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

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

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

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

CEO Comments

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

“We are also pleased to announce that we have increased our dividend for the thirteenth consecutive year to $0.37 per share in the third quarter,” added Kingsley. “This increase in the quarterly cash dividend of 8.8% affirms our continued commitment to providing favorable long-term returns to our shareholders.”
 
2
Second Quarter 2025 Financial Highlights

Net Income
 ■
Net income was $22.5 million and diluted earnings per share was $0.44

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

Loans

 
■
Period end total loans were $11.62 billion at June 30, 2025, compared to $9.97 billion at December 31, 2024 and $9.85 billion at June 30, 2024.
 
■
Period end total loans increased $1.65 billion from December 31, 2024 and $1.77 billion from June 30, 2024. Excluding the other consumer and residential solar portfolios, which are in a planned run-off status, and the loans acquired from Evans, period end loans increased $221.0 million, or 2.5%, from June 30, 2024.

Deposits

 
■
Total deposits at June 30, 2025 were $13.52 billion, compared to $11.55 billion at December 31, 2024 and $11.27 billion at June 30, 2024. Excluding the deposits acquired from Evans, deposits increased $104.4 million from December 31, 2024 and $379.7 million, or 3.4%, from June 30, 2024. Deposit mix characteristics also improved with an increase in demand deposits, interest-bearing checking and money market accounts offset by a decrease in time deposits.
 
■
The loan to deposit ratio was 86.0% at June 30, 2025, compared to 86.3% at December 31, 2024 and 87.4% at June 30, 2024.

Net Interest Income and Net Interest Margin

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

3
 
■
The NIM on an FTE basis for the second quarter of 2025 was 3.59%, an increase of 15 bps from the first quarter of 2025. This increase was primarily driven by an increase in earning asset yields and acquisition-related net accretion. The NIM on an FTE basis increased 41 bps from the second quarter of 2024 due to higher yields on earning assets, including acquisition-related net accretion and a decrease in the cost of interest-bearing liabilities.
 
■
Earning asset yields for the three months ended June 30, 2025 increased 17 bps from the prior quarter to 5.12%. Loan yields for the three months ended June 30, 2025 increased 15 bps from the prior quarter to 5.77%, due to loans originating at higher rates than portfolio yields during the quarter and acquisition-related net accretion. Earnings asset yields increased 20 bps from the same quarter in the prior year as new loan yields were priced higher than portfolio yields and acquisition-related net accretion. Average earning assets increased $1.26 billion, or 9.9%, from the first quarter of 2025 and grew $1.59 billion, or 12.9%, from the second quarter of 2024 due primarily to the addition of $1.95 billion in interest-earnings assets in May of 2025 from the Evans acquisition and organic earning asset growth.
 
■
NBT completed the sale of the Evans available for sale investment securities portfolio in May which contributed to the increase in short-term interest-bearing accounts in the second quarter of 2025. At acquisition, the portfolio had a fair value of approximately $255 million.
 
■
Total cost of deposits, including noninterest bearing deposits, was 1.51% for the second quarter of 2025, an increase of 2 bps from the prior quarter as Evans higher cost of deposits, primarily in interest-bearing checking and savings deposit accounts, were partially offset by a decrease in the cost of time deposits. Total cost of deposits decreased 17 bps from the same period in the prior year.
 
■
Total cost of funds for the three months ended June 30, 2025 was 1.62%, an increase of 2 bps from the prior quarter and a decrease of 23 bps from the second quarter of 2024.

Asset Quality and Allowance for Loan Losses

 
■
Net charge-offs to total average loans for the second quarter of 2025 was 9 bps compared to 27 bps in the prior quarter primarily due to a decrease in both commercial and consumer net charge-offs. Included in net charge-offs for the first quarter of 2025 was a $2.1 million write-down of a nonperforming commercial real estate loan to the estimated fair value in the first quarter of 2025.
 
■
Nonperforming assets to total assets was 0.29% at June 30, 2025, compared to 0.35% at March 31, 2025 and compared to 0.38% at December 31, 2024. During the second quarter of 2025, the foreclosure on the collateral of a nonperforming commercial real estate loan, where the Company was not the lead bank, was completed. The Company’s participation interest was transferred into a newly formed special purpose entity structured as a limited liability company, which will be accounted for using the equity method of accounting and was reported in other assets.
 
■
Provision expense for the three months ended June 30, 2025 was $17.8 million, compared to $7.6 million for the first quarter of 2025. The increase in the provision for loan losses during the quarter was due to $13.0 million of acquisition-related provision for loan losses and modest deterioration in the economic forecast, partially offset by a decrease in net charge-offs from the prior quarter and portfolio mix changes with the run-off of the other consumer and residential solar portfolios.
 
■
The allowance for loan losses was $140.2 million, or 1.21% of total loans, at June 30, 2025, compared to $117.0 million, or 1.17% of total loans, at March 31, 2025 and compared to $116.0 million, or 1.16% of total loans, at December 31, 2024. The increase in the allowance for loan losses in the second quarter of 2025 included $20.7 million of allowance for acquired Evans loans, which included both the $13.0 million of non-purchased credit deteriorated allowance recognized through the provision for loan losses and the $7.7 million of purchased credit deteriorated allowance reclassified from loans. In addition, a modest deterioration of the economic forecast contributed to the increase in the allowance for loan losses, partially offset by the portfolio mix changes with the run-off of the other consumer and residential solar portfolios.
 
■
The reserve for unfunded loan commitments was $6.2 million at June 30, 2025, compared to $4.5 million at March 31, 2025 and compared to $4.4 million at December 31, 2024. The provision for unfunded loan commitments in the second quarter of 2025 included $0.5 million of acquisition-related provision for unfunded loan commitments.

4
Noninterest Income

 
■
Total noninterest income, excluding securities gains (losses), was $46.8 million for the three months ended June 30, 2025, down $0.7 million, or 1.5%, from the first quarter of 2025, and up $3.5 million, or 8.1%, from the second quarter of 2024.
 
■
Card services income increased $0.8 million from the prior quarter and increased $0.5 million from the second quarter of 2024, driven by the Evans acquisition and increased volumes.
 
■
Retirement plan administration fees were consistent with the prior quarter and increased $0.9 million, or 6.2%, from the second quarter of 2024. The increase from the second quarter of 2024 was driven by higher market values of assets under administration and the acquisition of a small third-party administrator (“TPA”) business in the fourth quarter of 2024.
 
■
Wealth management fees were consistent with the prior quarter and increased $0.5 million, or 5.0%, from the second quarter of 2024. The increase from the second quarter of 2024 was driven by market performance and growth in new customer accounts.
 
■
Insurance revenues decreased $0.7 million from the seasonally high first quarter of 2025 and increased 6.5% from the prior year due to organic growth.
 
■
Bank owned life insurance income decreased from the first quarter of 2025 due to a $1.3 million gain recognized in the first quarter of 2025.

Noninterest Expense

 
■
Total noninterest expense was $122.6 million for the second quarter of 2025, compared to $99.9 million for the first quarter of 2025 and $89.6 million for the second quarter of 2024. Total noninterest expense, excluding $17.2 million of acquisition expenses in the second quarter of 2025 and $1.2 million of acquisition expenses in the first quarter of 2025, increased 6.8% compared to the previous quarter and increased 17.7% from the second quarter of 2024. The increase was primarily due to the acquisition of Evans.
 
■
Salaries and benefits increased 5.7% from the prior quarter driven by the Evans acquisition as we added 200 Evans employees to NBT in May, a full quarter of merit pay increases, which were effective in March, and higher medical costs. These increases were partially offset by lower payroll taxes and stock-based compensation expenses which are seasonally higher in the first quarter. The increase from the second quarter of 2024 was driven by the impact of the Evans acquisition, merit pay increases, higher medical and other benefit costs.
 
■
Technology and data services increased $0.6 million from the prior quarter and $1.6 million from the second quarter of 2024 primarily due to the Evans acquisition, timing of planned initiatives and continued investment in digital platform solutions.
 
■
Occupancy costs were consistent from the prior quarter due to lower seasonal maintenance and utilities costs being offset by the additional expenses from the Evans acquisition. The $1.4 million increase from the second quarter of 2024 was driven by the additional expenses from the Evans acquisition, higher utilities and higher facilities costs related to new banking locations.
 
■
Amortization of intangible assets increased $0.9 million from the prior quarter and from the second quarter of 2024 primarily due to the amortization of intangible assets related to the Evans acquisition.

5
Income Taxes

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

Capital

 
■
Tangible common equity to tangible assets(1) was 8.30% at June 30, 2025. Tangible book value per share(2) was $24.57 at June 30, 2025, $24.74 at March 31, 2025 and $22.54 at June 30, 2024.
 
■
Stockholders’ equity increased $279.0 million from December 31, 2024 driven by the Evans acquisition adding $221.8 million of capital, net income generation of $59.3 million and a $31.4 million decrease in accumulated other comprehensive loss reflecting the change in the fair value of securities available for sale, partially offset by dividends declared of $33.9 million.
 
■
As of June 30, 2025, CET1 capital ratio of 11.37%, leverage ratio of 9.55% and total risk-based capital ratio of 14.48%.

Dividend

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

Stock Repurchase

 
■
The Company did not purchase shares of its common stock during the three months ended June 30, 2025. The Company may repurchase shares of its common stock from time to time to mitigate the potential dilutive effects of stock-based incentive plans and other potential uses of common stock for corporate purposes. As of June 30, 2025, there were 1,992,400 shares available under the Company’s share repurchase program.

Evans Bancorp, Inc. Merger

 
■
On May 2, 2025, the Company completed the acquisition of Evans. Evans was headquartered in Williamsville, New York. Its primary subsidiary, Evans Bank, National Association, was a federally-chartered national banking association operating 18 banking locations in Western New York.
 
■
In connection with the acquisition, the Company issued 5.1 million shares and acquired approximately $130.4 million of net assets, including $1.67 billion of loans and $1.86 billion in deposits. As a result of the acquisition, the Company recorded $91.4 million in goodwill and a $33.2 million core deposit intangible. As of the acquisition date, the fair value discount was $95.2 million for loans, net of the reclassification of the purchase credit deteriorated allowance and a $0.6 million net discount related to long-term debt.

Subordinated Debt Redemption

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

6
Conference Call and Webcast

The Company will host a conference call at 10:00 a.m. (Eastern) Tuesday, July 29, 2025, to review the second quarter 2025 financial results. The audio webcast link, along with the corresponding presentation slides, will be available on the Company’s Event Calendar page at 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 $16.01 billion at June 30, 2025. The Company primarily operates through NBT Bank, N.A., a full-service community bank, and through two financial services companies. NBT Bank, N.A. has 175 banking locations in New York, Pennsylvania, Vermont, Massachusetts, New Hampshire, Maine and Connecticut. EPIC Retirement Plan Services, based in Rochester, NY, is a national benefits administration firm. NBT Insurance Agency, LLC, based in Norwich, NY, is a full-service insurance agency. More information about NBT and its divisions is available online at: 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 may be unable to achieve expected synergies and operating efficiencies in the Evans merger within the expected timeframes or at all or to successfully integrate Evans operations and those of NBT; (14) the ability to increase market share and control expenses; (15) changes in the competitive environment among financial holding companies; (16) the effect of changes in laws and regulations (including laws and regulations concerning taxes, banking, securities and insurance) with which the Company and its subsidiaries must comply, including those under the Dodd-Frank Act, and the Economic Growth, Regulatory Relief, and Consumer Protection Act of 2018; (17) the effect of changes in accounting policies and practices, as may be adopted by the regulatory agencies, as well as the Public Company Accounting Oversight Board, the Financial Accounting Standards Board and other accounting standard setters; (18) changes in the Company’s organization, compensation and benefit plans; (19) the costs and effects of legal and regulatory developments, including the resolution of legal proceedings or regulatory or other governmental inquiries, and the results of regulatory examinations or reviews; (20) greater than expected costs or difficulties related to the integration of new products and lines of business; and (21) the Company’s success at managing the risks involved in the foregoing items.

7
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.

8
NBT Bancorp Inc. and Subsidiaries
                          
Selected Financial Data
                              
(unaudited, dollars in thousands except per share data)
                          
                               
 
2025
2024
   
2nd Q
    
1st Q
    
4th Q
    
3rd Q
    
2nd Q
  
Profitability (reported)
                              
Diluted earnings per share
  
$
0.44
    
$
0.77
    
$
0.76
    
$
0.80
    
$
0.69
  
Weighted average diluted common shares outstanding
    
50,787,474
      
47,477,391
      
47,505,760
      
47,473,417
      
47,382,814
  
Return on average assets(3)
    
0.59
%
    
1.08
%
    
1.04
%
    
1.12
%
    
0.98
%
Return on average equity(3)
    
5.27
%
    
9.68
%
    
9.44
%
    
10.21
%
    
9.12
%
Return on average tangible common equity(1)(3)
    
8.01
%
    
13.63
%
    
13.36
%
    
14.54
%
    
13.23
%
Net interest margin(1)(3)
    
3.59
%
    
3.44
%
    
3.34
%
    
3.27
%
    
3.18
%
                                         
 
6 Months Ended June 30,
                        
     
2025
      
2024
                          
Profitability (reported)
                                        
Diluted earnings per share
  
$
1.21
    
$
1.40
                          
Weighted average diluted common shares outstanding
    
49,143,067
      
47,381,054
                          
Return on average assets(3)
    
0.82
%
    
1.00
%
                        
Return on average equity(3)
    
7.35
%
    
9.32
%
                        
Return on average tangible common equity(1)(3)
    
10.69
%
    
13.55
%
                        
Net interest margin(1)(3)
    
3.52
%
    
3.16
%
                        
                                         
 
2025
2024
   
2nd Q
    
1st Q
    
4th Q
    
3rd Q
    
2nd Q
  
Profitability (operating)
                                        
Diluted earnings per share(1)
  
$
0.88
    
$
0.80
    
$
0.77
    
$
0.80
    
$
0.69
  
Return on average assets(1)(3)
    
1.19
%
    
1.11
%
    
1.06
%
    
1.12
%
    
0.98
%
Return on average equity(1)(3)
    
10.52
%
    
9.95
%
    
9.60
%
    
10.23
%
    
9.14
%
Return on average tangible common equity(1)(3)
    
15.25
%
    
13.99
%
    
13.57
%
    
14.56
%
    
13.26
%
                                         
 
6 Months Ended June 30,
                        
     
2025
      
2024
                          
Profitability (operating)
                                        
Diluted earnings per share(1)
  
$
1.70
    
$
1.37
                          
Return on average assets(1)(3)
    
1.16
%
    
0.98
%
                        
Return on average equity(1)(3)
    
10.34
%
    
9.09
%
                        
Return on average tangible common equity(1)(3)
    
14.77
%
    
13.23
%
                        
                                         
 
2025
2024
   
2nd Q
    
1st Q
    
4th Q
    
3rd Q
    
2nd Q
  
Balance sheet data
                                        
Short-term interest-bearing accounts
  
$
276,786
    
$
37,385
    
$
78,973
    
$
231,671
    
$
35,207
  
Securities available for sale
    
1,729,428
      
1,704,677
      
1,574,664
      
1,509,338
      
1,439,445
  
Securities held to maturity
    
809,664
      
836,833
      
842,921
      
854,941
      
878,909
  
Net loans
    
11,484,480
      
9,863,267
      
9,853,910
      
9,787,541
      
9,733,847
  
Total assets
    
16,014,781
      
13,864,251
      
13,786,666
      
13,839,552
      
13,501,909
  
Total deposits
    
13,515,232
      
11,708,511
      
11,546,761
      
11,588,278
      
11,271,459
  
Total borrowings
    
411,376
      
312,977
      
414,983
      
456,666
      
476,082
  
Total liabilities
    
14,209,615
      
12,298,476
      
12,260,525
      
12,317,572
      
12,039,954
  
Stockholders’ equity
    
1,805,166
      
1,565,775
      
1,526,141
      
1,521,980
      
1,461,955
  
                                         
Capital
                                        
Equity to assets
    
11.27
%
    
11.29
%
    
11.07
%
    
11.00
%
    
10.83
%
Tangible equity ratio(1)
    
8.30
%
    
8.68
%
    
8.42
%
    
8.36
%
    
8.11
%
Book value per share
  
$
34.46
    
$
33.13
    
$
32.34
    
$
32.26
    
$
31.00
  
Tangible book value per share(2)
  
$
24.57
    
$
24.74
    
$
23.88
    
$
23.83
    
$
22.54
  
Leverage ratio
    
9.55
%
    
10.39
%
    
10.24
%
    
10.29
%
    
10.16
%
Common equity tier 1 capital ratio
    
11.37
%
    
12.12
%
    
11.93
%
    
11.86
%
    
11.70
%
Tier 1 capital ratio
    
11.37
%
    
13.02
%
    
12.83
%
    
12.77
%
    
12.61
%
Total risk-based capital ratio
    
14.48
%
    
15.24
%
    
15.03
%
    
15.02
%
    
14.88
%
Common stock price (end of period)
  
$
41.55
    
$
42.90
    
$
47.76
    
$
44.23
    
$
38.60
  

9
NBT Bancorp Inc. and Subsidiaries
                              
Asset Quality and Consolidated Loan Balances
                          
(unaudited, dollars in thousands)
                              
                               
 
2025
  
2024
   
2nd Q
    
1st Q
    
4th Q
    
3rd Q
    
2nd Q
  
Asset quality
                              
Nonaccrual loans
  
$
43,181
    
$
44,829
    
$
45,819
    
$
33,338
    
$
34,755
  
90 days past due and still accruing
    
3,211
      
2,862
      
5,798
      
3,981
      
3,333
  
Total nonperforming loans
    
46,392
      
47,691
      
51,617
      
37,319
      
38,088
  
Other real estate owned
    
345
      
308
      
182
      
127
      
74
  
Total nonperforming assets
    
46,737
      
47,999
      
51,799
      
37,446
      
38,162
  
Allowance for loan losses
    
140,200
      
117,000
      
116,000
      
119,500
      
120,500
  
                                         
Asset quality ratios
                                        
Allowance for loan losses to total loans
    
1.21
%
    
1.17
%
    
1.16
%
    
1.21
%
    
1.22
%
Total nonperforming loans to total loans
    
0.40
%
    
0.48
%
    
0.52
%
    
0.38
%
    
0.39
%
Total nonperforming assets to total assets
    
0.29
%
    
0.35
%
    
0.38
%
    
0.27
%
    
0.28
%
Allowance for loan losses to total nonperforming loans
    
302.21
%
    
245.33
%
    
224.73
%
    
320.21
%
    
316.37
%
Past due loans to total loans(4)
    
0.38
%
    
0.32
%
    
0.34
%
    
0.36
%
    
0.30
%
Net charge-offs to average loans(3)
    
0.09
%
    
0.27
%
    
0.23
%
    
0.16
%
    
0.15
%
                                         
 
2025
2024
   
2nd Q
    
1st Q
    
4th Q
    
3rd Q
    
2nd Q
  
Loan net charge-offs by line of business
                                        
Commercial
  
$
97
    
$
2,109
    
$
2,542
    
$
807
    
$
(8
)
Residential real estate and home equity
    
(27
)
    
(25
)
    
(25
)
    
(64
)
    
(76
)
Indirect auto
    
749
      
1,155
      
675
      
725
      
747
  
Residential solar and other consumer
    
1,542
      
3,315
      
2,517
      
2,452
      
3,036
  
Total loan net charge-offs
  
$
2,361
    
$
6,554
    
$
5,709
    
$
3,920
    
$
3,699
  
                                         
 
2025
2024
   
2nd Q
    
1st Q
    
4th Q
    
3rd Q
    
2nd Q
  
Allowance for loan losses as a percentage of loans by segment
                  
Commercial & industrial
    
0.79
%
    
0.76
%
    
0.73
%
    
0.73
%
    
0.76
%
Commercial real estate
    
1.14
%
    
1.02
%
    
0.95
%
    
1.01
%
    
1.00
%
Residential real estate
    
1.05
%
    
1.00
%
    
1.00
%
    
1.00
%
    
0.98
%
Auto
    
0.70
%
    
0.72
%
    
0.81
%
    
0.83
%
    
0.85
%
Residential solar and other consumer
    
3.64
%
    
3.61
%
    
3.64
%
    
3.69
%
    
3.78
%
Total
    
1.21
%
    
1.17
%
    
1.16
%
    
1.21
%
    
1.22
%
                                         
 
2025
2024
   
2nd Q
    
1st Q
    
4th Q
    
3rd Q
    
2nd Q
  
Loans by line of business
                                        
Commercial & industrial
  
$
1,692,335
    
$
1,436,990
    
$
1,426,482
    
$
1,458,926
    
$
1,397,935
  
Commercial real estate
    
4,800,494
      
3,890,115
      
3,876,698
      
3,792,498
      
3,784,214
  
Residential real estate
    
2,530,344
      
2,127,588
      
2,142,249
      
2,143,766
      
2,134,875
  
Home equity
    
423,355
      
331,400
      
334,268
      
328,687
      
326,556
  
Indirect auto
    
1,319,401
      
1,309,084
      
1,273,253
      
1,235,175
      
1,225,786
  
Residential solar and other consumer
    
858,751
      
885,090
      
916,960
      
947,989
      
984,981
  
Total loans
  
$
11,624,680
    
$
9,980,267
    
$
9,969,910
    
$
9,907,041
    
$
9,854,347
  

10
NBT Bancorp Inc. and Subsidiaries
            
Consolidated Balance Sheets
            
(unaudited, in thousands)
            
             
   
June 30,
    
December 31,
  
   
2025
    
2024
  
Assets
            
Cash and due from banks
  
$
264,777
    
$
205,083
  
Short-term interest-bearing accounts
    
276,786
      
78,973
  
Equity securities, at fair value
    
46,658
      
42,372
  
Securities available for sale, at fair value
    
1,729,428
      
1,574,664
  
Securities held to maturity (fair value $735,387 and $749,945, respectively)
    
809,664
      
842,921
  
Federal Reserve and Federal Home Loan Bank stock
    
40,813
      
33,957
  
Loans held for sale
    
3,756
      
9,744
  
Loans
    
11,624,680
      
9,969,910
  
Less allowance for loan losses
    
140,200
      
116,000
  
Net loans
  
$
11,484,480
    
$
9,853,910
  
Premises and equipment, net
    
95,793
      
80,840
  
Goodwill
    
454,072
      
362,663
  
Intangible assets, net
    
64,447
      
36,360
  
Bank owned life insurance
    
318,004
      
272,657
  
Other assets
    
426,103
      
392,522
  
Total assets
  
$
16,014,781
    
$
13,786,666
  
                 
Liabilities and stockholders’ equity
                
Demand (noninterest bearing)
  
$
3,866,856
    
$
3,446,068
  
Savings, interest-bearing checking and money market
    
7,997,219
      
6,658,188
  
Time
    
1,651,157
      
1,442,505
  
Total deposits
  
$
13,515,232
    
$
11,546,761
  
Short-term borrowings
    
112,970
      
162,942
  
Long-term debt
    
44,842
      
29,644
  
Subordinated debt, net
    
141,943
      
121,201
  
Junior subordinated debt
    
111,621
      
101,196
  
Other liabilities
    
283,007
      
298,781
  
Total liabilities
  
$
14,209,615
    
$
12,260,525
  
                 
Total stockholders’ equity
  
$
1,805,166
    
$
1,526,141
  
                 
Total liabilities and stockholders’ equity
  
$
16,014,781
    
$
13,786,666
  

11
NBT Bancorp Inc. and Subsidiaries
                        
Consolidated Statements of Income
                        
(unaudited, in thousands except per share data)
                    
                         
   
Three Months Ended
    
Six Months Ended
  
   
June 30,
    
June 30,
  
   
2025
    
2024
    
2025
    
2024
  
Interest, fee and dividend income
                        
Interest and fees on loans
  
$
158,912
    
$
136,606
    
$
296,964
    
$
269,752
  
Securities available for sale
    
11,609
      
7,562
      
21,871
      
14,686
  
Securities held to maturity
    
4,870
      
5,190
      
9,784
      
10,493
  
Other
    
2,186
      
1,408
      
3,362
      
2,772
  
Total interest, fee and dividend income
  
$
177,577
    
$
150,766
    
$
331,981
    
$
297,703
  
Interest expense
                                
Deposits
  
$
48,219
    
$
46,688
    
$
90,807
    
$
91,027
  
Short-term borrowings
    
1,046
      
2,899
      
1,912
      
6,320
  
Long-term debt
    
296
      
291
      
562
      
581
  
Subordinated debt
    
2,001
      
1,806
      
3,823
      
3,606
  
Junior subordinated debt
    
1,795
      
1,908
      
3,434
      
3,821
  
Total interest expense
  
$
53,357
    
$
53,592
    
$
100,538
    
$
105,355
  
Net interest income
  
$
124,220
    
$
97,174
    
$
231,443
    
$
192,348
  
Provision for loan losses
  
$
4,813
    
$
8,899
    
$
12,367
    
$
14,478
  
Provision for loan losses - acquisition day 1 non-PCD
    
13,022
      
-
      
13,022
      
-
  
Total provision for loan losses
  
$
17,835
    
$
8,899
    
$
25,389
    
$
14,478
  
Net interest income after provision for loan losses
  
$
106,385
    
$
88,275
    
$
206,054
    
$
177,870
  
Noninterest income
                                
Service charges on deposit accounts
  
$
4,578
    
$
4,219
    
$
8,821
    
$
8,336
  
Card services income
    
6,077
      
5,587
      
11,394
      
10,782
  
Retirement plan administration fees
    
15,710
      
14,798
      
31,568
      
29,085
  
Wealth management
    
10,678
      
10,173
      
21,624
      
19,870
  
Insurance services
    
4,097
      
3,848
      
8,858
      
8,236
  
Bank owned life insurance income
    
2,180
      
1,834
      
5,577
      
4,186
  
Net securities gains (losses)
    
112
      
(92
)
    
8
      
2,091
  
Other
    
3,500
      
2,865
      
6,534
      
6,038
  
Total noninterest income
  
$
46,932
    
$
43,232
    
$
94,384
    
$
88,624
  
Noninterest expense
                                
Salaries and employee benefits
  
$
64,155
    
$
55,393
    
$
124,849
    
$
111,097
  
Technology and data services
    
10,804
      
9,249
      
21,042
      
18,999
  
Occupancy
    
9,038
      
7,671
      
18,065
      
15,769
  
Professional fees and outside services
    
5,021
      
4,565
      
9,973
      
9,418
  
Amortization of intangible assets
    
3,042
      
2,133
      
5,153
      
4,301
  
Reserve for unfunded loan commitments
    
1,702
      
(380
)
    
1,792
      
(830
)
Acquisition expenses
    
17,180
      
-
      
18,401
      
-
  
Other
    
11,668
      
10,957
      
23,235
      
22,607
  
Total noninterest expense
  
$
122,610
    
$
89,588
    
$
222,510
    
$
181,361
  
Income before income tax expense
  
$
30,707
    
$
41,919
    
$
77,928
    
$
85,133
  
Income tax expense
    
8,197
      
9,203
      
18,673
      
18,594
  
Net income
  
$
22,510
    
$
32,716
    
$
59,255
    
$
66,539
  
Earnings Per Share
                                
Basic
  
$
0.45
    
$
0.69
    
$
1.21
    
$
1.41
  
Diluted
  
$
0.44
    
$
0.69
    
$
1.21
    
$
1.40
  

12
NBT Bancorp Inc. and Subsidiaries
                              
Quarterly Consolidated Statements of Income
                          
(unaudited, in thousands except per share data)
                          
                               
 
2025
2024
   
2nd Q
    
1st Q
    
4th Q
    
3rd Q
    
2nd Q
  
Interest, fee and dividend income
                              
Interest and fees on loans
  
$
158,912
    
$
138,052
    
$
141,103
    
$
141,991
    
$
136,606
  
Securities available for sale
    
11,609
      
10,262
      
8,773
      
7,815
      
7,562
  
Securities held to maturity
    
4,870
      
4,914
      
4,931
      
5,042
      
5,190
  
Other
    
2,186
      
1,176
      
2,930
      
1,382
      
1,408
  
Total interest, fee and dividend income
  
$
177,577
    
$
154,404
    
$
157,737
    
$
156,230
    
$
150,766
  
Interest expense
                                        
Deposits
  
$
48,219
    
$
42,588
    
$
46,815
    
$
49,106
    
$
46,688
  
Short-term borrowings
    
1,046
      
866
      
918
      
1,431
      
2,899
  
Long-term debt
    
296
      
266
      
293
      
292
      
291
  
Subordinated debt
    
2,001
      
1,822
      
1,816
      
1,810
      
1,806
  
Junior subordinated debt
    
1,795
      
1,639
      
1,790
      
1,922
      
1,908
  
Total interest expense
  
$
53,357
    
$
47,181
    
$
51,632
    
$
54,561
    
$
53,592
  
Net interest income
  
$
124,220
    
$
107,223
    
$
106,105
    
$
101,669
    
$
97,174
  
Provision for loan losses
   $
4,813
     $
7,554
     $
2,209
     $
2,920
     $
8,899
  
Provision for loan losses - acquisition day 1 non-PCD
    
13,022
      
-
      
-
      
-
      
-
  
Total provision for loan losses
  
$
17,835
    
$
7,554
    
$
2,209
    
$
2,920
    
$
8,899
  
Net interest income after provision for loan losses
  
$
106,385
    
$
99,669
    
$
103,896
    
$
98,749
    
$
88,275
  
Noninterest income
                                        
Service charges on deposit accounts
  
$
4,578
    
$
4,243
    
$
4,411
    
$
4,340
    
$
4,219
  
Card services income
    
6,077
      
5,317
      
5,652
      
5,897
      
5,587
  
Retirement plan administration fees
    
15,710
      
15,858
      
12,924
      
14,578
      
14,798
  
Wealth management
    
10,678
      
10,946
      
10,842
      
10,929
      
10,173
  
Insurance services
    
4,097
      
4,761
      
3,883
      
4,913
      
3,848
  
Bank owned life insurance income
    
2,180
      
3,397
      
2,271
      
1,868
      
1,834
  
Net securities gains (losses)
    
112
      
(104
)
    
222
      
476
      
(92
)
Other
    
3,500
      
3,034
      
2,221
      
2,773
      
2,865
  
Total noninterest income
  
$
46,932
    
$
47,452
    
$
42,426
    
$
45,774
    
$
43,232
  
Noninterest expense
                                        
Salaries and employee benefits
  
$
64,155
    
$
60,694
    
$
61,749
    
$
59,641
    
$
55,393
  
Technology and data services
    
10,804
      
10,238
      
10,220
      
9,920
      
9,249
  
Occupancy
    
9,038
      
9,027
      
7,786
      
7,754
      
7,671
  
Professional fees and outside services
    
5,021
      
4,952
      
4,843
      
4,871
      
4,565
  
Amortization of intangible assets
    
3,042
      
2,111
      
2,080
      
2,062
      
2,133
  
Reserve for unfunded loan commitments
    
1,702
      
90
      
(125
)
    
250
      
(380
)
Acquisition expenses
    
17,180
      
1,221
      
988
      
543
      
-
  
Other
    
11,668
      
11,567
      
13,234
      
10,704
      
10,957
  
Total noninterest expense
  
$
122,610
    
$
99,900
    
$
100,775
    
$
95,745
    
$
89,588
  
Income before income tax expense
  
$
30,707
    
$
47,221
    
$
45,547
    
$
48,778
    
$
41,919
  
Income tax expense
    
8,197
      
10,476
      
9,542
      
10,681
      
9,203
  
Net income
  
$
22,510
    
$
36,745
    
$
36,005
    
$
38,097
    
$
32,716
  
Earnings Per Share
                                        
Basic
  
$
0.45
    
$
0.78
    
$
0.76
    
$
0.81
    
$
0.69
  
Diluted
  
$
0.44
    
$
0.77
    
$
0.76
    
$
0.80
    
$
0.69
  

13
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
  
 
Q2 - 2025
Q1 - 2025
Q4 - 2024
Q3 - 2024
Q2 - 2024
Assets
                                                                      
Short-term interest-bearing accounts
  
$
146,640
      
4.61
%
  
$
63,198
      
4.51
%
  
$
184,988
      
5.27
%
  
$
62,210
      
4.87
%
  
$
48,861
      
5.48
%
Securities taxable(1)
    
2,486,349
      
2.40
%
    
2,402,772
      
2.30
%
    
2,317,034
      
2.10
%
    
2,266,930
      
1.99
%
    
2,280,767
      
1.97
%
Securities tax-exempt(1)(5)
    
221,328
      
3.65
%
    
220,210
      
3.60
%
    
211,493
      
3.46
%
    
217,251
      
3.47
%
    
226,032
      
3.56
%
FRB and FHLB stock
    
39,176
      
5.12
%
    
33,469
      
5.73
%
    
33,261
      
5.75
%
    
35,395
      
6.97
%
    
40,283
      
7.41
%
Loans(1)(6)
    
11,064,920
      
5.77
%
    
9,981,487
      
5.62
%
    
9,957,879
      
5.65
%
    
9,865,412
      
5.74
%
    
9,772,014
      
5.63
%
Total interest-earning assets
  
$
13,958,413
      
5.12
%
  
$
12,701,136
      
4.95
%
  
$
12,704,655
      
4.96
%
  
$
12,447,198
      
5.01
%
  
$
12,367,957
      
4.92
%
Other assets
    
1,242,690
              
1,088,069
              
1,093,419
              
1,072,277
              
1,064,487
          
Total assets
  
$
15,201,103
            
$
13,789,205
            
$
13,798,074
            
$
13,519,475
            
$
13,432,444
          
Liabilities and stockholders’ equity
                                                                          
Money market deposits
  
$
3,808,024
      
3.00
%
  
$
3,496,552
      
3.04
%
  
$
3,504,937
      
3.27
%
  
$
3,342,845
      
3.68
%
  
$
3,254,252
      
3.65
%
Interest-bearing checking deposits
    
1,902,392
      
0.98
%
    
1,682,265
      
0.84
%
    
1,664,960
      
0.91
%
    
1,600,547
      
0.87
%
    
1,603,695
      
0.78
%
Savings deposits
    
1,852,027
      
0.35
%
    
1,571,673
      
0.05
%
    
1,561,703
      
0.05
%
    
1,566,316
      
0.05
%
    
1,586,753
      
0.05
%
Time deposits
    
1,600,908
      
3.37
%
    
1,450,846
      
3.55
%
    
1,446,798
      
3.85
%
    
1,442,424
      
4.00
%
    
1,391,062
      
4.00
%
Total interest-bearing deposits
  
$
9,163,351
      
2.11
%
  
$
8,201,336
      
2.11
%
  
$
8,178,398
      
2.28
%
  
$
7,952,132
      
2.46
%
  
$
7,835,762
      
2.40
%
Federal funds purchased
    
14,231
      
4.51
%
    
2,278
      
4.45
%
    
-
      
-
      
2,609
      
5.34
%
    
29,945
      
5.56
%
Repurchase agreements
    
89,957
      
2.52
%
    
107,496
      
2.87
%
    
116,408
      
3.13
%
    
98,035
      
2.80
%
    
86,405
      
1.55
%
Short-term borrowings
    
27,845
      
4.62
%
    
7,033
      
4.61
%
    
174
      
4.57
%
    
48,875
      
5.74
%
    
155,159
      
5.58
%
Long-term debt
    
30,705
      
3.87
%
    
27,674
      
3.90
%
    
29,657
      
3.93
%
    
29,696
      
3.91
%
    
29,734
      
3.94
%
Subordinated debt, net
    
134,684
      
5.96
%
    
121,331
      
6.09
%
    
120,967
      
5.97
%
    
120,594
      
5.97
%
    
120,239
      
6.04
%
Junior subordinated debt
    
107,948
      
6.67
%
    
101,196
      
6.57
%
    
101,196
      
7.04
%
    
101,196
      
7.56
%
    
101,196
      
7.58
%
Total interest-bearing liabilities
  
$
9,568,721
      
2.24
%
  
$
8,568,344
      
2.23
%
  
$
8,546,800
      
2.40
%
  
$
8,353,137
      
2.60
%
  
$
8,358,440
      
2.58
%
Demand deposits
    
3,634,517
              
3,385,080
              
3,438,194
              
3,389,894
              
3,323,906
          
Other liabilities
    
285,357
              
296,983
              
295,292
              
292,446
              
306,747
          
Stockholders’ equity
    
1,712,508
              
1,538,798
              
1,517,788
              
1,483,998
              
1,443,351
          
Total liabilities and stockholders’ equity
  
$
15,201,103
            
$
13,789,205
            
$
13,798,074
            
$
13,519,475
            
$
13,432,444
          
Interest rate spread
            
2.88
%
            
2.72
%
            
2.56
%
            
2.41
%
            
2.34
%
Net interest margin (FTE)(1)
            
3.59
%
            
3.44
%
            
3.34
%
            
3.27
%
            
3.18
%
                                                                                 
Total cost of deposits
   $
12,797,868
      
1.51
%
   $
11,586,416
      
1.49
%
   $
11,616,592
      
1.60
%
   $
11,342,026
      
1.72
%
   $
11,159,668
      
1.68
%
Total cost of funds
    
13,203,238
      
1.62
%
    
11,953,424
      
1.60
%
    
11,984,994
      
1.71
%
    
11,743,031
      
1.85
%
    
11,682,346
      
1.85
%

14
NBT Bancorp Inc. and Subsidiaries
                                    
Average Year-to-Date Balance Sheets
                                    
(unaudited, dollars in thousands)
                                    
                                     
   
Average
          
Yield/
    
Average
          
Yield/
  
   
Balance
    
Interest
    
Rates
    
Balance
    
Interest
    
Rates
  
Six Months Ended June 30,
2025
2024
Assets
                                    
Short-term interest-bearing accounts
  
$
105,150
    
$
2,389
      
4.58
%
  
$
48,416
    
$
1,201
      
4.99
%
Securities taxable(1)
    
2,444,791
      
28,520
      
2.35
%
    
2,279,399
      
21,977
      
1.94
%
Securities tax-exempt(1)(5)
    
220,772
      
3,968
      
3.62
%
    
228,250
      
4,053
      
3.57
%
FRB and FHLB stock
    
36,338
      
973
      
5.40
%
    
41,289
      
1,571
      
7.65
%
Loans(1)(6)
    
10,526,197
      
297,422
      
5.70
%
    
9,723,453
      
270,217
      
5.59
%
Total interest-earning assets
  
$
13,333,248
    
$
333,272
      
5.04
%
  
$
12,320,807
    
$
299,019
      
4.88
%
Other assets
    
1,165,806
                      
1,059,937
                  
Total assets
  
$
14,499,054
                    
$
13,380,744
                  
Liabilities and stockholders’ equity
                                                
Money market deposits
  
$
3,653,148
    
$
54,719
      
3.02
%
  
$
3,191,706
    
$
57,278
      
3.61
%
Interest-bearing checking deposits
    
1,792,937
      
8,135
      
0.91
%
    
1,601,992
      
6,120
      
0.77
%
Savings deposits
    
1,712,624
      
1,806
      
0.21
%
    
1,597,206
      
352
      
0.04
%
Time deposits
    
1,526,292
      
26,147
      
3.45
%
    
1,371,810
      
27,277
      
4.00
%
Total interest-bearing deposits
  
$
8,685,001
    
$
90,807
      
2.11
%
  
$
7,762,714
    
$
91,027
      
2.36
%
Federal funds purchased
    
8,287
      
185
      
4.50
%
    
24,857
      
686
      
5.55
%
Repurchase agreements
    
98,678
      
1,327
      
2.71
%
    
84,412
      
649
      
1.55
%
Short-term borrowings
    
17,498
      
400
      
4.61
%
    
184,275
      
4,985
      
5.44
%
Long-term debt
    
29,198
      
562
      
3.88
%
    
29,753
      
581
      
3.93
%
Subordinated debt, net
    
128,044
      
3,823
      
6.02
%
    
120,056
      
3,606
      
6.04
%
Junior subordinated debt
    
104,590
      
3,434
      
6.62
%
    
101,196
      
3,821
      
7.59
%
Total interest-bearing liabilities
  
$
9,071,296
    
$
100,538
      
2.23
%
  
$
8,307,263
    
$
105,355
      
2.55
%
Demand deposits
    
3,510,487
                      
3,340,257
                  
Other liabilities
    
291,139
                      
296,747
                  
Stockholders’ equity
    
1,626,132
                      
1,436,477
                  
Total liabilities and stockholders’ equity
  
$
14,499,054
                    
$
13,380,744
                  
Net interest income (FTE)(1)
          
$
232,734
                    
$
193,664
          
Interest rate spread
                    
2.81
%
                    
2.33
%
Net interest margin (FTE)(1)
                    
3.52
%
                    
3.16
%
Taxable equivalent adjustment
          
$
1,291
                    
$
1,316
          
Net interest income
          
$
231,443
                    
$
192,348
          
                                                 
Total cost of deposits
   $
12,195,488
     $
90,807
      
1.50
%
   $
11,102,971
     $
91,027
      
1.65
%
Total cost of funds
    
12,581,783
      
100,538
      
1.61
%
    
11,647,520
      
105,355
      
1.82
%

15
(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
   
2nd Q
    
1st Q
    
4th Q
    
3rd Q
    
2nd Q
  
Operating net income
                              
Net income
  
$
22,510
    
$
36,745
    
$
36,005
    
$
38,097
    
$
32,716
  
Acquisition expenses
    
17,180
      
1,221
      
988
      
543
      
-
  
Acquisition-related provision for credit losses
    
13,022
      
-
      
-
      
-
      
-
  
Acquisition-related reserve for unfunded loan commitments
    
532
      
-
      
-
      
-
      
-
  
Securities (gains) losses
    
(112
)
    
104
      
(222
)
    
(476
)
    
92
  
Adjustments to net income
  
$
30,622
    
$
1,325
    
$
766
    
$
67
    
$
92
  
Adjustments to net income (net of tax)
  
$
22,413
    
$
1,020
    
$
604
    
$
52
    
$
72
  
Operating net income
  
$
44,923
    
$
37,765
    
$
36,609
    
$
38,149
    
$
32,788
  
Operating diluted earnings per share
  
$
0.88
    
$
0.80
    
$
0.77
    
$
0.80
    
$
0.69
  
                                         
 
6 Months Ended June 30,
                        
     
2025
      
2024
                          
Operating net income
                                        
Net income
  
$
59,255
    
$
66,539
                          
Acquisition expenses
    
18,401
      
-
                          
Acquisition-related provision for credit losses
    
13,022
      
-
                          
Acquisition-related reserve for unfunded loan commitments
    
532
      
-
                          
Securities (gains) losses
    
(8
)
    
(2,091
)
                        
Adjustments to net income
  
$
31,947
    
$
(2,091
)
                        
Adjustments to net income (net of tax)
  
$
24,120
    
$
(1,631
)
                        
Operating net income
  
$
83,375
    
$
64,908
                          
Operating diluted earnings per share
  
$
1.70
    
$
1.37
                          
                                         
 
2025
2024
   
2nd Q
    
1st Q
    
4th Q
    
3rd Q
    
2nd Q
  
FTE adjustment
                                        
Net interest income
  
$
124,220
    
$
107,223
    
$
106,105
    
$
101,669
    
$
97,174
  
Add: FTE adjustment
    
655
      
636
      
619
      
639
      
658
  
Net interest income (FTE)
  
$
124,875
    
$
107,859
    
$
106,724
    
$
102,308
    
$
97,832
  
Average earning assets
  
$
13,958,413
    
$
12,701,136
    
$
12,704,655
    
$
12,447,198
    
$
12,367,957
  
Net interest margin (FTE)(3)
    
3.59
%
    
3.44
%
    
3.34
%
    
3.27
%
    
3.18
%
                                         
   
6 Months Ended June 30,
                        
     
2025
      
2024
                          
FTE adjustment
                                        
Net interest income
  
$
231,443
    
$
192,348
                          
Add: FTE adjustment
    
1,291
      
1,316
                          
Net interest income (FTE)
  
$
232,734
    
$
193,664
                          
Average earning assets
  
$
13,333,248
    
$
12,320,807
                          
Net interest margin (FTE)(3)
    
3.52
%
    
3.16
%
                        
 
Interest income for tax-exempt securities and loans have been adjusted to an FTE basis using the statutory Federal income tax rate of 21%.

16
(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
   
2nd Q
    
1st Q
    
4th Q
    
3rd Q
    
2nd Q
  
Tangible equity to tangible assets
                              
Total equity
  
$
1,805,166
    
$
1,565,775
    
$
1,526,141
    
$
1,521,980
    
$
1,461,955
  
Intangible assets
    
518,519
      
396,912
      
399,023
      
397,853
      
398,686
  
Total assets
  
$
16,014,781
    
$
13,864,251
    
$
13,786,666
    
$
13,839,552
    
$
13,501,909
  
Tangible equity to tangible assets
    
8.30
%
    
8.68
%
    
8.42
%
    
8.36
%
    
8.11
%
                                         
 
2025
2024
   
2nd Q
    
1st Q
    
4th Q
    
3rd Q
    
2nd Q
  
Return on average tangible common equity
                                  
Net income
  
$
22,510
    
$
36,745
    
$
36,005
    
$
38,097
    
$
32,716
  
Amortization of intangible assets (net of tax)
    
2,282
      
1,583
      
1,560
      
1,547
      
1,600
  
Net income, excluding intangibles amortization
  
$
24,792
    
$
38,328
    
$
37,565
    
$
39,644
    
$
34,316
  
                                         
Average stockholders’ equity
  
$
1,712,508
    
$
1,538,798
    
$
1,517,788
    
$
1,483,998
    
$
1,443,351
  
Less: average goodwill and other intangibles
    
471,159
      
398,233
      
399,139
      
399,113
      
399,968
  
Average tangible common equity
  
$
1,241,349
    
$
1,140,565
    
$
1,118,649
    
$
1,084,885
    
$
1,043,383
  
Return on average tangible common equity(3)
    
8.01
%
    
13.63
%
    
13.36
%
    
14.54
%
    
13.23
%
                                         
   
6 Months Ended June 30,
                          
     
2025
      
2024
                          
Return on average tangible common equity
                                  
Net income
  
$
59,255
    
$
66,539
                          
Amortization of intangible assets (net of tax)
    
3,865
      
3,226
                          
Net income, excluding intangibles amortization
  
$
63,120
    
$
69,765
                          
                                         
Average stockholders’ equity
  
$
1,626,132
    
$
1,436,477
                          
Less: average goodwill and other intangibles
    
434,897
      
400,862
                          
Average tangible common equity
  
$
1,191,235
    
$
1,035,615
                          
Return on average tangible common equity(3)
    
10.69
%
    
13.55
%
                        

(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.