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SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 8-K/A CURRENT REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported) July 1, 2000 ---------------------- NBT Bancorp Inc. - ------------------------------------------------------------------------ (Exact Name of Registrant as Specified in Charter) Delaware 0-14703 16-1268674 - ------------------------------------------------------------------------ (State or Other Jurisdiction (Commission (IRS Employer of Incorporation) File Number) Identification Number) 52 South Broad Street, Norwich, New York 13815 - ------------------------------------------------------------------------ (Address of Principal Executive Office) (Zip Code) Registrant's telephone number, including area code 607/337-2265 --------------------- N/A - ------------------------------------------------------------------------ (Former Name or Former Address, if Changed Since Last Report)

Item 7. Financial Statements, Pro Forma Financial Information and Exhibits. (a) The (i) consolidated audited balance sheets of Pioneer American as of December 31, 1999 and 1998 and (ii) consolidated statements of income and cash flows of Pioneer American for the fiscal years ended December 31, 1999, 1998 and 1997 have been filed with the SEC as part of Pioneer American's Annual Report on Form 10-K, filed March 13, 2000 (File No. 0-14506), and are incorporated by reference. The (iii) unaudited consolidated balance sheet of Pioneer American as of March 31, 2000 and (iv) unaudited consolidated statements of income and cash flows of Pioneer American for the three months ended March 31, 2000 and 1999 have been filed with the SEC as part of Pioneer American's Quarterly Report on Form 10-Q, filed May 10, 2000 (File No. 0-14506), and are incorporated herein by reference. The (i) consolidated audited balance sheets of BSB Bancorp, Inc. as of December 31, 1999 and 1998 and (ii) consolidated statements of income and cash flows of BSB Bancorp for the fiscal years ended December 31, 1999, 1998 and 1997 have been filed with the SEC as part of BSB Bancorp's Annual Report on Form 10-K, filed March 30, 2000 (File No. 0-17177), and are incorporated by reference. The (iii) unaudited consolidated balance sheet of BSB Bancorp as of March 31, 2000 and (iv) unaudited consolidated statements of income and cash flows of BSB Bancorp for the three months ended March 31, 2000 and 1999 have been filed with the SEC as part of BSB Bancorp's Quarterly Report on Form 10-Q, filed May 15, 2000 (File No. 0-17177), and are incorporated herein by reference. (b) Pro Forma Financial Information. The (i) pro forma combined condensed statements of income of NBT, Pioneer American and BSB Bancorp for the three months ended March 31, 2000 and 1999, and the years ended December 31, 1999, 1998 and 1997; and (ii) pro forma combined condensed balance sheet of NBT, Pioneer American and BSB Bancorp as of March 31, 2000. (c) Exhibits. The following exhibits are filed with this Current Report or incorporated by reference into this Current Report on Form 8-K: Exhibit Number Description - ------ ----------- 23.1 Consent of KPMG LLP 23.2 Consent of PricewaterhouseCoopers LLP

99.1 Consolidated audited balance sheets of Pioneer American as of December 31, 1999 and 1998 and consolidated statements of income and cash flows of Pioneer American for the fiscal years ended December 31, 1999, 1998 and 1997 (incorporated by reference to Pioneer American's Annual Report on Form 10-K, filed March 13, 2000, File No. 0-14506). 99.2 Unaudited consolidated balance sheet of Pioneer American as of March 31, 2000 and unaudited consolidated statements of income and cash flows of Pioneer American for the three months ended March 31, 2000 and 1999 (incorporated by reference to Pioneer American's Quarterly Report on Form 10-Q, filed May 10, 2000, File No. 0- 14506). 99.3 Consolidated audited balance sheets of BSB Bancorp as of December 31, 1999 and 1998 and consolidated statements of income and cash flows of BSB Bancorp for the fiscal years ended December 31, 1999, 1998 and 1997 (incorporated by reference to BSB Bancorp's Annual Report on Form 10-K, filed March 30, 2000, File No. 0- 17177). 99.4 Unaudited consolidated balance sheet of BSB Bancorp as of March 31, 2000 and unaudited consolidated statements of income and cash flows of BSB Bancorp for the three months ended March 31, 2000 and 1999 (incorporated by reference to BSB Bancorp's Quarterly Report on Form 10-Q, filed May 15, 2000, File No. 0-17177).

UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL STATEMENTS The following unaudited pro forma condensed combined balance sheet presents the financial position of NBT Bancorp Inc. (NBT), Pioneer American Holding Company Corp (Pioneer American), and BSB Bancorp, Inc. (BSB) as of March 31, 2000 assuming that both mergers had occurred as of March 31, 2000 after giving effect to certain pro forma adjustments described in the accompanying notes. The following unaudited pro forma condensed combined statements of income for the three months ended March 31, 2000 and 1999, and the years ended December 31, 1999, 1998, and 1997 present the combined historical results of operations of NBT, Pioneer American, and BSB as if the mergers had been completed as of the first day of the period presented. The historical financial information of NBT has been restated to include the effects of the merger with Lake Ariel Bancop, Inc. (Lake Ariel), which was completed on February 17, 2000 and has been accounted for as a pooling of interests. Pro forma earnings per share are based on the exchange ratios of 1.805 and 2.0 for the Pioneer American and BSB mergers, respectively. The fiscal years of NBT, Pioneer American, and BSB end December 31. The unaudited pro forma condensed combined balance sheet reflects estimated non-recurring charges that may be incurred in connection with the mergers. The unaudited pro forma condensed combined financial statements were prepared giving effect to the mergers on the pooling of interests accounting method. Under this method of accounting, the recorded assets, liabilities, stockholders' equity, income and expense of NBT, Pioneer American, and BSB are combined and reflected at their historical amounts, except as noted in the accompanying notes. The combined company expects to achieve certain merger benefits in the form of operating expense reductions and revenue enhancements. The unaudited pro forma condensed combined statements of income do not reflect potential operating expense reductions or revenue enhancements that are expected to result from the mergers, and therefore may not be indicative of the results of future operations. No assurance can be given with respect to the ultimate level of operating expense reductions or revenue enhancements. The unaudited pro forma condensed combined financial statements should be read in conjunction with, and are qualified in their entirety by, the historical consolidated financial statements and accompanying notes of NBT, Pioneer American, and BSB and the supplemental consolidated financial statements and accompanying notes of NBT, which have been restated to include the effects of the Lake Ariel merger. These supplemental financial statements were included in Current Report on Form 8-K, dated March 31, 2000 and filed with the SEC. The following historical financial information of Pioneer American and BSB has been derived from the respective companies' interim consolidated financial statements as of March 31, 2000 and for the three months ended March 31, 2000 and 1999 which are included in the respective companies Form 10-Q for the three months ended March 31, 2000 and are incorporated by reference herein, and their respective consolidated financial statements and accompanying notes as of December 31, 1999 and 1998 and for each of the years in the three year period ended December 31, 1999, which were included in the respective companies' Form 10-K for the year ended December 31, 1999 and incorporated by reference herein. The unaudited pro forma condensed combined financial statements are presented for informational purposes only. These statements are not necessarily indicative of the combined financial position and results of operations that would have occurred if the mergers had been completed on March 31, 2000 or at the beginning of the respective periods presented or that may be attained in the future.

Unaudited Pro Forma Condensed Combined Balance Sheet March 31, 2000 (in thousands) Pioneer American NBT Holding Pro Forma Bancorp Inc. Company Corp. Adjustments ------------ ------------- ----------- ASSETS Cash and cash equivalents $ 60,823 $ 13,216 -- Securities available for sale, at fair value 497,528 105,239 -- Securities held to maturity (fair value-NBT Bancorp Inc. $75,808, BSB Bancorp, Inc. $13,208, and Pioneer American Holding Company Corp. $34,560) 78,772 35,746 -- Loans 1,295,651 245,147 Less: Allowance for loan losses 17,543 3,145 -- - ------------------------------------------------------------------------------------------------------------------------------- Net loans 1,278,108 242,002 -- Premises and equipment, net 40,292 5,910 -- Other assets 73,583 13,615 1,300 - ------------------------------------------------------------------------------------------------------------------------------- TOTAL ASSETS $ 2,029,106 $ 415,728 $ 1,300 =============================================================================================================================== NBT Pioneer American Combined BSB Pro Forma Combined Pro Forma Bancorp, Inc. Adjustments Pro Forma --------- ------------- ----------- --------- ASSETS Cash and cash equivalents $ 74,039 16 $ 47,718 16 $ -- $ 121,757 Securities available for sale, at fair value 602,767 382,703 -- 985,470 Securities held to maturity (fair value-NBT Bancorp Inc. $75,808, BSB Bancorp, Inc. $13,208, and Pioneer American Holding Company Corp. $34,560) 114,518 13,079 -- 127,597 Loans 1,540,798 1,745,959 3,286,757 Less: Allowance for loan losses 20,688 31,705 -- 52,393 - ----------------------------------------------------------------------------------------------------------------------------------- Net loans 1,520,110 1,714,254 -- 3,234,364 Premises and equipment, net 46,202 15,541 -- 61,743 Other assets 88,498 57,569 4,500 150,567 - ----------------------------------------------------------------------------------------------------------------------------------- TOTAL ASSETS $ 2,446,134 $ 2,230,864 $ 4,500 $ 4,681,498 =================================================================================================================================== Pioneer American NBT Holding Pro Forma Bancorp Inc. Company Corp. Adjustments ------------ ------------- ----------- LIABILITIES AND STOCKHOLDERS' EQUITY Deposits: Demand (noninterest bearing) $ 210,579 $ 45,842 $ -- Savings,NOW, and money market 490,328 110,880 -- Time 822,842 143,152 -- - ------------------------------------------------------------------------------------------------------------------------------- Total deposits 1,523,749 299,874 -- Borrowings 327,238 79,489 -- Other liabilities 15,587 4,272 5,100 Mandatorily redeemable preferred securities of subsidiary -- -- - ------------------------------------------------------------------------------------------------------------------------------- Total liabilities 1,866,574 383,635 5,100 - ------------------------------------------------------------------------------------------------------------------------------- NBT Pioneer American Combined BSB Pro Forma Combined Pro Forma Bancorp, Inc. Adjustments Pro Forma --------- ------------- ----------- --------- LIABILITIES AND STOCKHOLDERS' EQUITY Deposits: Demand (noninterest bearing) $ 256,421 $ 139,639 $ -- 396,060 Savings,NOW, and money market 601,208 653,091 -- 1,254,299 Time 965,994 1,106,548 -- 2,072,542 - --------------------------------------------------------------------------------------------------------------------------------- Total deposits 1,823,623 1,899,278 -- 3,722,901 Borrowings 406,727 135,982 -- 542,709 Other liabilities 24,959 8,588 16,500 50,047 Mandatorily redeemable preferred securities of subsidiary -- 30,000 -- 30,000 - --------------------------------------------------------------------------------------------------------------------------------- Total liabilities 2,255,309 2,073,848 16,500 4,345,657 - --------------------------------------------------------------------------------------------------------------------------------- Pioneer American NBT Holding Pro Forma Bancorp Inc. Company Corp. Adjustments ------------ ------------- ----------- Stockholders' equity: Preferred stock -- -- -- Common stock 186 2,935 (2,883) Additional paid-in-capital 167,047 11,962 1,153 Retained earnings 24,225 22,355 (3,800) Accumulated other comprehensive income (loss) (17,615) (3,429) -- Common stock in treasury, at cost (11,311) (1,730) 1,730 - ------------------------------------------------------------------------------------------------------------------------------------ Total stockholders' equity 162,532 32,093 (3,800) - ------------------------------------------------------------------------------------------------------------------------------------ TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 2,029,106 $ 415,728 $ 1,300 ==================================================================================================================================== NBT Pioneer American Combined BSB Pro Forma Combined Pro Forma Bancorp, Inc. Adjustments Pro Forma --------- ------------- ----------- --------- Stockholders' equity: Preferred stock -- -- -- -- Common stock 238 114 91 443 Additional paid-in-capital 180,162 37,590 (13,548) 204,204 Retained earnings 42,780 143,481 (12,000) 174,261 Accumulated other comprehensive income (loss) (21,044) (10,712) -- (31,756) Common stock in treasury, at cost (11,311) (13,457) 13,457 (11,311) - ------------------------------------------------------------------------------------------------------------------------------------ Total stockholders' equity 190,825 157,016 (12,000) 335,841 - ------------------------------------------------------------------------------------------------------------------------------------ TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 2,446,134 $ 2,230,864 $ 4,500 $ 4,681,498 ==================================================================================================================================== See accompanying notes to unaudited pro forma condensed combined financial statements

Unaudited Pro Forma Condensed Combined Statement of Income For the Three Months Ended March 31, 2000 Pioneer American NBT Holding Pioneer American NBT Company Pro Forma Combined Bancorp Inc. Corp. Adjustments Pro Forma ------------ ----- ----------- --------- Interest and fee income: Loan $27,189 $5,048 $ -- $32,237 Securities 9,865 2,358 -- 12,223 Other 402 4 -- 406 -------------------------------------------------------------------------------------------------------------------------------- Total interest and fee income: 37,456 7,410 -- 44,866 -------------------------------------------------------------------------------------------------------------------------------- Interest expense: Deposits 13,446 2,637 -- 16,083 Borrowings 4,400 1,135 -- 5,535 -------------------------------------------------------------------------------------------------------------------------------- Total interest expense 17,846 3,772 -- 21,618 -------------------------------------------------------------------------------------------------------------------------------- Net interest income 19,610 3,638 -- 23,248 Provision for loan losses 1,334 120 -- 1,454 -------------------------------------------------------------------------------------------------------------------------------- Net interest income after provision for loan losses 18,276 3,518 -- 21,794 -------------------------------------------------------------------------------------------------------------------------------- Noninterest income: Trust 860 -- -- 860 Service charges on deposit accounts 1,620 526 -- 2,146 Net security gains (losses) -- -- -- -- Other 1,135 195 -- 1,330 -------------------------------------------------------------------------------------------------------------------------------- Total noninterest income 3,615 721 -- 4,336 -------------------------------------------------------------------------------------------------------------------------------- Noninterest expense: Salaries and employee benefits 7,081 1,322 -- 8,403 Office supplies and postage 592 119 -- 711 Occupancy 1,232 269 -- 1,501 Equipment 1,137 225 -- 1,362 Professional fees and outside services 756 240 -- 996 Data processing and communications 1,132 96 -- 1,228 Amortization of intangible assets 312 10 -- 322 Merger and acquisition charges 1,122 -- -- 1,122 Other operating 1,619 494 -- 2,113 -------------------------------------------------------------------------------------------------------------------------------- Total noninterest expense 14,983 2,775 -- 17,758 -------------------------------------------------------------------------------------------------------------------------------- Income before income taxes 6,908 1,464 -- 8,372 Income taxes 2,667 425 -- 3,092 -------------------------------------------------------------------------------------------------------------------------------- -------------------------------------------------------------------------------------------------------------------------------- Net Income $ 4,241 $1,039 $ -- $ 5,280 ================================================================================================================================ Weighted Average Shares Outstanding Basic 18,028 2,864 23,198 Diluted 18,134 2,887 23,345 Earnings Per Share Basic 0.24 0.36 0.23 Diluted 0.23 0.36 0.23 NBT BSB Pioneer BSB Pro Forma Combined Bancorp, Inc. Adjustments Pro Forma ------------- ----------- --------- Interest and fee income: Loan $39,593 $ -- $71,830 Securities 6,674 -- 18,897 Other 13 -- 419 - ------------------------------------------------------------------------------------------------------------------------------------ Total interest and fee income: 46,280 -- 91,146 - ------------------------------------------------------------------------------------------------------------------------------------ Interest expense: Deposits 21,319 -- 37,402 Borrowings 2,582 -- 8,117 - ------------------------------------------------------------------------------------------------------------------------------------ Total interest expense 23,901 -- 45,519 - ------------------------------------------------------------------------------------------------------------------------------------ Net interest income 22,379 -- 45,627 Provision for loan losses 4,608 -- 6,062 - ------------------------------------------------------------------------------------------------------------------------------------ Net interest income after provision for loan losses 17,771 -- 39,565 - ------------------------------------------------------------------------------------------------------------------------------------ Noninterest income: Trust 331 -- 1,191 Service charges on deposit accounts 1,213 -- 3,359 Net security gains (losses) -- -- -- Other 1,817 -- 3,147 ----------------------------------------------------------------------------------------------------------------------------------- Total noninterest income 3,361 -- 7,697 ----------------------------------------------------------------------------------------------------------------------------------- Noninterest expense: Salaries and employee benefits 5,899 -- 14,302 Office supplies and postage 393 -- 1,104 Occupancy 727 -- 2,228 Equipment 442 -- 1,804 Professional fees and outside services 1,479 -- 2,475 Data processing and communications 416 -- 1,644 Amortization of intangible assets 96 -- 418 Merger and acquisition charges -- -- 1,122 Other operating 2,261 -- 4,374 - ------------------------------------------------------------------------------------------------------------------------------------ Total noninterest expense 11,713 -- 29,471 - ------------------------------------------------------------------------------------------------------------------------------------ Income before income taxes 9,419 -- 17,791 Income taxes 3,671 -- 6,763 - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ Net Income $ 5,748 $ -- $11,028 ==================================================================================================================================== Weighted Average Shares Outstanding Basic 10,243 43,684 Diluted 10,337 44,019 Earnings Per Share Basic 0.56 0.25 Diluted 0.56 0.25 See accompanying notes to unaudited pro forma condensed combined financial statements

Unaudited Pro Forma Condensed Combined Statement of Income For the Three Months Ended March 31, 1999 Pioneer American NBT Holding BSB NBT Company Pro Forma Combined Bancorp Inc. Corp. Adjustments Pro Forma ------------ ----- ----------- --------- Interest and fee income: Loan $22,679 $4,812 $ -- $27,491 Securities 8,465 2,291 -- 10,756 Other 458 82 -- 540 ----------------------------------------------------------------------------------------------------------------------------------- Total interest and fee income: 31,602 7,185 -- 38,787 ----------------------------------------------------------------------------------------------------------------------------------- Interest expense: Deposits 11,006 2,729 -- 13,735 Borrowings 2,878 968 -- 3,846 ----------------------------------------------------------------------------------------------------------------------------------- Total interest expense 13,884 3,697 -- 17,581 ----------------------------------------------------------------------------------------------------------------------------------- Net interest income 17,718 3,488 -- 21,206 Provision for loan losses 1,120 75 -- 1,195 ----------------------------------------------------------------------------------------------------------------------------------- Net interest income after provision for loan losses 16,598 3,413 -- 20,011 ----------------------------------------------------------------------------------------------------------------------------------- Noninterest income: Trust 835 -- -- 835 Service charges on deposit accounts 1,408 517 -- 1,925 Net security gains (losses) 668 -- -- 668 Other 1,365 126 -- 1,491 ----------------------------------------------------------------------------------------------------------------------------------- Total noninterest income 4,276 643 -- 4,919 ----------------------------------------------------------------------------------------------------------------------------------- Noninterest expense: Salaries and employee benefits 5,970 1,331 -- 7,301 Office supplies and postage 637 145 -- 782 Occupancy 1,024 285 -- 1,309 Equipment 947 242 -- 1,189 Professional fees and outside services 697 183 -- 880 Data processing and communications 972 118 -- 1,090 Amortization of intangible assets 329 10 -- 339 Other operating 1,240 559 -- 1,799 ----------------------------------------------------------------------------------------------------------------------------------- Total noninterest expense 11,816 2,873 -- 14,689 ----------------------------------------------------------------------------------------------------------------------------------- Income before income taxes 9,058 1,183 -- 10,241 Income taxes 3,282 300 -- 3,582 ----------------------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------------------------------------------- Net Income $ 5,776 $ 883 $ -- $ 6,659 =================================================================================================================================== Weighted Average Shares Outstanding Basic 17,860 2,921 23,132 Diluted 18,104 2,947 23,423 Earnings Per Share Basic 0.32 0.30 0.29 Diluted 0.32 0.30 0.28 NBT BSB Pioneer BSB Pro Forma Combined Bancorp, Inc. Adjustments Pro Forma ------------- ----------- --------- Interest and fee income: Loan $ 35,463 $ -- $62,954 Securities 6,838 -- 17,594 Other 204 -- 744 - ------------------------------------------------------------------------------------------------------------------------------------ Total interest and fee income: 42,505 -- 81,292 - ------------------------------------------------------------------------------------------------------------------------------------ Interest expense: Deposits 17,927 -- 31,662 Borrowings 3,466 -- 7,312 - ------------------------------------------------------------------------------------------------------------------------------------ Total interest expense 21,393 -- 38,974 - ------------------------------------------------------------------------------------------------------------------------------------ Net interest income 21,112 -- 42,318 Provision for loan losses 3,461 -- 4,656 - ------------------------------------------------------------------------------------------------------------------------------------ Net interest income after provision for loan losses 17,651 -- 37,662 - ------------------------------------------------------------------------------------------------------------------------------------ Noninterest income: Trust 251 -- 1,086 Service charges on deposit accounts 1,000 -- 2,925 Net security gains (losses) (401) -- 267 Other 1,539 -- 3,030 - ------------------------------------------------------------------------------------------------------------------------------------ Total noninterest income 2,389 -- 7,308 - ------------------------------------------------------------------------------------------------------------------------------------ Noninterest expense: Salaries and employee benefits 5,081 -- 12,382 Office supplies and postage 433 -- 1,215 Occupancy 773 -- 2,082 Equipment 427 -- 1,616 Professional fees and outside services 1,331 -- 2,211 Data processing and communications 490 -- 1,580 Amortization of intangible assets 96 -- 435 Other operating 2,533 -- 4,332 - ------------------------------------------------------------------------------------------------------------------------------------ Total noninterest expense 11,164 -- 25,853 - ------------------------------------------------------------------------------------------------------------------------------------ Income before income taxes 8,876 -- 19,117 Income taxes 3,340 -- 6,922 - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ Net Income $ 5,536 $ -- $12,195 ==================================================================================================================================== Weighted Average Shares Outstanding Basic 10,071 43,274 Diluted 10,341 44,105 Earnings Per Share Basic 0.55 0.28 Diluted 0.54 0.28 See accompanying notes to unaudited pro forma condensed combined financial statements

Unaudited Pro Forma Condensed Combined Statement of Income For the Year Ended December 31, 1999 Pioneer American NBT Holding Pioneer American NBT Company Pro Forma Combined Bancorp Inc. Corp. Adjustments Pro Forma ------------ ----- ----------- --------- Interest and fee income: Loans $ 96,235 $19,661 $ -- $115,896 Securities 38,166 9,491 -- 47,657 Other 988 237 -- 1,225 - ------------------------------------------------------------------------------------------------------------------------------- Total interest and fee income: 135,389 29,389 -- 164,778 - ------------------------------------------------------------------------------------------------------------------------------- Interest expense: Deposits 46,067 10,519 -- 56,586 Borrowings 14,515 4,379 -- 18,894 - ------------------------------------------------------------------------------------------------------------------------------- Total interest expense 60,582 14,898 -- 75,480 - ------------------------------------------------------------------------------------------------------------------------------- Net interest income 74,807 14,491 -- 89,298 Provision for loan losses 5,070 370 -- 5,440 - ------------------------------------------------------------------------------------------------------------------------------- Net interest income after provision for loan losses 69,737 14,121 -- 83,858 - ------------------------------------------------------------------------------------------------------------------------------- Noninterest income: Trust 3,305 -- -- 3,305 Service charges on deposit accounts 6,303 1,635 -- 7,938 Net security gains (losses) 1,716 88 -- 1,804 Other 5,097 1,108 -- 6,205 - ------------------------------------------------------------------------------------------------------------------------------- Total noninterest income 16,421 2,831 -- 19,252 - ------------------------------------------------------------------------------------------------------------------------------- Noninterest expense: Salaries and employee benefits 25,213 5,291 -- 30,504 Office supplies and postage 2,436 534 -- 2,970 Occupancy 4,317 1,062 -- 5,379 Equipment 4,230 990 -- 5,220 Professional fees and outside services 3,325 1,005 -- 4,330 Data processing and communications 4,091 437 -- 4,528 Amortization of intangible assets 1,278 39 -- 1,317 Merger and acquisition charges 798 -- -- 798 Other operating 5,812 2,024 -- 7,836 - ------------------------------------------------------------------------------------------------------------------------------- Total noninterest expense 51,500 11,382 -- 62,882 - ------------------------------------------------------------------------------------------------------------------------------- Income before income taxes 34,658 5,570 -- 40,228 Income taxes 12,483 1,488 -- 13,971 - ------------------------------------------------------------------------------------------------------------------------------- - ------------------------------------------------------------------------------------------------------------------------------- Net Income $ 22,175 $ 4,082 $ -- $ 26,257 =============================================================================================================================== Weighted Average Shares Outstanding Basic 17,851 2,902 23,089 Diluted 18,095 2,929 23,382 Earnings Per Share Basic 1.24 1.41 1.14 Diluted 1.23 1.39 1.12 NBT BSB Pioneer BSB Pro Forma Combined Bancorp, Inc. Adjustments Pro Forma ------------- ----------- --------- Interest and fee income: Loans $ 151,001 $ -- $266,897 Securities 25,038 -- 72,695 Other 682 -- 1,907 - ------------------------------------------------------------------------------------------------------------------------------------ Total interest and fee income: 176,721 -- 341,499 - ------------------------------------------------------------------------------------------------------------------------------------ Interest expense: Deposits 75,542 -- 132,128 Borrowings 14,034 -- 32,928 - ------------------------------------------------------------------------------------------------------------------------------------ Total interest expense 89,576 -- 165,056 - ------------------------------------------------------------------------------------------------------------------------------------ Net interest income 87,145 -- 176,443 Provision for loan losses 19,137 -- 24,577 - ------------------------------------------------------------------------------------------------------------------------------------ Net interest income after provision for loan losses 68,008 -- 151,866 - ------------------------------------------------------------------------------------------------------------------------------------ Noninterest income: Trust 1,104 -- 4,409 Service charges on deposit accounts 4,382 -- 12,320 Net security gains (losses) (231) -- 1,573 Other 7,116 -- 13,321 - ------------------------------------------------------------------------------------------------------------------------------------ Total noninterest income 12,371 -- 31,623 - ------------------------------------------------------------------------------------------------------------------------------------ Noninterest expense: Salaries and employee benefits 20,386 -- 50,890 Office supplies and postage 1,684 -- 4,654 Occupancy 2,874 -- 8,253 Equipment 1,733 -- 6,953 Professional fees and outside services 6,001 -- 10,331 Data processing and communications 1,930 -- 6,458 Amortization of intangible assets 386 -- 1,703 Merger and acquisition charges 5,408 -- 6,206 Other operating 10,261 -- 18,097 - ------------------------------------------------------------------------------------------------------------------------------------ Total noninterest expense 50,663 -- 113,545 - ------------------------------------------------------------------------------------------------------------------------------------ Income before income taxes 29,716 -- 69,944 Income taxes 11,491 -- 25,462 - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ Net Income $ 18,225 $ -- $ 44,482 ==================================================================================================================================== Weighted Average Shares Outstanding Basic 10,138 43,365 Diluted 10,312 44,006 Earnings Per Share Basic 1.80 1.03 Diluted 1.77 1.01 See accompanying notes to unaudited pro forma condensed combined financial statements

Unaudited Pro Forma Condensed Combined Statement of Income For the Year Ended December 31, 1998 Pioneer American NBT Holding Pioneer American NBT Company Pro Forma Combined Bancorp Inc. Corp. Adjustments Pro Forma Interest and fee income: Loans $ 89,399 $ 19,093 $ - $ 108,492 Securities 40,370 8,729 - 49,099 Other 531 480 - 1,011 - ----------------------------------------------------------------------------------------------------------------------------------- Total interest and fee income: 130,300 28,302 - 158,602 - ----------------------------------------------------------------------------------------------------------------------------------- Interest expense: Deposits 48,058 10,840 - 58,898 Borrowings 12,359 3,479 - 15,838 - ----------------------------------------------------------------------------------------------------------------------------------- Total interest expense 60,417 14,319 - 74,736 - ----------------------------------------------------------------------------------------------------------------------------------- Net interest income 69,883 13,983 - 83,866 Provision for loan losses 5,729 420 - 6,149 - ----------------------------------------------------------------------------------------------------------------------------------- Net interest income after provision for loan losses 64,154 13,563 - 77,717 - ----------------------------------------------------------------------------------------------------------------------------------- Noninterest income: Trust 3,115 - - 3,115 Service charges on deposit accounts 5,325 1,404 - 6,729 Net security gains (losses) 1,056 511 - 1,567 Other 5,417 1,046 - 6,463 - ----------------------------------------------------------------------------------------------------------------------------------- Total noninterest income 14,913 2,961 - 17,874 - ----------------------------------------------------------------------------------------------------------------------------------- Noninterest expense: Salaries and employee benefits 24,215 5,071 - 29,286 Office supplies and postage 2,523 506 - 3,029 Occupancy 4,132 1,027 - 5,159 Equipment 3,599 773 - 4,372 Professional fees and outside services 3,375 1,027 - 4,402 Data processing and communications 3,796 483 - 4,279 Amortization of intangible assets 1,275 39 - 1,314 Other operating 7,665 2,041 - 9,706 - ----------------------------------------------------------------------------------------------------------------------------------- Total noninterest expense 50,580 10,967 - 61,547 - ----------------------------------------------------------------------------------------------------------------------------------- Income before income taxes 28,487 5,557 - 34,044 Income taxes 5,614 1,535 - 7,149 - ----------------------------------------------------------------------------------------------------------------------------------- - ----------------------------------------------------------------------------------------------------------------------------------- Net Income $ 22,873 $ 4,022 $ - $ 26,895 =================================================================================================================================== Weighted Average Shares Outstanding Basic 17,976 2,894 23,200 Diluted 18,361 2,953 23,691 Earnings Per Share Basic 1.27 1.39 1.16 Diluted 1.25 1.36 1.14 NBT BSB Pioneer BSB Pro Forma Combined Bancorp, Inc. Adjustments Pro Forma Interest and fee income: Loans $ 139,374 $ - $ 247,866 Securities 25,926 - 75,025 Other 866 - 1,877 - ---------------------------------------------------------------------------------------------------------------- Total interest and fee income: 166,166 - 324,768 - ---------------------------------------------------------------------------------------------------------------- Interest expense: Deposits 72,387 - 131,285 Borrowings 12,399 - 28,237 - ---------------------------------------------------------------------------------------------------------------- Total interest expense 84,786 - 159,522 - ---------------------------------------------------------------------------------------------------------------- Net interest income 81,380 - 165,246 Provision for loan losses 12,931 - 19,080 - ---------------------------------------------------------------------------------------------------------------- Net interest income after provision for loan losses 68,449 - 146,166 - ---------------------------------------------------------------------------------------------------------------- Noninterest income: Trust 994 - 4,109 Service charges on deposit accounts 3,714 - 10,443 Net security gains (losses) (851) - 716 Other 4,738 - 11,201 - ---------------------------------------------------------------------------------------------------------------- Total noninterest income 8,595 - 26,469 - ---------------------------------------------------------------------------------------------------------------- Noninterest expense: Salaries and employee benefits 19,528 - 48,814 Office supplies and postage 1,998 - 5,027 Occupancy 2,911 - 8,070 Equipment 1,466 - 5,838 Professional fees and outside services 4,086 - 8,488 Data processing and communications 2,027 - 6,306 Amortization of intangible assets 386 - 1,700 Other operating 9,581 - 19,287 - ---------------------------------------------------------------------------------------------------------------- Total noninterest expense 41,983 - 103,530 - ---------------------------------------------------------------------------------------------------------------- Income before income taxes 35,061 - 69,105 Income taxes 13,542 - 20,691 - ---------------------------------------------------------------------------------------------------------------- - ---------------------------------------------------------------------------------------------------------------- Net Income $ 21,519 $ - $ 48,414 ================================================================================================================ Weighted Average Shares Outstanding Basic 10,006 43,212 Diluted 10,365 44,421 Earnings Per Share Basic 2.15 1.12 Diluted 2.08 1.09 See accompanying notes to unaudited pro forma condensed combined financial statements

Unaudited Pro Forma Condensed Combined Statement of Income For the Year Ended December 31, 1997 Pioneer NBT American Pioneer American NBT Holding Pro Forma Combined Bancorp Inc. Company Corp. Adjustments Pro Forma Interest and fee income: Loans $ 81,688 $ 18,101 $ - $ 99,789 Securities 38,536 8,086 - 46,622 Other 607 320 - 927 - ----------------------------------------------------------------------------------------------------------------------------------- Total interest and fee income: 120,831 26,507 - 147,338 - ----------------------------------------------------------------------------------------------------------------------------------- Interest expense: Deposits 45,629 11,337 - 56,966 Borrowings 10,418 1,508 - 11,926 - ----------------------------------------------------------------------------------------------------------------------------------- Total interest expense 56,047 12,845 - 68,892 - ----------------------------------------------------------------------------------------------------------------------------------- Net interest income 64,784 13,662 - 78,446 Provision for loan losses 4,285 535 - 4,820 - ----------------------------------------------------------------------------------------------------------------------------------- Net interest income after provision for loan losses 60,499 13,127 - 73,626 - ----------------------------------------------------------------------------------------------------------------------------------- Noninterest income: Trust 2,675 - - 2,675 Service charges on deposit accounts 4,942 1,397 - 6,339 Net security gains (losses) (123) 157 - 34 Other 3,973 907 - 4,880 - ----------------------------------------------------------------------------------------------------------------------------------- Total noninterest income 11,467 2,461 - 13,928 - ----------------------------------------------------------------------------------------------------------------------------------- Noninterest expense: Salaries and employee benefits 22,111 5,040 - 27,151 Office supplies and postage 2,250 507 - 2,757 Occupancy 3,754 1,026 - 4,780 Equipment 2,632 685 - 3,317 Professional fees and outside services 2,485 900 - 3,385 Data processing and communications 2,966 456 - 3,422 Amortization of intangible assets 1,505 39 - 1,544 Other operating 6,677 1,427 - 8,104 - ----------------------------------------------------------------------------------------------------------------------------------- Total noninterest expense 44,380 10,080 - 54,460 - ----------------------------------------------------------------------------------------------------------------------------------- Income before income taxes 27,586 5,508 - 33,094 Income taxes 9,406 1,500 - 10,906 - ----------------------------------------------------------------------------------------------------------------------------------- - ----------------------------------------------------------------------------------------------------------------------------------- Net Income $ 18,180 $ 4,008 $ - $ 22,188 =================================================================================================================================== Weighted Average Shares Outstanding Basic 17,095 2,850 22,239 Diluted 17,393 2,939 22,698 Earnings Per Share Basic 1.06 1.41 1.00 Diluted 1.05 1.36 0.98 NBT BSB Pioneer BSB Pro Forma Combined Bancorp, Inc. Adjustments Pro Forma Interest and fee income: Loans $ 120,750 $ - $ 220,539 Securities 20,398 - 67,020 Other 200 - 1,127 - ---------------------------------------------------------------------------------------------------------------- Total interest and fee income: 141,348 - 288,686 - ---------------------------------------------------------------------------------------------------------------- Interest expense: Deposits 60,180 - 117,146 Borrowings 11,272 - 23,198 - ---------------------------------------------------------------------------------------------------------------- Total interest expense 71,452 - 140,344 - ---------------------------------------------------------------------------------------------------------------- Net interest income 69,896 - 148,342 Provision for loan losses 10,814 - 15,634 - ---------------------------------------------------------------------------------------------------------------- Net interest income after provision for loan losses 59,082 - 132,708 - ---------------------------------------------------------------------------------------------------------------- Noninterest income: Trust 709 - 3,384 Service charges on deposit accounts 3,297 - 9,636 Net security gains (losses) 380 - 414 Other 3,762 - 8,642 - ---------------------------------------------------------------------------------------------------------------- Total noninterest income 8,148 - 22,076 - ---------------------------------------------------------------------------------------------------------------- Noninterest expense: Salaries and employee benefits 17,121 - 44,272 Office supplies and postage 1,886 - 4,643 Occupancy 2,547 - 7,327 Equipment 1,378 - 4,695 Professional fees and outside services 2,716 - 6,101 Data processing and communications 1,358 - 4,780 Amortization of intangible assets 386 - 1,930 Other operating 9,548 - 17,652 - ---------------------------------------------------------------------------------------------------------------- Total noninterest expense 36,940 - 91,400 - ---------------------------------------------------------------------------------------------------------------- Income before income taxes 30,290 - 63,384 Income taxes 11,641 - 22,547 - ---------------------------------------------------------------------------------------------------------------- - ---------------------------------------------------------------------------------------------------------------- Net Income $ 18,649 $ - $ 40,837 ================================================================================================================ Weighted Average Shares Outstanding Basic 9,905 42,049 Diluted 10,258 43,214 Earnings Per Share Basic 1.88 0.97 Diluted 1.82 0.94 See accompanying notes to unaudited pro forma condensed combined financial statements

NOTES TO UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL STATEMENTS (1) Pro forma earnings per share have been calculated on the applicable weighted average number of shares of NBT plus the additional shares of NBT assumed to be issued in the mergers in exchange for the weighted average outstanding shares of Pioneer American and BSB for each applicable period based on the exchange ratios of 1.805 and 2.0, respectively. (2) Pro forma entry to retire treasury stock held by Pioneer American (approximately 71,060 shares having a par value of $1.00 per share): Common Stock 71,060 Paid in Capital 1,658,739 Treasury Stock 1,729,799 Pro forma entry to issue 1.805 shares of NBT common stock in exchange for each share of Pioneer American common stock. The par value of NBT common stock to be issued is determined as follows: NBT common stock issued at March 31, 2000 18,623,435 NBT common stock issued in exchange for Pioneer American common stock after retirement of Pioneer American treasury stock (2,864,307 shares of Pioneer American common stock times conversion ratio of 1.805) 5,170,074 ----------- Combined pro forma total shares of common stock issued 23,793,509 Par value per share of common stock $ .01 ----------- Combined pro forma total par value $ 237,935 =========== Actual par value of common stock at March 31, 2000: NBT/BSB combined pro forma (note 1) $ 186,234 Pioneer American (after retirement of treasury shares) 2,864,307 ----------- Total $ 3,050,541 =========== Required decrease in par value $ 2,812,606 =========== Entry to conform par value of common stock: Common stock 2,812,606 Paid in Capital 2,812,606 Summary of pro forma entries above: Common Stock 2,883,666 Paid in Capital 1,153,867 Treasury Stock 1,729,799

(3) Pro forma entry to retire treasury stock held by BSB (approximately 1,174,216 shares having a par value of $.01 per share): Common Stock 11,742 Paid in Capital 13,445,258 Treasury Stock 13,457,000 BSB common stock issued at March 31, 2000 11,430,761 Less treasury stock retired above (1,174,216) ----------- BSB common stock issued and outstanding at March 31, 2000 10,256,545 =========== Pro forma entry to issue 2.0 shares of NBT common stock in exchange for each share of BSB common stock: Combined NBT/Pioneer American pro forma common stock issued at March 31, 2000 (note 2) 23,793,509 NBT common stock issued in exchange for BSB common stock after retirement of BSB's treasury stock (10,256,545 shares of BSB common stock times conversion ratio of 2.0) 20,513,090 ---------- Combined pro forma total shares of common stock issued 44,306,599 Par value per share of NBT common stock $ .01 ----------- Combined NBT/BSB pro forma total par value $ 443,066 =========== Actual par value of common stock at March 31, 2000: NBT/Pioneer American pro forma (note 2) $ 237,935 BSB (after retirement of treasury shares) 102,566 ----------- Total $ 340,501 =========== Required increase in par value $ 102,565 =========== Entry to conform par value of common stock: Paid in Capital 102,565 Common stock 102,565 Summary of pro forma entries above: Paid in Capital 13,547,823 Common Stock 90,823 Treasury Stock 13,457,000

(4) Authorized, issued and outstanding share information is as follows at March 31, 2000: - ------------------------------------------------------------------------------------------------------------------------------ NBT Pioneer NBT/Pioneer BSB NBT/Pioneer American American Pro forma American/BSB Pro forma - ------------------------------------------------------------------------------------------------------------------------------ PREFERRED - ------------------------------------------------------------------------------------------------------------------------------ Authorized 2,500,000 - 2,500,000 2,500,000 2,500,000 - ------------------------------------------------------------------------------------------------------------------------------ Issued and Outstanding - - - - - - ------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------ COMMON - ------------------------------------------------------------------------------------------------------------------------------ Par value $0.01 $1.00 $0.01 $.01 $0.01 - ------------------------------------------------------------------------------------------------------------------------------ Authorized 30,000,000 30,000,000 30,000,000 30,000,000 100,000,000 - ------------------------------------------------------------------------------------------------------------------------------ Issued 18,623,435 2,935,367 23,793,509 11,430,761 44,306,599 - ------------------------------------------------------------------------------------------------------------------------------ Outstanding 18,100,868 2,864,307 23,270,942 10,256,545 43,784,032 - ------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------ (5) The unaudited pro forma condensed combined balance sheet at March 31, 2000, reflects anticipated non-recurring merger and integration costs for both the Pioneer American and BSB mergers. Costs related to the Pioneer American merger are estimated to be in the range of $4.6 million to $5.6 million ($3.3 million to $4.3 million after taxes). Costs related to the BSB merger are estimated to be in the range of $16.0 million to $17.0 million ($11.5 million to $12.5 million after taxes). These estimates include primarily investment banking, legal, accounting, printing, data processing and system integration costs, and employee and contract termination costs. Anticipated merger and integration cost estimates are not included in the unaudited pro forma condensed combined statements of income for any of the periods presented. The pro forma statements do not reflect potential expense reductions or revenue enhancements expected to be realized subsequent to consummation of the mergers. The unaudited pro forma condensed combined balance sheet at March 31, 2000 only reflects merger and integration costs related to the Lake Ariel merger that were incurred through March 31, 2000. It is anticipated that there will be an additional $5.0 million of merger and integration costs incurred in the future in connection with the Lake Ariel merger. These additional costs are not recognized in the unaudited pro forma condensed combined balance sheet at March 31, 2000. The entries to record the anticipated merger and integration costs on the unaudited pro forma condensed combined balance sheet are as follows: BSB Current tax receivable 4,500,000 Retained earnings 12,000,000 Other liabilities 16,500,000 Pioneer American Current tax receivable 1,300,000 Retained earnings 3,800,000 Other liabilities 5,100,000

SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. NBT BANCORP INC. By: /s/ Daryl R. Forsythe -------------------------- Name: Daryl R. Forsythe Title: President and Chief Executive Officer Date: July 24, 2000

EXHIBIT INDEX 23.1 Consent of KPMG LLP 23.2 Consent of PricewaterhouseCoopers LLP


                                  EXHIBIT 23.1

                         CONSENT OF INDEPENDENT AUDITORS

The Board of Directors
Pioneer American Holding Company Corp.

     We consent to the incorporation by reference in the registration  statement
on Form 8-K/A of NBT Bancorp Inc. under the  Securities  Exchange Act of 1934 of
our report dated January 21, 2000,  relating to the consolidated  balance sheets
of Pioneer American Holding Company Corp. and subsidiary as of December 31, 1999
and 1998,  and the related  consolidated  statements of  operations,  changes in
stockholders'  equity,  and cash  flows for each of the years in the  three-year
period ended  December  31, 1999 which  report  appears in the December 31, 1999
annual report on Form 10-K of Pioneer American Holding Company Corp.

/s/ KPMG LLP
KPMG LLP

Philadelphia, Pennsylvania
July 20, 2000


                                  EXHIBIT 23.2

                       CONSENT OF INDEPENDENT ACCOUNTANTS

We hereby consent to the incorporation by reference in the Form 8-K/A dated July
1, 2000 of NBT Bancorp Inc.,  reporting the completion of the merger between NBT
Bancorp Inc. and Pioneer  American  Holding  Company  Corp.  of our report dated
January 21, 2000,  relating to the financial  statements  of BSB Bancorp,  Inc.,
which appears in the 1999 Annual Report to Shareholders which is incorporated by
reference  in its  Annual  Report on Form 10-K for the year ended  December  31,
1999.

/s/ PricewaterhouseCoopers LLP
PricewaterhouseCoopers LLP
Syracuse, New York

July 21, 2000