0243.00%$3,496,5523.04%$3,504,9373.27%$3,342,8453.68% Interest-bearing checking deposits 2,059,0091.10% 1,902,3920.98% 1,682,2650.84% 1,664,9600.91% 1,600,5470.87% Savings deposits 1,947,6270.43% 1,852,0270.35% 1,571,6730.05% 1,561,7030.05% 1,566,3160.05% Time deposits 1,633,6473.26% 1,600,9083.37% 1,450,8463.55% 1,446,7983.85% 1,442,4244.00% Total interest-bearing deposits $ 9,718,0242.13%$9,163,3512.11%$8,201,3362.11%$8,178,3982.28%$7,952,1322.46% Federal funds purchased -- 14,2314.51% 2,2784.45% -- 2,6095.34% Repurchase agreements 123,5732.62% 89,9572.52% 107,4962.87% 116,4083.13% 98,0352.80% Short-term borrowings 114.61% 27,8454.62% 7,0334.61% 1744.57% 48,8755.74% Long-term debt 44,8023.98% 30,7053.87% 27,6743.90% 29,6573.93% 29,6963.91% Subordinated debt, net 27,0858.01% 134,6845.96% 121,3316.09% 120,9675.97% 120,5945.97% Junior subordinated debt 111,6296.72% 107,9486.67% 101,1966.57% 101,1967.04% 101,1967.56% Total interest-bearing liabilities $ 10,025,1242.21%$9,568,7212.24%$8,568,3442.23%$8,546,8002.40%$8,353,1372.60% Demand deposits 3,849,288 3,634,517 3,385,080 3,438,194 3,389,894 Other liabilities 292,294 285,357 296,983 295,292 292,446 Stockholders' equity 1,821,593 1,712,508 1,538,798 1,517,788 1,483,998 Total liabilities and stockholders' equity $ 15,988,299 $15,201,103 $13,789,205 $13,798,074 $13,519,475 Interest rate spread 2.97% 2.88% 2.72% 2.56% 2.41% Net interest margin (FTE)(1) 3.66% 3.59% 3.44% 3.34% 3.27% Total cost of deposits $ 13,567,3121.52%$12,797,8681.51%$11,586,4161.49%$11,616,5921.60%$11,342,0261.72% Total cost of funds 13,874,4121.60% 13,203,2381.62% 11,953,4241.60% 11,984,9941.71% 11,743,0311.85%

NBT Bancorp Inc. and Subsidiaries Average Year-to-Date Balance Sheets (unaudited, dollars in thousands) Average Yield/Average Yield/ BalanceInterestRates BalanceInterestRates Nine Months Ended September 30, 2025 2024 Assets Short-term interest-bearing accounts $ 183,929$ 6,3184.59%$53,048$1,9634.94% Securities taxable(1) 2,451,356 43,8142.39% 2,275,212 33,3361.96% Securities tax-exempt(1)(5) 212,670 5,6953.58% 224,557 5,9503.54% FRB and FHLB stock 38,512 1,5525.39% 39,310 2,1917.45% Loans(1)(6) 10,888,339 466,9545.73% 9,771,118 412,4485.64% Total interest-earning assets $ 13,774,806$ 524,3335.09%$12,363,245$455,8884.93% Other assets 1,226,118 1,064,080 Total assets $ 15,000,924 $13,427,325 Liabilities and stockholders' equity Money market deposits $ 3,796,235$ 85,6163.02%$3,242,453$88,1853.63% Interest-bearing checking deposits 1,882,602 13,8290.98% 1,601,507 9,6300.80% Savings deposits 1,791,819 3,9110.29% 1,586,834 5410.05% Time deposits 1,562,470 39,5523.38% 1,395,520 41,7774.00% Total interest-bearing deposits $ 9,033,126$ 142,9082.12%$7,826,314$140,1332.39% Federal funds purchased 5,495 1854.50% 17,387 7215.54% Repurchase agreements 107,067 2,1422.67% 88,986 1,3402.01% Short-term borrowings 11,604 4014.62% 138,812 5,6905.48% Long-term debt 34,456 1,0123.93% 29,734 8733.92% Subordinated debt, net 94,022 4,3706.21% 120,237 5,4166.02% Junior subordinated debt 106,963 5,3246.65% 101,196 5,7437.58% Total interest-bearing liabilities $ 9,392,733$ 156,3422.23%$8,322,666$159,9162.57% Demand deposits 3,624,662 3,356,923 Other liabilities 291,527 295,303 Stockholders' equity 1,692,002 1,452,433 Total liabilities and stockholders' equity$ 15,000,924 $13,427,325 Net interest income (FTE)(1) $ 367,991 $295,972 Interest rate spread 2.86% 2.36% Net interest margin (FTE)(1) 3.57% 3.20% Taxable equivalent adjustment $ 1,885 $1,955 Net interest income $ 366,106 $294,017 Total cost of deposits $ 12,657,788$ 142,9081.51%$11,183,237$140,1331.67% Total cost of funds 13,017,395 156,3421.61% 11,679,589 159,9161.83%

(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) 2025 2024 3rd Q2nd Q1st Q4th Q3rd Q Operating net income Net income$ 54,471 $22,510 $36,745 $36,005 $38,097 Acquisition expenses 1,125 17,180 1,221 988 543 Acquisition-related provision for credit losses - 13,022 - - - Acquisition-related reserve for unfunded loan commitments - 532 - - - Securities losses (gains) 2 (112) 104 (222) (476) Adjustments to net income$ 1,127 $30,622 $1,325 $766 $67 Adjustments to net income (net of tax)$ 851 $22,413 $1,020 $604 $52 Operating net income$ 55,322 $44,923 $37,765 $36,609 $38,149 Operating diluted earnings per share$ 1.05 $0.88 $0.80 $0.77 $0.80 9 Months Ended September 30, 2025 2024 Operating net income Net income$ 113,726 $104,636 Acquisition expenses 19,526 543 Acquisition-related provision for credit losses 13,022 - Acquisition-related reserve for unfunded loan commitments 532 - Securities (gains) (6) (2,567) Adjustments to net income$ 33,074 $(2,024) Adjustments to net income (net of tax)$ 24,971 $(1,579) Operating net income$ 138,697 $103,057 Operating diluted earnings per share$ 2.76 $2.17 2025 2024 3rd Q2nd Q1st Q4th Q3rd Q FTE adjustment Net interest income$ 134,663 $124,220 $107,223 $106,105 $101,669 Add: FTE adjustment 594 655 636 619 639 Net interest income (FTE)$ 135,257 $124,875 $107,859 $106,724 $102,308 Average earning assets$ 14,643,524 $13,958,413 $12,701,136 $12,704,655 $12,447,198 Net interest margin (FTE)(3) 3.66% 3.59% 3.44% 3.34% 3.27% 9 Months Ended September 30, 2025 2024 FTE adjustment Net interest income$ 366,106 $294,017 Add: FTE adjustment 1,885 1,955 Net interest income (FTE)$ 367,991 $295,972 Average earning assets$ 13,774,806 $12,363,245 Net interest margin (FTE)(3) 3.57% 3.20% 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) 2025 2024 3rd Q2nd Q1st Q4th Q3rd Q Tangible equity to tangible assets Total equity$ 1,853,146 $1,805,166 $1,565,775 $1,526,141 $1,521,980 Intangible assets 515,090 518,519 396,912 399,023 397,853 Total assets$ 16,112,584 $16,014,781 $13,864,251 $13,786,666 $13,839,552 Tangible equity to tangible assets 8.58% 8.30% 8.68% 8.42% 8.36% 2025 2024 3rd Q2nd Q1st Q4th Q3rd Q Return on average tangible common equity Net income$ 54,471 $22,510 $36,745 $36,005 $38,097 Amortization of intangible assets (net of tax) 2,572 2,282 1,583 1,560 1,547 Net income, excluding intangibles amortization$ 57,043 $24,792 $38,328 $37,565 $39,644 Average stockholders' equity$ 1,821,593 $1,712,508 $1,538,798 $1,517,788 $1,483,998 Less: average goodwill and other intangibles 517,271 471,159 398,233 399,139 399,113 Average tangible common equity$ 1,304,322 $1,241,349 $1,140,565 $1,118,649 $1,084,885 Return on average tangible common equity(3) 17.35% 8.01% 13.63% 13.36% 14.54% 9 Months Ended September 30, 2025 2024 Return on average tangible common equity Net income$ 113,726 $104,636 Amortization of intangible assets (net of tax) 6,437 4,772 Net income, excluding intangibles amortization$ 120,163 $109,408 Average stockholders' equity$ 1,692,002 $1,452,433 Less: average goodwill and other intangibles 462,657 400,275 Average tangible common equity$ 1,229,345 $1,052,158 Return on average tangible common equity(3) 13.07% 13.89% (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.

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

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