Sale of Equity Investment

12 Months Ended

Dec. 31, 2016

Sale of Equity Investment [Abstract]

Sale of Equity Investment

22.        Sale of Equity Investment

On April 17, 2014, NBT Capital Corp., a wholly-owned subsidiary of NBT, sold to LendingClub Corporation ("LendingClub"), its 20% ownership interest in Springstone Financial, LLC ("Springstone"), which NBT originally acquired in exchange for a $3.0 million investment, as part of LendingClub's acquisition of all of the outstanding equity in Springstone. In total, LendingClub paid the group of selling equity holders a purchase price equal to $140.0 million in cash and preferred stock. As a result of this sale, the Company recognized a gain of $19.4 million in 2014 and a gain of $4.2 million in 2015.  There is $0.9 million in proceeds being held in escrow for indemnification provisions of the sale contract which will be recognized into income when the conditions of the contract have been deemed to be satisfied.