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Compensation Related Costs, General
12 Months Ended
Dec. 31, 2025
Compensation Related Costs [Abstract]  
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]
Stock-Based Compensation Plan
In February 2025, the Board of Directors, with subsequent approval of the Corporation’s shareholders, approved the adoption of the 2025 Equity Incentive Plan. Shares available for issuance under the 2020 Incentive Plan were rolled into the 2025 Equity Incentive Plan. As of December 31, 2025, 3.1 million shares remained available for issuance under the 2025 Plan.
The Corporation also issued restricted stock awards under the 2025 Plan and previously under the 2020 Plan. The shares of restricted stock are restricted as to transfer, but are not restricted as to dividend or voting rights. Restricted stock units receive dividend equivalents but do not have voting rights. The transfer restrictions lapse over three or four years, depending upon whether the awards are performance-based or service-based. Performance-based awards are based on one or more performance measures as selected by the Compensation & Benefits Committee in its discretion, and service-based awards are contingent upon continued employment or meeting the requirements for retirement. Performance-based restricted stock awards granted during 2024 and 2025 will cliff-vest after the three year performance period has ended. Service-based restricted stock awards granted during 2024 and 2025 will generally vest ratably over a period of four years.
The 2020 and 2025 Plans provide that restricted stock awards and stock options will immediately become fully vested upon retirement from the Corporation of retirement eligible colleagues or early retirement and death or disability. See Note 1 for the Corporation’s accounting policy for stock-based compensation.
A summary of the Corporation’s stock option activity for the year ended December 31, 2025 is presented below:
Stock Options
Shares(a)
Weighted Average
Exercise Price
Weighted Average
Remaining
Contractual Term
Aggregate
Intrinsic Value(a) 
Outstanding at December 31, 20241,778 $22.36 3.41 years$3,693 
Exercised263 20.32 
Forfeited or expired55 22.86 
Outstanding at December 31, 20251,460 $22.71 2.52 years$4,483 
Options exercisable at December 31, 20251,460 $22.71 2.52 years$4,483 
(a) In thousands
Intrinsic value represents the amount by which the fair market value of the underlying stock exceeds the exercise price of the stock option. For the years ended December 31, 2025, 2024, and 2023, the intrinsic value of stock options exercised was $1.5 million, $9.9 million, and $0.5 million, respectively. All stock options were vested as of December 31, 2024. The total fair value of stock options vested was $0.5 million for the year ended December 31, 2024, and $0.9 million for the year ended December 31, 2023.

The Corporation has issued time-based and performance-based restricted stock awards under the 2020 and 2025 Incentive Compensation Plans. Performance awards are based on performance goals determined by the Compensation and Benefits Committee of the Corporation's Board of Directors, with vesting ranging from a minimum of 0% to a maximum of 150% of the target award. Performance awards are valued utilizing a Monte Carlo simulation model to estimate fair value of the awards at the grant date.
The following table summarizes information about the Corporation’s restricted stock awards activity for the year ended December 31, 2025:
Restricted Stock
Shares(a)
Weighted Average
Grant Date Fair Value
Outstanding at December 31, 20242,310 $21.25 
Granted891 24.20 
Vested761 22.17 
Forfeited68 22.95 
Outstanding at December 31, 20252,372 $22.02 
(a) In thousands
The Corporation amortizes the expense related to restricted stock awards as compensation expense over the vesting period specified in the grant's award agreement. Expense for restricted stock awards of $18.1 million was recorded for the year ended December 31, 2025, $18.9 million for the year ended December 31, 2024, and $17.3 million for the year ended December 31, 2023. Included in compensation expense for 2025 was $5.7 million of expense for the accelerated vesting of restricted stock awards granted to retirement eligible colleagues. The Corporation had $18.2 million of unrecognized compensation costs related to restricted stock awards at December 31, 2025 that are expected to be recognized over the remaining requisite service periods that extend through the first quarter of 2029.
The Corporation has the ability to issue shares from treasury or new shares upon the exercise of stock options or the granting of restricted stock awards. As described in Note 9, the Board of Directors has authorized management to repurchase shares of the Corporation’s common stock, to be made available for issuance in connection with the Corporation’s employee incentive plans and for other corporate purposes. The repurchase of shares, if any, will be based on market and investment opportunities,
capital levels, growth prospects, and regulatory constraints. Such repurchases may occur from time to time in open market purchases, block transactions, private transactions, accelerated share repurchase programs, or similar facilities.