Exhibit 99.1

FOR IMMEDIATE RELEASE
ATTENTION: FINANCIAL AND BUSINESS EDITORS

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 FIRST QUARTER 2025 NET INCOME

NORWICH, NY (April 24, 2025) – 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 quarter  
■ Included 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 2024  
■ Earning asset yields of 4.95% were down 1 bp from the prior quarter  
■ Total 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, 2024
  
■ Net charge-offs to average loans was 0.27% annualized  
■ Nonperforming 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, 2024    
 
■ Total 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, 2025
  
■ Tangible book value per share(2) was $24.74 at March 31, 2025  
■ Tangible equity to assets of 8.68%(1)  
■ CET1 ratio of 12.12%; Leverage ratio of 10.39%  

2
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.

3
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.

4
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.
 
5
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.

6
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.

7
NBT Bancorp Inc. and Subsidiaries
                              
Selected Financial Data
                              
(unaudited, dollars in thousands except per share data)
                          
                               
   
2025
  
2024
   
1st Q
    
4th Q
    
3rd Q
    
2nd Q
    
1st 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 Q
    
4th Q
    
3rd Q
    
2nd Q
    
1st 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 Q
    
4th Q
    
3rd Q
    
2nd Q
    
1st 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
  

8
NBT Bancorp Inc. and Subsidiaries
                              
Asset Quality and Consolidated Loan Balances
                              
(unaudited, dollars in thousands)
                              
                               
   
2025
  
2024
   
1st Q
    
4th Q
    
3rd Q
    
2nd Q
    
1st Q
  
Asset 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 Q
    
4th Q
    
3rd Q
    
2nd Q
    
1st Q
  
Loan 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 Q
    
4th Q
    
3rd Q
    
2nd Q
    
1st Q
  
Allowance 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 Q
    
4th Q
    
3rd Q
    
2nd Q
    
1st Q
  
Loans 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
  

9
NBT Bancorp Inc. and Subsidiaries
            
Consolidated Balance Sheets
            
(unaudited, in thousands)
            
             
   
March 31,
    
December 31,
  
   
2025
    
2024
  
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
  

10
NBT Bancorp Inc. and Subsidiaries
                              
Quarterly Consolidated Statements of Income
                              
(unaudited, in thousands except per share data)
                              
                               
   
2025
  
2024
  
   
1st Q
    
4th Q
    
3rd Q
    
2nd Q
    
1st Q
  
Interest, 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
  

11
NBT Bancorp Inc. and Subsidiaries
                                                            
Average Quarterly Balance Sheets
                                                            
(unaudited, dollars in thousands)
                                                            
                                                             
   
Average Balance
    
Yield /
Rates
    
Average Balance
    
Yield /
Rates
    
Average Balance
    
Yield /
Rates
    
Average Balance
    
Yield /
Rates
    
Average Balance
    
Yield /
Rates
  
 
Q1 - 2025
  
Q4 - 2024
  
Q3 - 2024
  
Q2 - 2024
  
Q1 - 2024
Assets
                                                                      
Short-term interest-bearing accounts
  
$
63,198
      
4.51
%
  
$
184,988
      
5.27
%
  
$
62,210
      
4.87
%
  
$
48,861
      
5.48
%
  
$
47,972
      
4.48
%
Securities taxable(1)
    
2,402,772
      
2.30
 %    
2,317,034
      
2.10
%
    
2,266,930
      
1.99
%
    
2,280,767
      
1.97
%
    
2,278,029
      
1.91
%
Securities tax-exempt(1)(5)
    
220,210
      
3.60
 %    
211,493
      
3.46
%
    
217,251
      
3.47
%
    
226,032
      
3.56
%
    
230,468
      
3.58
%
FRB and FHLB stock
    
33,469
      
5.73
 %    
33,261
      
5.75
%
    
35,395
      
6.97
%
    
40,283
      
7.41
%
    
42,296
      
7.89
%
Loans(1)(6)
    
9,981,487
       5.62
 %    
9,957,879
      
5.65
%
    
9,865,412
      
5.74
%
    
9,772,014
      
5.63
%
    
9,674,892
      
5.54
%
Total interest-earning assets
$
12,701,136
      
4.95
 %  
$
12,704,655
      
4.96
%
  
$
12,447,198
      
5.01
%
  
$
12,367,957
      
4.92
%
  
$
12,273,657
      
4.84
%
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
   $
3,496,552
      
3.04
 %  
$
3,504,937
      
3.27
%
  
$
3,342,845
      
3.68
%
  
$
3,254,252
      
3.65
%
  
$
3,129,160
      
3.56
%
NOW deposit accounts
    
1,682,265
      
0.84
 %    
1,664,960
      
0.91
%
    
1,600,547
      
0.87
%
    
1,603,695
      
0.78
%
    
1,600,288
      
0.75
%
Savings deposits
    
1,571,673
      
0.05
 %    
1,561,703
      
0.05
%
    
1,566,316
      
0.05
%
    
1,586,753
      
0.05
%
    
1,607,659
      
0.04
%
Time deposits
    
1,450,846
      
3.55
 %    
1,446,798
      
3.85
%
    
1,442,424
      
4.00
%
    
1,391,062
      
4.00
%
    
1,352,559
      
4.00
%
Total interest-bearing deposits
   $
8,201,336
      
2.11
%
  
$
8,178,398
      
2.28
%
  
$
7,952,132
      
2.46
%
  
$
7,835,762
      
2.40
%
  
$
7,689,666
      
2.32
%
Federal funds purchased
    
2,278
       4.45 %    
-
      
-
      
2,609
      
5.34
%
    
29,945
      
5.56
%
    
19,769
      
5.53
%
Repurchase agreements
    
107,496
      
2.87
 %    
116,408
      
3.13
%
    
98,035
      
2.80
%
    
86,405
      
1.55
%
    
82,419
      
1.55
%
Short-term borrowings
    
7,033
      
4.61
%
    
174
      
4.57
%
    
48,875
      
5.74
%
    
155,159
      
5.58
%
    
213,390
      
5.34
%
Long-term debt
    
27,674
      
3.90
 %    
29,657
      
3.93
%
    
29,696
      
3.91
%
    
29,734
      
3.94
%
    
29,772
      
3.92
%
Subordinated debt, net
    
121,331
      
6.09
 %    
120,967
      
5.97
%
    
120,594
      
5.97
%
    
120,239
      
6.04
%
    
119,873
      
6.04
%
Junior subordinated debt
    
101,196
      
6.57
 %    
101,196
      
7.04
%
    
101,196
      
7.56
%
    
101,196
      
7.58
%
    
101,196
      
7.60
%
Total interest-bearing liabilities
   $
8,568,344
      
2.23
 %  
$
8,546,800
      
2.40
%
  
$
8,353,137
      
2.60
%
  
$
8,358,440
      
2.58
%
  
$
8,256,085
      
2.52
%
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
%

12
(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 Q
    
4th Q
    
3rd Q
    
2nd Q
    
1st 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 Q    
4th Q
    
3rd Q
    
2nd Q
    
1st 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 Q    
4th Q
    
3rd Q
    
2nd Q
    
1st 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 Q    
4th Q
    
3rd Q
    
2nd Q
    
1st 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.