NBT Bancorp Inc. reported its financial results for the first quarter of 2026, revealing a net income of $51.1 million, a 39.2% increase from $36.7 million in the same period last year, but a decrease from $55.5 million in the previous quarter. The diluted earnings per share (EPS) for the quarter was $0.98, up from $0.77 year-over-year but down from $1.06 in the fourth quarter of 2025. The company’s net interest income reached $134.3 million, reflecting a 25.3% increase compared to the first quarter of 2025, although it decreased slightly by 0.8% from the previous quarter. The net interest margin (NIM) improved to 3.72%, marking a 28 basis point increase from the prior year.
Total assets for NBT Bancorp increased to $16.2 billion as of March 31, 2026, up from $16.0 billion at the end of 2025. Total loans decreased slightly to $11.55 billion, down from $11.60 billion, primarily due to a planned run-off in the other consumer and residential solar portfolios. Total deposits rose to $13.74 billion, an increase of 1.8% from the previous quarter, driven by growth in demand and interest-bearing checking accounts. The loan-to-deposit ratio stood at 84.0%, down from 85.9% at the end of 2025.
The company’s allowance for credit losses totaled $138.6 million, representing 1.20% of total loans, a slight increase from 1.19% at the end of 2025. The provision for loan losses was recorded at $5.6 million for the quarter, compared to $7.6 million in the first quarter of 2025. Nonperforming loans increased to $61.3 million, or 0.53% of total loans, up from $51.7 million at the end of 2025, attributed to an increase in nonaccrual loans.
Strategically, NBT Bancorp completed the acquisition of Evans Bancorp in May 2025, which contributed to the growth in both assets and deposits. The company incurred acquisition-related expenses of $1.2 million in the first quarter of 2025. The integration of Evans is expected to enhance NBT's market presence and operational capabilities. Looking ahead, the company anticipates continued growth in its loan and deposit base, while managing interest rate risk and maintaining a strong liquidity position. The management remains focused on optimizing its asset-liability management strategies in response to changing economic conditions and interest rate environments.
About NBT BANCORP INC
NBT Bancorp Inc. is a financial holding company primarily engaged in banking, wealth management, and insurance services through its subsidiary, NBT Bank. It serves retail, commercial, and municipal clients across upstate New York and surrounding regions. The company emphasizes community banking, local decision-making, and financial products like deposit accounts, loans, and digital banking, with a focus on customer relationships, community involvement, and regulatory compliance.
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