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Pay vs Performance Disclosure - USD ($)
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Pay vs Performance Disclosure      
Pay vs Performance Disclosure, Table
Pay Versus Performance Disclosure
In accordance with rules adopted by the Securities and Exchange Commission pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, we provide the following disclosure regarding executive compensation for our principal executive officer (“PEO”) and
Non-PEO
NEOs and Company performance for the fiscal years listed below. The Compensation Committee did not consider the pay versus performance disclosure below in making its pay decisions for any of the years shown.
 
Year
  
Summary Compensation
Table Total for Thomas J.

Shara
1

($)
    
Compensation Actually
Paid to Thomas J.

Shara
1,2,3

($)
    
Average
Summary
Compensation
Table Total for
Non-PEO

NEOs
1

($)
    
Average
Compensation
Actually Paid to
Non-PEO NEOs
1,2,3

($)
    
Value of Initial Fixed

$100 Investment based
on:
4
    
Net Income
($ Millions)
    
Adjusted Pre-

Tax Net
Income
5

($ Millions)
 
  
TSR

($)
    
Peer
Group
TSR

($)
 
2022
     3,097,917        2,765,549        1,117,397        1,081,400        112.82        103.58        107.4        153.83  
2021
     3,487,152        4,720,973        1,141,270        1,528,846        117.63        116.16        95.0        111.43  
2020
     2,459,101        2,022,640        772,516        641,478        76.24        81.55        57.5        78.25  
 
(1)
Thomas J. Shara was our PEO for each year presented. The individuals comprising the
Non-PEO
NEOs for each year presented are listed below.
 
2020 - 2022
Thomas F. Splaine
Ronald E. Schwarz
Timothy J. Matteson
James M. Nigro
 
(2)
The amounts shown for Compensation Actually Paid have been calculated in accordance with Item 402(v) of Regulation
S-K
and do not reflect compensation actually earned, realized, or received by the Company’s NEOs. These amounts reflect the Summary Compensation Table Total with certain adjustments as described in footnote 3 below.
(3)
Compensation Actually Paid reflects the exclusions and inclusions of certain amounts for the PEO and the
Non-PEO
NEOs as set forth below. Equity values are calculated in accordance with FASB ASC Topic 718. Amounts in the Exclusion of Stock Awards column are the totals from the Stock Awards column set forth in the Summary Compensation Table. Amounts in the Exclusion of Change in Pension Value column reflect the amounts attributable to the Change in Pension Value reported in the Summary Compensation Table. Amounts in the Inclusion of Pension Service Cost are based on the service cost for services rendered during the listed year.
 
Year
  
Summary Compensation
Table Total for Thomas

J. Shara

($)
    
Exclusion of Change
in Pension Value for
Thomas J. Shara

($)
   
Exclusion of Stock
Awards for Thomas J.

Shara

($)
   
Inclusion of Pension
Service Cost for Thomas

J. Shara

($)
   
Inclusion of Equity
Values for Thomas J.

Shara

($)
    
Compensation Actually
Paid to Thomas J. Shara
($)
 
2022
     3,097,917        —         (1,018,100     (211,061     895,793        2,765,549  
2021
     3,487,152        (194,721     (1,376,018     162,232       2,642,328        4,720,973  
2020
     2,459,101        (231,767     (591,199     211,516       174,989        2,022,640  
 
Year
 
Average Summary
Compensation Table
Total for
Non-PEO

NEOs

($)
   
Average Exclusion of
Change in Pension Value
for
Non-PEO
NEOs

($)
   
Average Exclusion of
Stock Awards for Non-

PEO NEOs

($)
   
Average Inclusion of
Pension Service Cost for
Non-PEO
NEOs

($)
    
Average Inclusion of
Equity Values for Non-

PEO NEOs

($)
    
Average Compensation
Actually Paid to Non-

PEO NEOs

($)
 
2022     1,117,397       —         (328,757     —          292,760        1,081,400  
2021     1,141,270       —         (426,060     —          813,636        1,528,846  
2020     772,516       —         (200,630     —          69,592        641,478  
The amounts in the Inclusion of Equity Values in the tables above are derived from the amounts set forth in the following tables:
 
Year
  
Year-End Fair Value

of Equity Awards
Granted During Year
That Remained
Unvested as of Last
Day of Year for
Thomas J. Shara
($)
  
Change in Fair Value
from Last Day of
Prior Year to Last
Day of Year of
Unvested Equity
Awards for Thomas
J. Shara
($)
  
Vesting-Date Fair
Value of Equity
Awards Granted
During Year that
Vested During Year
for Thomas J. Shara
($)
  
Change in Fair Value
from Last Day of
Prior Year to Vesting
Date of Unvested
Equity Awards that
Vested During Year
for Thomas J. Shara
($)
  
Total - Inclusion of
Equity Values for
Thomas J. Shara
($)
2022
   1,016,692    (78,197)    —      (42,702)    895,793
2021
   2,184,103    370,285    —      87,940    2,642,328
2020
   430,952    (207,562)    —      (48,401)    174,989
 
Year
  
Average Year-End

Fair Value of Equity
Awards Granted
During Year That
Remained Unvested
as of Last Day of
Year for
Non-PEO

NEOs

($)
    
Average Change in
Fair Value from Last
Day of Prior Year to
Last Day of Year of
Unvested Equity
Awards for Non-PEO

NEOs

($)
   
Average Vesting-
Date Fair Value of
Equity Awards
Granted During Year
that Vested During
Year for
Non-PEO

NEOs

($)
    
Average Change in
Fair Value from Last
Day of Prior Year to
Vesting Date of
Unvested Equity
Awards that Vested
During Year for Non-

PEO NEOs

($)
   
Total - Average

Inclusion of
Equity Values for
Non-PEO
NEOs

($)
 
2022
     219,820        (13,458     108,875        (22,477     292,760  
2021
     525,156        129,456       133,422        25,602       813,636  
2020
     145,839        (67,185     —          (9,062     69,592  
 
1. The Peer Group TSR set forth in this table utilizes the peer companies used for compensation benchmarking purposes, which are summarized in our Compensation Discussion & Analysis section of the proxy statement, for the years reflected in the table above. The comparison assumes $100 was invested for the period starting December 31, 2019, through the end of the listed year in the Company and in the compensation benchmarking peers, respectively. Historical stock performance is not necessarily indicative of future stock performance. The following table shows the peer groups in each year.
 
2020 Peers
  
2021 Peers
  
2022 Peers
Bridge Bancorp, Inc.    Columbia Financial, Inc.    Columbia Financial, Inc.
Bryn Mawr Bank Corporation    Community Bank System, Inc.    Community Bank System, Inc.
CNB Financial Corporation    ConnectOne Bancorp, Inc.    ConnectOne Bancorp, Inc.
Columbia Financial, Inc.    Customers Bancorp, Inc.    Customers Bancorp, Inc.
ConnectOne Bancorp, Inc.    Dime Community Bancshares, Inc.    Dime Community Bancshares, Inc.
Customers Bancorp, Inc.    Eagle Bancorp, Inc.    Eagle Bancorp, Inc.
Financial Institutions, Inc.    First Commonwealth Financial Corporation    First Commonwealth Financial Corporation
First Commonwealth Financial Corporation    Flushing Financial Corporation    Flushing Financial Corporation
The First of Long Island Corporation    Kearny Financial Corp.    Kearny Financial Corp.
Flushing Financial Corporation    NBT Bancorp Inc.    NBT Bancorp Inc.
Kearny Financial Corp.    Northfield Bancorp, Inc. (Staten Island, NY)    Northfield Bancorp, Inc. (Staten Island, NY)
NBT Bancorp Inc.    Northwest Bancshares, Inc.    Northwest Bancshares, Inc.
Northfield Bancorp, Inc. (Staten Island, NY)    OceanFirst Financial Corp.    OceanFirst Financial Corp.
Northwest Bancshares, Inc.    Peapack-Gladstone Financial Corporation    Peapack-Gladstone Financial Corporation
OceanFirst Financial Corp.    Provident Financial Services, Inc.    Provident Financial Services, Inc.
Peapack-Gladstone Financial Corporation    S&T Bancorp, Inc.    S&T Bancorp, Inc.
Provident Financial Services, Inc.    Sandy Spring Bancorp, Inc.    Sandy Spring Bancorp, Inc.
S&T Bancorp, Inc.    Tompkins Financial Corporation    Tompkins Financial Corporation
Sandy Spring Bancorp, Inc.    Univest Financial Corporation    Univest Financial Corporation
Tompkins Financial Corporation    Washington Trust Bancorp, Inc.    Washington Trust Bancorp, Inc.
Univest Financial Corporation    WSFS Financial Corporation    WSFS Financial Corporation
WSFS Financial Corporation      
 
2. We determined adjusted
pre-tax
net income to be the most important financial performance measure used to link Company performance to Compensation Actually Paid to our PEO and
Non-PEO
NEOs in 2022. Adjusted
pre-tax
net income is a
non-GAAP
financial measure used in our Annual Incentive Plan (AIP), and the Compensation Committee’s adjustments to this measure are described in the Compensation Discussion and Analysis of our proxy statements for each of our two most recent fiscal years. This performance measure may not have been the most important financial performance measure for years 2021 and 2020 and we may determine a different financial performance measure to be the most important financial performance measure in future
years
.
   
Company Selected Measure Name Adjusted pre-tax net income    
Named Executive Officers, Footnote
(1)
Thomas J. Shara was our PEO for each year presented. The individuals comprising the
Non-PEO
NEOs for each year presented are listed below.
 
2020 - 2022
Thomas F. Splaine
Ronald E. Schwarz
Timothy J. Matteson
James M. Nigro
   
Peer Group Issuers, Footnote
1. The Peer Group TSR set forth in this table utilizes the peer companies used for compensation benchmarking purposes, which are summarized in our Compensation Discussion & Analysis section of the proxy statement, for the years reflected in the table above. The comparison assumes $100 was invested for the period starting December 31, 2019, through the end of the listed year in the Company and in the compensation benchmarking peers, respectively. Historical stock performance is not necessarily indicative of future stock performance. The following table shows the peer groups in each year.
 
2020 Peers
  
2021 Peers
  
2022 Peers
Bridge Bancorp, Inc.    Columbia Financial, Inc.    Columbia Financial, Inc.
Bryn Mawr Bank Corporation    Community Bank System, Inc.    Community Bank System, Inc.
CNB Financial Corporation    ConnectOne Bancorp, Inc.    ConnectOne Bancorp, Inc.
Columbia Financial, Inc.    Customers Bancorp, Inc.    Customers Bancorp, Inc.
ConnectOne Bancorp, Inc.    Dime Community Bancshares, Inc.    Dime Community Bancshares, Inc.
Customers Bancorp, Inc.    Eagle Bancorp, Inc.    Eagle Bancorp, Inc.
Financial Institutions, Inc.    First Commonwealth Financial Corporation    First Commonwealth Financial Corporation
First Commonwealth Financial Corporation    Flushing Financial Corporation    Flushing Financial Corporation
The First of Long Island Corporation    Kearny Financial Corp.    Kearny Financial Corp.
Flushing Financial Corporation    NBT Bancorp Inc.    NBT Bancorp Inc.
Kearny Financial Corp.    Northfield Bancorp, Inc. (Staten Island, NY)    Northfield Bancorp, Inc. (Staten Island, NY)
NBT Bancorp Inc.    Northwest Bancshares, Inc.    Northwest Bancshares, Inc.
Northfield Bancorp, Inc. (Staten Island, NY)    OceanFirst Financial Corp.    OceanFirst Financial Corp.
Northwest Bancshares, Inc.    Peapack-Gladstone Financial Corporation    Peapack-Gladstone Financial Corporation
OceanFirst Financial Corp.    Provident Financial Services, Inc.    Provident Financial Services, Inc.
Peapack-Gladstone Financial Corporation    S&T Bancorp, Inc.    S&T Bancorp, Inc.
Provident Financial Services, Inc.    Sandy Spring Bancorp, Inc.    Sandy Spring Bancorp, Inc.
S&T Bancorp, Inc.    Tompkins Financial Corporation    Tompkins Financial Corporation
Sandy Spring Bancorp, Inc.    Univest Financial Corporation    Univest Financial Corporation
Tompkins Financial Corporation    Washington Trust Bancorp, Inc.    Washington Trust Bancorp, Inc.
Univest Financial Corporation    WSFS Financial Corporation    WSFS Financial Corporation
WSFS Financial Corporation      
   
PEO Total Compensation Amount $ 3,097,917 $ 3,487,152 $ 2,459,101
PEO Actually Paid Compensation Amount $ 2,765,549 4,720,973 2,022,640
Adjustment To PEO Compensation, Footnote
(3)
Compensation Actually Paid reflects the exclusions and inclusions of certain amounts for the PEO and the
Non-PEO
NEOs as set forth below. Equity values are calculated in accordance with FASB ASC Topic 718. Amounts in the Exclusion of Stock Awards column are the totals from the Stock Awards column set forth in the Summary Compensation Table. Amounts in the Exclusion of Change in Pension Value column reflect the amounts attributable to the Change in Pension Value reported in the Summary Compensation Table. Amounts in the Inclusion of Pension Service Cost are based on the service cost for services rendered during the listed year.
 
Year
  
Summary Compensation
Table Total for Thomas

J. Shara

($)
    
Exclusion of Change
in Pension Value for
Thomas J. Shara

($)
   
Exclusion of Stock
Awards for Thomas J.

Shara

($)
   
Inclusion of Pension
Service Cost for Thomas

J. Shara

($)
   
Inclusion of Equity
Values for Thomas J.

Shara

($)
    
Compensation Actually
Paid to Thomas J. Shara
($)
 
2022
     3,097,917        —         (1,018,100     (211,061     895,793        2,765,549  
2021
     3,487,152        (194,721     (1,376,018     162,232       2,642,328        4,720,973  
2020
     2,459,101        (231,767     (591,199     211,516       174,989        2,022,640  
 
The amounts in the Inclusion of Equity Values in the tables above are derived from the amounts set forth in the following tables:
 
Year
  
Year-End Fair Value

of Equity Awards
Granted During Year
That Remained
Unvested as of Last
Day of Year for
Thomas J. Shara
($)
  
Change in Fair Value
from Last Day of
Prior Year to Last
Day of Year of
Unvested Equity
Awards for Thomas
J. Shara
($)
  
Vesting-Date Fair
Value of Equity
Awards Granted
During Year that
Vested During Year
for Thomas J. Shara
($)
  
Change in Fair Value
from Last Day of
Prior Year to Vesting
Date of Unvested
Equity Awards that
Vested During Year
for Thomas J. Shara
($)
  
Total - Inclusion of
Equity Values for
Thomas J. Shara
($)
2022
   1,016,692    (78,197)    —      (42,702)    895,793
2021
   2,184,103    370,285    —      87,940    2,642,328
2020
   430,952    (207,562)    —      (48,401)    174,989
   
Non-PEO NEO Average Total Compensation Amount $ 1,117,397 1,141,270 772,516
Non-PEO NEO Average Compensation Actually Paid Amount $ 1,081,400 1,528,846 641,478
Adjustment to Non-PEO NEO Compensation Footnote
(3)
Compensation Actually Paid reflects the exclusions and inclusions of certain amounts for the PEO and the
Non-PEO
NEOs as set forth below. Equity values are calculated in accordance with FASB ASC Topic 718. Amounts in the Exclusion of Stock Awards column are the totals from the Stock Awards column set forth in the Summary Compensation Table. Amounts in the Exclusion of Change in Pension Value column reflect the amounts attributable to the Change in Pension Value reported in the Summary Compensation Table. Amounts in the Inclusion of Pension Service Cost are based on the service cost for services rendered during the listed year.
 
Year
 
Average Summary
Compensation Table
Total for
Non-PEO

NEOs

($)
   
Average Exclusion of
Change in Pension Value
for
Non-PEO
NEOs

($)
   
Average Exclusion of
Stock Awards for Non-

PEO NEOs

($)
   
Average Inclusion of
Pension Service Cost for
Non-PEO
NEOs

($)
    
Average Inclusion of
Equity Values for Non-

PEO NEOs

($)
    
Average Compensation
Actually Paid to Non-

PEO NEOs

($)
 
2022     1,117,397       —         (328,757     —          292,760        1,081,400  
2021     1,141,270       —         (426,060     —          813,636        1,528,846  
2020     772,516       —         (200,630     —          69,592        641,478  
The amounts in the Inclusion of Equity Values in the tables above are derived from the amounts set forth in the following tables:
 
Year
  
Average Year-End

Fair Value of Equity
Awards Granted
During Year That
Remained Unvested
as of Last Day of
Year for
Non-PEO

NEOs

($)
    
Average Change in
Fair Value from Last
Day of Prior Year to
Last Day of Year of
Unvested Equity
Awards for Non-PEO

NEOs

($)
   
Average Vesting-
Date Fair Value of
Equity Awards
Granted During Year
that Vested During
Year for
Non-PEO

NEOs

($)
    
Average Change in
Fair Value from Last
Day of Prior Year to
Vesting Date of
Unvested Equity
Awards that Vested
During Year for Non-

PEO NEOs

($)
   
Total - Average

Inclusion of
Equity Values for
Non-PEO
NEOs

($)
 
2022
     219,820        (13,458     108,875        (22,477     292,760  
2021
     525,156        129,456       133,422        25,602       813,636  
2020
     145,839        (67,185     —          (9,062     69,592  
   
Compensation Actually Paid vs. Total Shareholder Return
Relationship Between PEO and
Non-PEO
NEO Compensation Actually Paid and Company Total Shareholder Return (“TSR”)
The following chart sets forth the relationship between Compensation Actually Paid to our PEO, the average of Compensation Actually Paid to our
Non-PEO
NEOs, and the Company’s cumulative TSR over the three most recently completed fiscal years.
 
LOGO
   
Compensation Actually Paid vs. Net Income
Relationship Between PEO and
Non-PEO
NEO Compensation Actually Paid and Net Income
The following chart sets forth the relationship between Compensation Actually Paid to our PEO, the average of Compensation Actually Paid to our
Non-PEO
NEOs, and our Net Income during the three most recently completed fiscal years.
 
LOGO
   
Compensation Actually Paid vs. Company Selected Measure
Relationship Between PEO and
Non-PEO
NEO Compensation Actually Paid and Adjusted
Pre-Tax
Net Income
The following chart sets forth the relationship between Compensation Actually Paid to our PEO, the average of Compensation Actually Paid to our
Non-PEO
NEOs, and our Adjusted
Pre-Tax
Net Income during the three most recently completed fiscal years.
 
LOGO
   
Total Shareholder Return Vs Peer Group
Relationship Between Company TSR and Peer Group TSR
The following chart compares our cumulative TSR over the three most recently completed fiscal years to that of the peer group over the same period.
 
LOGO
   
Tabular List, Table
Tabular List of Most Important Financial Performance Measures
The following table presents the financial performance measures that the Company considers to have been the most important in linking Compensation Actually Paid to our PEO and other NEOs for 2022 to Company performance. The measures in this table are not ranked.
 
Pre-tax Net Income
Efficiency Ratio
Relative Return on Average Equity
Relative Total Shareholder Return
   
Total Shareholder Return Amount $ 112.82 117.63 76.24
Peer Group Total Shareholder Return Amount 103.58 116.16 81.55
Net Income (Loss) $ 107,400,000 $ 95,000,000 $ 57,500,000
Company Selected Measure Amount 153,830,000 111,430,000 78,250,000
PEO Name Thomas J. Shara    
Measure:: 1      
Pay vs Performance Disclosure      
Name Pre-tax Net Income    
Non-GAAP Measure Description 2. We determined adjusted
pre-tax
net income to be the most important financial performance measure used to link Company performance to Compensation Actually Paid to our PEO and
Non-PEO
NEOs in 2022. Adjusted
pre-tax
net income is a
non-GAAP
financial measure used in our Annual Incentive Plan (AIP), and the Compensation Committee’s adjustments to this measure are described in the Compensation Discussion and Analysis of our proxy statements for each of our two most recent fiscal years. This performance measure may not have been the most important financial performance measure for years 2021 and 2020 and we may determine a different financial performance measure to be the most important financial performance measure in future
years
.
   
Measure:: 2      
Pay vs Performance Disclosure      
Name Efficiency Ratio    
Measure:: 3      
Pay vs Performance Disclosure      
Name Relative Return on Average Equity    
Measure:: 4      
Pay vs Performance Disclosure      
Name Relative Total Shareholder Return    
PEO | Exclusion of Change in Pension Value [Member]      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount   $ (194,721) $ (231,767)
PEO | Exclusion of Stock Awards [Member]      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount $ (1,018,100) (1,376,018) (591,199)
PEO | Inclusion of Pension Service Cost [Member]      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount (211,061) 162,232 211,516
PEO | Inclusion of Equity Values [Member]      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount 895,793 2,642,328 174,989
PEO | Fair Value of Equity Awards Granted During Year That Remained Unvested [Member]      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount 1,016,692 2,184,103 430,952
PEO | Change in Fair Value from Last Day of Prior Year to Last Day of Year of Unvested Equity Awards [Member]      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount (78,197) 370,285 (207,562)
PEO | Change in Fair Value from Last Day of Prior Year to Vesting Date of Unvested Equity Awards that Vested [Member]      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount (42,702) 87,940 (48,401)
Non-PEO NEO | Exclusion of Stock Awards [Member]      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount (328,757) (426,060) (200,630)
Non-PEO NEO | Inclusion of Equity Values [Member]      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount 292,760 813,636 69,592
Non-PEO NEO | Fair Value of Equity Awards Granted During Year That Remained Unvested [Member]      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount 219,820 525,156 145,839
Non-PEO NEO | Change in Fair Value from Last Day of Prior Year to Last Day of Year of Unvested Equity Awards [Member]      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount (13,458) 129,456 (67,185)
Non-PEO NEO | Vesting Date Fair Value of Equity Awards Granted [Member]      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount 108,875 133,422  
Non-PEO NEO | Change in Fair Value from Last Day of Prior Year to Vesting Date of Unvested Equity Awards that Vested [Member]      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount $ (22,477) $ 25,602 $ (9,062)