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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2025.

☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ________ to ________.

COMMISSION FILE NUMBER 0-14703

NBT BANCORP INC.

(Exact name of registrant as specified in its charter)

Delaware		16-1268674
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

52 South Broad Street, Norwich, New York 13815

(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code: (607) 337-2265

None

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock, par value $0.01 per share		NBTB		The NASDAQ Stock Market LLC

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☒

Accelerated filer ☐

Non-accelerated filer ☐

Smaller reporting company ☐

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of July 31, 2025, there were 52,394,085 shares outstanding of the Registrant’s Common Stock, $0.01 par value per share.

NBT BANCORP INC.

FORM 10-Q - Quarter Ended June 30, 2025

TABLE OF CONTENTS

PART I	FINANCIAL INFORMATION
ITEM 1.	FINANCIAL STATEMENTS (Unaudited)
	Consolidated Balance Sheets	4
	Consolidated Statements of Income	5
	Consolidated Statements of Comprehensive Income (Loss)	6
	Consolidated Statements of Changes in Stockholders’ Equity	7
	Consolidated Statements of Cash Flows	8
	Notes to Unaudited Interim Consolidated Financial Statements	10
ITEM 2.	MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS	36
ITEM 3.	QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK	54
ITEM 4.	CONTROLS AND PROCEDURES	54

PART II	OTHER INFORMATION
ITEM 1.	LEGAL PROCEEDINGS	54
ITEM 1A.	RISK FACTORS	54
ITEM 2.	UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS	54
ITEM 3.	DEFAULTS UPON SENIOR SECURITIES	54
ITEM 4.	MINE SAFETY DISCLOSURES	54
ITEM 5.	OTHER INFORMATION	54
ITEM 6.	EXHIBITS	54

SIGNATURES		55

Table of Contents

GLOSSARY OF ABBREVIATIONS AND ACRONYMS

When references to “NBT”, “we,” “our,” “us,” and “the Company” are made in this report, we mean NBT Bancorp Inc. and our consolidated subsidiaries, unless the context indicates that we refer only to the parent company, NBT Bancorp Inc. When we refer to the “Bank” in this report, we mean our only bank subsidiary, NBT Bank, National Association, and its subsidiaries.

The acronyms and abbreviations identified below are used throughout this report, including the Notes to Unaudited Interim Consolidated Financial Statements. You may find it helpful to refer to this page as you read this report.

AFS	available for sale
AIR	accrued interest receivable
AOCI	accumulated other comprehensive income (loss)
ASC	Accounting Standards Codification
ASU	Accounting Standards Update
bp(s)	basis point(s)
C&I	commercial & industrial
CECL	current expected credit losses
CME	Chicago Mercantile Exchange Clearing House
CODM	chief operating decision maker
CRE	commercial real estate
EPS	earnings per share
Evans	Evans Bancorp, Inc.
Evans Bank	Evans Bank, National Association
FASB	Financial Accounting Standards Board
FDIC	Federal Deposit Insurance Corporation
FHLB	Federal Home Loan Bank
FOMC	Federal Open Market Committee
FRB	Federal Reserve Board
FTE	fully taxable equivalent
GAAP	U.S. generally accepted accounting principles
GDP	Gross Domestic Product
HTM	held to maturity
LGD	loss given default
MMDA	money market deposit accounts
NASDAQ	The NASDAQ Stock Market LLC
NIM	net interest margin
OCC	Office of the Comptroller of the Currency
OREO	other real estate owned
PCD	purchased credit deteriorated
PD	probability of default
SEC	U.S. Securities and Exchange Commission
SOFR	Secured Overnight Financing Rate

Table of Contents

ITEM 1. FINANCIAL STATEMENTS

NBT Bancorp Inc. and Subsidiaries

Consolidated Balance Sheets (unaudited)

	June 30,			December 31,
(In thousands, except share and per share data)	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
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
Stockholders’ equity
Preferred stock, $0.01 par value. 2,500,000 shares authorized	$	-		$	-
Common stock, $0.01 par value. 100,000,000 shares authorized; 59,083,155 and 53,974,492 shares issued, respectively		591			540
Additional paid-in-capital		962,868			742,810
Retained earnings		1,125,589			1,100,209
Accumulated other comprehensive loss		(109,488	)		(142,098	)
Common stock in treasury, at cost, 6,705,868 and 6,779,975 shares, respectively		(174,394	)		(175,320	)
Total stockholders’ equity	$	1,805,166		$	1,526,141
Total liabilities and stockholders’ equity	$	16,014,781		$	13,786,666

See accompanying notes to unaudited interim consolidated financial statements.

Table of Contents

NBT Bancorp Inc. and Subsidiaries

Consolidated Statements of Income (unaudited)

	Three Months Ended June 30,					Six Months Ended June 30,
(In thousands, except per share data)	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		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
Office supplies and postage		1,871		1,804			3,813		3,669
FDIC assessment		1,820		1,667			3,514		3,402
Advertising		974		873			2,112		1,685
Amortization of intangible assets		3,042		2,133			5,153		4,301
Loan collection and other real estate owned, net		489		715			1,148		1,268
Acquisition expenses		17,180		-			18,401		-
Other		8,216		5,518			14,440		11,753
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

See accompanying notes to unaudited interim consolidated financial statements.

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NBT Bancorp Inc. and Subsidiaries

Consolidated Statements of Comprehensive Income (Loss) (unaudited)

	Three Months Ended June 30,						Six Months Ended June 30,
(In thousands)	2025			2024			2025			2024
Net income	$	22,510		$	32,716		$	59,255		$	66,539
Other comprehensive income (loss), net of tax:

Securities available for sale:
Unrealized net holding gains (losses) arising during the period, gross	$	15,121		$	1,556		$	41,769		$	(3,736	)
Tax effect		(3,781	)		(389	)		(10,443	)		934
Unrealized net holding gains (losses) arising during the period, net	$	11,340		$	1,167		$	31,326		$	(2,802	)

Amortization of unrealized net gains for the reclassification of available for sale securities to held to maturity, gross	$	70		$	91		$	145		$	187
Tax effect		(17	)		(23	)		(36	)		(47	)
Amortization of unrealized net gains for the reclassification of available for sale securities to held to maturity, net	$	53		$	68		$	109		$	140

Total securities available for sale, net	$	11,393		$	1,235		$	31,435		$	(2,662	)

Pension and other benefits:
Amortization of prior service cost and actuarial losses, gross	$	307		$	1,451		$	631		$	1,903
Tax effect		(77	)		(363	)		(158	)		(476	)
Amortization of prior service cost and actuarial losses, net	$	230		$	1,088		$	473		$	1,427

Decrease (increase) in unrecognized actuarial loss, gross	$	936		$	(1,000	)	$	936		$	(1,000	)
Tax effect		(234	)		250			(234	)		250
Decrease (increase) in unrecognized actuarial loss, net	$	702		$	(750	)	$	702		$	(750	)

Total pension and other benefits, net	$	932		$	338		$	1,175		$	677

Total other comprehensive income (loss)	$	12,325		$	1,573		$	32,610		$	(1,985	)
Comprehensive income	$	34,835		$	34,289		$	91,865		$	64,554

See accompanying notes to unaudited interim consolidated financial statements.

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NBT Bancorp Inc. and Subsidiaries

Consolidated Statements of Changes in Stockholders’ Equity (unaudited)

(In thousands, except share and per share data)	Common Stock		Additional Paid-in- Capital			Retained Earnings			Accumulated Other Comprehensive (Loss) Income			Common Stock in Treasury			Total
Balance at March 31, 2025	$	540	$	740,865		$	1,120,887		$	(121,813	)	$	(174,704	)	$	1,565,775
Net income		-		-			22,510			-			-			22,510
Cash dividends - $0.34 per share		-		-			(17,808	)		-			-			(17,808	)
Issuance of 5,108,663 shares of common stock for acquisition		51		221,716			-			-			-			221,767
Net issuance of 13,218 shares to employee and other stock plans		-		(586	)		-			-			310			(276	)
Stock-based compensation		-		873			-			-			-			873
Other comprehensive income		-		-			-			12,325			-			12,325
Balance at June 30, 2025	$	591	$	962,868		$	1,125,589		$	(109,488	)	$	(174,394	)	$	1,805,166

Balance at March 31, 2024	$	540	$	740,792		$	1,040,563		$	(164,492	)	$	(175,988	)	$	1,441,415
Net income		-		-			32,716			-			-			32,716
Cash dividends - $0.32 per share		-		-			(15,092	)		-			-			(15,092	)
Purchase of 5,700 treasury shares		-		-			-			-			(188	)		(188	)
Net issuance of 16,054 shares to employee and other stock plans		-		(766	)		-			-			390			(376	)
Stock-based compensation		-		1,907			-			-			-			1,907
Other comprehensive income		-		-			-			1,573			-			1,573
Balance at June 30, 2024	$	540	$	741,933		$	1,058,187		$	(162,919	)	$	(175,786	)	$	1,461,955

(In thousands, except share and per share data)	Common Stock		Additional Paid-in- Capital			Retained Earnings			Accumulated Other Comprehensive (Loss) Income			Common Stock in Treasury			Total
Balance at December 31, 2024	$	540	$	742,810		$	1,100,209		$	(142,098	)	$	(175,320	)	$	1,526,141
Net income		-		-			59,255			-			-			59,255
Cash dividends - $0.68 per share		-		-			(33,875	)		-			-			(33,875	)
Issuance of 5,108,663 shares of common stock for acquisition		51		221,716			-			-			-			221,767
Net issuance of 74,107 shares to employee and other stock plans		-		(4,705	)		-			-			926			(3,779	)
Stock-based compensation		-		3,047			-			-			-			3,047
Other comprehensive income		-		-			-			32,610			-			32,610
Balance at June 30, 2025	$	591	$	962,868		$	1,125,589		$	(109,488	)	$	(174,394	)	$	1,805,166

Balance at December 31, 2023	$	540	$	740,943		$	1,021,831		$	(160,934	)	$	(176,689	)	$	1,425,691
Net income		-		-			66,539			-			-			66,539
Cash dividends - $0.64 per share		-		-			(30,183	)		-			-			(30,183	)
Purchase of 7,600 treasury shares		-		-			-			-			(251	)		(251	)
Net issuance of 63,070 shares to employee and other stock plans		-		(3,201	)		-			-			1,154			(2,047	)
Stock-based compensation		-		4,191			-			-			-			4,191
Other comprehensive (loss)		-		-			-			(1,985	)		-			(1,985	)
Balance at June 30, 2024	$	540	$	741,933		$	1,058,187		$	(162,919	)	$	(175,786	)	$	1,461,955

See accompanying notes to unaudited interim consolidated financial statements.

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NBT Bancorp Inc. and Subsidiaries

Consolidated Statements of Cash Flows (unaudited)

	Six Months Ended June 30,
(In thousands)	2025			2024
Operating activities
Net income	$	59,255		$	66,539
Adjustments to reconcile net income to net cash provided by operating activities
Provision for loan losses		25,389			14,478
Depreciation and amortization of premises and equipment		6,193			5,721
Net amortization on securities		917			1,305
Amortization of intangible assets		5,153			4,301
Amortization of operating lease right-of-use assets		4,088			3,729
Excess tax benefit on stock-based compensation		(419	)		(135	)
Stock-based compensation expense		3,047			4,191
Bank owned life insurance income		(5,577	)		(4,186	)
Amortization of subordinated debt issuance costs		199			219
Proceeds from sale of loans held for sale		173,409			51,664
Originations of loans held for sale		(167,816	)		(51,139	)
Net gain on sale of loans held for sale		(313	)		(72	)
Net securities (gains)		(8	)		(2,091	)
Net gains on sale of other real estate owned		(83	)		-
Net change in other assets and other liabilities		(14,952	)		(7,261	)
Net cash provided by operating activities	$	88,482		$	87,263
Investing activities
Net cash provided by (used in) acquisitions	$	38,597		$	(743	)
Securities available for sale:
Proceeds from maturities, calls and principal paydowns		90,172			54,196
Proceeds from sales		254,468			2,284
Purchases		(202,260	)		(66,970	)
Securities held to maturity:
Proceeds from maturities, calls and principal paydowns		81,258			85,547
Purchases		(45,167	)		(59,856	)
Equity securities:
Proceeds from sales		491			-
Purchases		-			(16	)
Other:
Net increase in loans		(483	)		(212,351	)
Proceeds from Federal Reserve and Federal Home Loan Bank stock redemption		30,216			51,481
Purchases of Federal Reserve and Federal Home Loan Bank stock		(26,991	)		(43,934	)
Proceeds from settlement of bank owned life insurance		4,330			608
Purchases of premises and equipment, net		(6,031	)		(3,804	)
Proceeds from sales of other real estate owned		135			-
Net cash provided by (used in) investing activities	$	218,735		$	(193,558	)
Financing activities
Net increase in deposits	$	104,422		$	302,465
Net decrease in short-term borrowings		(92,972	)		(161,948	)
Repayments of long-term debt		(25,078	)		(75	)
Cash paid by employer for tax-withholding on stock issuance		(2,207	)		(1,382	)
Purchase of treasury stock		-			(251	)
Cash dividends		(33,875	)		(30,183	)
Net cash (used in) provided by financing activities	$	(49,710	)	$	108,626
Net increase in cash and cash equivalents	$	257,507		$	2,331
Cash and cash equivalents at beginning of period		284,056			205,189
Cash and cash equivalents at end of period	$	541,563		$	207,520

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NBT Bancorp Inc. and Subsidiaries

Consolidated Statements of Cash Flows (unaudited) (continued)

	Six Months Ended June 30,
	2025			2024
Supplemental disclosure of cash flow information
Cash paid during the period for:
Interest expense		$	99,802		$	108,183
Income taxes paid, net of refund			16,325			9,213
Noncash investing activities:
Loans transferred to other real estate owned		$	215		$	74
Acquisitions:
Fair value of assets acquired, excluding acquired cash and goodwill		$	2,087,439		$	693
Fair value of liabilities assumed			1,997,253			-

See accompanying notes to unaudited interim consolidated financial statements.

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NBT Bancorp Inc. and Subsidiaries

Notes to Unaudited Interim Consolidated Financial Statements

June 30, 2025

1.	Description of Business

NBT Bancorp Inc. is a registered financial holding company incorporated in the state of Delaware in 1986, with its principal headquarters located in Norwich, New York. The principal assets of NBT Bancorp Inc. consist of all of the outstanding shares of common stock of its subsidiaries, including: NBT Bank, National Association (the “Bank”), NBT Financial Services, Inc. (“NBT Financial”), NBT Holdings, Inc. (“NBT Holdings”), CNBF Capital Trust I, NBT Statutory Trust I, NBT Statutory Trust II, Alliance Financial Capital Trust I, Alliance Financial Capital Trust II and Evans Capital Trust I (collectively, the “Trusts”). The principal sources of revenue for NBT Bancorp Inc. are the management fees and dividends it receives from the Bank, NBT Financial and NBT Holdings. Collectively, NBT Bancorp Inc. and its subsidiaries are referred to herein as (the “Company”).

The Company’s business, primarily conducted through the Bank, consists of providing commercial banking, retail banking and wealth management services primarily to customers in its market area, which includes upstate New York, northeastern Pennsylvania, southern New Hampshire, western Massachusetts, Vermont, southern Maine and central and northwestern Connecticut. The Company has been, and intends to continue to be, a community-oriented financial institution offering a variety of financial services. The Company’s business philosophy is to operate as a community bank with local decision-making, providing a broad array of banking and financial services to retail, commercial and municipal customers. On May 2, 2025, the Company completed the acquisition of Evans Bancorp, Inc. (“Evans”). Evans was headquartered in Williamsville, New York. Evans Bank, National Association (“Evans Bank”), was a federally-chartered national banking association operating 18 banking locations in Western New York.

2.	Summary of Significant Accounting Policies

Basis of Presentation

The accompanying unaudited interim consolidated financial statements include the accounts of NBT Bancorp Inc. and its wholly-owned subsidiaries mentioned above. In the opinion of management, the interim data includes all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of the results for the interim periods in accordance with U.S. generally accepted accounting principles (“GAAP”) and in accordance with the instructions for the Quarterly Report on Form 10-Q and Article 10 of Regulation S-X as promulgated by the Securities and Exchange Commission (“SEC”). Accordingly, the consolidated financial statements do not include all of the information and notes necessary for complete financial statements in conformity with GAAP. These unaudited interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s 2024 Annual Report on Form 10-K. The results of operations for the interim periods are not necessarily indicative of the results that may be expected for the full year or any other interim period. All material intercompany transactions have been eliminated in consolidation. Amounts previously reported in the consolidated financial statements are reclassified whenever necessary to conform to current period presentation. The Company has evaluated subsequent events for potential recognition and/or disclosure, and none were identified.

Use of Estimates in the Preparation of Financial Statements

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts in the financial statements and accompanying notes. Actual results may differ from those estimates and such differences could be material to the financial statements. Estimates associated with the allowance for credit losses are particularly susceptible to material change in the near term.

3.	Recent Accounting Pronouncements

Accounting Standards Issued Not Yet Adopted

In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-09, Improvements to Income Tax Disclosures, in response to requests from investors, lenders, creditors and other allocators of capital for enhanced income tax disclosures to support capital allocation decisions. The ASU requires enhanced disclosures primarily related to existing rate reconciliation and income taxes paid information to help investors better assess how the Company’s operations and related tax risks and tax planning and operational opportunities affect the Company’s tax rate and prospects for future cash flows. The ASU 2023-09 improves the transparency of income tax disclosures. The amendments in this ASU are effective for the Company for annual periods beginning after December 15, 2024, and should be applied on a prospective basis. Retrospective application and early adoption are permitted. Aside from complying with the new disclosure requirements, the adoption is not expected to have a material impact on the consolidated financial statements.

In November 2024, the FASB issued ASU 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, that addresses longstanding investor requests for more information regarding expenses included in the expense captions presented on the face of the income statement. The ASU will require a tabular disclosure that disaggregates certain income statement expenses including employee compensation, depreciation and intangible asset amortization. In January 2025, the FASB issued ASU 2025-01, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date, which revises the effective date of ASU 2024-03. The ASU will become effective in the annual reporting periods beginning after December 15, 2026, and early adoption is permitted. Aside from complying with the new disclosure requirements, the adoption is not expected to have a material impact on the consolidated financial statements.

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4.	Acquisitions

Evans Bancorp, Inc.

On May 2, 2025, the Company completed the acquisition of Evans through the merger of Evans with and into the Company, with the Company surviving the merger. Total consideration for the acquisition was $221.8 million in common stock. Evans, with assets of $2.19 billion at December 31, 2024, was headquartered in Williamsville, New York. Its primary subsidiary, Evans Bank, was a federally-chartered national banking association operating 18 banking locations in Western New York. The acquisition enhances the Company’s presence in Western New York, including the Buffalo and Rochester communities. In connection with the acquisition, the Company issued 5.1 million shares of common stock and acquired approximately $130.4 million of identifiable net assets. Preliminary goodwill of $91.4 million was recognized as a result of the merger and is not amortizable or deductible for tax purposes. The effects of the acquired assets and liabilities have been included in the consolidated financial statements since May 2, 2025. As a result of the full integration of the operations of Evans, it is not practicable to determine all revenue or net income included in the Company’s operating results relating to Evans since the date of acquisition as Evans results cannot be separately identified.

The acquisition of Evans is being accounted for as a business combination in accordance with Accounting Standards Codification (“ASC”) 805, “Business Combinations” (“ASC 805”), using the acquisition method of accounting. Accordingly, as of the date of the acquisition, the Company recorded the assets acquired, liabilities assumed and consideration paid at fair value based on management’s best estimates using information available at the date of the acquisition. These estimates are subject to adjustment based on updated information not available at the time of the acquisition. The amount of goodwill arising from the acquisition consists largely of the synergies and economies of scale expected from combining the operations of the Company with Evans. Accrued income taxes and deferred taxes associated with the Evans acquisition were recorded on a provisional basis and could vary from the actual recorded balance once tax provisions and returns are finalized.

The following table summarizes the estimated fair value of the assets acquired and liabilities assumed:

	May 2, 2025
(In thousands)	Evans Bancorp, Inc.
Consideration:
Cash paid to shareholders (fractional shares)	$	25
Common stock issuance		221,767
Total net consideration	$	221,792

Recognized amounts of identifiable assets acquired and (liabilities) assumed:
Cash and cash equivalents	$	40,197
Securities available for sale		255,487
Securities held to maturity		3,494
Loans, net of allowance for credit losses on purchased credit deteriorated loans		1,665,712
Premises and equipment, net		15,069
Core deposit intangibles		33,240
Bank owned life insurance		44,100
Other assets		70,337
Total identifiable assets acquired	$	2,127,636

Deposits	$	(1,864,049	)
Borrowings		(113,712	)
Other liabilities		(19,492	)
Total liabilities assumed	$	(1,997,253	)

Total identifiable assets, net	$	130,383

Goodwill	$	91,409

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The following is a description of the valuation methodologies used to estimate the fair values of major categories of assets acquired and liabilities assumed. The Company used an independent valuation specialist to assist with the determination of fair values for certain acquired assets and assumed liabilities.

Cash and due from banks - The estimated fair value was determined to approximate the carrying amount of these assets.

Securities available for sale (“AFS”) - The estimated fair value of the AFS investment portfolio was primarily determined using quoted market prices and dealer quotes. The investment securities were sold immediately after the merger and no gains or losses were recorded.

Securities held to maturity (“HTM”) - The estimated fair value of the HTM investment portfolio, which consisted of local municipal securities, was retained at par, which is estimated to be equal to fair value.

Loans - The estimated fair value of loans were based on a discounted cash flow methodology applied on a pooled basis. Loans were first segmented by purchased credit deteriorated (“PCD”) or non-purchased credit deteriorated (“non-PCD”) status, and then further grouped according to Federal Deposit Insurance Corporation (“FDIC”) call report segmentation. The valuation considered key loan characteristics including loan type, term, rate, payment schedule and loan performance attributes. Assumptions related to prepayment speeds, probability of default (“PD”) and loss given default (“LGD”) were also considered. The discount rates applied were based on a build-up approach factoring in the funding mix, servicing costs, liquidity premium and factors related to performance risk.

Core deposit intangible - The core deposit intangible was valued utilizing the cost savings method approach, which recognizes the cost savings represented by the expense of maintaining the core deposit base versus the cost of an alternative funding source. The valuation incorporated assumptions related to account retention, discount rates, deposit interest rates, deposit maintenance costs and alternative funding rates.

Deposits - The fair value of noninterest bearing demand deposits, interest-bearing checking, money market and savings deposit accounts were assumed to approximate the carrying value as these accounts have no stated maturity and are payable on demand. Certificate of deposit (“CD”) (time deposit accounts) were valued at the present value of the certificates’ expected contractual payments discounted at market rates for similar certificates which approximates carrying value.

Borrowings - The estimated fair value of short-term borrowings was determined to approximate stated value. Long-term debt, subordinated debt and junior subordinated debt were valued using a discounted cash flow approach incorporating a discount rate that incorporated similar terms, maturity and credit rating.

Accounting for Acquired Loans - Acquired loans are classified into two categories: PCD loans and non-PCD loans. PCD loans are defined as a loan or group of loans that have experienced more than insignificant credit deterioration since origination. Non-PCD loans had an allowance established on acquisition date, which is recognized as an expense through the provision for credit losses. For PCD loans, an allowance is recognized by adding it to the fair value of the loan, which is the amortized cost. There is no provision for credit loss expense recognized on PCD loans because the initial allowance is established by grossing-up the amortized cost of the PCD loan. The allowance for credit losses on non-PCD loans of $13.0 million was recorded through the provision for loan losses within the unaudited interim consolidated statements of income. The following table provides details related to the fair value of acquired PCD loans.

(In thousands)	PCD Loans
Par value of PCD loans at acquisition	$	336,398
Allowance for credit losses at acquisition		7,726
Discount at acquisition		(36,584	)
Fair value of PCD loans at acquisition	$	307,540

Direct costs related to the acquisition were expensed as incurred. Acquisition integration-related expenses were $17.2 million and $18.4 million during the three and six months ended June 30, 2025, respectively. These amounts have been separately stated in the unaudited interim consolidated statements of income and are included in operating activities in the unaudited interim consolidated statements of cash flow.

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Supplemental Pro Forma Financial Information (Unaudited)

The following table presents certain unaudited pro forma financial information for illustrative purposes only, for the three and six months ended June 30, 2025 and 2024, as if Evans had been acquired on January 1, 2024. This unaudited pro forma information combines the historical results of Evans with the Company’s consolidated historical results and includes certain adjustments reflecting the estimated impact of certain fair value adjustments for the respective periods. The pro forma information is not indicative of what would have occurred had the acquisition occurred as of the beginning of the year prior to the acquisition. The unaudited pro forma information does not consider any changes to the provision expense resulting from recording loan assets at fair value, cost savings or business synergies. As a result, actual amounts would have differed from the unaudited pro forma information presented and the differences could be significant.

	Pro Forma (Unaudited)				Pro Forma (Unaudited)
	Three Months Ended June 30,				Six Months Ended June 30,
(In thousands,)	2025		2024		2025		2024
Total revenue, net of interest expense	$	177,453	$	160,074	$	349,366	$	316,814
Net income		12,930		37,247		52,859		73,407

Other Acquisitions

In November 2024, the Company, through its subsidiary, NBT Bank, National Association, completed its acquisition of certain assets of PACO, Inc, a third-party administration business based in West Des Moines, Iowa for a total consideration of $3.3 million. As part of the acquisition the Company recorded goodwill of $0.7 million and $2.9 million contingent considerations recorded in other liabilities on the consolidated balance sheets as of December 31, 2024.

In July 2024, the Company, through its subsidiary, NBT Insurance Agency, LLC, a full-service insurance agency, completed the acquisition of substantially all of the assets of Karl W. Reynard, Inc. located in Stamford, NY for a total consideration of $1.2 million. Karl W. Reynard, Inc. was a long-established property and casualty agency offering personal and commercial lines. This strategic acquisition expands the presence of NBT Insurance Agency, LLC in the Catskills, where the agency and the Bank are well established. As part of the acquisition, the Company recorded goodwill of $0.2 million and a $1.0 million contingent consideration recorded in other liabilities on the unaudited interim consolidated balance sheets.

The operating results of the acquired companies are included in the consolidated results after the date of acquisition.

5.	Securities

The amortized cost, estimated fair value and unrealized gains (losses) of AFS securities are as follows:

(In thousands)	Amortized Cost		Unrealized Gains		Unrealized Losses			Estimated Fair Value
As of June 30, 2025
U.S. treasury	$	104,095	$	34	$	(3,920	)	$	100,209
Federal agency		248,330		-		(21,708	)		226,622
State & municipal		93,556		1		(5,524	)		88,033
Mortgage-backed:
Government-sponsored enterprises		460,203		837		(30,288	)		430,752
U.S. government agency securities		112,183		373		(4,295	)		108,261
Collateralized mortgage obligations:
Government-sponsored enterprises		613,607		1,210		(32,928	)		581,889
U.S. government agency securities		181,822		73		(24,056	)		157,839
Corporate		38,498		-		(2,675	)		35,823
Total AFS securities	$	1,852,294	$	2,528	$	(125,394	)	$	1,729,428
As of December 31, 2024
U.S. treasury	$	108,838	$	59	$	(6,107	)	$	102,790
Federal agency		248,348		-		(29,831	)		218,517
State & municipal		95,457		-		(7,967	)		87,490
Mortgage-backed:
Government-sponsored enterprises		435,825		2		(41,528	)		394,299
U.S. government agency securities		76,528		9		(6,471	)		70,066
Collateralized mortgage obligations:
Government-sponsored enterprises		546,685		142		(42,831	)		503,996
U.S. government agency securities		179,136		39		(26,683	)		152,492
Corporate		48,482		-		(3,468	)		45,014
Total AFS securities	$	1,739,299	$	251	$	(164,886	)	$	1,574,664

There was no allowance for credit losses on AFS securities as of June 30, 2025 and December 31, 2024.

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During the three and six months ended June 30, 2025, there were no gains or losses reclassified out of accumulated other comprehensive income (loss) (“AOCI”) and into earnings. During the three months ended June 30, 2024, there were no gains or losses reclassified out of AOCI and into earnings. During the six months ended June 30, 2024, the Company sold a previously written-off security and recognized a gain of $2.3 million into earnings in net securities gains (losses) in the unaudited interim consolidated statements of income.

The amortized cost, estimated fair value and unrealized gains (losses) of HTM securities are as follows:

(In thousands)	Amortized Cost		Unrealized Gains		Unrealized Losses			Estimated Fair Value
As of June 30, 2025
Federal agency	$	100,000	$	-	$	(12,829	)	$	87,171
Mortgage-backed:
Government-sponsored enterprises		198,957		-		(27,343	)		171,614
U.S. government agency securities		14,105		1		(51	)		14,055
Collateralized mortgage obligations:
Government-sponsored enterprises		158,778		88		(8,183	)		150,683
U.S. government agency securities		59,142		-		(10,091	)		49,051
State & municipal		278,682		2		(15,871	)		262,813
Total HTM securities	$	809,664	$	91	$	(74,368	)	$	735,387
As of December 31, 2024
Federal agency	$	100,000	$	-	$	(16,656	)	$	83,344
Mortgage-backed:
Government-sponsored enterprises		208,579		-		(34,349	)		174,230
U.S. government agency securities		15,611		1		(516	)		15,096
Collateralized mortgage obligations:
Government-sponsored enterprises		168,018		-		(11,554	)		156,464
U.S. government agency securities		60,906		-		(11,245	)		49,661
State & municipal		289,807		41		(18,698	)		271,150
Total HTM securities	$	842,921	$	42	$	(93,018	)	$	749,945

At June 30, 2025 and December 31, 2024, all of the mortgaged-backed HTM securities were comprised of U.S. government agency and government-sponsored enterprises securities.

The Company recorded no gains from calls on HTM securities for the three and six months ended June 30, 2025 and 2024.

AFS and HTM securities with amortized costs totaling $1.76 billion at June 30, 2025 and $1.60 billion at December 31, 2024, were pledged to secure public deposits and for other purposes required or permitted by law. Additionally, at June 30, 2025 and December 31, 2024, AFS and HTM securities with an amortized cost of $219.5 million and $234.2 million, respectively, were pledged as collateral for securities sold under repurchase agreements.

The following tables set forth information with regard to gains and (losses) on equity securities:

	Three Months Ended June 30,
(In thousands)	2025			2024
Net gains (losses) recognized on equity securities	$	112		$	(92	)
Less: Net gains (losses) recognized on equity securities sold during the period		(35	)		-
Unrealized gains (losses) recognized on equity securities still held	$	147		$	(92	)

	Six Months Ended June 30,
(In thousands)	2025			2024
Net gains (losses) recognized on equity securities	$	8		$	(193	)
Less: Net gains (losses) recognized on equity securities sold during the period		(35	)		-
Unrealized gains (losses) recognized on equity securities still held	$	43		$	(193	)

As of June 30, 2025 and December 31, 2024, the carrying value of equity securities without readily determinable fair values was $1.0 million. The Company performed a qualitative assessment to determine whether the investments were impaired and identified no areas of credit concern as of June 30, 2025 and 2024. There were no impairments, or downward or upward adjustments recognized for equity securities without readily determinable fair values during the three and six months ended June 30, 2025 and 2024.

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The following table sets forth information with regard to contractual maturities of debt securities at June 30, 2025:

(In thousands)	Amortized Cost		Estimated Fair Value
AFS debt securities:
Within one year	$	90,827	$	89,677
From one to five years		632,475		594,417
From five to ten years		221,923		208,864
After ten years		907,069		836,470
Total AFS debt securities	$	1,852,294	$	1,729,428
HTM debt securities:
Within one year	$	92,748	$	92,656
From one to five years		198,559		187,673
From five to ten years		151,189		135,999
After ten years		367,168		319,059
Total HTM debt securities	$	809,664	$	735,387

Maturities of mortgage-backed, collateralized mortgage obligations and asset-backed securities are stated based on their estimated average lives. Actual maturities may differ from estimated average lives or contractual maturities because, in certain cases, borrowers have the right to call or prepay obligations with or without call or prepayment penalties.

Except for U.S. government securities and government-sponsored enterprises securities, there were no holdings, when taken in the aggregate, of any single issuer that exceeded 10% of consolidated stockholders’ equity at June 30, 2025 and December 31, 2024.

The following table sets forth information with regard to investment securities with unrealized losses, for which an allowance for credit losses has not been recorded, segregated according to the length of time the securities were in a continuous unrealized loss position:

	Less Than 12 Months							12 Months or Longer							Total
(In thousands)	Fair Value		Unrealized Losses			Number of Positions		Fair Value		Unrealized Losses			Number of Positions		Fair Value		Unrealized Losses			Number of Positions
As of June 30, 2025
AFS securities:
U.S. treasury	$	-	$	-			-	$	95,173	$	(3,920	)		5	$	95,173	$	(3,920	)		5
Federal agency		-		-			-		226,622		(21,708	)		16		226,622		(21,708	)		16
State & municipal		-		-			-		87,272		(5,524	)		65		87,272		(5,524	)		65
Mortgage-backed		34,785		(218	)		7		350,950		(34,365	)		146		385,735		(34,583	)		153
Collateralized mortgage obligations		113,346		(489	)		13		468,427		(56,495	)		112		581,773		(56,984	)		125
Corporate		-		-			-		35,823		(2,675	)		13		35,823		(2,675	)		13
Total securities with unrealized losses	$	148,131	$	(707	)		20	$	1,264,267	$	(124,687	)		357	$	1,412,398	$	(125,394	)		377
HTM securities:
Federal agency	$	-	$	-			-	$	87,171	$	(12,829	)		4	$	87,171	$	(12,829	)		4
Mortgage-backed		11,031		(4	)		1		174,596		(27,390	)		33		185,627		(27,394	)		34
Collateralized mortgage obligation		-		-			-		193,085		(18,274	)		49		193,085		(18,274	)		49
State & municipal		10,812		(171	)		12		157,826		(15,700	)		171		168,638		(15,871	)		183
Total securities with unrealized losses	$	21,843	$	(175	)		13	$	612,678	$	(74,193	)		257	$	634,521	$	(74,368	)		270
As of December 31, 2024
AFS securities:
U.S. treasury	$	-	$	-			-	$	92,737	$	(6,107	)		5	$	92,737	$	(6,107	)		5
Federal agency		-		-			-		218,517		(29,831	)		16		218,517		(29,831	)		16
State & municipal		759		(4	)		1		86,731		(7,963	)		66		87,490		(7,967	)		67
Mortgage-backed		95,153		(1,374	)		16		368,589		(46,625	)		152		463,742		(47,999	)		168
Collateralized mortgage obligations		98,494		(1,128	)		14		480,891		(68,386	)		116		579,385		(69,514	)		130
Corporate		1,478		(9	)		1		43,536		(3,459	)		14		45,014		(3,468	)		15
Total securities with unrealized losses	$	195,884	$	(2,515	)		32	$	1,291,001	$	(162,371	)		369	$	1,486,885	$	(164,886	)		401
HTM securities:
Federal agency	$	-	$	-			-	$	83,344	$	(16,656	)		4	$	83,344	$	(16,656	)		4
Mortgage-backed		-		-			-		189,271		(34,865	)		34		189,271		(34,865	)		34
Collateralized mortgage obligations		7,147		(7	)		1		198,978		(22,792	)		52		206,125		(22,799	)		53
State & municipal		9,458		(107	)		12		168,945		(18,591	)		186		178,403		(18,698	)		198
Total securities with unrealized losses	$	16,605	$	(114	)		13	$	640,538	$	(92,904	)		276	$	657,143	$	(93,018	)		289

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The Company does not believe the AFS securities that were in an unrealized loss position as of June 30, 2025 and December 31, 2024, which consisted of 377 and 401 individual securities, respectively, represented a credit loss impairment. AFS debt securities in unrealized loss positions are evaluated for impairment related to credit losses at least quarterly. As of June 30, 2025 and December 31, 2024, the majority of the AFS securities in an unrealized loss position consisted of debt securities issued by U.S. government agencies or U.S. government-sponsored enterprises that carry the explicit and/or implicit guarantee of the U.S. government, which are widely recognized as “risk-free” and have a long history of zero credit losses. Total gross unrealized losses were primarily attributable to changes in interest rates, relative to when the investment securities were purchased, and not due to the credit quality of the investment securities. The Company does not intend to sell, nor is it more likely than not that the Company will be required to sell the securities before recovery of their amortized cost bases, which may be at maturity. The Company elected to exclude accrued interest receivable (“AIR”) from the amortized cost basis of debt securities. AIR on AFS debt securities totaled $5.1 million and $4.4 million at June 30, 2025 and December 31, 2024, respectively, and is excluded from the estimate of credit losses and reported in the other assets financial statement line.

None of the Bank’s HTM debt securities were past due or on nonaccrual status as of June 30, 2025 and December 31, 2024. There was no accrued interest reversed against interest income for the three and six months ended June 30, 2025 or the year ended December 31, 2024 as all securities remained in accrual status. In addition, there were no collateral-dependent HTM debt securities as of June 30, 2025 and December 31, 2024. There was no allowance for credit losses on HTM securities as of June 30, 2025 and December 31, 2024. As of June 30, 2025 and December 31, 2024, 66% of the Company’s HTM debt securities were issued by U.S. government agencies or U.S. government-sponsored enterprises with bond ratings of A to AAA. These securities carry the explicit and/or implicit guarantee of the U.S. government, which are widely recognized as “risk-free” and have a long history of zero credit losses. Therefore, the Company did not record an allowance for credit losses for these securities as of June 30, 2025 and December 31, 2024. The remaining HTM debt securities at June 30, 2025 and December 31, 2024 were comprised of state and municipal obligations with bond ratings of A to AAA excluding the $89.1 million and $84.7 million, respectively, of local municipal bonds which are not rated. Based on the Company’s current expected credit losses (“CECL”) methodology, the expected credit loss on the HTM municipal bond portfolio was deemed immaterial, therefore no allowance for credit loss was recorded as of June 30, 2025 and December 31, 2024. AIR on HTM debt securities totaled $4.4 million at June 30, 2025 and December 31, 2024 and is excluded from the estimate of credit losses and reported in the other assets financial statement line.

Loans

A summary of loans, net of deferred fees and origination costs, by category⁽¹⁾ is as follows:

(In thousands)	June 30, 2025		December 31, 2024
Commercial & industrial	$	1,692,335	$	1,426,482
Commercial real estate		4,800,494		3,876,698
Residential real estate		2,530,344		2,142,249
Home equity		423,355		334,268
Indirect auto		1,319,401		1,273,253
Residential solar		780,865		820,079
Other consumer		77,886		96,881
Total loans	$	11,624,680	$	9,969,910

(1)	Loans are summarized by business line which does not align to how the Company assesses credit risk in the allowance for credit losses under CECL.

Included in the above loans are net deferred loan origination (fees) costs totaling $(48.0) million and $(64.7) million at June 30, 2025 and December 31, 2024, respectively.

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7.	Allowance for Credit Losses and Credit Quality of Loans

The allowance for credit losses totaled $140.2 million at June 30, 2025, compared to $116.0 million at December 31, 2024. The allowance for credit losses as a percentage of loans was 1.21% at June 30, 2025, compared to 1.16% at December 31, 2024.

The allowance for credit losses calculation incorporated a 6-quarter forecast period to account for forecast economic conditions under each scenario utilized in the measurement. For periods beyond the 6-quarter forecast, the model reverts to long-term economic conditions over a 4-quarter reversion period on a straight-line basis. The Company considers a baseline, upside and downside economic forecast in measuring the allowance. During the second quarter of 2025, the Company included an additional downside scenario with stagflation conditions, which is characterized as an economic environment where inflation rises alongside unemployment. Stagflation was identified as an emerging risk as tariff policies begin to impact the economy.

The quantitative model as of June 30, 2025 incorporated a baseline economic outlook along with an alternative upside scenario and two equally weighted downside scenarios, recessionary conditions and stagflation, sourced from a reputable third-party to accommodate other potential economic conditions in the model. At June 30, 2025, the weightings were 70%, 5% and 25% for the baseline, upside and downside economic forecast scenarios, respectively. The baseline outlook reflected an economic environment where the Northeast unemployment rate increases from 4.3% to 4.8% during the forecast period. National Gross Domestic Product (“GDP’s”) annualized growth (on a quarterly basis) is expected to start the third quarter of 2025 at approximately 0.6% and increase to 1.6% by the end of the forecast period. Key assumptions in the baseline economic outlook included the Federal Reserve cutting rates with two 25 basis point cuts at the September and December meetings and the economy remaining at full employment. The alternative upside scenario assumes improved economic conditions from the baseline outlook. Under this scenario, Northeast unemployment falls from 4.3% in the second quarter of 2025 to 3.7% in the fourth quarter of 2025 and eventually settles at 4.1% by the end of the forecast period. The alternative downside scenario with recessionary conditions assumes deteriorated economic conditions from the baseline outlook. Under this scenario, Northeast unemployment rises from 4.3% in the second quarter of 2025 to a peak of 7.7% in the third quarter of 2026. The alternative downside stagflation scenario assumes deteriorated economic conditions from the baseline outlook. Under this scenario, Northeast unemployment rises from 4.3% in the second quarter of 2025 to 5.8% by the end of the forecast period in the fourth quarter of 2026, with a peak Northeast unemployment rate of 8.1% in the third quarter of 2027. These scenarios and their respective weightings are evaluated at each measurement date and reflect management’s expectations as of June 30, 2025. Additional qualitative adjustments were made for factors not incorporated in the forecasts or the model, such as loss rate expectations for certain loan pools, reversion adjustments for the stagflation scenario and recent trends in asset value indices. Additional monitoring for industry concentrations, loan growth and policy exceptions was also conducted.

The quantitative model as of March 31, 2025 incorporated a baseline economic outlook along with an alternative downside scenario sourced from a reputable third-party to accommodate other potential economic conditions in the model. At March 31, 2025, the weightings were 75% and 25% for the baseline and downside economic forecasts, respectively. The baseline outlook reflected an economic environment where the unemployment rate increases from 4.1% to 4.4% during the forecast period. Northeast GDP’s annualized growth (on a quarterly basis) is expected to start the second quarter of 2025 at approximately 5% and decrease to 3.9% before increasing to 4.1% by the end of the forecast period. Key assumptions in the baseline economic outlook included the Federal Reserve cutting rates with two 25 basis point cuts at the September and December meetings and the economy remaining at full employment. The alternative downside scenario assumed deteriorated economic conditions from the baseline outlook. Under this scenario, national unemployment rises from 4.1% in the first quarter of 2025 to a peak of 7.6% in the second quarter of 2026. These scenarios and their respective weightings are evaluated at each measurement date and reflect management’s expectations as of March 31, 2025. Additional qualitative adjustments were made for factors not incorporated in the forecasts or the model, such as loss rate expectations for certain loan pools and recent trends in asset value indices. Additional monitoring for industry concentrations, loan growth and policy exceptions was also conducted.

During the first quarter of 2025, the Company performed an annual update to its econometric, PD/LGD models. Segment specific, multi-variate regression model inputs and assumptions were updated and recent period observed losses and behavior were incorporated into the models (“model refreshment”). The incorporation of recent observations did not have a material impact on most loan class segments except for the Auto class segment which resulted in an improvement in PD/LGD outcomes. The total allowance decreased by approximately 3% as of March 31, 2025 due to the model refreshment.

The quantitative model as of December 31, 2024 incorporated a baseline economic outlook along with an alternative downside scenario sourced from a reputable third-party to accommodate other potential economic conditions in the model. At December 31, 2024, the weightings were 80% and 20% for the baseline and downside economic forecasts, respectively. The baseline outlook reflected a Northeast unemployment rate environment starting at 4.1% and increasing slightly during the forecast period to 4.2%. Northeast GDP’s annualized growth (on a quarterly basis) is expected to start the first quarter of 2025 at approximately 3.8% before decreasing to a low of 2.6% in the third quarter of 2025 and then increasing to 3.9% by the end of the forecast period. Key assumptions in the baseline economic outlook included two 25 basis point federal funds rate cuts in 2025, quantitative tightening ending in early 2025, a post-election fiscal outlook with lower spending, lower taxes, and higher tariffs, and the economy currently being near full employment. The alternative downside scenario assumed deteriorated economic conditions from the baseline outlook. Under this scenario, Northeast unemployment increases to a peak of 7.5% in the first quarter of 2026. These scenarios and their respective weightings are evaluated at each measurement date and reflect management’s expectations as of December 31, 2024. Additional qualitative adjustments were made for factors not incorporated in the forecasts or the model, such as loss rate expectations for certain loan pools, considerations for inflation and recent trends in asset value indices. Additional monitoring for industry concentrations, loan growth and policy exceptions was also conducted.

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There were $336.4 million of PCD loans acquired from Evans during the three and six months ended June 30, 2025 which resulted in an allowance for credit losses at acquisition of $7.7 million. There were no loans purchased with credit deterioration during the year ended December 31, 2024. During the six months ended June 30, 2025, the Company purchased $5.4 million of residential loans at a 4.4% premium with a $58 thousand allowance for credit losses recorded for these loans. During 2024, the Company purchased $3.0 million of residential loans at a 7.0% premium with a $31 thousand allowance for credit losses recorded for these loans.

The Company made a policy election to report AIR in the other assets line item on the consolidated balance sheets. AIR on loans totaled $41.2 million at June 30, 2025 and $34.8 million at December 31, 2024 and with no estimated allowance for credit losses related to AIR as of June 30, 2025 and December 31, 2024 as it is excluded from amortized cost.

The following tables present the activity in the allowance for credit losses by our portfolio segments:

(In thousands)	Commercial Loans			Consumer Loans			Residential			Total
Balance as of March 31, 2025	$	48,730		$	41,696		$	26,574		$	117,000
Allowance for credit loss on PCD acquired loans		7,355			-			371			7,726
Charge-offs		(533	)		(3,837	)		(61	)		(4,431	)
Recoveries		409			1,566			95			2,070
Provision		10,060			1,444			6,331			17,835
Ending balance as of June 30, 2025	$	66,021		$	40,869		$	33,310		$	140,200

Balance as of March 31, 2024	$	44,472		$	47,419		$	23,409		$	115,300
Charge-offs		(299	)		(5,328	)		-			(5,627	)
Recoveries		292			1,559			77			1,928
Provision		2,243			4,268			2,388			8,899
Ending balance as of June 30, 2024	$	46,708		$	47,918		$	25,874		$	120,500

(In thousands)	Commercial Loans			Consumer Loans			Residential			Total
Balance as of December 31, 2024	$	45,453		$	43,987		$	26,560		$	116,000
Allowance for credit loss on PCD acquired loans		7,355			-			371			7,726
Charge-offs		(2,755	)		(9,713	)		(118	)		(12,586	)
Recoveries		516			2,972			183			3,671
Provision		15,452			3,623			6,314			25,389
Ending balance as of June 30, 2025	$	66,021		$	40,869		$	33,310		$	140,200

Balance as of December 31, 2023	$	45,903		$	46,427		$	22,070		$	114,400
Charge-offs		(1,284	)		(10,909	)		(114	)		(12,307	)
Recoveries		490			3,210			229			3,929
Provision		1,599			9,190			3,689			14,478
Ending balance as of June 30, 2024	$	46,708		$	47,918		$	25,874		$	120,500

The allowance for credit losses as of June 30, 2025 increased compared to the allowance estimates as of December 31, 2024 and June 30, 2024 primarily due to the recording of $20.7 million of allowance for acquired Evans loans as of the acquisition date, which included both the $13.0 million of non-PCD allowance recognized through the provision for loan losses and the $7.7 million of PCD allowance reclassified from loans. In addition, the allowance for credit losses increased due to deterioration in the economic forecast including the change in the forecast scenarios and weightings, partially offset by model refreshment and the shift in loan composition driven by other consumer and residential solar portfolios that are in a planned run-off status.

Individually Evaluated Loans

The threshold for evaluating classified, Commercial & Industrial (“C&I”) and Commercial Real Estate (“CRE”) loans risk graded substandard or doubtful, and nonperforming loans specifically evaluated for individual credit loss is $1.0 million. As of June 30, 2025, six newly acquired relationships from Evans were identified for individual credit loss evaluation which had an amortized cost basis of $14.3 million. These relationships were in nonaccrual status with no allowance for credit loss. As of December 31, 2024, three relationships were identified for individual credit loss evaluation, had an amortized cost basis of $28.8 million and were in nonaccrual status with no allowance for credit loss. The decrease in the amortized cost basis of individually evaluated loans from December 31, 2024 to June 30, 2025 was primarily attributed to the three relationships resolving through payoff or transfer to other assets in the second quarter of 2025, partially offset by the addition of the previously mentioned six newly acquired relationships from Evans which had and amortized cost basis of $14.3 million.

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The following table sets forth information with regard to past due and nonperforming loans by loan segment:

(In thousands)	31-60 Days Past Due Accruing		61-90 Days Past Due Accruing		Greater Than 90 Days Past Due Accruing		Total Past Due Accruing		Nonaccrual		Current		Recorded Total Loans
As of June 30, 2025
Commercial loans:
C&I	$	1,190	$	1,137	$	33	$	2,360	$	1,759	$	1,670,504	$	1,674,623
CRE		7,861		1,017		-		8,878		18,781		4,592,332		4,619,991
Total commercial loans	$	9,051	$	2,154	$	33	$	11,238	$	20,540	$	6,262,836	$	6,294,614
Consumer loans:
Auto	$	9,719	$	1,850	$	873	$	12,442	$	2,040	$	1,279,399	$	1,293,881
Residential solar		4,208		2,064		981		7,253		176		773,436		780,865
Other consumer		1,152		674		490		2,316		173		89,461		91,950
Total consumer loans	$	15,079	$	4,588	$	2,344	$	22,011	$	2,389	$	2,142,296	$	2,166,696
Residential	$	8,529	$	1,329	$	834	$	10,692	$	20,252	$	3,132,426	$	3,163,370
Total loans	$	32,659	$	8,071	$	3,211	$	43,941	$	43,181	$	11,537,558	$	11,624,680

(In thousands)	31-60 Days Past Due Accruing		61-90 Days Past Due Accruing		Greater Than 90 Days Past Due Accruing		Total Past Due Accruing		Nonaccrual		Current		Recorded Total Loans
As of December 31, 2024
Commercial loans:
C&I	$	398	$	452	$	-	$	850	$	2,116	$	1,427,247	$	1,430,213
CRE		698		191		-		889		30,028		3,665,223		3,696,140
Total commercial loans	$	1,096	$	643	$	-	$	1,739	$	32,144	$	5,092,470	$	5,126,353
Consumer loans:
Auto	$	11,527	$	2,047	$	900	$	14,474	$	2,054	$	1,228,378	$	1,244,906
Residential solar		4,066		1,991		1,599		7,656		212		812,211		820,079
Other consumer		1,552		985		888		3,425		263		105,529		109,217
Total consumer loans	$	17,145	$	5,023	$	3,387	$	25,555	$	2,529	$	2,146,118	$	2,174,202
Residential	$	3,360	$	467	$	2,411	$	6,238	$	11,146	$	2,651,971	$	2,669,355
Total loans	$	21,601	$	6,133	$	5,798	$	33,532	$	45,819	$	9,890,559	$	9,969,910

Credit Quality Indicators

The Company has developed an internal loan grading system to evaluate and quantify the Company’s loan portfolio with respect to quality and risk, focusing on, among other things, borrower’s financial strength, experience and depth of borrower’s management, primary and secondary sources of repayment, payment history, nature of the business and industry outlook. The internal grading system enables the Company to monitor the quality of the entire loan portfolio on a consistent basis and provide management with an early warning system, which facilitates recognition and response to problem loans and potential problem loans.

Commercial Grading System

For C&I and CRE loans, the Company uses a grading system that relies on quantifiable and measurable characteristics when available. This includes comparison of financial strength to available industry averages, comparison of transaction factors (loan terms and conditions) to loan policy and comparison of credit history to stated repayment terms and industry averages. Some grading factors are necessarily more subjective such as economic and industry factors, regulatory environment and management. C&I and CRE loans are graded Doubtful, Substandard, Special Mention and Pass.

Doubtful - A Doubtful loan has a high probability of total or substantial loss, but because of specific pending events that may strengthen the asset, its classification as a loss is deferred. Doubtful borrowers are usually in default, lack adequate liquidity or capital and lack the resources necessary to remain an operating entity. Pending events can include mergers, acquisitions, liquidations, capital injections, the perfection of liens on additional collateral, the valuation of collateral and refinancing. Generally, pending events should be resolved within a relatively short period and the ratings will be adjusted based on the new information. Nonaccrual treatment is required for Doubtful assets because of the high probability of loss.

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Substandard - Substandard loans have a high probability of payment default or they have other well-defined weaknesses. They require more intensive supervision by bank management. Substandard loans are generally characterized by current or expected unprofitable operations, inadequate debt service coverage, inadequate liquidity or marginal capitalization. Repayment may depend on collateral or other credit risk mitigants. For some Substandard loans, the likelihood of full collection of interest and principal may be in doubt and those loans should be placed on nonaccrual. Although Substandard assets in the aggregate will have a distinct potential for loss, an individual asset’s loss potential does not have to be distinct for the asset to be rated Substandard.

Special Mention - Special Mention loans have potential weaknesses that may, if not checked or corrected, weaken the asset or inadequately protect the Company’s position at some future date. These loans pose elevated risk, but their weakness does not yet justify a Substandard classification. Borrowers may be experiencing adverse operating trends (i.e., declining revenues or margins) or may be struggling with an ill-proportioned balance sheet (i.e., increasing inventory without an increase in sales, high leverage and/or tight liquidity). Adverse economic or market conditions, such as interest rate increases or the entry of a new competitor, may also support a Special Mention rating. Although a Special Mention loan has a higher PD than a Pass asset, its default is not imminent.

Pass - Loans graded as Pass encompass all loans not graded as Doubtful, Substandard or Special Mention. Pass loans are in compliance with loan covenants and payments are generally made as agreed. Pass loans range from superior quality to fair quality. Pass loans also include any portion of a government guaranteed loan, including Paycheck Protection Program loans.

Consumer and Residential Grading System

Consumer and Residential loans are graded as either Nonperforming or Performing.

Nonperforming - Nonperforming loans are loans that are (1) over 90 days past due and interest is still accruing or (2) on nonaccrual status.

Performing - All loans not meeting any of the above criteria are considered Performing.

The following tables illustrate the Company’s credit quality by loan class by vintage and includes gross charge-offs by loan class by vintage. Included in other consumer gross charge-offs for the six months ended June 30, 2025, the Company recorded $0.3 million in overdrawn deposit accounts reported as 2024 originations and $0.2 million in overdrawn deposit accounts reported as 2025 originations. Included in other consumer gross charge-offs for the year ended December 31, 2024, the Company recorded $0.2 million in overdrawn deposit accounts reported as 2023 originations and $0.7 million in overdrawn deposit accounts reported as 2024 originations.

(In thousands)	2025		2024		2023			2022			2021			Prior			Revolving Loans Amortized Cost Basis		Revolving Loans Converted to Term		Total
As of June 30, 2025
C&I
By internally assigned grade:
Pass	$	139,021	$	259,544	$	173,387		$	174,017		$	160,303		$	195,002		$	452,804	$	967	$	1,555,045
Special mention		-		7,827		4,803			11,206			1,400			9,507			36,582		-		71,325
Substandard		10		2,364		3,169			4,531			3,838			1,846			32,226		130		48,114
Doubtful		-		-		82			50			7			-			-		-		139
Total C&I	$	139,031	$	269,735	$	181,441		$	189,804		$	165,548		$	206,355		$	521,612	$	1,097	$	1,674,623
Current-period gross charge-offs	$	-	$	-	$	(132	)	$	(16	)	$	(25	)	$	(482	)	$	-	$	-	$	(655	)
CRE
By internally assigned grade:
Pass	$	167,358	$	473,837	$	473,593		$	672,518		$	602,447		$	1,483,106		$	370,254	$	37,178	$	4,280,291
Special mention		5,564		2,239		8,778			65,041			16,558			55,830			23,939		-		177,949
Substandard		1,982		13,957		11,303			12,323			17,977			102,426			1,783		-		161,751
Total CRE	$	174,904	$	490,033	$	493,674		$	749,882		$	636,982		$	1,641,362		$	395,976	$	37,178	$	4,619,991
Current-period gross charge-offs	$	-	$	-	$	-		$	-		$	-		$	(2,100	)	$	-	$	-	$	(2,100	)
Auto
By payment activity:
Performing	$	316,061	$	457,230	$	257,740		$	181,044		$	62,272		$	16,621		$	-	$	-	$	1,290,968
Nonperforming		82		779		1,017			635			291			109			-		-

NBT BANCORP INC 10-Q