XML 36 R21.htm IDEA: XBRL DOCUMENT
v3.25.0.1

Stock-Based Compensation | 12 Months Ended
--- | ---
Dec. 31, 2024
Stock-Based Compensation [Abstract] |
Stock-Based Compensation | 13. Stock-Based Compensation In May 2024, the Company adopted the NBT Bancorp Inc. 2024 Omnibus Incentive Plan (the “Stock Plan”) replacing the 2018 Omnibus Incentive Plan. Under the terms of the Stock Plan, equity-based awards are granted to directors and employees to increase their direct proprietary interest in the operations and success of the Company. The Stock Plan assumed all prior equity-based incentive plans and any new equity-based awards are granted under the terms of the Stock Plan. Restricted shares granted under the Plan typically vest after three or five years for employees and one year for non-employee directors. Restricted stock units granted under the Stock Plan may have different terms and conditions. Performance shares and units granted under the Stock Plan for executives may have different terms and conditions. Since 2011, the Company primarily grants restricted stock unit awards. Stock option grants since that time were reloads of existing grants which terminate ten years from the date of the grant. Under terms of the Stock Plan, stock options are granted to purchase shares of the Company’s common stock at a price equal to the fair market value of the common stock on the date of the grant. Shares issued as a result of vesting of restricted stock unit awards and stock option exercises are funded from the Company’s treasury stock. The Company has outstanding restricted stock granted from various plans at December 31, 2024. The Company recognized $6.0 million, $5.1 million and $4.5 million in stock-based compensation expense related to these stock awards for the years ended December 31, 2024, 2023 and 2022, respectively. Tax benefits recognized with respect to restricted stock units were $1.5 million, $1.3 million and $1.2 million for the years ended December 31, 2024, 2023 and 2022, respectively. Unrecognized compensation cost related to restricted stock units totaled $6.0 million at December 31, 2024 and will be recognized over 1.4 years on a weighted average basis. Shares issued are funded from the Company’s treasury stock. The following table summarizes information for unvested restricted stock units outstanding as of December 31, 2024:
|  | Number of Shares |  |  | Weighted- Average Grant Date Fair Value |
Unvested at January 1, 2024 |  |  | 540,650 |  |  | $ | 32.72 |
Forfeited |  |  | (3,510 | ) |  |  | 34.62 |
Vested |  |  | (138,561 | ) |  |  | 33.28 |
Granted |  |  | 184,899 |  |  |  | 35.06 |
Unvested at December 31, 2024 |  |  | 583,478 |  |  | $ | 33.32 |
The following table summarizes information concerning stock options outstanding:
(In thousands, except share and per share data) |  | Number of Shares |  |  | Weighted Average Exercise Price |  |  | Weighted Average Remaining Contractual Term (in Years) |  |  | Aggregate Intrinsic Value |
Outstanding at January 1, 2024 |  |  | 5,350 |  |  | $ | 33.24 |  |  |  |  |  |  |
Exercised |  |  | (1,500 | ) |  |  | 40.63 |  |  |  |  |  |  |
Outstanding at December 31, 2024 |  |  | 3,850 |  |  | $ | 30.36 |  |  |  | 1.26 |  |  | $ | 67 |
Exercisable at December 31, 2024 |  |  | 3,850 |  |  | $ | 30.36 |  |  |  | 1.26 |  |  | $ | 67 |
There was no stock-based compensation expense for stock option awards for the years ended December 31, 2024, 2023 and 2022. Cash proceeds, tax benefits and intrinsic value related to total stock options exercised is as follows:
|  | Years Ended December 31, |
(In thousands) |  | 2024 |  |  | 2023 |  |  | 2022 |
Proceeds from stock options exercised |  | $ | 61 |  |  | $ | 91 |  |  | $ | - |
Tax benefits related to stock options exercised |  |  | 2 |  |  |  | 13 |  |  |  | - |
Intrinsic value of stock options exercised |  |  | 8 |  |  |  | 50 |  |  |  | - |
The Company has 620,241 securities remaining available to be granted as part of the Plan at December 31, 2024.

X
- Definition The entire disclosure for share-based payment arrangement. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/718/tableOfContent Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h)(2)(i) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (l) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
Name: | us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration