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Pay vs Performance Disclosure
5 Months Ended 7 Months Ended 12 Months Ended
May 21, 2024
Dec. 31, 2024
Dec. 31, 2024
USD ($)
$ / shares
Dec. 31, 2023
USD ($)
$ / shares
Dec. 31, 2022
USD ($)
$ / shares
Dec. 31, 2021
USD ($)
$ / shares
Dec. 31, 2020
USD ($)
$ / shares
Pay vs Performance Disclosure              
Pay vs Performance Disclosure, Table    
Pay Versus Performance
As required by Section 953(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act and Item 402(v) of Regulation S-K, the following disclosures provide information about the relationship between executive “Compensation Actually Paid” and the Company’s performance on select financial metrics. For further information regarding our executive compensation programs and our pay-for-performance philosophy, please refer to “Compensation Discussion and Analysis”.
The following table sets forth the Compensation Actually Paid to the Company’s CEO and average Compensation Actually Paid to the Company’s other NEOs during 2020 through 2024, both as reported in the Summary Compensation Table and with certain adjustments to reflect the “Compensation Actually Paid”, as defined under SEC rules. In addition, the table provides our cumulative Total Shareholder Return (“TSR”), the cumulative TSR of our peer group TSR (using the KBW Regional Banking index), Net Income and EPS, which is the “company selected measure” chosen for purposes of this disclosure.
Year
Summary Compensation
Table Total for CEO
Compensation Actually
Paid to CEO (1)
Average Summary
Compensation
Table Total for
Other NEOs(2)
($)
Average
Compensation
Actually Paid to
Other NEOs(3)
($)
Value of Initial Fixed $100
Investment Based On:
Net Income(6)
($ thousands)
EPS(7)
($)
Scott A.
Kingsley
($)
John H.
Watt, Jr.
($)
Scott A.
Kingsley
($)
John H.
Watt, Jr.
($)
TSR(4)
($)
Peer Group
TSR(5)
($)
2024
2,437,755
2,692,986
2,817,810
2,235,087
1,105,750
1,280,970
138.05
130.96
140,641
2.97
2023
2,522,200
2,494,953
793,495
851,280
117.35
115.69
118,782
2.65
2022
3,114,914
3,616,618
1,105,432
1,201,906
117.46
116.15
151,995
3.52
2021
2,766,141
3,014,358
653,695
685,710
101.22
124.78
154,885
3.54
2020
2,412,229
2,249,251
815,023
703,054
81.87
91.32
104,388
2.37
(1)
The amounts shown above represent “Compensation Actually Paid” to Watt and Kingsley for each corresponding year which they served as CEO, in accordance with the requirements of Item 402(v) of Regulation S-K. For the years reported in the table Watt has been CEO from January 2020 to May 2024 and Kingsley has been CEO since May 2024. The dollar amounts do not reflect the actual amount of compensation earned by or paid to Watt and Kingsley during the applicable year. The adjustments in the below table were made to Watt’s and Kingsley’s total compensation in the Summary Compensation Table for each year to determine the “Compensation Actually Paid” pursuant to Item 402(v) of Regulation S-K.
(2)
These amounts reflect the average total compensation reported for the Company’s NEOs as a group (excluding Watt and Kingsley) in the “Total” column of the Summary Compensation Table in each applicable year. The names of each of the NEOs (excluding Watt and Kingsley) included for purposes of calculating the average amounts in each applicable year are as follows: (i) for 2024 Burns, Stagliano, Mahoney and Wiles; (ii) for 2023 and 2022 Kingsley, Stagliano, Sparks and Mahoney; (iii) for 2021 Kingsley, Moran, Stagliano, Burns, Halliday and Wiles; and (iv) for 2020 Moran, Brenner, Stagliano and Scarlett.
(3)
The amounts shown above represent “Compensation Actually Paid” to the other NEOs for each corresponding year, in accordance with the requirements of Item 402(v) of Regulation S-K. The dollar amounts do not reflect the actual amount of compensation earned by or paid to the other NEOs during the applicable year. The adjustments in the below table were made to the other NEOs total compensation in the Summary Compensation Table for each year to determine the “Compensation Actually Paid” pursuant to Item 402(v) of Regulation S-K.
(4)
The amounts shown above represent the Company’s cumulative TSR on an assumed investment of $100 in shares of our common stock over the indicated measurement period. The cumulative TSR reported above was calculated by dividing the sum of the cumulative amount of dividends for the measurement period, assuming dividend reinvestment and the difference between our share price at the end and the beginning of the indicated measurement period by our share price at the beginning of the measurement period.
(5)
The peer group for purposes of this table is the KBW Regional Banking Index (“KRX”), which is the same peer group disclosed in the Company’s Annual Report on Form 10-K.
(6)
The dollar amounts reported represent the amount of net income reflected in the Company’s audited financial statements for the applicable year.
(7)
The dollar amounts reported represent the amount of diluted earnings per share reflected in the Company’s audited financial statements for the applicable year.
The following table reconciles the Summary Compensation Table to the Pay Versus Performance Table above for the CEO. The valuation assumptions used to calculate fair values did not materially differ from those disclosed at the time of grant.
 
Scott A.
Kingsley
2024
($)
John H.
Watt, Jr.
2024
($)
2023
($)
2022
($)
2021
($)
2020
($)
Compensation from Summary Compensation Table
2,437,755
2,692,986
2,522,200
3,114,914
2,766,141
2,412,229
Less Grant Date Fair Value of Stock Awards in Covered Year, as reported in the Summary Compensation Table
(628,585)
(718,354)
(685,744)
(718,779)
(725,136)
(652,239)
Add the Fair Value of Equity Awards Granted During the Covered Year determined as of the end of the Covered Year
911,161
933,405
892,414
854,897
719,074
744,286
Add Change in Fair Value of Equity Awards Granted in Prior Years that remain outstanding and unvested at the end of the Covered Year
86,202
250,390
(27,867)
250,000
277,295
(240,096)
Change in Fair Value for Equity Awards Granted in Prior Years that vested in the Covered Year
4,514
(32,051)
24,787
97,000
51,767
2,580
Less Aggregate Change in the Actuarial Pension Value of the Accumulated Benefit, as Reported in the Summary Compensation Table for the Covered Year
(157,092)
(1,216,039)
(585,612)
(255,176)
(317,897)
(282,164)
Add pension value attributable to Covered Year’s service and any change in pension value attributable to plan amendments made in the Covered Year
163,855
324,750
354,775
273,762
243,114
264,655
Compensation Actually Paid
2,817,810
2,235,087
2,494,953
3,616,618
3,014,358
2,249,251
The following table reconciles the Summary Compensation Table to the Pay Versus Performance Table above for the other NEOs. The valuation assumptions used to calculate fair values did not materially differ from those disclosed at the time of grant.
 
2024
($)
2023
($)
2022
($)
2021
($)
2020
($)
Compensation from Summary Compensation Table
1,105,750
793,495
1,105,432
653,695
815,023
Less Grant Date Fair Value of Stock Awards in Covered Year, as reported in the Summary Compensation Table
(307,739)
(234,913)
(275,923)
(150,859)
(212,900)
Add the Fair Value of Equity Awards Granted During the Covered Year determined as of the end of the Covered Year
430,289
305,373
332,066
154,751
242,946
Add Change in Fair Value of Equity Awards Granted in Prior Years that remain outstanding and unvested at the end of the Covered Year
59,540
(6,906)
29,504
55,992
(139,690)
Change in Fair Value for Equity Awards Granted in Prior Years that vested in the Covered Year
(7,796)
(1,266)
9,779
27,030
1,880
Less the fair value of any equity awards granted in a Prior Year that were forfeited in the Covered Year determined as of the end of the Prior Year
(52,969)
Less Aggregate Change in the Actuarial Pension Value of the Accumulated Benefit, as Reported in the Summary Compensation Table for the Covered Year
(2,212)
(8,753)
(1,535)
(5,097)
(9,208)
Add pension value attributable to Covered Year’s service and any change in pension value attributable to plan amendments made in the Covered Year
3,138
4,250
2,583
3,167
5,003
Compensation Actually Paid
1,280,970
851,280
1,201,906
685,710
703,054
       
Company Selected Measure Name     earnings per share        
Named Executive Officers, Footnote    
(1)
The amounts shown above represent “Compensation Actually Paid” to Watt and Kingsley for each corresponding year which they served as CEO, in accordance with the requirements of Item 402(v) of Regulation S-K. For the years reported in the table Watt has been CEO from January 2020 to May 2024 and Kingsley has been CEO since May 2024. The dollar amounts do not reflect the actual amount of compensation earned by or paid to Watt and Kingsley during the applicable year. The adjustments in the below table were made to Watt’s and Kingsley’s total compensation in the Summary Compensation Table for each year to determine the “Compensation Actually Paid” pursuant to Item 402(v) of Regulation S-K.
(2)
These amounts reflect the average total compensation reported for the Company’s NEOs as a group (excluding Watt and Kingsley) in the “Total” column of the Summary Compensation Table in each applicable year. The names of each of the NEOs (excluding Watt and Kingsley) included for purposes of calculating the average amounts in each applicable year are as follows: (i) for 2024 Burns, Stagliano, Mahoney and Wiles; (ii) for 2023 and 2022 Kingsley, Stagliano, Sparks and Mahoney; (iii) for 2021 Kingsley, Moran, Stagliano, Burns, Halliday and Wiles; and (iv) for 2020 Moran, Brenner, Stagliano and Scarlett.
       
Peer Group Issuers, Footnote    
(5)
The peer group for purposes of this table is the KBW Regional Banking Index (“KRX”), which is the same peer group disclosed in the Company’s Annual Report on Form 10-K.
       
Adjustment To PEO Compensation, Footnote    
The following table reconciles the Summary Compensation Table to the Pay Versus Performance Table above for the CEO. The valuation assumptions used to calculate fair values did not materially differ from those disclosed at the time of grant.
 
Scott A.
Kingsley
2024
($)
John H.
Watt, Jr.
2024
($)
2023
($)
2022
($)
2021
($)
2020
($)
Compensation from Summary Compensation Table
2,437,755
2,692,986
2,522,200
3,114,914
2,766,141
2,412,229
Less Grant Date Fair Value of Stock Awards in Covered Year, as reported in the Summary Compensation Table
(628,585)
(718,354)
(685,744)
(718,779)
(725,136)
(652,239)
Add the Fair Value of Equity Awards Granted During the Covered Year determined as of the end of the Covered Year
911,161
933,405
892,414
854,897
719,074
744,286
Add Change in Fair Value of Equity Awards Granted in Prior Years that remain outstanding and unvested at the end of the Covered Year
86,202
250,390
(27,867)
250,000
277,295
(240,096)
Change in Fair Value for Equity Awards Granted in Prior Years that vested in the Covered Year
4,514
(32,051)
24,787
97,000
51,767
2,580
Less Aggregate Change in the Actuarial Pension Value of the Accumulated Benefit, as Reported in the Summary Compensation Table for the Covered Year
(157,092)
(1,216,039)
(585,612)
(255,176)
(317,897)
(282,164)
Add pension value attributable to Covered Year’s service and any change in pension value attributable to plan amendments made in the Covered Year
163,855
324,750
354,775
273,762
243,114
264,655
Compensation Actually Paid
2,817,810
2,235,087
2,494,953
3,616,618
3,014,358
2,249,251
       
Non-PEO NEO Average Total Compensation Amount     $ 1,105,750 $ 793,495 $ 1,105,432 $ 653,695 $ 815,023
Non-PEO NEO Average Compensation Actually Paid Amount     $ 1,280,970 851,280 1,201,906 685,710 703,054
Adjustment to Non-PEO NEO Compensation Footnote    
The following table reconciles the Summary Compensation Table to the Pay Versus Performance Table above for the other NEOs. The valuation assumptions used to calculate fair values did not materially differ from those disclosed at the time of grant.
 
2024
($)
2023
($)
2022
($)
2021
($)
2020
($)
Compensation from Summary Compensation Table
1,105,750
793,495
1,105,432
653,695
815,023
Less Grant Date Fair Value of Stock Awards in Covered Year, as reported in the Summary Compensation Table
(307,739)
(234,913)
(275,923)
(150,859)
(212,900)
Add the Fair Value of Equity Awards Granted During the Covered Year determined as of the end of the Covered Year
430,289
305,373
332,066
154,751
242,946
Add Change in Fair Value of Equity Awards Granted in Prior Years that remain outstanding and unvested at the end of the Covered Year
59,540
(6,906)
29,504
55,992
(139,690)
Change in Fair Value for Equity Awards Granted in Prior Years that vested in the Covered Year
(7,796)
(1,266)
9,779
27,030
1,880
Less the fair value of any equity awards granted in a Prior Year that were forfeited in the Covered Year determined as of the end of the Prior Year
(52,969)
Less Aggregate Change in the Actuarial Pension Value of the Accumulated Benefit, as Reported in the Summary Compensation Table for the Covered Year
(2,212)
(8,753)
(1,535)
(5,097)
(9,208)
Add pension value attributable to Covered Year’s service and any change in pension value attributable to plan amendments made in the Covered Year
3,138
4,250
2,583
3,167
5,003
Compensation Actually Paid
1,280,970
851,280
1,201,906
685,710
703,054
       
Compensation Actually Paid vs. Total Shareholder Return            
Compensation Actually Paid vs. Net Income            
Compensation Actually Paid vs. Company Selected Measure            
Total Shareholder Return Vs Peer Group            
Tabular List, Table    
As also required by Section 953(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act and Item 402(v) of Regulation S-K, below is an unranked list of the most important financial measures used by the Committee to link executive compensation actually paid to each NEO to Company performance for the 2024 fiscal year:
Earnings per share
Return on average tangible common equity
Total shareholder return
Efficiency ratio
Net charge-offs to total loans
Year-over-year loan growth
Year-over-year deposit growth
       
Total Shareholder Return Amount     $ 138.05 117.35 117.46 101.22 81.87
Peer Group Total Shareholder Return Amount     130.96 115.69 116.15 124.78 91.32
Net Income (Loss)     $ 140,641,000 $ 118,782,000 $ 151,995,000 $ 154,885,000 $ 104,388,000
Company Selected Measure Amount | $ / shares     2.97 2.65 3.52 3.54 2.37
PEO Name Watt Kingsley   Watt Watt Watt Watt
Measure:: 1              
Pay vs Performance Disclosure              
Name     Earnings per share        
Measure:: 2              
Pay vs Performance Disclosure              
Name     Return on average tangible common equity        
Measure:: 3              
Pay vs Performance Disclosure              
Name     Total shareholder return        
Measure:: 4              
Pay vs Performance Disclosure              
Name     Efficiency ratio        
Measure:: 5              
Pay vs Performance Disclosure              
Name     Net charge-offs to total loans        
Measure:: 6              
Pay vs Performance Disclosure              
Name     Year-over-year loan growth        
Measure:: 7              
Pay vs Performance Disclosure              
Name     Year-over-year deposit growth        
Scott A. Kingsley [Member]              
Pay vs Performance Disclosure              
PEO Total Compensation Amount     $ 2,437,755 $ 0 $ 0 $ 0 $ 0
PEO Actually Paid Compensation Amount     2,817,810 0 0 0 0
John H. Watt, Jr. [Member]              
Pay vs Performance Disclosure              
PEO Total Compensation Amount     2,692,986 2,522,200 3,114,914 2,766,141 2,412,229
PEO Actually Paid Compensation Amount     2,235,087 2,494,953 3,616,618 3,014,358 2,249,251
PEO | Scott A. Kingsley [Member] | Aggregate Change in Present Value of Accumulated Benefit for All Pension Plans Reported in Summary Compensation Table              
Pay vs Performance Disclosure              
Adjustment to Compensation, Amount     (157,092)        
PEO | Scott A. Kingsley [Member] | Aggregate Pension Adjustments Service Cost              
Pay vs Performance Disclosure              
Adjustment to Compensation, Amount     163,855        
PEO | Scott A. Kingsley [Member] | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table              
Pay vs Performance Disclosure              
Adjustment to Compensation, Amount     (628,585)        
PEO | Scott A. Kingsley [Member] | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested              
Pay vs Performance Disclosure              
Adjustment to Compensation, Amount     911,161        
PEO | Scott A. Kingsley [Member] | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested              
Pay vs Performance Disclosure              
Adjustment to Compensation, Amount     86,202        
PEO | Scott A. Kingsley [Member] | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year              
Pay vs Performance Disclosure              
Adjustment to Compensation, Amount     4,514        
PEO | John H. Watt, Jr. [Member] | Aggregate Change in Present Value of Accumulated Benefit for All Pension Plans Reported in Summary Compensation Table              
Pay vs Performance Disclosure              
Adjustment to Compensation, Amount     (1,216,039) (585,612) (255,176) (317,897) (282,164)
PEO | John H. Watt, Jr. [Member] | Aggregate Pension Adjustments Service Cost              
Pay vs Performance Disclosure              
Adjustment to Compensation, Amount     324,750 354,775 273,762 243,114 264,655
PEO | John H. Watt, Jr. [Member] | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table              
Pay vs Performance Disclosure              
Adjustment to Compensation, Amount     (718,354) (685,744) (718,779) (725,136) (652,239)
PEO | John H. Watt, Jr. [Member] | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested              
Pay vs Performance Disclosure              
Adjustment to Compensation, Amount     933,405 892,414 854,897 719,074 744,286
PEO | John H. Watt, Jr. [Member] | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested              
Pay vs Performance Disclosure              
Adjustment to Compensation, Amount     250,390 (27,867) 250,000 277,295 (240,096)
PEO | John H. Watt, Jr. [Member] | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year              
Pay vs Performance Disclosure              
Adjustment to Compensation, Amount     (32,051) 24,787 97,000 51,767 2,580
Non-PEO NEO | Aggregate Change in Present Value of Accumulated Benefit for All Pension Plans Reported in Summary Compensation Table              
Pay vs Performance Disclosure              
Adjustment to Compensation, Amount     (2,212) (8,753) (1,535) (5,097) (9,208)
Non-PEO NEO | Aggregate Pension Adjustments Service Cost              
Pay vs Performance Disclosure              
Adjustment to Compensation, Amount     3,138 4,250 2,583 3,167 5,003
Non-PEO NEO | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table              
Pay vs Performance Disclosure              
Adjustment to Compensation, Amount     (307,739) (234,913) (275,923) (150,859) (212,900)
Non-PEO NEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested              
Pay vs Performance Disclosure              
Adjustment to Compensation, Amount     430,289 305,373 332,066 154,751 242,946
Non-PEO NEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested              
Pay vs Performance Disclosure              
Adjustment to Compensation, Amount     59,540 (6,906) 29,504 55,992 (139,690)
Non-PEO NEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year              
Pay vs Performance Disclosure              
Adjustment to Compensation, Amount     (7,796) (1,266) 9,779 27,030 1,880
Non-PEO NEO | Prior Year End Fair Value of Equity Awards Granted in Any Prior Year that Fail to Meet Applicable Vesting Conditions During Covered Year              
Pay vs Performance Disclosure              
Adjustment to Compensation, Amount     $ 0 $ 0 $ 0 $ (52,969) $ 0