8-K

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): July 23, 2007

NBT BANCORP INC.

(Exact name of registrant as specified in its charter)

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

52 SOUTH BROAD STREET, NORWICH, NEW YORK 13815

(Address of principal executive offices)

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

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

ITEM 2.02 Results of Operations and Financial Condition

On July 23, 2007, NBT Bancorp Inc. issued a press release describing its results of operations for the quarter and six months ending June 30, 2007, announcing an increase in quarterly cash dividend to $0.20 per share to be paid on September 15, 2007 to shareholders of record on September 1, 2007, and authorizing buyback of an additional 1,000,000 shares.  That press release is furnished as Exhibit 99.1 hereto.

ITEM 9.01 Financial Statements and Exhibits

(d) The following is being furnished herewith:

Exhibit No.	Exhibit Description
99.1	Press release text of NBT Bancorp Inc. dated July 23, 2007

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: July 24, 2007

EX-99.1

FOR IMMEDIATE RELEASE

ATTENTION: FINANCIAL AND BUSINESS EDITORS

Contact:                 Martin A. Dietrich, CEO

Michael J. Chewens, CFO

NBT Bancorp Inc.

52 South Broad Street

Norwich, NY 13815

607-337-6119

NBT BANCORP INC. ANNOUNCES QUARTERLY EARNINGS OF $12.1 MILLION; DECLARES CASH DIVIDEND; AUTHORIZES BUYBACK OF AN ADDITIONAL 1,000,000 SHARES

NORWICH, NY (July 23, 2007) – NBT Bancorp Inc. (NBT) (NASDAQ: NBTB) reported today that net income for the six months ended June 30, 2007, was $26.2 million, down 5.6% or $1.6 million from net income of $27.8 million reported for the same period in 2006.  Net income per diluted share for the six month period ended June 30, 2007, was $0.77 per share, compared with $0.81 per share for the same period in 2006. Return on average assets and return on average equity were 1.04% and 12.98%, respectively, for the six months ended June 30, 2007, compared with 1.17% and 14.93%, respectively, for the same period in 2006. The decrease in net income for the six months ended June 30, 2007, was primarily the result of an $8.4 million increase in provision for loan and lease losses compared to the same period last year.  This increase in expense was partially offset by a $2.9 million increase in noninterest income and a $3.3 million decrease in noninterest expense.

Net income for the three months ended June 30, 2007, was $12.1 million, down 14.9% or $2.1 million from net income of $14.2 million reported for the same period in 2006.  Net income per diluted share for the three months ended June 30, 2007, was $0.36 per share, compared with $0.41 per share for the same period in 2006.  Return on average assets and return on average equity were 0.95% and 11.90%, respectively, for the three months ended June 30, 2007, compared with 1.15% and 14.71%, respectively, for the same period in 2006. The decrease in net income for the three months ended June 30, 2007, was primarily the result of an $8.1 million increase in provision for loan and lease losses compared to the same period last year.  This increase in expense was partially offset by a $1.4 million increase in noninterest income and a $3.7 million decrease in noninterest expense.

The comparability of financial information for the six months ended June 30, 2007 and 2006, is affected by the acquisition of CNB Bancorp, Inc. (“CNB”). Operating results include the operations of CNB from the date of acquisition, which was February 10, 2006.

Loan and Lease Quality and Provision for Loan and Lease Losses

Nonperforming loans at June 30, 2007, were $34.4 million or 1.00% of total loans and leases compared with $17.4 million or 0.51% of total loans and leases at March 31, 2007, $15.3 million or 0.45% of total loans and leases at December 31, 2006, and $12.9 million or 0.38% of total loans and leases at June 30, 2006.  This increase is primarily due to one owner-occupied commercial real estate relationship, as well as several dairy credits.  Annualized net charge-offs to average loans and leases for the six months ended June 30, 2007, were 0.32%, compared with 0.20% for the six months ended June 30, 2006 and 0.26% for the year ended December 31, 2006.  The Company’s allowance for loan and lease losses was 1.66% of loans and leases at June 30, 2007, compared with 1.50% at June 30, 2006, and 1.48% at December 31, 2006.

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For the three months and six months ended June 30, 2007, the provision for loan and lease losses totaled $9.8 million and $11.9 million, respectively, compared with $1.7 million and $3.4 million for the same periods in 2006.  The increase in the provision is primarily due to the increase in nonperforming loans and charge-offs.

Net Interest Income

Net interest income was up 0.6% to $82.0 million for the six months ended June 30, 2007, compared with $81.5 million for the same period a year ago. Despite a decrease in the Company’s fully taxable equivalent (FTE) net interest margin, from 3.80% for the six months ended June 30, 2006, to 3.63% for the same period in 2007, the Company experienced a slight increase in net interest income that was primarily attributable to an 5.8% growth in average earning assets.  The growth in average earning assets was due primarily to consumer loan growth.

Net interest income remained consistent at $41.4 million for the three months ended June 30, 2007, compared with the same period a year ago. Despite a decrease in the Company’s FTE net interest margin, from 3.73% for the three months ended June 30, 2006, to 3.63% for the same period in 2007, the Company’s net interest income remained steady.  This was primarily attributable to a 3.5% growth in average earning assets.  The growth in average earning assets was due to organic loan growth, particularly consumer loans.

The decline in the net interest margin from the prior year is due largely to the effect from our borrowings, money market accounts and time deposits repricing in a higher interest rate environment. Earning assets, particularly those tied to a fixed rate, have not realized the benefit of the higher interest rate environment, since yields on earning assets with terms of three years or longer have remained relatively flat during this period. The Company anticipates that margin pressure will persist into the next several quarters, given the current interest rate environment.  Our net interest margin has remained flat from the prior quarter and if the yield curve remains flat or inverted, we expect net interest income to remain relatively flat through 2007.

NBT President and CEO Martin A. Dietrich said, “The increase in non-performing loans is generally limited to the areas already mentioned above and we believe we have recognized these issues in a timely and prudent manner. Despite the increased level of non-performing loans, I remain pleased with our financial performance this year given the challenging environment in which we operate. A sharp focus on our cost structure, as well as steady growth in certain fee income categories has improved our efficiency ratio. In addition, our margin, which had compressed for several quarters, held steady in the second quarter compared to the first.”

Noninterest Income

Noninterest income for the six months ended June 30, 2007, was $26.7 million, up $2.9 million or 12.2% from $23.8 million for the same period in 2006.  The increase in noninterest income was due primarily to an increase in fees from service charges on deposit accounts and ATM and debit cards, which collectively increased $1.2 million from growth in our debit card base as well as growth in our demand deposit accounts.  In addition, trust administration income increased $0.4 million for the six months ended June 30, 2007, compared with the same period in 2006.  This increase stems from market appreciation of existing accounts and an increase in customer accounts resulting from successful business development.  Retirement plan administration fees for the three months ended June 30, 2007, increased $0.5 million, compared with the same period in 2006, as a result of our growing client base.Net securities losses for the six months ended June 30, 2006, were $0.9 million.  Excluding the effect of these securities transactions, noninterest income increased $2.0 million, or 8.0%, for the six months ended June 30, 2007, compared with the same period in 2006.

Page 2 of 9

Noninterest income for the three months ended June 30, 2007, was $14.0 million, up $1.4 million or 11.4% from $12.6 million for the same period in 2006.  The increase in noninterest income was due primarily to an increase in fees from service charges on deposit accounts and ATM and debit cards, which collectively increased $0.7 million from growth in our debit card base as well as growth in our demand deposit accounts.  In addition, trust administration income increased $0.3 million for the three months ended June 30, 2007, compared with the same period in 2006.  This increase stems from market appreciation of existing accounts and an increase in customer accounts resulting from successful business development.  Retirement plan administration fees for the three months ended June 30, 2007, increased $0.2 million, compared with the same period in 2006, as a result of our growing client base.

Noninterest Expense and Income Tax Expense

Noninterest expense for the six months ended June 30, 2007, was $58.9 million, down from $62.2 million for the same period in 2006.  This decrease was principally the result of a decrease of $3.1 million, or 9.7%, in salaries and employee benefits.  This decrease was due primarily to a reduction in incentive compensation and pension expenses incurred in 2007.  Income tax expense for the six months ended June 30, 2007, was $11.7 million, down from $11.9 million for the same period in 2006.  The effective rate for the six months ended June 30, 2007, was 30.9%, up from 30.0% for the same period in 2006.  The increase in the effective tax rate for the six months ended June 30, 2007, compared with the same period in 2006 resulted primarily from a tax refund received in the first quarter of 2006.

Noninterest expense for the three months ended June 30, 2007, was $28.0 million, down from $31.7 million for the same period in 2006. This decrease was principally the result of a decrease of $3.3 million, or 20.3%, in salaries and employee benefits.  This decrease was due primarily to a reduction in incentive compensation and pension expenses incurred during the first six months of 2007.  Office expenses, such as supplies and postage, occupancy, equipment and data processing and communications charges, decreased by $0.3 million, or 3.6%, for the three months ended June 30, 2007, compared with the same period in 2006.  Income tax expense for the three months ended June 30, 2007, was $5.5 million, down from $6.4 million for the same period in 2006.  The effective rate for the three months ended June 30, 2007, was 31.3%, up from 31.0% for the same period in 2006.

Balance Sheet

Total assets were $5.1 billion at June 30, 2007, up $125.7 million from $5.0 billion at June 30, 2006, and up $34.1 million from December 31, 2006.  Loans and leases were $3.4 billion at June 30, 2007, up $84.4 million or 2.5% from $3.3 billion at June 30, 2006, and up $19.6 million or 0.6% from $3.4 billion at December 31, 2006.  These increases were due primarily to an increase in consumer loans.  Total deposits were $4.0 billion at June 30, 2007, up $211.3 million or 5.6% from $3.7 billion at June 30, 2006, and up $162.9 million or 4.3% from $3.8 billion at December 31, 2006.  These increases were due primarily to growth in time deposits, money market accounts and savings accounts. Stockholders’ equity was $390.9 million, representing total equity to total assets of 7.63% at June 30, 2007, compared with $377.6 million or total equity to total asset ratio of 7.56% at June 30, 2006, and $403.8 million or total equity to total asset ratio of 7.94% at December 31, 2006.

Page 3 of 9

Stock Repurchase Program

      On July 23, 2007, the NBT Board of Directors authorized a new repurchase program whereby NBT intends to repurchase up to an additional 1,000,000 shares (approximately 3%) of its outstanding common stock, as market conditions warrant in open market and privately negotiated transactions.  When this repurchase was authorized, there were 636,780 shares remaining under previous authorizations.  These remaining shares were combined with this new authorization, increasing the total shares available for repurchase to 1,636,780.

       Under previously mentioned stock repurchase plans, the Company purchased 1,100,367 shares of its common stock during the six-month period ended June 30, 2007, for a total of $25.0 million at an average price of $22.76 per share.  For the three-month period ended June 30, 2007, the Company purchased 726,400 shares of its common stock for a total of $16.5 million at an average price of $22.69 per share.

Dividend Declared

The NBT Board of Directors declared a third-quarter cash dividend of $0.20 per share at a meeting held today.  The dividend will be paid on September 15, 2007, to shareholders of record as of September 1, 2007.

Corporate Overview

NBT is a financial holding company headquartered in Norwich, NY, with total assets of $5.1 billion at June 30, 2007. 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 118 locations, including 80 NBT Bank offices in upstate New York and 38 Pennstar Bank offices in northeastern Pennsylvania. EPIC Advisors, Inc., based in Rochester, NY, is a full-service 401(k) plan recordkeeping firm. Hathaway Insurance Agency, Inc., based in Gloversville, 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.hathawayagency.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.

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NBT Bancorp Inc. and Subsidiaries

SELECTED FINANCIAL HIGHLIGHTS

(unaudited)

							Net			Percent
	2007			2006			Change			Change
	(dollars in thousands, except per share data)
Six Months Ended June 30,
Net Income	$	26,196		$	27,757		$	(1,561	)		-6	%
Diluted Earnings Per Share	$	0.77		$	0.81		$	(0.04	)		-5	%
Weighted Average Diluted
Common Shares Outstanding		34,195,110			34,111,076			84,034			0	%
Return on Average Assets (1)		1.04	%		1.17	%		-0.13	%		-11	%
Return on Average Equity (1)		12.98	%		14.93	%		-1.95	%		-13	%
Net Interest Margin (2)		3.63	%		3.80	%		-0.17	%		-4	%
Three Months Ended June 30,
Net Income	$	12,064		$	14,169		$	(2,105	)		-15	%
Diluted Earnings Per Share	$	0.36		$	0.41		$	(0.05	)		-12	%
Weighted Average Diluted
Common Shares Outstanding		33,936,096			34,471,723			-535,627			-2	%
Return on Average Assets (1)		0.95	%		1.15	%		-0.20	%		-17	%
Return on Average Equity (1)		11.90	%		14.71	%		-2.81	%		-19	%
Net Interest Margin (2)		3.63	%		3.73	%		-0.10	%		-3	%
Asset Quality	June 30,			December 31,			June 30,
	2007			2006			2006
Nonaccrual Loans	$	33,730		$	13,665		$	12,277
90 Days Past Due and Still Accruing	$	689		$	1,642		$	580
Total Nonperforming Loans	$	34,419		$	15,307		$	12,857
Other Real Estate Owned (OREO)	$	981		$	389		$	423
Total Nonperforming Assets	$	35,400		$	15,696		$	13,280
Allowance for Loan and Lease Losses	$	57,058		$	50,587		$	50,148
Year-to-Date (YTD) Net Charge-Offs	$	5,395		$	8,673		$	3,148
Allowance for Loan and Lease Losses to Total Loans and Leases		1.66	%		1.48	%		1.50	%
Total Nonperforming Loans to Total Loans and Leases		1.00	%		0.45	%		0.38	%
Total Nonperforming Assets to Total Assets		0.69	%		0.31	%		0.27	%
Allowance for Loan and Lease Losses to Total Nonperforming Loans		165.77	%		330.48	%		390.04	%
Annualized Net Charge-Offs to
YTD Average Loans and Leases		0.32	%		0.26	%		0.20	%
Capital
Equity to Assets		7.63	%		7.94	%		7.56	%
Book Value Per Share	$	11.72		$	11.79		$	11.15
Tangible Book Value Per Share	$	8.29		$	8.42		$	7.72
Tier 1 Leverage Ratio		7.37	%		7.57	%		7.27	%
Tier 1 Capital Ratio		10.21	%		10.42	%		9.90	%
Total Risk-Based Capital Ratio		11.46	%		11.67	%		11.15	%

Quarterly Common Stock Price	2007				2006				2005
Quarter End	High		Low		High		Low		High		Low
March 31	$	25.81	$	21.73	$	23.90	$	21.02	$	25.66	$	21.48
June 30	$	23.45	$	21.80		23.24		21.03		24.15		20.10
September 30						24.57		21.44		25.50		22.79
December 31						26.47		22.36		23.79		20.75

(1)  Annualized

(2)  Calculated on a FTE basis

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NBT Bancorp Inc. and Subsidiaries

SELECTED FINANCIAL HIGHLIGHTS

(unaudited)

	2007		2006		Net Change			Percent Change
	(dollars in thousands, except per share data)
Balance Sheet as of June 30,
Loans and Leases	$	3,432,300	$	3,347,876	$	84,424			3	%
Earning Assets	$	4,756,527	$	4,636,111	$	120,416			3	%
Total Assets	$	5,121,634	$	4,995,912	$	125,722			3	%
Deposits	$	3,959,166	$	3,747,901	$	211,265			6	%
Stockholders’ Equity	$	390,934	$	377,606	$	13,328			4	%
Average Balances
Six Months Ended June 30,
Loans and Leases	$	3,410,928	$	3,225,053	$	185,875			6	%
Securities Available For Sale
(excluding unrealized gains or losses)	$	1,126,209	$	1,093,566	$	32,643			3	%
Securities Held To Maturity	$	144,683	$	99,425	$	45,258			46	%
Regulatory Equity Investment	$	33,684	$	40,357	$	(6,673	)		-17	%
Short-Term Interest Bearing Accounts	$	8,934	$	7,543	$	1,391			18	%
Total Earning Assets	$	4,724,438	$	4,465,944	$	258,494			6	%
Total Assets	$	5,083,653	$	4,802,333	$	281,320			6	%
Interest Bearing Deposits	$	3,276,368	$	2,925,441	$	350,927			12	%
Non-Interest Bearing Deposits	$	622,083	$	602,632	$	19,451			3	%
Short-Term Borrowings	$	257,687	$	359,039	$	(101,352	)		-28	%
Long-Term Borrowings	$	465,655	$	487,742	$	(22,087	)		-5	%
Total Interest Bearing Liabilities	$	3,999,710	$	3,772,222	$	227,488			6	%
Stockholders’ Equity	$	407,128	$	375,658	$	31,470			8	%
Average Balances
Quarter Ended June 30,
Loans and Leases	$	3,423,130	$	3,302,136	$	120,994			4	%
Securities Available For Sale
(excluding unrealized gains or losses)	$	1,128,973	$	1,132,330	$	(3,357	)		0	%
Securities Held To Maturity	$	148,467	$	101,481	$	46,986			46	%
Regulatory Equity Investment	$	32,576	$	40,166	$	(7,590	)		-19	%
Short-Term Interest Bearing Accounts	$	8,618	$	7,346	$	1,272			17	%
Total Earning Assets	$	4,741,764	$	4,583,459	$	158,305			3	%
Total Assets	$	5,098,649	$	4,937,007	$	161,642			3	%
Interest Bearing Deposits	$	3,307,241	$	3,039,915	$	267,326			9	%
Non-Interest Bearing Deposits	$	627,172	$	614,049	$	13,123			2	%
Short-Term Borrowings	$	250,112	$	346,585	$	(96,473	)		-28	%
Long-Term Borrowings	$	449,464	$	499,598	$	(50,134	)		-10	%
Total Interest Bearing Liabilities	$	4,006,817	$	3,886,098	$	120,719			3	%
Stockholders’ Equity	$	406,741	$	386,183	$	20,558			5	%

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NBT Bancorp Inc. and Subsidiaries Consolidated Balance Sheets (unaudited)	June 30, 2007		December 31, 2006		June 30, 2006
(in thousands)
ASSETS
Cash and due from banks	$	134,058	$	130,936	$	136,005
Short term interest bearing accounts		7,252		7,857		9,575
Securities available for sale, at fair value		1,118,124		1,106,322		1,100,416
Securities held to maturity (fair value of $146,944, $136,287 and $109,562 at June 30, 2007, December 31, 2006 and June 30, 2006, respectively)		147,537		136,314		110,331
Federal Reserve and Federal Home Loan Bank stock		33,061		38,812		40,338
Loans and leases		3,432,300		3,412,654		3,347,876
Less allowance for loan and lease losses		57,058		50,587		50,148
Net loans and leases		3,375,242		3,362,067		3,297,728
Premises and equipment, net		65,286		66,982		66,948
Goodwill		103,412		103,356		102,803
Intangible assets, net		10,998		11,984		13,338
Bank owned life insurance		42,667		41,783		40,926
Other assets		83,997		81,159		77,504
TOTAL ASSETS	$	5,121,634	$	5,087,572	$	4,995,912
LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits:
Demand (noninterest bearing)	$	681,732	$	646,377	$	642,901
Savings, NOW, and money market		1,606,473		1,566,557		1,567,171
Time		1,670,961		1,583,304		1,537,829
Total deposits		3,959,166		3,796,238		3,747,901
Short-term borrowings		290,387		345,408		320,637
Long-term debt		352,151		417,728		421,736
Trust preferred debentures		75,422		75,422		75,422
Other liabilities		53,574		48,959		52,610
Total liabilities		4,730,700		4,683,755		4,618,306
Total stockholders' equity		390,934		403,817		377,606
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	5,121,634	$	5,087,572	$	4,995,912

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NBT Bancorp Inc. and Subsidiaries	Three months ended June 30,				Six months ended June 30,
Consolidated Statements of Income (unaudited)	2007		2006		2007		2006
(in thousands, except per share data)
Interest, fee and dividend income:
Loans and leases	$	60,689	$	57,085	$	120,497	$	109,918
Securities available for sale		13,562		13,084		27,029		24,961
Securities held to maturity		1,525		1,043		2,969		2,028
Other		719		619		1,459		1,230
Total interest, fee and dividend income		76,495		71,831		151,954		138,137
Interest expense:
Deposits		26,950		20,869		52,934		38,094
Short-term borrowings		2,918		4,111		6,010		8,048
Long-term debt		3,997		4,227		8,483		8,369
Trust preferred debentures		1,272		1,255		2,540		2,138
Total interest expense		35,137		30,462		69,967		56,649
Net interest income		41,358		41,369		81,987		81,488
Provision for loan and lease losses		9,770		1,703		11,866		3,431
Net interest income after provision for loan and lease losses		31,588		39,666		70,121		78,057
Noninterest income:
Trust		1,792		1,459		3,229		2,817
Service charges on deposit accounts		4,936		4,493		9,405		8,712
ATM and debit card fees		2,041		1,789		3,937		3,434
Broker/dealer and insurance revenue		1,093		967		2,176		1,875
Net securities gains (losses)		21		22		16		(912	)
Bank owned life insurance income		450		392		884		773
Retirement plan administration fees		1,601		1,431		3,193		2,662
Other		2,058		2,003		3,842		4,419
Total noninterest income		13,992		12,556		26,682		23,780
Noninterest expense:
Salaries and employee benefits		13,022		16,335		28,986		32,083
Office supplies and postage		1,334		1,456		2,630		2,637
Occupancy		2,585		2,747		5,754		5,735
Equipment		1,837		2,067		3,770		4,223
Professional fees and outside services		1,926		1,800		3,584		3,632
Data processing and communications		2,845		2,649		5,722		5,351
Amortization of intangible assets		410		466		819		789
Loan collection and other real estate owned		228		289		605		500
Other operating		3,827		3,885		7,016		7,216
Total noninterest expense		28,014		31,694		58,886		62,166
Income before income taxes		17,566		20,528		37,917		39,671
Income taxes		5,502		6,359		11,721		11,914
Net income	$	12,064	$	14,169	$	26,196	$	27,757
Earnings Per Share:
Basic	$	0.36	$	0.41	$	0.77	$	0.82
Diluted	$	0.36	$	0.41	$	0.77	$	0.81

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NBT Bancorp Inc. and Subsidiaries Quarterly Consolidated Statements of Income (unaudited)	2Q 2007		1Q 2007			4Q 2006		3Q 2006		2Q 2006
(in thousands, except per share data)
Interest, fee and dividend income:
Loans and leases	$	60,689	$	59,808		$	60,795	$	59,329	$	57,085
Securities available for sale		13,562		13,467			13,296		13,342		13,084
Securities held to maturity		1,525		1,444			1,409		1,293		1,043
Other		719		740			517		724		619
Total interest, fee and dividend income		76,495		75,459			76,017		74,688		71,831
Interest expense:
Deposits		26,950		25,984			25,652		24,052		20,869
Short-term borrowings		2,918		3,092			3,572		3,828		4,111
Long-term debt		3,997		4,486			4,091		4,603		4,227
Trust preferred debentures		1,272		1,268			1,277		1,285		1,255
Total interest expense		35,137		34,830			34,592		33,768		30,462
Net interest income		41,358		40,629			41,425		40,920		41,369
Provision for loan and lease losses		9,770		2,096			3,484		2,480		1,703
Net interest income after provision for loan and lease losses		31,588		38,533			37,941		38,440		39,666
Noninterest income:
Trust		1,792		1,437			1,387		1,425		1,459
Service charges on deposit accounts		4,936		4,469			4,418		4,460		4,493
ATM and debit card fees		2,041		1,896			1,764		1,888		1,789
Broker/dealer and insurance fees		1,093		1,083			1,037		1,024		967
Net securities gains (losses)		21		(5	)		30		7		22
Bank owned life insurance income		450		434			425		431		392
Retirement plan administration fees		1,601		1,592			1,424		1,450		1,431
Other		2,058		1,784			1,847		1,832		2,003
Total noninterest income		13,992		12,690			12,332		12,517		12,556
Noninterest expense:
Salaries and employee benefits		13,022		15,964			15,166		15,628		16,335
Office supplies and postage		1,334		1,296			1,418		1,275		1,456
Occupancy		2,585		3,169			2,739		3,044		2,747
Equipment		1,837		1,933			2,069		2,040		2,067
Professional fees and outside services		1,926		1,658			2,502		1,627		1,800
Data processing and communications		2,845		2,877			2,466		2,637		2,649
Amortization of intangible assets		410		409			389		471		466
Loan collection and other real estate owned		228		377			629		222		289
Other operating		3,827		3,189			3,504		2,974		3,885
Total noninterest expense		28,014		30,872			30,882		29,918		31,694
Income before income taxes		17,566		20,351			19,391		21,039		20,528
Income taxes		5,502		6,219			5,743		6,497		6,359
Net income	$	12,064	$	14,132		$	13,648	$	14,542	$	14,169
Earnings per share:
Basic	$	0.36	$	0.41		$	0.40	$	0.43	$	0.41
Diluted	$	0.36	$	0.41		$	0.40	$	0.43	$	0.41

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