Exhibit 99.1

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FOR IMMEDIATE RELEASE

ATTENTION: FINANCIAL AND BUSINESS EDITORS

Contact:
John H. Watt, Jr., President and CEO Scott A. Kingsley, Executive Vice President and CFO NBT Bancorp Inc. 52 South Broad Street Norwich, NY 13815 607-337-6589

NBT BANCORP INC. ANNOUNCES THIRD QUARTER NET INCOME OF $39.0 MILLION ($0.90 PER DILUTED COMMON SHARE); APPROVES DIVIDEND

NORWICH, NY (October 25, 2022) – NBT Bancorp Inc. (“NBT” or the “Company”) (NASDAQ: NBTB) reported net income and diluted earnings per share for the three and nine months ended September 30, 2022.

Net income for the three months ended September 30, 2022 was $39.0 million, or $0.90 per diluted common share, compared to $37.4 million, or $0.86 per diluted share, in the third quarter of 2021 and $37.8 million, or $0.88 per diluted share, in the second quarter of 2022. Net interest income recognized in the third quarter of 2022 from the Paycheck Protection Program (“PPP”) was approximately $0.3 million (less than $0.01 per diluted share), compared to $2.9 million ($0.05 per diluted share) in the third quarter of 2021 and $1.3 million ($0.02 per diluted share) in the second quarter of 2022. Net interest income in the third quarter of 2022 improved in comparison to the third quarter of 2021 and the linked second quarter of 2022, primarily due to higher yields on earning assets due to increases in the Federal Reserve’s targeted Federal Funds rate combined with growth in earning assets. The Company recorded a provision for loan losses of $4.5 million ($0.08 per diluted share) in the third quarter of 2022, compared to a net benefit of $3.3 million ($0.06 per diluted share) in the third quarter of 2021 and a provision of $4.4 million ($0.08 per diluted share) in the second quarter of 2022.

CEO Comments

“We are very pleased with our operating results for the third quarter and first nine months of 2022, which reflect strong execution by our team including solid organic loan growth and disciplined cost of funds management. With additional increases in the targeted Fed Funds rate, we continue to experience the benefits of an asset-sensitive balance sheet,” said NBT President and CEO John H. Watt, Jr. “Our asset quality continues to be excellent, with low levels of net charge-offs and nonperforming assets. Our fee-based businesses reported solid results despite the inherent headwinds associated with lower equity market valuations. Our improved net interest income generation overcame the $4 million or, seven cents per share, reduction in debit interchange revenue due to the Company being subject to the Durbin Amendment of the Dodd-Frank Act beginning in the third quarter of 2022.”

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Third Quarter Financial Highlights

Net Income	◾    Net income of $39.0 million ◾    Diluted earnings per share of $0.90
Net Interest Income / NIM	◾    Net interest income on a fully taxable equivalent (“FTE”) basis was $94.8 million1 ◾    Net interest margin (“NIM”) on a FTE basis was 3.51%1, up 30 basis points (“bps”) from the prior quarter, due primarily to higher yields on earning assets ◾    Total cost of deposits of 0.09%, up 2 bps from the prior quarter
Noninterest Income	◾    Noninterest income was $37.3 million, excluding securities gains (losses) and was 28.3% of total revenue
Pre-Provision Net Revenue (“PPNR”)	◾    PPNR1 was $55.7 million compared to $54.2 million in the second quarter of 2022 and $47.4 million in the third quarter of 2021
Loans and Credit Quality	◾    Period end total loans were $7.90 billion at September 30, 2022, up 9.1%, annualized, excluding impact of PPP loans ◾    Period end loans increased $504.2 million from December 31, 2021, excluding $3.3 million and $101.2 million of PPP loans at September 30, 2022 and December 31, 2021, respectively ◾    Net charge-offs to average loans was 0.07%, annualized ◾    Nonperforming loans to total loans was 0.28%, down from 0.33% in the prior quarter ◾    Allowance for loan losses to total loans of 1.22%, up 2 bps from the second quarter of 2022 due primarily to loan growth
Capital	◾    Announced a $0.30 per share dividend for the fourth quarter, which was a $0.02 per share, or 7.1%, increase from the fourth quarter of 2021 ◾    Stockholders’ equity decreased $93.9 million from December 31, 2021, driven by a $160.9 million decrease in accumulated other comprehensive income (“AOCI”) due to the change in the market value of securities available for sale, dividends declared of $36.9 million and the repurchase of common stock of $14.7 million, partly offset by net income generation of $115.9 million ◾    Tangible book value per share2 was $20.25 at September 30, 2022, modestly lower than the third quarter of 2021 and the second quarter of 2022, due primarily to the impact of higher interest rates on available for sale investment securities and the related impact to AOCI ◾    Tangible equity to assets of 7.64%1 ◾    CET1 ratio of 12.17%; Leverage ratio of 10.21%

Loans

◾ Period end total loans were $7.90 billion at September 30, 2022 and $7.50 billion at December 31, 2021.

◾ Excluding PPP loans, period end loans increased $504.2 million from December 31, 2021. Commercial and industrial loans increased $103.6 million to $1.26 billion; commercial real estate loans increased $69.4 million to $2.72 billion; and total consumer loans increased $331.2 million to $3.92 billion.

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◾ Total PPP loans as of September 30, 2022 were $3.3 million (net of unamortized fees) with over 99% of the original $836 million forgiven or extinguished through the third quarter of 2022. The following PPP loan activity occurred during the third quarter of 2022:

o $14.2 million of loans forgiven.

o $0.3 million of interest and fees recognized into interest income, compared to $1.3 million for the second quarter of 2022 and $2.9 million for the third quarter of 2021.

◾ Commercial line of credit utilization rate was 23% at September 30, 2022 and June 30, 2022, compared to 21% at September 30, 2021.

Deposits

◾ Total deposits at September 30, 2022 were $9.92 billion, compared to $10.23 billion at December 31, 2021, representing a 3% decline, which included a $100.0 million brokered deposit secured for liquidity uncertainty purposes early in the pandemic that matured in the prior quarter and declines in money markets deposits driven by certain large customers moving approximately $100 million of their deposit balances to an off-balance sheet, Company-designated short-term treasury product.

◾ Loan to deposit ratio was 79.7% at September 30, 2022, compared to 73.3% at December 31, 2021.

Net Interest Income and Net Interest Margin

◾ Net interest income for the third quarter of 2022 was $94.5 million, which was up $6.9 million, or 7.9%, from the second quarter of 2022 and up $16.8 million, or 21.6%, from the third quarter of 2021 primarily due to higher yields on earning assets. PPP income for the third quarter of 2022 was $0.3 million, which was $1.0 million lower compared to the prior quarter and down $2.5 million compared to the third quarter of 2021.

◾ The NIM on a FTE basis for the third quarter of 2022 was 3.51%, up 30 bps from the second quarter of 2022 and up 63 bps from the third quarter of 2021 due to higher earning asset yields partly offset by higher cost of interest-bearing liabilities.

◾ Earning asset yields for the three months ended September 30, 2022 were up 33 bps from the prior quarter and up 63 bps from the same quarter in the prior year. Earning assets declined $255.7 million, or 2.3%, from the prior quarter and were comparable to the same quarter in the prior year. The following are highlights comparing the third quarter of 2022 to the prior quarter:

o Loan yields increased 25 bps to 4.34% for the quarter. Excluding PPP loans, loan yields increased 28 bps from the prior quarter.

o The average balances of investment securities increased $5.9 million and yields increased 13 bps.

o The average balances of short-term interest-bearing accounts decreased $362.1 million resulting from the incremental deployment of excess liquidity into loans and investment securities and modestly lower deposit balances.

◾ Total cost of deposits was 0.09% for the third quarter of 2022, up 2 bps from the prior quarter and down 1 bp from the same period in the prior year.

◾ The cost of total interest-bearing liabilities for the three months ended September 30, 2022 was 0.29%, up 6 bps from the prior quarter and up 2 bps from the third quarter of 2021.

Credit Quality and Allowance for Credit Losses

◾ Net charge-offs to total average loans was 7 bps compared to 4 bps in the prior quarter and 11 bps in the third quarter of 2021. Recoveries in the third quarter of 2022 were $3.4 million compared to $3.3 million in the prior quarter and $2.7 million in the third quarter of 2021.

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◾ Nonperforming assets to total assets was 0.19% compared to 0.22% at June 30, 2022 and 0.33% at September 30, 2021. Past due loans to total loans decreased to 0.30% as of September 30, 2022 from 0.40% in the prior quarter, primarily due to one commercial credit which returned to current status in early July.

◾ Provision expense for the three months ended September 30, 2022 was $4.5 million with net charge-offs of $1.3 million. Provision expense was $0.1 million higher than the second quarter of 2022 and $7.8 million higher than the third quarter of 2021. The increase in provision expense from the third quarter of 2021 was driven both by loan growth and an increase in the level of allowance for loan losses resulting from less favorable economic forecasts in the current year relative to improving economic forecasts in the prior year, partly offset by a lower level of net charge-offs.

◾ The allowance for loan losses was $96.8 million, or 1.22% (1.23% excluding PPP loans and related allowance) of total loans, at September 30, 2022, compared to 1.20% (1.21% excluding PPP loans and related allowance) of total loans at June 30, 2022 and 1.23% (1.28% excluding PPP loans and related allowance) of total loans at September 30, 2021. The increase in the level of allowance for loan losses from the prior quarter was primarily due to the increase in loan balances and the modest deterioration in the forecast of economic conditions, which had an impact on the level of expected credit losses.

◾ The reserve for unfunded loan commitments increased to $5.3 million at September 30, 2022 compared to the prior quarter at $5.1 million and compared to the prior year quarter at $5.3 million.

Noninterest Income

◾ Total noninterest income, excluding securities gains (losses), was $37.3 million for the three months ended September 30, 2022, down $4.9 million from the second quarter and down $3.1 million from the prior year’s third quarter.

◾ Card services income was lower than the prior quarter and the third quarter of 2021 driven by the $3.8 million ($0.07 per diluted share) impact from the Company being subject to the statutory price cap provisions of the Durbin Amendment to the Dodd-Frank Act.

◾ Retirement plan administration fees were lower than the prior quarter driven by market decline and lower activity-based fees and higher than the third quarter of 2021 driven by higher activity-based fees and organic growth.

◾ Wealth management fees were higher than the prior quarter due to seasonal tax preparation services and lower than the third quarter of 2021 driven primarily by market performance.

◾ Other income decreased from the prior quarter and the third quarter of 2021 driven by lower commercial loan swap fees.

Noninterest Expense

◾ Total noninterest expense for the third quarter of 2022 was up 0.8% from the previous quarter and up 5.2% from the third quarter of 2021.

◾ Salaries and benefits increased from the prior quarter due to one additional day of payroll in the third quarter and higher levels of incentive compensation accruals. The increase from the third quarter of 2021 was driven by increased salaries and wages, including merit pay increases and higher levels of incentive compensation accruals.

5

◾ Technology and data services increased from the prior quarter and the third quarter of 2021 due to continued investment in digital platform solutions.

◾ Other expenses decreased from the linked second quarter of 2022 due to seasonal timing of certain expenditures. The third quarter of 2021 also included $2.3 million of estimated litigation settlement costs.

Income Taxes

◾ The effective tax rate was 22.8% for the third quarter of 2022 compared to 22.5% for the second quarter of 2022 and 22.8% for the third quarter of 2021.

Capital

◾ Capital ratios remain strong with tangible common equity to tangible assets¹ at 7.64%. Tangible book value per share² was $20.25 at September 30, 2022, $20.99 at June 30, 2022 and $21.95 at September 30, 2021.

◾ Stockholders’ equity decreased $93.9 million from December 31, 2021 driven by the $160.9 million decrease in AOCI due to the change in the market value of securities available for sale, dividends declared of $36.9 million and the repurchase of common stock of $14.7 million, partly offset by net income generation of $115.9 million.

◾ September 30, 2022, CET1 capital ratio of 12.17%, leverage ratio of 10.21% and total risk-based capital ratio of 15.50%.

Dividend

◾ The Board of Directors approved a fourth-quarter cash dividend of $0.30 per share at a meeting held yesterday, an increase of $0.02, or 7.1%, from the amount paid in the fourth quarter of 2021. 2022 is the tenth consecutive year of dividend increases by the Company. The dividend will be paid on December 15, 2022 to stockholders of record as of December 1, 2022.

Other Events

◾ On August 1, 2022, NBT’s subsidiary, NBT Insurance Agency, LLC, a full-service insurance agency, completed the acquisition of substantially all of the assets of Harrison A. Rogers Agency, Inc. (“H.A. Rogers”). H.A. Rogers is a New York based small personal and commercial lines property and casualty insurance agency. This is a strategic regional insurance expansion into the northern New York market where NBT Bank has a long-established presence.

Conference Call and Webcast

The Company will host a conference call at 8:30 a.m. (Eastern) Wednesday, October 26, 2022, to review third quarter 2022 financial results. The audio webcast link, along with the corresponding presentation slides, will be available on the Company’s Event Calendar page at https://stockholderinfo.nbtbancorp.com/events-calendar/upcoming-events and will be archived for twelve months.

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Corporate Overview

NBT Bancorp Inc. is a financial holding company headquartered in Norwich, NY, with total assets of $11.64 billion at September 30, 2022. The Company primarily operates through NBT Bank, N.A., a full-service community bank, and through two financial services companies. NBT Bank, N.A. has 140 banking locations in New York, Pennsylvania, Vermont, Massachusetts, New Hampshire, Maine and Connecticut. EPIC Retirement Plan Services, based in Rochester, NY, is a national benefits administration firm. NBT Insurance Agency, LLC, based in Norwich, NY, is a full-service insurance agency. More information about NBT and its divisions is available online at: www.nbtbancorp.com, www.nbtbank.com, www.epicrps.com and www.nbtinsurance.com.

Forward-Looking Statements

This press release contains forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995. These statements may be identified by the use of phrases such as “anticipate,” “believe,” “expect,” “forecasts,” “projects,” “will,” “can,” “would,” “should,” “could,” “may,” or other similar terms. There are a number of factors, many of which are beyond the Company’s control, that could cause actual results to differ materially from those contemplated by 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) local, regional, national and international economic conditions and the impact they may have on the Company and its customers and the Company’s assessment of that impact; (2) changes in the level of nonperforming assets and charge-offs; (3) changes in estimates of future reserve requirements based upon the periodic review thereof under relevant regulatory and accounting requirements; (4) the effects of and changes in trade and monetary and fiscal policies and laws, including the interest rate policies of the Federal Reserve Board (“FRB”); (5) inflation, interest rate, securities market and monetary fluctuations; (6) political instability; (7) acts of war, including international military conflicts, or terrorism; (8) the timely development and acceptance of new products and services and perceived overall value of these products and services by users; (9) changes in consumer spending, borrowings and savings habits; (10) changes in the financial performance and/or condition of the Company’s borrowers; (11) technological changes; (12) acquisitions and integration of acquired businesses; (13) the ability to increase market share and control expenses; (14) changes in the competitive environment among financial holding companies; (15) the effect of changes in laws and regulations (including laws and regulations concerning taxes, banking, securities and insurance) with which the Company and its subsidiaries must comply, including those under the Dodd-Frank Act, Economic Growth, Regulatory Relief, Consumer Protection Act of 2018, Coronavirus Aid, Relief and Economic Security Act (“CARES Act”), and other legislative and regulatory responses to the coronavirus (“COVID-19”) pandemic; (16) the effect of changes in accounting policies and practices, as may be adopted by the regulatory agencies, as well as the Public Company Accounting Oversight Board, the Financial Accounting Standards Board (“FASB”) and other accounting standard setters; (17) changes in the Company’s organization, compensation and benefit plans; (18) the costs and effects of legal and regulatory developments, including the resolution of legal proceedings or regulatory or other governmental inquiries, and the results of regulatory examinations or reviews; (19) greater than expected costs or difficulties related to the integration of new products and lines of business; (20) the adverse impact on the U.S. economy, including the markets in which we operate, of the COVID-19 global pandemic; and (21) the Company’s success at managing the risks involved in the foregoing items.

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One of the more significant factors that could cause actual outcomes to differ materially from the Company’s forward-looking statements is the potential adverse effect of the current COVID-19 pandemic on the financial condition, results of operations, cash flows and performance of the Company, its customers and the global economy and financial markets. The extent to which the COVID-19 pandemic impacts the Company will depend on future developments, which are highly uncertain and cannot be predicted with confidence, including the scope, severity and duration of the pandemic, treatment developments, public adoption rates of COVID-19 vaccines, including booster shots, and their effectiveness against emerging variants of COVID-19, the impact of the COVID-19 pandemic on the Company’s customers and demand for financial services, the actions governments, businesses and individuals take in response to the pandemic, the impact of the COVID-19 pandemic and actions taken in response to the pandemic on global and regional economies, national and local economic activity, and the pace of recovery when the COVID-19 pandemic subsides, among others.

The Company cautions readers not to place undue reliance on any forward-looking statements, which speak only as of the date made, and advises readers that various factors including, but not limited to, those described above and other factors discussed in the Company’s annual and quarterly reports previously filed with the SEC, could affect the Company’s financial performance and could cause the Company’s actual results or circumstances for future periods to differ materially from those anticipated or projected.

Unless required by law, the Company does not undertake, and specifically disclaims any obligations to, publicly release any revisions that may be made to any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements.

Non-GAAP Measures

This press release contains financial information determined by methods other than in accordance with accounting principles generally accepted in the United States of America (“GAAP”). Where non-GAAP disclosures are used in this press release, the comparable GAAP measure, as well as a reconciliation to the comparable GAAP measure, is provided in the accompanying tables. Management believes that these non-GAAP measures provide useful information that is important to an understanding of the results of the Company’s core business as well as provide information standard in the financial institution industry. Non-GAAP measures should not be considered a substitute for financial measures determined in accordance with GAAP and investors should consider the Company’s performance and financial condition as reported under GAAP and all other relevant information when assessing the performance or financial condition of the Company. Amounts previously reported in the consolidated financial statements are reclassified whenever necessary to conform to current period presentation.

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NBT Bancorp Inc. and Subsidiaries
Selected Financial Data
(unaudited, dollars in thousands except per share data)
	2022									2021
	3rd Q			2nd Q			1st Q			4th Q			3rd Q
Profitability:
Diluted earnings per share	$	0.90		$	0.88		$	0.90		$	0.86		$	0.86
Weighted average diluted common shares outstanding		43,110,932			43,092,851			43,385,451			43,574,539			43,631,497
Return on average assets3		1.33	%		1.28	%		1.32	%		1.23	%		1.26	%
Return on average equity3		12.87	%		12.73	%		12.78	%		11.89	%		12.04	%
Return on average tangible common equity1 3		17.12	%		17.00	%		16.87	%		15.70	%		15.97	%
Net interest margin1 3		3.51	%		3.21	%		2.95	%		3.08	%		2.88	%

	9 Months Ended September 30,
	2022			2021
Profitability:
Diluted earnings per share	$	2.68		$	2.69
Weighted average diluted common shares outstanding		43,194,037			43,768,647
Return on average assets3		1.31	%		1.37	%
Return on average equity3		12.79	%		13.00	%
Return on average tangible common equity1 3		17.00	%		17.35	%
Net interest margin1 3		3.22	%		3.01	%

	2022									2021
	3rd Q			2nd Q			1st Q			4th Q			3rd Q
Balance sheet data:
Short-term interest-bearing accounts	$	97,303		$	328,593		$	913,315		$	1,111,296		$	1,131,074
Securities available for sale		1,556,501			1,619,356			1,662,697			1,687,361			1,576,030
Securities held to maturity		929,541			936,512			895,005			733,210			683,103
Net loans		7,807,984			7,684,081			7,559,826			7,406,459			7,473,442
Total assets		11,640,742			11,720,459			12,147,833			12,012,111			11,994,411
Total deposits		9,918,751			10,028,708			10,461,623			10,234,469			10,195,178
Total borrowings		277,889			265,796			278,788			311,476			313,311
Total liabilities		10,484,196			10,531,903			10,945,583			10,761,658			10,752,954
Stockholders' equity		1,156,546			1,188,556			1,202,250			1,250,453			1,241,457
Capital:
Equity to assets		9.94	%		10.14	%		9.90	%		10.41	%		10.35	%
Tangible equity ratio1		7.64	%		7.87	%		7.70	%		8.20	%		8.13	%
Book value per share	$	27.00		$	27.75		$	27.96		$	28.97		$	28.65
Tangible book value per share2	$	20.25		$	20.99		$	21.25		$	22.26		$	21.95
Leverage ratio		10.21	%		9.77	%		9.52	%		9.41	%		9.47	%
Common equity tier 1 capital ratio		12.17	%		12.14	%		12.23	%		12.25	%		12.20	%
Tier 1 capital ratio		13.27	%		13.27	%		13.39	%		13.43	%		13.39	%
Total risk-based capital ratio		15.50	%		15.50	%		15.64	%		15.73	%		15.74	%
Common stock price (end of period)	$	37.95		$	37.59		$	36.13		$	38.52		$	36.12

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NBT Bancorp Inc. and Subsidiaries

Asset Quality and Consolidated Loan Balances

(unaudited, dollars in thousands)

	2022									2021
	3rd Q			2nd Q			1st Q			4th Q			3rd Q
Asset quality:
Nonaccrual loans	$	19,098		$	23,673		$	25,812		$	30,285		$	35,737
90 days past due and still accruing		2,732			2,096			1,944			2,458			2,940
Total nonperforming loans		21,830			25,769			27,756			32,743			38,677
Other real estate owned		-			-			-			167			859
Total nonperforming assets		21,830			25,769			27,756			32,910			39,536
Allowance for loan losses		96,800			93,600			90,000			92,000			93,000
Asset quality ratios (total):
Allowance for loan losses to total loans		1.22	%		1.20	%		1.18	%		1.23	%		1.23	%
Total nonperforming loans to total loans		0.28	%		0.33	%		0.36	%		0.44	%		0.51	%
Total nonperforming assets to total assets		0.19	%		0.22	%		0.23	%		0.27	%		0.33	%
Allowance for loan losses to total nonperforming loans		443.43	%		363.23	%		324.25	%		280.98	%		240.45	%
Past due loans to total loans4		0.30	%		0.40	%		0.24	%		0.29	%		0.46	%
Net charge-offs to average loans3		0.07	%		0.04	%		0.14	%		0.22	%		0.11	%
Asset quality ratios (excluding paycheck protection program):
Allowance for loan losses to total loans		1.23	%		1.21	%		1.18	%		1.24	%		1.28	%
Total nonperforming loans to total loans		0.28	%		0.33	%		0.37	%		0.44	%		0.53	%
Total nonperforming assets to total assets		0.19	%		0.22	%		0.23	%		0.28	%		0.34	%
Allowance for loan losses to total nonperforming loans		443.43	%		363.27	%		324.24	%		280.96	%		240.42	%
Past due loans to total loans4		0.29	%		0.40	%		0.25	%		0.29	%		0.48	%
Net charge-offs to average loans3		0.07	%		0.04	%		0.14	%		0.22	%		0.12	%

	2022									2021
	3rd Q			2nd Q			1st Q			4th Q			3rd Q
Allowance for loan losses as a percentage of loans by segment:
Commercial & industrial		0.80	%		0.75	%		0.66	%		0.78	%		0.83	%
Commercial real estate		0.88	%		0.89	%		0.79	%		0.78	%		0.93	%
Paycheck protection program		0.01	%		0.01	%		0.01	%		0.01	%		0.01	%
Residential real estate		0.74	%		0.79	%		0.88	%		0.92	%		0.93	%
Auto		0.78	%		0.79	%		0.76	%		0.79	%		0.78	%
Other consumer		3.95	%		3.98	%		4.14	%		4.49	%		4.57	%
Total		1.22	%		1.20	%		1.18	%		1.23	%		1.23	%
Total excluding PPP loans		1.23	%		1.21	%		1.18	%		1.24	%		1.28	%

	2022						2021
Loans by line of business:	3rd Q		2nd Q		1st Q		4th Q		3rd Q
Commercial & industrial	$	1,258,871	$	1,298,072	$	1,214,834	$	1,155,240	$	1,148,176
Commercial real estate		2,724,728		2,670,633		2,709,611		2,655,367		2,638,762
Paycheck protection program		3,328		17,286		50,977		101,222		276,195
Residential real estate mortgages		1,626,528		1,606,188		1,584,551		1,571,232		1,549,684
Indirect auto		952,757		936,516		890,643		859,454		873,860
Residential solar		728,898		599,565		514,526		440,016		365,299
Home equity		313,557		313,395		319,180		330,357		339,316
Other consumer		296,117		336,026		365,504		385,571		375,150
Total loans	$	7,904,784	$	7,777,681	$	7,649,826	$	7,498,459	$	7,566,442
PPP income recognized	$	320	$	1,301	$	1,976	$	7,545	$	2,861
PPP unamortized fees	$	108	$	414	$	1,629	$	3,420	$	10,536

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NBT Bancorp Inc. and Subsidiaries

Consolidated Balance Sheets

(unaudited, dollars in thousands)

	September 30, 2022		December 31, 2021
Assets
Cash and due from banks	$	223,755	$	157,775
Short-term interest-bearing accounts		97,303		1,111,296
Equity securities, at fair value		30,428		33,550
Securities available for sale, at fair value		1,556,501		1,687,361
Securities held to maturity (fair value $814,100 and $735,260, respectively)		929,541		733,210
Federal Reserve and Federal Home Loan Bank stock		24,892		25,098
Loans held for sale		87		830
Loans		7,904,784		7,498,459
Less allowance for loan losses		96,800		92,000
Net loans	$	7,807,984	$	7,406,459
Premises and equipment, net		69,338		72,093
Goodwill		281,204		280,541
Intangible assets, net		7,879		8,927
Bank owned life insurance		230,990		228,238
Other assets		380,840		266,733
Total assets	$	11,640,742	$	12,012,111
Liabilities and stockholders' equity
Demand (noninterest bearing)	$	3,714,342	$	3,689,556
Savings, NOW and money market		5,758,736		6,043,441
Time		445,673		501,472
Total deposits	$	9,918,751	$	10,234,469
Short-term borrowings		74,554		97,795
Long-term debt		3,322		13,995
Subordinated debt, net		98,817		98,490
Junior subordinated debt		101,196		101,196
Other liabilities		287,556		215,713
Total liabilities	$	10,484,196	$	10,761,658
Total stockholders' equity	$	1,156,546	$	1,250,453
Total liabilities and stockholders' equity	$	11,640,742	$	12,012,111

11

NBT Bancorp Inc. and Subsidiaries

Consolidated Statements of Income

(unaudited, dollars in thousands except per share data)

	Three Months Ended September 30,						Nine Months Ended September 30,
	2022			2021			2022			2021
Interest, fee and dividend income
Interest and fees on loans	$	85,266		$	72,817		$	237,148		$	222,705
Securities available for sale		7,665			5,898			21,822			17,204
Securities held to maturity		4,854			2,976			12,532			9,454
Other		1,429			524			3,396			1,206
Total interest, fee and dividend income	$	99,214		$	82,215		$	274,898		$	250,569
Interest expense
Deposits	$	2,233		$	2,548		$	5,831		$	8,582
Short-term borrowings		84			28			113			130
Long-term debt		20			89			140			301
Subordinated debt		1,360			1,359			4,078			4,077
Junior subordinated debt		1,039			517			2,325			1,572
Total interest expense	$	4,736		$	4,541		$	12,487		$	14,662
Net interest income	$	94,478		$	77,674		$	262,411		$	235,907
Provision for loan losses		4,484			(3,342	)		9,470			(11,354	)
Net interest income after provision for loan losses	$	89,994		$	81,016		$	252,941		$	247,261
Noninterest income
Service charges on deposit accounts	$	3,581		$	3,489		$	11,032		$	9,544
Card services income		5,654			9,101			24,100			25,835
Retirement plan administration fees		11,496			10,495			37,451			30,372
Wealth management		8,402			8,783			25,294			25,099
Insurance services		3,892			3,720			11,258			10,689
Bank owned life insurance income		1,560			1,548			4,625			4,588
Net securities (losses) gains		(148	)		(100	)		(914	)		568
Other		2,735			3,293			8,641			9,988
Total noninterest income	$	37,172		$	40,329		$	121,487		$	116,683
Noninterest expense
Salaries and employee benefits	$	48,371		$	44,190		$	140,595		$	128,462
Technology and data services		9,096			8,421			26,588			26,154
Occupancy		6,481			6,154			19,761			19,413
Professional fees and outside services		3,817			3,784			11,999			11,403
Office supplies and postage		1,469			1,364			4,441			4,478
FDIC expense		787			772			2,399			2,243
Advertising		559			583			1,943			1,502
Amortization of intangible assets		544			663			1,725			2,157
Loan collection and other real estate owned, net		549			706			1,690			1,959
Other		5,021			6,232			13,815			14,405
Total noninterest expense	$	76,694		$	72,869		$	224,956		$	212,176
Income before income tax expense	$	50,472		$	48,476		$	149,472		$	151,768
Income tax expense		11,499			11,043			33,598			34,193
Net income	$	38,973		$	37,433		$	115,874		$	117,575
Earnings Per Share
Basic	$	0.91		$	0.86		$	2.70		$	2.71
Diluted	$	0.90		$	0.86		$	2.68		$	2.69

12

NBT Bancorp Inc. and Subsidiaries

Quarterly Consolidated Statements of Income

(unaudited, dollars in thousands except per share data)

	2022									2021
	3rd Q			2nd Q			1st Q			4th Q			3rd Q
Interest, fee and dividend income
Interest and fees on loans	$	85,266		$	78,539		$	73,343		$	79,470		$	72,817
Securities available for sale		7,665			7,317			6,840			6,101			5,898
Securities held to maturity		4,854			4,185			3,493			3,097			2,976
Other		1,429			1,442			525			639			524
Total interest, fee and dividend income	$	99,214		$	91,483		$	84,201		$	89,307		$	82,215
Interest expense
Deposits	$	2,233		$	1,756		$	1,842		$	2,132		$	2,548
Short-term borrowings		84			13			16			28			28
Long-term debt		20			33			87			88			89
Subordinated debt		1,360			1,359			1,359			1,360			1,359
Junior subordinated debt		1,039			737			549			518			517
Total interest expense	$	4,736		$	3,898		$	3,853		$	4,126		$	4,541
Net interest income	$	94,478		$	87,585		$	80,348		$	85,181		$	77,674
Provision for loan losses		4,484			4,390			596			3,097			(3,342	)
Net interest income after provision for loan losses	$	89,994		$	83,195		$	79,752		$	82,084		$	81,016
Noninterest income
Service charges on deposit accounts	$	3,581		$	3,763		$	3,688		$	3,804		$	3,489
Card services income		5,654			9,751			8,695			8,847			9,101
Retirement plan administration fees		11,496			12,676			13,279			11,816			10,495
Wealth management		8,402			8,252			8,640			8,619			8,783
Insurance services		3,892			3,578			3,788			3,394			3,720
Bank owned life insurance income		1,560			1,411			1,654			1,629			1,548
Net securities (losses)		(148	)		(587	)		(179	)		(2	)		(100	)
Other		2,735			2,812			3,094			3,004			3,293
Total noninterest income	$	37,172		$	41,656		$	42,659		$	41,111		$	40,329
Noninterest expense
Salaries and employee benefits	$	48,371		$	46,716		$	45,508		$	44,118		$	44,190
Technology and data services		9,096			8,945			8,547			8,563			8,421
Occupancy		6,481			6,487			6,793			6,635			6,154
Professional fees and outside services		3,817			3,906			4,276			4,903			3,784
Office supplies and postage		1,469			1,548			1,424			1,528			1,364
FDIC expense		787			810			802			798			772
Advertising		559			730			654			1,019			583
Amortization of intangible assets		544			545			636			651			663
Loan collection and other real estate owned, net		549			757			384			956			706
Other		5,021			5,675			3,119			5,934			6,232
Total noninterest expense	$	76,694		$	76,119		$	72,143		$	75,105		$	72,869
Income before income tax expense	$	50,472		$	48,732		$	50,268		$	48,090		$	48,476
Income tax expense		11,499			10,957			11,142			10,780			11,043
Net income	$	38,973		$	37,775		$	39,126		$	37,310		$	37,433
Earnings Per Share
Basic	$	0.91		$	0.88		$	0.91		$	0.86		$	0.86
Diluted	$	0.90		$	0.88		$	0.90		$	0.86		$	0.86

13

NBT Bancorp Inc. and Subsidiaries

Average Quarterly Balance Sheets

(unaudited, dollars in thousands)

	Average Balance		Yield / Rates		Average Balance		Yield / Rates		Average Balance		Yield / Rates		Average Balance		Yield / Rates		Average Balance		Yield / Rates
	Q3 - 2022				Q2 - 2022				Q1 - 2022				Q4 - 2021				Q3 - 2021
Assets
Short-term interest-bearing accounts	$	191,463	2.51	%	$	553,548	0.82	%	$	990,319	0.17	%	$	1,145,794	0.16	%	$	1,014,120	0.16	%
Securities taxable1		2,491,315	1.83	%		2,439,960	1.74	%		2,284,578	1.67	%		2,081,796	1.57	%		1,923,700	1.63	%
Securities tax-exempt 1 5		211,306	2.47	%		256,799	1.83	%		258,513	1.84	%		257,320	1.85	%		246,685	1.97	%
FRB and FHLB stock		25,182	3.47	%		24,983	5.03	%		25,026	1.98	%		25,149	2.74	%		25,154	1.91	%
Loans1 6		7,808,025	4.34	%		7,707,730	4.09	%		7,530,674	3.95	%		7,507,165	4.20	%		7,517,839	3.84	%
Total interest-earning assets	$	10,727,291	3.68	%	$	10,983,020	3.35	%	$	11,089,110	3.09	%	$	11,017,224	3.23	%	$	10,727,498	3.05	%
Other assets		887,378				883,498				947,578				982,136				1,019,797
Total assets	$	11,614,669			$	11,866,518			$	12,036,688			$	11,999,360			$	11,747,295
Liabilities and stockholders' equity
Money market deposit accounts	$	2,332,341	0.15	%	$	2,577,367	0.14	%	$	2,720,338	0.15	%	$	2,678,477	0.16	%	$	2,580,570	0.19	%
NOW deposit accounts		1,548,115	0.21	%		1,580,132	0.07	%		1,583,091	0.05	%		1,551,846	0.05	%		1,442,678	0.05	%
Savings deposits		1,854,122	0.03	%		1,845,128	0.03	%		1,794,549	0.03	%		1,725,004	0.05	%		1,691,539	0.05	%
Time deposits		455,168	0.35	%		478,531	0.37	%		494,632	0.40	%		537,875	0.46	%		565,216	0.62	%
Total interest-bearing deposits	$	6,189,746	0.14	%	$	6,481,158	0.11	%	$	6,592,610	0.11	%	$	6,493,202	0.13	%	$	6,280,003	0.16	%
Federal funds purchased		1,522	3.39	%		-	-			-	-			65	-			-	-
Repurchase agreements		69,048	0.10	%		60,061	0.09	%		72,768	0.09	%		97,389	0.11	%		99,703	0.11	%
Short-term borrowings		6,440	3.33	%		-	-			-	-			1	-			-	-
Long-term debt		3,331	2.38	%		5,336	2.48	%		13,979	2.52	%		14,004	2.49	%		14,029	2.52	%
Subordinated debt, net		98,748	5.46	%		98,642	5.53	%		98,531	5.59	%		98,422	5.48	%		98,311	5.48	%
Junior subordinated debt		101,196	4.07	%		101,196	2.92	%		101,196	2.20	%		101,196	2.03	%		101,196	2.03	%
Total interest-bearing liabilities	$	6,470,031	0.29	%	$	6,746,393	0.23	%	$	6,879,084	0.23	%	$	6,804,279	0.24	%	$	6,593,242	0.27	%
Demand deposits		3,708,131				3,711,049				3,710,124				3,719,070				3,676,883
Other liabilities		234,851				218,491				206,292				231,260				244,125
Stockholders' equity		1,201,656				1,190,585				1,241,188				1,244,751				1,233,045
Total liabilities and stockholders' equity	$	11,614,669			$	11,866,518			$	12,036,688			$	11,999,360			$	11,747,295
Interest rate spread			3.39	%			3.12	%			2.86	%			2.99	%			2.78	%
Net interest margin (FTE)1			3.51	%			3.21	%			2.95	%			3.08	%			2.88	%

14

NBT Bancorp Inc. and Subsidiaries

Average Year-to-Date Balance Sheets

(unaudited, dollars in thousands)

	Average Balance		Interest		Yield/ Rates			Average Balance		Interest		Yield/ Rates
Nine Months Ended September 30,	2022							2021
Assets
Short-term interest-bearing accounts	$	575,517	$	2,742		0.64	%	$	860,067	$	763		0.12	%
Securities taxable1		2,406,042		31,460		1.75	%		1,852,963		23,711		1.71	%
Securities tax-exempt 1 5		242,033		3,664		2.02	%		208,438		3,730		2.39	%
FRB and FHLB stock		25,064		654		3.49	%		25,290		443		2.34	%
Loans1 6		7,683,159		237,290		4.13	%		7,555,276		222,821		3.94	%
Total interest-earning assets	$	10,931,815	$	275,810		3.37	%	$	10,502,034	$	251,468		3.20	%
Other assets		905,931							984,372
Total assets	$	11,837,746						$	11,486,406
Liabilities and stockholders' equity
Money market deposit accounts	$	2,541,927	$	2,801		0.15	%	$	2,557,172	$	4,022		0.21	%
NOW deposit accounts		1,570,318		1,260		0.11	%		1,419,102		531		0.05	%
Savings deposits		1,831,485		442		0.03	%		1,633,941		625		0.05	%
Time deposits		475,966		1,328		0.37	%		590,385		3,404		0.77	%
Total interest-bearing deposits	$	6,419,696	$	5,831		0.12	%	$	6,200,600	$	8,582		0.19	%
Federal funds purchased		513		13		3.39	%		-		-		-
Repurchase agreements		67,279		46		0.09	%		101,574		104		0.14	%
Short-term borrowings		2,170		54		3.33	%		1,740		26		2.00	%
Long-term debt		7,509		140		2.49	%		15,976		301		2.52	%
Subordinated debt, net		98,641		4,078		5.53	%		98,204		4,077		5.55	%
Junior subordinated debt		101,196		2,325		3.07	%		101,196		1,572		2.08	%
Total interest-bearing liabilities	$	6,697,004	$	12,487		0.25	%	$	6,519,290	$	14,662		0.30	%
Demand deposits		3,709,761							3,514,005
Other liabilities		219,983							243,525
Stockholders' equity		1,210,998							1,209,586
Total liabilities and stockholders' equity	$	11,837,746						$	11,486,406
Net interest income (FTE)1			$	263,323						$	236,806
Interest rate spread						3.12	%						2.90	%
Net interest margin (FTE)1						3.22	%						3.01	%
Taxable equivalent adjustment			$	912						$	899
Net interest income			$	262,411						$	235,907

15

¹ The following tables provide the Non-GAAP

Non-GAAP measures

(unaudited, dollars in thousands)

Pre-provision net revenue ("PPNR")	2022									2021
	3rd Q			2nd Q			1st Q			4th Q			3rd Q
Net income	$	38,973		$	37,775		$	39,126		$	37,310		$	37,433
Income tax expense		11,499			10,957			11,142			10,780			11,043
Provision for loan losses		4,484			4,390			596			3,097			(3,342	)
FTE adjustment		337			290			285			292			298
Net securities losses		148			587			179			2			100
Provision for unfunded loan commitments reserve		225			240			(260	)		(250	)		(470	)
Nonrecurring expense		-			-			(172	)		250			2,288
PPNR	$	55,666		$	54,239		$	50,896		$	51,481		$	47,350
Average assets	$	11,614,669		$	11,866,518		$	12,036,688		$	11,999,360		$	11,747,295
Return on average assets3		1.33	%		1.28	%		1.32	%		1.23	%		1.26	%
PPNR return on average assets3		1.90	%		1.83	%		1.71	%		1.70	%		1.60	%

	9 Months Ended September 30,
	2022			2021
Net income	$	115,874		$	117,575
Income tax expense		33,598			34,193
Provision for loan losses		9,470			(11,354	)
FTE adjustment		912			899
Net securities losses (gains)		914			(568	)
Provision for unfunded loan commitments reserve		205			(1,050	)
Nonrecurring expense		(172	)		4,168
PPNR	$	160,801		$	143,863
Average Assets	$	11,837,746		$	11,486,406
Return on average assets3		1.31	%		1.37	%
PPNR return on average assets3		1.82	%		1.67	%

PPNR is a Non-GAAP financial measure that management believes is useful in evaluating the underlying operating results of the Company excluding the volatility in the provision for loan losses, net securities gains (losses) and non-recurring income and/or expense.

FTE adjustment	2022									2021
	3rd Q			2nd Q			1st Q			4th Q			3rd Q
Net interest income	$	94,478		$	87,585		$	80,348		$	85,181		$	77,674
Add: FTE adjustment		337			290			285			292			298
Net interest income (FTE)	$	94,815		$	87,875		$	80,633		$	85,473		$	77,972
Average earning assets	$	10,727,291		$	10,983,020		$	11,089,110		$	11,017,224		$	10,727,498
Net interest margin (FTE)3		3.51	%		3.21	%		2.95	%		3.08	%		2.88	%

	9 Months Ended September 30,
	2022			2021
Net interest income	$	262,411		$	235,907
Add: FTE adjustment		912			899
Net interest income (FTE)	$	263,323		$	236,806
Average earning assets	$	10,931,815		$	10,502,034
Net interest margin (FTE)3		3.22	%		3.01	%

Interest income for tax-exempt securities and loans have been adjusted to a FTE basis using the statutory Federal income tax rate of 21%.

16

¹ The following tables provide the Non-GAAP reconciliations for the Non-GAAP measures contained in this release:

Non-GAAP measures

(unaudited, dollars in thousands)

Tangible equity to tangible assets	2022									2021
	3rd Q			2nd Q			1st Q			4th Q			3rd Q
Total equity	$	1,156,546		$	1,188,556		$	1,202,250		$	1,250,453		$	1,241,457
Intangible assets		289,083			289,259			288,832			289,468			290,119
Total assets	$	11,640,742		$	11,720,459		$	12,147,833		$	12,012,111		$	11,994,411
Tangible equity to tangible assets		7.64	%		7.87	%		7.70	%		8.20	%		8.13	%

Return on average tangible common equity	2022									2021
	3rd Q			2nd Q			1st Q			4th Q			3rd Q
Net income	$	38,973		$	37,775		$	39,126		$	37,310		$	37,433
Amortization of intangible assets (net of tax)		408			409			477			488			497
Net income, excluding intangibles amortization	$	39,381		$	38,184		$	39,603		$	37,798		$	37,930
Average stockholders' equity	$	1,201,656		$	1,190,585		$	1,241,188		$	1,244,751		$	1,233,045
Less: average goodwill and other intangibles		289,296			289,584			289,218			289,834			290,492
Average tangible common equity	$	912,360		$	901,001		$	951,970		$	954,917		$	942,553
Return on average tangible common equity3		17.12	%		17.00	%		16.87	%		15.70	%		15.97	%

	9 Months Ended September 30,
	2022			2021
Net income	$	115,874		$	117,575
Amortization of intangible assets (net of tax)		1,294			1,618
Net income, excluding intangibles amortization	$	117,168		$	119,193
Average stockholders' equity	$	1,210,998		$	1,209,586
Less: average goodwill and other intangibles		289,366			291,177
Average tangible common equity	$	921,632		$	918,409
Return on average tangible common equity3		17.00	%		17.35	%

² Non-GAAP measure - Stockholders' equity less goodwill and intangible assets divided by common shares outstanding.

³ Annualized.

⁴ Total past due loans, defined as loans 30 days or more past due and in an accrual status.

⁵ Securities are shown at average amortized cost.

⁶ For purposes of these computations, nonaccrual loans and loans held for sale are included in the average loan balances outstanding.