financial highlights (In thousands, except per share data) leadership FOR THE YEAR 2023 2022 Executive Management Team OPERATING PERFORMANCE* Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . $144,747 $153,618 Diluted earnings . . . . . . . . . . . . . . . . . . . . . . . . $3.23 $3.56 PERFORMANCE Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . $118,782 $151,995 Return on average assets . . . . . . . . . . . . . . . Return on average tangible equity . . . . . . Net interest margin . . . . . . . . . . . . . . . . . . . . . 0.95% 13.02% 3.29% 1.29% 16.89% 3.34% PER COMMON SHARE DATA Diluted earnings . . . . . . . . . . . . . . . . . . . . . . . . Cash dividends . . . . . . . . . . . . . . . . . . . . . . . . . $2.65 $1.24 $3.52 $1.16 Dividend yield . . . . . . . . . . . . . . . . . . . . . . . . . . 2.96% 2.67% Tangible book value per share . . . . . . . . . . $21.72 $20.65 AT DECEMBER 31 BALANCE SHEET DATA Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . $13,309,040 $11,739,296 Total loans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $9,650,713 $8,150,147 Allowance for loan losses . . . . . . . . . . . . . . . $114,400 $100,800 Deposits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $10,968,994 $9,495,933 Total shareholders’ equity . . . . . . . . . . . . . . . $1,425,691 $1,173,554 ASSET QUALITY Net charge-offs to average loans . . . . . . . . Nonperforming loans to total loans . . . . . . Nonperforming assets to total assets . . . . Allowance for loan losses to total loans . . 0.19% 0.39% 0.28% 1.19% 0.11% 0.26% 0.18% 1.24% John H. Watt, Jr. President and CEO Scott A. Kingsley Executive Vice President and Chief Financial Officer Richard J. Cantele, Jr. Executive Vice President, Strategic Integration M. Randolph Sparks Executive Vice President, General Counsel, Chief Ethics Officer and Corporate Secretary Amy Wiles Executive Vice President, Chief Credit Officer and Chief Risk Officer Joseph R. Stagliano Executive Vice President, President of Retail Community Banking and Chief Information Officer Sarah A. Halliday Executive Vice President and President of Commercial Banking Shauna M. Hyle Executive Vice President, Consumer Lending Ruth H. Mahoney Executive Vice President, President of Wealth Management and Regional President for the Capital District, North Country and Hudson Valley EPIC Retirement Plan Services Manuel Marques, cpc, qpa, qka, qpfc, aif® President NBT Insurance Agency Tucker H. Lounsbury, cic President Regional Presidents Ruth H. Mahoney Capital District, North Country and Hudson Valley David A. Kavney Central New York and Mohawk Valley Jeffrey D. Lake Greater Binghamton Andreas A. Kapetanopoulos Connecticut Michael P. O’Reilly Maine and New England Justin L. Jennings New Hampshire Daniel P. Werme Vermont and Massachusetts NBTB Nasdaq Global Select Market shareholder information CAPITAL Common equity tier 1 capital ratio . . . . . . . Tier 1 capital ratio . . . . . . . . . . . . . . . . . . . . . . . Total risk-based capital ratio . . . . . . . . . . . . 11.57% 12.50% 14.75% 12.12% 13.19% 15.38% Closing stock price . . . . . . . . . . . . . . . . . . . . . $41.91 $43.42 Market capitalization . . . . . . . . . . . . . . . . . . . $1,974,376 $1,860,887 Corporate Headquarters NBT Bancorp Inc. 52 South Broad Street Norwich, NY 13815 800.NBT.BANK Independent Auditors KPMG LLP 515 Broadway Albany, NY 12207 Financial Reports and Releases Copies of the Company’s annual report to the Securities and Exchange Commission on Form 10-K, quarterly reports on Form 10-Q, and news releases may be obtained without charge by visiting our website at www.nbtbancorp.com or by writing to the attention of our Chief Financial Officer at the corporate headquarters address. *Operating Performance excludes acquisition expenses, acquisition- related provision for credit losses, securities gains and (losses) and an impairment of a minority interest equity investment, net of tax. A reconciliation of operating results with GAAP results and information regarding why these measures provide useful information about our results is included in Item 7 in the 2023 Form 10-K. www.nbtbancorp.com Board of Directors Martin A. Dietrich Chairman of the Board John H. Watt, Jr. President and CEO Johanna R. Ames J. David Brown Richard J. Cantele, Jr. Timothy E. Delaney James H. Douglas Heidi M. Hoeller Andrew S. Kowalczyk lll, Esq. V. Daniel Robinson ll Matthew J. Salanger Lowell A. Seifter, Esq. Jack H. Webb NBT Bank Honorary Directors Richard Chojnowski Patricia T. Civil Daryl R. Forsythe Paul D. Horger, Esq. Janet H. Ingraham John C. Mitchell Van Ness D. Robinson Joseph A. Santangelo Paul M. Solomon Paul O. Stillman Robert A. Wadsworth Additional information regarding our Executive Management Team and Board of Directors can be found in the proxy statement for our 2024 Annual Meeting of Stockholders. Operating Committee The following NBT leaders serve on the Operating Committee with the Executive Management Team and Regional Presidents. Annette L. Burns, SVP and Chief Accounting Officer Leonard P. Chinski, SVP and Chief Audit Officer Matthew K. Colgan, SVP and Regional Commercial Banking Manager, Pennsylvania John M. Davies, SVP and Regional Executive, Hudson Valley Jeffrey S. Delepine II, SVP and Senior Director of Enterprise Risk Management Kurt T. Edwards, SVP and Chief Consumer Credit Officer Kenneth J. Entenmann, cfa®, SVP, Chief Investment Officer and Chief Economist Dawn D. Gillette, SVP and Head of FinTech Partners and Specialty Lending Amy S. Hurta, SVP and Senior Director of Operations David Krupski, SVP and Commercial Chief of Staff Investor Relations Information regarding the Company, our dividend reinvestment and stock purchase plan, and direct deposit of dividends can be found on our website at www.nbtbancorp.com. Those seeking additional information may contact us by phone at 800.NBT.BANK (800.628.2265, Option 7) or by mail at the corporate headquarters address. Tucker H. Lounsbury, cic, President, NBT Insurance Agency Marc J. Monahan, SVP and Regional Executive, Glens Falls Joseph M. Ondesko, SVP and Corporate Treasurer Manuel S. Orta, SVP and Director of Business Development, Wealth Management Karen A. Sastri, VP and Chief Diversity Officer Cynthia A. Smaniotto, SVP and Chief Human Resources Officer Thomas M. Sutton, SVP and Director of Retail Banking Jennifer R. Telesky, SVP and Regional Commercial Banking Manager, Southern Tier Alfred V. Testa, SVP and Commercial Banking Executive, Capital Region Tara F. Trafton, SVP and Chief Commercial Credit Officer Kimberly J. Twitchell, SVP and Senior Director of Affordable Housing Stock Transfer and Registrar Agent Equiniti Trust Company, LLC 55 Challenger Road, Floor 2 Ridgefield Park, NJ 07660 800.NBT.BANK (800.628.2265, Option 7) www.equiniti.com helpast@equiniti.com 2023 ANN UAL RE PO RT to our shareholders Fellow Shareholders, we operate under a traditional bank business model. We are well Chip Corridor Opportunities. NBT has identified significant In addition, the Company also announced the promotions NBT’s 2023 results reflect our consistent dedication to improving our traditional banking franchise while growing our diversified revenue sources. In a year characterized by unprecedented market volatility, we grew loans and deposits, maintained strong asset capitalized, and we have significant sources of liquidity, including a opportunities for long-term organic growth with announcements of of Joseph R. Stagliano, currently NBT’s President of Retail very granular and diverse deposit base. In addition, because of our transformational investments in semiconductor chip manufacturing Community Banking and Chief Information Officer, to the position diversified portfolio of loan customers, we are not overly sensitive to be made over the next decade and beyond in the core markets of President of NBT Bank, N.A., and Annette L. Burns, NBT’s Chief to unique niche market conditions or industries. we serve. Multi-billion-dollar commitments have been announced Accounting Officer, to the role of Chief Financial Officer. These quality, improved our capital position, completed the high-value We maintained our focus on being responsive with real-time acquisition of Salisbury Bancorp, Inc., and continued to deliver feedback from our bankers and an agile process to address best-in-class service to our customers. the needs of our customers as we navigated the volatility. Total along the chip corridor, including plans by Micron Technology, promotions are also effective in May. Inc. to invest $100 billion in Onondaga County and IBM’s planned investment of $20 billion in the Hudson Valley. As stewards of a publicly traded company, the Board was focused on ensuring the leadership transition takes place in a thoughtful We reported earnings per diluted share of $2.65 for the full year 2023. Our 2023 operating net income results, which exclude certain acquisition-related and other one-time expenses, were $144.7 million, or $3.23 per diluted share. We achieved loan growth of 4%, deposits increased in 2023 and were $10.97 billion at year-end Funds allocated under the CHIPS and Science Act of 2022 are and orderly manner. We are fortunate to have a tested and aligned with over 563,000 customer accounts and an average per account now being awarded. In February 2024, the U.S. Department of Executive Management Team with strong and experienced leaders balance of $19,500. Net interest income was up $16 million or Commerce announced $1.5 billion in planned direct funding for like Scott, Joe and Annette, who are poised to assume these top 4% from the prior year, despite the challenging environment. GlobalFoundries in the Capital District that will allow for expansion leadership roles. We are confident that the upcoming transition will excluding acquired loans. At year-end, our well-diversified, total Non-interest income generation continues to be a core strength, loan portfolio reached $9.65 billion and was comprised of 52% and in 2023 it made up 29% of our total revenue, excluding net commercial relationships and 48% consumer loans. Asset quality securities gains and losses. Total revenue for our Wealth and and new manufacturing capability to securely produce more be successful and that it will provide important continuity for NBT. essential chips. We anticipate more awards to companies in the markets we serve this year. May will also bring the retirement of James H. Douglas from our Board of Directors. The former Governor of Vermont, Jim has remained strong attributed to disciplined underwriting and our Insurance businesses increased 5.0% to over $50 million. Our We are active in assisting our customers and communities as relationship-focused bankers. Retirement Plan Administration business grew organically, and this historic growth opportunity comes to fruition. As we work that growth was complemented by a strategic acquisition in July. to generate awareness, share information, finance housing and Pursuing the vision of “Helping America Retire,” this business provide banking services to businesses in the chip manufacturing now administers 8,500 plans and supports 375,000 participants ecosystem, we are also supporting workforce development. nationwide. Salisbury Acquisition +13 BRANCHES +$1.2 BILLION IN LOANS +$1.3 BILLION IN DEPOSITS In 2023, we funded a full-time career advisor position for On Point for College to help students in Central New York and the Mohawk Valley to earn the skills needed for successful careers in microchip manufacturing. This investment in the future helps 11 Consecutive Years ANNUAL DIVIDEND to address the anticipated skilled labor shortage and positions INCREASES people in the communities we serve to benefit from the developing semiconductor industry. Acquisition Success. We expanded NBT’s footprint, customer Succession Transition. At the beginning of this year, we made growth. We will optimize the experience of our customers and base and team through the merger and integration of Salisbury an important announcement about the future leadership of employees and build on our rich culture. We will do all these things Bancorp, Inc. in August 2023. We added 135 new team members, NBT. Effective May 21, 2024, John Watt will step down as NBT’s from our position of strength as a well capitalized company with 13 branches, $1.2 billion in loans, $1.3 billion in deposits, and a well- President and Chief Executive Officer. He will continue to serve strong liquidity. of business, we will continue to pursue our strategies for organic served as a Director since 2011. We have greatly appreciated his wise counsel and guidance as our Lead Director and wish him the very best. Long-Term Value. We marked 11 consecutive years of annual dividend increases in 2023. This is a testament to our focus on continuing to provide consistent and favorable long-term returns to our shareholders. Across our banking footprint and all lines The rate environment in 2023 was volatile by any standard. Four additional rate increases by the Federal Reserve Bank over the course of the year and the “crisis of confidence” driven by the failure of three monoline mid-size regional banks early in the year contributed to this situation. At NBT, we affirmed for our customers and communities that Well Diversified LOAN PORTFOLIO 2024 annual meeting Tuesday, May 21, 2024 | 10:00 a.m. ET www.virtualshareholdermeeting.com/NBTB2024 Forward-Looking Statements This letter contains statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and are subject to a number of risks and uncertainties. Such statements are not guarantees of future performance and actual results may differ materially from any established wealth management business with $1.2 billion in assets under administration. The acquisition also brought Richard J. Cantele, Jr., the Chief Executive Officer of Salisbury, onto our team and our Board of Directors. Our joint integration teams demonstrated their dedication, expertise and thoughtfulness in making this a smooth transition for our new customers and communities. As a result of their forward-looking statements contained in this letter. For a discussion efforts, this acquisition has added attractive and complementary of the factors that might cause such differences, please refer to our filings with the Securities and Exchange Commission. markets in northwest Connecticut, western Massachusetts and New York’s Hudson Valley to our service area. It has also advanced our New England growth strategy and extended our coverage of the semiconductor “chip corridor” in upstate New York. NBT BANCORP INC. Leadership Transition ENTHUSIASTICALLY AND UNANIMOUSLY APPROVED BY BOARD announced in January, which provides Sincerely, for the promotion of Scott A. Kingsley, our current Chief Financial Officer, to President and Chief Executive Officer of NBT. Scott is a director nominee John H. Watt, Jr. Martin A. Dietrich and, if elected by the shareholders, will President and Chairman of the Board join the Board in May. Chief Executive Officer “ I am deeply grateful for the opportunity to lead NBT and to work with the team I truly believe is the best in community banking. I am proud of the way we serve our customers and communities and how we have continued to create long-term value for our shareholders. The Board has been very supportive of our strategy, and I am also thankful for their guidance over the last 7 years. – John H. Watt, Jr. ” company profile • NBT Bancorp Inc. is a financial holding company incorporated in 1986 in the state of Delaware. and two financial services companies. • NBT Bank, N.A. offers personal banking, commercial banking and wealth management services through online and mobile channels and 154 locations in New York, Pennsylvania, Vermont, Massachusetts, New Hampshire, Maine and Connecticut. • EPIC Retirement Plan Services is a national benefits administration firm based in Rochester, NY. • NBT Insurance Agency is a full-service insurance agency based in Norwich, NY. 2023 ANNUAL REPORT on the Board of Directors and be named Vice Chairman. The Board enthusiastically and unanimously approved the succession plan confidence in NBT. We extend our thanks and deep appreciation to our shareholders, directors and our employees for your continued support and • The Company primarily operates through NBT Bank, N.A. to our shareholders Fellow Shareholders, we operate under a traditional bank business model. We are well Chip Corridor Opportunities. NBT has identified significant In addition, the Company also announced the promotions NBT’s 2023 results reflect our consistent dedication to improving our traditional banking franchise while growing our diversified revenue sources. In a year characterized by unprecedented market volatility, we grew loans and deposits, maintained strong asset capitalized, and we have significant sources of liquidity, including a opportunities for long-term organic growth with announcements of of Joseph R. Stagliano, currently NBT’s President of Retail very granular and diverse deposit base. In addition, because of our transformational investments in semiconductor chip manufacturing Community Banking and Chief Information Officer, to the position diversified portfolio of loan customers, we are not overly sensitive to be made over the next decade and beyond in the core markets of President of NBT Bank, N.A., and Annette L. Burns, NBT’s Chief to unique niche market conditions or industries. we serve. Multi-billion-dollar commitments have been announced Accounting Officer, to the role of Chief Financial Officer. These quality, improved our capital position, completed the high-value We maintained our focus on being responsive with real-time acquisition of Salisbury Bancorp, Inc., and continued to deliver feedback from our bankers and an agile process to address best-in-class service to our customers. the needs of our customers as we navigated the volatility. Total along the chip corridor, including plans by Micron Technology, promotions are also effective in May. Inc. to invest $100 billion in Onondaga County and IBM’s planned investment of $20 billion in the Hudson Valley. As stewards of a publicly traded company, the Board was focused on ensuring the leadership transition takes place in a thoughtful We reported earnings per diluted share of $2.65 for the full year 2023. Our 2023 operating net income results, which exclude certain acquisition-related and other one-time expenses, were $144.7 million, or $3.23 per diluted share. We achieved loan growth of 4%, deposits increased in 2023 and were $10.97 billion at year-end Funds allocated under the CHIPS and Science Act of 2022 are and orderly manner. We are fortunate to have a tested and aligned with over 563,000 customer accounts and an average per account now being awarded. In February 2024, the U.S. Department of Executive Management Team with strong and experienced leaders balance of $19,500. Net interest income was up $16 million or Commerce announced $1.5 billion in planned direct funding for like Scott, Joe and Annette, who are poised to assume these top 4% from the prior year, despite the challenging environment. GlobalFoundries in the Capital District that will allow for expansion leadership roles. We are confident that the upcoming transition will excluding acquired loans. At year-end, our well-diversified, total Non-interest income generation continues to be a core strength, loan portfolio reached $9.65 billion and was comprised of 52% and in 2023 it made up 29% of our total revenue, excluding net commercial relationships and 48% consumer loans. Asset quality securities gains and losses. Total revenue for our Wealth and and new manufacturing capability to securely produce more be successful and that it will provide important continuity for NBT. essential chips. We anticipate more awards to companies in the markets we serve this year. May will also bring the retirement of James H. Douglas from our Board of Directors. The former Governor of Vermont, Jim has remained strong attributed to disciplined underwriting and our Insurance businesses increased 5.0% to over $50 million. Our We are active in assisting our customers and communities as relationship-focused bankers. Retirement Plan Administration business grew organically, and this historic growth opportunity comes to fruition. As we work that growth was complemented by a strategic acquisition in July. to generate awareness, share information, finance housing and Pursuing the vision of “Helping America Retire,” this business provide banking services to businesses in the chip manufacturing now administers 8,500 plans and supports 375,000 participants ecosystem, we are also supporting workforce development. nationwide. Salisbury Acquisition +13 BRANCHES +$1.2 BILLION IN LOANS +$1.3 BILLION IN DEPOSITS In 2023, we funded a full-time career advisor position for On Point for College to help students in Central New York and the Mohawk Valley to earn the skills needed for successful careers in microchip manufacturing. This investment in the future helps 11 Consecutive Years ANNUAL DIVIDEND to address the anticipated skilled labor shortage and positions INCREASES people in the communities we serve to benefit from the developing semiconductor industry. Acquisition Success. We expanded NBT’s footprint, customer Succession Transition. At the beginning of this year, we made growth. We will optimize the experience of our customers and base and team through the merger and integration of Salisbury an important announcement about the future leadership of employees and build on our rich culture. We will do all these things Bancorp, Inc. in August 2023. We added 135 new team members, NBT. Effective May 21, 2024, John Watt will step down as NBT’s from our position of strength as a well capitalized company with 13 branches, $1.2 billion in loans, $1.3 billion in deposits, and a well- President and Chief Executive Officer. He will continue to serve strong liquidity. of business, we will continue to pursue our strategies for organic served as a Director since 2011. We have greatly appreciated his wise counsel and guidance as our Lead Director and wish him the very best. Long-Term Value. We marked 11 consecutive years of annual dividend increases in 2023. This is a testament to our focus on continuing to provide consistent and favorable long-term returns to our shareholders. Across our banking footprint and all lines The rate environment in 2023 was volatile by any standard. Four additional rate increases by the Federal Reserve Bank over the course of the year and the “crisis of confidence” driven by the failure of three monoline mid-size regional banks early in the year contributed to this situation. At NBT, we affirmed for our customers and communities that Well Diversified LOAN PORTFOLIO 2024 annual meeting Tuesday, May 21, 2024 | 10:00 a.m. ET www.virtualshareholdermeeting.com/NBTB2024 Forward-Looking Statements This letter contains statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and are subject to a number of risks and uncertainties. Such statements are not guarantees of future performance and actual results may differ materially from any established wealth management business with $1.2 billion in assets under administration. The acquisition also brought Richard J. Cantele, Jr., the Chief Executive Officer of Salisbury, onto our team and our Board of Directors. Our joint integration teams demonstrated their dedication, expertise and thoughtfulness in making this a smooth transition for our new customers and communities. As a result of their forward-looking statements contained in this letter. For a discussion efforts, this acquisition has added attractive and complementary of the factors that might cause such differences, please refer to our filings with the Securities and Exchange Commission. markets in northwest Connecticut, western Massachusetts and New York’s Hudson Valley to our service area. It has also advanced our New England growth strategy and extended our coverage of the semiconductor “chip corridor” in upstate New York. NBT BANCORP INC. Leadership Transition ENTHUSIASTICALLY AND UNANIMOUSLY APPROVED BY BOARD announced in January, which provides Sincerely, for the promotion of Scott A. Kingsley, our current Chief Financial Officer, to President and Chief Executive Officer of NBT. Scott is a director nominee John H. Watt, Jr. Martin A. Dietrich and, if elected by the shareholders, will President and Chairman of the Board join the Board in May. Chief Executive Officer “ I am deeply grateful for the opportunity to lead NBT and to work with the team I truly believe is the best in community banking. I am proud of the way we serve our customers and communities and how we have continued to create long-term value for our shareholders. The Board has been very supportive of our strategy, and I am also thankful for their guidance over the last 7 years. – John H. Watt, Jr. ” company profile • NBT Bancorp Inc. is a financial holding company incorporated in 1986 in the state of Delaware. and two financial services companies. • NBT Bank, N.A. offers personal banking, commercial banking and wealth management services through online and mobile channels and 154 locations in New York, Pennsylvania, Vermont, Massachusetts, New Hampshire, Maine and Connecticut. • EPIC Retirement Plan Services is a national benefits administration firm based in Rochester, NY. • NBT Insurance Agency is a full-service insurance agency based in Norwich, NY. 2023 ANNUAL REPORT on the Board of Directors and be named Vice Chairman. The Board enthusiastically and unanimously approved the succession plan confidence in NBT. We extend our thanks and deep appreciation to our shareholders, directors and our employees for your continued support and • The Company primarily operates through NBT Bank, N.A. financial highlights (In thousands, except per share data) FOR THE YEAR 2023 2022 OPERATING PERFORMANCE* Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . $144,747 $153,618 Diluted earnings . . . . . . . . . . . . . . . . . . . . . . . . $3.23 $3.56 PERFORMANCE Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . $118,782 $151,995 Return on average assets . . . . . . . . . . . . . . . Return on average tangible equity . . . . . . Net interest margin . . . . . . . . . . . . . . . . . . . . . 0.95% 13.02% 3.29% 1.29% 16.89% 3.34% PER COMMON SHARE DATA Diluted earnings . . . . . . . . . . . . . . . . . . . . . . . . Cash dividends . . . . . . . . . . . . . . . . . . . . . . . . . $2.65 $1.24 $3.52 $1.16 Dividend yield . . . . . . . . . . . . . . . . . . . . . . . . . . 2.96% 2.67% Tangible book value per share . . . . . . . . . . $21.72 $20.65 AT DECEMBER 31 BALANCE SHEET DATA Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . $13,309,040 $11,739,296 Total loans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $9,650,713 $8,150,147 Allowance for loan losses . . . . . . . . . . . . . . . $114,400 $100,800 Deposits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $10,968,994 $9,495,933 Total shareholders’ equity . . . . . . . . . . . . . . . $1,425,691 $1,173,554 ASSET QUALITY Net charge-offs to average loans . . . . . . . . Nonperforming loans to total loans . . . . . . Nonperforming assets to total assets . . . . Allowance for loan losses to total loans . . CAPITAL Common equity tier 1 capital ratio . . . . . . . Tier 1 capital ratio . . . . . . . . . . . . . . . . . . . . . . . Total risk-based capital ratio . . . . . . . . . . . . 0.19% 0.39% 0.28% 1.19% 11.57% 12.50% 14.75% 0.11% 0.26% 0.18% 1.24% 12.12% 13.19% 15.38% Closing stock price . . . . . . . . . . . . . . . . . . . . . $41.91 $43.42 Market capitalization . . . . . . . . . . . . . . . . . . . $1,974,376 $1,860,887 *Operating Performance excludes acquisition expenses, acquisition- related provision for credit losses, securities gains and (losses) and an impairment of a minority interest equity investment, net of tax. A reconciliation of operating results with GAAP results and information regarding why these measures provide useful information about our results is included in Item 7 in the 2023 Form 10-K. 2023 ANNUAL REPORT “ I am deeply grateful for the opportunity to lead NBT and to work with the team I truly believe is the best in community banking. I am proud of the way we serve our customers and communities and how we have continued to create long-term value for our shareholders. The Board has been very supportive of our strategy, and I am also thankful for their guidance over the last 7 years. – John H. Watt, Jr. ” company profile • NBT Bancorp Inc. is a financial holding company incorporated in 1986 in the state of Delaware. • The Company primarily operates through NBT Bank, N.A. and two financial services companies. • NBT Bank, N.A. offers personal banking, commercial banking and wealth management services through online and mobile channels and 154 locations in New York, Pennsylvania, Vermont, Massachusetts, New Hampshire, Maine and Connecticut. • EPIC Retirement Plan Services is a national benefits administration firm based in Rochester, NY. • NBT Insurance Agency is a full-service insurance agency based in Norwich, NY. financial highlights (In thousands, except per share data) leadership FOR THE YEAR 2023 2022 Executive Management Team OPERATING PERFORMANCE* Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . $144,747 $153,618 Diluted earnings . . . . . . . . . . . . . . . . . . . . . . . . $3.23 $3.56 PERFORMANCE Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . $118,782 $151,995 Return on average assets . . . . . . . . . . . . . . . Return on average tangible equity . . . . . . Net interest margin . . . . . . . . . . . . . . . . . . . . . 0.95% 13.02% 3.29% 1.29% 16.89% 3.34% PER COMMON SHARE DATA Diluted earnings . . . . . . . . . . . . . . . . . . . . . . . . Cash dividends . . . . . . . . . . . . . . . . . . . . . . . . . $2.65 $1.24 $3.52 $1.16 Dividend yield . . . . . . . . . . . . . . . . . . . . . . . . . . 2.96% 2.67% Tangible book value per share . . . . . . . . . . $21.72 $20.65 AT DECEMBER 31 BALANCE SHEET DATA Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . $13,309,040 $11,739,296 Total loans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $9,650,713 $8,150,147 Allowance for loan losses . . . . . . . . . . . . . . . $114,400 $100,800 Deposits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $10,968,994 $9,495,933 Total shareholders’ equity . . . . . . . . . . . . . . . $1,425,691 $1,173,554 ASSET QUALITY Net charge-offs to average loans . . . . . . . . Nonperforming loans to total loans . . . . . . Nonperforming assets to total assets . . . . Allowance for loan losses to total loans . . CAPITAL Common equity tier 1 capital ratio . . . . . . . Tier 1 capital ratio . . . . . . . . . . . . . . . . . . . . . . . Total risk-based capital ratio . . . . . . . . . . . . 0.19% 0.39% 0.28% 1.19% 11.57% 12.50% 14.75% 0.11% 0.26% 0.18% 1.24% 12.12% 13.19% 15.38% Closing stock price . . . . . . . . . . . . . . . . . . . . . $41.91 $43.42 Market capitalization . . . . . . . . . . . . . . . . . . . $1,974,376 $1,860,887 John H. Watt, Jr. President and CEO Scott A. Kingsley Executive Vice President and Chief Financial Officer Richard J. Cantele, Jr. Executive Vice President, Strategic Integration M. Randolph Sparks Executive Vice President, General Counsel, Chief Ethics Officer and Corporate Secretary Amy Wiles Executive Vice President, Chief Credit Officer and Chief Risk Officer Joseph R. Stagliano Executive Vice President, President of Retail Community Banking and Chief Information Officer Sarah A. Halliday Executive Vice President and President of Commercial Banking Shauna M. Hyle Executive Vice President, Consumer Lending Ruth H. Mahoney Executive Vice President, President of Wealth Management and Regional President for the Capital District, North Country and Hudson Valley EPIC Retirement Plan Services Manuel Marques, cpc, qpa, qka, qpfc, aif® President NBT Insurance Agency Tucker H. Lounsbury, cic President Regional Presidents Ruth H. Mahoney Capital District, North Country and Hudson Valley David A. Kavney Central New York and Mohawk Valley Jeffrey D. Lake Greater Binghamton Andreas A. Kapetanopoulos Connecticut Michael P. O’Reilly Maine and New England Justin L. Jennings New Hampshire Daniel P. Werme Vermont and Massachusetts NBTB Nasdaq Global Select Market shareholder information Corporate Headquarters NBT Bancorp Inc. 52 South Broad Street Norwich, NY 13815 800.NBT.BANK Independent Auditors KPMG LLP 515 Broadway Albany, NY 12207 Financial Reports and Releases Copies of the Company’s annual report to the Securities and Exchange Commission on Form 10-K, quarterly reports on Form 10-Q, and news releases may be obtained without charge by visiting our website at www.nbtbancorp.com or by writing to the attention of our Chief Financial Officer at the corporate headquarters address. *Operating Performance excludes acquisition expenses, acquisition- related provision for credit losses, securities gains and (losses) and an impairment of a minority interest equity investment, net of tax. A reconciliation of operating results with GAAP results and information regarding why these measures provide useful information about our results is included in Item 7 in the 2023 Form 10-K. www.nbtbancorp.com Board of Directors Martin A. Dietrich Chairman of the Board John H. Watt, Jr. President and CEO Johanna R. Ames J. David Brown Richard J. Cantele, Jr. Timothy E. Delaney James H. Douglas Heidi M. Hoeller Andrew S. Kowalczyk lll, Esq. V. Daniel Robinson ll Matthew J. Salanger Lowell A. Seifter, Esq. Jack H. Webb NBT Bank Honorary Directors Richard Chojnowski Patricia T. Civil Daryl R. Forsythe Paul D. Horger, Esq. Janet H. Ingraham John C. Mitchell Van Ness D. Robinson Joseph A. Santangelo Paul M. Solomon Paul O. Stillman Robert A. Wadsworth Additional information regarding our Executive Management Team and Board of Directors can be found in the proxy statement for our 2024 Annual Meeting of Stockholders. Operating Committee The following NBT leaders serve on the Operating Committee with the Executive Management Team and Regional Presidents. Annette L. Burns, SVP and Chief Accounting Officer Leonard P. Chinski, SVP and Chief Audit Officer Matthew K. Colgan, SVP and Regional Commercial Banking Manager, Pennsylvania John M. Davies, SVP and Regional Executive, Hudson Valley Jeffrey S. Delepine II, SVP and Senior Director of Enterprise Risk Management Kurt T. Edwards, SVP and Chief Consumer Credit Officer Kenneth J. Entenmann, cfa®, SVP, Chief Investment Officer and Chief Economist Dawn D. Gillette, SVP and Head of FinTech Partners and Specialty Lending Amy S. Hurta, SVP and Senior Director of Operations David Krupski, SVP and Commercial Chief of Staff Investor Relations Information regarding the Company, our dividend reinvestment and stock purchase plan, and direct deposit of dividends can be found on our website at www.nbtbancorp.com. Those seeking additional information may contact us by phone at 800.NBT.BANK (800.628.2265, Option 7) or by mail at the corporate headquarters address. Tucker H. Lounsbury, cic, President, NBT Insurance Agency Marc J. Monahan, SVP and Regional Executive, Glens Falls Joseph M. Ondesko, SVP and Corporate Treasurer Manuel S. Orta, SVP and Director of Business Development, Wealth Management Karen A. Sastri, VP and Chief Diversity Officer Cynthia A. Smaniotto, SVP and Chief Human Resources Officer Thomas M. Sutton, SVP and Director of Retail Banking Jennifer R. Telesky, SVP and Regional Commercial Banking Manager, Southern Tier Alfred V. Testa, SVP and Commercial Banking Executive, Capital Region Tara F. Trafton, SVP and Chief Commercial Credit Officer Kimberly J. Twitchell, SVP and Senior Director of Affordable Housing Stock Transfer and Registrar Agent Equiniti Trust Company, LLC 55 Challenger Road, Floor 2 Ridgefield Park, NJ 07660 800.NBT.BANK (800.628.2265, Option 7) www.equiniti.com helpast@equiniti.com 2023 ANN UAL RE PO RT