NBTB
NBT Bancorp Inc.
Banks - Regional
Market Cap$2.33B
5Y Perf.+42.7%
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Stock Comparison
NBTB vs CNOB
Revenue, margins, valuation, and 5-year total return — side by side.
CNOB
ConnectOne Bancorp, Inc.
Banks - Regional
Market Cap$1.51B
5Y Perf.+105.2%
NBTB vs CNOB — Key Financials
Market cap, revenue, margins, and valuation side-by-side.
| Company Snapshot | NBTB | CNOB |
|---|---|---|
| Industry | Banks - Regional | Banks - Regional |
| Market Cap | $2.33B | $1.51B |
| Revenue (TTM) | $867M | $606M |
| Net Income (TTM) | $169M | $80M |
| Gross Margin | 72.1% | 44.2% |
| Operating Margin | 25.3% | 18.6% |
| Forward P/E | 10.7x | 9.3x |
| Total Debt | $327M | $1.17B |
| Cash & Equiv. | $185M | $92M |
NBTB vs CNOB — Long-Term Stock Performance
Price return indexed to 100 at period start. Dividends excluded.
NBTB
CNOB
| Stock | May 20 | May 26 | Return |
|---|---|---|---|
| NBT Bancorp Inc. (NBTB) | 100 | 142.7 | +42.7% |
| ConnectOne Bancorp,… (CNOB) | 100 | 205.2 | +105.2% |
Price return only. Dividends and distributions are not included.
Quick Verdict: NBTB vs CNOB
Each card shows where this stock fits in a portfolio — not just who wins on paper.
Bottom line: CNOB leads in 5 of 7 categories, making it the strongest pick for growth and revenue expansion and valuation and capital efficiency. NBT Bancorp Inc. is the stronger pick specifically for capital preservation and lower volatility and dividend income and shareholder returns. As sector peers, any of these can serve as alternatives in the same allocation.
NBTB
NBT Bancorp Inc.
The Banking Pick
NBTB is the clearest fit if your priority is income & stability and sleep-well-at-night.
- Dividend streak 12 yrs, beta 0.89, yield 3.2%
- Lower volatility, beta 0.89, Low D/E 17.3%, current ratio 1.60x
- Beta 0.89, yield 3.2%, current ratio 1.60x
Best for: income & stability and sleep-well-at-night
CNOB
ConnectOne Bancorp, Inc.
The Banking Pick
CNOB carries the broadest edge in this set and is the clearest fit for growth exposure and long-term compounding.
- Rev growth 13.4%, EPS growth -15.9%
- 110.8% 10Y total return vs NBTB's 103.4%
- 13.4% NII/revenue growth vs NBTB's 10.4%
Best for: growth exposure and long-term compounding
See the full category breakdown
| Category | Winner | Why |
|---|---|---|
| Growth | CNOB | 13.4% NII/revenue growth vs NBTB's 10.4% |
| Value | CNOB | Lower P/E (9.3x vs 10.7x) |
| Quality / Margins | CNOB | Efficiency ratio 0.3% vs NBTB's 0.5% (lower = leaner) |
| Stability / Safety | NBTB | Beta 0.89 vs CNOB's 1.10, lower leverage |
| Dividends | NBTB | 3.2% yield, 12-year raise streak, vs CNOB's 2.1% |
| Momentum (1Y) | CNOB | +30.7% vs NBTB's +7.1% |
| Efficiency (ROA) | CNOB | Efficiency ratio 0.3% vs NBTB's 0.5% |
NBTB vs CNOB — Revenue Breakdown by Segment
How each company's revenue is distributed across its business units
FY 2025
Segment breakdown not available.
NBTB vs CNOB — Financial Metrics
Side-by-side numbers across 2 stocks — who leads on profitability, valuation, growth, and risk.
BEST OVERALLNBTBLAGGINGCNOB
CNOBConnectOne Bancorp, I…
1leads
NBTBNBT Bancorp Inc.
3leads
6 Total Categories
CATEGORYLEADERvs CNOBMETRICS WON
Income & Cash FlowRevenue, margins, and cash flow strength
NBTB4/5
Valuation MetricsMultiples, price ratios, and targets
Tied
—
Profitability & EfficiencyROE, ROIC, leverage, and quality scores
NBTB9/9
Total Returns1Y, 3Y, 5Y total returns with dividends
CNOB5/6
Risk & VolatilityBeta, volatility, and downside exposure
Tied
—
Analyst OutlookRatings, price targets, and dividends
NBTB2/2
Income & Cash Flow (Last 12 Months)
NBTB leads this category, winning 4 of 5 comparable metrics.
Income & Cash Flow (Last 12 Months)
NBTB and CNOB operate at a comparable scale, with $867M and $606M in trailing revenue. NBTB is the more profitable business, keeping 19.5% of every revenue dollar as net income compared to CNOB's 13.3%.
| Metric | NBTBNBT Bancorp Inc. | CNOBConnectOne Bancor… |
|---|---|---|
| RevenueTrailing 12 months | $867M | $606M |
| EBITDAEarnings before interest/tax | $241M | $122M |
| Net IncomeAfter-tax profit | $169M | $80M |
| Free Cash FlowCash after capex | $225M | $102M |
| Gross MarginGross profit ÷ Revenue | +72.1% | +44.2% |
| Operating MarginEBIT ÷ Revenue | +25.3% | +18.6% |
| Net MarginNet income ÷ Revenue | +19.5% | +13.3% |
| FCF MarginFCF ÷ Revenue | +25.2% | +16.7% |
| Rev. Growth (YoY)Latest quarter vs prior year | — | — |
| EPS Growth (YoY)Latest quarter vs prior year | +39.5% | +53.1% |
NBTB leads this category, winning 4 of 5 comparable metrics.
Valuation Metrics
Evenly matched — NBTB and CNOB each lead in 3 of 6 comparable metrics.
Valuation Metrics
At 13.4x trailing earnings, NBTB trades at a 34% valuation discount to CNOB's 20.3x P/E. On an enterprise value basis, NBTB's 10.3x EV/EBITDA is more attractive than CNOB's 23.0x.
| Metric | NBTBNBT Bancorp Inc. | CNOBConnectOne Bancor… |
|---|---|---|
| Market CapShares × price | $2.3B | $1.5B |
| Enterprise ValueMkt cap + debt − cash | $2.5B | $2.6B |
| Trailing P/EPrice ÷ TTM EPS | 13.42x | 20.32x |
| Forward P/EPrice ÷ next-FY EPS est. | 10.71x | 9.31x |
| PEG RatioP/E ÷ EPS growth rate | 1.91x | — |
| EV / EBITDAEnterprise value multiple | 10.27x | 22.98x |
| Price / SalesMarket cap ÷ Revenue | 2.69x | 2.49x |
| Price / BookPrice ÷ Book value/share | 1.20x | 0.96x |
| Price / FCFMarket cap ÷ FCF | 10.66x | 14.98x |
Evenly matched — NBTB and CNOB each lead in 3 of 6 comparable metrics.
Profitability & Efficiency
NBTB leads this category, winning 9 of 9 comparable metrics.
Profitability & Efficiency
NBTB delivers a 9.5% return on equity — every $100 of shareholder capital generates $10 in annual profit, vs $5 for CNOB. NBTB carries lower financial leverage with a 0.17x debt-to-equity ratio, signaling a more conservative balance sheet compared to CNOB's 0.74x. On the Piotroski fundamental quality scale (0–9), NBTB scores 7/9 vs CNOB's 4/9, reflecting strong financial health.
| Metric | NBTBNBT Bancorp Inc. | CNOBConnectOne Bancor… |
|---|---|---|
| ROE (TTM)Return on equity | +9.5% | +5.5% |
| ROA (TTM)Return on assets | +1.1% | +0.6% |
| ROICReturn on invested capital | +7.9% | +3.5% |
| ROCEReturn on capital employed | +2.4% | +1.5% |
| Piotroski ScoreFundamental quality 0–9 | 7 | 4 |
| Debt / EquityFinancial leverage | 0.17x | 0.74x |
| Net DebtTotal debt minus cash | $142M | $1.1B |
| Cash & Equiv.Liquid assets | $185M | $92M |
| Total DebtShort + long-term debt | $327M | $1.2B |
| Interest CoverageEBIT ÷ Interest expense | 1.05x | 0.39x |
NBTB leads this category, winning 9 of 9 comparable metrics.
Total Returns (Dividends Reinvested)
CNOB leads this category, winning 5 of 6 comparable metrics.
Total Returns (Dividends Reinvested)
A $10,000 investment in NBTB five years ago would be worth $13,139 today (with dividends reinvested), compared to $11,897 for CNOB. Over the past 12 months, CNOB leads with a +30.7% total return vs NBTB's +7.1%. The 3-year compound annual growth rate (CAGR) favors CNOB at 30.4% vs NBTB's 15.4% — a key indicator of consistent wealth creation.
| Metric | NBTBNBT Bancorp Inc. | CNOBConnectOne Bancor… |
|---|---|---|
| YTD ReturnYear-to-date | +8.3% | +15.8% |
| 1-Year ReturnPast 12 months | +7.1% | +30.7% |
| 3-Year ReturnCumulative with dividends | +53.6% | +121.8% |
| 5-Year ReturnCumulative with dividends | +31.4% | +19.0% |
| 10-Year ReturnCumulative with dividends | +103.4% | +110.8% |
| CAGR (3Y)Annualised 3-year return | +15.4% | +30.4% |
CNOB leads this category, winning 5 of 6 comparable metrics.
Risk & Volatility
Evenly matched — NBTB and CNOB each lead in 1 of 2 comparable metrics.
Risk & Volatility
NBTB is the less volatile stock with a 0.89 beta — it tends to amplify market swings less than CNOB's 1.10 beta. A beta below 1.0 means the stock typically moves less than the S&P 500. CNOB currently trades 99.8% from its 52-week high vs NBTB's 95.2% drawdown — a narrower gap to the peak suggests stronger recent price momentum.
| Metric | NBTBNBT Bancorp Inc. | CNOBConnectOne Bancor… |
|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | 0.89x | 1.10x |
| 52-Week HighHighest price in past year | $46.92 | $30.15 |
| 52-Week LowLowest price in past year | $39.20 | $21.79 |
| % of 52W HighCurrent price vs 52-week peak | +95.2% | +99.8% |
| RSI (14)Momentum oscillator 0–100 | 50.0 | 61.7 |
| Avg Volume (50D)Average daily shares traded | 232K | 351K |
Evenly matched — NBTB and CNOB each lead in 1 of 2 comparable metrics.
Analyst Outlook
NBTB leads this category, winning 2 of 2 comparable metrics.
Analyst Outlook
Wall Street rates NBTB as "Hold" and CNOB as "Buy". Consensus price targets imply 13.0% upside for CNOB (target: $34) vs 2.9% for NBTB (target: $46). For income investors, NBTB offers the higher dividend yield at 3.19% vs CNOB's 2.11%.
| Metric | NBTBNBT Bancorp Inc. | CNOBConnectOne Bancor… |
|---|---|---|
| Analyst RatingConsensus buy/hold/sell | Hold | Buy |
| Price TargetConsensus 12-month target | $46.00 | $34.00 |
| # AnalystsCovering analysts | 10 | 11 |
| Dividend YieldAnnual dividend ÷ price | +3.2% | +2.1% |
| Dividend StreakConsecutive years of raises | 12 | 0 |
| Dividend / ShareAnnual DPS | $1.43 | $0.63 |
| Buyback YieldShare repurchases ÷ mkt cap | +0.4% | +0.1% |
NBTB leads this category, winning 2 of 2 comparable metrics.
Key Takeaway
NBTB leads in 3 of 6 categories (Income & Cash Flow, Profitability & Efficiency). CNOB leads in 1 (Total Returns). 2 tied.
Best OverallNBT Bancorp Inc. (NBTB)Leads 3 of 6 categories
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NBTB vs CNOB: Frequently Asked Questions
10 questions · data-driven answers · updated daily
01Is NBTB or CNOB a better buy right now?
For growth investors, ConnectOne Bancorp, Inc.
(CNOB) is the stronger pick with 13. 4% revenue growth year-over-year, versus 10. 4% for NBT Bancorp Inc. (NBTB). NBT Bancorp Inc. (NBTB) offers the better valuation at 13. 4x trailing P/E (10. 7x forward), making it the more compelling value choice. Analysts rate ConnectOne Bancorp, Inc. (CNOB) a "Buy" — based on 11 analyst ratings — the highest consensus in this comparison. The "better buy" depends entirely on your goals: growth investors should weight revenue trajectory, value investors should weight P/E and PEG, and income investors should weight dividend yield and streak.
02Which has the better valuation — NBTB or CNOB?
On trailing P/E, NBT Bancorp Inc.
(NBTB) is the cheapest at 13. 4x versus ConnectOne Bancorp, Inc. at 20. 3x. On forward P/E, ConnectOne Bancorp, Inc. is actually cheaper at 9. 3x — notably different from the trailing picture, reflecting expected earnings growth.
03Which is the better long-term investment — NBTB or CNOB?
Over the past 5 years, NBT Bancorp Inc.
(NBTB) delivered a total return of +31. 4%, compared to +19. 0% for ConnectOne Bancorp, Inc. (CNOB). Over 10 years, the gap is even starker: CNOB returned +110. 8% versus NBTB's +103. 4%. Past returns do not guarantee future results, and the stock with the higher historical return may already have its best growth priced in.
04Which is safer — NBTB or CNOB?
By beta (market sensitivity over 5 years), NBT Bancorp Inc.
(NBTB) is the lower-risk stock at 0. 89β versus ConnectOne Bancorp, Inc. 's 1. 10β — meaning CNOB is approximately 24% more volatile than NBTB relative to the S&P 500. On balance sheet safety, NBT Bancorp Inc. (NBTB) carries a lower debt/equity ratio of 17% versus 74% for ConnectOne Bancorp, Inc. — giving it more financial flexibility in a downturn.
05Which is growing faster — NBTB or CNOB?
By revenue growth (latest reported year), ConnectOne Bancorp, Inc.
(CNOB) is pulling ahead at 13. 4% versus 10. 4% for NBT Bancorp Inc. (NBTB). On earnings-per-share growth, the picture is similar: NBT Bancorp Inc. grew EPS 12. 5% year-over-year, compared to -15. 9% for ConnectOne Bancorp, Inc.. Higher growth typically commands a higher valuation multiple — check whether the premium P/E or P/S is justified by the growth rate using the PEG ratio.
06Which has better profit margins — NBTB or CNOB?
NBT Bancorp Inc.
(NBTB) is the more profitable company, earning 19. 5% net margin versus 13. 3% for ConnectOne Bancorp, Inc. — meaning it keeps 19. 5% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: NBTB leads at 25. 3% versus 18. 6% for CNOB. At the gross margin level — before operating expenses — NBTB leads at 72. 1%, reflecting greater pricing power or product mix advantage. Stronger margins indicate durable pricing power, lower cost of revenue, or higher mix of software/services. They are one of the clearest signs of business quality.
07Is NBTB or CNOB more undervalued right now?
On forward earnings alone, ConnectOne Bancorp, Inc.
(CNOB) trades at 9. 3x forward P/E versus 10. 7x for NBT Bancorp Inc. — 1. 4x cheaper on a one-year earnings basis. Analyst consensus price targets imply the most upside for CNOB: 13. 0% to $34. 00.
08Which pays a better dividend — NBTB or CNOB?
All stocks in this comparison pay dividends.
NBT Bancorp Inc. (NBTB) offers the highest yield at 3. 2%, versus 2. 1% for ConnectOne Bancorp, Inc. (CNOB).
09Is NBTB or CNOB better for a retirement portfolio?
For long-horizon retirement investors, NBT Bancorp Inc.
(NBTB) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding (low volatility (β 0. 89), 3. 2% yield, +103. 4% 10Y return). Both have compounded well over 10 years (NBTB: +103. 4%, CNOB: +110. 8%), confirming both are viable long-term holds — but the lower-volatility option typically results in less emotional selling during corrections. Retirement portfolios generally favour predictability over maximum returns. Consult a financial advisor before making allocation decisions.
10What are the main differences between NBTB and CNOB?
Both stocks operate in the Financial Services sector, making this a peer-level intra-sector comparison — the same macro tailwinds and headwinds will affect both.
In terms of investment character: NBTB is a small-cap deep-value stock; CNOB is a small-cap quality compounder stock. These fundamental differences mean investors should not choose between them on a single metric — the "better stock" depends entirely on which of these characteristics aligns with your investment strategy.
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Revenue Growth>
%
(NBTB: 10.4% · CNOB: 13.4%)Net Margin>
%
(NBTB: 19.5% · CNOB: 13.3%)P/E Ratio<
x
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