NBT Bancorp’s first quarter saw sales increase year over year, but the results were met with a negative market reaction as revenue missed Wall Street expectations. Management pointed to disciplined balance sheet management and the integration of Evans Bancorp as key contributors, while also highlighting challenges from elevated commercial real estate payoffs and a slow start due to winter weather. CEO Scott Kingsley noted, “We got off to a slow start in January and February with the very difficult winter weather conditions, and we experienced a higher-than-expected level of commercial real estate payoffs.”
Is now the time to buy NBTB? Find out in our full research report (it’s free for active Edge members).
NBT Bancorp (NBTB) Q1 CY2026 Highlights:
- Revenue: $184.6 million vs analyst estimates of $185.8 million (19.3% year-on-year growth, 0.6% miss)
- Adjusted EPS: $0.97 vs analyst estimates of $0.98 (in line)
- Adjusted Operating Income: $66.81 million vs analyst estimates of $70.83 million (36.2% margin, 5.7% miss)
- Market Capitalization: $2.27 billion
While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.
Our Top 5 Analyst Questions From NBT Bancorp’s Q1 Earnings Call
- Mark Shutley (KBW) asked about expense run rates for the year; CFO Annette Burns said operating expenses should grow 3% to 4% annually, with Q1’s $112 million run rate as a reasonable baseline.
- Feddie Strickland (Hovde Group) pressed on commercial customer sentiment amid economic uncertainty; CEO Scott Kingsley said customers remain positive, with capital projects only temporarily delayed by weather.
- Manuel Navas (Piper Sandler) inquired about loan portfolio runoff and future growth; Kingsley explained that solar and indirect auto portfolios are running off as planned, but expects overall loan growth to return to historical trends.
- Stephen Moss (Raymond James) asked about deposit cost stability in light of potential market expansion; Kingsley responded that while some increase is possible in new markets, the overall impact should be limited by the focus on core checking products.
- Matthew Breese (Stephens) questioned whether subdued loan growth could lead to more aggressive share repurchases; Kingsley replied that buybacks could continue tactically but remain a secondary priority to supporting growth and M&A opportunities.
Catalysts in Upcoming Quarters
In the coming quarters, the StockStory team will watch (1) whether loan growth rebounds as delayed construction and infrastructure projects ramp up, (2) continued performance of fee-based businesses like retirement plan services and wealth management, and (3) stability in deposit costs as the bank enters new markets. Execution on targeted market expansion and capturing economic activity from semiconductor investments will also be key milestones to monitor.
NBT Bancorp currently trades at $43.67, down from $45.29 just before the earnings. In the wake of this quarter, is it a buy or sell? The answer lies in our full research report (it’s free).
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