XML 36 R22.htm IDEA: XBRL DOCUMENT v3.20.4
Stockholders' Equity
 12 Months Ended
Dec. 31, 2020
Stockholders' Equity [Abstract]  
Stockholders' Equity
14.          Stockholders’ Equity

In accordance with GAAP, unrecognized prior service costs and net actuarial gains or losses associated with the Company’s pension and postretirement benefit plans and unrealized gains on derivatives and on AFS securities are included in AOCI, net of tax. For the years ended December 31, components of AOCI are:

(In thousands)
  
2020
    
2019
    
2018
  
Unrecognized prior service cost and net actuarial (losses) on pension plans
  
$
(20,134
)
  
$
(21,677
)
  
$
(27,689
)
Unrealized (losses) gains on derivatives (cash flow hedges)
    
(16
)
    
(32
)
    
1,821
  
Unrealized net holding gains (losses) on AFS securities
    
20,567
      
2,683
      
(17,306
)
AOCI
  
$
417
    
$
(19,026
)
  
$
(43,174
)

Certain restrictions exist regarding the ability of the subsidiary bank to transfer funds to the Company in the form of cash dividends. The approval of the OCC is required to pay dividends when a bank fails to meet certain minimum regulatory capital standards or when such dividends are in excess of a subsidiary bank’s earnings retained in the current year plus retained net profits for the preceding two years as specified in applicable OCC regulations. At December 31, 2020, approximately $194.2 million of the total stockholders’ equity of the Bank was available for payment of dividends to the Company without approval by the OCC. The Bank’s ability to pay dividends also is subject to the Bank being in compliance with regulatory capital requirements. The Bank is currently in compliance with these requirements. Under the State of Delaware General Corporation Law, the Company may declare and pay dividends either out of accumulated net retained earnings or capital surplus.

The Company purchased 263,507 shares of its common stock during the year ended December 31, 2020, for a total of $8.0 million at an average price of $30.28 per share under its previously announced plan. As of December 31, 2020, there were 736,493 shares available for repurchase under this plan, which expires on December 31, 2021. On January 27, 2021, the NBT Board of Directors approved an increase to the total number of shares authorized under the stock repurchase program to 2 million shares from 1 million shares, previously.