STOCK-BASED COMPENSATION (Tables)

9 Months Ended

Sep. 30, 2023

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 nine-month periods ended

September 30, 2023 and 2022:

Nine-Month Period Ended September 30,

2023

2022

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

938,491

$

9.14

1,148,775

$

6.61

Granted

(1)

519,794

12.06

323,364

13.18

Forfeited

(58,454)

11.31

(15,108)

8.79

Vested

(503,460)

6.27

(510,007)

6.05

Unvested shares outstanding at end of period

896,371

$

12.32

947,024

$

9.12

(1)

Includes, for the nine-month period ended September 30,2023,

25,786

 shares of restricted stock awarded to independent directors and

494,008

 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. Includes, for the nine-month period ended September

30,2022,

24,972

 shares of restricted stock awarded to independent directors and

298,392

 shares of restricted stock awarded to employees, of which

6,084

 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]

Nine-Month Period Ended September 30,

2023

2022

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

791,923

7.36

814,899

7.06

Additions

(1)

216,876

12.24

166,669

13.15

Vested

(2)

(474,538)

4.08

(189,645)

11.16

Performance units at end of period

534,261

12.25

791,923

7.36

(1)

Units granted during the nine-month period ended September 30, 2023 are subject to the achievement of the Relative TSR and TBVPS performance goals during a three-year performance

cycle beginning January 1, 2023 and ending on December 31, 2025. Units granted during the nine-month period ended September 30, 2022 are subject to the achievement of the TBVPS

performance goal during a three-year performance cycle beginning January 1, 2022 and ending on December 31, 2024.

(2)

Units vested during the nine-month period ended September 30, 2023 are related to performance units granted in 2020 that met certain pre-established targets and were settled with shares

of common stock reissued from treasury shares. Units vested during the nine-month period ended September 30, 2022 are related to performance units granted in 2019 that met certain pre-

established targets and were settled with shares of common stock reissued from treasury shares.

Summary Of Valuation Assumptions [Table Text Block]

Nine-Month Period Ended

September 30, 2023

Risk-free interest rate

(1)

3.98

%

Correlation coefficient

77.16

Expected dividend yield

(2)

-

Expected volatility

(3)

41.37

Expected life (in years)

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.

(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.