NBTBNBT BANCORP INC

National Commercial Banks

Revenue: $183M; 10% YoY
Operating margin: —
EBITDA: —
Market cap: $2.7B
Employees: 2,303; $79K revenue each
Net debt / EBITDA: —; −$1.3B net debt
AI in 10-K: 2.0; mentions per 10K words

Takeover score 1 of 13

Fixable underperformance 0 of 7

TSR below peersNo
2 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
139% of net income
Cash flow under 80% of net income
Dilutive SBCNo
3% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
35% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
3% of assets
Over 40% of assets
Shareholder dissentNo
97% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$79K · 52nd pct
Bottom quartile of its SIC industry
Quiet on AINo
2.0 per 10K words · 55th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedYes
$2.7B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$1M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$151M	$151M	$145M	$166M	$183M	10%
Net income	$155M	$152M	$119M	$141M	$169M	20%
Operating cash flow	$159M	$183M	$157M	$189M	$235M	25%
Capex	$8M	$7M	$9M	$12M	$16M	39%
Stock-based comp	$4M	$5M	$5M	$6M	$5M	12%
Buybacks	$22M	$15M	$5M	$251K	$10M	3958%
Dividends	$48M	$50M	$56M	$62M	$73M	17%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $1M · 3
Open-market sells, 12 mo: $2M · 8
Net: −$1M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	—	—	151	153
FY2024	—	—	138	131
FY2023	—	—	117	116
FY2022	—	—	117	116
FY2021	—	—	101	125