Regional banking company NBT Bancorp (NASDAQ: NBTB) beat Wall Street’s revenue expectations in Q4 CY2025, with sales up 24.3% year on year to $185.1 million. Its non-GAAP profit of $1.05 per share was 6.6% above analysts’ consensus estimates.

Is now the time to buy NBT Bancorp? Find out by accessing our full research report, it’s free.

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 8.5% compounded annual growth rate over the last five years. This fell short of our benchmark for the banking sector and is a rough starting point 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 14.6% 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 reported robust year-on-year revenue growth of 24.3%, and its $185.1 million of revenue topped Wall Street estimates by 1.2%.

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.

While banks generate revenue from multiple sources, investors view net interest income as the cornerstone - its predictable, recurring characteristics stand in sharp contrast to the volatility of non-interest income.

Microsoft, Alphabet, Coca-Cola, Monster Beverage—all began as under-the-radar growth stories riding a massive trend. We’ve identified the next one: a profitable AI semiconductor play Wall Street is still overlooking. Go here for access to our full report.

Tangible Book Value Per Share (TBVPS)

Banks profit by intermediating between depositors and borrowers, making them fundamentally balance sheet-driven enterprises. Market participants emphasize balance sheet quality and sustained book value growth when evaluating these institutions.

Because of this, tangible book value per share (TBVPS) emerges as the critical performance benchmark. By excluding intangible assets with uncertain liquidation values, this metric captures real, liquid net worth per share. Other (and more commonly known) per-share metrics like EPS can sometimes be murky due to M&A or accounting rules allowing for loan losses to be spread out.

NBT Bancorp’s TBVPS grew at a decent 5.3% annual clip over the last five years. TBVPS growth has accelerated recently, growing by 10.5% annually over the last two years from $21.72 to $26.54 per share.

Over the next 12 months, Consensus estimates call for NBT Bancorp’s TBVPS to grow by 9.8% to $29.13, paltry growth rate.

Key Takeaways from NBT Bancorp’s Q4 Results

It was good to see NBT Bancorp narrowly top analysts’ tangible book value per share expectations this quarter. We were also happy its revenue narrowly outperformed Wall Street’s estimates. Overall, this print had some key positives. The stock traded up 1.3% to $44.50 immediately after reporting.

Is NBT Bancorp an attractive investment opportunity right now? If you’re making that decision, you should consider the bigger picture of valuation, business qualities, as well as the latest earnings. We cover that in our actionable full research report which you can read here (it’s free).