Stock Analysis Report

Header cover image

Executive Summary

NBT Bancorp Inc., a financial holding company, provides commercial banking, retail banking, and wealth management services. More Details


Trading at 22.9% below our estimate of its fair value

Earnings are forecast to grow 6.31% per year

Pays a reliable dividend of 2.75%

Risk Analysis

No risks detected for NBTB from our risk checks.

Snowflake Analysis

Flawless balance sheet established dividend payer.

Similar Companies

Share Price & News

How has NBT Bancorp's share price performed over time and what events caused price changes?

Latest Share Price and Events

Stable Share Price: NBTB is less volatile than 75% of US stocks over the past 3 months, typically moving +/- 4% a week.

Volatility Over Time: NBTB's weekly volatility (4%) has been stable over the past year.

Market Performance

7 Day Return




US Banks


US Market

1 Year Return




US Banks


US Market

Return vs Industry: NBTB underperformed the US Banks industry which returned 35.5% over the past year.

Return vs Market: NBTB underperformed the US Market which returned 36.2% over the past year.

Shareholder returns

7 Day8.4%4.5%-0.4%
30 Day14.1%12.3%-2.9%
90 Day23.1%26.1%5.0%
1 Year22.5%18.5%40.3%35.5%39.1%36.2%
3 Year15.2%5.5%13.1%3.4%48.4%39.0%
5 Year66.2%44.6%100.7%75.2%116.5%92.4%

Long-Term Price Volatility Vs. Market

How volatile is NBT Bancorp's share price compared to the market and industry in the last 5 years?

Simply Wall St News


Is NBT Bancorp undervalued compared to its fair value and its price relative to the market?


Undervalued compared to fair value

Share Price vs. Fair Value

Below Fair Value: NBTB ($39.27) is trading below our estimate of fair value ($50.93)

Significantly Below Fair Value: NBTB is trading below fair value by more than 20%.

Price To Earnings Ratio

PE vs Industry: NBTB is poor value based on its PE Ratio (16.4x) compared to the US Banks industry average (13.1x).

PE vs Market: NBTB is good value based on its PE Ratio (16.4x) compared to the US market (21.4x).

Price to Earnings Growth Ratio

PEG Ratio: NBTB is poor value based on its PEG Ratio (2.6x)

Price to Book Ratio

PB vs Industry: NBTB is overvalued based on its PB Ratio (1.4x) compared to the US Banks industry average (1.1x).

Next Steps

Future Growth

How is NBT Bancorp forecast to perform in the next 1 to 3 years based on estimates from 4 analysts?


Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts

Analyst Future Growth Forecasts

Earnings vs Savings Rate: NBTB's forecast earnings growth (6.3% per year) is above the savings rate (2%).

Earnings vs Market: NBTB's earnings (6.3% per year) are forecast to grow slower than the US market (19.2% per year).

High Growth Earnings: NBTB's earnings are forecast to grow, but not significantly.

Revenue vs Market: NBTB's revenue (5.9% per year) is forecast to grow slower than the US market (10% per year).

High Growth Revenue: NBTB's revenue (5.9% per year) is forecast to grow slower than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: NBTB's Return on Equity is forecast to be low in 3 years time (9.8%).

Next Steps

Past Performance

How has NBT Bancorp performed over the past 5 years?


Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: NBTB has high quality earnings.

Growing Profit Margin: NBTB's current net profit margins (25.4%) are lower than last year (28.1%).

Past Earnings Growth Analysis

Earnings Trend: NBTB's earnings have grown by 8.6% per year over the past 5 years.

Accelerating Growth: NBTB's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: NBTB had negative earnings growth (-13.6%) over the past year, making it difficult to compare to the Banks industry average (0.5%).

Return on Equity

High ROE: NBTB's Return on Equity (8.8%) is considered low.

Next Steps

Financial Health

How is NBT Bancorp's financial position? (This company is analysed differently as a bank or financial institution)

Financial Position Analysis

Debt to Equity History and Analysis

Balance Sheet

Financial Institutions Analysis

Asset Level: NBTB's Assets to Equity ratio (9.2x) is low.

Allowance for Bad Loans: NBTB has a sufficient allowance for bad loans (230%).

Low Risk Liabilities: 93% of NBTB's liabilities are made up of primarily low risk sources of funding.

Loan Level: NBTB has an appropriate level of Loans to Assets ratio (68%).

Low Risk Deposits: NBTB's Loans to Deposits ratio (81%) is appropriate.

Level of Bad Loans: NBTB has an appropriate level of bad loans (0.6%).

Next Steps


What is NBT Bancorp current dividend yield, its reliability and sustainability?


Current Dividend Yield

Dividend Yield vs Market

Notable Dividend: NBTB's dividend (2.75%) is higher than the bottom 25% of dividend payers in the US market (1.31%).

High Dividend: NBTB's dividend (2.75%) is low compared to the top 25% of dividend payers in the US market (3.64%).

Stability and Growth of Payments

Stable Dividend: NBTB's dividends per share have been stable in the past 10 years.

Growing Dividend: NBTB's dividend payments have increased over the past 10 years.

Current Payout to Shareholders

Dividend Coverage: With its reasonably low payout ratio (45.2%), NBTB's dividend payments are well covered by earnings.

Future Payout to Shareholders

Future Dividend Coverage: NBTB's dividends in 3 years are forecast to be well covered by earnings (41.9% payout ratio).

Next Steps


How experienced are the management team and are they aligned to shareholders interests?


Average management tenure


John Watt (62 yo)





Mr. John H. Watt, Jr. has 31 years of experience in the financial services industry. He joined NBT Bank in 2014 following the sale of Alliance Financial Corporation to NBT. He played a leadership role in N...

CEO Compensation Analysis

Compensation vs Market: John's total compensation ($USD2.39M) is below average for companies of similar size in the US market ($USD3.62M).

Compensation vs Earnings: John's compensation has been consistent with company performance over the past year.

Leadership Team

John Watt
$ 3.1m
John Moran
Executive VP & CFO1.33yrsUS$395.63k0.0050%
$ 86.3k
Catherine Scarlett
Chief Human Resources Officerno dataUS$680.36k0.12%
$ 2.1m
Joseph Stagliano
Executive VP & President of Retail Community Banking2.17yrsUS$859.94k0.16%
$ 2.7m
Timothy Brenner
Executive VP & President of Wealth Management9yrsUS$849.08k0.15%
$ 2.5m
Kenneth Entenmann
Senior VPno datano datano data
Annette Burns
Senior VP & Chief Accounting Officer1.33yrsno data0.016%
$ 267.5k
Angela Kelley
Executive VP1.58yrsno data0.0034%
$ 58.9k
Florence Doller
Senior VP & Director of Corporate Communicationsno datano datano data
Shaunastar Hyle
Executive Vice President of Consumer Lending2.17yrsno data0.020%
$ 339.4k
Sarah Halliday
Executive VP & President of Commercial Banking4.17yrsUS$718.24k0.019%
$ 330.3k
Amy Wiles
Executive VP and Chief Credit & Risk Officer3.42yrsno data0.027%
$ 470.0k


Average Tenure


Average Age

Experienced Management: NBTB's management team is considered experienced (2.2 years average tenure).

Board Members

John Watt
$ 3.1m
Martin Dietrich
Chairman of the Board4.83yrsUS$187.44k0.31%
$ 5.2m
Andrew Kowalczyk
Independent Director4.25yrsUS$112.06k0.010%
$ 175.8k
John Mitchell
Independent Lead Directorno dataUS$130.94k0.075%
$ 1.3m
Jack Webb
Independent Director8yrsUS$119.54k0.11%
$ 2.0m
Matthew Salanger
Independent Director4.83yrsUS$128.14k0.043%
$ 737.8k
Lowell Seifter
Independent Director8yrsUS$119.04k0.10%
$ 1.8m
Timothy Delaney
Independent Director10.17yrsUS$111.54k0.075%
$ 1.3m
Patricia Civil
Independent Director18.17yrsUS$138.76k0.062%
$ 1.1m
Robert Wadsworth
Independent Director14.33yrsUS$110.69k0.039%
$ 659.4k
VanNess Robinson
Independent Director4.83yrsUS$107.24k0.032%
$ 548.2k
James Douglas
Independent Director10.17yrsUS$124.14k0.019%
$ 329.3k


Average Tenure


Average Age

Experienced Board: NBTB's board of directors are considered experienced (8 years average tenure).


Who are the major shareholders and have insiders been buying or selling?

Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.

Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.

Top Shareholders

Company Information

NBT Bancorp Inc.'s company bio, employee growth, exchange listings and data sources

Key Information

  • Name: NBT Bancorp Inc.
  • Ticker: NBTB
  • Exchange: NasdaqGS
  • Founded: 1856
  • Industry: Regional Banks
  • Sector: Banks
  • Market Cap: US$1.711b
  • Shares outstanding: 43.58m
  • Website:

Number of Employees


  • NBT Bancorp Inc.
  • 52 South Broad Street
  • Norwich
  • New York
  • 13815
  • United States


TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
NBTBNasdaqGS (Nasdaq Global Select)YesCommon StockUSUSDOct 1990


NBT Bancorp Inc., a financial holding company, provides commercial banking, retail banking, and wealth management services. Its deposit products include demand deposit, savings, negotiable order of withdra...

Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2021/03/08 00:31
End of Day Share Price2021/03/05 00:00
Annual Earnings2020/12/31

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.