# EDGAR Filing Document

**Accession Number:** 0000790359
**File Stem:** 0001140361-25-027601
**Filing Date:** 2025-7
**Character Count:** 62241
**Document Hash:** 62cbf7cfeb41bbeb29a37939e5e87ae7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001140361-25-027601.hdr.sgml**: 20250728

**ACCESSION NUMBER**: 0001140361-25-027601

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 13

**CONFORMED PERIOD OF REPORT**: 20250728

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250728

**DATE AS OF CHANGE**: 20250728

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** NBT BANCORP INC
- **CENTRAL INDEX KEY:** 0000790359
- **STANDARD INDUSTRIAL CLASSIFICATION:** NATIONAL COMMERCIAL BANKS [6021]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 161268674
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-14703
- **FILM NUMBER:** 251156013

**BUSINESS ADDRESS:**
- **STREET 1:** 52 S BROAD ST
- **CITY:** NORWICH
- **STATE:** NY
- **ZIP:** 13815
- **BUSINESS PHONE:** 6073372265

**MAIL ADDRESS:**
- **STREET 1:** 52 S. BROAD STREET
- **CITY:** NORWICH
- **STATE:** NY
- **ZIP:** 13815

?xml version='1.0' encoding='ASCII'?

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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): July 28, 2025

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## NBT BANCORP INC.
(Exact name of registrant as specified in its charter)

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| | | |
|:---|:---|:---|
| **Delaware**<br>| **000-14703**<br>| **16-1268674**<br>|
| (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: **(607) 337-2265**

#### 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:

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| | | |
|:---|:---|:---|
| <u>Title of class</u> | <u>Trading Symbol</u> | <u>Name of exchange on which registered</u> |
| Common Stock, par value $0.01 per share<br>| NBTB<br>| The NASDAQ Stock Market LLC<br>|

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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** |

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On July 28, 2025, NBT Bancorp Inc. issued a press release describing its results of operations for the quarter ended June 30, 2025. 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, July 29, 2025, to review the second quarter 2025 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.

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| | |
|:---|:---|
| **Item 9.01** | **Financial Statements and Exhibits.** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Exhibits.

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| [99.1](ef20052684_ex99-1.htm) | Press release of NBT Bancorp Inc. July 28, 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.

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| | | |
|:---|:---|:---|
|  | **NBT BANCORP INC.** | **NBT BANCORP INC.** |
| Date: July 28, 2025 | By: | <u>/s/ Annette L. Burns</u> |
|  |  | Annette L. Burns |
|  |  | Executive Vice President and Chief Financial Officer |

---

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## Exhibit 99.1

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**Exhibit 99.1**<br>

#### 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 SECOND QUARTER 2025 NET INCOME AND APPROVES AN 8.8% CASH DIVIDEND INCREASE

NORWICH, NY (July 28, 2025) – NBT Bancorp Inc. ("NBT" or the "Company") (NASDAQ: NBTB) reported net income and diluted earnings per share for the three and six months ended June 30, 2025.

Net income for the second quarter of 2025 was $22.5 million, or $0.44 per diluted common share, compared to $32.7 million, or $0.69 per diluted common share, for the second quarter of 2024, and $36.7 million, or $0.77 per diluted common share, for the first quarter of 2025. Operating diluted earnings per share<sup>(1)</sup>, a non-GAAP measure, was $0.88 for the second quarter of 2025, compared to $0.69 for the second quarter of 2024 and $0.80 for the first 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 first quarter of 2025 and to the second quarter of 2024 are significantly impacted by the Evans acquisition.

#### CEO Comments

"Continued improvement in net interest margin results and the additive impact of our successful merger with Evans Bancorp, Inc. resulted in second quarter operating earnings per share that were 28% above the second quarter of 2024 and 10% higher than the first quarter of this year," said NBT President and CEO Scott Kingsley. "The detailed plans executed by our integration team resulted in a seamless transition experience, and we are excited that we are now building on the relationships Evans established with customers, employees, communities and shareholders in the Western Region of New York."

"We are also pleased to announce that we have increased our dividend for the thirteenth consecutive year to $0.37 per share in the third quarter," added Kingsley. "This increase in the quarterly cash dividend of 8.8% affirms our continued commitment to providing favorable long-term returns to our shareholders."

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**#### Second Quarter 2025 Financial Highlights

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| | |
|:---|:---|
| Net Income | Net income was $22.5 million and diluted earnings per share was $0.44 |
|  | Operating net income was $44.9 million and operating diluted earnings per share of $0.88<sup>(1)</sup> |
| Net Interest Income / <br> NIM | Net interest income on a fully taxable equivalent ("FTE") basis was $124.9 million, an increase of $17.0 million from the prior quarter<sup>(1)</sup> |
| Net Interest Income / <br> NIM | Net interest margin ("NIM") on an FTE basis was 3.59%<sup>(1)</sup>, an increase of 15 basis points ("bps") from the prior quarter |
| Net Interest Income / <br> NIM | Earning asset yields of 5.12% were up 17 bps from the prior quarter |
| Net Interest Income / <br> NIM | Total cost of funds of 1.62% were up 2 bps from the prior quarter |
| Net Interest Income / <br> NIM | Included in FTE net interest income was $5.0 million of acquisition-related net accretion, which was up $2.8 million from the first quarter of 2025 |
| Net Interest Income / <br> NIM | Included in FTE net interest income was $5.0 million of acquisition-related net accretion, which was up $2.8 million from the first quarter of 2025 |
| Noninterest Income | Noninterest income was $46.8 million and 27% of total revenues, excluding net securities gains (losses) |
| Loans and Credit<br> Quality | Period end total loans were $11.62 billion as of June 30, 2025, including $1.67 billion of loans acquired from Evans |
| Loans and Credit<br> Quality | Net charge-offs to average loans was 0.09% annualized |
| Loans and Credit<br> Quality | Nonperforming loans to total loans was 0.40% |
| Loans and Credit<br> Quality | Allowance for loan losses to total loans was 1.21% |
| Loans and Credit<br> Quality | Provision for loan losses was $17.8 million and included $13.0 million of acquisition-related provision for credit losses |
| Deposits | Deposits were $13.52 billion as of June 30, 2025, including $1.86 billion in deposits acquired from Evans |
| Deposits | Total cost of deposits was 1.51% for the second quarter of 2025, up 2 bps from the first quarter of 2025 |
| Capital | Stockholders' equity was $1.81 billion as of June 30, 2025 |
| Capital | Tangible book value per share<sup>(2)</sup> was $24.57 at June 30, 2025 |
| Capital | Tangible equity to assets of 8.30%<sup>(1)</sup> |
| Capital | CET1 ratio of 11.37%; Leverage ratio of 9.55% |

---

**

#### <br>

#### Loans

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Period end total loans were $11.62 billion at June 30, 2025, compared to $9.97 billion at December 31, 2024 and $9.85 billion at June 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Period end total loans increased $1.65 billion from December 31, 2024 and $1.77 billion from June 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 $221.0 million, or 2.5%, from June 30, 2024.

#### Deposits

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Total deposits at June 30, 2025 were $13.52 billion, compared to $11.55 billion at December 31, 2024 and $11.27 billion at June 30, 2024. Excluding the deposits acquired from
 Evans, deposits increased $104.4 million from December 31, 2024 and $379.7 million, or 3.4%, from June 30, 2024. Deposit mix characteristics also improved with an increase in demand deposits, interest-bearing checking and money market
 accounts offset by a decrease in time deposits.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ The loan to deposit ratio was 86.0% at June 30, 2025, compared to 86.3% at December 31, 2024 and 87.4% at June 30, 2024.

#### Net Interest Income and Net Interest Margin

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Net interest income for the second quarter of 2025 was $124.2 million, an increase of $17.0
 million, or 15.9%, from the first quarter of 2025 and an increase of $27.0 million, or 27.8%, from the second quarter of 2024. The increase in net interest income from the first quarter of 2025 was largely attributed to the Evans
 acquisition with higher earning asset yields also contributing to the increase. The increase in net interest income from the second quarter of 2024 resulted primarily from the Evans acquisition, the improvement in net interest margin and
 organic growth in interest-earning assets.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ The NIM on an FTE basis for the second quarter of 2025 was 3.59%, an increase of 15 bps from the first 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 41 bps from the second quarter of 2024 due to higher yields on earning assets, including acquisition-related net accretion and a decrease in the
 cost of interest-bearing liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Earning asset yields for the three months ended June 30, 2025 increased 17 bps from the prior quarter to 5.12%. Loan yields for the three months ended June 30, 2025 increased
 15 bps from the prior quarter to 5.77%, due to loans originating at higher rates than portfolio yields during the quarter and acquisition-related net accretion. Earnings asset yields increased 20 bps from the same quarter in the prior
 year as new loan yields were priced higher than portfolio yields and acquisition-related net accretion. Average earning assets increased $1.26 billion, or 9.9%, from the first quarter of 2025 and grew $1.59 billion, or 12.9%, from the
 second quarter of 2024 due primarily to the addition of $1.95 billion in interest-earnings assets in May of 2025 from the Evans acquisition and organic earning asset growth.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ NBT completed the sale of the Evans available for sale investment securities portfolio in May which contributed to the increase in short-term interest-bearing accounts in the
 second quarter of 2025. At acquisition, the portfolio had a fair value of approximately $255 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Total cost of deposits, including noninterest bearing deposits, was 1.51% for the second quarter of 2025, an increase of 2 bps from the prior quarter as 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 17 bps from the same period in the prior year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Total cost of funds for the three months ended June 30, 2025 was 1.62%, an increase of 2 bps from the prior quarter and a decrease of 23 bps from the second quarter of 2024.

#### Asset Quality and Allowance for Loan Losses

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Net charge-offs to total average loans for the second quarter of 2025 was 9 bps compared to 27 bps in the prior quarter primarily due to a decrease in both commercial and
 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 in the first quarter of 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Nonperforming assets to total assets was 0.29% at June 30, 2025, compared to 0.35% at March 31, 2025 and compared to 0.38% at December 31, 2024. During the second quarter of
 2025, the foreclosure on the collateral of a nonperforming commercial real estate loan, where the Company was not the lead bank, was completed. The Company's participation interest was transferred into a newly formed special purpose
 entity structured as a limited liability company, which will be accounted for using the equity method of accounting and was reported in other assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Provision expense for the three months ended June 30, 2025 was $17.8 million, compared to $7.6 million for the first quarter of 2025. The increase in the provision for loan
 losses during the quarter was due to $13.0 million of acquisition-related provision for loan losses and modest deterioration in the economic forecast, partially offset by a decrease in net charge-offs from the prior quarter and portfolio
 mix changes with the run-off of the other consumer and residential solar portfolios.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ The allowance for loan losses was $140.2 million, or 1.21% of total loans, at June 30, 2025, compared to $117.0 million, or 1.17% of total loans, at March 31, 2025 and
 compared to $116.0 million, or 1.16% of total loans, at December 31, 2024. The increase in the allowance for loan losses in the second quarter of 2025 included $20.7 million of
 allowance for acquired Evans loans, which included both the $13.0 million of non-purchased credit deteriorated allowance recognized through the provision for loan losses and the $7.7 million of purchased credit deteriorated allowance
 reclassified from loans. In addition, a modest deterioration of the economic forecast contributed to the increase in the allowance for loan losses, partially offset by the portfolio mix changes with the run-off of the other consumer and
 residential solar portfolios.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**■** The reserve for unfunded loan commitments was $6.2 million at June 30, 2025, compared to $4.5 million at March 31, 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.

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#### Noninterest Income

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Total noninterest income, excluding securities gains (losses), was $46.8 million for the three months ended June 30, 2025, down $0.7 million, or 1.5%, from the first quarter
 of 2025, and up $3.5 million, or 8.1%, from the second quarter of 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Card services income increased $0.8 million from the prior quarter and increased $0.5 million from the second quarter of 2024, driven by the Evans acquisition and increased
 volumes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Retirement plan administration fees were consistent with the prior quarter and increased $0.9 million, or 6.2%, from the second quarter of 2024. The increase from the second
 quarter of 2024 was driven by higher market values of assets under administration and the acquisition of a small third-party administrator ("TPA") business in the fourth quarter of 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Wealth management fees were consistent with the prior quarter and increased $0.5 million, or 5.0%, from the second quarter of 2024. The increase from the second quarter of
 2024 was driven by market performance and growth in new customer accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Insurance revenues decreased $0.7 million from the seasonally high first quarter of 2025 and increased 6.5% from the prior year due to organic growth.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Bank owned life insurance income decreased from the first quarter of 2025 due to a $1.3 million gain recognized in the first quarter of 2025.

#### Noninterest Expense

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Total noninterest expense was $122.6 million for the second quarter of 2025, compared to $99.9 million for the first quarter of 2025 and $89.6 million for the second quarter
 of 2024. Total noninterest expense, excluding $17.2 million of acquisition expenses in the second quarter of 2025 and $1.2 million of acquisition expenses in the first quarter of 2025, increased 6.8% compared to the previous quarter and
 increased 17.7% from the second quarter of 2024. The increase was primarily due to the acquisition of Evans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Salaries and benefits increased 5.7% from the prior quarter driven by the Evans acquisition as we added 200 Evans employees to NBT in May, a full quarter of merit pay
 increases, which were effective in March, and higher medical costs. These increases were partially offset by lower payroll taxes and stock-based compensation expenses which are seasonally higher in the first quarter. The increase from the
 second quarter of 2024 was driven by the impact of the Evans acquisition, merit pay increases, higher medical and other benefit costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Technology and data services increased $0.6 million from the prior quarter and $1.6 million from the second quarter of 2024 primarily due to the Evans acquisition, timing of
 planned initiatives and continued investment in digital platform solutions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ 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 $1.4 million increase from the second quarter of 2024 was driven by the additional expenses from the Evans acquisition, higher utilities and higher facilities costs related to new banking locations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Amortization of intangible assets increased $0.9 million from the prior quarter and from the second quarter of 2024 primarily due to the amortization of intangible assets
 related to the Evans acquisition.

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#### Income Taxes

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**■** The effective tax rate for the second quarter of 2025 was 26.7%, which was up from 22.0% for the second quarter of 2024 primarily due to the estimated impact of acquisition
 expenses related to the Evans acquisition and a lower level of tax-exempt income as a percentage of total taxable income.

#### Capital

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Tangible common equity to tangible assets<sup>(1)</sup> was 8.30% at June 30, 2025. Tangible book value per share<sup>(2)</sup> was $24.57 at June 30, 2025, $24.74 at March
 31, 2025 and $22.54 at June 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Stockholders' equity increased $279.0 million from December 31, 2024 driven by the Evans acquisition adding $221.8 million of capital, net income generation of $59.3 million
 and a $31.4 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 $33.9 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ As of June 30, 2025, CET1 capital ratio of 11.37%, leverage ratio of 9.55% and total risk-based capital ratio of 14.48%.

#### Dividend

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**■** The Board of Directors approved a third-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 third quarter of 2024. This is the Company's thirteenth consecutive year of annual dividend increases. The dividend will be paid on September 15, 2025 to stockholders of record as of September 1,
 2025.

#### Stock Repurchase

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ The Company did not purchase shares of its common stock during the three months ended June 30, 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 June 30, 2025, there were 1,992,400 shares available under the Company's share repurchase
 program.

#### Evans Bancorp, Inc. Merger

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ On May 2, 2025, the Company completed the acquisition of Evans. Evans was headquartered in Williamsville, New York. Its primary subsidiary, Evans Bank, National Association,
 was a federally-chartered national banking association operating 18 banking locations in Western New York.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ In connection with the acquisition, the Company issued 5.1 million shares and acquired approximately $130.4 million of net assets, including $1.67 billion of loans and $1.86
 billion in deposits. As a result of the acquisition, the Company recorded $91.4 million in goodwill and a $33.2 million core deposit intangible. As of the acquisition date, the fair value discount was $95.2 million for loans, net of the
 reclassification of the purchase credit deteriorated allowance and a $0.6 million net discount related to long-term debt.

#### Subordinated Debt Redemption

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ 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 above 9%.

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#### Conference Call and Webcast

The Company will host a conference call at 10:00 a.m. (Eastern) Tuesday, July 29, 2025, to review the second 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 <u>www.nbtbancorp.com/bn/presentations-events.html#events</u> 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 $16.01 billion at June 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: <u>www.nbtbancorp.com</u>, <u>www.nbtbank.com</u>, <u>www.epicrps.com</u> and <u>www.nbtbank.com/Insurance</u>.

#### 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 may be unable to achieve expected synergies and operating efficiencies in the Evans 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.

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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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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **NBT Bancorp Inc. and Subsidiaries** | **NBT Bancorp Inc. and Subsidiaries** | | | | |
| **Selected Financial Data** | | | | | |
| (unaudited, dollars in thousands except per share data) | (unaudited, dollars in thousands except per share data) |  |  |  |  |
|  | **2025** | **2025** | **2024** | **2024** | **2024** |
|  | **2nd Q** | **1st Q** | **4th Q** | **3rd Q** | **2nd Q** |
| ***Profitability (reported)*** |  |  |  |  |  |
| Diluted earnings per share | $0.44 | $0.77 | $0.76 | $0.80 | $0.69 |
| Weighted average diluted common shares outstanding | **50787474** | 47477391 | 47505760 | 47473417 | 47382814 |
| Return on average assets<sup>(3)</sup> | 0.59<br>**%** | 1.08% | 1.04% | 1.12% | 0.98% |
| Return on average equity<sup>(3)</sup> | 5.27<br>**%** | 9.68% | 9.44% | 10.21% | 9.12% |
| Return on average tangible common equity<sup>(1)(3)</sup> | 8.01<br>**%** | 13.63% | 13.36% | 14.54% | 13.23% |
| Net interest margin<sup>(1)(3)</sup> | 3.59<br>**%** | 3.44% | 3.34% | 3.27% | 3.18% |
|  | **6 Months Ended June 30,** | **6 Months Ended June 30,** |  |  |  |
|  | **2025** | **2024** |  |  |  |
| ***Profitability (reported)*** |  |  |  |  |  |
| Diluted earnings per share | $1.21 | $1.40 |  |  |  |
| Weighted average diluted common shares outstanding | **49143067** | 47381054 |  |  |  |
| Return on average assets<sup>(3)</sup> | 0.82<br>**%** | 1.00% |  |  |  |
| Return on average equity<sup>(3)</sup> | 7.35<br>**%** | 9.32% |  |  |  |
| Return on average tangible common equity<sup>(1)(3)</sup> | 10.69<br>**%** | 13.55% |  |  |  |
| Net interest margin<sup>(1)(3)</sup> | 3.52<br>**%** | 3.16% |  |  |  |
|  | **2025** | **2025** | **2024** | **2024** | **2024** |
|  | **2nd Q** | **1st Q** | **4th Q** | **3rd Q** | **2nd Q** |
| ***Profitability (operating)*** |  |  |  |  |  |
| Diluted earnings per share<sup>(1)</sup> | $0.88 | $0.80 | $0.77 | $0.80 | $0.69 |
| Return on average assets<sup>(1)(3)</sup> | 1.19<br>**%** | 1.11% | 1.06% | 1.12% | 0.98% |
| Return on average equity<sup>(1)(3)</sup> | 10.52<br>**%** | 9.95% | 9.60% | 10.23% | 9.14% |
| Return on average tangible common equity<sup>(1)(3)</sup> | 15.25<br>**%** | 13.99% | 13.57% | 14.56% | 13.26% |
|  | **6 Months Ended June 30,** | **6 Months Ended June 30,** |  |  |  |
|  | **2025** | **2024** |  |  |  |
| ***Profitability (operating)*** |  |  |  |  |  |
| Diluted earnings per share<sup>(1)</sup> | $1.70 | $1.37 |  |  |  |
| Return on average assets<sup>(1)(3)</sup> | 1.16<br>**%** | 0.98% |  |  |  |
| Return on average equity<sup>(1)(3)</sup> | 10.34<br>**%** | 9.09% |  |  |  |
| Return on average tangible common equity<sup>(1)(3)</sup> | 14.77<br>**%** | 13.23% |  |  |  |
|  | **2025** | **2025** | **2024** | **2024** | **2024** |
|  | **2nd Q** | **1st Q** | **4th Q** | **3rd Q** | **2nd Q** |
| ***Balance sheet data*** |  |  |  |  |  |
| Short-term interest-bearing accounts | $**276786** | $37385 | $78973 | $231671 | $35207 |
| Securities available for sale | **1729428** | 1704677 | 1574664 | 1509338 | 1439445 |
| Securities held to maturity | **809664** | 836833 | 842921 | 854941 | 878909 |
| Net loans | **11484480** | 9863267 | 9853910 | 9787541 | 9733847 |
| Total assets | **16014781** | 13864251 | 13786666 | 13839552 | 13501909 |
| Total deposits | **13515232** | 11708511 | 11546761 | 11588278 | 11271459 |
| Total borrowings | **411376** | 312977 | 414983 | 456666 | 476082 |
| Total liabilities | **14209615** | 12298476 | 12260525 | 12317572 | 12039954 |
| Stockholders' equity | **1805166** | 1565775 | 1526141 | 1521980 | 1461955 |
| ***Capital*** |  |  |  |  |  |
| Equity to assets | 11.27<br>**%** | 11.29% | 11.07% | 11.00% | 10.83% |
| Tangible equity ratio<sup>(1)</sup> | 8.30<br>**%** | 8.68% | 8.42% | 8.36% | 8.11% |
| Book value per share | $34.46 | $33.13 | $32.34 | $32.26 | $31.00 |
| Tangible book value per share<sup>(2)</sup> | $24.57 | $24.74 | $23.88 | $23.83 | $22.54 |
| Leverage ratio | 9.55<br>**%** | 10.39% | 10.24% | 10.29% | 10.16% |
| Common equity tier 1 capital ratio | 11.37<br>**%** | 12.12% | 11.93% | 11.86% | 11.70% |
| Tier 1 capital ratio | 11.37<br>**%** | 13.02% | 12.83% | 12.77% | 12.61% |
| Total risk-based capital ratio | 14.48<br>**%** | 15.24% | 15.03% | 15.02% | 14.88% |
| Common stock price (end of period) | $41.55 | $42.90 | $47.76 | $44.23 | $38.60 |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **NBT Bancorp Inc. and Subsidiaries** | | | | | |
| **Asset Quality and Consolidated Loan Balances** | **Asset Quality and Consolidated Loan Balances** | | | | |
| (unaudited, dollars in thousands) |  |  |  |  |  |
|  | **2025** | **2025** | **2024** | **2024** | **2024** |
|  | **2nd Q** | **1st Q** | **4th Q** | **3rd Q** | **2nd Q** |
| ***Asset quality*** |  |  |  |  |  |
| Nonaccrual loans | $**43181** | $44829 | $45819 | $33338 | $34755 |
| 90 days past due and still accruing | **3211** | 2862 | 5798 | 3981 | 3333 |
| Total nonperforming loans | **46392** | 47691 | 51617 | 37319 | 38088 |
| Other real estate owned | **345** | 308 | 182 | 127 | 74 |
| Total nonperforming assets | **46737** | 47999 | 51799 | 37446 | 38162 |
| Allowance for loan losses | **140200** | 117000 | 116000 | 119500 | 120500 |
| ***Asset quality ratios*** |  |  |  |  |  |
| Allowance for loan losses to total loans | 1.21<br>**%** | 1.17% | 1.16% | 1.21% | 1.22% |
| Total nonperforming loans to total loans | 0.40<br>**%** | 0.48% | 0.52% | 0.38% | 0.39% |
| Total nonperforming assets to total assets | 0.29<br>**%** | 0.35% | 0.38% | 0.27% | 0.28% |
| Allowance for loan losses to total nonperforming loans | 302.21<br>**%** | 245.33% | 224.73% | 320.21% | 316.37% |
| Past due loans to total loans<sup>(4)</sup> | 0.38<br>**%** | 0.32% | 0.34% | 0.36% | 0.30% |
| Net charge-offs to average loans<sup>(3)</sup> | 0.09<br>**%** | 0.27% | 0.23% | 0.16% | 0.15% |
|  | **2025** | **2025** | **2024** | **2024** | **2024** |
|  | **2nd Q** | **1st Q** | **4th Q** | **3rd Q** | **2nd Q** |
| ***Loan net charge-offs by line of business*** |  |  |  |  |  |
| Commercial | $**97** | $2109 | $2542 | $807 | $(8) |
| Residential real estate and home equity | **(27)** | (25) | (25) | (64) | (76) |
| Indirect auto | **749** | 1155 | 675 | 725 | 747 |
| Residential solar and other consumer | **1542** | 3315 | 2517 | 2452 | 3036 |
| &nbsp;&nbsp;&nbsp; Total loan net charge-offs | $**2361** | $6554 | $5709 | $3920 | $3699 |
|  | **2025** | **2025** | **2024** | **2024** | **2024** |
|  | **2nd Q** | **1st Q** | **4th Q** | **3rd Q** | **2nd Q** |
| ***Allowance for loan losses as a percentage of loans by segment*** | ***Allowance for loan losses as a percentage of loans by segment*** | ***Allowance for loan losses as a percentage of loans by segment*** | ***Allowance for loan losses as a percentage of loans by segment*** |  |  |
| Commercial & industrial | 0.79<br>**%** | 0.76% | 0.73% | 0.73% | 0.76% |
| Commercial real estate | 1.14<br>**%** | 1.02% | 0.95% | 1.01% | 1.00% |
| Residential real estate | 1.05<br>**%** | 1.00% | 1.00% | 1.00% | 0.98% |
| Auto | 0.70<br>**%** | 0.72% | 0.81% | 0.83% | 0.85% |
| Residential solar and other consumer | 3.64<br>**%** | 3.61% | 3.64% | 3.69% | 3.78% |
| &nbsp;&nbsp;&nbsp; Total | 1.21<br>**%** | 1.17% | 1.16% | 1.21% | 1.22% |
|  | **2025** | **2025** | **2024** | **2024** | **2024** |
|  | **2nd Q** | **1st Q** | **4th Q** | **3rd Q** | **2nd Q** |
| ***Loans by line of business*** |  |  |  |  |  |
| Commercial & industrial | $**1692335** | $1436990 | $1426482 | $1458926 | $1397935 |
| Commercial real estate | **4800494** | 3890115 | 3876698 | 3792498 | 3784214 |
| Residential real estate | **2530344** | 2127588 | 2142249 | 2143766 | 2134875 |
| Home equity | **423355** | 331400 | 334268 | 328687 | 326556 |
| Indirect auto | **1319401** | 1309084 | 1273253 | 1235175 | 1225786 |
| Residential solar and other consumer | **858751** | 885090 | 916960 | 947989 | 984981 |
| &nbsp;&nbsp;&nbsp; Total loans | $**11624680** | $9980267 | $9969910 | $9907041 | $9854347 |

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| | | |
|:---|:---|:---|
| **NBT Bancorp Inc. and Subsidiaries** | | |
| **Consolidated Balance Sheets** | | |
| (unaudited, in thousands) |  |  |
|  | **June 30,** | **December 31,** |
|  | **2025** | **2024** |
| ***Assets*** |  |  |
| Cash and due from banks | $**264777** | $205083 |
| Short-term interest-bearing accounts | **276786** | 78973 |
| Equity securities, at fair value | **46658** | 42372 |
| Securities available for sale, at fair value | **1729428** | 1574664 |
| Securities held to maturity (fair value $735,387 and $749,945, respectively) | **809664** | 842921 |
| Federal Reserve and Federal Home Loan Bank stock | **40813** | 33957 |
| Loans held for sale | **3756** | 9744 |
| Loans | **11624680** | 9969910 |
| Less allowance for loan losses | **140200** | 116000 |
| &nbsp;&nbsp;&nbsp; Net loans | $**11484480** | $9853910 |
| Premises and equipment, net | **95793** | 80840 |
| Goodwill | **454072** | 362663 |
| Intangible assets, net | **64447** | 36360 |
| Bank owned life insurance | **318004** | 272657 |
| Other assets | **426103** | 392522 |
| &nbsp;&nbsp;&nbsp; **Total assets** | $**16014781** | $13786666 |
| ***Liabilities and stockholders' equity*** |  |  |
| Demand (noninterest bearing) | $**3866856** | $3446068 |
| Savings, interest-bearing checking and money market | **7997219** | 6658188 |
| Time | **1651157** | 1442505 |
| &nbsp;&nbsp;&nbsp; Total deposits | $**13515232** | $11546761 |
| Short-term borrowings | **112970** | 162942 |
| Long-term debt | **44842** | 29644 |
| Subordinated debt, net | **141943** | 121201 |
| Junior subordinated debt | **111621** | 101196 |
| Other liabilities | **283007** | 298781 |
| &nbsp;&nbsp;&nbsp; Total liabilities | $**14209615** | $12260525 |
| Total stockholders' equity | $**1805166** | $1526141 |
| &nbsp;&nbsp;&nbsp; **Total liabilities and stockholders' equity** | $**16014781** | $13786666 |

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| | | | | |
|:---|:---|:---|:---|:---|
| **NBT Bancorp Inc. and Subsidiaries** | | | | |
| **Consolidated Statements of Income** | | | | |
| (unaudited, in thousands except per share data) | (unaudited, in thousands except per share data) |  |  |  |
|  | **Three Months Ended** | **Three Months Ended** | **Six Months Ended** | **Six Months Ended** |
|  | **June 30,** | **June 30,** | **June 30,** | **June 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| ***Interest, fee and dividend income*** |  |  |  |  |
| Interest and fees on loans | $**158912** | $136606 | $**296964** | $269752 |
| Securities available for sale | **11609** | 7562 | **21871** | 14686 |
| Securities held to maturity | **4870** | 5190 | **9784** | 10493 |
| Other | **2186** | 1408 | **3362** | 2772 |
| &nbsp;&nbsp;&nbsp; Total interest, fee and dividend income | $**177577** | $150766 | $**331981** | $297703 |
| ***Interest expense*** |  |  |  |  |
| Deposits | $**48219** | $46688 | $**90807** | $91027 |
| Short-term borrowings | **1046** | 2899 | **1912** | 6320 |
| Long-term debt | **296** | 291 | **562** | 581 |
| Subordinated debt | **2001** | 1806 | **3823** | 3606 |
| Junior subordinated debt | **1795** | 1908 | **3434** | 3821 |
| &nbsp;&nbsp;&nbsp; Total interest expense | $**53357** | $53592 | $**100538** | $105355 |
| Net interest income | $**124220** | $97174 | $**231443** | $192348 |
| Provision for loan losses | $**4813** | $8899 | $**12367** | $14478 |
| Provision for loan losses - acquisition day 1 non-PCD | **13022** | - | **13022** | - |
| Total provision for loan losses | $**17835** | $8899 | $**25389** | $14478 |
| &nbsp;&nbsp;&nbsp; Net interest income after provision for loan losses | $**106385** | $88275 | $**206054** | $177870 |
| ***Noninterest income*** |  |  |  |  |
| Service charges on deposit accounts | $**4578** | $4219 | $**8821** | $8336 |
| Card services income | **6077** | 5587 | **11394** | 10782 |
| Retirement plan administration fees | **15710** | 14798 | **31568** | 29085 |
| Wealth management | **10678** | 10173 | **21624** | 19870 |
| Insurance services | **4097** | 3848 | **8858** | 8236 |
| Bank owned life insurance income | **2180** | 1834 | **5577** | 4186 |
| Net securities gains (losses) | **112** | (92) | **8** | 2091 |
| Other | **3500** | 2865 | **6534** | 6038 |
| &nbsp;&nbsp;&nbsp; Total noninterest income | $**46932** | $43232 | $**94384** | $88624 |
| ***Noninterest expense*** |  |  |  |  |
| Salaries and employee benefits | $**64155** | $55393 | $**124849** | $111097 |
| Technology and data services | **10804** | 9249 | **21042** | 18999 |
| Occupancy | **9038** | 7671 | **18065** | 15769 |
| Professional fees and outside services | **5021** | 4565 | **9973** | 9418 |
| Amortization of intangible assets | **3042** | 2133 | **5153** | 4301 |
| Reserve for unfunded loan commitments | **1702** | (380) | **1792** | (830) |
| Acquisition expenses | **17180** | - | **18401** | - |
| Other | **11668** | 10957 | **23235** | 22607 |
| &nbsp;&nbsp;&nbsp; Total noninterest expense | $**122610** | $89588 | $**222510** | $181361 |
| Income before income tax expense | $**30707** | $41919 | $**77928** | $85133 |
| Income tax expense | **8197** | 9203 | **18673** | 18594 |
| &nbsp;&nbsp;&nbsp; **Net income** | $**22510** | $32716 | $**59255** | $66539 |
| ***Earnings Per Share*** |  |  |  |  |
| Basic | $0.45 | $0.69 | $1.21 | $1.41 |
| Diluted | $0.44 | $0.69 | $1.21 | $1.40 |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **NBT Bancorp Inc. and Subsidiaries** | | | | | |
| **Quarterly Consolidated Statements of Income** | **Quarterly Consolidated Statements of Income** | | | | |
| (unaudited, in thousands except per share data) | (unaudited, in thousands except per share data) |  |  |  |  |
|  | **2025** | **2025** | **2024** | **2024** | **2024** |
|  | **2nd Q** | **1st Q** | **4th Q** | **3rd Q** | **2nd Q** |
| ***Interest, fee and dividend income*** |  |  |  |  |  |
| Interest and fees on loans | $**158912** | $138052 | $141103 | $141991 | $136606 |
| Securities available for sale | **11609** | 10262 | 8773 | 7815 | 7562 |
| Securities held to maturity | **4870** | 4914 | 4931 | 5042 | 5190 |
| Other | **2186** | 1176 | 2930 | 1382 | 1408 |
| &nbsp;&nbsp;&nbsp; Total interest, fee and dividend income | $**177577** | $154404 | $157737 | $156230 | $150766 |
| ***Interest expense*** |  |  |  |  |  |
| Deposits | $**48219** | $42588 | $46815 | $49106 | $46688 |
| Short-term borrowings | **1046** | 866 | 918 | 1431 | 2899 |
| Long-term debt | **296** | 266 | 293 | 292 | 291 |
| Subordinated debt | **2001** | 1822 | 1816 | 1810 | 1806 |
| Junior subordinated debt | **1795** | 1639 | 1790 | 1922 | 1908 |
| &nbsp;&nbsp;&nbsp; Total interest expense | $**53357** | $47181 | $51632 | $54561 | $53592 |
| Net interest income | $**124220** | $107223 | $106105 | $101669 | $97174 |
| Provision for loan losses | $**4813** | $7554 | $2209 | $2920 | $8899 |
| Provision for loan losses - acquisition day 1 non-PCD | **13022** | - | - | - | - |
| Total provision for loan losses | $**17835** | $7554 | $2209 | $2920 | $8899 |
| &nbsp;&nbsp;&nbsp; Net interest income after provision for loan losses | $**106385** | $99669 | $103896 | $98749 | $88275 |
| ***Noninterest income*** |  |  |  |  |  |
| Service charges on deposit accounts | $**4578** | $4243 | $4411 | $4340 | $4219 |
| Card services income | **6077** | 5317 | 5652 | 5897 | 5587 |
| Retirement plan administration fees | **15710** | 15858 | 12924 | 14578 | 14798 |
| Wealth management | **10678** | 10946 | 10842 | 10929 | 10173 |
| Insurance services | **4097** | 4761 | 3883 | 4913 | 3848 |
| Bank owned life insurance income | **2180** | 3397 | 2271 | 1868 | 1834 |
| Net securities gains (losses) | **112** | (104) | 222 | 476 | (92) |
| Other | **3500** | 3034 | 2221 | 2773 | 2865 |
| &nbsp;&nbsp;&nbsp; Total noninterest income | $**46932** | $47452 | $42426 | $45774 | $43232 |
| ***Noninterest expense*** |  |  |  |  |  |
| Salaries and employee benefits | $**64155** | $60694 | $61749 | $59641 | $55393 |
| Technology and data services | **10804** | 10238 | 10220 | 9920 | 9249 |
| Occupancy | **9038** | 9027 | 7786 | 7754 | 7671 |
| Professional fees and outside services | **5021** | 4952 | 4843 | 4871 | 4565 |
| Amortization of intangible assets | **3042** | 2111 | 2080 | 2062 | 2133 |
| Reserve for unfunded loan commitments | **1702** | 90 | (125) | 250 | (380) |
| Acquisition expenses | **17180** | 1221 | 988 | 543 | - |
| Other | **11668** | 11567 | 13234 | 10704 | 10957 |
| &nbsp;&nbsp;&nbsp; Total noninterest expense | $**122610** | $99900 | $100775 | $95745 | $89588 |
| Income before income tax expense | $**30707** | $47221 | $45547 | $48778 | $41919 |
| Income tax expense | **8197** | 10476 | 9542 | 10681 | 9203 |
| &nbsp;&nbsp;&nbsp; **Net income** | $**22510** | $36745 | $36005 | $38097 | $32716 |
| ***Earnings Per Share*** |  |  |  |  |  |
| Basic | $0.45 | $0.78 | $0.76 | $0.81 | $0.69 |
| Diluted | $0.44 | $0.77 | $0.76 | $0.80 | $0.69 |

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **NBT Bancorp Inc. and Subsidiaries** | **NBT Bancorp Inc. and Subsidiaries** | | | | | | | | | |
| **Average Quarterly Balance Sheets** | **Average Quarterly Balance Sheets** | | | | | | | | | |
| (unaudited, dollars in thousands) | (unaudited, dollars in thousands) |  |  |  |  |  |  |  |  |  |
|  | **Average Balance** | **Yield / Rates** | **Average Balance** | **Yield / Rates** | **Average Balance** | **Yield / Rates** | **Average Balance** | **Yield / Rates** | **Average Balance** | **Yield / Rates** |
|  | **Q2 - 2025** | **Q2 - 2025** | **Q1 - 2025** | **Q1 - 2025** | **Q4 - 2024** | **Q4 - 2024** | **Q3 - 2024** | **Q3 - 2024** | **Q2 - 2024** | **Q2 - 2024** |
| ***Assets*** |  |  |  |  |  |  |  |  |  |  |
| Short-term interest-bearing accounts | $**146640** | 4.61<br>**%** | $63198 | 4.51% | $184988 | 5.27% | $62210 | 4.87% | $48861 | 5.48% |
| Securities taxable<sup>(1)</sup> | **2486349** | 2.40<br>**%** | 2402772 | 2.30% | 2317034 | 2.10% | 2266930 | 1.99% | 2280767 | 1.97% |
| Securities tax-exempt<sup>(1)(5)</sup> | **221328** | 3.65<br>**%** | 220210 | 3.60% | 211493 | 3.46% | 217251 | 3.47% | 226032 | 3.56% |
| FRB and FHLB stock | **39176** | 5.12<br>**%** | 33469 | 5.73% | 33261 | 5.75% | 35395 | 6.97% | 40283 | 7.41% |
| Loans<sup>(1)(6)</sup> | **11064920** | 5.77<br>**%** | 9981487 | 5.62% | 9957879 | 5.65% | 9865412 | 5.74% | 9772014 | 5.63% |
| &nbsp;&nbsp;&nbsp; Total interest-earning assets | $**13958413** | 5.12<br>**%** | $12701136 | 4.95% | $12704655 | 4.96% | $12447198 | 5.01% | $12367957 | 4.92% |
| Other assets | **1242690** |  | 1088069 |  | 1093419 |  | 1072277 |  | 1064487 |  |
| **Total assets** | $**15201103** |  | $13789205 |  | $13798074 |  | $13519475 |  | $13432444 |  |
| ***Liabilities and stockholders' equity*** | ***Liabilities and stockholders' equity*** |  |  |  |  |  |  |  |  |  |
| Money market deposits | $**3808024** | 3.00<br>**%** | $3496552 | 3.04% | $3504937 | 3.27% | $3342845 | 3.68% | $3254252 | 3.65% |
| Interest-bearing checking deposits | **1902392** | 0.98<br>**%** | 1682265 | 0.84% | 1664960 | 0.91% | 1600547 | 0.87% | 1603695 | 0.78% |
| Savings deposits | **1852027** | 0.35<br>**%** | 1571673 | 0.05% | 1561703 | 0.05% | 1566316 | 0.05% | 1586753 | 0.05% |
| Time deposits | **1600908** | 3.37<br>**%** | 1450846 | 3.55% | 1446798 | 3.85% | 1442424 | 4.00% | 1391062 | 4.00% |
| &nbsp;&nbsp;&nbsp; Total interest-bearing deposits | $**9163351** | 2.11<br>**%** | $8201336 | 2.11% | $8178398 | 2.28% | $7952132 | 2.46% | $7835762 | 2.40% |
| Federal funds purchased | **14231** | 4.51<br>**%** | 2278 | 4.45% | - | - | 2609 | 5.34% | 29945 | 5.56% |
| Repurchase agreements | **89957** | 2.52<br>**%** | 107496 | 2.87% | 116408 | 3.13% | 98035 | 2.80% | 86405 | 1.55% |
| Short-term borrowings | **27845** | 4.62<br>**%** | 7033 | 4.61% | 174 | 4.57% | 48875 | 5.74% | 155159 | 5.58% |
| Long-term debt | **30705** | 3.87<br>**%** | 27674 | 3.90% | 29657 | 3.93% | 29696 | 3.91% | 29734 | 3.94% |
| Subordinated debt, net | **134684** | 5.96<br>**%** | 121331 | 6.09% | 120967 | 5.97% | 120594 | 5.97% | 120239 | 6.04% |
| Junior subordinated debt | **107948** | 6.67<br>**%** | 101196 | 6.57% | 101196 | 7.04% | 101196 | 7.56% | 101196 | 7.58% |
| &nbsp;&nbsp;&nbsp; Total interest-bearing liabilities | $**9568721** | 2.24<br>**%** | $8568344 | 2.23% | $8546800 | 2.40% | $8353137 | 2.60% | $8358440 | 2.58% |
| Demand deposits | **3634517** |  | 3385080 |  | 3438194 |  | 3389894 |  | 3323906 |  |
| Other liabilities | **285357** |  | 296983 |  | 295292 |  | 292446 |  | 306747 |  |
| Stockholders' equity | **1712508** |  | 1538798 |  | 1517788 |  | 1483998 |  | 1443351 |  |
| **Total liabilities and stockholders' equity** | $**15201103** |  | $13789205 |  | $13798074 |  | $13519475 |  | $13432444 |  |
| Interest rate spread |  | 2.88<br>**%** |  | 2.72% |  | 2.56% |  | 2.41% |  | 2.34% |
| Net interest margin (FTE)<sup>(1)</sup> |  | 3.59<br>**%** |  | 3.44% |  | 3.34% |  | 3.27% |  | 3.18% |
| Total cost of deposits | $**12797868** | 1.51<br>**%** | $11586416 | 1.49% | $11616592 | 1.60% | $11342026 | 1.72% | $11159668 | 1.68% |
| Total cost of funds | **13203238** | 1.62<br>**%** | 11953424 | 1.60% | 11984994 | 1.71% | 11743031 | 1.85% | 11682346 | 1.85% |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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** |
| **Six Months Ended June 30,** | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** |
| ***Assets*** |  |  |  |  |  |  |
| Short-term interest-bearing accounts | $**105150** | $**2389** | 4.58<br>**%** | $48416 | $1201 | 4.99% |
| Securities taxable<sup>(1)</sup> | **2444791** | **28520** | 2.35<br>**%** | 2279399 | 21977 | 1.94% |
| Securities tax-exempt<sup>(1)(5)</sup> | **220772** | **3968** | 3.62<br>**%** | 228250 | 4053 | 3.57% |
| FRB and FHLB stock | **36338** | **973** | 5.40<br>**%** | 41289 | 1571 | 7.65% |
| Loans<sup>(1)(6)</sup> | **10526197** | **297422** | 5.70<br>**%** | 9723453 | 270217 | 5.59% |
| &nbsp;&nbsp;&nbsp; Total interest-earning assets | $**13333248** | $**333272** | 5.04<br>**%** | $12320807 | $299019 | 4.88% |
| Other assets | **1165806** |  |  | 1059937 |  |  |
| **Total assets** | $**14499054** |  |  | $13380744 |  |  |
| ***Liabilities and stockholders' equity*** |  |  |  |  |  |  |
| Money market deposits | $**3653148** | $**54719** | 3.02<br>**%** | $3191706 | $57278 | 3.61% |
| Interest-bearing checking deposits | **1792937** | **8135** | 0.91<br>**%** | 1601992 | 6120 | 0.77% |
| Savings deposits | **1712624** | **1806** | 0.21<br>**%** | 1597206 | 352 | 0.04% |
| Time deposits | **1526292** | **26147** | 3.45<br>**%** | 1371810 | 27277 | 4.00% |
| &nbsp;&nbsp;&nbsp; Total interest-bearing deposits | $**8685001** | $**90807** | 2.11<br>**%** | $7762714 | $91027 | 2.36% |
| Federal funds purchased | **8287** | **185** | 4.50<br>**%** | 24857 | 686 | 5.55% |
| Repurchase agreements | **98678** | **1327** | 2.71<br>**%** | 84412 | 649 | 1.55% |
| Short-term borrowings | **17498** | **400** | 4.61<br>**%** | 184275 | 4985 | 5.44% |
| Long-term debt | **29198** | **562** | 3.88<br>**%** | 29753 | 581 | 3.93% |
| Subordinated debt, net | **128044** | **3823** | 6.02<br>**%** | 120056 | 3606 | 6.04% |
| Junior subordinated debt | **104590** | **3434** | 6.62<br>**%** | 101196 | 3821 | 7.59% |
| &nbsp;&nbsp;&nbsp; Total interest-bearing liabilities | $**9071296** | $**100538** | 2.23<br>**%** | $8307263 | $105355 | 2.55% |
| Demand deposits | **3510487** |  |  | 3340257 |  |  |
| Other liabilities | **291139** |  |  | 296747 |  |  |
| Stockholders' equity | **1626132** |  |  | 1436477 |  |  |
| **Total liabilities and stockholders' equity** | $**14499054** |  |  | $13380744 |  |  |
| &nbsp;&nbsp;&nbsp; Net interest income (FTE)<sup>(1)</sup> |  | $**232734** |  |  | $193664 |  |
| Interest rate spread |  |  | 2.81<br>**%** |  |  | 2.33% |
| Net interest margin (FTE)<sup>(1)</sup> |  |  | 3.52<br>**%** |  |  | 3.16% |
| Taxable equivalent adjustment |  | $**1291** |  |  | $1316 |  |
| Net interest income |  | $**231443** |  |  | $192348 |  |
| Total cost of deposits | $**12195488** | $**90807** | 1.50<br>**%** | $11102971 | $91027 | 1.65% |
| Total cost of funds | **12581783** | **100538** | 1.61<br>**%** | 11647520 | 105355 | 1.82% |

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<sup>(1)</sup> 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) | (unaudited, dollars in thousands except per share data) |  |  |  |  |
|  | **2025** | **2025** | **2024** | **2024** | **2024** |
|  | **2nd Q** | **1st Q** | **4th Q** | **3rd Q** | **2nd Q** |
| ***Operating net income*** |  |  |  |  |  |
| Net income | $**22510** | $36745 | $36005 | $38097 | $32716 |
| Acquisition expenses | **17180** | 1221 | 988 | 543 | - |
| Acquisition-related provision for credit losses | **13022** | - | - | - | - |
| Acquisition-related reserve for unfunded loan commitments | **532** | - | - | - | - |
| Securities (gains) losses | **(112)** | 104 | (222) | (476) | 92 |
| Adjustments to net income | $**30622** | $1325 | $766 | $67 | $92 |
| Adjustments to net income (net of tax) | $**22413** | $1020 | $604 | $52 | $72 |
| Operating net income | $**44923** | $37765 | $36609 | $38149 | $32788 |
| Operating diluted earnings per share | $0.88 | $0.80 | $0.77 | $0.80 | $0.69 |
|  | **6 Months Ended June 30,** | **6 Months Ended June 30,** |  |  |  |
|  | **2025** | **2024** |  |  |  |
| ***Operating net income*** |  |  |  |  |  |
| Net income | $**59255** | $66539 |  |  |  |
| Acquisition expenses | **18401** | - |  |  |  |
| Acquisition-related provision for credit losses | **13022** | - |  |  |  |
| Acquisition-related reserve for unfunded loan commitments | **532** | - |  |  |  |
| Securities (gains) losses | **(8)** | (2091) |  |  |  |
| Adjustments to net income | $**31947** | $(2091) |  |  |  |
| Adjustments to net income (net of tax) | $**24120** | $(1631) |  |  |  |
| Operating net income | $**83375** | $64908 |  |  |  |
| Operating diluted earnings per share | $1.70 | $1.37 |  |  |  |

---

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2024** | **2024** | **2024** |
|  | **2nd Q** | **1st Q** | **4th Q** | **3rd Q** | **2nd Q** |
| ***FTE adjustment*** |  |  |  |  |  |
| Net interest income | $**124220** | $107223 | $106105 | $101669 | $97174 |
| Add: FTE adjustment | **655** | 636 | 619 | 639 | 658 |
| Net interest income (FTE) | $**124875** | $107859 | $106724 | $102308 | $97832 |
| Average earning assets | $**13958413** | $12701136 | $12704655 | $12447198 | $12367957 |
| Net interest margin (FTE)<sup>(3)</sup> | 3.59<br>**%** | 3.44% | 3.34% | 3.27% | 3.18% |
|  | **6 Months Ended June 30,** | **6 Months Ended June 30,** |  |  |  |
|  | **2025** | **2024** |  |  |  |
| ***FTE adjustment*** |  |  |  |  |  |
| Net interest income | $**231443** | $192348 |  |  |  |
| Add: FTE adjustment | **1291** | 1316 |  |  |  |
| Net interest income (FTE) | $**232734** | $193664 |  |  |  |
| Average earning assets | $**13333248** | $12320807 |  |  |  |
| Net interest margin (FTE)<sup>(3)</sup> | 3.52<br>**%** | 3.16% |  |  |  |

---

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

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<sup>(1)</sup> The following tables provide the Non-GAAP reconciliations for the Non-GAAP measures contained in this release:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Non-GAAP measures (continued)**<br>|  |  |  |  |  |
| (unaudited, dollars in thousands)<br>|  |  |  |  |  |
|  | **2025** | **2025** | **2024** | **2024** | **2024** |
|  | **2nd Q** | **1st Q** | **4th Q** | **3rd Q** | **2nd Q** |
| ***Tangible equity to tangible assets*** |  |  |  |  |  |
| Total equity | $**1805166** | $1565775 | $1526141 | $1521980 | $1461955 |
| Intangible assets | **518519** | 396912 | 399023 | 397853 | 398686 |
| Total assets | $**16014781** | $13864251 | $13786666 | $13839552 | $13501909 |
| Tangible equity to tangible assets | 8.30<br>**%** | 8.68% | 8.42% | 8.36% | 8.11% |
|  | **2025** | **2025** | **2024** | **2024** | **2024** |
|  | **2nd Q** | **1st Q** | **4th Q** | **3rd Q** | **2nd Q** |
| ***Return on average tangible common equity*** | ***Return on average tangible common equity*** |  |  |  |  |
| Net income | $**22510** | $36745 | $36005 | $38097 | $32716 |
| Amortization of intangible assets (net of tax) | **2282** | 1583 | 1560 | 1547 | 1600 |
| Net income, excluding intangibles amortization | $**24792** | $38328 | $37565 | $39644 | $34316 |
| Average stockholders' equity | $**1712508** | $1538798 | $1517788 | $1483998 | $1443351 |
| Less: average goodwill and other intangibles | **471159** | 398233 | 399139 | 399113 | 399968 |
| Average tangible common equity | $**1241349** | $1140565 | $1118649 | $1084885 | $1043383 |
| Return on average tangible common equity<sup>(3)</sup> | 8.01<br>**%** | 13.63% | 13.36% | 14.54% | 13.23% |
|  | **6 Months Ended June 30,** | **6 Months Ended June 30,** |  |  |  |
|  | **2025** | **2024** |  |  |  |
| ***Return on average tangible common equity*** | ***Return on average tangible common equity*** |  |  |  |  |
| Net income | $**59255** | $66539 |  |  |  |
| Amortization of intangible assets (net of tax) | **3865** | 3226 |  |  |  |
| Net income, excluding intangibles amortization | $**63120** | $69765 |  |  |  |
| Average stockholders' equity | $**1626132** | $1436477 |  |  |  |
| Less: average goodwill and other intangibles | **434897** | 400862 |  |  |  |
| Average tangible common equity | $**1191235** | $1035615 |  |  |  |
| Return on average tangible common equity<sup>(3)</sup> | 10.69<br>**%** | 13.55% |  |  |  |

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<sup>(2)</sup> Non-GAAP measure - Stockholders' equity less goodwill and intangible assets divided by common shares outstanding.

<sup>(3)</sup> Annualized.

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

<sup>(5)</sup> Securities are shown at average amortized cost.

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

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