NBT Bancorp Inc. Announces First Quarter 2025 Net Income

April 24, 2025 16:15 ET | Source: NBT Bancorp Inc. NORWICH, N.Y., April 24, 2025 (GLOBE NEWSWIRE) -- NBT Bancorp Inc. (“NBT” or the “Company”) (NASDAQ: NBTB) reported net income and diluted earnings per share for the three months ended March 31, 2025. Net income for the first quarter of 2025 was $36.7 million, or $0.77 per diluted common share, compared to $33.8 million, or $0.71 per diluted common share, for the first quarter of 2024, and $36.0 million, or $0.76 per diluted common share, for the fourth quarter of 2024. Operating diluted earnings per share(1), a non-GAAP measure, was $0.80 for the first quarter of 2025, compared to $0.68 for the first quarter of 2024 and $0.77 for the fourth quarter of 2024. CEO Comments “Growth in both net interest income and noninterest income compared to the prior quarter and the first quarter of 2024 resulted in the generation of positive operating leverage by our team in the first quarter of 2025.” said NBT President and Chief Executive Officer Scott A. Kingsley. “Our capital position remains a key strength as we execute on strategic growth initiatives. We recently added new banking locations in South Burlington, VT and Webster, NY, and we look forward to completing our planned merger with Evans Bancorp, Inc. in early May. The addition of over 200 experienced bankers and 18 locations from Evans will firmly establish NBT's presence in Buffalo and Rochester, Upstate New York's two largest markets by population.”First Quarter 2025 Financial Highlights Net Income Net income was $36.7 million and diluted earnings per share was $0.77 Net Interest Income / NIM Net interest income on a fully taxable equivalent (“FTE”) basis was $107.2 million, an increase of $1.1 million from the prior quarter(1)Net interest margin (“NIM”) on an FTE basis was 3.44%(1), an increase of 10 basis points (“bps”) from the prior quarterIncluded in FTE net interest income was $2.2 million of acquisition-related net accretion, which was down $0.4 million from the fourth quarter of 2024Earning asset yields of 4.95% were down 1 bp from the prior quarterTotal cost of funds of 1.60% was down 11 bps from the prior quarter Noninterest Income Noninterest income was $47.6 million, an increase of 12.7% from the fourth quarter of 2024, excluding net securities gains (losses) Loans and Credit Quality Period end total loans were $9.98 billion as of March 31, 2025, up $10.4 million, or 0.4% annualized, from December 31, 2024Net charge-offs to average loans was 0.27% annualizedNonperforming loans to total loans was 0.48%Allowance for loan losses to total loans was 1.17% Deposits Deposits were $11.71 billion as of March 31, 2025, up $161.8 million, or 1.4%, from December 31, 2024Total cost of deposits was 1.49% for the first quarter of 2025, down 11 bps from the fourth quarter of 2024 Capital Stockholders’ equity was $1.57 billion as of March 31, 2025Tangible book value per share(2) was $24.74 at March 31, 2025Tangible equity to assets of 8.68%(1)CET1 ratio of 12.12%; Leverage ratio of 10.39% Loans Period end total loans were $9.98 billion at March 31, 2025, compared to $9.97 billion at December 31, 2024.Period end total loans increased $10.4 million from December 31, 2024. Total commercial loans increased $23.9 million to $5.33 billion while total consumer loans decreased $13.6 million to $4.65 billion. Excluding the other consumer and residential solar portfolios, which are in a planned run-off status, period end loans increased $40.5 million, or 1.8% annualized. Residential real estate loan balances decreased $14.7 million from December 31, 2024 primarily due to seasonally lower originations and market conditions. In addition, the Company originated and sold $7.4 million of 30-year fixed rate mortgages in the first quarter of 2025. Deposits Total deposits at March 31, 2025 were $11.71 billion, compared to $11.55 billion at December 31, 2024. The $161.8 million increase in deposits from December 31, 2024 was primarily due to the inflow of seasonal municipal deposits during the quarter.The loan to deposit ratio was 85.2% at March 31, 2025, compared to 86.3% at December 31, 2024. Net Interest Income and Net Interest Margin Net interest income for the first quarter of 2025 was $107.2 million, an increase of $1.1 million, or 1.1%, from the fourth quarter of 2024 and an increase of $12.0 million, or 12.7%, from the first quarter of 2024. The increase in net interest income from the fourth quarter of 2024 resulted primarily from a decrease in the cost of deposits, partially offset by lower yields on loans and two fewer days in the first quarter of 2025.The NIM on an FTE basis for the first quarter of 2025 was 3.44%, an increase of 10 bps from the fourth quarter of 2024. This increase was driven by the decrease in the cost of interest-bearing deposits. The NIM on an FTE basis increased 30 bps from the first quarter of 2024 due to higher average balances of earning assets and the yields on those assets, lower average balances of short-term borrowings and the decrease in the cost of interest-bearing deposits.Earning asset yields for the three months ended March 31, 2025 decreased 1 bp from the prior quarter to 4.95%. Loan yields for the three months ended March 31, 2025 decreased 3 bps from the prior quarter to 5.62% primarily due to the repricing of $2.1 billion in variable rate loans from the 25 bps federal funds rate decrease in December, partially offset by loans originating at higher rates than portfolio yields during the quarter. Earnings asset yields increased 11 bps from the same quarter in the prior year as new loan yields were priced higher than portfolio yields. Average earning assets were consistent with the fourth quarter of 2024 due to the decrease in short-term interest-bearing accounts being mostly offset by an increase in securities and organic loan growth. Average earning assets grew $427.5 million, or 3.5%, from the first quarter of 2024 due to growth in average loans and securities.Total cost of deposits, including noninterest bearing deposits, was 1.49% for the first quarter of 2025, a decrease of 11 bps from the prior quarter and a decrease of 12 bps from the same period in the prior year.Total cost of funds for the three months ended March 31, 2025 was 1.60%, a decrease of 11 bps from the prior quarter and a decrease of 19 bps from the first quarter of 2024. Asset Quality and Allowance for Loan Losses Net charge-offs to total average loans for the first quarter of 2025 was 27 bps compared to 23 bps in the prior quarter primarily due to an increase in consumer net charge-offs. Included in net charge-offs for the first quarter of 2025 was a $2.1 million write-down of a nonperforming commercial real estate loan to the estimated fair value.Nonperforming assets to total assets was 0.35% at March 31, 2025, compared to 0.38% at December 31, 2024.Provision expense for the three months ended March 31, 2025 was $7.6 million, compared to $2.2 million for the fourth quarter of 2024. The increase in provision expense from the prior quarter was primarily due to the deterioration in economic forecasts and a higher level of net charge-offs partially offset by the run-off of the other consumer and residential solar portfolios.The allowance for loan losses was $117.0 million, or 1.17% of total loans, at March 31, 2025, compared to $116.0 million, or 1.16% of total loans, at December 31, 2024.The reserve for unfunded loan commitments was $4.5 million at March 31, 2025, compared to $4.4 million at December 31, 2024. Noninterest Income Total noninterest income, excluding securities gains (losses), was $47.6 million for the three months ended March 31, 2025, up $5.4 million, or 12.7%, from the fourth quarter of 2024, and up $4.3 million, or 10.1%, from the first quarter of 2024.Retirement plan administration fees were up $2.9 million from the prior quarter and increased $1.6 million from the first quarter of 2024. The increase from the prior quarter was due to higher seasonal activity-based fees in the first quarter and the additional revenue from both organic growth and the acquisition of a small third-party administrator (“TPA”) business in the fourth quarter of 2024. The increase from the first quarter of 2024 was driven by the additional revenue from new customer plans, the TPA acquisition and higher market values of assets under administration.Wealth management fees were consistent with the prior quarter and increased $1.2 million from the first quarter of 2024. The increase from the first quarter of 2024 was driven by market performance and growth in new customer accounts.Insurance revenues increased $0.9 million from the fourth quarter of 2024 due to organic growth, higher levels of policy renewals and first quarter seasonality.Bank owned life insurance income increased from both the fourth quarter of 2024 and the first quarter of 2024 due to a $1.3 million nonrecurring gain. Noninterest Expense Total noninterest expense was $99.9 million for the first quarter of 2025, compared to $100.8 million for the fourth quarter of 2024 and $91.8 million for the first quarter of 2024. Total noninterest expense decreased 1.1% compared to the previous quarter and increased 7.5% from the first quarter of 2024, excluding $1.2 million of acquisition expenses in the first quarter of 2025 and $1.0 million in the fourth quarter of 2024, respectively.Salaries and benefits decreased 1.7% from the prior quarter driven by lower medical and other benefit costs, lower levels of incentive compensation and lower salaries due to two fewer payroll days in the quarter, partially offset by seasonally higher payroll taxes and stock-based compensation expenses. The increase from the first quarter of 2024 was driven by merit pay increases which were effective annually in March, an increase in employees supporting growth in our markets and higher medical and other benefit costs.Occupancy costs increased $1.2 million from the prior quarter primarily due to seasonal maintenance and utilities costs. The $0.9 million increase from the first quarter of 2024 was driven by higher seasonal maintenance and utilities given the harsher winter and higher facilities costs related to new banking locations.Other expense decreased $1.7 million from the prior quarter and was consistent with the first quarter of 2024. The decrease from the previous quarter was driven by timing of expenses and Company initiatives in the fourth quarter of 2024. Income Taxes The effective tax rate for the first quarter of 2025 was 22.2% which was up from 21.7% for the first quarter of 2024 primarily due to a lower level of tax-exempt income as a percentage of total taxable income. Capital Tangible common equity to tangible assets(1) was 8.68% at March 31, 2025. Tangible book value per share(2) was $24.74 at March 31, 2025 and $23.88 at December 31, 2024.Stockholders’ equity increased $39.6 million from December 31, 2024 driven by net income generation of $36.7 million and a $20.3 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 $16.1 million.As of March 31, 2025, CET1 capital ratio of 12.12%, leverage ratio of 10.39% and total risk-based capital ratio of 15.24%. Stock Repurchase The Company did not purchase shares of its common stock during the three months ended March 31, 2025. 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 March 31, 2025, there were 1,992,400 shares available under the Company’s share repurchase program. Evans Bancorp, Inc. Merger NBT and Evans anticipate completing the previously announced merger on May 2, 2025 simultaneously with the core system conversion, pending customary closing conditions. Evans had assets of $2.19 billion, deposits of $1.87 billion and net loans of $1.76 billion as of December 31, 2024. Pursuant to the merger agreement, NBT will acquire 100% of the outstanding shares of Evans in exchange for common shares of NBT. The exchange ratio will be fixed at 0.91 NBT shares for each share of Evans. Conference Call and Webcast The Company will host a conference call at 10:00 a.m. (Eastern) Friday, April 25, 2025, to review the first 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 $13.86 billion at March 31, 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 157 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 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. 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. and Subsidiaries Selected Financial Data (unaudited, dollars in thousands except per share data) 2025 2024 1st Q4th Q3rd Q2nd Q1st Q Profitability (reported) Diluted earnings per share$ 0.77 $0.76 $0.80 $0.69 $0.71 Weighted average diluted common shares outstanding 47,477,391 47,505,760 47,473,417 47,382,814 47,370,145 Return on average assets(3) 1.08% 1.04% 1.12% 0.98% 1.02% Return on average equity(3) 9.68% 9.44% 10.21% 9.12% 9.52% Return on average tangible common equity(1)(3) 13.63% 13.36% 14.54% 13.23% 13.87% Net interest margin(1)(3) 3.44% 3.34% 3.27% 3.18% 3.14% 2025 2024 1st Q4th Q3rd Q2nd Q1st Q Profitability (operating) Diluted earnings per share(1)$ 0.80 $0.77 $0.80 $0.69 $0.68 Return on average assets(1)(3) 1.11% 1.06% 1.12% 0.98% 0.97% Return on average equity(1)(3) 9.95% 9.60% 10.23% 9.14% 9.04% Return on average tangible common equity(1)(3) 13.99% 13.57% 14.56% 13.26% 13.20% 2025 2024 1st Q4th Q3rd Q2nd Q1st Q Balance sheet data Short-term interest-bearing accounts$ 37,385 $78,973 $231,671 $35,207 $156,632 Securities available for sale 1,704,677 1,574,664 1,509,338 1,439,445 1,418,471 Securities held to maturity 836,833 842,921 854,941 878,909 890,863 Net loans 9,863,267 9,853,910 9,787,541 9,733,847 9,572,777 Total assets 13,864,251 13,786,666 13,839,552 13,501,909 13,439,199 Total deposits 11,708,511 11,546,761 11,588,278 11,271,459 11,195,289 Total borrowings 312,977 414,983 456,666 476,082 518,190 Total liabilities 12,298,476 12,260,525 12,317,572 12,039,954 11,997,784 Stockholders' equity 1,565,775 1,526,141 1,521,980 1,461,955 1,441,415 Capital Equity to assets 11.29% 11.07% 11.00% 10.83% 10.73% Tangible equity ratio(1) 8.68% 8.42% 8.36% 8.11% 7.98% Book value per share$ 33.13 $32.34 $32.26 $31.00 $30.57 Tangible book value per share(2)$ 24.74 $23.88 $23.83 $22.54 $22.07 Leverage ratio 10.39% 10.24% 10.29% 10.16% 10.09% Common equity tier 1 capital ratio 12.12% 11.93% 11.86% 11.70% 11.68% Tier 1 capital ratio 13.02% 12.83% 12.77% 12.61% 12.61% Total risk-based capital ratio 15.24% 15.03% 15.02% 14.88% 14.87% Common stock price (end of period)$ 42.90 $47.76 $44.23 $38.60 $36.68 NBT Bancorp Inc. and Subsidiaries Asset Quality and Consolidated Loan Balances (unaudited, dollars in thousands) 2025 2024 1st Q4th Q3rd Q2nd Q1st QAsset quality Nonaccrual loans$ 44,829 $45,819 $33,338 $34,755 $35,189 90 days past due and still accruing 2,862 5,798 3,981 3,333 2,600 Total nonperforming loans 47,691 51,617 37,319 38,088 37,789 Other real estate owned 308 182 127 74 - Total nonperforming assets 47,999 51,799 37,446 38,162 37,789 Allowance for loan losses 117,000 116,000 119,500 120,500 115,300 Asset quality ratios Allowance for loan losses to total loans 1.17% 1.16% 1.21% 1.22% 1.19%Total nonperforming loans to total loans 0.48% 0.52% 0.38% 0.39% 0.39%Total nonperforming assets to total assets 0.35% 0.38% 0.27% 0.28% 0.28%Allowance for loan losses to total nonperforming loans 245.33% 224.73% 320.21% 316.37% 305.12%Past due loans to total loans(4) 0.32% 0.34% 0.36% 0.30% 0.33%Net charge-offs to average loans(3) 0.27% 0.23% 0.16% 0.15% 0.19% 2025 2024 1st Q4th Q3rd Q2nd Q1st QLoan net charge-offs by line of business Commercial$ 2,109 $2,542 $807 $(8)$772 Residential real estate and home equity (25) (25) (64) (76) (32)Indirect auto 1,155 675 725 747 665 Residential solar and other consumer 3,315 2,517 2,452 3,036 3,274 Total loan net charge-offs$ 6,554 $5,709 $3,920 $3,699 $4,679 2025 2024 1st Q4th Q3rd Q2nd Q1st QAllowance for loan losses as a percentage of loans by segment Commercial & industrial 0.76% 0.73% 0.73% 0.76% 0.79%Commercial real estate 1.02% 0.95% 1.01% 1.00% 0.97%Residential real estate 1.00% 1.00% 1.00% 0.98% 0.89%Auto 0.72% 0.81% 0.83% 0.85% 0.81%Residential solar and other consumer 3.61% 3.64% 3.69% 3.78% 3.63% Total 1.17% 1.16% 1.21% 1.22% 1.19% 2025 2024 1st Q4th Q3rd Q2nd Q1st QLoans by line of business Commercial & industrial$ 1,436,990 $1,426,482 $1,458,926 $1,397,935 $1,353,446 Commercial real estate 3,890,115 3,876,698 3,792,498 3,784,214 3,646,739 Residential real estate 2,127,588 2,142,249 2,143,766 2,134,875 2,133,289 Home equity 331,400 334,268 328,687 326,556 328,673 Indirect auto 1,309,084 1,273,253 1,235,175 1,225,786 1,190,734 Residential solar and other consumer 885,090 916,960 947,989 984,981 1,035,196 Total loans$ 9,980,267 $9,969,910 $9,907,041 $9,854,347 $9,688,077 NBT Bancorp Inc. and Subsidiaries Consolidated Balance Sheets (unaudited, in thousands) March 31,December 31, 20252024 Assets Cash and due from banks$ 216,698$205,083 Short-term interest-bearing accounts 37,385 78,973 Equity securities, at fair value 41,561 42,372 Securities available for sale, at fair value 1,704,677 1,574,664 Securities held to maturity (fair value $756,404 and $749,945, respectively) 836,833 842,921 Federal Reserve and Federal Home Loan Bank stock 32,117 33,957 Loans held for sale 13,628 9,744 Loans 9,980,267 9,969,910 Less allowance for loan losses 117,000 116,000 Net loans$ 9,863,267$9,853,910 Premises and equipment, net 81,598 80,840 Goodwill 362,663 362,663 Intangible assets, net 34,249 36,360 Bank owned life insurance 271,723 272,657 Other assets 367,852 392,522 Total assets$ 13,864,251$13,786,666 Liabilities and stockholders' equity Demand (noninterest bearing)$ 3,399,393$3,446,068 Savings, NOW and money market 6,858,372 6,658,188 Time 1,450,746 1,442,505 Total deposits$ 11,708,511$11,546,761 Short-term borrowings 85,597 162,942 Long-term debt 4,605 29,644 Subordinated debt, net 121,579 121,201 Junior subordinated debt 101,196 101,196 Other liabilities 276,988 298,781 Total liabilities$ 12,298,476$12,260,525 Total stockholders' equity$ 1,565,775$1,526,141 Total liabilities and stockholders' equity$ 13,864,251$13,786,666 NBT Bancorp Inc. and Subsidiaries Quarterly Consolidated Statements of Income (unaudited, in thousands except per share data) 2025 2024 1st Q4th Q3rd Q2nd Q1st QInterest, fee and dividend income Interest and fees on loans$ 138,052 $141,103 $141,991$136,606 $133,146 Securities available for sale 10,262 8,773 7,815 7,562 7,124 Securities held to maturity 4,914 4,931 5,042 5,190 5,303 Other 1,176 2,930 1,382 1,408 1,364 Total interest, fee and dividend income$ 154,404 $157,737 $156,230$150,766 $146,937 Interest expense Deposits$ 42,588 $46,815 $49,106$46,688 $44,339 Short-term borrowings 866 918 1,431 2,899 3,421 Long-term debt 266 293 292 291 290 Subordinated debt 1,822 1,816 1,810 1,806 1,800 Junior subordinated debt 1,639 1,790 1,922 1,908 1,913 Total interest expense$ 47,181 $51,632 $54,561$53,592 $51,763 Net interest income$ 107,223 $106,105 $101,669$97,174 $95,174 Provision for loan losses 7,554 2,209 2,920 8,899 5,579 Net interest income after provision for loan losses$ 99,669 $103,896 $98,749$88,275 $89,595 Noninterest income Service charges on deposit accounts$ 4,243 $4,411 $4,340$4,219 $4,117 Card services income 5,317 5,652 5,897 5,587 5,195 Retirement plan administration fees 15,858 12,924 14,578 14,798 14,287 Wealth management 10,946 10,842 10,929 10,173 9,697 Insurance services 4,761 3,883 4,913 3,848 4,388 Bank owned life insurance income 3,397 2,271 1,868 1,834 2,352 Net securities (losses) gains (104) 222 476 (92) 2,183 Other 3,034 2,221 2,773 2,865 3,173 Total noninterest income$ 47,452 $42,426 $45,774$43,232 $45,392 Noninterest expense Salaries and employee benefits$ 60,694 $61,749 $59,641$55,393 $55,704 Technology and data services 10,238 10,220 9,920 9,249 9,750 Occupancy 9,027 7,786 7,754 7,671 8,098 Professional fees and outside services 4,952 4,843 4,871 4,565 4,853 Amortization of intangible assets 2,111 2,080 2,062 2,133 2,168 Reserve for unfunded loan commitments 90 (125) 250 (380) (450)Acquisition expenses 1,221 988 543 - - Other 11,567 13,234 10,704 10,957 11,650 Total noninterest expense$ 99,900 $100,775 $95,745$89,588 $91,773 Income before income tax expense$ 47,221 $45,547 $48,778$41,919 $43,214 Income tax expense 10,476 9,542 10,681 9,203 9,391 Net income$ 36,745 $36,005 $38,097$32,716 $33,823 Earnings Per Share Basic$ 0.78 $0.76 $0.81$0.69 $0.72 Diluted$ 0.77 $0.76 $0.80$0.69 $0.71 NBT Bancorp Inc. and Subsidiaries Average Quarterly Balance Sheets (unaudited, dollars in thousands) Average BalanceYield / RatesAverage BalanceYield / RatesAverage BalanceYield / RatesAverage BalanceYield / RatesAverage BalanceYield / Rates Q1 - 2025Q4 - 2024Q3 - 2024Q2 - 2024Q1 - 2024Assets Short-term interest-bearing accounts $ 63,1984.51%$184,9885.27%$62,2104.87%$48,8615.48%$47,9724.48%Securities taxable(1) 2,402,7722.30% 2,317,0342.10% 2,266,9301.99% 2,280,7671.97% 2,278,0291.91%Securities tax-exempt(1)(5) 220,2103.60% 211,4933.46% 217,2513.47% 226,0323.56% 230,4683.58%FRB and FHLB stock 33,4695.73% 33,2615.75% 35,3956.97% 40,2837.41% 42,2967.89%Loans(1)(6) 9,981,4875.62% 9,957,8795.65% 9,865,4125.74% 9,772,0145.63% 9,674,8925.54%Total interest-earning assets $ 12,701,1364.95%$12,704,6554.96%$12,447,1985.01%$12,367,9574.92%$12,273,6574.84%Other assets 1,088,069 1,093,419 1,072,277 1,064,487 1,055,386 Total assets $ 13,789,205 $13,798,074 $13,519,475 $13,432,444 $13,329,043 Liabilities and stockholders' equity Money market deposit accounts $ 3,496,5523.04%$3,504,9373.27%$3,342,8453.68%$3,254,2523.65%$3,129,1603.56%NOW deposit accounts 1,682,2650.84% 1,664,9600.91% 1,600,5470.87% 1,603,6950.78% 1,600,2880.75%Savings deposits 1,571,6730.05% 1,561,7030.05% 1,566,3160.05% 1,586,7530.05% 1,607,6590.04%Time deposits 1,450,8463.55% 1,446,7983.85% 1,442,4244.00% 1,391,0624.00% 1,352,5594.00%Total interest-bearing deposits $ 8,201,3362.11%$8,178,3982.28%$7,952,1322.46%$7,835,7622.40%$7,689,6662.32%Federal funds purchased 2,2784.45% -- 2,6095.34% 29,9455.56% 19,7695.53%Repurchase agreements 107,4962.87% 116,4083.13% 98,0352.80% 86,4051.55% 82,4191.55%Short-term borrowings 7,0334.61% 1744.57% 48,8755.74% 155,1595.58% 213,3905.34%Long-term debt 27,6743.90% 29,6573.93% 29,6963.91% 29,7343.94% 29,7723.92%Subordinated debt, net 121,3316.09% 120,9675.97% 120,5945.97% 120,2396.04% 119,8736.04%Junior subordinated debt 101,1966.57% 101,1967.04% 101,1967.56% 101,1967.58% 101,1967.60%Total interest-bearing liabilities $ 8,568,3442.23%$8,546,8002.40%$8,353,1372.60%$8,358,4402.58%$8,256,0852.52%Demand deposits 3,385,080 3,438,194 3,389,894 3,323,906 3,356,607 Other liabilities 296,983 295,292 292,446 306,747 286,749 Stockholders' equity 1,538,798 1,517,788 1,483,998 1,443,351 1,429,602 Total liabilities and stockholders' equity $ 13,789,205 $13,798,074 $13,519,475 $13,432,444 $13,329,043 Interest rate spread 2.72% 2.56% 2.41% 2.34% 2.32%Net interest margin (FTE)(1) 3.44% 3.34% 3.27% 3.18% 3.14% (1)The following tables provide the Non-GAAP reconciliations for the Non-GAAP measures contained in this release: Non-GAAP measures (unaudited, dollars in thousands except per share data) 2025 2024 1st Q4th Q3rd Q2nd Q1st Q Operating net income Net income$ 36,745 $36,005 $38,097 $32,716 $33,823 Acquisition expenses 1,221 988 543 - - Securities losses (gains) 104 (222) (476) 92 (2,183) Adjustments to net income$ 1,325 $766 $67 $92 $(2,183) Adjustments to net income (net of tax)$ 1,020 $604 $52 $72 $(1,703) Operating net income$ 37,765 $36,609 $38,149 $32,788 $32,120 Operating diluted earnings per share$ 0.80 $0.77 $0.80 $0.69 $0.68 2025 2024 1st Q4th Q3rd Q2nd Q1st Q FTE adjustment Net interest income$ 107,223 $106,105 $101,669 $97,174 $95,174 Add: FTE adjustment 636 619 639 658 658 Net interest income (FTE)$ 107,859 $106,724 $102,308 $97,832 $95,832 Average earning assets$ 12,701,136 $12,704,655 $12,447,198 $12,367,957 $12,273,657 Net interest margin (FTE)(3) 3.44% 3.34% 3.27% 3.18% 3.14% Interest income for tax-exempt securities and loans have been adjusted to an FTE basis using the statutory Federal income tax rate of 21%. 2025 2024 1st Q4th Q3rd Q2nd Q1st Q Tangible equity to tangible assets Total equity$ 1,565,775 $1,526,141 $1,521,980 $1,461,955 $1,441,415 Intangible assets 396,912 399,023 397,853 398,686 400,819 Total assets$ 13,864,451 $13,786,666 $13,839,552 $13,501,909 $13,439,199 Tangible equity to tangible assets 8.68% 8.42% 8.36% 8.11% 7.98% 2025 2024 1st Q4th Q3rd Q2nd Q1st Q Return on average tangible common equity Net income$ 36,745 $36,005 $38,097 $32,716 $33,823 Amortization of intangible assets (net of tax) 1,583 1,560 1,547 1,600 1,626 Net income, excluding intangibles amortization$ 38,328 $37,565 $39,644 $34,316 $35,449 Average stockholders' equity$ 1,538,798 $1,517,788 $1,483,998 $1,443,351 $1,429,602 Less: average goodwill and other intangibles 398,233 399,139 399,113 399,968 401,756 Average tangible common equity$ 1,140,565 $1,118,649 $1,084,885 $1,043,383 $1,027,846 Return on average tangible common equity(3) 13.63% 13.36% 14.54% 13.23% 13.87% (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.This press release was published by a CLEAR® Verified individual.

NBT Bancorp Inc. Announces First Quarter 2025 Net Income

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