22. Segment Reporting

In accordance with ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, management assesses its operating segment structure to enhance transparency in how financial performance is evaluated and resources are allocated by the CODM. Segments are components of an enterprise that are regularly evaluated by the CODM to allocate resources and assess performance. The Company’s CODM is its Chief Executive Officer.

The Company has determined that it operates through two reportable segments:

Banking – Provides commercial banking, retail banking, and wealth management services primarily to customers in its market area, offering a broad array of banking and financial services to retail, commercial, and municipal customers. Included in Banking are the revenue and expenses from the wealth management business and the parent holding company. The parent company’s principal activities include the direct and indirect ownership of banking and non-banking subsidiaries, as well as the issuance of debt and equity. The parent company’s principal sources of revenue are the management fees and dividends it receives from its subsidiaries. Banking also includes corporate shared service costs such as the majority of equity compensation expense, as well as other general and administrative shared services costs including pension, retirement plan and supplemental retirement plan costs. Currently there is no allocation of these costs to other operating segments.

Retirement Plan Administration – Includes retirement plan and health savings account recordkeeping and administration, investment management, third-party administration, and actuarial services.

Our CODM reviews actual net income versus budgeted net income to assess segment performance and to make decisions about allocating capital and personnel to the segments. The CODM regularly receives expense information at a level consistent with that disclosed in the Company’s consolidated statements of income.

Reported segments and their financial information are not necessarily comparable to similar information reported by other financial institutions. Additionally, due to interrelationships among the various segments, the information presented is not indicative of how the segments would perform as independent entities. Changes in management structure, allocation methodologies, or procedures may result in future revisions to previously reported segment financial data. The Company will continue to evaluate its segment disclosures in accordance with ASU 2023-07 and make necessary adjustments as business operations evolve.

Information about reportable segments and reconciliation of the information to the consolidated financial statements follows:

	Year Ended December 31, 2025
(In thousands)	Banking		Retirement Plan Administration		All Other⁽¹⁾			Consolidated
Net interest income	$	501,472	$	74	$	-		$	501,546
Provision for loan losses		32,254		-		-			32,254
Net interest income after provision for loan losses	$	469,218	$	74	$	-		$	469,292
Noninterest income
Service charges on deposit accounts	$	19,067	$	-	$	-		$	19,067
Card services income		23,988		-		-			23,988
Retirement plan administration fees		-		63,220		(1,635	)		61,585
Wealth management		42,534		2,195		26			44,755
Insurance services		1		-		18,034			18,035
Bank owned life insurance income		12,393		-		-			12,393
Net securities gains (losses)		148		-		-			148
Other		22,829		1,185		(8,492	)		15,522
Total noninterest income	$	120,960	$	66,600	$	7,933		$	195,493
Noninterest expense
Salaries and employee benefits	$	211,954	$	34,336	$	11,188		$	257,478
Technology and data services		42,267		1,109		649			44,025
Occupancy		35,079		1,021		285			36,385
Professional fees and outside services		21,061		2,136		(1,457	)		21,740
Office supplies and postage		7,659		373		63			8,095
FDIC assessment		7,889		-		-			7,889
Marketing		3,926		64		23			4,013
Amortization of intangible assets		9,754		1,965		225			11,944
Loan collection and other real estate owned, net		2,648		-		-			2,648
Acquisition expenses		19,526		-		-			19,526
Other		38,616		1,124		(8,142	)		31,598
Total noninterest expense	$	400,379	$	42,128	$	2,834		$	445,341
Income before income tax expense	$	189,799	$	24,546	$	5,099		$	219,444
Income tax expense		45,065		5,144		-			50,209
Net income	$	144,734	$	19,402	$	5,099		$	169,235
Goodwill	$	414,865	$	23,877	$	14,536		$	453,278
Intangible assets, net		51,039		5,568		1,049			57,656
Total assets		17,956,869		56,439		(2,018,187	)		15,995,121

(1)	Included in All Other is the revenue and expenses from certain other non-bank subsidiaries of the parent, including the insurance subsidiary, along with eliminating amounts that do not meet the definition of an operating segment.

	Year Ended December 31, 2024
(In thousands)	Banking		Retirement Plan Administration		All Other⁽¹⁾			Consolidated
Net interest income	$	400,048	$	74	$	-		$	400,122
Provision for loan losses		19,607		-		-			19,607
Net interest income after provision for loan losses	$	380,441	$	74	$	-		$	380,515
Noninterest income
Service charges on deposit accounts	$	17,087	$	-	$	-		$	17,087
Card services income		22,331		-		-			22,331
Retirement plan administration fees		-		58,099		(1,512	)		56,587
Wealth management		39,502		2,092		47			41,641
Insurance services		1		-		17,031			17,032
Bank owned life insurance income		8,325		-		-			8,325
Net securities gains (losses)		2,789		-		-			2,789
Other		19,091		527		(8,586	)		11,032
Total noninterest income	$	109,126	$	60,718	$	6,980		$	176,824
Noninterest expense
Salaries and employee benefits	$	188,157	$	33,405	$	10,925		$	232,487
Technology and data services		37,365		1,112		662			39,139
Occupancy		29,985		1,067		257			31,309
Professional fees and outside services		18,611		1,826		(1,305	)		19,132
Office supplies and postage		7,020		437		68			7,525
FDIC assessment		6,765		-		-			6,765
Marketing		3,312		52		22			3,386
Amortization of intangible assets		6,419		1,871		153			8,443
Loan collection and other real estate owned, net		2,505		-		-			2,505
Acquisition expenses		1,531		-		-			1,531
Other		32,594		1,138		(8,073	)		25,659
Total noninterest expense	$	334,264	$	40,908	$	2,709		$	377,881
Income before income tax expense	$	155,303	$	19,884	$	4,271		$	179,458
Income tax expense		34,117		4,293		407			38,817
Net income	$	121,186	$	15,591	$	3,864		$	140,641
Goodwill	$	324,250	$	23,877	$	14,536		$	362,663
Intangible assets, net		27,553		7,533		1,274			36,360
Total assets		15,475,117		53,584		(1,742,035	)		13,786,666

(1)	Included in All Other is the revenue and expenses from certain other non-bank subsidiaries of the parent, including the insurance subsidiary, along with eliminating amounts that do not meet the definition of an operating segment.

	Year Ended December 31, 2023
(In thousands)	Banking			Retirement Plan Administration		All Other⁽¹⁾			Consolidated
Net interest income	$	378,165		$	54	$	-		$	378,219
Provision for loan losses		25,274			-		-			25,274
Net interest income after provision for loan losses	$	352,891		$	54	$	-		$	352,945
Noninterest income
Service charges on deposit accounts	$	15,425		$	-	$	-		$	15,425
Card services income		20,829			-		-			20,829
Retirement plan administration fees		-			48,579		(1,358	)		47,221
Wealth management		32,770			1,952		41			34,763
Insurance services		2			-		15,665			15,667
Bank owned life insurance income		6,750			-		-			6,750
Net securities gains (losses)		(9,315	)		-		-			(9,315	)
Other		19,882			657		(9,701	)		10,838
Total noninterest income	$	86,343		$	51,188	$	4,647		$	142,178
Noninterest expense
Salaries and employee benefits	$	154,972		$	29,377	$	9,901		$	194,250
Technology and data services		36,428			1,135		600			38,163
Occupancy		27,097			1,048		263			28,408
Professional fees and outside services		16,879			1,899		(1,177	)		17,601
Office supplies and postage		6,460			372		85			6,917
FDIC assessment		6,257			-		-			6,257
Marketing		2,903			38		113			3,054
Amortization of intangible assets		3,053			1,603		78			4,734
Loan collection and other real estate owned, net		2,618			-		-			2,618
Acquisition expenses		9,978			-		-			9,978
Other		37,801			1,005		(9,122	)		29,684
Total noninterest expense	$	304,446		$	36,477	$	741		$	341,664
Income before income tax expense	$	134,788		$	14,765	$	3,906		$	153,459
Income tax expense		31,038			3,065		574			34,677
Net income	$	103,750		$	11,700	$	3,332		$	118,782
Goodwill	$	324,250		$	23,224	$	14,377		$	361,851
Intangible assets, net		33,972			6,114		357			40,443
Total assets		14,905,900			36,553		(1,633,413	)		13,309,040

(1)	Included in All Other is the revenue and expenses from certain other non-bank subsidiaries of the parent, including the insurance subsidiary, along with eliminating amounts that do not meet the definition of an operating segment.

Historical Timeline

Fiscal Year	Filed
2025	Feb 27, 2026	Showing above
2024	Feb 28, 2025

About Segments Disclosures

Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.

Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.

NBT BANCORP INC Segments Disclosure

Historical Timeline

About Segments Disclosures

Other Available Disclosures