STOCK-BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 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 years ended December 31, 2023,

2022 and 2021:

Year Ended December 31, 

2023

2022

2021

Number of

Weighted-

Number of

Weighted-

Number of

Weighted-

shares of

Average

shares of

Average

shares of

Average

restricted

Grant Date

restricted

Grant Date

restricted

Grant Date

stock

 Fair Value

stock

 Fair Value

stock

 Fair Value

Unvested shares outstanding at beginning of year

938,491

$

9.14

1,148,775

$

6.61

1,320,723

$

5.74

Granted (1)

522,801

12.07

327,195

13.21

324,360

11.47

Forfeited

(63,133)

11.36

(15,108)

8.79

(82,486)

6.42

Vested

(508,517)

6.36

(522,371)

6.13

(413,822)

7.69

Unvested shares outstanding at end of year

889,642

$

12.30

938,491

$

9.14

1,148,775

$

6.61

(1)

For the year ended December 31, 2023, includes

28,793

 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. For the year ended December 31, 2022, includes

27,529

 shares of

restricted stock awarded to independent directors and

299,666

 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. For the year ended December 31, 2021, includes

29,291

 shares of restricted stock awarded to independent directors and

295,069

 shares of

restricted stock awarded to employees, of which

19,804

 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]

Year Ended December 31, 

2023

2022

2021

Number 

Weighted-

Number 

Weighted-

Number 

Weighted-

of

Average

of

Average

of

Average

Performance

Grant Date

Performance

Grant Date

Performance

Grant Date

Units

Fair Value

Units

Fair Value

Units

Fair Value

Performance units at beginning of year

791,923

$

7.36

814,899

$

7.06

1,006,768

$

6.16

Additions

(1)

216,876

12.24

166,669

13.15

160,485

11.26

Vested

(2)

(474,538)

4.08

(189,645)

11.16

(304,408)

6.29

Forfeited

-

-

-

-

(47,946)

7.08

Performance units at end of year

534,261

$

12.25

791,923

$

7.36

814,899

$

7.06

(1)

Units granted during 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 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. Units granted during 2021 are

subject to the achievement of the TBVPS performance goal during a three-year performance cycle beginning January 1, 2021 and ending on December 31, 2023.

(2)

Units vested during 2023 and 2022 are related to performance units granted in 2020 and 2019, respectively, that met certain pre-established targets and were settled with shares of common stock reissued from treasury

shares. Units vested during 2021 are related to performance units granted in 2018 that met certain pre-established targets and were settled with new shares of common stock.

Summary Of Valuation Assumptions [Table Text Block]

Year Ended

December 31, 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.