Form 4: NBT Bancorp Executive Sells Shares to Cover Tax Obligations

NBT Bancorp's SEVP and President of NBT Bank, Joseph R. Stagliano, sold a portion of his holdings to cover tax obligations.

Summary

• Joseph R. Stagliano, SEVP & President of NBT Bank, sold a total of 2,665 shares of NBT Bancorp Inc. common stock on January 15, 2025.
• The sales were executed at a price of $47.62 per share.
• These transactions were made to cover tax obligations related to the vesting of restricted stock units.
• Following the transactions, Mr. Stagliano directly owns 76,190.255 shares of NBT Bancorp Inc. common stock.
• He also indirectly owns 6,644.085 shares through a 401k and 1,891.933 shares through the NBT Bancorp ESOP.
• Additionally, Mr. Stagliano holds 20,643.536 shares of phantom stock.

Sentiment

Score: 5

Explanation: The document reflects a routine transaction by an executive to cover tax obligations, which is neither positive nor negative for the company's outlook.

Industry Context

Executive stock sales are a common occurrence, often related to personal financial planning or tax obligations. This transaction is not unusual and is a normal part of executive compensation.

Comparison to Industry Standards

• Executive stock sales are a common practice across the financial industry, often tied to vesting schedules and tax planning.
• Similar transactions are regularly reported by executives at comparable financial institutions such as M&T Bank (MTB) and KeyCorp (KEY).
• These sales are typically disclosed via SEC Form 4 filings, ensuring transparency and compliance with regulations.

Stakeholder Impact

• The stock sale by an executive may have a minor impact on shareholder sentiment, but is not expected to significantly affect the company's performance.

Key Dates

Keywords

NBT Bancorp, insider trading, stock sale, executive, Joseph R. Stagliano, Form 4, tax obligations, share sale