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NBT Bancorp Inc. Announces First Quarter Earnings of $0.41 per Diluted Share; Declares Cash Dividend

04/26/10

NORWICH, NY, Apr 26, 2010 (MARKETWIRE via COMTEX) --NBT Bancorp Inc. (NBT) (NASDAQ: NBTB) reported today net income per diluted share for the three months ended March 31, 2010 of $0.41 per share, as compared with $0.40 per share for the three months ended March 31, 2009. Annualized return on average assets and return on average equity were 1.03% and 11.05%, respectively, for the three months ended March 31, 2010, compared with 0.99% and 12.14%, respectively, for the three months ended March 31, 2009. Net interest margin was 4.21% for the three months ended March 31, 2010, up 12 basis points ("bp") from 4.09% for the three months ended March 31, 2009. Net income for the three months ended March 31, 2010 was $14.0 million, up $0.9 million, or 6.9%, from $13.1 million for the first quarter last year.

NBT President and CEO Martin Dietrich said: "I am pleased to report that we continued to achieve strong results in the first quarter of 2010, including positive trends in net income and nonperforming loans. Although the weak economy remains a challenge, we have maintained a high level of performance while continuing to invest strategically in future opportunities. We are confident that our performance and investments will make us a stronger company in the long run and have us well-positioned as the economy strengthens."

Loan and Lease Quality and Provision for Loan and Lease Losses

Nonperforming loans at March 31, 2010 were $40.8 million or 1.12% of total loans and leases compared with $41.3 million or 1.13% at December 31, 2009 and $27.3 million or 0.75% at March 31, 2009. The increase in nonperforming loans at March 31, 2010 as compared with March 31, 2009 was primarily the result of specific commercial and agricultural credits. Past due loans as a percentage of total loans has improved slightly to 0.87% at March 31, 2010, as compared with 0.89% at December 31, 2009 and 0.93% at March 31, 2009 which reflects the Company's continued commitment to sound underwriting practices.

The allowance for loan and lease losses totaled $70.2 million at March 31, 2010, $66.6 million at December 31, 2009 and $59.3 million at March 31, 2009. As a result of the increase in the allowance for loan and lease losses, accompanied by a slight decrease in loans and leases, the allowance for loan losses as a percentage of loans and leases increased to 1.93% at March 31, 2010 from 1.83% at December 31, 2009. The recent stabilization and slight improvement of certain asset quality trends, such as nonperforming and past due loans is encouraging despite the ongoing economic uncertainty. If these indicators and classified loans remain stable or continue to improve, we would expect the allowance for loan and lease losses to decrease.

The Company recorded a provision for loan and lease losses of $9.2 million during the first quarter of 2010 compared with $6.5 million during the first quarter of 2009. Due to continued effects of the Company's diligent collection efforts, net charge-offs to average loans and leases for the three months ended March 31, 2010 decreased to 0.63%, compared with 0.70% for the three months ended March 31, 2009.

Net Interest Income

Net interest income was up 5.6% to $50.8 million for the three months ended March 31, 2010 compared with $48.1 million for the three months ended March 31, 2009. The Company's fully taxable equivalent (FTE) net interest margin was 4.21% for the three months ended March 31, 2010, as compared with 4.09% for the three months ended March 31, 2009.

The Company experienced a 2.3% growth in average earning assets for the three months ending March 31, 2010 as compared with the three months ending March 31, 2009, due primarily to increases in average short-term interest bearing accounts and average securities held to maturity. However, as a result of this excess liquidity, our Federal Funds sold position had a negative impact of 12 bp on our net interest margin for the three months ended March 31, 2010 as compared to the three months ended March 31, 2009.

While the yield on interest earning assets decreased 45 basis points, the yield on interest bearing liabilities declined 63 basis points, which resulted in an increase in the net interest margin for the three months ended March 31, 2010 compared to the same period for 2009. The yield on time deposits was 2.19% for the three months ended March 31, 2010, as compared with 2.94% for the three months ended March 31, 2009. The yield on money market deposit accounts was 0.70% for the three months ended March 31, 2010, as compared with 1.34% for the three months ended March 31, 2009. The yield on trust preferred debentures declined 32 basis points for the three months ended March 31, 2010 as compared to the three months ended March 31, 2009 as the rate on a majority of the balance of the debentures is tied to the three-month LIBOR, which decreased approximately 1 percentage point in the first quarter of 2010 as compared with the first quarter of 2009.

Noninterest Income

Noninterest income for the three months ended March 31, 2010 was $20.3 million, up $0.7 million or 3.8% from $19.6 million for the same period in 2009. The increase in noninterest income was due primarily to an increase in retirement plan administration fees of approximately $0.6 million for the three month period ended March 31, 2010 as compared with the three month period ended March 31, 2009 as a result of organic growth. In addition, trust income increased approximately $0.4 million for the three months ended March 31, 2010 as compared to the same period in 2009 as a result of an increase in fair value of trust assets under administration. These increases were partially offset by a decrease in other noninterest income of approximately $0.3 million due in large part to a decrease in mortgage banking activity in the first quarter of 2010 as compared with the first quarter of 2009.

Noninterest Expense and Income Tax Expense

Noninterest expense for the three months ended March 31, 2010 was $42.2 million, down slightly from $42.3 million for the same period in 2009. Salaries and employee benefits increased $0.8 million, or 3.6%, for the three months ended March 31, 2010 compared with the same period in 2009. This increase was due primarily to increases in full-time-equivalent employees and merit increases. Loan collection and other real estate owned expenses increased approximately $0.3 million, or 41.6%, for the three month period ended March 31, 2010 as compared with the three months ended March 31, 2009. This increase was due to higher property taxes paid by the Company on collateral securing certain loans. These increases were partially offset by a decrease in other operating expenses of approximately $0.8 million for the three month period ended March 31, 2010, as compared with the three months ended March 31, 2009. This decrease resulted from a decline in losses incurred on lease residual asset sales during the first quarter of 2010 as compared with the first quarter of 2009. In addition, professional fees and outside services decreased by $0.4 million, or 16.1%, for the three month period ended March 31, 2010 as compared with the three months ended March 31, 2009. This decrease was due to legal fees incurred during the first quarter of 2009 related to de novo branch activity. Income tax expense for the three month period ended March 31, 2010 was $5.8 million, down from $5.9 million for the same period in 2009.

Balance Sheet

Total assets were $5.5 billion at March 31, 2010, up $67.0 million or 1.2% from December 31, 2009. Loans and leases were $3.6 billion at March 31, 2010, down $7.8 million from December 31, 2009. Total deposits were $4.2 billion at March 31, 2010, up $84.1 million or 2.1% from December 31, 2009. The increase from December 31, 2009 was due in large part to a $139.1 million, or 6.1%, increase in NOW, savings and money market accounts. This increase was partially offset by a $31.2 million decrease in demand deposits. Stockholders' equity was $515.5 million, representing a total equity-to-total assets ratio of 9.32% at March 31, 2010, compared with $505.1 million or a total equity-to-total assets ratio of 9.24% at December 31, 2009.

Stock Repurchase Program

The Company made no purchases of its common stock securities during the quarter ended March 31, 2010. At March 31, 2010, there were 1,000,000 shares available for repurchase under a previously announced stock repurchase plan. This plan was authorized on October 26, 2009 in the amount of 1,000,000 shares and expires on December 31, 2011.

Dividend Declared

The NBT Board of Directors declared a 2010 second-quarter cash dividend of $0.20 per share at a meeting held today. The dividend will be paid on June 15, 2010, to shareholders of record as of June 1, 2010.

Corporate Overview

NBT Bancorp Inc. is a financial holding company headquartered in Norwich, NY, with total assets of $5.5 billion at March 31, 2010. The company primarily operates through NBT Bank, N.A., a full-service community bank with two divisions, and through two financial services companies. NBT Bank, N.A. has 124 locations, including 85 NBT Bank offices in upstate New York, 38 Pennstar Bank offices in northeastern Pennsylvania and one office in Burlington, Vermont. EPIC Advisors, Inc., based in Rochester, NY, is a full-service 401(k) plan recordkeeping firm. Mang Insurance Agency, LLC, based in Norwich, NY, is a full-service insurance agency. More information about NBT and its divisions can be found on the Internet at: www.nbtbancorp.com, www.nbtbank.com, www.pennstarbank.com, www.epic1st.com and www.manginsurance.com.

Forward-Looking Statements

This news release contains forward-looking statements. These forward-looking statements involve risks and uncertainties and are based on the beliefs and assumptions of the management of NBT Bancorp and its subsidiaries and on the information available to management at the time that these statements were made. There are a number of factors, many of which are beyond NBT's control, that could cause actual conditions, events or results to differ significantly from those described in the forward-looking statements. Factors that may cause actual results to differ materially from those contemplated by such forward-looking statements include, among others, the following possibilities: (1) competitive pressures among depository and other financial institutions may increase significantly; (2) revenues may be lower than expected; (3) changes in the interest rate environment may reduce interest margins; (4) general economic conditions, either nationally or regionally, may be less favorable than expected, resulting in, among other things, a deterioration in credit quality and/or a reduced demand for credit; (5) legislative or regulatory changes, including changes in accounting standards and tax laws, may adversely affect the businesses in which NBT is engaged; (6) competitors may have greater financial resources and develop products that enable such competitors to compete more successfully than NBT; and (7) adverse changes may occur in the securities markets or with respect to inflation. Forward-looking statements speak only as of the date they are made. Except as required by law, NBT does not undertake to update forward-looking statements to reflect subsequent circumstances or events.

                    NBT Bancorp Inc. and Subsidiaries
                      SELECTED FINANCIAL HIGHLIGHTS
                                (unaudited)
                                                          Net     Percent
                          2010              2009         Change    Change
                    ----------------  ----------------  --------- --------
                    (dollars in thousands, except per
                                share data)
Three Months Ended
 March 31,
Net Income          $         13,976  $         13,072  $     904        7%
Diluted Earnings
 Per Share          $           0.41  $           0.40  $    0.01        2%
Weighted Average
 Diluted Common
 Shares Outstanding       34,424,752        32,644,599  1,780,153        5%
Return on Average
 Assets (1)                     1.03%             0.99%      4 bp        4%
Return on Average
 Equity (1)                    11.05%            12.14%   -109 bp       -9%
Net Interest Margin
 (2)                            4.21%             4.09%     12 bp        3%
                    ================  ================  ========= ========
Asset Quality           March 31,       December 31,
                          2010              2009
                    ----------------  ----------------
Nonaccrual Loans    $         38,786  $         38,746
90 Days Past Due
 and Still Accruing $          2,007  $          2,526
Total Nonperforming
 Loans              $         40,793  $         41,272
Other Real Estate
 Owned              $          1,989  $          2,358
Total Nonperforming
 Assets             $         42,782  $         43,630
Past Due Loans      $         31,715  $         32,349
Potential Problem
 Loans              $         82,415  $         79,072
Allowance for Loan
 and Lease Losses   $         70,150  $         66,550
Allowance for Loan
 and Lease Losses
 to Total Loans and
 Leases                         1.93%             1.83%
Total Nonperforming
 Loans to Total
 Loans and Leases               1.12%             1.13%
Total Nonperforming
 Assets to Total
 Assets                         0.77%             0.80%
Past Due Loans to
 Total Loans and
 Leases                         0.87%             0.89%
Allowance for Loan
 and Lease Losses
 to Total
 Nonperforming
 Loans                        171.97%           161.25%
Net Charge-Offs to
 YTD Average Loans
 and Leases                     0.63%             0.70%
                    ================  ================
Capital
Equity to Assets                9.32%             9.24%
Book Value Per
 Share              $          14.97  $          14.69
Tangible Book Value
 Per Share          $          11.06  $          10.75
Tier 1 Leverage
 Ratio                          8.55%             8.35%
Tier 1 Capital
 Ratio                         11.59%            11.34%
Total Risk-Based
 Capital Ratio                 12.84%            12.59%
                    ================  ================
                    ----------------  ----------------
Quarterly Common
 Stock Price               2010             2009
Quarter End          High       Low    High       Low
                    ----------------  ----------------
March 31            $ 23.99   $19.15  $ 28.37  $ 15.42
June 30                               $ 25.22  $ 20.49
September 30                          $ 24.16  $ 20.57
December 31                           $ 23.59  $ 19.43
                    ----------------  ----------------
(1)  Annualized
(2)  Calculated on a FTE basis
                    NBT Bancorp Inc. and Subsidiaries
                      SELECTED FINANCIAL HIGHLIGHTS
                                (unaudited)
                            March 31,  December 31,    Net       Percent
                               2010        2009       Change      Change
                            ----------- ----------- ----------  ----------
                            (dollars in thousands,
                            except per share data)
Balance Sheet
Loans and Leases            $ 3,637,622 $ 3,645,398 ($   7,776)          0%
Earning Assets              $ 5,085,817 $ 5,009,251 $   76,566           2%
Total Assets                $ 5,531,060 $ 5,464,026 $   67,034           1%
Deposits                    $ 4,177,179 $ 4,093,046 $   84,133           2%
Stockholders' Equity        $   515,476 $   505,123 $   10,353           2%
                            =========== =========== ==========  ==========
                                2010        2009
                            ----------- -----------
                            (dollars in thousands,
Average Balances             except per share data)
Three Months Ended March
 31,
Loans and Leases            $ 3,640,137 $ 3,658,682 ($  18,545)
Securities Available For
 Sale
(excluding unrealized gains
 or losses)                 $ 1,088,604 $ 1,089,512 ($     908)
Securities Held To Maturity $   155,800 $   138,700 $   17,100
Trading Securities          $     2,428 $     1,433 $      995
Regulatory Equity
 Investment                 $    34,728 $    38,852 ($   4,124)
Short-Term Interest Bearing
 Accounts                   $   124,018 $     2,684 $  121,334
Total Earning Assets        $ 5,043,287 $ 4,928,430 $  114,857
Total Assets                $ 5,489,544 $ 5,351,476 $  138,068
Interest Bearing Deposits   $ 3,376,185 $ 3,312,594 $   63,591
Non-Interest Bearing
 Deposits                   $   759,533 $   680,835 $   78,698
Short-Term Borrowings       $   157,255 $   148,448 $    8,807
Long-Term Borrowings        $   601,748 $   706,660 ($ 104,912)
Total Interest Bearing
 Liabilities                $ 4,135,188 $ 4,167,702 ($  32,514)
Stockholders' Equity        $   513,174 $   436,685 $   76,489
                            =========== =========== ==========
NBT Bancorp Inc. and Subsidiaries                  March 31,   December 31,
Consolidated Balance Sheets (unaudited)               2010         2009
                                                  ------------ ------------
(in thousands)
ASSETS
Cash and due from banks                           $    101,170 $    107,980
Short term interest bearing accounts                   135,606       79,181
Securities available for sale, at fair value         1,151,746    1,116,758
Securities held to maturity (fair value of
 $158,896 and $161,851 at March 31, 2010 and
 December 31, 2009, respectively)                      157,108      159,946
Trading securities                                       2,593        2,410
Federal Reserve and Federal Home Loan Bank stock        33,728       35,979
Loans and leases                                     3,637,622    3,645,398
Less allowance for loan and lease losses                70,150       66,550
                                                  ============ ============
  Net loans and leases                               3,567,472    3,578,848
Premises and equipment, net                             66,229       66,221
Goodwill                                               114,841      114,938
Intangible assets, net                                  19,809       20,590
Bank owned life insurance                               75,732       74,751
Other assets                                           105,026      106,424
                                                  ------------ ------------
TOTAL ASSETS                                      $  5,531,060 $  5,464,026
                                                  ============ ============
LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits:
  Demand (noninterest bearing)                    $    758,770 $    789,989
  Savings, NOW, and money market                     2,408,924    2,269,779
  Time                                               1,009,485    1,033,278
                                                  ------------ ------------
   Total deposits                                    4,177,179    4,093,046
Short-term borrowings                                  166,942      155,977
Long-term debt                                         504,590      554,698
Trust preferred debentures                              75,422       75,422
Other liabilities                                       91,451       79,760
                                                  ------------ ------------
   Total liabilities                                 5,015,584    4,958,903
Total stockholders' equity                             515,476      505,123
                                                  ============ ============
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY        $  5,531,060 $  5,464,026
                                                  ============ ============
                                                        Three months ended
NBT Bancorp Inc. and Subsidiaries                           March 31,
Consolidated Statements of Income (unaudited)             2010      2009
                                                        --------- ---------
(in thousands, except per share data)
Interest, fee and dividend income:
Loans and leases                                        $  53,692 $  55,411
Securities available for sale                              10,046    12,375
Securities held to maturity                                 1,137     1,234
Other                                                         596       361
                                                        --------- ---------
  Total interest, fee and dividend income                  65,471    69,381
                                                        --------- ---------
Interest expense:
Deposits                                                    8,454    13,839
Short-term borrowings                                         124       147
Long-term debt                                              5,065     6,197
Trust preferred debentures                                  1,027     1,086
                                                        --------- ---------
  Total interest expense                                   14,670    21,269
                                                        --------- ---------
Net interest income                                        50,801    48,112
Provision for loan and lease losses                         9,243     6,451
                                                        --------- ---------
Net interest income after provision for loan and lease
 losses                                                    41,558    41,661
                                                        --------- ---------
Noninterest income:
Trust                                                       1,766     1,409
Service charges on deposit accounts                         6,130     6,297
ATM and debit card fees                                     2,367     2,182
Insurance revenue                                           5,245     5,338
Net securities gains                                           28         -
Bank owned life insurance income                              981       872
Retirement plan administration fees                         2,390     1,741
Other                                                       1,434     1,751
                                                        --------- ---------
  Total noninterest income                                 20,341    19,590
                                                        --------- ---------
Noninterest expense:
Salaries and employee benefits                             22,204    21,427
Office supplies and postage                                 1,542     1,530
Occupancy                                                   4,152     4,165
Equipment                                                   2,100     2,022
Professional fees and outside services                      2,284     2,722
Data processing and communications                          3,218     3,295
Amortization of intangible assets                             781       813
Loan collection and other real estate owned                 1,059       748
FDIC expenses                                               1,553     1,529
Other operating                                             3,267     4,054
                                                        --------- ---------
  Total noninterest expense                                42,160    42,305
                                                        --------- ---------
Income before income taxes                                 19,739    18,946
Income taxes                                                5,763     5,874
                                                        --------- ---------
   Net income                                           $  13,976 $  13,072
                                                        --------- ---------
Earnings Per Share:
     Basic                                              $    0.41 $    0.40
     Diluted                                            $    0.41 $    0.40
                                                        ========= =========
NBT Bancorp Inc. and
 Subsidiaries
Quarterly Consolidated
 Statements of Income        1Q        4Q        3Q        2Q        1Q
 (unaudited)                2010      2009      2009      2009      2009
                          --------- --------  --------- --------- ---------
(in thousands, except per
 share data)
Interest, fee and
 dividend income:
Loans and leases          $  53,692 $ 55,361  $  54,666 $  54,886 $  55,411
Securities available for
 sale                        10,046   10,810     11,116    11,671    12,375
Securities held to
 maturity                     1,137    1,212      1,239     1,209     1,234
Other                           596      621        615       606       361
                          --------- --------  --------- --------- ---------
  Total interest, fee and
   dividend income           65,471   68,004     67,636    68,372    69,381
                          --------- --------  --------- --------- ---------
Interest expense:
Deposits                      8,454    9,532     12,002    13,123    13,839
Short-term borrowings           124      139        142       124       147
Long-term debt                5,065    5,673      5,761     5,998     6,197
Trust preferred
 debentures                   1,027    1,036      1,049     1,076     1,086
                          --------- --------  --------- --------- ---------
  Total interest expense     14,670   16,380     18,954    20,321    21,269
                          --------- --------  --------- --------- ---------
Net interest income          50,801   51,624     48,682    48,051    48,112
Provision for loan and
 lease losses                 9,243    8,641      9,101     9,199     6,451
                          --------- --------  --------- --------- ---------
Net interest income after
 provision for loan and
 lease losses                41,558   42,983     39,581    38,852    41,661
                          --------- --------  --------- --------- ---------
Noninterest income:
Trust                         1,766    1,881      1,668     1,761     1,409
Service charges on
 deposit accounts             6,130    6,808      7,110     6,950     6,297
ATM and debit card fees       2,367    2,346      2,443     2,368     2,182
Insurance revenue             5,245    3,799      4,368     4,220     5,338
Net securities
 gains/(losses)                  28       (2)       129        17         -
Bank owned life insurance
 income                         981      910        683       670       872
Retirement plan
 administration fees          2,390    2,739      2,412     2,194     1,741
Other                         1,434    1,365      2,037     1,665     1,751
                          --------- --------  --------- --------- ---------
  Total noninterest
   income                    20,341   19,846     20,850    19,845    19,590
                          --------- --------  --------- --------- ---------
Noninterest expense:
Salaries and employee
 benefits                    22,204   22,919     21,272    19,947    21,427
Office supplies and
 postage                      1,542    1,472      1,426     1,429     1,530
Occupancy                     4,152    3,608      3,481     3,610     4,165
Equipment                     2,100    2,115      1,997     2,005     2,022
Professional fees and
 outside services             2,284    2,688      2,691     2,407     2,722
Data processing and
 communications               3,218    3,314      3,305     3,324     3,295
Amortization of
 intangible assets              781      781        827       825       813
Loan collection and other
 real estate owned            1,059      589        755       674       748
FDIC expenses                 1,553    1,312      1,535     4,032     1,529
Other operating               3,267    6,492      3,743     3,686     4,054
                          --------- --------  --------- --------- ---------
  Total noninterest
   expense                   42,160   45,290     41,032    41,939    42,305
                          --------- --------  --------- --------- ---------
Income before income
 taxes                       19,739   17,539     19,399    16,758    18,946
Income taxes                  5,763    3,738      5,821     5,198     5,874
                          --------- --------  --------- --------- ---------
   Net income             $  13,976 $ 13,801  $  13,578 $  11,560 $  13,072
                          ========= ========  ========= ========= =========
Earnings per share:
   Basic                  $    0.41 $   0.40  $    0.40 $    0.34 $    0.40
   Diluted                $    0.41 $   0.40  $    0.40 $    0.34 $    0.40
                          ========= ========  ========= ========= =========
 Three months ended
   March 31,
                      -------------------------  -------------------------
                                  2010                       2009
(dollars in            Average           Yield/   Average           Yield/
 thousands)            Balance  Interest Rates    Balance  Interest  Rates
                      ---------- ------- ------  ---------- ------- ------
ASSETS
Short-term interest
 bearing accounts     $  124,018 $    67   0.22% $    2,684 $    13   1.96%
Securities available
 for sale
 (1)(excluding
 unrealized gains or
 losses)               1,088,604  10,781   4.02%  1,089,512  13,114   4.88%
Securities held to
 maturity (1)            155,800   1,714   4.46%    138,700   1,861   5.44%
Investment in FRB and
 FHLB Banks               34,728     529   6.17%     38,852     349   3.64%
Loans and leases (2)   3,640,137  53,880   6.00%  3,658,682  55,626   6.17%
                      ---------- -------         ---------- -------
  Total interest
   earning assets     $5,043,287 $66,971   5.39% $4,928,430 $70,963   5.84%
                                 -------                    -------
Other assets             446,257                    423,046
                      ----------                 ----------
Total assets          $5,489,544                 $5,351,476
                      ----------                 ----------
LIABILITIES AND
 STOCKHOLDERS' EQUITY
Money market deposit
 accounts             $1,093,986 $ 1,896   0.70% $  942,223 $ 3,109   1.34%
NOW deposit accounts     722,179     822   0.46%    550,241     786   0.58%
Savings deposits         532,677     193   0.15%    478,033     210   0.18%
Time deposits          1,027,343   5,543   2.19%  1,342,097   9,734   2.94%
                      ---------- -------         ---------- -------
  Total interest
   bearing deposits   $3,376,185 $ 8,454   1.02% $3,312,594 $13,839   1.69%
Short-term borrowings    157,255     124   0.32%    148,448     147   0.40%
Trust preferred
 debentures               75,422   1,027   5.52%     75,422   1,086   5.84%
Long-term debt           526,326   5,065   3.90%    631,238   6,197   3.98%
                      ---------- -------         ---------- -------
  Total interest
   bearing
   liabilities        $4,135,188 $14,670   1.44% $4,167,702 $21,269   2.07%
                                 -------                    -------
Demand deposits          759,533                    680,835
Other liabilities         81,649                     66,254
Stockholders' equity     513,174                    436,685
                      ----------                 ----------
Total liabilities and
 stockholders' equity $5,489,544                 $5,351,476
                      ----------                 ----------
  Net interest income
   (FTE)                          52,301                     49,694
                                 -------                    -------
Interest rate spread                       3.95%                      3.77%
Net interest margin                        4.21%                      4.09%
Taxable equivalent
 adjustment                        1,500                      1,582
                                 -------                    -------
Net interest income              $50,801                    $48,112
(1) Securities are shown at average amortized cost
(2) For purposes of these computations, nonaccrual loans are included in
    the average loan balances outstanding
                    NBT Bancorp Inc. and Subsidiaries
                       Loans and Leases (Unaudited)
                                                     March 31,    December
(In thousands)                                         2010       31, 2009
                                                    ----------- -----------
Residential real estate mortgages                   $   607,201 $   622,898
Commercial                                              588,428     581,870
Commercial real estate mortgages                        744,215     718,235
Real estate construction and development                 76,864      76,721
Agricultural and agricultural real estate mortgages     119,520     122,466
Consumer                                                850,380     856,956
Home equity                                             594,610     603,585
Lease financing                                          56,404      62,667
                                                    ----------- -----------
  Total loans and leases                            $ 3,637,622 $ 3,645,398
                                                    =========== ===========

Contact:
Martin A. Dietrich
CEO
Michael J. Chewens
CFO
NBT Bancorp Inc.
52 South Broad Street
Norwich, NY 13815
607-337-6119


SOURCE: NBT Bancorp Inc.

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