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STOCK-BASED COMPENSATION (Tables)
 6 Months Ended
Jun. 30, 2024
STOCK-BASED COMPENSATION [Abstract]  
Restricted Stock Activity Under Omnibus Plan [Table Text Block]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The following table
 
summarizes the restricted stock
 
activity under the Omnibus
 
Plan during the six-month
 
periods ended June 30,
2024 and 2023:
Six-Month Period Ended June 30,
2024
2023
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
889,642
$
12.30
938,491
$
9.14
Granted (1)
398,569
17.35
495,891
11.99
Forfeited
(3,464)
13.30
(57,491)
11.29
Vested
(253,504)
12.26
(481,536)
5.93
Unvested shares outstanding at end of period
1,031,243
$
14.26
895,355
$
12.31
(1)
For the six-month period ended June 30, 2024,
 
includes
2,280
 
shares of restricted stock awarded to independent
 
directors and
396,289
 
shares of restricted stock awarded to employees,
 
of
which
84,122
 
shares were granted to retirement-eligible employees
 
and thus charged to earnings as of the grant date.
 
For the six-month period ended June 30, 2023,
 
includes
3,502
 
shares
of restricted stock awarded
 
to independent directors
 
and
492,389
 
shares of restricted
 
stock awarded to
 
employees, of which
33,718
 
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]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Six-Month Period Ended June 30,
2024
2023
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
534,261
$
12.25
791,923
$
7.36
Additions
(1)
165,487
18.39
216,876
12.24
Vested
(2)
(150,716)
11.26
(474,538)
4.08
Performance units at end of period
549,032
$
14.37
534,261
$
12.25
(1)
Units granted during the six-month periods ended June 30, 2024 and 2023 are based on the achievement of the Relative TSR and TBVPS performance goals during a three-year performance cycle beginning January 1,
2024 and January 1, 2023, respectively, and ending on December 31, 2026 and December 31, 2025, respectively.
(2)
Units vested during the six-month periods ended June 30, 2024 and 2023 are related to performance units granted in 2021 and 2020, respectively, that met the pre-established target and were 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 of
 
the Relative
 
TSR component
 
of the
performance units granted under the Omnibus Plan during the six-month
 
periods ended June 30, 2024 and 2023:
Six-Month Period Ended June 30,
2024
2023
Risk-free interest rate
(1)
4.41
%
3.98
%
Correlation coefficient
73.80
77.16
Expected dividend yield
(2)
-
-
Expected volatility
(3)
34.65
41.37
Expected life (in years)
2.78
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.