NBT Bancorp reported net income of $22.5 million or $0.44 per diluted common share for Q2 2025.
Net interest margin increased 15 basis points to 3.59%, with net interest income at $124.2 million, up $17 million from the prior quarter.
Noninterest income, excluding securities gains, was $46.8 million, down 1.5% sequentially but up 8% year-over-year.
Operating earnings per share, excluding acquisition expenses and related items, were $0.88, up $0.08 from the prior quarter.
Provision for loan losses was $17.8 million, up from $7.6 million in Q1 2025, driven by $13 million acquisition-related provision and a modest economic forecast deterioration.
Revenues grew approximately 10.5% from the prior quarter and 22% year-over-year, driven by net interest income improvements and the Evans merger.
Tangible book value per share was $24.57, 9% higher than a year ago, with a tangible equity ratio above pre-merger levels.
Total operating expenses, excluding acquisition costs, were $105.4 million, a 6.3% increase from the prior quarter, mainly due to Evans acquisition and merit pay increases.
Closed over $500 million of fund commitments in Q2, totaling over $1 billion to date, providing over $2 billion in combined liquidity and fund availability.
Discounted debt extinguishment gains are maintained at $20 million in guidance, with potential for higher gains from debt purchases at 1552-1560 Broadway.
Earnings guidance was raised by $0.40 per share at the midpoint, reflecting substantial increased profit.
Interest expense is trending about $0.10 per share above expectations due to timing of asset sales and debt payoff delays.
NOI is trending slightly better than original expectations, offset by some underperformance at SUMMIT due to temporary closure of a premium experience.
Sale of 50% participation interest in preferred equity position at 625 Madison Avenue generated significant liquidity.
SL Green concluded over 540,000 square feet of leasing in Q2 2025, bringing year-to-date leasing to 1.3 million square feet, with a pipeline of over 1 million square feet for near-term execution.
The company realized nearly $90 million profit on a $130 million investment in 522 Fifth Avenue mortgage position within a year.
Adjusted noninterest expense decreased $12 million versus prior year to $521 million, reflecting seasonality and lower technology costs, but increased 3% year-over-year due to higher incentive compensation.
Average loans grew 5.6% annualized quarter-over-quarter and 3.7% year-over-year, with average deposits up 0.5% year-over-year but down 1.4% annualized quarter-over-quarter.
Common Equity Tier 1 ratio was 11%, with tangible book value per share growing 20% year-over-year.
Credit quality remained strong with net charge-offs at $10 million (7 bps annualized), nonperforming assets at 0.51% of loans, and allowance for credit losses at 1.2% of loans.
Diluted earnings per share was $1.63, up from $1.13 in the prior period and $1.28 year-over-year, including a $0.05 per share benefit from an SBIC portfolio investment.
Net earnings for Q2 2025 were $243 million, a 28% increase year-over-year and 44% increase quarter-over-quarter.
Net interest margin expanded for the sixth consecutive quarter to 3.17%, driven by lower funding costs and improved earning asset mix.
Noninterest income increased 4% quarter-over-quarter and 7% year-over-year, led by capital markets activity and customer-related fees.
Dafinchi