Operational efficiency remains stable as evidenced by an OCF/NI ratio of 1.04 in 2026Q1, which supports the bank's ability to sustain $19.2 million in quarterly dividend payments.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Cash from Operations | 246.25M | 235.22M | 188.57M | 157.46M | 183.22M | 159.19M | 145.27M | 153.46M | 147.77M | 136.9M | 109.51M | 124.54M | 87.81M | 119.3M | 88.85M | 83.77M | 89.44M | 54.68M | 87.33M | 85.84M | 65.52M | 65.06M | 96.56M | 44.62M | 60.86M | 53.24M | 61.69M | 51.7M | 27.5M | 24.8M | 21.1M |
| Operating CF Growth % | 107.39% | 24.74% | 19.76% | -14.06% | 15.1% | 9.58% | -5.34% | 3.85% | 7.94% | 25.02% | -12.07% | 41.83% | -26.39% | 34.26% | 6.08% | -6.34% | 63.55% | -37.38% | 1.73% | 31.02% | 0.71% | -32.63% | 116.43% | -26.7% | 14.31% | -13.69% | 19.33% | 87.96% | 10.9% | 17.54% | 21.97% |
| Net Income | 183.63M | 169.24M | 140.64M | 118.78M | 152M | 154.88M | 104.39M | 121.02M | 112.57M | 82.15M | 78.41M | 76.42M | 75.07M | 61.75M | 54.56M | 57.9M | 57.4M | 52.01M | 58.35M | 50.33M | 55.95M | 52.44M | 50.05M | 47.1M | 45M | 3.74M | 14.15M | 32.59M | 26.89M | 14.7M | 12.2M |
| Depreciation & Amortization | 7.66M | 316K | 27.5M | 22.27M | 19.06M | 12.7M | 20.55M | 20.32M | 13.32M | 13.02M | 12.95M | 13.51M | 13.37M | 12.82M | 9.67M | 8.51M | 8.4M | 8.64M | 7.33M | 6.94M | 7.72M | 7.2M | 8.94M | 12.07M | 7.64M | 5.08M | 9.02M | 6.81M | 5.47M | 2.7M | 3.3M |
| Deferred Taxes | 0 | 0 | 8.73M | 5.96M | -19.85M | 0 | 0 | 0 | 0 | 4.41M | 0 | 0 | 8.35M | 2.34M | -10K | -9.48M | -14.96M | -1.5M | 4.78M | 2.24M | 9.77M | 743K | 7.6M | 6.36M | 8.65M | -6.33M | -2.19M | 2.07M | -1.01M | -400K | -700K |
| Other Non-Cash Items | 59.65M | 90.93M | 4.96M | 33.25M | 15.55M | -837K | 62.82M | 14.69M | 27.5M | 26.29M | 23.05M | 9.86M | 1.81M | 20.49M | 13.6M | 15.36M | 25.54M | 25.32M | 22.86M | 25.04M | 10.4M | 8.38M | 28.6M | -13.65M | 9.28M | 64.81M | 17.65M | 7.39M | 1.49M | 6.6M | 5.3M |
| Working Capital Changes | -13.07M | -24.59M | 748K | -27.91M | 11.93M | -11.98M | -47.07M | -6.77M | -9.55M | 7.4M | -8.22M | 20.62M | -14.31M | 17.59M | 6.68M | 8.23M | 9.27M | -32.92M | -8.13M | -1.54M | -18.32M | -3.7M | 1.37M | -7.26M | -9.71M | -14.05M | 23.06M | 2.84M | -5.34M | 1.2M | 1M |
| Cash from Investing | 276.55M | 169.07M | -399.16M | -44.23M | -926.22M | -547.61M | -712.59M | -64.34M | -417.62M | -305.19M | -629.96M | -504M | -143.74M | -183.75M | -126.85M | -175.5M | 58.49M | -28.45M | -216.58M | -97.64M | -276.53M | -206.09M | -224.7M | -307.77M | -131.95M | 43.05M | -150.99M | -314.22M | -131.01M | -145.8M | -52.8M |
| Purchase of Investments | -558.04M | -566.6M | -376.24M | -88.03M | -630.6M | -1.07B | -920.88M | -323.72M | -533.05M | -294.51M | -754.85M | -576.53M | -247.13M | -438.33M | -504.05M | -668.78M | -684.02M | -537.48M | -476.43M | -386.65M | -345.54M | -310.07M | -296.66M | -736.67M | -713.12M | -350.82M | -183.93M | -518.89M | -373.74M | -318.1M | -278.1M |
| Sale/Maturity of Investments | 657.5M | 685.66M | 314.49M | 341.98M | 391.28M | 578.01M | 582.54M | 527.48M | 464.82M | 410.74M | 524.14M | 397.78M | 300.72M | 438.51M | 607.12M | 591.18M | 727.05M | 530.61M | 511.67M | 359.3M | 306.96M | 271.13M | 331.72M | 719.04M | 652.39M | 428.93M | 261.99M | 370.67M | 372.87M | 259.6M | 292.9M |
| Net Investment Activity | 99.47M | 119.06M | -61.75M | 253.95M | -239.33M | -496.97M | -338.34M | 203.76M | -68.23M | 116.23M | -230.71M | -178.75M | 53.59M | 180K | 103.07M | -77.61M | 43.03M | -6.86M | 35.24M | -27.35M | -38.58M | -38.95M | 35.06M | -17.63M | -60.73M | 78.11M | 78.06M | -148.22M | -876K | -58.5M | 14.8M |
| Acquisitions | 37.46M | 37.94M | -1.38M | 44.56M | -2.62M | -1.55M | -6.76M | 0 | -7.88M | -4M | -2M | -3.1M | 0 | 80.88M | 52.87M | 81.47M | 0 | 0 | -26.23M | 0 | -23.53M | -6.13M | 0 | 0 | 0 | 9.51M | 74.43M | 116.91M | 0 | 0 | 0 |
| Other Investing | 156.32M | 28.37M | -324.28M | -333.49M | -677.26M | -41.35M | -359.33M | -261.46M | -334.1M | -410.73M | -393.95M | -313.96M | -188.32M | -259.05M | -275.8M | -169.41M | 21.98M | -15.21M | -219.55M | -67.94M | -210.25M | -154.96M | -252.4M | -282.31M | -64.37M | -36.11M | -301.84M | -271.31M | -119.19M | -83.4M | -66.2M |
| Cash from Financing | -60.81M | -201.23M | 289.46M | -105.39M | -328.73M | 984.81M | 1.02B | -53.23M | 291.14M | 178.77M | 529.33M | 373.12M | 43.64M | 59.71M | 72.28M | 52.32M | -166.3M | 50.53M | 76.75M | 35.96M | 207.32M | 176.8M | 106.77M | 266.58M | 65.76M | -96.78M | 108.92M | 269.46M | 121.8M | 122.6M | 23.2M |
| Dividends Paid | -75.77M | -72.59M | -62.26M | -55.89M | -49.77M | -47.74M | -47.21M | -46.01M | -43.27M | -40.1M | -38.88M | -38.15M | -36.91M | -33.52M | -26.71M | -27.06M | -27.58M | -27.12M | -25.83M | -26.23M | -26.02M | -24.67M | -24.25M | -22.17M | -22.45M | -20.13M | -18.45M | -15.74M | -11.86M | -5.6M | -4.4M |
| Share Repurchases | -21.29M | -10.19M | -251K | -4.94M | -14.71M | -21.71M | -7.98M | 0 | 0 | 0 | -17.19M | -26.8M | -72K | -12.46M | -15.49M | -30.5M | -477K | 0 | -5.94M | -48.96M | -17.11M | -23.16M | -9.15M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock Issued | 117K | 117K | 0 | 0 | 0 | 0 | 0 | 725K | 1.3M | 3.31M | 0 | 0 | 0 | 0 | 0 | 1.39M | 1.68M | 36.13M | 11.3M | 4.35M | 10.13M | 7.16M | 6.96M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Stock Activity | -21.18M | -10.07M | -251K | -4.94M | -14.71M | -21.71M | -7.98M | 725K | 1.3M | 3.31M | -17.19M | -26.8M | -72K | -12.46M | -15.49M | -29.12M | 1.2M | 36.13M | 5.36M | -44.6M | -6.98M | -16M | -2.19M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Debt Issuance (Net) | -2M | -1000K | -1000K | -1000K | 1000K | -1000K | -1000K | -1000K | 1000K | 1000K | 1000K | 1000K | -1000K | 1000K | -1000K | 1000K | -1000K | -1000K | 1000K | 1000K | -1000K | 1000K | 1000K | 1000K | 1000K | -1000K | -1000K | 1000K | 1000K | 1000K | -1000K |
| Other Financing | 166.57M | 83.97M | 575.84M | 162.3M | -740.29M | 1.15B | 1.49B | 217.99M | 195.68M | 193.37M | 372.55M | 312.89M | 415.64M | -2.21M | 136.49M | 89.72M | 43.12M | 169.54M | 51.87M | 76.57M | 307.5M | 86.36M | 72.49M | 66.01M | 40.69M | -36.21M | 132.95M | 161.11M | 76.03M | 97.9M | 43.3M |
| Net Change in Cash | 461.99M | 203.06M | 78.87M | 7.84M | -1.07B | 596.39M | 455.84M | 35.89M | 21.29M | 10.48M | 8.88M | -6.34M | -12.29M | -4.74M | 34.29M | -39.41M | -18.37M | 76.77M | -52.55M | 24.15M | -3.69M | 35.77M | -21.37M | 3.42M | -5.33M | -486K | 19.61M | 6.94M | 18.29M | -35.8M | -44.4M |
| Exchange Rate Effect | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash at Beginning | 487.12M | 284.06M | 205.19M | 197.35M | 1.27B | 672.68M | 216.84M | 180.96M | 159.66M | 149.18M | 140.3M | 146.64M | 158.93M | 163.67M | 129.38M | 168.79M | 187.16M | 110.4M | 162.95M | 138.79M | 142.49M | 106.72M | 128.09M | 124.62M | 129.96M | 130.44M | 110.83M | 103.89M | 69.47M | 67.6M | 87.9M |
| Cash at End | 716.07M | 487.12M | 284.06M | 205.19M | 197.35M | 1.27B | 672.68M | 216.84M | 180.96M | 159.66M | 149.18M | 140.3M | 146.64M | 158.93M | 163.67M | 129.38M | 168.79M | 187.16M | 110.4M | 162.95M | 138.79M | 142.49M | 106.72M | 128.04M | 124.62M | 129.96M | 130.44M | 110.83M | 87.76M | 69.47M | 35.8M |
| Interest Paid | 217.46M | 215.59M | 215.15M | 130.18M | 20.61M | 20.29M | 31.69M | 55.91M | 36.69M | 25.89M | 22.47M | 20.91M | 23.39M | 31.31M | 35.34M | 40.13M | 54.67M | 79.82M | 113.6M | 138.79M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Income Taxes Paid | 26.05M | 24.57M | 23.32M | 27.64M | 62.8M | 46.1M | 45.79M | 28.37M | 31.9M | 33.67M | 40.88M | 28.68M | 38.91M | 20.85M | 25.51M | 31.26M | 37.03M | 13.95M | 17.08M | 18.01M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | 235.26M | 218.92M | 176.82M | 148.2M | 176.21M | 151.44M | 137.12M | 146.82M | 140.37M | 130.21M | 106.2M | 116.35M | 78.81M | 113.53M | 81.86M | 73.81M | 82.93M | 48.31M | 81.29M | 83.48M | 61.34M | 59M | 89.2M | 36.79M | 54.01M | 44.79M | 60.05M | 40.09M | 16.55M | 20.9M | 19.7M |
| FCF Growth % | 30.12% | 23.8% | 19.31% | -15.9% | 16.36% | 10.45% | -6.61% | 4.59% | 7.8% | 22.61% | -8.72% | 47.64% | -30.59% | 38.69% | 10.9% | -10.99% | 71.67% | -40.57% | -2.63% | 36.1% | 3.96% | -33.86% | 142.48% | -31.89% | 20.58% | -25.4% | 49.77% | 142.18% | -20.79% | 6.09% | 28.76% |
Deposit Beta Margin Compression
According to NBTB's reported financial statements, the bank consistently generated positive operating cash flows exceeding net income, with an OCF/NI ratio reaching 1.04 in 2026Q1, suggesting that the firm maintains a stable capacity to fund organic growth and regulatory capital buffers through internal earnings retention.
The consistent ability to generate operating cash flow in excess of net income indicates that the bank's core earnings are of high quality and not overly reliant on non-cash accounting adjustments. This internal capital generation is essential for supporting the bank's expansion strategy while maintaining compliance with evolving regulatory capital requirements.
Based on recent SEC filings, NBTB's investment activity shows significant quarterly fluctuations, with purchases reaching $168.8 million in 2024Q4, which implies a dynamic approach to managing the securities portfolio duration and reinvestment rates in response to the shifting interest rate environment across the Northeast region.
The variance between purchase and sale activity suggests that management is actively adjusting the portfolio to optimize yield while balancing liquidity needs. Investors should monitor whether these reinvestment cycles are effectively mitigating the margin compression observed in the core banking segment.
As reported in financial statements, NBTB maintained consistent dividend payments of approximately $19.2 million in 2026Q1, demonstrating a commitment to shareholder returns that appears sustainable given the bank's diversified fee-based revenue streams and the successful integration of recent acquisitions like Salisbury Bancorp.
The stability of dividend payouts, even during periods of increased M&A-related expenditure, suggests a disciplined approach to capital allocation. However, the modest level of share buybacks indicates that management prioritizes capital preservation and inorganic growth over aggressive equity reduction.
Based on reported figures, NBTB's provision for credit losses peaked at $17.8 million in 2025Q2, which highlights the inherent sensitivity of the bank's indirect consumer and agricultural loan portfolios to regional economic shifts and the rigorous requirements of the CECL accounting methodology.
The volatility in provisioning suggests that the bank is proactively adjusting its reserves to account for potential credit deterioration in its specialized lending segments. This conservative stance may provide a buffer against future losses, though it also creates periodic drag on reported earnings.
Quick answers to the most common questions about buying NBTB stock.
NBT Bancorp Inc. (NBTB) generated $235.2M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
NBT Bancorp Inc. (NBTB) generated $218.9M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
NBT Bancorp Inc. (NBTB) spent $16.3M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, NBT Bancorp Inc. (NBTB) returned $72.6M to shareholders via cash dividends and spent $10.2M on share repurchases. This shows the company's commitment to returning capital to its equity investors.