v3.26.1
STOCK-BASED COMPENSATION (Tables)
 3 Months Ended
Mar. 31, 2026
STOCK-BASED COMPENSATION [Abstract]  
Restricted Stock Activity Under Omnibus Plan [Table Text Block]
The following table summarizes the restricted stock activity under the 2016 Omnibus
Plan during the quarters ended March 31,
2026 and 2025:
Quarter ended
Quarter ended
March 31, 2026
March 31, 2025
Number of
Weighted-
Number of
Weighted-
shares of
Average
shares of
Average
restricted
Grant Date
restricted
Grant Date
stock
Fair Value
stock
Fair Value
Unvested shares outstanding at beginning of year
1,033,690
$
16.71
1,007,621
$
14.39
Granted
(1)
436,540
20.59
447,631
18.35
Forfeited
-
-
(2,180)
15.22
Vested
(404,613)
14.48
(364,677)
12.44
Unvested shares outstanding at end of period
1,065,617
$
19.14
1,088,395
$
16.67
(1)
For the quarter ended March 31, 2026, includes
1,872
shares of restricted stock awarded to independent directors and
434,668
shares of restricted stock awarded to employees, of which
87,895
shares were granted to retirement-eligible employees and thus
charged to earnings as of the grant date. For the
quarter ended March 31, 2025, includes
2,086
shares of restricted
stock awarded to independent directors and
445,545
shares of restricted stock awarded to employees, of which
103,560
shares were granted to retirement-eligible employees and thus
charged to earnings as of the grant date.
Summary Of Performance Units Activity [Table Text Block]
Quarter ended
Quarter ended
March 31, 2026
March 31, 2025
Number
Weighted -
Number
Weighted -
of
Average
of
Average
Performance
Grant Date
Performance
Grant Date
Units
Fair Value
Units
Fair Value
Performance units at beginning of year
544,107
$
16.02
549,032
$
14.37
Additions
(1)
(3)
144,458
20.22
160,744
18.66
Vested
(2)
(3)
(216,876)
12.24
(166,669)
13.15
Performance units at end of period
471,689
$
19.04
543,107
$
16.01
(1)
Units granted during the quarters ended March 31, 2026 and 2025
are based on the achievement of the Relative TSR and TBVPS
performance goals during a three-year performance cycle
beginning January 1, 2026 and January 1, 2025, respectively,
and ending on December 31, 2028 and December 31, 2027,
respectively.
(2)
Units vested during the quarters ended March 31, 2026 and
2025 are related to performance units granted in
2023 and 2022, respectively,
that met the pre-established target and were
settled with shares of common stock reissued from treasury shares.
(3)
Excludes the aforementioned
55,805
additional shares awarded
in connection with the
2023 performance share award
which were also
settled with shares of
common stock reissued
from
treasury shares.
Summary Of Valuation Assumptions [Table Text Block]
The following table
summarizes the valuation
assumptions used to
calculate the fair
value as of
the grant date
of the Relative
TSR
component of the performance units granted under the 2016 Omnibus Plan during
the quarters March 31, 2026 and 2025:
Quarter ended March 31,
2026
2025
Risk-free interest rate
(1)
3.75
%
3.92
%
Correlation coefficient
77.54
74.96
Expected dividend yield
(2)
-
-
Expected volatility
(3)
29.07
31.94
Expected life (in years)
2.79
2.79
(1)
Based on the yield on zero-coupon U.S. Treasury
Separate Trading of Registered Interest and
Principal of Securities as of the grant date for a period equal to the
simulation term.
(2)
Assumes that dividends are reinvested at each ex-dividend date.
(3)
Calculated based on the historical volatility of the Corporation's
stock price with a look-back period equal to the simulation
term using daily stock prices.