NBT Bancorp Inc.
- Open
- 51.03
- Day high
- 51.10
- Day low
- 50.76
- Prev close
- 51.42
- Volume
- 30K
- Mkt cap
- $2.6B
- P/E (TTM)
- 12.4
- EPS (TTM)
- $4.10
- P/B
- 1.4
- P/S
- 2.8
- Yield
- 2.18%
- Per share
- $1.11
- ▼Insiders net selling -$2.1M over the last 3 months (0 open-market buys, 6 sales)
- 🏛Institutions accumulating (13F)
NBT Bancorp Inc. (NBTB) is a Financial Services company listed on NASDAQ. The stock is up 17% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 6 sales (SEC Form 4).
NBT Bancorp Inc. (NBTB) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 4 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
NBTB earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Jul 28, 2026 | $1.02 | $1.01 | -1.0% | $187M | -1.1% |
| Apr 24, 2026 | $0.98 | $0.97 | -1.0% | $184M | -0.4% |
| Jan 26, 2026 | $0.99 | $1.05 | +6.1% | $185M | -1.0% |
| Apr 24, 2025 | $0.76 | $0.80 | +5.3% | $154M | +2.0% |
| Jan 27, 2025 | $0.78 | $0.77 | -1.3% | $148M | +0.8% |
| Jul 22, 2024 | $0.69 | $0.69 | +0.0% | $140M | -1.0% |
| Jan 23, 2024 | $0.75 | $0.72 | -4.0% | $137M | -1.3% |
| Jan 23, 2023 | $0.93 | $0.82 | -11.8% | $133M | -0.5% |
| Jul 25, 2022 | $0.84 | $0.88 | +4.8% | $128M | +3.0% |
| Jan 26, 2022 | $0.85 | $0.86 | +1.2% | $125M | +3.7% |
| Jan 27, 2021 | $0.69 | $0.85 | +23.2% | $117M | +30.2% |
| Jul 27, 2020 | $0.46 | $0.56 | +21.7% | $115M | +21.7% |
NBTB insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jul 30, 2026 | Halliday Sarah Aofficer: EVP/Chief Comm Innovation Off | Sell | 9,000 | $54.04 |
| Jul 30, 2026 | Mahoney Ruth Hofficer: EVP/President of Wealth Mgmt | Sell | 4,500 | $54.30 |
| Jun 12, 2026 | Hoeller Heidi Mdirector | Sell | 2,100 | $48.03 |
| Jun 12, 2026 | Sparks Martin Randolphofficer: EVP,General Counsel,Secretary | Sell | 1,200 | $48.04 |
| Jun 10, 2026 | WATT JOHN H JRdirector | Sell | 21,000 | $47.42 |
| Jun 8, 2026 | Mahoney Ruth Hofficer: EVP/President of Wealth Mgmt | Sell | 5,000 | $46.60 |
| May 22, 2026 | Kowalczyk Andrew S IIIdirector | Grant | 1,128 | — |
| May 21, 2026 | WATT JOHN H JRdirector | Grant | 1,050 | — |
| May 21, 2026 | Brown Jason Daviddirector | Grant | 1,050 | — |
| May 21, 2026 | CANTELE RICHARD J JRdirector | Grant | 1,050 | — |
| May 21, 2026 | Hoeller Heidi Mdirector | Grant | 1,050 | — |
| May 21, 2026 | Robinson V Daniel IIdirector | Grant | 1,050 | — |
| May 21, 2026 | DIETRICH MARTIN Adirector | Grant | 1,050 | — |
| May 21, 2026 | Kowalczyk Andrew S IIIdirector | Grant | 1,050 | — |
| May 21, 2026 | Salanger Matthew Jdirector | Grant | 1,050 | — |
Source: NBTB SEC Form 4 filings, latest Jul 30, 2026. For informational purposes only — not investment advice.
See the full NBTB insider & 13F page →NBT Bancorp Inc. company profile
Overview
NBT Bancorp Inc. (NASDAQ:NBTB) is a financial holding company founded in 1856 and headquartered in Norwich, New York. The company has grown from a small community bank into a regional financial services provider serving the northeastern United States through 140 branches and 164 ATMs across New York, Pennsylvania, Vermont, Massachusetts, New Hampshire, Connecticut, and Maine. NBT operates primarily through its subsidiary NBT Bank, offering traditional banking services alongside specialized fee-based businesses including wealth management, retirement plan administration, and insurance services.
Business
NBT Bancorp operates in the regional banking industry, providing a comprehensive suite of financial services to both individual consumers and businesses across the northeastern United States. Regional banks like NBT serve as intermediaries in the financial system, accepting deposits from customers and lending those funds to borrowers while earning a profit on the interest rate spread. The company's core banking operations are divided into two main segments. Commercial banking represents 53% of the loan portfolio and focuses on serving business customers with commercial and industrial loans, commercial real estate financing, agricultural loans, and commercial construction loans. These loans typically carry higher interest rates and profit margins compared to consumer loans. Consumer banking comprises 47% of the loan portfolio and includes residential mortgages, home equity loans, indirect auto loans, and other personal lending products. Beyond traditional banking, NBT has developed significant fee-based businesses that provide approximately 30% of total revenues. The retirement plan administration business generates around $57 million annually by providing recordkeeping and consulting services to employer-sponsored retirement plans. The wealth management division produces approximately $42 million in annual revenue through investment advisory services, trust services, and financial planning. The company's insurance agency contributes about $17 million annually by selling personal property, casualty, and commercial insurance products. NBT's deposit base totals $11.6 billion and consists of demand deposits, savings accounts, money market accounts, and certificates of deposit. The bank maintains a relatively low-cost deposit structure, which is crucial for profitability in the banking industry where the difference between borrowing costs and lending yields determines profitability.
Revenue model
NBT Bancorp generates revenue through the traditional banking model of net interest income and fee-based services. Net interest income represents the primary revenue source, earned by borrowing money from depositors at low interest rates and lending it to borrowers at higher rates. The company's net interest margin of 3.34% reflects this spread, meaning NBT earns approximately 3.34 cents for every dollar of earning assets. The bank's customers include individual consumers seeking mortgages, auto loans, and deposit accounts, as well as businesses requiring commercial loans, treasury management services, and other banking products. NBT's commercial relationships tend to be more profitable due to higher loan yields and cross-selling opportunities for additional services. Fee-based revenue streams provide important diversification and typically generate higher profit margins than traditional lending. The retirement plan administration business serves employers who outsource their 401(k) plan management, paying NBT fees based on plan assets and participant counts. Wealth management clients pay asset-based fees for investment advisory services, while insurance customers generate commissions on policy sales and renewals. Several factors influence NBT's profitability margins. Interest rate environments significantly impact net interest margins - rising rates generally benefit banks by allowing them to charge higher loan rates while deposit costs increase more slowly. Credit quality affects profitability through loan loss provisions, with economic downturns potentially requiring higher reserves for bad loans. Competition from larger national banks, credit unions, and fintech companies can pressure both loan yields and deposit costs. Regulatory changes may increase compliance costs or restrict certain activities. Economic growth in NBT's geographic markets, particularly the anticipated benefits from major semiconductor manufacturing investments in upstate New York, could drive loan demand and fee income growth.
Competitive moat
NBT Bancorp possesses a moderate competitive moat primarily based on local market relationships and geographic positioning, though this moat faces ongoing challenges from larger competitors and technological disruption. The company's strongest defensive characteristics include deep community relationships built over 168 years of operation, particularly in smaller markets where personal banking relationships remain important. NBT's diversified fee-based businesses provide some competitive advantages, especially the retirement plan administration segment which benefits from high switching costs and regulatory complexity that create barriers for clients to change providers. The wealth management and insurance businesses also generate recurring revenue streams that are less sensitive to interest rate cycles than traditional banking. The bank's strategic positioning in the upstate New York semiconductor corridor presents a unique opportunity, as major investments by Micron Technology and other manufacturers could drive significant economic growth in NBT's core markets. This geographic advantage is difficult for competitors to replicate quickly. However, NBT's moat is relatively narrow compared to larger regional banks. The company faces significant competitive pressure from national banks with greater resources and technology capabilities, credit unions offering tax-advantaged pricing, and fintech companies providing digital-first banking experiences. Small and mid-sized regional banks like NBT are particularly vulnerable to margin compression during challenging interest rate environments and may lack the scale economies of larger institutions. The banking industry's ongoing consolidation trend also poses risks, as larger competitors can offer broader product suites and invest more heavily in technology platforms. NBT's planned merger with Evans Bancorp represents an attempt to achieve greater scale and market presence, but the company remains relatively small in the broader banking landscape.
Risks & safety
NBT Bancorp presents a moderate margin of safety with solid fundamentals but limited financial flexibility typical of regional banks. • Liquidity and Solvency: Strong cash position of $284 million, minimal debt-to-equity ratio of 0.18, and stable deposit base of $11.6 billion provide adequate liquidity buffers • Capital Adequacy: Well-capitalized with tangible book value of $23.83 per share and regulatory capital ratios above minimum requirements • Profitability: Consistent earnings with ROE of 2.4% (though below historical norms), positive free cash flow of $177 million annually • Valuation Metrics: Trading at 15.7x P/E ratio and 1.48x price-to-book, reasonable for regional bank standards but not deeply discounted • Credit Quality: Loan loss provisions remain manageable at $2.9 million quarterly, though normalization from historically low levels is expected • Dividend Sustainability: 12 consecutive years of dividend increases supported by stable cash generation, though payout ratio requires monitoring in challenging environments • Interest Rate Risk: Asset-liability duration mismatch typical of banks creates vulnerability to rapid rate changes, though management actively manages this exposure
Recent development
NBT Bancorp has undertaken several strategic initiatives over the past few years to position for growth and enhance shareholder value. The most significant development is the announced merger with Evans Bancorp, a $2.3 billion community bank that will expand NBT's presence into the Buffalo and Rochester markets in western New York. This transaction, expected to close in Q2 2025, represents NBT's continued consolidation strategy following the successful integration of Salisbury Bancorp in 2023. The company has strategically positioned itself to benefit from the semiconductor manufacturing boom in upstate New York, particularly Micron Technology's $100 billion investment in a chip manufacturing facility near Syracuse. This massive project is expected to create 9,000 direct jobs and 40,000 indirect jobs over 15-20 years, presenting significant lending and deposit growth opportunities in NBT's core market. Leadership transitions have been smoothly executed, with Scott Kingsley assuming the CEO role in 2024, supported by new management appointments including Joe Stagliano as President of NBT Bank and Annette Burns as CFO. This leadership refresh has maintained strategic continuity while bringing new perspectives to operations. NBT has significantly expanded its fee-based businesses, which now generate approximately 30% of total revenues compared to lower historical levels. The retirement plan administration, wealth management, and insurance segments have shown consistent mid-single-digit growth rates and provide valuable revenue diversification beyond traditional banking. The company has also invested heavily in digital banking capabilities, with digital service adoption increasing 94% since 2020. These technology investments aim to improve customer experience while reducing operational costs and competing more effectively with digital-first competitors.
NBTB company profile · for informational purposes only — not investment advice.
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