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Employee Benefits (Tables)
 6 Months Ended
Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]  
Schedule of Components of Net Pension Expense
The components of net pension expense for the plans for the periods indicated are as follows:
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
(In thousands)
Components of net periodic benefit cost:
Service cost (1)$5,588 $6,338 $11,177 $12,677 
Interest cost4,630 4,298 9,260 8,596 
Expected return on plan assets(8,451)(7,532)(16,904)(15,064)
Prior service credit(2,489)(2,970)(4,977)(5,940)
Recognized net actuarial loss1,775 2,468 3,550 4,936 
Net periodic benefit cost$1,053 $2,602 $2,106 $5,205 
(1)Includes service costs related to employees of our insurance agency business with regard to the three and six months ended June 30, 2023. Such service costs were included in net income from discontinued operations as such costs are no longer incurred by the Company following the sale of the insurance agency business in October 2023. All other costs included in the determination of the benefit obligation for the Defined Benefit Plan and the BEP were included in net income from continuing operations as the Bank assumed the related liability upon dissolution of its Eastern Insurance Group subsidiary. Service costs included in net income from discontinued operations and included in the above table were $1.5 million and $3.0 million for the three and six months ended June 30, 2023, respectively.
Schedule of Share-Based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity
The following table summarizes the Company’s restricted stock award activity for the periods indicated:
For the Six Months Ended June 30,
20242023
Restricted Stock AwardsNumber of SharesWeighted-Average Grant Price Per ShareNumber of SharesWeighted-Average Grant Price Per Share
Non-vested restricted stock as of the beginning of the respective period420,400$19.15 525,460$20.08 
Granted56,35213.84 47,82011.50 
Vested(47,820)11.50 (28,690)19.17 
Forfeited—— —— 
Non-vested restricted stock as of the end of the respective period (1)428,932$18.47 544,590$19.37 
(1)Includes the effect of modifications to previously awarded and unvested restricted share awards for two plan participants to accelerate vesting. The financial effect of the modifications on total unrecognized compensation expense was not significant.
During the six months ended June 30, 2024 and 2023, 47,820 and 28,690 RSA awards vested, respectively. In the aggregate, the amount of RSAs granted each year had a grant date fair value of $0.5 million.
The following table summarizes the Company’s restricted stock unit activity for the periods indicated:
For the Six Months Ended June 30,
20242023
Restricted Stock UnitsNumber of SharesWeighted-Average Grant Price Per ShareNumber of SharesWeighted-Average Grant Price Per Share
Non-vested restricted stock units as of the beginning of the respective period952,001$19.46 972,325$21.08 
Granted416,27612.81 318,57715.63 
Vested (1)(303,015)19.38 (231,407)21.08 
Forfeited(4,980)14.59 (640)21.08 
Non-vested restricted stock units as of the end of the respective period1,060,282$16.89 1,058,855$19.44 
(1)Includes 98,531 and 74,625 shares withheld upon settlement for employee taxes for the six months ended June 30, 2024 and 2023, respectively.
During the six months ended June 30, 2024 and 2023, 303,015 and 231,407 RSU awards vested, respectively. Such awards had a grant date fair value of $5.9 million and $4.9 million, respectively.
The following table summarizes the Company’s performance stock unit activity for the periods indicated:
For the Six Months Ended June 30,
20242023
Performance Stock UnitsNumber of SharesWeighted-Average Grant Price Per ShareNumber of SharesWeighted-Average Grant Price Per Share
Non-vested performance stock units as of the beginning of the respective period633,034$19.40 533,676$21.12 
Granted234,09110.82 108,98410.16 
Vested—— —— 
Forfeited—— —— 
Non-vested performance stock units as of the end of the respective period867,125$17.08 642,660$19.26 
Schedule of Share-based Compensation Expense Under the 2021 Plan and the Related Tax Benefit
The following table shows share-based compensation expense under the 2021 Plan and the related tax benefit for the periods indicated:
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
(In millions)
Share-based compensation expense$4.2 $4.7 $7.8 $7.7 
Related tax benefit (1)1.2 1.3 2.2 2.2 
(1)Estimated based upon the Company’s statutory rate for each respective period.