Slides
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Investor Presentation Second Quarter 2025 Financial Information as of March 31, 2025
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About NBT Bancorp Strategic Initiatives Financial Performance Appendix 2 About NBT Bancorp
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ABOUT NBT BANCORP Company Profile 3 Wealth AUM/A(4): $5.65 Billion / $11.06 Billion EPIC RPS AUA(5): $33.04 Billion 88th Largest Bank Holding Co. Headquarters Norwich, NY Founded 1856 Ticker NASDAQ: NBTB Market Cap(1) $2.34 Billion Branches(2) 175 Employees(2) 2,351 Institutional Ownership 68% 3 Mo. ADTV 217,400 52 Week H/L(1) $52.44 / $34.47 FINANCIAL HIGHLIGHTS Data as of 3/31/2025 unless noted. Bank holding company ranking source: S&P Global Market Intelligence. 1. As of 5/12/2025. 2. As of 5/5/2025. 3. Excludes gains/losses on sale of securities. 4. Assets under management and assets under administration in wealth management; excludes EPIC Retirement Plan Services. 5. Assets under administration in EPIC Retirement Plan Services. NBTB Nasdaq Global Select Market ASSETS $13.86 Billion LOANS $9.98 Billion DEPOSITS $11.71 Billion NONINTEREST INCOME TO REVENUE(3) 31%
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ABOUT NBT BANCORP Business Overview 4 RETAIL BANKING • 175 Branches Across 7 States; 227 ATMs(1) • Digital Banking CONSUMER LENDING • Home Lending • Personal Lending • Indirect Auto Lending COMMERCIAL BANKING • C&I and CRE Lending • SBA Lending • Business Banking • Treasury Management • Card and Payment Services FEE BUSINESSES • Retirement Plan Administration and Custody Services • Business, Personal and Life Insurance • Institutional Wealth Management • Brokerage and Advisory Services • Trust Services 1. As of 5/5/2025.
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ABOUT NBT BANCORP Key Highlights 5 High-performing, community bank with STRONG CAPITAL POSITION and traditional bank business model Consistent track record of ORGANIC GROWTH selectively balanced with market and product expanding acquisitions DIVERSE, GRANULAR DEPOSIT BASE with dominant shares in “hometown” markets that support growth in more dynamic adjacent markets Conservative credit culture has produced STRONG ASSET QUALITY and minimized “through-the-cycle” losses DIVERSIFIED FEE INCOME SOURCES, including wealth management, retirement plan services and insurance OPTIMIZING MARKET-LEADING TECHNOLOGY PLATFORMS across business lines to continuously enhance and transform customer and employee experience and grow
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ABOUT NBT BANCORP Consistent Strength 6 15.24% 0.00% 2.50% 5.00% 7.50% 10.00% 12.50% 15.00% 17.50% Total Regulatory Capital as % of Risk-Weighted Assets NBT Bancorp Peer Group Average KBW Regional Banking Index Senior Unsecured Debt BBB+ A- Subordinated Debt BBB BBB+ Current Credit Ratings from Kroll Bond Rating Agency(1) 1. Kroll Bond Rating Agency (KBRA) credit ratings affirmed as of 6/7/2024. Market considers ratings BBB and above investment grade. • Strong financial performance and capital position with over $1.64 billion in total capital • Highly diversified loan and deposit portfolios, conducting business in 7 northeastern states • Diverse and granular deposit mix – $11.71 billion in deposits with average balance per account of $20,834 • Total deposits increased $161.8 million year-to-date • $4.18 billion of available liquidity sources Data as of March 31, 2025, unless otherwise stated. Peer Data Source: S&P Global Market Intelligence; data as of the most recent available quarter. Refer to appendix for Peer Group and reconciliation of Non-GAAP measures. Total Risk-Based Capital Ratio Regulatory Well Capitalized Threshold 7.98% 8.11% 8.36% 8.42% 8.68% 3.50% 5.00% 6.50% 8.00% 9.50% Q1' 24 Q2' 24 Q3' 24 Q4' 24 Q1'25 Tangible Equity Ratio
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About NBT Bancorp Strategic Initiatives Financial Performance Appendix 7 Strategic Initiatives
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STRATEGIC INITIATIVES8 Our Strategic Initiatives Execute Long-Term Growth Strategy • Organic growth across all markets, business lines • Opportunities include transformational investments in Upstate New York and New England build out • Leverage market disruption • Disciplined acquisitions • Continue to grow Retirement Plan Administration, Wealth Management and Insurance businesses • Engage in opportunistic acquisitions • Continuously enhance experience we deliver to customers and employees • Optimize market-leading platforms and continue to execute technology roadmap Customer-First Digital Mindset Grow and Augment Fee Businesses
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STRATEGIC INITIATIVES Transformational Investments Underway in Upstate New York 9 New York State has fostered the ideal semiconductor and advanced electronics manufacturing ecosystem1 with: The most advanced, publicly owned semiconductor R&D facility in North America; The nation’s largest public university system and a highly educated workforce; Stable and abundant energy and natural resources; and 3,000 acres of fully permitted, shovel-ready sites and ambitious incentives in the U.S. for semiconductor manufacturers. Leading manufacturers are receiving funding through the CHIPS & Science Act of 2022, including: $6.1 billion to support Micron Technology Inc. plans to invest as much as $100 billion over next 20 years in a campus near Syracuse. (April 2024) $1.5 billion to enable GlobalFoundries to expand and create new manufacturing capacity and capabilities to securely produce more essential chips (February 2024) and an additional $75 million toward the construction of an advanced chip packaging and testing center in Malta. (January 2025) 1. New York Empire State Development NBT is well positioned to support regional growth • Branch network is ideally situated • NBT leaders are connected to key economic and workforce development initiatives • Committed to helping customers and communities participate in historic growth opportunities • Actively gathering intelligence and developing long-term strategies for all business lines Chobani, America’s #1 yogurt brand, broke ground on a new $1.2 billion state-of-the-art plant in Rome, NY in April 2025. According to the company, the 1.4 million square foot facility is expected to create over 1,000 full-time jobs. New York State’s I-81 Viaduct Project is a $2.25 billion project to update the state’s infrastructure that will reconnect downtown neighborhoods in Syracuse while maintaining the high-speed interstate connection with national and international north-south trade routes. The fifth and final contract in the first phase of this project was awarded in April 2025.
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STRATEGIC INITIATIVES Disciplined Acquirer & Proven Integrator • Completed August 2023 – 9 months from announcement • Added $1.6 billion in assets and 13 branches • Added attractive, complementary markets in: Northwest Connecticut, Western Massachusetts and New York’s Hudson Valley • Well-established wealth management 10 Year Entity Acquired 2024 PACO, Inc. | West Des Moines, IA 2024 Karl W. Reynard, Inc. | Stamford, NY 2023 Retirement Direct, LLC | Cornelius, NC 2022 Cleveland Hauswirth Investment Management | Milwaukee, WI 2020 Alliance Benefit Group of Illinois, Inc. | Peoria, IL Diversify Revenue, Expand Capabilities and Build Scale Non-Bank Acquisition Highlights • Completed May 2025 – 8 months from announcement • Added $2.19 billion in assets* and 18 branches • Expanded presence into Upstate New York’s two largest markets by population: Buffalo and Rochester * Based on December 31, 2024 We employ a strategic and selective acquisition strategy that focuses high-value partners to enhance our existing franchise. NBTB has completed 14 acquisitions, including 3 banks and 12 fee-based businesses, since 2013.
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STRATEGIC INITIATIVES11 Assets(3) $16.05B + $2.19B Loans(3) $11.76B + $1.78B Deposits(3) $13.57B + $1.87B Branches 175 + 18 Proforma Combined Highlights • Expanded NBT’s presence in Upstate New York’s(1) two largest markets by population – Buffalo and Rochester • Evans Bank was #2 ranked community bank in Buffalo market(2) • Significant opportunity for NBT Bank to accelerate growth in Rochester • Aligned cultures and operating philosophies • Commercial oriented with attractive branch locations • Highly complementary franchises with low integration risk – no branch overlap and experienced M&A professionals Evans Merger Builds On Growth Opportunities 1. Excludes the New York City MSA and select counties (Kings, Nassau, New York, Queens, Richmond, Suffolk, and Westchester counties). | 2. Excludes banks greater than $100 billion in assets. Excludes M&T Bank Corporation, KeyCorp, HSBC Holdings plc, Bank of America, Citizens Financial Group Inc., and JP Morgan Chase & Co. | 3. Based on 3/31/2025 data for NBT and 12/31/2024 data for Evans (Dollars based in billions) Rochester AlbanyBuffalo Binghamton Syracuse New Jersey Pennsylvania New York Massachusetts New Hampshire Connecticut Vermont Rhode Island Poughkeepsie Maine NBT Bank Evans Bank
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STRATEGIC INITIATIVES Focus on Fee-Based Businesses Source for Peer Data: S&P Global Market Intelligence; data as of the most recent available quarter; refer to appendix for Peer G roup. | Note: Numbers may not foot due to rounding. 1. Excludes gains/losses on sale of securities. | 2. Does not represent all fee income. . | 3. Trailing four quarters 12 $47.6 Million Total Noninterest Q1 Income(1) 31% Noninterest Income to Total Revenue(1) (compared to peer median at 19%) Key Fee Revenue Verticals Over Time(2) ($ in million) Service Charges 8.9% Card Services Income 11.2% Retirement Plan Administration 33.3% Wealth Management 23.0% Insurance Services 10.0% BOLI 7.1% Other 6.4% $36 $42 $48 $47 $57 $58 $29 $34 $33 $35 $42 $43 $15 $14 $15 $16 $17 $17 $80 $90 $96 $98 $115 $118 2020 2021 2022 2023 2024 2025 Retirement Plan Administration Wealth Management Insurance Services Q1 2025 Fee Income Composition(1) (%) (3)
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STRATEGIC INITIATIVES $31,607 $43,586 $47,221 $58,158 2019 2021 2023 2025 National Benefits Administration Firm Revenues ($ in thousands) 11% 6-YEAR CAGR 13 Customized Consulting, Recordkeeping, Actuarial and Administrative Services for All Types of Retirement Plans Deep Partnerships with Clients Across 50 States, Including Retirement Plan Advisors, Banks and TPAs Proprietary Customer Experience Delivery Platform Driving Adoption and Satisfaction Acquisition Activity Provides Revenue Growth, Client Diversification and Expands Capabilities and Geography “Helping America Retire” Over 375,000 Plan Participants Nationwide (1) 1. Trailing four quarters
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STRATEGIC INITIATIVES DIGITAL & PAYMENTS • Delivering convenient and reliable access to banking CYBERSECURITY • Protecting customers from fraud AUTOMATION • Improving workforce productivity DATA INSIGHTS • Identifying targeted solutions to grow and strengthen customer relationships INFRASTRUCTURE • Ensuring a stable and redundant environment 14 Enterprise Technology Themes NBT’s comprehensive Technology Roadmap is a customer and employee-focused plan designed to deliver technology-enabled solutions that enhance experience, and foster profitability and growth.
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About NBT Bancorp Strategic Initiatives Financial Performance Appendix 15 Financial Performance
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FINANCIAL PERFORMANCE $7.37 $7.59 $9.08 $10.23 $9.50 $10.97 $11.55 $11.71 2018 2019 2020 2021 2022 2023 2024 Q1'25 16 Track Record of Consistent Growth Gross Loans ($ in billion) Shareholders Equity ($ in billion) Deposits ($ in billion) Total Assets ($ in billion) $9.56 $9.72 $10.93 $12.01 $11.74 $13.31 $13.79 $13.86 2018 2019 2020 2021 2022 2023 2024 Q1'25 $6.89 $7.14 $7.50 $7.50 $8.15 $9.65 $9.97 $9.98 2018 2019 2020 2021 2022 2023 2024 Q1'25 $1.02 $1.12 $1.19 $1.25 $1.17 $1.43 $1.53 $1.57 2018 2019 2020 2021 2022 2023 2024 Q1'25
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FINANCIAL PERFORMANCE $131.1 $139.8 $146.7 $157.2 $156.7 $151.5 $174.0 $178.4 2018 2019 2020 2021 2022 2023 2024 2025 17 $264.6 $274.7 $277.7 $287.3 $303.5 $331.7 $376.4 $383.3 $200.0 $250.0 $300.0 $350.0 $400.0 $450.0 2018 2019 2020 2021 2022 2023 2024 2025 Strong & Stable Profitability $305.6 $311.6 $315.7 $321.1 $362.2 $378.2 $400.1 $412.2 2018 2019 2020 2021 2022 2023 2024 2025 17 Net Interest Income ($ in million) Fee Income(1) ($ in million) Adjusted Noninterest Expense ($ in million) Net Interest Margin FTE (%) 3.58% 3.58% 3.31% 3.03% 3.34% 3.29% 3.23% 3.44% 2018 2019 2020 2021 2022 2023 2024 2025 Note: Refer to appendix for reconciliation of Non-GAAP measures. | 1. Excludes gains/losses on sale of securities and equity investments. | 2. Trailing four quarters. | 3. Annualized. (2) (3) (2) (2)
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FINANCIAL PERFORMANCE Results Overview Q1 2025 18 1. Comparison to Q4 2024 unless otherwise stated. | 2. Non-GAAP measure; refer to appendix for reconciliation of Non-GAAP measures. | 3. Annualized. ($ in millions except per share data) Change % Change Q1 2025 Q4 2024 Q1 2024 Q4 2024 Q1 2024 Period End Balance Sheet Total loans $ 9,980.3 $ 10.4 $ 292.2 0.1% 3.0% Total deposits 11,708.5 161.8 513.2 1.4% 4.6% Income Statement FTE net interest income (2) $ 107.9 $ 1.1 $ 12.0 1.1% 12.6% Net income 36.7 0.7 2.9 2.1% 8.6% Earnings per share, diluted 0.77 0.01 0.06 1.3% 8.5% Performance Ratios Net interest margin (2)(3) 3.44% 0.10% 0.30% 3.0% 9.6% ROAA (3) 1.08% 0.04% 0.06% 3.8% 5.9% ROATCE (2)(3) 13.63% 0.27% (0.24%) 2.0% (1.7%) NCOs/ Avg loans (%)(3) 0.27% 0.04% 0.08% 17.4% 42.1% Operating Results Net income (2) $ 37.8 $ 1.2 $ 5.6 3.2% 17.6% Earnings per share, diluted (2) 0.80 0.03 0.12 3.9% 17.6% ROAA (2)(3) 1.11% 0.05% 0.14% 4.7% 14.4% ROATCE (2)(3) 13.99% 0.42% 0.79% 3.1% 6.0% Capital Tangible book value per share (2) $ 24.74 $ 0.86 $ 2.67 3.6% 12.1% Tangible equity ratio (2) 8.68% 0.26% 0.70% 3.1% 8.8% Leverage ratio 10.39% 0.15% 0.30% 1.5% 3.0% Common equity tier 1 capital ratio 12.12% 0.19% 0.44% 1.6% 3.8% Tier 1 capital ratio 13.02% 0.19% 0.41% 1.5% 3.3% Total risk-based capital ratio 15.24% 0.21% 0.37% 1.4% 2.5% HIGHLIGHTS(1) Balance Sheet • Year-to-date loan growth was 0.4%(3), and 1.8%(3) excluding consumer portfolios in a planned run-off status • Year-to-date deposits increased $161.8 million • Tangible equity ratio increased to 8.68%(2) Earnings & Capital • Net income of $36.7 million and diluted earnings per share of $0.77 • Net interest margin(2)(3) up 10 bps to 3.44% • Provision expense of $7.6 million
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FINANCIAL PERFORMANCE Net Interest Income & Net Interest Margin 19 Net Interest Income and annualized Net Interest Margin are shown on a fully tax equivalent basis, which is a Non-GAAP measure; refer to appendix for reconciliation of Non-GAAP measures. 1. Comparison to Q4 2024 unless otherwise stated. HIGHLIGHTS(1) • Net interest income increased $1.1 million to $107.9 million • Net interest margin increased 10 bps to 3.44% • Interest earning asset yields decreased 1 bp with loan yields down 3 bps • Total cost of funds decreased to 1.60% • Net accretion of acquired loans and borrowings was $2.2 million down $0.4 million from the prior quarter Net Interest Income Change in Interest Rates % Change from Base Up 200 bps -0.02% Up 100 bps +0.29% Down 100 bps -0.29% Down 200 bps -0.10% Year 1 Interest Rate Sensitivity Net Interest Income ($ in millions) & Net Interest Margin (%) 3.34% -0.01% 0.11% 3.44% NIM 12/31/2024 (-) Asset yield rate/volume (+) Funding cost rate/volume NIM 3/31/2025 2.60% 2.80% 3.00% 3.20% 3.40% 3.60% Q1 2025 Net Interest Margin $95.8 $97.8 $102.3 $106.7 $107.9 3.14% 3.18% 3.27% 3.34% 3.44% 2.75% 3.00% 3.25% 3.50% 3.75% 4.00% $60.0 $70.0 $80.0 $90.0 $100.0 $110.0 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Net Interest Income Net Interest Margin
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FINANCIAL PERFORMANCE20 Noninterest Income Service charges on deposit accounts Card services income Retirement plan administration fees Wealth management Insurance Other Noninterest Income Trend(2) ($ in millions) Peer Source Data: S&P Global Market Intelligence. | Refer to appendix for Peer Group. | 1. Comparison to Q4 2024 unless otherwise stated. | 2. Excludes net securities gains (losses). $5.5 $4.7 $4.6 $4.5 $6.4 $4.4 $3.8 $4.9 $3.9 $4.8 $9.7 $10.2 $10.9 $10.8 $10.9 $14.3 $14.8 $14.6 $12.9 $15.9 $5.2 $5.6 $5.9 $5.7 $5.3$4.1 $4.2 $4.3 $4.4 $4.2 $0.0 $10.0 $20.0 $30.0 $40.0 $50.0 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 HIGHLIGHTS(1) (2) • Noninterest income to total revenue was 31% (above peer levels) • $47.6 million in noninterest income • Noninterest income increased $4.3 million or 10% from Q1 2024
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FINANCIAL PERFORMANCE21 Noninterest Expense Noninterest Expense Trend(2) ($ in millions) 1. Comparisons to Q4 2024 unless otherwise stated. | 2. Other expense excludes acquisition expenses in all quarters: $1.2 million for Q1 2025, $1.0 million for Q4 2024 and $0.5 million for Q3 2024. $36.1 $34.2 $35.6 $38.0 $38.0 $55.7 $55.4 $59.6 $61.7 $60.7 $0.0 $25.0 $50.0 $75.0 $100.0 $125.0 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Other expense Salaries & benefits HIGHLIGHTS(1) Salaries & Benefits • Decreased by 1.7% driven by lower medical and other benefit costs, lower levels of incentive compensation and lower salaries due to two fewer payroll days in the quarter, partially offset by seasonally higher payroll taxes and stock-based compensation expense Other Expenses • Other expenses increased primarily due occupancy costs and other expenses
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FINANCIAL PERFORMANCE22 Capital Strength Regulatory Capital Ratios NBT 03/31/2025 Regulatory Well Capitalized Level Tier 1 Leverage 10.39% 5.00% Total Risk-Based Capital 15.24% 10.00% Q1 2025 dividend of $0.34 per share – 6.3% increase 12th consecutive year of annual dividend increases in 2024
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FINANCIAL PERFORMANCE23 Loans $8.36 $9.67 $9.65 $9.69 $9.85 $9.91 $9.97 $9.98 5.17% 5.36% 5.47% 5.54% 5.63% 5.74% 5.65% 5.62% Q2' 23 Q3' 23 Q4' 23 Q1' 24 Q2' 24 Q3' 24 Q4' 24 Q1' 25 Total Loans ($) Yield on Loans (%) Home Equity 3% Residential Real Estate 22% Indirect Auto 13% C&I 14% Non-Owner Occupied CRE 31% Owner Occupied CRE 8% Residential Solar and Other Consumer 9% Yield on Loans (%) / Total Loans ($ in billions) 1. Comparison to Q4 2024 unless otherwise stated. | 2. New origination yields for the first quarter of 2025. Quarterly Loan Yields Line of Business Portfolio New Origination(2) Commercial 5.84% 6.94% Consumer 6.24% 6.22% Residential Real Estate 4.29% 6.47% HIGHLIGHTS(1) • Loans increased $10.4 million from December 31, 2024 • Total commercial loans increased $23.9 million to $5.33 billion • Total consumer loans decreased $13.6 million to $4.65 billion • Loan Mix: Commercial 53% / Consumer 47% • 58% Fixed and 42% Adjustable / Floating • $2.1 billion in variable rate loans • Quarterly yields on total loans decreased 3 bps $9.98 billion Total Loans
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FINANCIAL PERFORMANCE Deposits Demand (Noninterest Bearing) 29% Savings and NOW 29% Money Market 30% Time 12% 1. Comparison to Q4 2024 unless otherwise stated. | 2. Includes commercial, business banking and municipal customers. Deposit Mix Balance as of March 31, 2025 Number of Accounts Average Balance per Account Consumer $ 6.21 billion 481,204 $ 12,900 Commercial(2) $ 5.50 billion 80,776 $ 68,104 Total $ 11.71 billion 561,980 $ 20,834 Diverse & Granular Deposit Mix HIGHLIGHTS(1) • Cost of total deposits of 1.49%, down 11 bps • Total cost of funds was 1.60%, down 11 bps • Period end deposits increased $161.8 million, or 1.4%, from December 31, 2024 • Noninterest bearing deposits were 29% of total deposits • Total deposits represented 97% of funding • Loan to deposit ratio of 85.2% Total Deposits $11.71 billion Cost of Interest-Bearing Deposits Savings and NOW 0.46% Money Market 3.04% Time 3.55% Total Interest-Bearing 2.11% 24
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FINANCIAL PERFORMANCE25 Commercial Portfolio Detail Residential Rental Properties 42.9% Office 17.2%Retail 13.3% Manufacturing and Warehouse 9.0% Mixed Use 9.8% Hotel 4.8% Other 3.0% Office • 5.4% of total outstanding loans • Regionally diversified across our tertiary markets • Primarily comprised of suburban medical and professional tenants • $1.9 million average loan size • Only 9% of portfolio matures in next two years Real Estate Industry 15.6% Construction Trade 9.8% Wholesalers 8.2% Manufacturing 11.0% Medical 6.1% General Retailers 3.8% Agriculture 6.6% Automotive Retailers 1.9% Education 4.4% Food Services 2.3% All Other Industries 30.3% Real Estate Industry 11.9% Construction Trade 5.7% Wholesalers 8.5% Manufacturing 7.5% Medical 13.0%General Retailers 11.0% Automotive Retailers 7.9% Education 4.7% Theaters, Amusements, Gaming, etc. 7.1% Food Services 5.7% All Other Industries 17.0% Owner Occupied CRE ($0.75 billion) Commercial & Industrial ($1.44 billion) Non-Owner Occupied CRE ($3.14 billion) Commercial Loan Portfolio $5.33 billion
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FINANCIAL PERFORMANCE26 Consumer & Residential Portfolio Detail Indirect Auto 28% Other Consumer 2% Residential Solar 17% Residential Real Estate 46% Home Equity 7% Consumer Lending Portfolio Metrics Category Total Outstandings ($000s) # of Accounts Average Balance Weighted Average FICO Average DTI Residential Real Estate $ 2,127,588 13,256 $ 160,500 766 36 Indirect Auto $ 1,309,084 60,719 $ 21,560 761 31 Residential Solar $ 800,090 26,095 $ 30,661 762 35 Home Equity $ 331,400 10,512 $ 31,526 780 33 Other Consumer $ 85,000 34,190 $ 2,486 756 28 Consumer Lending Portfolio $4.65 billion
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FINANCIAL PERFORMANCE27 Asset Quality Net Charge-Offs Loans Past Due(2) Loan Loss ReservesNonperforming Assets(3) 1. Annualized. | 2. Loans past due and still accruing. | 3. Nonperforming assets include nonaccrual loans, loans ninety days past due and still accruing and other real estate owned. (1) $4,679 $3,699 $3,920 $5,709 $6,554 0.19% 0.15% 0.16% 0.23% 0.27% 0.00% 0.15% 0.30% 0.45% $0 $1,500 $3,000 $4,500 $6,000 $7,500 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Net Charge-offs ($000) NCOs/Avg Loans (%) $37,789 $38,162 $37,446 $51,799 $47,999 0.28% 0.28% 0.27% 0.38% 0.35% 0.05% 0.20% 0.35% 0.50% 0.65% $0 $15,000 $30,000 $45,000 $60,000 $75,000 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Nonperforming Assets ($000) NPAs/Assets (%) $115,300 $120,500 $119,500 $116,000 $117,000 1.19% 1.22% 1.21% 1.16% 1.17% 0.75% 1.00% 1.25% 1.50% 1.75% $60,000 $80,000 $100,000 $120,000 $140,000 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Loan Loss Reserve ($000) Reserves/Loans (%) $32,277 $29,919 $35,872 $33,532 $32,097 0.33% 0.30% 0.36% 0.34% 0.32% 0.00% 0.20% 0.40% 0.60% 0.80% $0 $15,000 $30,000 $45,000 $60,000 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Loans Past Due ($000) Loans Past Due/Loans (%)
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About NBT Bancorp Strategic Initiatives Financial Performance Appendix 28 Appendix
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APPENDIX Performance to Peer Group 29 Data Source: S&P Global Market Intelligence as of the most recent quarter. Refer to appendix for Peer Group. Note: Peer data pro forma for recently announced acquisitions. 1. Refer to appendix for reconciliation of Non-GAAP measures. 2. Core Income excludes extraordinary items, non-recurring items, amortization of intangibles & goodwill impairment and gains/losses on sale of securities. 3. Excludes gains / losses on sale of securities. Performance Ratios % March 31, 2025 NBTB Peer Median Peer Average Core ROAE(1)(2) 10.26% 9.61% 8.07% Core ROATCE(1)(2) 13.84% 12.44% 10.81% Net Interest Margin(1) 3.44% 3.35% 3.42% Fee Income / Revenue(3) 30.73% 18.49% 19.02% Loans / Deposits 85.24% 92.17% 92.05% Market Ratios March 31, 2025 NBTB Peer Median Peer Average Price / EPS (x) 13.93 11.53 6.27 Price / TBV (%)(1) 173.40% 135.24% 144.85% Current Dividend Yield (%) 3.17% 3.76% 4.03%
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APPENDIX $116,000 $7,554 $(6,554) $117,000 Reserve 12/31/2024 (+) Provision Expense (-) Net Charge-Offs Reserve 3/31/2025 Loan Type 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 Commercial & Industrial 0.79% 0.76% 0.73% 0.73% 0.76% Commercial Real Estate 0.97% 1.00% 1.01% 0.95% 1.02% Residential Real Estate 0.89% 0.98% 1.00% 1.00% 1.00% Auto 0.81% 0.85% 0.83% 0.81% 0.72% Residential Solar and Other Consumer 3.63% 3.78% 3.69% 3.64% 3.61% Total 1.19% 1.22% 1.21% 1.16% 1.17% Reserve / Loans by Segment Loan Loss Reserve Activity ($ in thousands) Loan Loss Reserve (CECL) 30
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APPENDIX31 NBT 3-Year Stock Performance -40% -30% -20% -10% 0% 10% 20% 30% 40% 50% NBTB KBW Nasdaq Regional Banking Index Peer Average NBTB, 24% KBW Nasdaq Regional Banking Index, 6% Peer Average, 5%
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APPENDIX32 Peer Group Name HQ City State Ticker Berkshire Hills Bancorp, Inc. Boston MA BHLB Brookline Bancorp, Inc. Boston MA BRKL Community Financial System, Inc. Dewitt NY CBU Dime Community Bancshares, Inc. Hauppauge NY DCOM Eastern Bankshares, Inc. Boston MA EBC First Busey Corporation Champaign IL BUSE First Commonwealth Financial Corporation Indiana PA FCF First Financial Bancorp. Cincinnati OH FFBC First Merchants Corporation Muncie IN FRME Fulton Financial Corporation Lancaster PA FULT Independent Bank Corp. Rockland MA INDB Northwest Bancshares, Inc. Columbus OH NWBI OceanFirst Financial Corp. Red Bank NJ OCFC Park National Corporation Newark OH PRK Provident Financial Services, Inc. Jersey City NJ PFS S&T Bancorp, Inc. Indiana PA STBA Tompkins Financial Corporation Ithaca NY TMP WesBanco, Inc. Wheeling WV WSBC
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APPENDIX33 In the J.D. Power 2025 U.S. Retail Banking Satisfaction Study, NBT Bank was the highest ranked bank in Upstate New York and ranked #3 in the NY Tri-State Region, which includes New York, Connecticut and New Jersey. External Recognition • National Winner – Overall Satisfaction for Small Business Banking in the U.S. • Regional Winner – Overall Satisfaction for Small Business Banking in the U.S. (Northeast) • Regional Winner – Satisfaction in Cash Management for Small Business Banking in the U.S. (Northeast) • Recognized as a Forbes World’s Best Bank 5 times in 6 years (2019 to 2024) • Named to Forbes America’s Best Banks list for 2025
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APPENDIX34 (Dollars in Thousands) Q1 2025 Q4 2024 Q1 2024 Net Income $ 36,745 $ 36,005 $ 33,823 Amortization of Intangible Assets (Net of Tax) 1,583 1,560 1,626 Net Income, Excluding Intangibles Amortization $ 38,328 $ 37,565 $ 35,449 Average Tangible Common Equity $ 1,140,565 $ 1,118,649 $ 1,027,846 Return on Average Tangible Common Equity(1) 13.63% 13.36% 13.87% (Dollars in Thousands, Except Per Share Data) Q1 2025 Q4 2024 Q1 2024 Net Income $ 36,745 $ 36,005 $ 33,823 Acquisition Expenses 1,221 988 - Securities Losses (Gains) 104 (222) (2,183) Adjustments to Net Income $ 1,325 $ 766 $ (2,183) Adjustments to Net Income (Net of Tax) $ 1,020 $ 604 $ (1,703) Operating Net Income $ 37,765 $ 36,609 $ 32,120 Operating Diluted Earnings Per Share $ 0.80 $ 0.77 $ 0.68 Operating Return on Average Assets(1) 1.11% 1.06% 0.97% Operating Return on Average Tangible Common Equity(1) 13.99% 13.57% 13.20% 1. Annualized. Reconciliation of Non-GAAP Measures
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APPENDIX Reconciliation of Non-GAAP Measures 35 (Dollars in Thousands, Except Per Share Data) Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024 Total Stockholder’s Equity $ 1,526,775 $ 1,526,141 $ 1,521,980 $ 1,461,955 $ 1,441,415 Goodwill and Other Intangibles (396,912) (399,023) (397,853) (398,686) (400,819) Tangible Common Equity $ 1,168,863 $ 1,127,118 $ 1,124,127 $ 1,063,269 $ 1,040,596 Total Assets $ 13,864,251 $ 13,786,666 $ 13,839,552 $ 13,501,909 $ 13,439,199 Goodwill and Other Intangibles (396,912) (399,023) (397,853) (398,686) (400,819) Tangible Assets $ 13,467,339 $ 13,387,643 $ 13,441,699 $ 13,103,223 $ 13,038,380 Tangible Common Equity to Tangible Assets 8.68% 8.42% 8.36% 8.11% 7.98% Common Shares Outstanding 47,255,406 47,194,517 47,155,015 Book Value Per Share $ 33.13 $ 32.34 $ 30.57 Tangible Book Value Per Share $ 24.74 $ 23.88 $ 22.071. Annualized. (Dollars in Thousands) Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024 Net Interest Income $ 107,223 $ 106,105 $ 101,669 $ 97,174 $ 95,174 FTE Adjustment 636 619 639 658 658 Net Interest Income, Tax Equivalent $ 107,859 $ 106,724 $ 102,308 $ 97,832 $ 95,832 Average Total Interest Earning Assets $ 12,701,136 $ 12,704,655 $ 12,447,198 $ 12,367,957 $ 12,273,657 Net Interest Margin, Tax Equivalent(1) 3.44% 3.34% 3.27% 3.18% 3.14%
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APPENDIX Reconciliation of Non-GAAP Measures 36 (Dollars in Thousands) 2025 – YTD 2024 2023 2022 2021 2020 2019 2018 Net Interest Income $ 107,223 $ 400,122 $ 378,219 $ 362,190 $ 321,088 $ 315,678 $ 311,555 $ 305,629 FTE Adjustment 636 2,574 2,034 1,304 1,191 1,301 1,667 2,007 Net Interest Income, Tax Equivalent $ 107,859 $ 402,696 $ 380,253 $ 363,494 $ 322,279 $ 316,979 $ 313,222 $ 307,636 Average Total Interest Earning Assets $ 12,701,136 $ 12,449,064 $ 11,570,283 $ 10,898,871 $ 10,631,890 $ 9,571,777 $ 8,739,258 $ 8,594,469 Net Interest Margin, Tax Equivalent 3.44% 3.23% 3.29% 3.34% 3.03% 3.31% 3.58% 3.58% (Dollars in Thousands) 2025 - LTM 2024 2023 2022 2021 2020 2019 2018 Noninterest Expense $ 386,008 $ 377,881 $ 341,664 $ 304,465 $ 287,281 $ 277,733 $ 274,734 $ 264,561 Acquisition Expenses (2,752) (1,531) (9,978) (967) - - - - Adjusted Noninterest Expense $ 383,256 $ 376,350 $ 331,686 $ 303,498 $ 287,281 $277,733 $274,734 $ 264,561 1. Annualized.
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APPENDIX Reconciliation of Non-GAAP Measures 37 1. Balance per S&P Global Market Intelligence, utilizes a 21% statutory tax rate. 2. Calculation per S&P Global Market Intelligence. 3. Balance per S&P Global Market Intelligence. (Dollars in Thousands) Q1 2025 Net Income $ 36,745 Securities (Gains) (Net of Tax)(1) 82 Amortization of Intangibles (Net of Tax)(1) 1,668 Acquisition Expense (Net of Tax)(1) 965 Core Net Income(2) $ 39,459 Average Stockholders’ Equity $ 1,538,798 Average Tangible Equity(3) $ 1,140,831 Core Return on Average Equity(2) 10.26% Core Return on Average Tangible Common Equity(2) 13.84%
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APPENDIX38 Forward-Looking Statements This presentation 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 merger within the expected timeframes or at all or to successfully integrate Evans operations and those of NBT; (14) the ability to increase market share and control expenses; (15) changes in the competitive environment among financial holding companies; (16) the effect of changes in laws and regulations (including laws and regulations concerning taxes, banking, securities and insurance) with which the Company and its subsidiaries must comply, including those under the Dodd-Frank Act, and the Economic Growth, Regulatory Relief, and Consumer Protection Act of 2018; (17) the effect of changes in accounting policies and practices, as may be adopted by the regulatory agencies, as well as the Public Company Accounting Oversight Board, the Financial Accounting Standards Board and other accounting standard setters; (18) changes in the Company’s organization, compensation and benefit plans; (19) the costs and effects of legal and regulatory developments, including the resolution of legal proceedings or regulatory or other governmental inquiries, and the results of regulatory examinations or reviews; (20) greater than expected costs or difficulties related to the integration of new products and lines of business; and (21) the Company’s success at managing the risks involved in the foregoing items. The Company cautions readers not to place undue reliance on any forward-looking statements, which speak only as of the date made, and advises readers that various factors, including, but not limited to, those described above and other factors discussed in the Company’s annual and quarterly reports previously filed with the SEC, could affect the Company’s financial performance and could cause the Company’s actual results or circumstances for future periods to differ materially from those anticipated or projected. 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.