NBT Bancorp
NBTB on Nasdaq. NBT Bancorp sells banking and wealth management services to customers in the northeastern United States. Market value $2.6bn.
Price checks use the past 12 months to June 2026. Some use the latest annual report instead, as marked. Quality checks use five annual reports, the latest for the year to December 2025.
We can't read total debt from the filing, so debt is left out.
Should I look at this?
Worth a closer look
Why it could be worth it
What to watch out for
Nothing stood out in the numbers we check.
This is not advice. Check the numbers below.
Yearly profit per dollar of owners' money: 10 cents. Above 10 is good.
What you pay for each dollar of net assets: $1.35.
Profit per $100 you pay: $8.13.
Quality score: 88 of 100. Price score: 91 of 100. Our list needs 70 on quality and 60 on price.
$50.67 a share, 29% above its 1-year low
Over the past year the price has ranged from $39.20 to $54.50.
Dividend: 2.8% a year
Paid every year for at least 5 years
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $151m | $151m | $145m | $166m | $183m |
| Operating margin | |||||
| Operating margin | n/a | n/a | n/a | n/a | n/a |
| Debt to equity | |||||
| Debt to equity | n/a | n/a | n/a | n/a | n/a |
| Shares outstanding | |||||
| Shares outstanding | 0.04bn | 0.05bn | 0.05bn | 0.05bn | 0.05bn |
Health checks
- Free cash flow positiveDoesn't apply to banks and insurers
- Accounting checksDoesn't apply to banks and insurers
- DebtDoesn't apply to banks and insurers
- Revenue growth, five yearsSlow, 5.4% a year
- Buying back its own sharesNo, 21% more shares since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Profit: $53 million, up 136% on a year ago.
- Spare cash over the past 12 months: $246 million, up from $176 million.
- 3% more shares than a year ago. Each share owns a bit less of the company.
| Quarter to | Amount |
|---|---|
| September 2024 | $38m |
| December 2024 | $36m |
| March 2025 | $37m |
| June 2025 | $23m |
| September 2025 | $54m |
| December 2025 | $56m |
| March 2026 | $51m |
| June 2026 | $53m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 27 February 2026
- Next quarterly (estimated, 10-Q)
- 6 November 2026
Who owns it
1 long-term investor we follow owns it, unchanged from 1 last quarter. 285 funds in all.
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Fenimore Asset Management (FAM Funds)John Fox | $659,336 | <0.1% | Cut |
Largest holders overall
- BlackRock$369m
- Vanguard Portfolio Management$170m
- State Street$135mAdded
- Dimensional Fund Advisors LP$119mAdded
- Vanguard Capital Management$111m
- FMR$86mAdded
- Geode Capital Management$69mAdded
- Northern Trust$35mAdded
- Silvercrest Asset Management Group$32mCut
- Victory Capital Management$31mCut
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
3 investors own more than 5%.
- Vanguard Portfolio ManagementPassive investor6.7%Since 31 March 2026
- STATE STREET CORPORATIONPassive investor5.3%Since 30 June 2026
- Vanguard Capital ManagementPassive investor5.1%Since 31 March 2026
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
Vanguard Portfolio Management Passive investor | 6.7% | 31 March 2026 | |
STATE STREET CORPORATION Passive investor | 5.3% | 30 June 2026 | |
Vanguard Capital Management Passive investor | 5.1% | 31 March 2026 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
In the last 12 months, 1 insider bought $1m of shares on the open market. 6 sold $2m.
- Mahoney Ruth HEVP/President of Wealth MgmtSold
- Date
- 29 July 2026
- Shares
- 4,500
- Price
- $54.30
- Value
- $244,350
- Halliday Sarah AEVP/Chief Comm Innovation OffSold
- Date
- 29 July 2026
- Shares
- 9,000
- Price
- $54.04
- Value
- $486,401
- Sparks Martin RandolphEVP,General Counsel,SecretarySold
- Date
- 12 June 2026
- Shares
- 1,200
- Price
- $48.04
- Value
- $57,648
- Hoeller Heidi MDirectorSold
- Date
- 12 June 2026
- Shares
- 2,100
- Price
- $48.04
- Value
- $100,884
- WATT JOHN H JRDirectorSold
- Date
- 9 June 2026
- Shares
- 21,000
- Price
- $47.42
- Value
- $995,820
- Mahoney Ruth HEVP/President of Wealth MgmtSold
- Date
- 5 June 2026
- Shares
- 5,000
- Price
- $46.60
- Value
- $233,000
- Sparks Martin RandolphEVP,General Counsel,SecretarySold
- Date
- 13 March 2026
- Shares
- 2,400
- Price
- $41.30
- Value
- $99,120
- Wiles AmyEVP, Chief Risk and CreditSold
- Date
- 17 February 2026
- Shares
- 4,435
- Price
- $45.72
- Value
- $202,768
- DELANEY TIMOTHY EDirectorBought
- Date
- 28 January 2026
- Shares
- 22,730
- Price
- $42.97
- Value
- $976,708
- DELANEY TIMOTHY EDirectorBought
- Date
- 6 November 2025
- Shares
- 10,000
- Price
- $40.98
- Value
- $409,750
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 29 July 2026 | Mahoney Ruth H EVP/President of Wealth Mgmt | Sold | 4,500 | $54.30 | $244,350 |
| 29 July 2026 | Halliday Sarah A EVP/Chief Comm Innovation Off | Sold | 9,000 | $54.04 | $486,401 |
| 12 June 2026 | Sparks Martin Randolph EVP,General Counsel,Secretary | Sold | 1,200 | $48.04 | $57,648 |
| 12 June 2026 | Hoeller Heidi M Director | Sold | 2,100 | $48.04 | $100,884 |
| 9 June 2026 | WATT JOHN H JR Director | Sold | 21,000 | $47.42 | $995,820 |
| 5 June 2026 | Mahoney Ruth H EVP/President of Wealth Mgmt | Sold | 5,000 | $46.60 | $233,000 |
| 13 March 2026 | Sparks Martin Randolph EVP,General Counsel,Secretary | Sold | 2,400 | $41.30 | $99,120 |
| 17 February 2026 | Wiles Amy EVP, Chief Risk and Credit | Sold | 4,435 | $45.72 | $202,768 |
| 28 January 2026 | DELANEY TIMOTHY E Director | Bought | 22,730 | $42.97 | $976,708 |
| 6 November 2025 | DELANEY TIMOTHY E Director | Bought | 10,000 | $40.98 | $409,750 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the warning signs we check for were found.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 27 Feb 2026, plus the 10-Q filed 7 Aug 2026 and 7 later 8-Ks.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.