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 RECORD THIRD QUARTER 2025 RESULTS AND DECLARES CASH DIVIDEND

NORWICH, NY (October 27, 2025) – NBT Bancorp Inc. (“NBT” or the “Company”) (NASDAQ: NBTB) reported net income and diluted earnings per share for the three and nine months ended September 30, 2025.
 
Net income for the third quarter of 2025 was $54.5 million, or $1.03 per diluted common share, compared to $38.1 million, or $0.80 per diluted common share, for the third quarter of 2024, and $22.5 million, or $0.44 per diluted common share, for the second quarter of 2025. Operating diluted earnings per share(1), a non-GAAP measure, was $1.05 for the third quarter of 2025, compared to $0.80 for the third quarter of 2024 and $0.88 for the second quarter of 2025.

The Company completed the acquisition of Evans Bancorp, Inc. (“Evans”) on May 2, 2025, adding 200 employees and 18 banking locations in Western New York, $1.67 billion in loans and $1.86 billion in deposits. In connection with the transaction, the Company issued 5.1 million shares of common stock, with a value of $221.8 million as of the closing date. The comparisons to the second quarter of 2025 and to the third quarter of 2024 are significantly impacted by the Evans acquisition.

CEO Comments

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

2
Third Quarter 2025 Financial Highlights
Net Income
 ▪
Net income was $54.5 million and diluted earnings per share was $1.03

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

Loans


 ▪
Period end total loans were $11.60 billion at September 30, 2025, compared to $9.97 billion at December 31, 2024 and $9.91 billion at September 30, 2024.

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

Deposits


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

▪
The loan to deposit ratio was 84.9% at September 30, 2025, compared to 86.3% at December 31, 2024 and 85.5% at September 30, 2024.

Net Interest Income and Net Interest Margin


 ▪
Net interest income for the third quarter of 2025 was $134.7 million, an increase of $10.4 million, or 8.4%, from the second quarter of 2025 and an increase of $33.0 million, or 32.5%, from the third quarter of 2024. The increase in net interest income from the second quarter of 2025 was largely attributed to the full quarter impact of the Evans acquisition with higher earning asset yields also contributing to the increase. The increase in net interest income from the third quarter of 2024 resulted primarily from the Evans acquisition, the improvement in net interest margin and organic growth in interest-earning assets.

▪
The NIM on an FTE basis for the third quarter of 2025 was 3.66%, an increase of 7 bps from the second quarter of 2025. This increase was primarily driven by an increase in earning asset yields and acquisition-related net accretion. The NIM on an FTE basis increased 39 bps from the third quarter of 2024 due to higher yields on earning assets, including acquisition-related net accretion and a decrease in the cost of borrowings.

3

 ▪
Earning asset yields for the three months ended September 30, 2025 increased 6 bps from the prior quarter to 5.18%. Loan yields for the three months ended September 30, 2025 increased 3 bps from the prior quarter to 5.80% due to loans originating at higher rates than portfolio yields during the quarter and acquisition-related net accretion. Earning asset yields increased 17 bps from the same quarter in the prior year due to new loan yields that were priced higher than portfolio yields and acquisition-related net accretion. Average earning assets increased $685.1 million, or 4.9%, from the second quarter of 2025 and grew $2.20 billion, or 17.6%, from the third quarter of 2024 due primarily to the addition of $1.95 billion in interest-earning assets acquired from Evans and organic earning asset growth.

▪
Total cost of deposits, including noninterest bearing deposits, was 1.52% for the third quarter of 2025, an increase of 1 bp from the prior quarter as a full quarter of Evans higher cost of deposits, primarily in interest-bearing checking and savings deposit accounts, were partially offset by a decrease in the cost of time deposits. Total cost of deposits decreased 16 bps from the same period in the prior year.

▪
Total cost of funds for the three months ended September 30, 2025 was 1.60%, a decrease of 2 bps from the prior quarter and a decrease of 25 bps from the third quarter of 2024.

▪
In July of 2025, the Company redeemed $118 million of subordinated debt that had a weighted average rate of 5.45% using existing liquidity sources. The $118 million of subordinated debt would have converted to a weighted average floating rate in excess of 9%.

Asset Quality and Allowance for Loan Losses


 ▪
Net charge-offs to total average loans for the third quarter of 2025 was 15 bps compared to 9 bps in the prior quarter primarily due to an increase in both commercial and consumer net charge-offs.

▪
Nonperforming assets to total assets was 0.33% at September 30, 2025, compared to 0.29% at June 30, 2025 and compared to 0.38% at December 31, 2024.

▪
Provision expense for the three months ended September 30, 2025 was $3.1 million, compared to $17.8 million for the second quarter of 2025. The decrease in the provision for loan losses during the quarter was due to the $13.0 million of acquisition-related provision for loan losses recognized in the second quarter of 2025.

▪
The allowance for loan losses was $139.0 million, or 1.20% of total loans, at September 30, 2025, compared to $140.2 million, or 1.21% of total loans, at June 30, 2025 and compared to $116.0 million, or 1.16% of total loans, at December 31, 2024. The decrease in the allowance for loan losses in the third quarter of 2025 was driven by portfolio mix changes resulting from the run-off of the other consumer and residential solar portfolios which were partially offset by a modest deterioration of the economic forecast. The increase in the allowance for loan losses from the fourth quarter of 2024 was due to the $20.7 million of allowance for acquired Evans loans.

▪
The reserve for unfunded loan commitments was $5.9 million at September 30, 2025, compared to $6.2 million at June 30, 2025 and compared to $4.4 million at December 31, 2024. The provision for unfunded loan commitments in the second quarter of 2025 included $0.5 million of acquisition-related provision for unfunded loan commitments.

4
Noninterest Income


 ▪
Total noninterest income, excluding securities (losses) gains, was $51.4 million for the three months ended September 30, 2025, up $4.6 million, or 9.8%, from the second quarter of 2025, and up $6.1 million, or 13.5%, from the third quarter of 2024. The seasonally higher third quarter also benefited from the full quarter impact of the Evans acquisition.

▪
Service charges on deposit accounts were higher than the prior quarter and the third quarter of 2024 due primarily to the Evans acquisition and new account growth.

▪
Card services income increased $0.3 million from the prior quarter and increased $0.5 million from the third quarter of 2024 driven by the Evans acquisition and increased volumes.

▪
Retirement plan administration fees were consistent with the prior quarter and increased $1.3 million, or 9.2%, from the third quarter of 2024. The increase from the third quarter of 2024 was driven by higher market values of assets under administration and the acquisition of a small third-party administrator business in the fourth quarter of 2024.

▪
Wealth management fees increased $0.4 million, or 4.0%, from the prior quarter and were consistent with the third quarter of 2024. The increase from the prior quarter was driven by market performance, growth in new customer accounts and seasonal activity-based fees.

▪
Insurance revenues increased $1.2 million from the prior quarter driven by seasonal renewals and increased $0.3 million, or 7.1%, from the prior year due to organic growth.

▪
Bank owned life insurance income increased from the second quarter of 2025 and the third quarter of 2024 due to a $0.9 million gain recognized in the third quarter of 2025.

▪
Other noninterest income increased $0.9 million from the prior quarter and $1.6 million from the third quarter of 2024 driven by a $0.6 million gain related to the finalization of a third-party contractual arrangement. In addition, the increase from the third quarter of 2024 was driven by an increase in loan servicing income and loan related fee income.

Noninterest Expense


 ▪
Total noninterest expense was $111.1 million for the third quarter of 2025, compared to $122.6 million for the second quarter of 2025 and $95.7 million for the third quarter of 2024. Total noninterest expense, excluding $1.1 million of acquisition expenses in the third quarter of 2025, $17.2 million of acquisition expenses in the second quarter of 2025 and $0.5 million of acquisition expenses in the third quarter of 2024, increased 4.4% compared to the previous quarter and increased 15.6% from the third quarter of 2024. The increase was primarily due to the Evans acquisition.

▪
Salaries and benefits increased 3.9% from the prior quarter driven by the full quarter impact of the Evans acquisition as NBT added 200 Evans employees in May, higher incentive compensation expenses and higher medical costs. The increase from the third quarter of 2024 was driven by the impact of the Evans acquisition, merit pay increases, higher medical expenses and higher incentive compensation expenses.

▪
Technology and data services increased $0.4 million from the prior quarter and $1.3 million from the third quarter of 2024 primarily due to the Evans acquisition, timing of planned activities and ongoing investment in enterprise technology initiatives.

▪
Occupancy costs were consistent from the prior quarter due to lower seasonal maintenance and utilities costs being offset by the additional expenses from the Evans acquisition. The $1.3 million increase from the third quarter of 2024 was driven by the additional expenses from the Evans acquisition, higher utilities and higher facilities costs related to new banking locations.

▪
Professional fees and outside services increased $0.9 million from the prior quarter and $1.1 million from the third quarter of 2024 primarily due to the Evans acquisition and the timing of various initiatives.

▪
Amortization of intangible assets increased $0.4 million from the prior quarter and $1.4 million from the third quarter of 2024 primarily due to the amortization of intangible assets related to the Evans acquisition.

▪
Other expense increased $2.4 million from the prior quarter and $3.4 million from the third quarter of 2024. The increase from the previous quarter was driven by the Evans acquisition including increased FDIC insurance expense, travel, training and charitable contributions.

5
Income Taxes


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

Capital


 ▪
Tangible common equity to tangible assets(1) was 8.58% at September 30, 2025. Tangible book value per share(2) was $25.51 at September 30, 2025, $24.57 at June 30, 2025 and $23.83 at September 30, 2024.

▪
Stockholders’ equity increased $327.0 million from December 31, 2024 driven by the Evans acquisition adding $221.8 million of capital, net income generation of $113.7 million and a $41.8 million decrease in accumulated other comprehensive loss reflecting the change in the fair value of securities available for sale, partially offset by dividends declared of $53.3 million.

▪
As of September 30, 2025, CET1 capital ratio of 11.80%, leverage ratio of 9.34% and total risk-based capital ratio of 13.97%.

Dividend


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

Stock Repurchase


 ▪
The Company did not purchase shares of its common stock during the three months ended September 30, 2025.

▪
On October 27, 2025, the Board of Directors authorized and approved an amendment to the Company’s previously announced stock repurchase program. Pursuant to the amended stock repurchase program, the Company may repurchase up to 2,000,000 shares of the Company’s common stock with all repurchases under the stock repurchase program to be made by December 31, 2027. The Company may repurchase shares of its common stock from time to time to mitigate the potential dilutive effects of stock-based incentive plans and other potential uses of common stock for corporate purposes.

Conference Call and Webcast

The Company will host a conference call at 10:00 a.m. (Eastern) Tuesday, October 28, 2025, to review the third quarter 2025 financial results. The audio webcast link, along with the corresponding presentation slides, will be available on the Company’s Event Calendar page at www.nbtbancorp.com/bn/presentations-events.html#events and will be archived for twelve months.
 
Corporate Overview
 
NBT Bancorp Inc. is a financial holding company headquartered in Norwich, NY, with total assets of $16.11 billion at September 30, 2025. The Company primarily operates through NBT Bank, N.A., a full-service community bank, and through two financial services companies. NBT Bank, N.A. has 175 banking locations in New York, Pennsylvania, Vermont, Massachusetts, New Hampshire, Maine and Connecticut. EPIC Retirement Plan Services, based in Rochester, NY, is a national benefits administration firm. NBT Insurance Agency, LLC, based in Norwich, NY, is a full-service insurance agency. More information about NBT and its divisions is available online at: www.nbtbancorp.com, www.nbtbank.com, www.epicrps.com and www.nbtbank.com/Insurance.

6
Forward-Looking Statements

This press release contains forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995. These statements may be identified by the use of phrases such as “anticipate,” “believe,” “expect,” “forecasts,” “projects,” “will,” “can,” “would,” “should,” “could,” “may,” or other similar terms. There are a number of factors, many of which are beyond the Company’s control, that could cause actual results to differ materially from those contemplated by the forward-looking statements. Factors that may cause actual results to differ materially from those contemplated by such forward-looking statements include, among others, the following possibilities: (1) local, regional, national and international economic conditions, including actual or potential stress in the banking industry, and the impact they may have on the Company and its customers, and the Company’s assessment of that impact; (2) changes in the level of nonperforming assets and charge-offs; (3) changes in estimates of future reserve requirements based upon the periodic review thereof under relevant regulatory and accounting requirements; (4) the effects of and changes in trade and monetary and fiscal policies and laws, including the interest rate policies of the Federal Reserve Board (“FRB”) and international trade disputes (including threatened or implemented tariffs imposed by the U.S. and threatened or implemented tariffs imposed by foreign countries in retaliation); (5) inflation, interest rate, securities market and monetary fluctuations; (6) political instability; (7) acts of war, including international military conflicts, or terrorism; (8) the timely development and acceptance of new products and services and the perceived overall value of these products and services by users; (9) changes in consumer spending, borrowing and saving habits; (10) changes in the financial performance and/or condition of the Company’s borrowers; (11) technological changes; (12) acquisition and integration of acquired businesses; (13) the ability to increase market share and control expenses; (14) changes in the competitive environment among financial holding companies; (15) the effect of changes in laws and regulations (including laws and regulations concerning taxes, banking, securities and insurance) with which the Company and its subsidiaries must comply, including those under the Dodd-Frank Act, and the Economic Growth, Regulatory Relief, and Consumer Protection Act of 2018; (16) the effect of changes in accounting policies and practices, as may be adopted by the regulatory agencies, as well as the Public Company Accounting Oversight Board, the Financial Accounting Standards Board and other accounting standard setters; (17) changes in the Company’s organization, compensation and benefit plans; (18) the costs and effects of legal and regulatory developments, including the resolution of legal proceedings or regulatory or other governmental inquiries, and the results of regulatory examinations or reviews; (19) greater than expected costs or difficulties related to the integration of new products and lines of business; and (20) the Company’s success at managing the risks involved in the foregoing items.

The Company cautions readers not to place undue reliance on any forward-looking statements, which speak only as of the date made, and advises readers that various factors, including, but not limited to, those described above and other factors discussed in the Company’s annual and quarterly reports previously filed with the SEC, could affect the Company’s financial performance and could cause the Company’s actual results or circumstances for future periods to differ materially from those anticipated or projected.

Unless required by law, the Company does not undertake, and specifically disclaims any obligations to, publicly release any revisions that may be made to any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements.

Non-GAAP Measures
 
This press release contains financial information determined by methods other than in accordance with U.S. generally accepted accounting principles (“GAAP”). Where non-GAAP disclosures are used in this press release, the comparable GAAP measure, as well as a reconciliation to the comparable GAAP measure, is provided in the accompanying tables. Management believes that these non-GAAP measures provide useful information that is important to an understanding of the results of the Company’s core business as well as provide information standard in the financial institution industry. Non-GAAP measures should not be considered a substitute for financial measures determined in accordance with GAAP and investors should consider the Company’s performance and financial condition as reported under GAAP and all other relevant information when assessing the performance or financial condition of the Company. Amounts previously reported in the consolidated financial statements are reclassified whenever necessary to conform to current period presentation.

7
NBT Bancorp Inc. and Subsidiaries
                              
Selected Financial Data
                              
(unaudited, dollars in thousands except per share data)
                              
                               
   
2025
    
2024
  
   
3rd Q
    
2nd Q
    
1st Q
    
4th Q
    
3rd Q
  
Profitability (reported)
                              
Diluted earnings per share
  
$
1.03
    
$
0.44
    
$
0.77
    
$
0.76
    
$
0.80
  
Weighted average diluted common shares outstanding
    
52,642,688
      
50,787,474
      
47,477,391
      
47,505,760
      
47,473,417
  
Return on average assets(3)
    
1.35
%
    
0.59
%
    
1.08
%
    
1.04
%
    
1.12
%
Return on average equity(3)
    
11.86
%
    
5.27
%
    
9.68
%
    
9.44
%
    
10.21
%
Return on average tangible common equity(1)(3)
    
17.35
%
    
8.01
%
    
13.63
%
    
13.36
%
    
14.54
%
Net interest margin(1)(3)
    
3.66
%
    
3.59
%
    
3.44
%
    
3.34
%
    
3.27
%
                                         
   
9 Months Ended September 30,
                        
   
2025
2024
                        
Profitability (reported)
                                        
Diluted earnings per share
  
$
2.26
    
$
2.21
                          
Weighted average diluted common shares outstanding
    
50,325,671
      
47,409,906
                          
Return on average assets(3)
    
1.01
%
    
1.04
%
                        
Return on average equity(3)
    
8.99
%
    
9.62
%
                        
Return on average tangible common equity(1)(3)
    
13.07
%
    
13.89
%
                        
Net interest margin(1)(3)
    
3.57
%
    
3.20
%
                        
                                         
      2025


2024
  
   
3rd Q
    
2nd Q
    
1st Q
    
4th Q
    
3rd Q
  
Profitability (operating)
                                        
Diluted earnings per share(1)
  
$
1.05
    
$
0.88
    
$
0.80
    
$
0.77
    
$
0.80
  
Return on average assets(1)(3)
    
1.37
%
    
1.19
%
    
1.11
%
    
1.06
%
    
1.12
%
Return on average equity(1)(3)
    
12.05
%
    
10.52
%
    
9.95
%
    
9.60
%
    
10.23
%
Return on average tangible common equity(1)(3)
    
17.61
%
    
15.25
%
    
13.99
%
    
13.57
%
    
14.56
%
                                         
   
9 Months Ended September 30,
                        
   
2025
2024
                        
Profitability (operating)
                                        
Diluted earnings per share(1)
  
$
2.76
    
$
2.17
                          
Return on average assets(1)(3)
    
1.24
%
    
1.03
%
                        
Return on average equity(1)(3)
    
10.96
%
    
9.48
%
                        
Return on average tangible common equity(1)(3)
    
15.78
%
    
13.69
%
                        
                                         
      2025


2024
  
   
3rd Q
    
2nd Q
    
1st Q
    
4th Q
    
3rd Q
  
Balance sheet data
                                        
Short-term interest-bearing accounts
  
$
394,485
    
$
276,786
    
$
37,385
    
$
78,973
    
$
231,671
  
Securities available for sale
    
1,813,194
      
1,729,428
      
1,704,677
      
1,574,664
      
1,509,338
  
Securities held to maturity
    
771,474
      
809,664
      
836,833
      
842,921
      
854,941
  
Net loans
    
11,456,134
      
11,484,480
      
9,863,267
      
9,853,910
      
9,787,541
  
Total assets
    
16,112,584
      
16,014,781
      
13,864,251
      
13,786,666
      
13,839,552
  
Total deposits
    
13,660,918
      
13,515,232
      
11,708,511
      
11,546,761
      
11,588,278
  
Total borrowings
    
319,358
      
411,376
      
312,977
      
414,983
      
456,666
  
Total liabilities
    
14,259,438
      
14,209,615
      
12,298,476
      
12,260,525
      
12,317,572
  
Stockholders’ equity
    
1,853,146
      
1,805,166
      
1,565,775
      
1,526,141
      
1,521,980
  
                                         
Capital
                                        
Equity to assets
    
11.50
%
    
11.27
%
    
11.29
%
    
11.07
%
    
11.00
%
Tangible equity ratio(1)
    
8.58
%
    
8.30
%
    
8.68
%
    
8.42
%
    
8.36
%
Book value per share
  
$
35.33
    
$
34.46
    
$
33.13
    
$
32.34
    
$
32.26
  
Tangible book value per share(2)
  
$
25.51
    
$
24.57
    
$
24.74
    
$
23.88
    
$
23.83
  
Leverage ratio
    
9.34
%
    
9.55
%
    
10.39
%
    
10.24
%
    
10.29
%
Common equity tier 1 capital ratio
    
11.80
%
    
11.37
%
    
12.12
%
    
11.93
%
    
11.86
%
Tier 1 capital ratio
    
11.80
%
    
11.37
%
    
13.02
%
    
12.83
%
    
12.77
%
Total risk-based capital ratio
    
13.97
%
    
14.48
%
    
15.24
%
    
15.03
%
    
15.02
%
Common stock price (end of period)
  
$
41.76
    
$
41.55
    
$
42.90
    
$
47.76
    
$
44.23
  

8
NBT Bancorp Inc. and Subsidiaries
                              
Asset Quality and Consolidated Loan Balances
                              
(unaudited, dollars in thousands)
                              
                               
   
2025
    
2024
   
3rd Q
    
2nd Q
    
1st Q
    
4th Q
    
3rd Q
  
Asset quality
                              
Nonaccrual loans
  
$
46,450
    
$
43,181
    
$
44,829
    
$
45,819
    
$
33,338
  
90 days past due and still accruing
    
6,966
      
3,211
      
2,862
      
5,798
      
3,981
  
Total nonperforming loans
    
53,416
      
46,392
      
47,691
      
51,617
      
37,319
  
Other real estate owned
    
267
      
345
      
308
      
182
      
127
  
Total nonperforming assets
    
53,683
      
46,737
      
47,999
      
51,799
      
37,446
  
Allowance for loan losses
    
139,000
      
140,200
      
117,000
      
116,000
      
119,500
  
                                         
Asset quality ratios
                                        
Allowance for loan losses to total loans
    
1.20
%
    
1.21
%
    
1.17
%
    
1.16
%
    
1.21
%
Total nonperforming loans to total loans
    
0.46
%
    
0.40
%
    
0.48
%
    
0.52
%
    
0.38
%
Total nonperforming assets to total assets
    
0.33
%
    
0.29
%
    
0.35
%
    
0.38
%
    
0.27
%
Allowance for loan losses to total nonperforming loans
    
260.22
%
    
302.21
%
    
245.33
%
    
224.73
%
    
320.21
%
Past due loans to total loans(4)
    
0.38
%
    
0.38
%
    
0.32
%
    
0.34
%
    
0.36
%
Net charge-offs to average loans(3)
    
0.15
%
    
0.09
%
    
0.27
%
    
0.23
%
    
0.16
%
                                         
     
2025
      
2024
  
   
3rd Q
    
2nd Q
    
1st Q
    
4th Q
    
3rd Q
  
Loan net charge-offs by line of business
                                        
Commercial
  
$
1,047
    
$
97
    
$
2,109
    
$
2,542
    
$
807
  
Residential mortgage and home equity
    
18
      
(27
)
    
(25
)
    
(25
)
    
(64
)
Indirect auto
    
679
      
749
      
1,155
      
675
      
725
  
Residential solar and other consumer
    
2,556
      
1,542
      
3,315
      
2,517
      
2,452
  
Total loan net charge-offs
  
$
4,300
    
$
2,361
    
$
6,554
    
$
5,709
    
$
3,920
  
                                         
     
2025
      
2024
  
   
3rd Q
    
2nd Q
    
1st Q
    
4th Q
    
3rd Q
  
Allowance for loan losses as a percentage of loans by segment
                                        
Commercial & industrial
    
0.81
%
    
0.79
%
    
0.76
%
    
0.73
%
    
0.73
%
Commercial real estate
    
1.13
%
    
1.14
%
    
1.02
%
    
0.95
%
    
1.01
%
Residential mortgage
    
1.05
%
    
1.05
%
    
1.00
%
    
1.00
%
    
1.00
%
Auto
    
0.70
%
    
0.70
%
    
0.72
%
    
0.81
%
    
0.83
%
Residential solar and other consumer
    
3.62
%
    
3.64
%
    
3.61
%
    
3.64
%
    
3.69
%
Total
    
1.20
%
    
1.21
%
    
1.17
%
    
1.16
%
    
1.21
%
                                         
     
2025
      
2024
  
   
3rd Q
    
2nd Q
    
1st Q
    
4th Q
    
3rd Q
  
Loans by line of business
                                        
Commercial & industrial
  
$
1,644,218
    
$
1,692,335
    
$
1,436,990
    
$
1,426,482
    
$
1,458,926
  
Commercial real estate
    
4,830,761
      
4,800,494
      
3,890,115
      
3,876,698
      
3,792,498
  
Residential mortgage
    
2,528,565
      
2,530,344
      
2,127,588
      
2,142,249
      
2,143,766
  
Home equity
    
435,584
      
423,355
      
331,400
      
334,268
      
328,687
  
Indirect auto
    
1,327,689
      
1,319,401
      
1,309,084
      
1,273,253
      
1,235,175
  
Residential solar and other consumer
    
828,317
      
858,751
      
885,090
      
916,960
      
947,989
  
Total loans
  
$
11,595,134
    
$
11,624,680
    
$
9,980,267
    
$
9,969,910
    
$
9,907,041
  

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

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

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

12
NBT Bancorp Inc. and Subsidiaries
                                                        
Average Quarterly Balance Sheets
                                                        
(unaudited, dollars in thousands)
                                                        
                                                             
   
Average Balance
    
Yield / Rates
    
Average Balance
    
Yield / Rates
    
Average Balance
    
Yield / Rates
    
Average Balance
    
Yield / Rates
    
Average Balance
    
Yield / Rates
  
   
Q3 - 2025
      
Q2 - 2025
      
Q1 - 2025
     
Q4 - 2024
      
Q3 - 2024
  
Assets
                                                                      
Short-term interest-bearing accounts
  
$
338,919
      
4.60
%
  
$
146,640
      
4.61
%
  
$
63,198
      
4.51
%
  
$
184,988
      
5.27
%
  
$
62,210
      
4.87
%
Securities taxable(1)
    
2,464,271
      
2.46
%
    
2,486,349
      
2.40
%
    
2,402,772
      
2.30
%
    
2,317,034
      
2.10
%
    
2,266,930
      
1.99
%
Securities tax-exempt(1)(5)
    
196,728
      
3.48
%
    
221,328
      
3.65
%
    
220,210
      
3.60
%
    
211,493
      
3.46
%
    
217,251
      
3.47
%
FRB and FHLB stock
    
42,790
      
5.37
%
    
39,176
      
5.12
%
    
33,469
      
5.73
%
    
33,261
      
5.75
%
    
35,395
      
6.97
%
Loans(1)(6)
    
11,600,816
      
5.80
%
    
11,064,920
      
5.77
%
    
9,981,487
      
5.62
%
    
9,957,879
      
5.65
%
    
9,865,412
      
5.74
%
Total interest-earning assets
  
$
14,643,524
      
5.18
%
  
$
13,958,413
      
5.12
%
  
$
12,701,136
      
4.95
%
  
$
12,704,655
      
4.96
%
  
$
12,447,198
      
5.01
%
Other assets
    
1,344,775
              
1,242,690
              
1,088,069
              
1,093,419
              
1,072,277
          
Total assets
  
$
15,988,299
            
$
15,201,103
            
$
13,789,205
            
$
13,798,074
            
$
13,519,475
          
Liabilities and stockholders’ equity
                                                                                
Money market deposits
  
$
4,077,741
      
3.01
%
  
$
3,808,024
      
3.00
%
  
$
3,496,552
      
3.04
%
  
$
3,504,937
      
3.27
%
  
$
3,342,845
      
3.68
%
Interest-bearing checking deposits
    
2,059,009
      
1.10
%
    
1,902,392
      
0.98
%
    
1,682,265
      
0.84
%
    
1,664,960
      
0.91
%
    
1,600,547
      
0.87
%
Savings deposits
    
1,947,627
      
0.43
%
    
1,852,027
      
0.35
%
    
1,571,673
      
0.05
%
    
1,561,703
      
0.05
%
    
1,566,316
      
0.05
%
Time deposits
    
1,633,647
      
3.26
%
    
1,600,908
      
3.37
%
    
1,450,846
      
3.55
%
    
1,446,798
      
3.85
%
    
1,442,424
      
4.00
%
Total interest-bearing deposits
  
$
9,718,024
      
2.13
%
  
$
9,163,351
      
2.11
%
  
$
8,201,336
      
2.11
%
  
$
8,178,398
      
2.28
%
  
$
7,952,132
      
2.46
%
Federal funds purchased
    
-
      
-
      
14,231
      
4.51
%
    
2,278
      
4.45
%
    
-
      
-
      
2,609
      
5.34
%
Repurchase agreements
    
123,573
      
2.62
%
    
89,957
      
2.52
%
    
107,496
      
2.87
%
    
116,408
      
3.13
%
    
98,035
      
2.80
%
Short-term borrowings
    
11
      
4.61
%
    
27,845
      
4.62
%
    
7,033
      
4.61
%
    
174
      
4.57
%
    
48,875
      
5.74
%
Long-term debt
    
44,802
      
3.98
%
    
30,705
      
3.87
%
    
27,674
      
3.90
%
    
29,657
      
3.93
%
    
29,696
      
3.91
%
Subordinated debt, net
    
27,085
      
8.01
%
    
134,684
      
5.96
%
    
121,331
      
6.09
%
    
120,967
      
5.97
%
    
120,594
      
5.97
%
Junior subordinated debt
    
111,629
      
6.72
%
    
107,948
      
6.67
%
    
101,196
      
6.57
%
    
101,196
      
7.04
%
    
101,196
      
7.56
%
Total interest-bearing liabilities
  
$
10,025,124
      
2.21
%
  
$
9,568,721
      
2.24
%
  
$
8,568,344
      
2.23
%
  
$
8,546,800
      
2.40
%
  
$
8,353,137
      
2.60
%
Demand deposits
    
3,849,288
              
3,634,517
              
3,385,080
              
3,438,194
              
3,389,894
          
Other liabilities
    
292,294
              
285,357
              
296,983
              
295,292
              
292,446
          
Stockholders’ equity
    
1,821,593
              
1,712,508
              
1,538,798
              
1,517,788
              
1,483,998
          
Total liabilities and stockholders’ equity
  
$
15,988,299
            
$
15,201,103
            
$
13,789,205
            
$
13,798,074
            
$
13,519,475
          
Interest rate spread
            
2.97
%
            
2.88
%
            
2.72
%
            
2.56
%
            
2.41
%
Net interest margin (FTE)(1)
            
3.66
%
            
3.59
%
            
3.44
%
            
3.34
%
            
3.27
%
                                                                                 
Total cost of deposits
  
$
13,567,312
      
1.52
%
  
$
12,797,868
      
1.51
%
  
$
11,586,416
      
1.49
%
  
$
11,616,592
      
1.60
%
  
$
11,342,026
      
1.72
%
Total cost of funds
    
13,874,412
      
1.60
%
    
13,203,238
      
1.62
%
    
11,953,424
      
1.60
%
    
11,984,994
      
1.71
%
    
11,743,031
      
1.85
%

13
NBT Bancorp Inc. and Subsidiaries
                                    
Average Year-to-Date Balance Sheets
                                    
(unaudited, dollars in thousands)
                                    
                                     
   
Average
          
Yield/
    
Average
          
Yield/
  
   
Balance
    
Interest
    
Rates
    
Balance
    
Interest
    
Rates
  
Nine Months Ended September 30,
  
2025
  
2024
  
Assets
                                    
Short-term interest-bearing accounts
  
$
183,929
    
$
6,318
      
4.59
%
  
$
53,048
    
$
1,963
      
4.94
%
Securities taxable(1)
    
2,451,356
      
43,814
      
2.39
%
    
2,275,212
      
33,336
      
1.96
%
Securities tax-exempt(1)(5)
    
212,670
      
5,695
      
3.58
%
    
224,557
      
5,950
      
3.54
%
FRB and FHLB stock
    
38,512
      
1,552
      
5.39
%
    
39,310
      
2,191
      
7.45
%
Loans(1)(6)
    
10,888,339
      
466,954
      
5.73
%
    
9,771,118
      
412,448
      
5.64
%
Total interest-earning assets
  
$
13,774,806
    
$
524,333
      
5.09
%
  
$
12,363,245
    
$
455,888
      
4.93
%
Other assets
    
1,226,118
                      
1,064,080
                  
Total assets
  
$
15,000,924
                    
$
13,427,325
                  
Liabilities and stockholders’ equity
                                                
Money market deposits
  
$
3,796,235
    
$
85,616
      
3.02
%
  
$
3,242,453
    
$
88,185
      
3.63
%
Interest-bearing checking deposits
    
1,882,602
      
13,829
      
0.98
%
    
1,601,507
      
9,630
      
0.80
%
Savings deposits
    
1,791,819
      
3,911
      
0.29
%
    
1,586,834
      
541
      
0.05
%
Time deposits
    
1,562,470
      
39,552
      
3.38
%
    
1,395,520
      
41,777
      
4.00
%
Total interest-bearing deposits
  
$
9,033,126
    
$
142,908
      
2.12
%
  
$
7,826,314
    
$
140,133
      
2.39
%
Federal funds purchased
    
5,495
      
185
      
4.50
%
    
17,387
      
721
      
5.54
%
Repurchase agreements
    
107,067
      
2,142
      
2.67
%
    
88,986
      
1,340
      
2.01
%
Short-term borrowings
    
11,604
      
401
      
4.62
%
    
138,812
      
5,690
      
5.48
%
Long-term debt
    
34,456
      
1,012
      
3.93
%
    
29,734
      
873
      
3.92
%
Subordinated debt, net
    
94,022
      
4,370
      
6.21
%
    
120,237
      
5,416
      
6.02
%
Junior subordinated debt
    
106,963
      
5,324
      
6.65
%
    
101,196
      
5,743
      
7.58
%
Total interest-bearing liabilities
  
$
9,392,733
    
$
156,342
      
2.23
%
  
$
8,322,666
    
$
159,916
      
2.57
%
Demand deposits
    
3,624,662
                      
3,356,923
                  
Other liabilities
    
291,527
                      
295,303
                  
Stockholders’ equity
    
1,692,002
                      
1,452,433
                  
Total liabilities and stockholders’ equity
  
$
15,000,924
                    
$
13,427,325
                  
  Net interest income (FTE)(1)
          
$
367,991
                    
$
295,972
          
Interest rate spread
                    
2.86
%
                    
2.36
%
Net interest margin (FTE)(1)
                    
3.57
%
                    
3.20
%
Taxable equivalent adjustment
          
$
1,885
                    
$
1,955
          
Net interest income
          
$
366,106
                    
$
294,017
          
                                                 
Total cost of deposits
  
$
12,657,788
    
$
142,908
      
1.51
%
  
$
11,183,237
    
$
140,133
      
1.67
%
Total cost of funds
    
13,017,395
      
156,342
      
1.61
%
    
11,679,589
      
159,916
      
1.83
%

14
(1)
The following tables provide the Non-GAAP reconciliations for the Non-GAAP measures contained in this release:

Non-GAAP measures
                              
(unaudited, dollars in thousands except per share data)
                              
                               
   
2025
    
2024
  
   
3rd Q
    
2nd Q
    
1st Q
    
4th Q
    
3rd Q
  
Operating net income
                              
Net income
  
$
54,471
    
$
22,510
    
$
36,745
    
$
36,005
    
$
38,097
  
Acquisition expenses
    
1,125
      
17,180
      
1,221
      
988
      
543
  
Acquisition-related provision for credit losses
    
-
      
13,022
      
-
      
-
      
-
  
Acquisition-related reserve for unfunded loan commitments
    
-
      
532
      
-
      
-
      
-
  
Securities losses (gains)
    
2
      
(112
)
    
104
      
(222
)
    
(476
)
Adjustments to net income
  
$
1,127
    
$
30,622
    
$
1,325
    
$
766
    
$
67
  
Adjustments to net income (net of tax)
  
$
851
    
$
22,413
    
$
1,020
    
$
604
    
$
52
  
Operating net income
  
$
55,322
    
$
44,923
    
$
37,765
    
$
36,609
    
$
38,149
  
Operating diluted earnings per share
  
$
1.05
    
$
0.88
    
$
0.80
    
$
0.77
    
$
0.80
  
                                         
   
9 Months Ended September 30,
                          
     
2025
      
2024
                          
Operating net income
                                        
Net income
  
$
113,726
    
$
104,636
                          
Acquisition expenses
    
19,526
      
543
                          
Acquisition-related provision for credit losses
    
13,022
      
-
                          
Acquisition-related reserve for unfunded loan commitments
    
532
      
-
                          
Securities (gains)
    
(6
)
    
(2,567
)
                        
Adjustments to net income
  
$
33,074
    
$
(2,024
)
                        
Adjustments to net income (net of tax)
  
$
24,971
    
$
(1,579
)
                        
Operating net income
  
$
138,697
    
$
103,057
                          
Operating diluted earnings per share
  
$
2.76
    
$
2.17
                          
                                         
     
2025
      
2024
  
   
3rd Q
    
2nd Q
    
1st Q
    
4th Q
    
3rd Q
  
FTE adjustment
                                        
Net interest income
  
$
134,663
    
$
124,220
    
$
107,223
    
$
106,105
    
$
101,669
  
Add: FTE adjustment
    
594
      
655
      
636
      
619
      
639
  
Net interest income (FTE)
  
$
135,257
    
$
124,875
    
$
107,859
    
$
106,724
    
$
102,308
  
Average earning assets
  
$
14,643,524
    
$
13,958,413
    
$
12,701,136
    
$
12,704,655
    
$
12,447,198
  
Net interest margin (FTE)(3)
    
3.66
%
    
3.59
%
    
3.44
%
    
3.34
%
    
3.27
%
                                         
   
9 Months Ended September 30,
                          
     
2025
      
2024
                          
FTE adjustment
                                        
Net interest income
  
$
366,106
    
$
294,017
                          
Add: FTE adjustment
    
1,885
      
1,955
                          
Net interest income (FTE)
  
$
367,991
    
$
295,972
                          
Average earning assets
  
$
13,774,806
    
$
12,363,245
                          
Net interest margin (FTE)(3)
    
3.57
%
    
3.20
%
                        
                                         
Interest income for tax-exempt securities and loans have been adjusted to an FTE basis using the statutory Federal income tax rate of 21%.
    

15
(1)
The following tables provide the Non-GAAP reconciliations for the Non-GAAP measures contained in this release: 

Non-GAAP measures (continued)
                              
(unaudited, dollars in thousands)
                              
                               
   
2025
    
2024
  
   
3rd Q
    
2nd Q
    
1st Q
    
4th Q
    
3rd Q
  
Tangible equity to tangible assets
                              
Total equity
  
$
1,853,146
    
$
1,805,166
    
$
1,565,775
    
$
1,526,141
    
$
1,521,980
  
Intangible assets
    
515,090
      
518,519
      
396,912
      
399,023
      
397,853
  
Total assets
  
$
16,112,584
    
$
16,014,781
    
$
13,864,251
    
$
13,786,666
    
$
13,839,552
  
Tangible equity to tangible assets
    
8.58
%
    
8.30
%
    
8.68
%
    
8.42
%
    
8.36
%
                                         
      2025
      
2024
  
   
3rd Q
    
2nd Q
    
1st Q
    
4th Q
    
3rd Q
  
Return on average tangible common equity
                                        
Net income
  
$
54,471
    
$
22,510
    
$
36,745
    
$
36,005
    
$
38,097
  
Amortization of intangible assets (net of tax)
    
2,572
      
2,282
      
1,583
      
1,560
      
1,547
  
Net income, excluding intangibles amortization
  
$
57,043
    
$
24,792
    
$
38,328
    
$
37,565
    
$
39,644
  
                                         
Average stockholders’ equity
  
$
1,821,593
    
$
1,712,508
    
$
1,538,798
    
$
1,517,788
    
$
1,483,998
  
Less: average goodwill and other intangibles
    
517,271
      
471,159
      
398,233
      
399,139
      
399,113
  
Average tangible common equity
  
$
1,304,322
    
$
1,241,349
    
$
1,140,565
    
$
1,118,649
    
$
1,084,885
  
Return on average tangible common equity(3)
    
17.35
%
    
8.01
%
    
13.63
%
    
13.36
%
    
14.54
%
                                         
   
9 Months Ended September 30,
                          
     
2025
      
2024
                          
Return on average tangible common equity
                                        
Net income
  
$
113,726
    
$
104,636
                          
Amortization of intangible assets (net of tax)
    
6,437
      
4,772
                          
Net income, excluding intangibles amortization
  
$
120,163
    
$
109,408
                          
                                         
Average stockholders’ equity
  
$
1,692,002
    
$
1,452,433
                          
Less: average goodwill and other intangibles
    
462,657
      
400,275
                          
Average tangible common equity
  
$
1,229,345
    
$
1,052,158
                          
Return on average tangible common equity(3)
    
13.07
%
    
13.89
%
                        

(2)
Non-GAAP measure - Stockholders’ equity less goodwill and intangible assets divided by common shares outstanding. 
(3)
Annualized. 
(4)
Total past due loans, defined as loans 30 days or more past due and in an accrual status. 
(5)
Securities are shown at average amortized cost. 
(6)
For purposes of these computations, nonaccrual loans and loans held for sale are included in the average loan balances outstanding.