NBT BANCORP INC - 10-Q Quarterly Report

SECURITIES AND EXCHANGE COMMISSION

Washington, D. C. 20549

X QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE

For the quarterly period ended March 31, 2005.

__ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE

For the transition period from ________ to ________.

COMMISSION FILE NUMBER 0-14703

NBT BANCORP INC.

(Exact Name of Registrant as Specified in its Charter)

DELAWARE 16-1268674

(State of Incorporation) (I.R.S. Employer Identification No.)

52 SOUTH BROAD STREET, NORWICH, NEW YORK 13815

(Address of Principal Executive Offices) (Zip Code)

Registrant's Telephone Number, Including Area Code: (607) 337-2265

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for shorter periods that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes [X] No [ ]

Indicate by check mark whether the registrant is an accelerated filer (as defined in Exchange Act Rule 12b-2).

As of April 30, 2005, there were 32,416,303 shares outstanding of the Registrant's common stock, $0.01 par value.

NBT BANCORP INC.

FORM 10-Q--Quarter Ended March 31, 2005

TABLE OF CONTENTS

PART I FINANCIAL INFORMATION

Item 1 Interim Financial Statements (Unaudited)

Consolidated Balance Sheets at March 31, 2005, December 31, 2004 and March 31, 2004

Consolidated Statements of Income for the three-month periods ended March 31, 2005 and 2004

Consolidated Statements of Stockholders’ Equity for the three-month periods ended March 31, 2005 and 2004

Consolidated Statements of Cash Flows for the three-month periods ended March 31, 2005 and 2004

Consolidated Statements of Comprehensive Income for the three-month periods ended March 31, 2005 and 2004

Notes to Unaudited Interim Consolidated Financial Statements

Item 2 Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 3 Quantitative and Qualitative Disclosures about Market Risk

Item 4 Controls and Procedures

PART II OTHER INFORMATION

Item 1 Legal Proceedings

Item 2 Unregistered Sales of Equity Securities and Use of Proceeds

Item 3 Defaults Upon Senior Securities

Item 4 Submission of Matters to a Vote of Security Holders

Item 5 Other Information

Item 6 Exhibits and Reports on Form 8-K

INDEX TO EXHIBITS

NBT Bancorp Inc. and Subsidiaries Consolidated Balance Sheets (unaudited)	March 31, 2005			December 31, 2004			March 31, 2004
(in thousands, except share and per share data)

ASSETS
Cash and due from banks	$	106,520		$	98,437		$	98,552
Short-term interest bearing accounts		5,783			8,286			4,157
Securities available for sale, at fair value		950,555			952,542			977,950
Securities held to maturity (fair value - $87,407, $82,712 and $99,020)		87,063			81,782			91,205
Federal Reserve and Federal Home Loan Bank stock		36,942			36,842			30,648
Loans and leases		2,898,187			2,869,921			2,646,674
Less allowance for loan and lease losses		45,389			44,932			43,303
Net loans		2,852,798			2,824,989			2,603,371
Premises and equipment, net		63,806			63,743			62,426
Goodwill		47,544			45,570			47,521
Intangible assets, net		4,234			2,013			2,260
Bank owned life insurance		32,634			32,302			31,200
Other assets		67,560			65,798			67,443
TOTAL ASSETS	$	4,255,439		$	4,212,304		$	4,016,733

LIABILITIES AND STOCKHOLDERS’ EQUITY
Deposits:
Demand (noninterest bearing)	$	509,077		$	520,218		$	464,867
Savings, NOW, and money market		1,467,265			1,435,561			1,482,755
Time		1,192,585			1,118,059			1,066,994
Total deposits		3,168,927			3,073,838			3,014,616
Short-term borrowings		307,514			338,823			238,093
Trust preferred debentures		18,720			18,720			18,720
Long-term debt		394,500			394,523			369,679
Other liabilities		46,539			54,167			53,345
Total liabilities		3,936,200			3,880,071			3,694,453

Stockholders’ equity:
Common stock, $0.01 par value; shares authorized- 50,000,000;
Shares issued 34,400,991, 34,401,008 and 34,401,055
at March 31, 2005, December 31, 2004 and March 31, 2004, respectively		344			344			344
Additional paid-in-capital		209,607			209,523			209,331
Retained earnings		152,391			145,812			126,799
Unvested stock awards		(637	)		(296	)		(229	)
Accumulated other comprehensive (loss) income		(3,922	)		4,989			12,283
Treasury stock at cost 1,976,636, 1,544,247, and 1,528,580 shares at March 31, 2005, December 31, 2004 and March 31, 2004, respectively		(38,544	)		(28,139	)		(26,248	)
Total stockholders’ equity		319,239			332,233			322,280
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	4,255,439		$	4,212,304		$	4,016,733

See notes to unaudited interim consolidated financial statements.

NBT Bancorp Inc. and Subsidiaries	Three months ended March 31,
Consolidated Statements of Income (unaudited)	2005		2004
(in thousands, except per share data)
Interest, fee and dividend income:
Interest and fees on loans and leases	$	43,944	$	39,894
Securities available for sale		10,247		10,769
Securities held to maturity		803		797
Other		467		267
Total interest, fee and dividend income		55,461		51,727

Interest expense:
Deposits		10,720		10,045
Short-term borrowings		1,861		793
Long-term debt		3,808		3,615
Trust preferred debentures		258		180
Total interest expense		16,647		14,633
Net interest income		38,814		37,094
Provision for loan and lease losses		1,796