SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549



                                    FORM 8-K
                                 CURRENT REPORT



                     PURSUANT TO SECTION 13 OR 15(D) OF THE
                         SECURITIES EXCHANGE ACT OF 1934

       Date of Report (Date of earliest event reported): January 26, 2004



                                NBT BANCORP INC.
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             (Exact name of registrant as specified in its charter)



        DELAWARE                          0-14703                16-1268674
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(State or other jurisdiction            (Commission            (IRS Employer
     of incorporation)                  File Number)        Identification No.)



                 52 SOUTH BROAD STREET, NORWICH, NEW YORK 13815
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                    (Address of principal executive offices)

       Registrant's telephone number, including area code: (607) 337-2265
                                 --------------


                                 NOT APPLICABLE
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          (Former name or former address, if changed since last report)



ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS. ---------------------------------- (a) Not Applicable (b) Not Applicable (c) The following exhibit is furnished as a part of this report: Exhibit No. Description ----------- ----------- 99 Press Release dated January 26, 2004. ITEM 9. REGULATION FD DISCLOSURE. ------------------------- Information being provided under Item 12 On January 26, 2004, NBT Bancorp Inc. issued a press release describing its results of operations for the year and quarter ending December 31, 2003 as well as announcing a dividend declaration to be paid on March 15, 2004 to shareholders of record on March 1, 2004. That press release is furnished as Exhibit 99 hereto. This information is being furnished pursuant to Item 12 of Form 8-K and is being presented under Item 9 as provided in the Commission's interim guidance regarding Form 8-K Item 11 and Item 12 filing requirements (Release No. 34-47583). SIGNATURES 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. -------------------------------------- (Registrant) /s/ Michael J. Chewens -------------------------------------- Michael J. Chewens Senior Executive Vice President, Chief Financial Officer and Corporate Secretary Date: January 26, 2004 EXHIBIT INDEX - ------------- Exhibit No. Description - ----------- ----------- 99 Press Release dated January 26, 2004.

                                                                    Page 1 of 10

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EXHIBIT 99 - PRESS RELEASE DATE JANUARY 26, 2004
FOR IMMEDIATE RELEASE

ATTENTION: FINANCIAL AND BUSINESS EDITORS
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Contact:  Daryl R. Forsythe, CEO
          Michael J. Chewens, CFO
          NBT Bancorp Inc.
          52 South Broad Street
          Norwich, NY 13815
          607-337-6416



           NBT BANCORP ANNOUNCES QUARTERLY EARNINGS OF $11.9 MILLION;
                             DECLARES CASH DIVIDEND

     NORWICH,  NY  (January  26,  2004)  - NBT Bancorp Inc. (NBT) (NASDAQ: NBTB)
reported today that net income for the quarter ended December 31, 2003 was $11.9
million,  or  $0.36  per  diluted  share, up 6% from $11.2 million, or $0.34 per
diluted share for the same period a year ago. The increase in net income for the
quarter  ended  December  31,  2003  was  primarily the result of a $1.6 million
increase  in  noninterest  income  that  was  partially offset by a $0.7 million
increase  in noninterest expense. Annualized return on average assets and return
on  average  equity  were  1.17% and 15.47%, respectively, for the quarter ended
December  31,  2003,  compared with 1.21% and 15.53%, respectively, for the same
period  in  2002.

     Net income for the year ended December 31, 2003 was $47.1 million, or $1.43
per  diluted share, up 6% compared with $45.0 million or $1.35 per diluted share
for  the  same  period  in  2002.  The increase in net income for the year ended
December  31,  2003  was  primarily  the  result  of  a $6.3 million increase in
noninterest  income  that was partially offset by a $2.4 million decrease in net
interest  income  and  a $2.1 million increase in noninterest expense. Return on
average assets and return on average equity were 1.22% and 15.90%, respectively,
for  the  year  ended  December  31,  2003,  compared  with  1.23%  and  16.13%,
respectively,  for  the  same  period  in  2002.

     NBT  Chairman, President and CEO Daryl R. Forsythe stated, "The Company had
loan growth of 12%, core deposit growth of 16%, noninterest income growth of 20%
and  improved  asset  quality  in  2003.  These  factors  aided  the  Company in
overcoming  a period of declining net interest margin and a central New York and
northeastern  Pennsylvania  economy  that  has  not  yet  regained  significant
momentum.  Our  banking  franchise  has become the financial service provider of


Page 2 of 10 choice in most of the communities we serve due primarily to a combination of financial services expertise and unparalleled customer service." LOAN AND LEASE QUALITY AND PROVISION FOR LOAN AND LEASE LOSSES Nonperforming loans at December 31, 2003 were $14.8 million or 0.56% of total loans and leases compared with $26.4 million or 1.12% of total loans and leases at December 31, 2002. The Company's allowance for loan and lease losses was 1.62% of loans and leases at December 31, 2003 compared to 1.70% at December 31, 2002. The ratio of the allowance for loan and lease losses to nonperforming loans was 287.62% at December 31, 2003 compared to 152.18% at December 31, 2002. Net charge-offs to average loans and leases for the year ended December 31, 2003, were 0.27% down from 0.58% for the year ended December 31, 2002. Mr. Forsythe commented, "Our conservative credit culture has served us well as nonperforming loan levels, net charge-offs and the quality of our loan portfolio improved markedly during the year." For the quarter and year ended December 31, 2003, the provision for loan and lease losses totaled $3.3 million and $9.1 million, respectively, compared with the $2.5 million and $9.1 million for the same periods in 2002. The increase in the provision for the quarter ended December 31, 2003 when compared with the same period in the prior year was due primarily to strong loan growth during the last two quarters of 2003. The provision for loan and lease losses for the year ended December 31, 2003 remained relatively unchanged when compared with the same period in 2002 as improvements in credit quality were offset by significant loan growth during 2003. NET INTEREST INCOME Net interest income was up 2% to $37.3 million for the quarter ended December 31, 2003, compared with $36.7 million for the same period a year ago. The increase in net interest income was due primarily to a 9% increase in average earning assets offset by a decline in the Company's net interest margin, which was 4.07% for the quarter ended December 31, 2003, down from 4.35% for the same period in 2002. The increase in average earning assets was due primarily to strong loan growth, as average loans were up 10% for the quarter ended December 31, 2003 when compared with the same period in 2002. Net interest income for the year ended December 31, 2003 decreased 2% to $144.4 million from $146.8 million in the same period for 2002. The Company's net interest margin was 4.16% for the year ended December 31, 2003 compared with 4.43% in 2002. The decline in net interest margin during the year and quarter ended December 31, 2003 compared with 2002 resulted primarily from earning assets repricing down at a faster rate than interest-bearing liabilities.

Page 3 of 10 NONINTEREST INCOME Noninterest income for the quarter ended December 31, 2003 was $10.1 million, up $1.9 million or 22% from $8.3 million for the same period in 2002. Broker/dealer and insurance revenue increased $0.6 million or 39% for the quarter ended December 31, 2003 over the same period in 2002, driven primarily by the Company's initiative to offer financial services products throughout the Bank's branch network. This initiative was implemented at the end of 2002. Income from bank owned life insurance (BOLI) increased $0.4 million for the quarter ended December 31, 2003 over the same period in the prior year resulting from the purchase of $30 million in BOLI in June 2003. Noninterest income for the year ended December 31, 2003 was $37.8 million, up $6.3 million or 20% from $31.5 million for the same period in 2002. Service charges on deposit accounts for the year ended December 31, 2003 increased $2.0 million or 14% over the same period in 2002. The increase in service charges on deposit accounts resulted primarily from higher revenue collected for overdraft fees and continued growth in core deposits. Broker/dealer and insurance revenue increased $1.1 million or 19%, due primarily to the previously mentioned initiative related to the sale of financial services products throughout the Bank's 111-branch network. Revenue from trust services increased $0.8 million or 25% for the year ended December 31, 2003 over the same period in 2002, due in part to higher fees collected for estate management services as well as an increase in assets under management resulting from improved stock market conditions and an increase in the number of managed asset accounts. Income from BOLI increased $0.8 million for the year ended December 31, 2003 over the same period in the prior year resulting from the previously mentioned purchase of $30 million in BOLI in June 2003. Other income increased $1.0 million or 11% primarily from increases in revenue from ATM fees and internet banking fees. NONINTEREST EXPENSE Noninterest expense for the quarter ended December 31, 2003 was $26.8 million, up $0.9 million or 4% from $25.9 million for the same period in 2002. The increase in noninterest expense resulted primarily from increases in salaries and benefits of $0.7 million and occupancy expenses of $0.4 million. The increase in salaries and benefits was driven primarily by higher salaries expense resulting from an increase in full-time-equivalent employees and merit increases. The increase in occupancy expense resulted primarily from corporate headquarter renovations. Noninterest expense for the year ended December 31, 2003 was $104.5 million, up $2.0 million or 2% from $102.5 million for the same period in 2002. The increase in noninterest expense was due primarily to increases in other

Page 4 of 10 operating expense, salaries and employee benefits and occupancy expense partially offset by decreases in loan collection and OREO expenses and professional fees and outside services. Other operating expense increased $1.7 million, primarily from a $0.8 million charge for the writedown of non-marketable investment securities and increased insurance costs. Salaries and employee benefits increased $1.3 million primarily from increases in full-time-equivalent employees and merit increases as well as an increase in commissions paid to the financial services sales force. Loan collection and OREO expenses decreased $1.0 million from gains on the sale of OREO and a decrease in nonperforming loans. Professional fees and outside services decreased $1.2 million primarily from a $0.4 million charge related to an adverse judgement against the Company in 2002 as well as legal fees incurred during 2002 for the recovery of deposit overdraft writeoffs. BALANCE SHEET Total assets were $4.0 billion at December 31, 2003 up $0.3 billion from $3.7 billion at December 31, 2002. Loans and leases increased $0.3 billion or 12% from $2.4 billion at December 31, 2002 to $2.6 billion at December 31, 2003. Loan growth was fueled primarily by consumer loans and residential real estate, which experienced strong growth during the second half of 2003. Total deposits were $3.0 billion at December 31, 2003, up $0.1 billion from $2.9 billion at December 31, 2002. Core deposits, which include checking, savings and money market accounts increased $0.3 billion or 16% from $1.6 billion at December 31, 2002 to $1.9 billion at December 31, 2003 offset by a $0.2 billion decrease in time deposits during the same period. Stockholders' equity was $310.0 million representing a Tier 1 leverage ratio of 6.76% at December 31, 2003 compared with $292.4 million or a Tier 1 leverage ratio of 6.73% at December 31, 2002. DIVIDEND DECLARED The NBT Board of Directors declared a quarterly cash dividend of $0.17 per share at a meeting held today. The dividend will be paid on March 15, 2004 to shareholders of record as of March 1, 2004. CORPORATE OVERVIEW NBT is a financial services holding company headquartered in Norwich, NY, with total assets of $4.0 billion at December 31, 2003. The Company primarily operates through NBT Bank, N.A., a full-service community bank with three geographic divisions and through a financial services company. NBT Bank, N.A. has 111 locations, including 44 NBT Bank offices and 27 Central National Bank offices in upstate New York and 40 Pennstar Bank offices in northeastern Pennsylvania. NBT also provides financial services products through M. Griffith,

Page 5 of 10 Inc. More information about NBT's banking divisions can be found on the Internet at www.nbtbank.com, www.pennstarbank.com and www.canajocnb.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 Inc. 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. FINANCIAL TABLES APPEAR ON FOLLOWING PAGES (6-10).

Page 6 of 10 NBT BANCORP INC. SELECTED FINANCIAL HIGHLIGHTS (unaudited) NET PERCENT 2003 2002 CHANGE CHANGE ------------------ ------------------ ------------------ -------- (dollars in thousands, except share and per share data) TWELVE MONTHS ENDED DECEMBER 31, Net Income $ 47,104 $ 44,999 $ 2,105 5% Diluted Earnings Per Share $ 1.43 $ 1.35 $ 0.08 6% Weighted Average Diluted Common Shares Outstanding 32,843,582 33,234,622 -391,040 -1% Return on Average Assets 1.22% 1.23% -0.01% -1% Return on Average Equity 15.90% 16.13% -0.23% -1% Net Interest Margin 4.16% 4.43% -0.27% -6% ============================================================================================================================= THREE MONTHS ENDED DECEMBER 31, Net Income $ 11,882 $ 11,244 $ 638 6% Diluted Earnings Per Share $ 0.36 $ 0.34 $ 0.02 6% Weighted Average Diluted Common Shares Outstanding 33,070,298 32,951,311 118,987 0% Return on Average Assets 1.17% 1.21% -0.04% -3% Return on Average Equity 15.47% 15.53% -0.06% 0% Net Interest Margin 4.07% 4.35% -0.28% -6% ============================================================================================================================= ============================================================================================================================= ASSET QUALITY DECEMBER 31, DECEMBER 31, 2003 2002 ---- ---- Nonaccrual Loans $ 13,861 $ 24,009 90 Days Past Due and Still Accruing $ 968 $ 1,976 Troubled Debt Restructuring Loans $ 0 $ 409 Total Nonperforming Loans $ 14,829 $ 26,394 Other Real Estate Owned (OREO) $ 1,157 $ 2,947 Total Nonperforming Loans and OREO $ 15,986 $ 29,341 Nonperforming Securities $ 395 $ 1,122 Total Nonperforming Assets $ 16,381 $ 30,463 Allowance for Loan and Lease Losses $ 42,651 $ 40,167 Year-to-Date (YTD) Net Charge-Offs $ 6,627 $ 13,652 Allowance to Loans and Leases 1.62% 1.70% Total Nonperforming Loans to Loans and Leases 0.56% 1.12% Total Nonperforming Assets to Assets 0.40% 0.82% Allowance to Nonperforming Loans 287.62% 152.18% Net Charge-Offs to YTD Average Loans and Leases 0.27% 0.58% ============================================================================================================================= CAPITAL Equity to Assets 7.66% 7.85% Book Value Per Share $ 9.46 $ 8.96 Tangible Book Value Per Share $ 7.94 $ 7.47 Tier 1 Leverage Ratio 6.76% 6.73% Tier 1 Capital Ratio 9.96% 9.93% Total Risk-Based Capital Ratio 11.21% 11.18% ============================================================================================================================= - ------------------------------------------------------------------------------------------------------------------- QUARTERLY COMMON STOCK PRICE* 2003 2002 2001 Quarter End High Low High Low High Low ---- --- ---- --- ---- --- March 31 $ 18.60 $16.76 $15.15 $13.15 $17.50 $13.25 June 30 19.94 17.37 19.32 14.00 25.42** 14.30 September 30 21.76 19.24 18.50 16.36 17.30 13.50 December 31 22.78 19.50 18.60 14.76 15.99 12.55 - ------------------------------------------------------------------------------------------------------------------- *historical NBT Bancorp Inc. only **This price was reported on June 29, 2001, a day on which the Nasdaq Stock Market experienced computerized trading disruptions which, among other things, forced it to extend its regular trading session and cancel its late trading session. Subsequently the Nasdaq Stock Market recalculated and republished several closing stock prices (not including NBT Bancorp Inc., for which had reported a closing price of $19.30). Excluding trading on June 29, 2001, the high sales price for the quarter ended June 30, 2001 was $16.75.

Page 7 of 10 NBT BANCORP INC. SELECTED FINANCIAL HIGHLIGHTS (UNAUDITED) Net Percent 2003 2002 Change Change ---- ---- ------ ------ (dollars in thousands, except share and per share data) BALANCE SHEET AS OF DECEMBER 31, Loans & Leases $2,639,976 $2,355,932 $284,044 12% Earning Assets $3,741,131 $3,445,235 $295,896 9% Total Assets $4,046,885 $3,723,726 $323,159 9% Deposits $3,001,351 $2,922,040 $ 79,311 3% Stockholders Equity $ 310,034 $ 292,382 $ 17,652 6% ==================================================================================================== AVERAGE BALANCES YEAR ENDED DECEMBER 31, Loans & Leases $2,474,899 $2,337,767 $137,132 6% Securities AFS (excluding unrealized gains or losses) $ 984,620 $ 947,042 $ 37,578 4% Securities HTM $ 90,601 $ 92,981 ($2,380) -3% Trading Securities $ 133 $ 208 ($75) -36% Regulatory Equity Investment $ 28,117 $ 21,766 $ 6,351 29% Short-Term Interest Bearing Accounts $ 3,225 $ 12,389 ($9,164) -74% Total Earning Assets $3,581,595 $3,412,153 $169,442 5% Total Assets $3,852,523 $3,649,072 $203,451 6% Interest Bearing Deposits $2,483,026 $2,472,562 $ 10,464 0% Non-Interest Bearing Deposits $ 457,238 $ 419,744 $ 37,494 9% Short-Term Borrowings $ 190,332 $ 87,039 $103,293 119% Long-Term Borrowings $ 360,928 $ 334,479 $ 26,449 8% Total Interest Bearing Liabilities $3,034,286 $2,894,080 $140,206 5% Stockholders' Equity $ 296,276 $ 278,955 $ 17,321 6% ==================================================================================================== AVERAGE BALANCES QUARTER ENDED DECEMBER 31, Loans & Leases $2,597,259 $2,360,531 $236,728 10% Securities AFS (excluding unrealized gains or losses) $1,018,157 $ 969,024 $ 49,133 5% Securities HTM $ 95,581 $ 83,994 $ 11,587 14% Trading Securities $ 60 $ 239 ($179) -75% Regulatory Equity Investment $ 35,383 $ 22,314 $ 13,069 59% Short-Term Interest Bearing Accounts $ 2,261 $ 8,842 ($6,581) -74% Total Earning Assets $3,748,701 $3,444,944 $303,757 9% Total Assets $4,032,250 $3,686,352 $345,898 9% Interest Bearing Deposits $2,485,494 $2,478,501 $ 6,993 0% Non-Interest Bearing Deposits $ 480,141 $ 433,724 $ 46,417 11% Short-Term Borrowings $ 324,737 $ 79,673 $245,064 308% Long-Term Borrowings $ 369,712 $ 348,891 $ 20,821 6% Total Interest Bearing Liabilities $3,179,943 $2,907,065 $272,878 9% Stockholders' Equity $ 304,915 $ 287,278 $ 17,637 6% ====================================================================================================

Page 8 of 10 NBT BANCORP INC. AND SUBSIDIARIES DECEMBER 31, December 31, CONSOLIDATED BALANCE SHEETS 2003 2002 - ---------------------------------------------------------------------------------------------- (in thousands) (Unaudited) ASSETS Cash and due from banks $ 125,590 $ 121,824 Short term interest bearing accounts 2,454 2,799 Trading securities, at fair value 48 203 Securities available for sale, at fair value 980,961 1,007,583 Securities held to maturity (fair value of $98,576 and $84,517 97,204 82,514 at December 31, 2003 and December 31, 2002, respectively) Federal Reserve and Federal Home Loan Bank stock 34,043 23,699 Loans and leases 2,639,976 2,355,932 Less allowance for loan and lease losses 42,651 40,167 ============================================================================================== Net loans and leases 2,597,325 2,315,765 Premises and equipment, net 62,443 61,261 Goodwill 47,521 46,121 Intangible assets, net 2,331 2,246 Bank owned life insurance 30,815 - Other assets 66,150 59,711 - ---------------------------------------------------------------------------------------------- TOTAL ASSETS $ 4,046,885 $ 3,723,726 ============================================================================================== LIABILITIES, GUARANTEED PREFERRED BENEFICIAL INTERESTS IN COMPANY'S JUNIOR SUBORDINATE DEBENTURES AND CAPITAL Deposits: Demand (noninterest bearing) $ 500,303 $ 449,201 Savings, NOW, and money market 1,401,825 1,183,603 Time 1,099,223 1,289,236 - ---------------------------------------------------------------------------------------------- Total deposits 3,001,351 2,922,040 Short-term borrowings 302,931 105,601 Long-term debt 369,700 345,475 Other liabilities 45,869 41,228 - ---------------------------------------------------------------------------------------------- Total liabilities 3,719,851 3,414,344 Guaranteed preferred beneficial interests in Company's junior subordinated debentures 17,000 17,000 Total stockholders' equity 310,034 292,382 ============================================================================================== TOTAL LIABILITIES, GUARANTEED PREFERRED BENEFICIAL INTERESTS IN COMPANY'S JUNIOR SUBORDINATE DEBENTURES AND CAPITAL $ 4,046,885 $ 3,723,726 ==============================================================================================

Page 9 of 10 Three months ended Twelve months ended NBT BANCORP INC. AND SUBSIDIARIES December 31, December 31, CONSOLIDATED STATEMENTS OF INCOME 2003 2002 2003 2002 - ---------------------------------------------------------------------------------------------------------- (in thousands, except per share data) (Unaudited) INTEREST, FEE AND DIVIDEND INCOME: Loans and leases $ 40,082 $41,598 $159,118 $167,185 Securities available for sale 11,311 12,329 43,851 54,404 Securities held to maturity 805 951 3,391 4,260 Other 84 521 938 1,373 - ---------------------------------------------------------------------------------------------------------- Total interest, fee and dividend income 52,282 55,399 207,298 227,222 - ---------------------------------------------------------------------------------------------------------- INTEREST EXPENSE: Deposits 10,369 14,328 45,941 63,332 Short-term borrowings 808 282 2,171 1,334 Long-term debt 3,780 4,103 14,762 15,736 - ---------------------------------------------------------------------------------------------------------- Total interest expense 14,957 18,713 62,874 80,402 - ---------------------------------------------------------------------------------------------------------- Net interest income 37,325 36,686 144,424 146,820 Provision for loan and lease losses 3,322 2,546 9,111 9,073 - ---------------------------------------------------------------------------------------------------------- Net interest income after provision for loan and lease losses 34,003 34,140 135,313 137,747 - ---------------------------------------------------------------------------------------------------------- NONINTEREST INCOME: Trust 1,075 860 4,041 3,226 Service charges on deposit accounts 4,302 4,055 15,833 13,875 Broker/dealer and insurance revenue 1,964 1,409 6,869 5,780 Net securities gains (losses) 92 26 175 (413) Bank owned life insurance 403 - 815 - Other 2,288 1,917 10,045 9,053 - ---------------------------------------------------------------------------------------------------------- Total noninterest income 10,124 8,267 37,778 31,521 - ---------------------------------------------------------------------------------------------------------- NONINTEREST EXPENSE: Salaries and employee benefits 12,355 11,621 49,560 48,212 Office supplies and postage 1,028 1,206 4,216 4,446 Occupancy 2,477 2,036 9,328 8,333 Equipment 2,008 1,862 7,627 7,066 Professional fees and outside services 1,470 1,746 5,433 6,589 Data processing and communications 2,671 2,725 10,752 10,593 Amortization of intangible assets 145 164 620 774 Loan collection and other real estate owned 636 601 1,840 2,846 Capital securities 181 172 732 839 Other operating 3,823 3,728 14,409 12,757 - ---------------------------------------------------------------------------------------------------------- Total noninterest expense 26,794 25,861 104,517 102,455 - ---------------------------------------------------------------------------------------------------------- Income before income taxes 17,333 16,546 68,574 66,813 Income taxes 5,451 5,302 21,470 21,814 - ---------------------------------------------------------------------------------------------------------- NET INCOME $ 11,882 $11,244 $ 47,104 $ 44,999 - ---------------------------------------------------------------------------------------------------------- Earnings Per Share: Basic $ 0.36 $ 0.34 $ 1.45 $ 1.36 Diluted $ 0.36 $ 0.34 $ 1.43 $ 1.35 ==========================================================================================================

Page 10 of 10 NBT BANCORP INC. AND SUBSIDIARIES 4Q 3Q 2Q 1Q 4Q QUARTERLY CONSOLIDATED STATEMENTS OF INCOME 2003 2003 2003 2003 2002 - ---------------------------------------------------------------------------------------------------------------- (in thousands, except per share data) (Unaudited) INTEREST, FEE AND DIVIDEND INCOME: Loans and leases $ 40,082 $39,881 $39,540 $39,615 $41,598 Securities available for sale 11,311 9,871 10,864 11,805 12,329 Securities held to maturity 805 840 857 889 951 Other 84 196 332 326 521 - ---------------------------------------------------------------------------------------------------------------- Total interest, fee and dividend income 52,282 50,788 51,593 52,635 55,399 - ---------------------------------------------------------------------------------------------------------------- INTEREST EXPENSE: Deposits 10,369 10,920 12,040 12,612 14,328 Short-term borrowings 808 704 370 289 282 Long-term debt 3,780 3,586 3,691 3,705 4,103 - ---------------------------------------------------------------------------------------------------------------- Total interest expense 14,957 15,210 16,101 16,606 18,713 - ---------------------------------------------------------------------------------------------------------------- Net interest income 37,325 35,578 35,492 36,029 36,686 Provision for loan and lease losses 3,322 2,436 1,413 1,940 2,546 - ---------------------------------------------------------------------------------------------------------------- Net interest income after provision for loan and lease losses 34,003 33,142 34,079 34,089 34,140 - ---------------------------------------------------------------------------------------------------------------- NONINTEREST INCOME: Trust 1,075 958 1,116 892 860 Service charges on deposit accounts 4,302 4,164 3,764 3,603 4,055 Broker/dealer and insurance fees 1,964 1,763 1,750 1,392 1,409 Net securities gains (losses) 92 18 38 27 26 Bank owned life insurance 403 398 14 - - Other 2,288 2,672 2,257 2,828 1,917 - ---------------------------------------------------------------------------------------------------------------- Total noninterest income 10,124 9,973 8,939 8,742 8,267 - ---------------------------------------------------------------------------------------------------------------- NONINTEREST EXPENSE: Salaries and employee benefits 12,355 12,486 12,060 12,659 11,621 Office supplies and postage 1,028 1,104 1,011 1,073 1,206 Occupancy 2,477 2,143 2,182 2,526 2,036 Equipment 2,008 1,909 1,944 1,766 1,862 Professional fees and outside services 1,470 1,421 1,240 1,302 1,746 Data processing and communications 2,671 2,640 2,720 2,721 2,725 Amortization of intangible assets 145 158 155 162 164 Loan collection and other real estate owned 636 448 476 280 601 Capital securities 181 181 179 191 172 Other operating 3,823 3,493 3,881 3,212 3,728 - ---------------------------------------------------------------------------------------------------------------- Total noninterest expense 26,794 25,983 25,848 25,892 25,861 - ---------------------------------------------------------------------------------------------------------------- Income before income taxes 17,333 17,132 17,170 16,939 16,546 Income taxes 5,451 5,284 5,362 5,373 5,302 - ---------------------------------------------------------------------------------------------------------------- NET INCOME $ 11,882 $11,848 $11,808 $11,566 $11,244 ================================================================================================================ Earnings per share: Basic $ 0.36 $ 0.36 $ 0.36 $ 0.36 $ 0.34 Diluted $ 0.36 $ 0.36 $ 0.36 $ 0.35 $ 0.34 ================================================================================================================