Employee Benefits (Tables)

9 Months Ended

Sep. 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 September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
	(In thousands)
Components of net periodic benefit cost:
Service cost (1)	$	5,634	$	6,339	$	16,811	$	19,016
Interest cost	5,062		4,297		14,322		12,893
Expected return on plan assets	(9,076)		(7,532)		(25,980)		(22,596)
Prior service credit	(2,488)		(2,970)		(7,465)		(8,910)
Recognized net actuarial loss	1,775		2,468		5,325		7,404
Net periodic benefit cost	$	907	$	2,602	$	3,013	$	7,807

(1)Includes service costs related to employees of our insurance agency business with regard to the three and nine months ended September 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 sale of the assets 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 $4.5 million for the three and nine months ended September 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 Nine Months Ended September 30,
	2024			2023
Restricted Stock Awards	Number of Shares	Weighted-Average Grant Price Per Share		Number of Shares	Weighted-Average Grant Price Per Share
Non-vested restricted stock as of the beginning of the respective period	420,400	$	19.15	525,460	$	20.08
Granted	56,352	13.84		47,820	11.50
Vested	(88,948)	13.06		(28,690)	19.17
Forfeited	(3,026)	14.87		—	—
Converted in connection with merger	118,693	$	14.87	—	$	—
Non-vested restricted stock as of the end of the respective period (1)	503,471	$	17.94	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 nine months ended September 30, 2024 and 2023, 88,948 and 28,690 RSA awards vested, respectively. In the aggregate, the amount of RSAs granted each year had a grant date fair value of $1.2 million and $0.5 million, respectively.

The following table summarizes the Company’s restricted stock unit activity for the periods indicated:

	For the Nine Months Ended September 30,
	2024			2023
Restricted Stock Units	Number of Shares	Weighted-Average Grant Price Per Share		Number of Shares	Weighted-Average Grant Price Per Share
Non-vested restricted stock units as of the beginning of the respective period	952,001	$	19.46	972,325	$	21.08
Granted	562,454	13.83		318,577	15.63
Vested	(348,012)	18.87		(231,407)	21.08
Forfeited	(13,816)	13.45		(3,199)	16.72
Converted in connection with merger	236,766	$	14.87	—	$	—
Non-vested restricted stock units as of the end of the respective period (1)	1,389,393	$	16.50	1,056,296	$	19.45

(1)Includes the effect of modifications to previously awarded and unvested restricted share awards for one plan participant to accelerate vesting. The financial effect of the modifications on total unrecognized compensation expense was not significant.

During the nine months ended September 30, 2024 and 2023, 348,012 and 231,407 RSU awards vested, respectively. Such awards had a grant date fair value of $6.6 million and $4.9 million, respectively.

The following table summarizes the Company’s performance stock unit activity for the periods indicated:

	For the Nine Months Ended September 30,
	2024			2023
Performance Stock Units	Number of Shares	Weighted-Average Grant Price Per Share		Number of Shares	Weighted-Average Grant Price Per Share
Non-vested performance stock units as of the beginning of the respective period	633,034	$	19.40	533,676	$	21.12
Granted	301,441	10.82		108,984	10.16
Vested	(76,353)	14.87		—	—
Forfeited	—	—		—	—
Converted in connection with merger	111,617	$	14.87	—	$	—
Non-vested performance stock units as of the end of the respective period	969,739	$	16.63	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 September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
	(In millions)
Share-based compensation expense	$	5.7	$	3.7	$	13.6	$	11.4
Related tax benefit (1)	1.6		1.0		3.8		3.2

(1)Estimated based upon the Company’s statutory rate for each respective period.