At a glance
NBT Bancorp Inc is worth $2.70B, about 16 times its fiscal 2025 earnings. Revenue grew 20.8% to $697.0M in fiscal 2025, with 24.3% kept as profit; over 5 years it has grown 8.6% a year. It pays a 2.91% dividend yield, raised every year for at least 8 years, and returned $340.1M to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +30.1% over the past year with dividends reinvested and +11.0% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 28.6% in the 2020 crash (S&P 500: 33.7%) and 16.1% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 12 months and 4 months after the lows.
The business in plain English
NBT Bancorp, based in Norwich, New York, owns NBT Bank, a community bank founded in 1856. The bank gathers deposits and lends to individuals, businesses and local governments through consumer loans, home equity loans, mortgages and commercial loans. It also makes agricultural loans, which many larger rivals don't offer. Its locations span 47 counties across upstate New York, northeastern Pennsylvania, southern New Hampshire, western Massachusetts, Vermont, southern Maine and central and northwestern Connecticut. It had $16.00 billion of assets as of December 31, 2025.
NBT earns most of its money from net interest income. That is the gap between the interest it earns on loans and securities and the interest it pays on deposits and borrowings. In 2025 net interest income came to about $502 million out of roughly $697 million in revenue. The remaining $195 million was noninterest income, such as deposit and card fees, wealth management and trust fees, insurance and retirement plan administration fees.
The company reports two segments: Banking and Retirement Plan Administration. Besides the bank, it owns EPIC Advisors, a national benefits administration firm in Rochester, New York, that administers retirement plans. It also owns NBT Insurance Agency, which offers personal and business insurance. In May 2025, NBT acquired Evans Bancorp for $221.8 million in stock. The deal added 18 locations in Western New York and a bigger presence in Buffalo and Rochester.
Price history
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NBTB +30.1% over the year to Oct 28, 2026, total return with dividends reinvested.
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $186.7M, up 9.1% from a year earlier, and net income was $53.0M (+135.6%).
- For fiscal 2025, revenue was $697.0M (+20.8% year over year; +8.6% a year from FY2020 to FY2025) with a 24.3% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +8.6% good |
|---|---|
| Return on equity | 8.9% watch |
| Net income / revenue | 24.3% watch |
| Deposits | $13.54B |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $462.0M | $104.4M | — |
| FY2021 | $478.9M | $154.9M | — |
| FY2022 | $517.8M | $152.0M | — |
| FY2023 | $520.4M | $118.8M | — |
| FY2024 | $576.9M | $140.6M | — |
| FY2025 | $697.0M | $169.2M | — |
Valuation snapshot
| Market value | $2.70B |
|---|---|
| P/E ratio | 15.6 |
| Dividend yield | 2.91% |
Rank among 1514 US companies
Market value at each year end
NBT Bancorp’s market value went from $1.81B at the end of 2016 to $2.70B on Oct 28, 2026, up 49%; since the end of 2025 it is up 24%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $2.70B | +24.3% |
| 2025 | $2.17B | -3.6% |
| 2024 | $2.25B | +14.2% |
| 2023 | $1.97B | +6.1% |
| 2022 | $1.86B | +11.4% |
| 2021 | $1.67B | +19.2% |
| 2020 | $1.40B | -21.2% |
| 2019 | $1.78B | +17.6% |
| 2018 | $1.51B | -5.7% |
| 2017 | $1.60B | -11.4% |
| 2016 | $1.81B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| NBTB price data to Oct 28, 2026 | +28.3% | +30.1% | +20.1% | +11.0% | +7.7% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +28.3% |
| 2025 | -10.2% |
| 2024 | +17.6% |
| 2023 | -0.1% |
| 2022 | +16.0% |
| 2021 | +23.6% |
| 2020 | -18.1% |
| 2019 | +20.6% |
| 2018 | -3.5% |
| 2017 | -9.9% |
| 2016 | +54.6% |
| 2015 | +9.7% |
| 2014 | +5.1% |
| 2013 | +32.6% |
| 2012 | -4.8% |
| 2011 | -4.8% |
| 2010 | +23.0% |
| 2009 | -24.3% |
| 2008 | +26.7% |
| 2007 | -7.4% |
| 2006 | +22.1% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 30.6% over that stretch · deepest drop along the way 52.9%, back to its old high 75.5 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 24.2% over that stretch · deepest drop along the way 28.6%, back to its old high 11.8 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 6.6% over that stretch · deepest drop along the way 16.1%, back to its old high 3.8 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 6 sales ($2.1M).
| Date | Insider | Type | Value |
|---|---|---|---|
| Jun 9, 2026 | John H Jr Watt Director | sell | $996K |
| Jul 29, 2026 | Sarah A Halliday EVP/Chief Comm Innovation Off | sell | $486K |
| Jul 29, 2026 | Ruth H Mahoney EVP/President of Wealth Mgmt | sell | $244K |
| Jun 5, 2026 | Ruth H Mahoney EVP/President of Wealth Mgmt | sell | $233K |
| Jun 12, 2026 | Heidi M Hoeller Director | sell | $101K |
Who owns it
Large shareholders (13G filings)
| Vanguard Portfolio Management | 6.7% | Mar 31, 2026 |
| STATE STREET CORPORATION | 5.3% | Jun 30, 2026 |
| Vanguard Capital Management | 5.06% | Mar 31, 2026 |
ETFs with the most weight in NBTB
| JPSV JPMorgan Active Small Cap Value ETF | 1.05% |
| DGRS WisdomTree US Smallcap Quality Dividend Growth Fund | 0.93% |
| KBE SPDR S&P Bank ETF | 0.64% |
| PSCF Invesco S&P SmallCap Financials ETF | 0.59% |
| SEIS SEI Select Small Cap ETF | 0.55% |
| SVAL iShares US Small Cap Value Factor ETF | 0.54% |
| FYC First Trust Small Cap Growth AlphaDEX Fund | 0.5% |
| KRE SPDR S&P Regional Banking ETF | 0.33% |
What could go wrong
- Tied to a handful of Northeast economies. National banks spread their lending across the country. NBT depends on the economies of upstate New York, northeastern Pennsylvania and parts of New England. A local downturn could raise bad loans and weaken its deposits.
- Falling property values in its markets. Most of NBT's loans, and the property securing them, are in the same markets. If local real estate prices fall, loans could lose their full backing. Losses could rise and new lending could slow.
- Stock-funded acquisitions add shares and costs. NBT paid for Evans Bancorp entirely in stock, issuing 5.1 million shares, and booked $19.5 million of merger costs in 2025. Shares outstanding rose 19.9% from October 2021 to July 2026.
- Fee income shrinks when markets slump. In a downturn, retirement plan and trust clients may pull money out while asset values drop. That shrinks the assets NBT manages and administers, and with them its wealth management and administration fees.
- Earnings hinge on interest rate spreads. Net interest income, the gap between loan and deposit rates, made up about $502 million of NBT's $697 million in 2025 revenue. Changes in interest rates or competition for deposits can squeeze it.
- Bigger banks and nonbanks compete hard. Larger rivals may offer lower loan rates, higher deposit rates and services like credit cards that NBT doesn't directly provide. Some nonbank competitors face fewer rules, and out-of-state banks are entering its markets.
Recent events
- Quarterly results released
- Executive or board change
- Investor presentation or announcement
- Quarterly results released
- Shareholder vote results; Investor presentation or announcement
- Investor presentation or announcement
- Investor presentation or announcement
- Quarterly results released
- Investor presentation or announcement
- Quarterly results released; Executive or board change
For income and retirement investors
NBT Bancorp has raised its regular dividend per share eight years in a row through FY2025. Dividends per share rose from $1.08 in 2020 to $1.42 in 2025, about 5.6% a year, and used 42.9% of 2025 earnings. The yield was 2.91% as of October 28, 2026. Buybacks have been modest: $51.8 million over FY2021–FY2025, against $288.2 million of dividends. The share count rose 19.9% between October 2021 and July 2026, partly because NBT issued 5.1 million shares to acquire Evans Bancorp.
Downturns have hit the shares unevenly. In the 2008 financial crisis, they fell 52.9% from September 2008 to March 2009 and took about 75 months, until June 2015, to recover. In the 2020 COVID crash, they fell 28.6% and recovered in about 12 months. In 2022 they dropped 16.1% at worst but were back to their high by August. A single bank stock carries more risk than a diversified fund.
Questions investors ask
How does NBT Bancorp make money?
Mostly from the interest on its loans. NBT Bank takes deposits and lends to households, businesses and local governments across upstate New York, northeastern Pennsylvania and parts of New England. In 2025, net interest income was about $502 million of roughly $697 million in revenue. That is the gap between the interest it earns on loans and securities and the interest it pays on deposits and borrowings. The other $195 million was noninterest income, such as deposit and card fees, wealth management, insurance and retirement plan administration through EPIC Advisors.
Does NBT Bancorp raise its dividend every year?
Yes, for eight straight years through FY2025. Regular dividends per share rose every year from FY2017 to FY2025, reaching $1.42 in 2025. That was up from $1.08 in 2020, or about 5.6% a year. The 2025 dividend used 42.9% of earnings, and the yield was 2.91% as of October 28, 2026. The streak starts after FY2016, whose total appears to include a special dividend. Past increases don't guarantee future ones.
Did NBT Bancorp acquire Evans Bancorp?
Yes. NBT completed the merger on May 2, 2025, paying $221.8 million in stock and issuing 5.1 million new shares. Evans, based in Williamsville, New York, had $2.19 billion of assets at the end of 2024 and 18 banking locations in Western New York. The deal added $1.67 billion of loans and $1.86 billion of deposits. It also gave NBT a bigger presence in Buffalo and Rochester. NBT recorded $19.5 million of merger expenses in 2025.
What is NBT Bancorp's P/E ratio?
About 15.6 as of October 28, 2026. The price-to-earnings ratio compares the share price with profit per share. Here it uses 2025 earnings of $3.33 per share. The company's market value was about $2.70 billion on that date. Its return on equity, which is profit as a percentage of shareholders' equity, was 8.9% for 2025. The P/E is worth comparing with other regional banks before drawing conclusions about value.
How has NBT Bancorp stock performed over the long term?
It has gained over one, five and ten years, with sharp drops along the way. Based on share prices as of October 28, 2026, the stock rose 30.1% over one year. It rose about 11% a year over five years and 7.7% a year over ten years. It fell 52.9% in the 2008 financial crisis and needed about 75 months to recover. It also lost 10.2% in calendar 2025.