Form 8-K - Current report

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

 WASHINGTON, D.C. 20549

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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): January 27, 2025

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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: [phone]

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. ☐

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Item 2.02

Results of Operations and Financial Condition

On January 27, 2025, NBT Bancorp Inc. issued a press release describing its results of operations for the quarter ended December 31, 2024. That press release is furnished as Exhibit 99.1 hereto. A conference call will be held at 10:00 a.m. Eastern Time on Tuesday, January 28, 2025, to review the fourth quarter 2024 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. January 27, 2025
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

 

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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: January 27, 2025	By:	/s/ Annette L. Burns
		Annette L. Burns
		Executive Vice President and Chief Financial Officer

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Exhibit 99.1

FOR IMMEDIATE RELEASE

ATTENTION: FINANCIAL AND BUSINESS EDITORS

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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 FULL YEAR NET INCOME AND DECLARES CASH DIVIDEND

NORWICH, NY (January 27, 2025) – NBT Bancorp Inc. (“NBT” or the “Company”) (NASDAQ: NBTB) reported net income and diluted earnings per share for the three and twelve months ended December 31, 2024.

 

Net income for the three months ended December 31, 2024 was $36.0 million, or $0.76 per diluted common share, compared to $30.4 million, or $0.64 per diluted common share, for the three months ended December 31, 2023, and $38.1 million, or $0.80 per diluted common share, for the third quarter of 2024. Operating diluted earnings per share⁽¹⁾, a non-GAAP measure was $0.77 for the fourth quarter of 2024, compared to $0.72 for the fourth quarter of 2023 and $0.80 for the third quarter of 2024.

 

Net income for the year ended December 31, 2024 was $140.6 million, or $2.97 per diluted common share, compared to $118.8 million, or $2.65 per diluted common share, in the prior year.

 

The Company completed the acquisition of Salisbury Bancorp, Inc. (“Salisbury”) on August 11, 2023, adding 13 banking offices, $1.18 billion in loans and $1.31 billion in deposits. The comparisons to the full year of 2023 are significantly impacted by the Salisbury acquisition.

CEO Comments

“Three consecutive quarters of growth in net interest income and margin along with continued strong results from our diverse mix of fee businesses drove NBT’s operating performance in the fourth quarter of 2024.” said NBT President and Chief Executive Officer Scott A. Kingsley. “In addition, we were pleased to receive regulatory approval during the fourth quarter to complete our planned merger with Evans Bancorp, Inc. Evans shareholders also demonstrated strong support for the partnership with the vote to approve the transaction in December. We continue to expect the merger to close in the second quarter of 2025 in conjunction with the core system conversion, and team members from NBT and Evans are working closely to plan a smooth transition for the customers and communities we will serve together in the Buffalo and Rochester markets.”

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2

Fourth Quarter 2024 Financial Highlights

 

Net Income	▪	Net income was $36.0 million and diluted earnings per share was $0.76
Net Interest Income / NIM	▪	Net interest income on a fully taxable equivalent (“FTE”) basis was $106.7 million, up $4.4 million from the prior quarter(1)
	▪	Net interest margin (“NIM”) on an FTE basis was 3.34%(1), up 7 basis points (“bps”) from the prior quarter
	▪	Included in FTE net interest income was $2.6 million of acquisition-related net accretion, which was consistent with the third quarter of 2024
	▪	Earning asset yields of 4.96% were down 5 bps from the prior quarter
	▪	Total cost of funds of 1.71% was down 14 bps from the prior quarter

Noninterest Income	▪	Noninterest income was $42.2 million, an increase of 11.1% from the fourth quarter of 2023, excluding net securities gains (losses)
Loans and Credit Quality	▪	Period end total loans of $9.97 billion as of December 31, 2024, up $319.2 million, or 3.3%, from December 31, 2023
	▪	Net charge-offs to average loans was 0.23% annualized
	▪	Nonperforming loans to total loans was 0.52%
	▪	Allowance for loan losses to total loans was 1.16%
Deposits	▪	Deposits were $11.55 billion as of December 31, 2024, up $577.8 million, or 5.3%, from December 31, 2023
	▪	Total cost of deposits was 1.60% for the fourth quarter of 2024, down 12 bps from the third quarter of 2024
Capital	▪	Stockholders’ equity was $1.53 billion as of December 31, 2024
	▪	Tangible book value per share(2) was $23.88 at December 31, 2024
	▪	Tangible equity to assets of 8.42%(1)
	▪	CET1 ratio of 11.93%; Leverage ratio of 10.24%

Loans

◾

Period end total loans were $9.97 billion at December 31, 2024, $9.91 billion at September 30, 2024 and $9.65 billion at December 31, 2023.

◾

Period end total loans increased $319.2 million from December 31, 2023. Total commercial loans increased $322.0 million to $5.30 billion while total consumer loans decreased $2.8 million to $4.67 billion. Excluding the other consumer and residential solar portfolios, which are in a planned run-off status, period end loans increased $478.6 million, or 5.6%.

◾

Commercial line of credit utilization rate was 21% at December 31, 2024, compared to 22% at September 30, 2024 and 20% at December 31, 2023.

Deposits

◾

Total deposits at December 31, 2024 were $11.55 billion, compared to $11.59 billion at September 30, 2024 and $10.97 billion at December 31, 2023. The $577.8 million increase in deposits from December 31, 2023 was primarily due to higher consumer and commercial deposit balances.

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The loan to deposit ratio was 86.3% at December 31, 2024, compared to 88.0% at December 31, 2023.

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3

Net Interest Income and Net Interest Margin

◾

Net interest income for the fourth quarter of 2024 was $106.1 million, an increase of $4.4 million, or 4.4%, from the third quarter of 2024 and an increase of $6.9 million, or 7.0%, from the fourth quarter of 2023. The increase in net interest income from the third quarter of 2024 resulted primarily from a decrease in the cost of deposits, an increase in average short-term interest-bearing accounts and the interest earned on those balances combined with a more favorable funding mix.

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The NIM on an FTE basis for the fourth quarter of 2024 was 3.34%, an increase of 7 bps from the third quarter of 2024. This increase was driven by an improved funding mix with lower average balances of short-term borrowings, an increase in the average balance of noninterest-bearing demand deposit accounts and a decrease in the cost of interest-bearing deposits. The NIM on an FTE basis increased 19 bps from the fourth quarter of 2023 due to higher earning asset yields and lower average balances of short-term borrowings, partially offset by the increase in the cost of interest-bearing deposits.

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Earning asset yields for the three months ended December 31, 2024 decreased 5 bps from the prior quarter to 4.96% and increased 17 bps from the same quarter in the prior year. Loan yields for the three months ended December 31, 2024 decreased 9 bps from the prior quarter to 5.65% primarily due to the repricing of $2.1 billion in variable rate loans partly offset by loans originating at higher rates than portfolio yields during the quarter. Earnings asset yields increased 17 bps from the same quarter in the prior year. Average earning assets increased $257.5 million, or 2.1%, from the third quarter of 2024 due to organic loan growth and an increase in short-term interest-bearing accounts. Average earning assets grew $140.6 million, or 1.1%, from the fourth quarter of 2023 due to organic loan growth partially offset by lower average balances of short-term interest-bearing accounts and securities.

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Total cost of deposits, including noninterest bearing deposits, was 1.60% for the fourth quarter of 2024, a decrease of 12 bps from the prior quarter and an increase of 9 bps from the same period in the prior year.

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Total cost of funds for the three months ended December 31, 2024 was 1.71%, a decrease of 14 bps from the prior quarter and a decrease of 1 bp from the fourth quarter of 2023.

Asset Quality and Allowance for Loan Losses

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Net charge-offs to total average loans for the fourth quarter of 2024 was 23 bps compared to 16 bps in the prior quarter. The increase in net charge-offs from the prior quarter was driven by two commercial real estate relationships, of which $1.7 million was previously specifically reserved for in the second quarter of 2024. Net charge-offs for the portfolios in a planned run-off status represented the majority of total net charge-offs for the full year.

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Nonperforming assets to total assets was 0.38% at December 31, 2024, compared to 0.27% at September 30, 2024 and 0.28% at December 31, 2023. The increase in nonperforming assets was attributable to a commercial real estate relationship that was placed into a nonaccrual status in the fourth quarter of 2024. The relationship is being actively managed and was written-down to estimated fair value in the fourth quarter of 2024, and as such, no specific reserve has been established.

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Provision expense for the three months ended December 31, 2024 was $2.2 million, compared to $2.9 million for the third quarter of 2024. The decrease in provision expense from the prior quarter was primarily due to the run-off of the other consumer and residential solar portfolios partially offset by a higher level of net charge-offs.

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The allowance for loan losses was $116.0 million, or 1.16% of total loans, at December 31, 2024, compared to $119.5 million, or 1.21% of total loans, at September 30, 2024 and $114.4 million, or 1.19% of total loans, at December 31, 2023.

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The reserve for unfunded loan commitments was $4.4 million at December 31, 2024, compared to $4.6 million at September 30, 2024 and $5.1 million at December 31, 2023.

Noninterest Income

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Total noninterest income, excluding securities gains (losses), was $42.2 million for the three months ended December 31, 2024, down $3.1 million, or 6.8%, from the seasonally high third quarter of 2024, and up $4.2 million, or 11.1%, from the fourth quarter of 2023.

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Retirement plan administration fees were down $1.7 million from the prior quarter and increased $1.7 million from the fourth quarter of 2023. The decrease from the prior quarter, as expected, was due to higher seasonal activity-based fees in the third quarter. The increase from the fourth quarter of 2023 was driven by organic growth and higher market levels.

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Wealth management fees were consistent with the prior quarter and increased $1.7 million from the fourth quarter of 2023. The increase from the fourth quarter of 2023 was driven by market performance and growth in new customer accounts.

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Insurance revenues decreased $1.0 million from the third quarter, which typically has comparatively higher levels of policy renewals than the fourth quarter.

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4

Noninterest Expense

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Total noninterest expense was $100.8 million for the fourth quarter of 2024, compared to $95.7 million for the third quarter of 2024 and $92.8 million for the fourth quarter of 2023. Total noninterest expense increased 4.8% compared to the previous quarter and increased 13.7% from the fourth quarter of 2023, excluding $1.0 million of acquisition expenses in the fourth quarter of 2024, $0.5 million in the third quarter of 2024 and $0.3 million in the fourth quarter of 2023, respectively, and the $4.8 million impairment of a minority interest equity investment in the fourth quarter of 2023.

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Salaries and benefits increased 3.5% from the prior quarter driven by higher medical costs and an increase in other benefits including higher levels of incentive compensation. The increase from the fourth quarter of 2023 was driven by merit pay increases, higher levels of incentive compensation and higher medical and other benefit costs.

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Occupancy costs were consistent with the prior quarter and increased from the fourth quarter of 2023 driven by additional expenses including seasonal maintenance, rent and equipment expense.

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Other expense increased $2.5 million from the prior quarter and $0.4 million from the fourth quarter of 2023. The increase from the previous quarter was driven by increases in office supplies and postage, advertising and other expenses.

Income Taxes

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The full year effective tax rate was 21.6% for 2024 down from 22.6% for the full year of 2023.

Capital

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Tangible common equity to tangible assets(1) was 8.42% at December 31, 2024. Tangible book value per share(2) was $23.88 at December 31, 2024, $23.83 at September 30, 2024 and $21.72 at December 31, 2023.

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Stockholders’ equity increased $100.5 million from December 31, 2023 driven by net income generation of $140.6 million and an $18.8 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 $62.3 million.

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As of December 31, 2024, CET1 capital ratio of 11.93%, leverage ratio of 10.24% and total risk-based capital ratio of 15.03%.

Dividend

◾

The Board of Directors approved a first-quarter cash dividend of $0.34 per share at a meeting held earlier today. The dividend represents a $0.02 per share, or 6.3%, increase over the dividend paid in the first quarter of 2024. The dividend will be paid on March 17, 2025 to stockholders of record as of March 3, 2025.

 

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5

Stock Repurchase

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The Company purchased 7,600 shares of its common stock during 2024 at an average price of $33.02 per share under its previously announced share repurchase program. The Company may repurchase shares of its common stock from time to time to mitigate the potential dilutive effects of stock-based incentive plans and other potential uses of common stock for corporate purposes. As of December 31, 2024, there were 1,992,400 shares available for repurchase under this plan.

Evans Bancorp, Inc. Merger

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In December 2024, NBT announced that it had received the regulatory approval and waiver from the Office of the Comptroller of the Currency and the Federal Reserve Bank of New York necessary to complete its acquisition of Evans Bancorp, Inc. (“Evans”). Also in December 2024, the shareholders of Evans voted to approve the merger. Evans reported over 75% of the issued and outstanding shares of Evans were represented at a special shareholder meeting and over 96% of the votes cast were voted to approve the merger. NBT and Evans anticipate closing the transaction in second quarter of 2025 in conjunction with the core system conversion, pending customary closing conditions. Evans had assets of $2.28 billion, deposits of $1.90 billion and net loans of $1.76 billion as of September 30, 2024.

Conference Call and Webcast

The Company will host a conference call at 10:00 a.m. (Eastern) Tuesday, January 28, 2025, to review the fourth quarter 2024 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 $13.79 billion at December 31, 2024. 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 155 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.

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6

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”); (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 possibility that NBT and Evans may be unable to achieve expected synergies and operating efficiencies in the merger within the expected timeframes or at all or to successfully integrate Evans operations and those of NBT; (14) the ability to increase market share and control expenses; (15) changes in the competitive environment among financial holding companies; (16) 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; (17) 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; (18) changes in the Company’s organization, compensation and benefit plans; (19) 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; (20) greater than expected costs or difficulties related to the integration of new products and lines of business; and (21) 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.

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7

NBT Bancorp Inc. and Subsidiaries
Selected Financial Data
(unaudited, dollars in thousands except per share data)
	2024																2023
		4th Q				3rd Q				2nd Q				1st Q				4th Q
Profitability (reported)
Diluted earnings per share		$	0.76			$	0.80			$	0.69			$	0.71			$	0.64
Weighted average diluted common shares outstanding			47,505,760				47,473,417				47,382,814				47,370,145				47,356,899
Return on average assets(3)			1.04	%			1.12	%			0.98	%			1.02	%			0.89	%
Return on average equity(3)			9.44	%			10.21	%			9.12	%			9.52	%			8.79	%
Return on average tangible common equity(1)(3)			13.36	%			14.54	%			13.23	%			13.87	%			13.08	%
Net interest margin(1)(3)			3.34	%			3.27	%			3.18	%			3.14	%			3.15	%
	12 Months Ended December 31,
		2024				2023
Profitability (reported)
Diluted earnings per share		$	2.97			$	2.65
Weighted average diluted common shares outstanding			47,433,174				44,770,171
Return on average assets			1.04	%			0.95	%
Return on average equity			9.57	%			9.34	%
Return on average tangible common equity(1)			13.75	%			13.02	%
Net interest margin(1)			3.23	%			3.29	%
	2024																2023
		4th Q				3rd Q				2nd Q				1st Q				4th Q
Profitability (operating)
Diluted earnings per share(1)		$	0.77			$	0.80			$	0.69			$	0.68			$	0.72
Return on average assets(1)(3)			1.06	%			1.12	%			0.98	%			0.97	%			0.99	%
Return on average equity(1)(3)			9.60	%			10.23	%			9.14	%			9.04	%			9.79	%
Return on average tangible common equity(1)(3)			13.57	%			14.56	%			13.26	%			13.20	%			14.49	%
	2024																2023
		4th Q				3rd Q				2nd Q				1st Q				4th Q
Balance sheet data
Short-term interest-bearing accounts		$	78,973			$	231,671			$	35,207			$	156,632			$	31,378
Securities available for sale			1,574,664				1,509,338				1,439,445				1,418,471				1,430,858
Securities held to maturity			842,921				854,941				878,909				890,863				905,267
Net loans			9,853,910				9,787,541				9,733,847				9,572,777				9,536,313
Total assets			13,786,666				13,839,552				13,501,909				13,439,199				13,309,040
Total deposits			11,546,761				11,588,278				11,271,459				11,195,289				10,968,994
Total borrowings			414,983				456,666				476,082				518,190				637,387
Total liabilities			12,260,525				12,317,572				12,039,954				11,997,784				11,883,349
Stockholders’ equity			1,526,141				1,521,980				1,461,955				1,441,415				1,425,691
Capital
Equity to assets			11.07	%			11.00	%			10.83	%			10.73	%			10.71	%
Tangible equity ratio(1)			8.42	%			8.36	%			8.11	%			7.98	%			7.93	%
Book value per share		$	32.34			$	32.26			$	31.00			$	30.57			$	30.26
Tangible book value per share(2)		$	23.88			$	23.83			$	22.54			$	22.07			$	21.72
Leverage ratio			10.24	%			10.29	%			10.16	%			10.09	%			9.71	%
Common equity tier 1 capital ratio			11.93	%			11.86	%			11.70	%			11.68	%			11.57	%
Tier 1 capital ratio			12.83	%			12.77	%			12.61	%			12.61	%			12.50	%
Total risk-based capital ratio			15.03	%			15.02	%			14.88	%			14.87	%			14.75	%
Common stock price (end of period)		$	47.76			$	44.23			$	38.60			$	36.68			$	41.91

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8

NBT Bancorp Inc. and Subsidiaries
Asset Quality and Consolidated Loan Balances
(unaudited, dollars in thousands)
	2024																2023
		4th Q				3rd Q				2nd Q				1st Q				4th Q
Asset quality
Nonaccrual loans		$	45,819			$	33,338			$	34,755			$	35,189			$	34,213
90 days past due and still accruing			5,798				3,981				3,333				2,600				3,661
Total nonperforming loans			51,617				37,319				38,088				37,789				37,874
Other real estate owned			182				127				74				-				-
Total nonperforming assets			51,799				37,446				38,162				37,789				37,874
Allowance for loan losses			116,000				119,500				120,500				115,300				114,400
Asset quality ratios
Allowance for loan losses to total loans			1.16	%			1.21	%			1.22	%			1.19	%			1.19	%
Total nonperforming loans to total loans			0.52	%			0.38	%			0.39	%			0.39	%			0.39	%
Total nonperforming assets to total assets			0.38	%			0.27	%			0.28	%			0.28	%			0.28	%
Allowance for loan losses to total nonperforming loans			224.73	%			320.21	%			316.37	%			305.12	%			302.05	%
Past due loans to total loans(4)			0.34	%			0.36	%			0.30	%			0.33	%			0.32	%
Net charge-offs to average loans(3)			0.23	%			0.16	%			0.15	%			0.19	%			0.22	%
	2024																2023
		4th Q				3rd Q				2nd Q				1st Q				4th Q
Loan net charge-offs by line of business
Commercial		$	2,542			$	807			$	(8	)		$	772			$	1,107
Residential real estate and home equity			(25	)			(64	)			(76	)			(32	)			11
Indirect auto			675				725				747				665				399
Residential solar			1,589				1,599				1,610				1,211				1,081
Other consumer			928				853				1,426				2,063				2,729
Total loan net charge-offs		$	5,709			$	3,920			$	3,699			$	4,679			$	5,327
	2024																2023
		4th Q				3rd Q				2nd Q				1st Q				4th Q
Allowance for loan losses as a percentage of loans by segment
Commercial & industrial			0.73	%			0.73	%			0.76	%			0.79	%			0.84	%
Commercial real estate			0.95	%			1.01	%			1.00	%			0.97	%			0.99	%
Residential real estate			1.00	%			1.00	%			0.98	%			0.89	%			0.84	%
Auto			0.81	%			0.83	%			0.85	%			0.81	%			0.83	%
Residential solar			3.70	%			3.70	%			3.76	%			3.58	%			3.28	%
Other consumer			2.65	%			3.51	%			4.09	%			4.24	%			4.70	%
Total			1.16	%			1.21	%			1.22	%			1.19	%			1.19	%
	2024																2023
		4th Q				3rd Q				2nd Q				1st Q				4th Q
Loans by line of business
Commercial & industrial		$	1,426,482			$	1,458,926			$	1,397,935			$	1,353,446			$	1,354,248
Commercial real estate			3,876,698				3,792,498				3,784,214				3,646,739				3,626,910
Residential real estate			2,142,249				2,143,766				2,134,875				2,133,289				2,125,804
Home equity			334,268				328,687				326,556				328,673				337,214
Indirect auto			1,273,253				1,235,175				1,225,786				1,190,734				1,130,132
Residential solar			820,079				839,659				861,883				896,147				917,755
Other consumer			96,881				108,330				123,098				139,049				158,650
Total loans		$	9,969,910			$	9,907,041			$	9,854,347			$	9,688,077			$	9,650,713

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9

NBT Bancorp Inc. and Subsidiaries
Consolidated Balance Sheets
(unaudited, in thousands)
		December 31,				December 31,
		2024				2023
Assets
Cash and due from banks		$	205,083			$	173,811
Short-term interest-bearing accounts			78,973				31,378
Equity securities, at fair value			42,372				37,591
Securities available for sale, at fair value			1,574,664				1,430,858
Securities held to maturity (fair value $749,945 and $814,524, respectively)			842,921				905,267
Federal Reserve and Federal Home Loan Bank stock			33,957				45,861
Loans held for sale			9,744				3,371
Loans			9,969,910				9,650,713
Less allowance for loan losses			116,000				114,400
Net loans		$	9,853,910			$	9,536,313
Premises and equipment, net			80,840				80,675
Goodwill			362,663				361,851
Intangible assets, net			36,360				40,443
Bank owned life insurance			272,657				265,732
Other assets			392,522				395,889
Total assets		$	13,786,666			$	13,309,040
Liabilities and stockholders’ equity
Demand (noninterest bearing)		$	3,446,068			$	3,413,829
Savings, NOW and money market			6,658,188				6,230,456
Time			1,442,505				1,324,709
Total deposits		$	11,546,761			$	10,968,994
Short-term borrowings			162,942				386,651
Long-term debt			29,644				29,796
Subordinated debt, net			121,201				119,744
Junior subordinated debt			101,196				101,196
Other liabilities			298,781				276,968
Total liabilities		$	12,260,525			$	11,883,349
Total stockholders’ equity		$	1,526,141			$	1,425,691
Total liabilities and stockholders’ equity		$	13,786,666			$	13,309,040

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10

NBT Bancorp Inc. and Subsidiaries
Consolidated Statements of Income
(unaudited, in thousands except per share data)
		Three Months Ended								Twelve Months Ended
		December 31,								December 31,
		2024				2023				2024				2023
Interest, fee and dividend income
Interest and fees on loans		$	141,103			$	132,738			$	552,846			$	462,669
Securities available for sale			8,773				7,208				31,274				29,812
Securities held to maturity			4,931				5,374				20,466				20,681
Other			2,930				5,594				7,084				9,627
Total interest, fee and dividend income		$	157,737			$	150,914			$	611,670			$	522,789
Interest expense
Deposits		$	46,815			$	42,753			$	186,948			$	104,641
Short-term borrowings			918				4,951				8,669				25,608
Long-term debt			293				294				1,166				925
Subordinated debt			1,816				1,795				7,232				6,076
Junior subordinated debt			1,790				1,948				7,533				7,320
Total interest expense		$	51,632			$	51,741			$	211,548			$	144,570
Net interest income		$	106,105			$	99,173			$	400,122			$	378,219
Provision for loan losses		$	2,209			$	5,126			$	19,607			$	16,524
Provision for loan losses - acquisition day 1 non-PCD			-				-				-				8,750
Total provision for loan losses		$	2,209			$	5,126			$	19,607			$	25,274
Net interest income after provision for loan losses		$	103,896			$	94,047			$	380,515			$	352,945
Noninterest income
Service charges on deposit accounts		$	4,411			$	4,165			$	17,087			$	15,425
Card services income			5,652				5,360				22,331				20,829
Retirement plan administration fees			12,924				11,226				56,587				47,221
Wealth management			10,842				9,152				41,641				34,763
Insurance services			3,883				3,659				17,032				15,667
Bank owned life insurance income			2,271				1,776				8,325				6,750
Net securities gains (losses)			222				507				2,789				(9,315	)
Other			2,221				2,643				11,032				10,838
Total noninterest income		$	42,426			$	38,488			$	176,824			$	142,178
Noninterest expense
Salaries and employee benefits		$	61,749			$	50,013			$	232,487			$	194,250
Technology and data services			10,220				10,174				39,139				38,163
Occupancy			7,786				7,175				31,309				28,408
Professional fees and outside services			4,843				5,115				19,132				17,601
Amortization of intangible assets			2,080				2,131				8,443				4,734
Reserve for unfunded loan commitments			(125	)			300				(705	)			30
Impairment of a minority interest equity investment			-				4,750				-				4,750
Acquisition expenses			988				254				1,531				9,978
Other			13,234				12,839				46,545				43,750
Total noninterest expense		$	100,775			$	92,751			$	377,881			$	341,664
Income before income tax expense		$	45,547			$	39,784			$	179,458			$	153,459
Income tax expense			9,542				9,338				38,817				34,677
Net income		$	36,005			$	30,446			$	140,641			$	118,782
Earnings Per Share
Basic		$	0.76			$	0.65			$	2.98			$	2.67
Diluted		$	0.76			$	0.64			$	2.97			$	2.65

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11

NBT Bancorp Inc. and Subsidiaries
Quarterly Consolidated Statements of Income
(unaudited, in thousands except per share data)
	2024																2023
		4th Q				3rd Q				2nd Q				1st Q				4th Q
Interest, fee and dividend income
Interest and fees on loans		$	141,103			$	141,991			$	136,606			$	133,146			$	132,738
Securities available for sale			8,773				7,815				7,562				7,124				7,208
Securities held to maturity			4,931				5,042				5,190				5,303				5,374
Other			2,930				1,382				1,408				1,364				5,594
Total interest, fee and dividend income		$	157,737			$	156,230			$	150,766			$	146,937			$	150,914
Interest expense
Deposits		$	46,815			$	49,106			$	46,688			$	44,339			$	42,753
Short-term borrowings			918				1,431				2,899				3,421				4,951
Long-term debt			293				292				291				290				294
Subordinated debt			1,816				1,810				1,806				1,800				1,795
Junior subordinated debt			1,790				1,922				1,908				1,913				1,948
Total interest expense		$	51,632			$	54,561			$	53,592			$	51,763			$	51,741
Net interest income		$	106,105			$	101,669			$	97,174			$	95,174			$	99,173
Provision for loan losses		$	2,209			$	2,920			$	8,899			$	5,579			$	5,126
Provision for loan losses - acquisition day 1 non-PCD			-				-				-				-				-
Total provision for loan losses		$	2,209			$	2,920			$	8,899			$	5,579			$	5,126
Net interest income after provision for loan losses		$	103,896			$	98,749			$	88,275			$	89,595			$	94,047
Noninterest income
Service charges on deposit accounts		$	4,411			$	4,340			$	4,219			$	4,117			$	4,165
Card services income			5,652				5,897				5,587				5,195				5,360
Retirement plan administration fees			12,924				14,578				14,798				14,287				11,226
Wealth management			10,842				10,929				10,173				9,697				9,152
Insurance services			3,883				4,913				3,848				4,388				3,659
Bank owned life insurance income			2,271				1,868				1,834				2,352				1,776
Net securities gains (losses)			222				476				(92	)			2,183				507
Other			2,221				2,773				2,865				3,173				2,643
Total noninterest income		$	42,426			$	45,774			$	43,232			$	45,392			$	38,488
Noninterest expense
Salaries and employee benefits		$	61,749			$	59,641			$	55,393			$	55,704			$	50,013
Technology and data services			10,220				9,920				9,249				9,750				10,174
Occupancy			7,786				7,754				7,671				8,098				7,175
Professional fees and outside services			4,843				4,871				4,565				4,853				5,115
Amortization of intangible assets			2,080				2,062				2,133				2,168				2,131
Reserve for unfunded loan commitments			(125	)			250				(380	)			(450	)			300
Impairment of a minority interest equity investment			-				-				-				-				4,750
Acquisition expenses			988				543				-				-				254
Other			13,234				10,704				10,957				11,650				12,839
Total noninterest expense		$	100,775			$	95,745			$	89,588			$	91,773			$	92,751
Income before income tax expense		$	45,547			$	48,778			$	41,919			$	43,214			$	39,784
Income tax expense			9,542				10,681				9,203				9,391				9,338
Net income		$	36,005			$	38,097			$	32,716			$	33,823			$	30,446
Earnings Per Share
Basic		$	0.76			$	0.81			$	0.69			$	0.72			$	0.65
Diluted		$	0.76			$	0.80			$	0.69			$	0.71			$	0.64

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12

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
	Q4 - 2024								Q3 - 2024								Q2 - 2024								Q1 - 2024									Q4 - 2023
Assets
Short-term interest-bearing accounts		$	184,988				5.27	%		$	62,210				4.87	%		$	48,861				5.48	%		$	47,972				4.48	%		$	319,907				5.59	%
Securities taxable(1)			2,317,034				2.10	%			2,266,930				1.99	%			2,280,767				1.97	%			2,278,029				1.91	%			2,310,409				1.88	%
Securities tax-exempt(1)(5)			211,493				3.46	%			217,251				3.47	%			226,032				3.56	%			230,468				3.58	%			232,575				3.51	%
FRB and FHLB stock			33,261				5.75	%			35,395				6.97	%			40,283				7.41	%			42,296				7.89	%			47,994				8.98	%
Loans(1)(6)			9,957,879				5.65	%			9,865,412				5.74	%			9,772,014				5.63	%			9,674,892				5.54	%			9,653,191				5.47	%
Total interest-earning assets		$	12,704,655				4.96	%		$	12,447,198				5.01	%		$	12,367,957				4.92	%		$	12,273,657				4.84	%		$	12,564,076				4.79	%
Other assets			1,093,419								1,072,277								1,064,487								1,055,386								1,052,024
Total assets		$	13,798,074							$	13,519,475							$	13,432,444							$	13,329,043							$	13,616,100
Liabilities and stockholders’ equity
Money market deposit accounts		$	3,504,937				3.27	%		$	3,342,845				3.68	%		$	3,254,252				3.65	%		$	3,129,160				3.56	%		$	3,045,531				3.43	%
NOW deposit accounts			1,664,960				0.91	%			1,600,547				0.87	%			1,603,695				0.78	%			1,600,288				0.75	%			1,645,401				0.80	%
Savings deposits			1,561,703				0.05	%			1,566,316				0.05	%			1,586,753				0.05	%			1,607,659				0.04	%			1,666,915				0.04	%
Time deposits			1,446,798				3.85	%			1,442,424				4.00	%			1,391,062				4.00	%			1,352,559				4.00	%			1,343,548				3.81	%
Total interest-bearing deposits		$	8,178,398				2.28	%		$	7,952,132				2.46	%		$	7,835,762				2.40	%		$	7,689,666				2.32	%		$	7,701,395				2.20	%
Federal funds purchased			-				-				2,609				5.34	%			29,945				5.56	%			19,769				5.53	%			217				5.48	%
Repurchase agreements			116,408				3.13	%			98,035				2.80	%			86,405				1.55	%			82,419				1.55	%			82,387				1.59	%
Short-term borrowings			174				4.57	%			48,875				5.74	%			155,159				5.58	%			213,390				5.34	%			345,250				5.31	%
Long-term debt			29,657				3.93	%			29,696				3.91	%			29,734				3.94	%			29,772				3.92	%			29,809				3.91	%
Subordinated debt, net			120,967				5.97	%			120,594				5.97	%			120,239				6.04	%			119,873				6.04	%			119,531				5.96	%
Junior subordinated debt			101,196				7.04	%			101,196				7.56	%			101,196				7.58	%			101,196				7.60	%			101,196				7.64	%
Total interest-bearing liabilities		$	8,546,800				2.40	%		$	8,353,137				2.60	%		$	8,358,440				2.58	%		$	8,256,085				2.52	%		$	8,379,785				2.45	%
Demand deposits			3,438,194								3,389,894								3,323,906								3,356,607								3,535,815
Other liabilities			295,292								292,446								306,747								286,749								326,857
Stockholders’ equity			1,517,788								1,483,998								1,443,351								1,429,602								1,373,643
Total liabilities and stockholders’ equity		$	13,798,074							$	13,519,475							$	13,432,444							$	13,329,043							$	13,616,100
Interest rate spread							2.56	%							2.41	%							2.34	%							2.32	%							2.34	%
Net interest margin (FTE)(1)							3.34	%							3.27	%							3.18	%							3.14	%							3.15	%

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13

NBT Bancorp Inc. and Subsidiaries
Average Year-to-Date Balance Sheets
(unaudited, dollars in thousands)
		Average								Yield/				Average								Yield/
		Balance				Interest				Rates				Balance				Interest				Rates
Twelve Months Ended December 31,	2024												2023
Assets
Short-term interest-bearing accounts		$	86,213			$	4,412				5.12	%		$	126,765			$	6,259				4.94	%
Securities taxable(1)			2,285,725				45,588				1.99	%			2,377,596				45,176				1.90	%
Securities tax-exempt(1)(5)			221,273				7,788				3.52	%			214,053				6,730				3.14	%
FRB and FHLB stock			37,789				2,672				7.07	%			48,641				3,368				6.92	%
Loans(1)(6)			9,818,064				553,784				5.64	%			8,803,228				463,290				5.26	%
Total interest-earning assets		$	12,449,064			$	614,244				4.93	%		$	11,570,283			$	524,823				4.54	%
Other assets			1,071,455												923,850
Total assets		$	13,520,519											$	12,494,133
Liabilities and stockholders’ equity
Money market deposit accounts		$	3,308,433			$	116,982				3.54	%		$	2,418,450			$	62,475				2.58	%
NOW deposit accounts			1,617,456				13,442				0.83	%			1,555,414				8,298				0.53	%
Savings deposits			1,580,517				734				0.05	%			1,715,749				650				0.04	%
Time deposits			1,408,410				55,790				3.96	%			1,006,867				33,218				3.30	%
Total interest-bearing deposits		$	7,914,816			$	186,948				2.36	%		$	6,696,480			$	104,641				1.56	%
Federal funds purchased			13,016				721				5.54	%			24,575				1,269				5.16	%
Repurchase agreements			95,879				2,255				2.35	%			70,251				747				1.06	%
Short-term borrowings			103,963				5,693				5.48	%			450,377				23,592				5.24	%
Long-term debt			29,715				1,166				3.92	%			24,247				925				3.81	%
Subordinated debt, net			120,420				7,232				6.01	%			105,756				6,076				5.75	%
Junior subordinated debt			101,196				7,533				7.44	%			101,196				7,320				7.23	%
Total interest-bearing liabilities		$	8,379,005			$	211,548				2.52	%		$	7,472,882			$	144,570				1.93	%
Demand deposits			3,377,352												3,463,608
Other liabilities			295,301												285,310
Stockholders’ equity			1,468,861												1,272,333
Total liabilities and stockholders’ equity		$	13,520,519											$	12,494,133
Net interest income (FTE)(1)						$	402,696											$	380,253
Interest rate spread											2.41	%											2.61	%
Net interest margin (FTE)(1)											3.23	%											3.29	%
Taxable equivalent adjustment						$	2,574											$	2,034
Net interest income						$	400,122											$	378,219

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14

(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)
	2024																2023
		4th Q				3rd Q				2nd Q				1st Q				4th Q
Operating net income
Net income		$	36,005			$	38,097			$	32,716			$	33,823			$	30,446
Acquisition expenses			988				543				-				-				254
Impairment of a minority interest equity investment			-				-				-				-				4,750
Securities (gains) losses			(222	)			(476	)			92				(2,183	)			(507	)
Adjustments to net income		$	766			$	67			$	92			$	(2,183	)		$	4,497
Adjustments to net income (net of tax)		$	604			$	52			$	72			$	(1,703	)		$	3,435
Operating net income		$	36,609			$	38,149			$	32,788			$	32,120			$	33,881
Operating diluted earnings per share		$	0.77			$	0.80			$	0.69			$	0.68			$	0.72
	2024																2023
		4th Q				3rd Q				2nd Q				1st Q				4th Q
FTE adjustment
Net interest income		$	106,105			$	101,669			$	97,174			$	95,174			$	99,173
Add: FTE adjustment			619				639				658				658				669
Net interest income (FTE)		$	106,724			$	102,308			$	97,832			$	95,832			$	99,842
Average earning assets		$	12,704,655			$	12,447,198			$	12,367,957			$	12,273,657			$	12,564,076
Net interest margin (FTE)(3)			3.34	%			3.27	%			3.18	%			3.14	%			3.15	%
		12 Months Ended December 31,
		2024				2023
FTE adjustment
Net interest income		$	400,122			$	378,219
Add: FTE adjustment			2,574				2,034
Net interest income (FTE)		$	402,696			$	380,253
Average earning assets		$	12,449,064			$	11,570,283
Net interest margin (FTE)			3.23	%			3.29	%

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

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15

(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)
	2024																2023
		4th Q				3rd Q				2nd Q				1st Q				4th Q
Tangible equity to tangible assets
Total equity		$	1,526,141			$	1,521,980			$	1,461,955			$	1,441,415			$	1,425,691
Intangible assets			399,023				397,853				398,686				400,819				402,294
Total assets		$	13,786,666			$	13,839,552			$	13,501,909			$	13,439,199			$	13,309,040
Tangible equity to tangible assets			8.42	%			8.36	%			8.11	%			7.98	%			7.93	%
	2024																2023
		4th Q				3rd Q				2nd Q				1st Q				4th Q
Return on average tangible common equity
Net income		$	36,005			$	38,097			$	32,716			$	33,823			$	30,446
Amortization of intangible assets (net of tax)			1,560				1,547				1,600				1,626				1,599
Net income, excluding intangibles amortization		$	37,565			$	39,644			$	34,316			$	35,449			$	32,045
Average stockholders’ equity		$	1,517,788			$	1,483,998			$	1,443,351			$	1,429,602			$	1,373,643
Less: average goodwill and other intangibles			399,139				399,113				399,968				401,756				401,978
Average tangible common equity		$	1,118,649			$	1,084,885			$	1,043,383			$	1,027,846			$	971,665
Return on average tangible common equity(3)			13.36	%			14.54	%			13.23	%			13.87	%			13.08	%
		12 Months Ended December 31,
		2024				2023
Return on average tangible common equity
Net income		$	140,641			$	118,782
Amortization of intangible assets (net of tax)			6,332				3,551
Net income, excluding intangibles amortization		$	146,973			$	122,333
Average stockholders’ equity		$	1,468,861			$	1,272,333
Less: average goodwill and other intangibles			399,989				332,667
Average tangible common equity		$	1,068,872			$	939,666
Return on average tangible common equity			13.75	%			13.02	%

(2)	Non-GAAP measure - Stockholders’ equity less goodwill and intangible assets divided by common shares outstanding.

(3)	Annualized.

(4)	Total past due loans, defined as loans 30 days or more past due and in an accrual status.

(5)	Securities are shown at average amortized cost.

(6)	For purposes of these computations, nonaccrual loans and loans held for sale are included in the average loan balances outstanding.

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Document and Entity Information	Jan. 27, 2025
Cover [Abstract]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Jan. 27, 2025
Entity File Number	000-14703
Entity Registrant Name	NBT BANCORP INC
Entity Central Index Key	0000790359
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	16-1268674
Entity Address, Address Line One	52 South Broad Street
Entity Address, City or Town	Norwich
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	13815
City Area Code	607
Local Phone Number	337-2265
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	NBTB
Security Exchange Name	NASDAQ
Entity Emerging Growth Company	false
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false

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