Ownership Submission
FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
DIETRICH MARTIN A
   2. Issuer Name and Ticker or Trading Symbol
NBT BANCORP INC [NBTB] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
__X__ Director _____ 10% Owner
__X__ Officer (give title below) _____ Other (specify below)
President & CEO NBT Bancorp
(Last)
(First)
(Middle)
52 SOUTH BROAD STREET		 3. Date of Earliest Transaction (Month/Day/Year)
02/01/2012
(Street)

NORWICH, NY 13815		 4. If Amendment, Date Original Filed(Month/Day/Year)
 6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)		 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code
(Instr. 8)		 4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)		 5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)		 6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)		 7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V Amount (A) or (D) Price
NBT Bancorp Inc. Common Stock 02/01/2012   M   24,000 A $ 17.538 179,945.498 D  
NBT Bancorp Inc. Common Stock 02/01/2012   S   24,000 D $ 22.8356 155,945.498 D  
NBT Bancorp Inc. Common Stock 02/01/2012   S   3,629 D $ 22.9554 (1) 152,316.498 D  
NBT Bancorp Inc. Common Stock 02/01/2012   S   2,856 D $ 22.8981 149,460.498 D  
NBT Bancorp Inc. Common Stock 02/02/2012   S   848 D $ 22.8854 0 I by Spouse
NBT Bancorp Inc. Common Stock               17,953.564 I 401k
NBT Bancorp Inc. Common Stock               755 I Custodian for Minor
NBT Bancorp Inc. Common Stock               10,512.263 I NBT Bancorp ESOP

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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)		 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code
(Instr. 8)		 5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)		 6. Date Exercisable and Expiration Date
(Month/Day/Year)		 7. Title and Amount of Underlying Securities
(Instr. 3 and 4)		 8. Price of Derivative Security
(Instr. 5)		 9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)		 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)		 11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Non-Qualified Stock Option (right to buy) $ 17.538 02/01/2012   M     24,000 01/01/2004 01/01/2013 NBT Bancorp Inc. Common Stock 24,000 $ 22.8356 0 D  
Non-Qualified Stock Option (right to buy) $ 20.19             01/15/2011(2) 01/15/2020 NBT Bancorp Inc. Common Stock 25,000   25,000 D  
Non-Qualified Stock Option (right to buy) $ 20.3617             01/15/2009(3) 01/15/2018 NBT Bancorp Inc. Common Stock 25,000   25,000 D  
Non-Qualified Stock Option (right to buy) $ 20.94             11/18/2013(4) 11/18/2021 NBT Bancorp Inc. Common Stock 30,000   30,000 D  
Non-Qualified Stock Option (right to buy) $ 22.1715             01/01/2005(3) 01/01/2014 NBT Bancorp Inc. Common Stock 21,311   21,311 D  
Non-Qualified Stock Option (right to buy) $ 22.205             02/11/2006(4) 02/11/2014 NBT Bancorp Inc. Common Stock 3,840   3,840 D  
Non-Qualified Stock Option (right to buy) $ 22.352             01/01/2007(3) 01/01/2016 NBT Bancorp Inc. Common Stock 30,000   30,000 D  
Non-Qualified Stock Option (right to buy) $ 23.2708             01/20/2006(3) 01/20/2015 NBT Bancorp Inc. Common Stock 22,423   22,423 D  
Non-Qualified Stock Option (right to buy) $ 24.4458             08/01/2007(4) 08/01/2015 NBT Bancorp Inc. Common Stock 6,470   6,470 D  
Non-Qualified Stock Option (right to buy) $ 24.5692             12/27/2009(4) 12/27/2017 NBT Bancorp Inc. Common Stock 12,641   12,641 D  
Non-Qualified Stock Option (right to buy) $ 25.38             01/15/2010(2) 01/15/2019 NBT Bancorp Inc. Common Stock 25,000   25,000 D  
Non-Qualified Stock Option (right to buy) $ 25.762             01/01/2008(3) 01/01/2017 NBT Bancorp Inc. Common Stock 28,000   28,000 D  

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
DIETRICH MARTIN A
52 SOUTH BROAD STREET
NORWICH, NY 13815		   X     President & CEO NBT Bancorp  

Signatures

 By: F. Sheldon Prentice, Power of Attorney For: Martin A Dietrich   02/02/2012
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) The sale price is an average of 2,944 shares sold at $ 22.95002, 585 shares sold at $ 22.98 and 100 shares sold at $ 22.97.
(2) Pursuant to NBT Bancorp Inc. Omnibus Stock Option Agreement the grant vests 40% for first year, 20% annually for following years.
(3) Pursuant to NBT Bancorp Inc. 1993 Stock Option Plan grant vests 40% for first year, 20% annually for following years.
(4) Pursuant to NBT Bancorp Inc. 1993 Stock Option Plan reload grant vests 100% two years after date of its grant.

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