NBT Bancorp Directors Ramp Up Insider Buying, Buying Phantom Shares Ahead of Anticipated Upside

Insider Buying Continues for NBT Bancorp’s Senior Leadership

The most recent Form 4 filed on May 21, 2026 shows director Kowalczyk Andrew S III purchasing 1,128 phantom‑stock shares at $45.86 each—a buy‑side move that adds 7,726.93 shares to his holding. The transaction is part of a broader pattern of insider purchases that has persisted since the end of 2025. Since December 31, 2025, Kowalczyk has accumulated roughly 12,600 common‑stock shares and 6,600 phantom‑stock units, indicating a steady, long‑term confidence in the bank’s strategic direction.

What Does This Mean for Investors? Phantom stock, while not a direct equity stake, aligns the director’s interests with shareholder value and typically vests over several years. A purchase at the current price—just below the 52‑week high of $46.92—suggests that Kowalczyk believes the stock is still undervalued and will likely rise as the bank’s growth initiatives take hold. For investors, the continued insider buying may serve as a “green flag,” implying management sees opportunities for upside in the near term. However, the lack of any recent large sales indicates no immediate pressure to liquidate, which could help dampen short‑term volatility.

Kowalczyk’s Insider Profile Kowalczyk has shown a preference for phantom‑stock instruments, having acquired 1,187 units in May 2025 and 205 units in December 2025. His cumulative holdings now stand at 6,598.49 phantom shares, roughly 0.3 % of the bank’s outstanding shares. Historically, his purchases have been modest and spaced out, suggesting a patient, long‑term view rather than speculative trading. This pattern is consistent with other senior executives who use the 2024 Omnibus Incentive Plan to reinforce their commitment to the bank’s performance.

Context Within Company‑Wide Activity The same day saw a flurry of insider activity, with several directors—including the president, EVP of General Counsel, and EVP of Risk—executing buys and sells that total more than 30,000 shares. While the aggregate volume is substantial, the net position across all insiders remains positive, hinting at overall confidence in the bank’s trajectory. The recent 4.26 % weekly gain and 2.80 % monthly gain reflect a solid performance trajectory that aligns with the insiders’ bullish stance.

Outlook for NBT Bancorp With a market cap of $2.33 billion and a P/E of 12.69, NBT Bancorp sits comfortably in the upper‑mid‑cap banking niche. The bank’s focus on retail and commercial banking, coupled with trust and investment services, positions it well to capitalize on rising interest rates and expanding small‑business lending. The continued insider buying—particularly in phantom‑stock instruments—signals that senior leadership expects continued earnings growth. For investors, the key will be monitoring whether the bank can sustain its recent earnings momentum while navigating the broader banking regulatory landscape.