NBT Bancorp enhances executive retirement plan

NBT Bancorp Inc . (NASDAQ:NBTB), a national commercial banking institution with a market capitalization of $2.1 billion and a P/E ratio of 14.7, has amended the retirement agreement for executive Scott Kingsley, increasing his annual retirement contributions to a minimum of $1 million, effective for the 2025 plan year.

The amendment, announced today, modifies the existing Supplemental Executive Retirement Plan (SERP) for Mr. Kingsley, which was originally dated May 21, 2024. This adjustment represents a $500,000 increase in the annual Pay Based Credits provided by the company for Mr. Kingsley’s retirement plan.

This financial arrangement was disclosed in an 8-K filing with the Securities and Exchange Commission (SEC) and is effective from today, March 24, 2025. The full details of the SERP Amendment, which outlines the terms of the increased retirement contributions, have been filed as Exhibit 10.1 with the SEC.

NBT Bancorp, headquartered in Norwich, New York, operates through a network of banking locations serving individual and business customers. The company’s decision to enhance the retirement benefits of a key executive comes as part of its broader compensation strategy.

The information about the amendment is based on the latest regulatory filing with the SEC and is intended to provide shareholders and the public with transparency regarding executive compensation at NBT Bancorp Inc.

In other recent news, NBT Bancorp reported its fourth-quarter 2024 earnings, achieving an earnings per share (EPS) of $0.77, which aligned with analyst expectations. The company’s revenue for the quarter was $148.9 million, exceeding the forecasted $146.16 million. This positive revenue performance stands out amid other developments. Additionally, NBT Bancorp announced a merger with Evans Bancorp (NYSE:EVBN), marking a strategic expansion into Western New York markets. The merger is expected to be completed in the second quarter of 2025. In terms of analyst activity, there were no specific upgrades or downgrades mentioned for NBT Bancorp. However, the merger with Evans Bancorp has been a focal point for discussions regarding the company’s future growth prospects. The company has also been active in the Upstate New York semiconductor chip corridor, which could provide further growth opportunities.

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