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Stock-Based Compensation
 12 Months Ended
Dec. 31, 2023
Stock-Based Compensation [Abstract]  
Stock-Based Compensation
13.          Stock-Based Compensation

In May 2018, the Company adopted the NBT Bancorp Inc. 2018 Omnibus Incentive Plan (the “Stock Plan”) replacing the 2008 Omnibus Incentive Plan which automatically expired in April 2018. 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 or three years 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, 2023. The Company recognized $5.1 million, $4.5 million and $4.4 million in stock-based compensation expense related to these stock awards for the years ended December 31, 2023, 2022 and 2021, respectively. Tax benefits recognized with respect to restricted stock units were $1.3 million, $1.2 million and $1.9 million for the years ended December 31, 2023, 2022 and 2021, respectively. Unrecognized compensation cost related to restricted stock units totaled $5.4 million at December 31, 2023 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, 2023:

 
  
Number
of Shares
    
Weighted-
Average Grant
Date Fair Value
  
Unvested at January 1, 2023
    
532,372
    
$
32.15
  
Forfeited
    
(4,597
)
    
33.85
  
Vested
    
(126,312
)
    
31.41
  
Granted
    
139,187
      
33.73
  
Unvested at December 31, 2023
    
540,650
    
$
32.72
  

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, 2023
    
9,100
    
$
29.89
              
Exercised
    
(3,630
)
    
25.09
              
Expired
    
(120
)
    
26.29
              
Outstanding at December 31, 2023
    
5,350
    
$
33.24
      
2.50
    
$
46
  
                                 
Exercisable at December 31, 2023
    
5,350
    
$
33.24
      
2.50
    
$
46
  

There was no stock-based compensation expense for stock option awards for the years ended December 31, 2023, 2022 and 2021. Cash proceeds, tax benefits and intrinsic value related to total stock options exercised is as follows: 

 
Years Ended December 31,
  
(In thousands)
  
2023
    
2022
    
2021
  
Proceeds from stock options exercised
  
$
91
    
$
-
    
$
112
  
Tax benefits related to stock options exercised
    
13
      
-
      
13
  
Intrinsic value of stock options exercised
    
50
      
-
      
52
  

The Company has 182,418 securities remaining available to be granted as part of the Plan at December 31, 2023.