STOCK-BASED COMPENSATION (Tables)

3 Months Ended

Mar. 31, 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 quarters ended March 31, 2024

and 2023:

Quarter ended

Quarter ended

March 31, 2024

March 31, 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)

398,013

17.35

495,891

11.99

Forfeited

(1,905)

12.14

(25,415)

9.98

Vested

(252,504)

12.26

(481,536)

5.93

Unvested shares outstanding at end of period

1,033,246

$

14.26

927,431

$

12.32

(1)

For the quarter ended March 31,2024, includes

2,280

 shares of restricted stock awarded to independent directors and

395,733

 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. Includes for the quarter ended March 31,2023,

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]

Quarter ended

Quarter ended

March 31, 2024

March 31, 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 quarters ended March 31, 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 quarters ended March 31, 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 quarters ended March 31, 2024 and 2023:

Quarter Ended March 31,

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.