Detailed financial statements for NBT Bancorp Inc. (NBTB): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
NBT Bancorp Inc., a financial holding company, provides personal and commercial banking, retail banking, and wealth management services in the United States. It operates through Banking, Retirement Plan Administration, and All Other segments.
Analysis Summary
NBT Bancorp Inc. reported revenue of $867.4M in the most recent fiscal year, growing at a 5-year CAGR of 12.0%. Net income reached $169.2M, with a 10.1% 5-year CAGR.
Trailing-twelve-month margins: gross margin 76.6%, operating margin 29.3%, net margin 22.7%. Free cash flow grew at 9.8% CAGR over 5 years.
Balance sheet quality for NBTB: current ratio of 1.6, net debt of $142.3M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of $218.9M represents 129% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $399.2M | $425.1M | $464.8M | $507.4M | $491.3M | $494.8M | $537.0M | $662.3M | $786.0M | $867.4M |
| Cost of Revenue | $47.9M | $56.9M | $67.5M | $81.4M | $83.7M | $10.5M | $39.0M | $169.8M | $231.2M | $241.7M |
| Gross Profit | $351.3M | $368.2M | $397.3M | $426.0M | $407.5M | $484.2M | $498.0M | $492.5M | $554.8M | $625.7M |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $162.4M | $166.1M | $183.0M | $186.5M | $166.9M | $178.1M | $193.8M | $203.6M | $242.6M | $87.3M |
| Operating Expenses | $232.5M | $240.1M | $260.3M | $270.6M | $274.4M | $284.4M | $301.8M | $339.0M | $375.4M | $406.3M |
| Operating Income | $118.8M | $128.2M | $137.0M | $155.4M | $133.1M | $199.9M | $196.2M | $153.5M | $179.5M | $219.4M |
| EBITDA | $131.8M | $141.2M | $150.3M | $175.7M | $153.6M | $219.7M | $215.2M | $175.7M | $207.0M | $241.0M |
| Interest Expense | $22.5M | $25.9M | $38.6M | $56.0M | $32.6M | $18.8M | $21.9M | $144.6M | $211.5M | $209.4M |
| Pre-tax Income | $118.8M | $128.2M | $137.0M | $155.4M | $133.1M | $199.9M | $196.2M | $153.5M | $179.5M | $219.4M |
| Income Tax | $40.4M | $46.0M | $24.4M | $34.4M | $28.7M | $45.0M | $44.2M | $34.7M | $38.8M | $50.2M |
| Net Income | $78.4M | $82.2M | $112.6M | $121.0M | $104.4M | $154.9M | $152.0M | $118.8M | $140.6M | $169.2M |
| EPS | $1.81 | $1.89 | $2.58 | $2.76 | $2.39 | $3.57 | $3.54 | $2.67 | $2.98 | $3.34 |
| EPS (Diluted) | $1.80 | $1.87 | $2.56 | $2.74 | $2.37 | $3.54 | $3.52 | $2.65 | $2.96 | $3.33 |
| Shares Outstanding (Diluted) | $43.6M | $43.9M | $44.0M | $44.1M | $44.0M | $43.7M | $43.2M | $44.8M | $47.4M | $50.9M |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $149.2M | $159.7M | $181.0M | $216.8M | $672.7M | $1.27B | $197.3M | $205.2M | $284.1M | $185.2M |
| Short-term Investments | $1.34B | $1.26B | $998.5M | $975.3M | $1.35B | $1.69B | $1.53B | $1.43B | $136.4M | 0 |
| Receivables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $52.0M |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $1.49B | $1.42B | $1.18B | $1.19B | $2.02B | $2.96B | $1.72B | $1.64B | $420.4M | $237.2M |
| Property, Plant & Equipment | $84.2M | $81.3M | $79.0M | $75.6M | $74.2M | $72.1M | $69.0M | $80.7M | $80.8M | $99.3M |
| Goodwill | $265.4M | $268.0M | $274.8M | $274.8M | $280.5M | $280.5M | $281.2M | $361.9M | $362.7M | $453.3M |
| Intangible Assets | $15.8M | $13.4M | $15.6M | $12.0M | $11.7M | $8.9M | $7.3M | $40.4M | $36.4M | $57.7M |
| Total Assets | $8.87B | $9.14B | $9.56B | $9.72B | $10.93B | $12.01B | $11.74B | $13.31B | $13.79B | $16.00B |
| Accounts Payable | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Short-term Debt | $681.7M | $719.1M | $871.7M | $655.3M | $168.4M | $97.8M | $585.0M | $386.7M | $162.9M | $148.1M |
| Total Current Liabilities | $7.66B | $7.89B | $8.24B | $8.24B | $9.25B | $10.33B | $10.08B | $11.36B | $11.71B | $148.1M |
| Long-term Debt | $205.3M | $190.1M | $174.9M | $165.4M | $238.3M | $213.7M | $202.9M | $250.7M | $252.0M | $179.4M |
| Total Liabilities | $7.95B | $8.18B | $8.54B | $8.60B | $9.75B | $10.76B | $10.57B | $11.88B | $12.26B | $14.10B |
| Retained Earnings | $501.8M | $543.7M | $621.2M | $696.2M | $749.1M | $856.2M | $958.4M | $1.02B | $1.10B | $1.20B |
| Total Equity | $913.3M | $958.2M | $1.02B | $1.12B | $1.19B | $1.25B | $1.17B | $1.43B | $1.53B | $1.90B |
| Total Debt | $887.0M | $909.2M | $1.05B | $820.7M | $406.7M | $311.5M | $788.0M | $637.4M | $415.0M | $327.4M |
| Net Debt | -$600.5M | -$506.4M | -$132.8M | -$371.5M | -$1.61B | -$2.64B | -$936.6M | -$998.7M | -$5.4M | $142.3M |
| Working Capital | -$6.17B | -$6.47B | -$7.06B | -$7.05B | -$7.23B | -$7.38B | -$8.36B | -$9.72B | -$11.29B | $89.1M |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $78.4M | $82.2M | $112.6M | $121.0M | $104.4M | $154.9M | $152.0M | $118.8M | $140.6M | $169.2M |
| Depreciation & Amortization | $13.0M | $13.0M | $13.3M | $20.3M | $20.5M | $12.7M | $19.1M | $22.3M | $27.5M | $316000 |
| Stock-based Compensation | $4.4M | $3.6M | $3.9M | $4.2M | $4.6M | $4.4M | $4.5M | $5.1M | $6.0M | -$674000 |
| Change in Working Capital | -$8.2M | $7.4M | -$9.6M | -$6.8M | -$47.1M | -$12.0M | $11.9M | -$27.9M | $748000 | -$24.6M |
| Operating Cash Flow | $109.5M | $136.9M | $147.8M | $153.5M | $145.3M | $159.2M | $183.2M | $157.5M | $188.6M | $235.2M |
| Capital Expenditure | -$3.3M | -$6.7M | -$7.4M | -$6.6M | -$8.2M | -$7.7M | -$7.0M | -$9.3M | -$11.7M | -$16.3M |
| Acquisitions | -$2.0M | -$4.0M | -$7.9M | 0 | -$6.8M | -$1.6M | -$2.6M | $44.6M | -$1.4M | $37.9M |
| Stock Repurchased | -$17.2M | 0 | 0 | 0 | -$8.0M | -$21.7M | -$14.7M | -$4.9M | -$251000 | -$10.2M |
| Dividends Paid | -$38.9M | -$40.1M | -$43.3M | -$46.0M | -$47.2M | -$47.7M | -$49.8M | -$55.9M | -$62.3M | -$72.6M |
| Free Cash Flow | $106.2M | $130.2M | $140.4M | $146.8M | $137.1M | $151.4M | $176.2M | $148.2M | $176.8M | $218.9M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +6.5% | +9.3% | +9.2% | -3.2% | +0.7% | +8.5% | +23.3% | +18.7% | +10.4% | |
| Net Income Growth (YoY) | +4.8% | +37.0% | +7.5% | -13.7% | +48.4% | -1.9% | -21.9% | +18.4% | +20.3% | |
| EPS Growth (YoY) | +4.4% | +36.5% | +7.0% | -13.4% | +49.4% | -0.8% | -24.6% | +11.6% | +12.1% | |
| Shares Change (YoY) | +0.6% | +0.3% | +0.2% | -0.3% | -0.6% | -1.2% | +3.7% | +5.9% | +7.3% | |
| FCF Growth (YoY) | +22.6% | +7.8% | +4.6% | -6.6% | +10.5% | +16.4% | -15.9% | +19.3% | +23.8% | |
| Gross Margin | 88.0% | 86.6% | 85.5% | 84.0% | 83.0% | 97.9% | 92.7% | 74.4% | 70.6% | 72.1% |
| Operating Margin | 29.8% | 30.1% | 29.5% | 30.6% | 27.1% | 40.4% | 36.5% | 23.2% | 22.8% | 25.3% |
| EBITDA Margin | 33.0% | 33.2% | 32.3% | 34.6% | 31.3% | 44.4% | 40.1% | 26.5% | 26.3% | 27.8% |
| Net Margin | 19.6% | 19.3% | 24.2% | 23.9% | 21.2% | 31.3% | 28.3% | 17.9% | 17.9% | 19.5% |
| FCF Margin | 26.6% | 30.6% | 30.2% | 28.9% | 27.9% | 30.6% | 32.8% | 22.4% | 22.5% | 25.2% |
| Effective Tax Rate | 34.0% | 35.9% | 17.8% | 22.1% | 21.6% | 22.5% | 22.5% | 22.6% | 21.6% | 22.9% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $2.43 | $2.97 | $3.19 | $3.33 | $3.12 | $3.46 | $4.08 | $3.31 | $3.73 | $4.30 |
| Dividends Per Share | $0.89 | $0.91 | $0.98 | $1.04 | $1.07 | $1.09 | $1.15 | $1.25 | $1.31 | $1.43 |
| Shares Outstanding (Basic) | $43.3M | $43.5M | $43.6M | $43.8M | $43.7M | $43.4M | $42.9M | $44.5M | $47.2M | $47.1M |
What to look at in Banking companies
- Efficiency Ratio (<=55%) — Operating expenses / revenue. Top banks below 55%.
- ROA (>=1%) — How much they earn per dollar of assets. ROE misleads in banks due to leverage.
- ROTCE (>=12%) — Return on Tangible Common Equity. Strips goodwill and intangibles.
- Equity / Assets (Tier 1 proxy) (>=8%) — Capital ratio proxy. FMP does not expose regulatory Tier 1 directly.
- P/B (1.0-1.5x) — Classic banking metric. <1x can be opportunity or distress.
- Sustainable dividend yield (>=2%, <8%) — EU banks pay 5-7% normally. >8% is distress signal.
Profitability
| Gross Margin | 76.57% |
| Operating Margin | 29.34% |
| Net Margin | 22.65% |
Financial Health
| Debt / Equity | 0.24 |
| Current Ratio | 0.59 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 23.14 | 19.47 | 13.41 | 14.70 | 13.43 | 10.79 | 12.27 | 15.70 | 16.03 | 12.43 |
| P/B | 1.99 | 1.67 | 1.48 | 1.59 | 1.18 | 1.34 | 1.59 | 1.31 | 1.48 | 1.03 |
| P/S | 4.54 | 3.76 | 3.25 | 3.50 | 2.85 | 3.38 | 3.47 | 2.81 | 2.87 | 2.25 |
| Gross Margin | 88.0% | 86.6% | 85.5% | 84.0% | 83.0% | 97.9% | 92.7% | 74.4% | 70.6% | 72.1% |
| Operating Margin | 29.8% | 30.1% | 29.5% | 30.6% | 27.1% | 40.4% | 36.5% | 23.2% | 22.8% | 25.3% |
| Net Margin | 19.6% | 19.3% | 24.2% | 23.9% | 21.2% | 31.3% | 28.3% | 17.9% | 17.9% | 19.5% |
Related companies: BANR · BUSE · CUBI · FBNC · FFBC · FRME · HTH
Explore sector: Financial Services · Banks - Regional
More sections of NBTB: Overview · Valuation · Statistics · Estimates · Technical · Ownership · News · Events
Discover more: Radar — undervalued stock signals · Investment Academy — learn to analyze stocks