Regional banking company NBT Bancorp (NASDAQ: NBTB) fell short of the market’s revenue expectations in Q1 CY2026, but sales rose 19.2% year on year to $184.5 million. Its non-GAAP profit of $0.97 per share was in line with analysts’ consensus estimates.
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NBT Bancorp (NBTB) Q1 CY2026 Highlights:
- Net Interest Income: $134.3 million vs analyst estimates of $134.3 million (34.8% year-on-year growth, in line)
- Net Interest Margin: 3.7% vs analyst estimates of 3.7% (6 basis point beat)
- Revenue: $184.5 million vs analyst estimates of $185.8 million (19.2% year-on-year growth, 0.7% miss)
- Adjusted EPS: $0.97 vs analyst estimates of $0.98 (in line)
- Tangible Book Value per Share: $27.05 vs analyst estimates of $27.22 (9.4% year-on-year growth, 0.6% miss)
- Market Capitalization: $2.33 billion
The Company completed the acquisition of Evans Bancorp, Inc. (“Evans”) on May 2, 2025, adding 200 employees and 18 banking locations in Western New York, $1.67 billion in loans and $1.86 billion in deposits.
Company Overview
Tracing its roots back to 1856 when it first opened its doors in Norwich, New York, NBT Bancorp (NASDAQ: NBTB) is a community-oriented financial institution providing banking, wealth management, and insurance services to individuals and businesses across the northeastern United States.
Sales Growth
In general, banks make money from two primary sources. The first is net interest income, which is interest earned on loans, mortgages, and investments in securities minus interest paid out on deposits. The second source is non-interest income, which can come from bank account, credit card, wealth management, investing banking, and trading fees. Regrettably, NBT Bancorp’s revenue grew at a mediocre 9.3% compounded annual growth rate over the last five years. This was below our standard for the banking sector and is a poor baseline for our analysis.
We at StockStory place the most emphasis on long-term growth, but within financials, a half-decade historical view may miss recent interest rate changes, market returns, and industry trends. NBT Bancorp’s annualized revenue growth of 16.2% over the last two years is above its five-year trend, suggesting its demand recently accelerated. 
Note: Quarters not shown were determined to be outliers, impacted by outsized investment gains/losses that are not indicative of the recurring fundamentals of the business.
This quarter, NBT Bancorp’s revenue grew by 19.2% year on year to $184.5 million but fell short of Wall Street’s estimates.
Net interest income made up 69.7% of the company’s total revenue during the last five years, meaning lending operations are NBT Bancorp’s largest source of revenue.
Net interest income commands greater market attention due to its reliability and consistency, whereas non-interest income is often seen as lower-quality revenue that lacks the same dependable characteristics.
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Tangible Book Value Per Share (TBVPS)
Banks operate as balance sheet businesses, with profits generated through borrowing and lending activities. Valuations reflect this reality, emphasizing balance sheet strength and long-term book value compounding ability.
This is why we consider tangible book value per share (TBVPS) the most important metric to track for banks. TBVPS represents the real, liquid net worth per share of a bank, excluding intangible assets that have debatable value upon liquidation. Traditional metrics like EPS are helpful but face distortion from M&A activity and loan loss accounting rules.
NBT Bancorp’s TBVPS grew at a decent 5.5% annual clip over the last five years. TBVPS growth has accelerated recently, growing by 10.7% annually over the last two years from $22.07 to $27.05 per share.
Over the next 12 months, Consensus estimates call for NBT Bancorp’s TBVPS to grow by 12% to $30.31, mediocre growth rate.
Key Takeaways from NBT Bancorp’s Q1 Results
NBT Bancorp's revenue and EPS were both in line. Overall, this was a quarter without many surprises. The stock remained flat at $45.29 immediately after reporting.
So do we think NBT Bancorp is an attractive buy at the current price? The latest quarter does matter, but not nearly as much as longer-term fundamentals and valuation, when deciding if the stock is a buy. We cover that in our actionable full research report which you can read here (it’s free).
