Pay vs Performance Disclosure - USD ($)
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12 Months Ended |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
| Pay vs Performance Disclosure |
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| Pay vs Performance Disclosure, Table |
As required by Section 953(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act, and Item 402(v) of Regulation S-K, we are providing the following information about the relationship between executive compensation actually paid and certain financial performance of the Company. For further information concerning the Company’s variable philosophy and how the Company aligns executive compensation with the Company’s performance, refer to “Executive Compensation — Compensation Discussion and Analysis” on page 23.
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| Year |
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Summary
Compensation
Table Total
for PEO1 |
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Compensation
Actually Paid
to PEO2 |
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Average
Summary
Compensation
Table Total
for Non-PEO
NEOs3 |
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Average
Compensation
Actually Paid
to Non-PEO
NEOs4 |
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Value of Initial Fixed $100
Investment Based On: |
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Net Income
(thousands)7 |
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Core
Operating
Earnings
per
Diluted
Common
Share8 |
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Total
Shareholder
Return5 |
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Peer Group
Total
Shareholder
Return6 |
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| (a) |
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(b) |
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(c) |
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(d) |
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(e) |
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(f) |
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(g) |
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(h) |
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(i) |
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| 2023 |
|
$ |
2,042,655 |
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|
$ |
1,834,545 |
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$ |
969,130 |
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$ |
867,979 |
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|
$ |
93 |
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|
$ |
116 |
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$ |
28,664 |
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|
$ |
0.83 |
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| 2022 |
|
$ |
2,362,489 |
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|
$ |
2,041,226 |
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|
$ |
1,037,387 |
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|
$ |
877,141 |
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$ |
103 |
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$ |
96 |
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$ |
76,945 |
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$ |
2.49 |
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| 2021 |
|
$ |
2,534,260 |
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|
$ |
3,186,480 |
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$ |
1,051,924 |
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$ |
1,395,980 |
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|
$ |
124 |
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$ |
114 |
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$ |
81,793 |
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$ |
2.81 |
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| 2020 |
|
$ |
2,169,715 |
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$ |
1,834,306 |
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$ |
951,211 |
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$ |
778,408 |
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$ |
82 |
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$ |
90 |
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$ |
34,674 |
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$ |
1.70 |
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1 |
The dollar amounts reported in column (b) are the amounts of total compensation reported for John R. Buran (our Chief Executive Officer) for each corresponding year in the “Total” column of the Summary Compensation Table. Refer to “Executive Compensation — Summary Compensation Table” on page 37. |
2 |
The dollar amounts reported in column (c) represent the amount of “compensation actually paid” to Mr. Buran, as computed in accordance with Item 402(v) of Regulation S-K. The dollar amounts do not reflect the actual amount of compensation earned by or paid to Mr. Buran during the applicable year. In accordance with the requirements of Item 402(v) of Regulation S-K, the following adjustments were made to Mr. Buran’s total compensation for each year to determine the compensation actually paid: |
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| Year |
|
Reported
Summary
Compensation
Table Total
for PEO |
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Reported
Value of
Equity
Awards(i) |
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Equity
Award
Adjustments(ii) |
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Reported
Change in
the
Actuarial
Present
Value of
Pension
Benefits(iii) |
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|
Pension
Benefit
Adjustments (iv) |
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|
Compensation
Actually Paid
to PEO |
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| 2023 |
|
$ |
2,042,655 |
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|
($ |
569,715 |
) |
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$ |
400,591 |
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|
($ |
38,986 |
) |
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|
— |
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|
$ |
1,834,545 |
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| 2022 |
|
$ |
2,362,489 |
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|
($ |
590,085 |
) |
|
$ |
268,822 |
|
|
|
— |
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|
|
— |
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|
$ |
2,041,226 |
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| 2021 |
|
$ |
2,534,260 |
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|
($ |
507,650 |
) |
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$ |
1,209,597 |
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|
($ |
49,727 |
) |
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|
— |
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$ |
3,186,480 |
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| 2020 |
|
$ |
2,169,715 |
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($ |
465,065 |
) |
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$ |
136,469 |
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($ |
6,813 |
) |
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|
— |
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|
$ |
1,834,306 |
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| (i) |
The grant date fair value of equity awards represents the total of the amounts reported in the “Stock Awards” and “Option Awards” columns in the Summary Compensation Table for the applicable year. |
| (ii) |
The equity award adjustments for each applicable year include the addition (or subtraction, as applicable) of the following: (i) the year-end fair value of any equity awards granted in the applicable year that are outstanding and unvested as of the end of the year; (ii) the amount of change as of the end of the applicable year (from the end of the prior fiscal year) in fair value of any awards granted in prior years that are outstanding and unvested as of the end of the applicable year; (iii) for awards that are granted and vest in same applicable year, the fair value as of the vesting date; (iv) for awards granted in prior years that vest in the applicable year, the amount equal to the change as of the vesting date (from the end of the prior fiscal year) in fair value; (v) for awards granted in prior years that are determined to fail to meet the applicable vesting conditions during the applicable year, a deduction for the amount equal to the fair value at the end of the prior fiscal year; and (vi) the dollar value of any dividends or other earnings paid on stock or option |
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awards in the applicable year prior to the vesting date that are not otherwise reflected in the fair value of such award or included in any other component of total compensation for the applicable year. The valuation assumptions used to calculate fair values did not materially differ from those disclosed at the time of grant. The amounts deducted or added in calculating the equity award adjustments are as follows: |
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| Year |
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Year End
Fair Value
of Equity
Awards |
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Year over
Year
Change in
Fair Value
of
Outstanding
and
Unvested
Equity
Awards |
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Fair
Value
as of
Vesting
Date of
Equity
Awards
Granted
and
Vested
in the
Year |
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Year over
Year
Change in
Fair Value
of Equity
Awards
Granted in
Prior
Years that
Vested in
the Year |
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Fair Value
at the End
of the
Prior Year
of Equity
Awards
that Failed
to Meet
Vesting
Conditions
in the
Year |
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Value of
Dividends or
other
Earnings Paid
on Stock or
Option
Awards not
Otherwise
Reflected in
Fair Value or
Total
Compensation |
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|
Total
Equity
Award
Adjustments |
|
| 2023 |
|
$ |
475,095 |
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|
($ |
132,876 |
) |
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|
— |
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|
$ |
1,417 |
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|
|
— |
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|
$ |
56,955 |
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|
$ |
400,591 |
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| 2022 |
|
$ |
458,015 |
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|
($ |
271,353 |
) |
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|
— |
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|
$ |
3,102 |
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|
|
— |
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|
$ |
79,058 |
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$ |
268,822 |
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| 2021 |
|
$ |
674,025 |
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$ |
463,652 |
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|
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— |
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$ |
35,044 |
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— |
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$ |
36,876 |
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$ |
1,209,597 |
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| 2020 |
|
$ |
386,575 |
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($ |
260,706 |
) |
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|
— |
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|
($ |
27,830 |
) |
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|
— |
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|
$ |
38,430 |
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$ |
136,469 |
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| (iii) |
The amounts included in this column are the amounts reported in “Change in Pension and Nonqualified Deferred Compensation” column of the Summary Compensation Table for each applicable year. |
| (iv) |
There is no pension service cost or prior pension service cost in any applicable year. |
3 |
The dollar amounts reported in column (d) represent the average of the amounts reported for the Company’s named executive officers (NEOs) as a group (excluding Mr. Buran, who has served as our CEO since 2005) in the “Total” column of the Summary Compensation Table in each applicable year. The names of each of the NEOs (excluding Mr. Buran) included for purposes of calculating the average amounts in each applicable year (2020-2023) are the same and as follows: Susan K. Cullen, Maria A. Grasso, Francis W. Korzekwinski and Michael Bingold. |
4 |
The dollar amounts reported in column (e) represent the average amount of “compensation actually paid” to the NEOs as a group (excluding Mr. Buran), as computed in accordance with Item 402(v) of Regulation S-K. The dollar amounts do not reflect the actual average amount of compensation earned by or paid to the NEOs as a group (excluding Mr. Buran) during the applicable year. In accordance with the requirements of Item 402(v) of Regulation S-K, the following adjustments were made to average total compensation for the NEOs as a group (excluding Mr. Buran) for each year to determine the compensation actually paid, using the same methodology described above in Note 2: |
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| Year |
|
Average
Reported
Summary
Compensation
Table Total
for Non-PEO
NEOs |
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Average
Reported
Value of
Equity
Awards |
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Average
Equity
Award
Adjustments(i) |
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Average
Reported
Change in
the
Actuarial
Present
Value of
Pension
Benefits |
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Average
Pension
Benefit
Adjustments(iii) |
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Average
Compensation
Actually Paid
to Non-PEO
NEOs |
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| 2023 |
|
$ |
969,130 |
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($ |
335,832 |
) |
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$ |
243,997 |
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|
($ |
9,316 |
) |
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|
— |
|
|
$ |
867,979 |
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| 2022 |
|
$ |
1,037,387 |
|
|
($ |
296,297 |
) |
|
$ |
136,051 |
|
|
|
— |
|
|
|
— |
|
|
$ |
877,141 |
|
| 2021 |
|
$ |
1,051,924 |
|
|
($ |
259,363 |
) |
|
$ |
598,201 |
|
|
$ |
5,218 |
(ii) |
|
|
— |
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|
$ |
1,395,980 |
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| 2020 |
|
$ |
951,211 |
|
|
($ |
233,522 |
) |
|
$ |
83,617 |
|
|
($ |
22,898 |
) |
|
|
— |
|
|
$ |
778,408 |
| (i) The amounts deducted or added in calculating the total average equity award adjustments are as follows:
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| Year |
|
Average
Year End
Fair Value
of Equity
Awards |
|
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Year over
Year
Average
Change in
Fair Value
of
Outstanding
and
Unvested
Equity
Awards |
|
|
Average
Fair
Value
as of
Vesting
Date of
Equity
Awards
Granted
and
Vested
in the
Year |
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|
Year over
Year
Average
Change in
Fair Value
of Equity
Awards
Granted in
Prior
Years that
Vested in
the Year |
|
|
Average
Fair Value
at the End
of the
Prior Year
of Equity
Awards
that Failed
to Meet
Vesting
Conditions
in the
Year |
|
|
Average
Value of
Dividends or
other
Earnings Paid
on Stock or
Option
Awards not
Otherwise
Reflected in
Fair Value or
Total
Compensation |
|
|
Total
Average
Equity
Award
Adjustments |
|
| 2023 |
|
$ |
280,056 |
|
|
($ |
66,552 |
) |
|
|
— |
|
|
$ |
852 |
|
|
|
— |
|
|
$ |
29,641 |
|
|
$ |
243,997 |
|
| 2022 |
|
$ |
229,982 |
|
|
($ |
131,882 |
) |
|
|
— |
|
|
$ |
2,200 |
|
|
|
— |
|
|
$ |
35,751 |
|
|
$ |
136,051 |
|
| 2021 |
|
$ |
344,366 |
|
|
$ |
221,338 |
|
|
|
— |
|
|
$ |
14,794 |
|
|
|
— |
|
|
$ |
17,703 |
|
|
$ |
598,201 |
|
| 2020 |
|
$ |
194,110 |
|
|
($ |
116,674 |
) |
|
|
— |
|
|
$ |
(10,748 |
) |
|
|
— |
|
|
$ |
16,929 |
|
|
$ |
83,617 |
|
| (ii) |
For 2021, the positive adjustment of $5,218 reflects the average of the amount that results from reversing the compensation (including both positive and negative amounts) reported in the “Change in Pension Value and Nonqualified Deferred Compensation” column of the Summary Compensation Table for 2021. |
| (iii) |
There is no pension service cost or prior pension service cost in any applicable year. |
5 |
Cumulative TSR is calculated by dividing the sum of the cumulative amount of dividends for the measurement period, assuming dividend reinvestment, and the difference between the Company’s share price at the end and the beginning of the measurement period by the Company’s share price at the beginning of the measurement period. |
6 |
The peer group used for this purpose is the following published weighted industry index: S&P U.S. BMI Banks – Mid-Atlantic Region Index. |
7 |
The dollar amounts reported represent the amount of net income reflected in the Company’s audited financial statements for the applicable year. |
8 |
While the Company uses numerous financial and non-financial performance measures for the purpose of evaluating performance for the Company’s compensation programs, the Company has determined that Core Operating Earnings per Diluted Common Share is the financial performance measure that, in the Company’s assessment, represents the most important performance measure (that is not otherwise required to be disclosed in the table) used by the Company to link compensation actually paid to the Company’s NEOs, for the most recently completed fiscal year, to Company performance. Core Operating Earnings per Diluted Common Share excludes the effects of the net gains or losses from the sale of securities, net gains or losses from fair value adjustments, and net gains or losses from the disposition of assets, net amortization of purchase accounting adjustments, and merger expenses. |
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| Company Selected Measure Name |
Core Operating Earnings per Diluted Common Share
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| Named Executive Officers, Footnote |
The dollar amounts reported in column (d) represent the average of the amounts reported for the Company’s named executive officers (NEOs) as a group (excluding Mr. Buran, who has served as our CEO since 2005) in the “Total” column of the Summary Compensation Table in each applicable year. The names of each of the NEOs (excluding Mr. Buran) included for purposes of calculating the average amounts in each applicable year (2020-2023) are the same and as follows: Susan K. Cullen, Maria A. Grasso, Francis W. Korzekwinski and Michael Bingold.
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| Peer Group Issuers, Footnote |
The peer group used for this purpose is the following published weighted industry index: S&P U.S. BMI Banks – Mid-Atlantic Region Index.
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| PEO Total Compensation Amount |
$ 2,042,655
|
$ 2,362,489
|
$ 2,534,260
|
$ 2,169,715
|
| PEO Actually Paid Compensation Amount |
$ 1,834,545
|
2,041,226
|
3,186,480
|
1,834,306
|
| Adjustment To PEO Compensation, Footnote |
2 |
The dollar amounts reported in column (c) represent the amount of “compensation actually paid” to Mr. Buran, as computed in accordance with Item 402(v) of Regulation S-K. The dollar amounts do not reflect the actual amount of compensation earned by or paid to Mr. Buran during the applicable year. In accordance with the requirements of Item 402(v) of Regulation S-K, the following adjustments were made to Mr. Buran’s total compensation for each year to determine the compensation actually paid: |
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| Year |
|
Reported
Summary
Compensation
Table Total
for PEO |
|
|
Reported
Value of
Equity
Awards(i) |
|
|
Equity
Award
Adjustments(ii) |
|
|
Reported
Change in
the
Actuarial
Present
Value of
Pension
Benefits(iii) |
|
|
Pension
Benefit
Adjustments (iv) |
|
|
Compensation
Actually Paid
to PEO |
|
| 2023 |
|
$ |
2,042,655 |
|
|
($ |
569,715 |
) |
|
$ |
400,591 |
|
|
($ |
38,986 |
) |
|
|
— |
|
|
$ |
1,834,545 |
|
| 2022 |
|
$ |
2,362,489 |
|
|
($ |
590,085 |
) |
|
$ |
268,822 |
|
|
|
— |
|
|
|
— |
|
|
$ |
2,041,226 |
|
| 2021 |
|
$ |
2,534,260 |
|
|
($ |
507,650 |
) |
|
$ |
1,209,597 |
|
|
($ |
49,727 |
) |
|
|
— |
|
|
$ |
3,186,480 |
|
| 2020 |
|
$ |
2,169,715 |
|
|
($ |
465,065 |
) |
|
$ |
136,469 |
|
|
($ |
6,813 |
) |
|
|
— |
|
|
$ |
1,834,306 |
|
| (i) |
The grant date fair value of equity awards represents the total of the amounts reported in the “Stock Awards” and “Option Awards” columns in the Summary Compensation Table for the applicable year. |
| (ii) |
The equity award adjustments for each applicable year include the addition (or subtraction, as applicable) of the following: (i) the year-end fair value of any equity awards granted in the applicable year that are outstanding and unvested as of the end of the year; (ii) the amount of change as of the end of the applicable year (from the end of the prior fiscal year) in fair value of any awards granted in prior years that are outstanding and unvested as of the end of the applicable year; (iii) for awards that are granted and vest in same applicable year, the fair value as of the vesting date; (iv) for awards granted in prior years that vest in the applicable year, the amount equal to the change as of the vesting date (from the end of the prior fiscal year) in fair value; (v) for awards granted in prior years that are determined to fail to meet the applicable vesting conditions during the applicable year, a deduction for the amount equal to the fair value at the end of the prior fiscal year; and (vi) the dollar value of any dividends or other earnings paid on stock or option |
| |
awards in the applicable year prior to the vesting date that are not otherwise reflected in the fair value of such award or included in any other component of total compensation for the applicable year. The valuation assumptions used to calculate fair values did not materially differ from those disclosed at the time of grant. The amounts deducted or added in calculating the equity award adjustments are as follows: |
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|
|
|
|
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|
|
| Year |
|
Year End
Fair Value
of Equity
Awards |
|
|
Year over
Year
Change in
Fair Value
of
Outstanding
and
Unvested
Equity
Awards |
|
|
Fair
Value
as of
Vesting
Date of
Equity
Awards
Granted
and
Vested
in the
Year |
|
|
Year over
Year
Change in
Fair Value
of Equity
Awards
Granted in
Prior
Years that
Vested in
the Year |
|
|
Fair Value
at the End
of the
Prior Year
of Equity
Awards
that Failed
to Meet
Vesting
Conditions
in the
Year |
|
|
Value of
Dividends or
other
Earnings Paid
on Stock or
Option
Awards not
Otherwise
Reflected in
Fair Value or
Total
Compensation |
|
|
Total
Equity
Award
Adjustments |
|
| 2023 |
|
$ |
475,095 |
|
|
($ |
132,876 |
) |
|
|
— |
|
|
$ |
1,417 |
|
|
|
— |
|
|
$ |
56,955 |
|
|
$ |
400,591 |
|
| 2022 |
|
$ |
458,015 |
|
|
($ |
271,353 |
) |
|
|
— |
|
|
$ |
3,102 |
|
|
|
— |
|
|
$ |
79,058 |
|
|
$ |
268,822 |
|
| 2021 |
|
$ |
674,025 |
|
|
$ |
463,652 |
|
|
|
— |
|
|
$ |
35,044 |
|
|
|
— |
|
|
$ |
36,876 |
|
|
$ |
1,209,597 |
|
| 2020 |
|
$ |
386,575 |
|
|
($ |
260,706 |
) |
|
|
— |
|
|
($ |
27,830 |
) |
|
|
— |
|
|
$ |
38,430 |
|
|
$ |
136,469 |
|
| (iii) |
The amounts included in this column are the amounts reported in “Change in Pension and Nonqualified Deferred Compensation” column of the Summary Compensation Table for each applicable year. |
| (iv) |
There is no pension service cost or prior pension service cost in any applicable year. |
|
|
|
|
| Non-PEO NEO Average Total Compensation Amount |
$ 969,130
|
1,037,387
|
1,051,924
|
951,211
|
| Non-PEO NEO Average Compensation Actually Paid Amount |
$ 867,979
|
877,141
|
1,395,980
|
778,408
|
| Adjustment to Non-PEO NEO Compensation Footnote |
4 |
The dollar amounts reported in column (e) represent the average amount of “compensation actually paid” to the NEOs as a group (excluding Mr. Buran), as computed in accordance with Item 402(v) of Regulation S-K. The dollar amounts do not reflect the actual average amount of compensation earned by or paid to the NEOs as a group (excluding Mr. Buran) during the applicable year. In accordance with the requirements of Item 402(v) of Regulation S-K, the following adjustments were made to average total compensation for the NEOs as a group (excluding Mr. Buran) for each year to determine the compensation actually paid, using the same methodology described above in Note 2: |
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| Year |
|
Average
Reported
Summary
Compensation
Table Total
for Non-PEO
NEOs |
|
|
Average
Reported
Value of
Equity
Awards |
|
|
Average
Equity
Award
Adjustments(i) |
|
|
Average
Reported
Change in
the
Actuarial
Present
Value of
Pension
Benefits |
|
|
Average
Pension
Benefit
Adjustments(iii) |
|
|
Average
Compensation
Actually Paid
to Non-PEO
NEOs |
|
| 2023 |
|
$ |
969,130 |
|
|
($ |
335,832 |
) |
|
$ |
243,997 |
|
|
($ |
9,316 |
) |
|
|
— |
|
|
$ |
867,979 |
|
| 2022 |
|
$ |
1,037,387 |
|
|
($ |
296,297 |
) |
|
$ |
136,051 |
|
|
|
— |
|
|
|
— |
|
|
$ |
877,141 |
|
| 2021 |
|
$ |
1,051,924 |
|
|
($ |
259,363 |
) |
|
$ |
598,201 |
|
|
$ |
5,218 |
(ii) |
|
|
— |
|
|
$ |
1,395,980 |
|
| 2020 |
|
$ |
951,211 |
|
|
($ |
233,522 |
) |
|
$ |
83,617 |
|
|
($ |
22,898 |
) |
|
|
— |
|
|
$ |
778,408 |
| (i) The amounts deducted or added in calculating the total average equity award adjustments are as follows:
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|
|
|
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|
|
|
| Year |
|
Average
Year End
Fair Value
of Equity
Awards |
|
|
Year over
Year
Average
Change in
Fair Value
of
Outstanding
and
Unvested
Equity
Awards |
|
|
Average
Fair
Value
as of
Vesting
Date of
Equity
Awards
Granted
and
Vested
in the
Year |
|
|
Year over
Year
Average
Change in
Fair Value
of Equity
Awards
Granted in
Prior
Years that
Vested in
the Year |
|
|
Average
Fair Value
at the End
of the
Prior Year
of Equity
Awards
that Failed
to Meet
Vesting
Conditions
in the
Year |
|
|
Average
Value of
Dividends or
other
Earnings Paid
on Stock or
Option
Awards not
Otherwise
Reflected in
Fair Value or
Total
Compensation |
|
|
Total
Average
Equity
Award
Adjustments |
|
| 2023 |
|
$ |
280,056 |
|
|
($ |
66,552 |
) |
|
|
— |
|
|
$ |
852 |
|
|
|
— |
|
|
$ |
29,641 |
|
|
$ |
243,997 |
|
| 2022 |
|
$ |
229,982 |
|
|
($ |
131,882 |
) |
|
|
— |
|
|
$ |
2,200 |
|
|
|
— |
|
|
$ |
35,751 |
|
|
$ |
136,051 |
|
| 2021 |
|
$ |
344,366 |
|
|
$ |
221,338 |
|
|
|
— |
|
|
$ |
14,794 |
|
|
|
— |
|
|
$ |
17,703 |
|
|
$ |
598,201 |
|
| 2020 |
|
$ |
194,110 |
|
|
($ |
116,674 |
) |
|
|
— |
|
|
$ |
(10,748 |
) |
|
|
— |
|
|
$ |
16,929 |
|
|
$ |
83,617 |
|
| (ii) |
For 2021, the positive adjustment of $5,218 reflects the average of the amount that results from reversing the compensation (including both positive and negative amounts) reported in the “Change in Pension Value and Nonqualified Deferred Compensation” column of the Summary Compensation Table for 2021. |
| (iii) |
There is no pension service cost or prior pension service cost in any applicable year. |
|
|
|
|
| Compensation Actually Paid vs. Total Shareholder Return |
Compensation Actually Paid and Cumulative TSR As outlined in the Pay versus Performance table above, the amount of compensation actually paid to Mr. Buran and the average amount of compensation actually paid to the Company’s NEOs as a group (excluding Mr. Buran) is aligned with the Company’s cumulative TSR over the three years presented in the table. The alignment of compensation actually paid with the Company’s cumulative TSR over the period presented is because a significant portion of the compensation actually paid to Mr. Buran and to the other NEOs is tied to the performance of the Company. Generally, Company performance is directly reflected in TSR.
|
|
|
|
| Compensation Actually Paid vs. Net Income |
Compensation Actually Paid and Net Income As outlined in the Pay versus Performance table above, the amount of compensation actually paid to Mr. Buran and the average amount of compensation actually paid to the Company’s NEOs as a group (excluding Mr. Buran) is aligned with the Company’s net income over the three years presented in the table. While the Company does not use net income as a performance measure in the overall executive compensation program, the measure of net income is correlated with the measure Core Operating Earnings per Diluted Common Share (“Core EPS”), which the Company does use when setting goals in the Company’s short-term incentive compensation program for the NEOs. As described in more detail in the section “Executive Compensation – Compensation Discussion and Analysis – Performance Based Annual Incentives”.
|
|
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|
| Compensation Actually Paid vs. Company Selected Measure |
Compensation Actually Paid and Core EPS As outlined in the Pay versus Performance table above, the amount of compensation actually paid to Mr. Buran and the average amount of compensation actually paid to the Company’s NEOs as a group (excluding Ms. Buran) is aligned with the Company’s Core EPS over the three years presented in the table. The alignment of compensation actually paid with the Company’s Core EPS over the period presented is because a significant portion of the compensation actually paid to Mr. Buran and to the other NEOs is tied to the success of ongoing operations – which Core EPS captures. The Company believes this earnings measure is important to management and investors in evaluating its ongoing operating performance. Core EPS is a recognized industry metric and is a well-recognized measure of performance and profitability in the banking industry.
|
|
|
|
| Total Shareholder Return Vs Peer Group |
Cumulative TSR of the Company and Cumulative TSR of the Peer Group As outlined in the Pay versus Performance table above, the Company’s cumulative TSR over the four years presented in the table was negative 7%, while the cumulative TSR of the peer group presented for this purpose, the S&P U.S. BMI Banks – Mid-Atlantic Region Index, was 17% over the same period. The Company’s cumulative TSR underperformed against the S&P U.S. BMI Banks – Mid-Atlantic Region Index over the four years presented in the table. |
|
|
|
| Tabular List, Table |
Financial Performance Measures As described in greater detail in “Executive Compensation – Compensation Discussion and Analysis,” the Company’s executive compensation program reflects a variable philosophy. The metrics that the Company uses for both our long-term and short-term incentive awards are selected based on the goal of incentivizing our NEOs to increase the value of our enterprise for our shareholders. The most important financial performance measures used by the Company to link executive compensation actually paid to the Company’s NEOs, for the most recently completed fiscal year, to the Company’s performance are as follows:
| |
• |
|
Core Operating Earnings per Diluted Common Share |
| |
• |
|
Core Operating Return on Average Equity |
|
|
|
|
| Total Shareholder Return Amount |
$ 93
|
103
|
124
|
82
|
| Peer Group Total Shareholder Return Amount |
116
|
96
|
114
|
90
|
| Net Income (Loss) |
$ 28,664,000
|
$ 76,945,000
|
$ 81,793,000
|
$ 34,674,000
|
| Company Selected Measure Amount |
0.83
|
2.49
|
2.81
|
1.7
|
| PEO Name |
John R. Buran
|
|
|
|
| Measure:: 1 |
|
|
|
|
| Pay vs Performance Disclosure |
|
|
|
|
| Name |
Core Operating Earnings per Diluted Common Share
|
|
|
|
| Non-GAAP Measure Description |
While the Company uses numerous financial and non-financial performance measures for the purpose of evaluating performance for the Company’s compensation programs, the Company has determined that Core Operating Earnings per Diluted Common Share is the financial performance measure that, in the Company’s assessment, represents the most important performance measure (that is not otherwise required to be disclosed in the table) used by the Company to link compensation actually paid to the Company’s NEOs, for the most recently completed fiscal year, to Company performance. Core Operating Earnings per Diluted Common Share excludes the effects of the net gains or losses from the sale of securities, net gains or losses from fair value adjustments, and net gains or losses from the disposition of assets, net amortization of purchase accounting adjustments, and merger expenses.
|
|
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|
| Measure:: 2 |
|
|
|
|
| Pay vs Performance Disclosure |
|
|
|
|
| Name |
Core Operating Return on Average Equity
|
|
|
|
| Measure:: 3 |
|
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|
|
| Pay vs Performance Disclosure |
|
|
|
|
| Name |
Tangible Book Value
|
|
|
|
| Measure:: 4 |
|
|
|
|
| Pay vs Performance Disclosure |
|
|
|
|
| Name |
Total Charge-offs
|
|
|
|
| PEO | Year-end Fair Value Of Awards Granted In The Current Fiscal Year [Member] |
|
|
|
|
| Pay vs Performance Disclosure |
|
|
|
|
| Adjustment to Compensation, Amount |
$ 475,095
|
$ 458,015
|
$ 674,025
|
$ 386,575
|
| PEO | Change In Fair Value Of Outstanding And Unvested Awards Granted In Prior Fiscal Years [Member] |
|
|
|
|
| Pay vs Performance Disclosure |
|
|
|
|
| Adjustment to Compensation, Amount |
(132,876)
|
(271,353)
|
463,652
|
(260,706)
|
| PEO | Change In Fair Value As Of Vesting Date Of Awards Vested During Current Year [Member] |
|
|
|
|
| Pay vs Performance Disclosure |
|
|
|
|
| Adjustment to Compensation, Amount |
0
|
0
|
0
|
0
|
| PEO | Change In Fair Value As Of Vesting Date Of Prior Year Awards Vested During Current Year [Member] |
|
|
|
|
| Pay vs Performance Disclosure |
|
|
|
|
| Adjustment to Compensation, Amount |
1,417
|
3,102
|
35,044
|
(27,830)
|
| PEO | Adjustments For Equity Awards Failed To Meet Performance Conditions [Member] |
|
|
|
|
| Pay vs Performance Disclosure |
|
|
|
|
| Adjustment to Compensation, Amount |
0
|
0
|
0
|
0
|
| PEO | Dividends Or Other Earnings Paid On Equity Awards Not Otherwise Reflected In Fair Value [Member] |
|
|
|
|
| Pay vs Performance Disclosure |
|
|
|
|
| Adjustment to Compensation, Amount |
56,955
|
79,058
|
36,876
|
38,430
|
| PEO | Reported Value Of Equity Awards [Member] |
|
|
|
|
| Pay vs Performance Disclosure |
|
|
|
|
| Adjustment to Compensation, Amount |
(569,715)
|
(590,085)
|
(507,650)
|
(465,065)
|
| PEO | Equity Award Adjustments [Member] |
|
|
|
|
| Pay vs Performance Disclosure |
|
|
|
|
| Adjustment to Compensation, Amount |
400,591
|
268,822
|
1,209,597
|
136,469
|
| PEO | Reported Change In The Actuarial Present Value Of Pension Benefits [Member] |
|
|
|
|
| Pay vs Performance Disclosure |
|
|
|
|
| Adjustment to Compensation, Amount |
(38,986)
|
0
|
(49,727)
|
(6,813)
|
| PEO | Pension Benefit Adjustments [Member] |
|
|
|
|
| Pay vs Performance Disclosure |
|
|
|
|
| Adjustment to Compensation, Amount |
0
|
0
|
0
|
0
|
| Non-PEO NEO | Year-end Fair Value Of Awards Granted In The Current Fiscal Year [Member] |
|
|
|
|
| Pay vs Performance Disclosure |
|
|
|
|
| Adjustment to Compensation, Amount |
280,056
|
229,982
|
344,366
|
194,110
|
| Non-PEO NEO | Change In Fair Value Of Outstanding And Unvested Awards Granted In Prior Fiscal Years [Member] |
|
|
|
|
| Pay vs Performance Disclosure |
|
|
|
|
| Adjustment to Compensation, Amount |
(66,552)
|
(131,882)
|
221,338
|
(116,674)
|
| Non-PEO NEO | Change In Fair Value As Of Vesting Date Of Awards Vested During Current Year [Member] |
|
|
|
|
| Pay vs Performance Disclosure |
|
|
|
|
| Adjustment to Compensation, Amount |
0
|
0
|
0
|
0
|
| Non-PEO NEO | Change In Fair Value As Of Vesting Date Of Prior Year Awards Vested During Current Year [Member] |
|
|
|
|
| Pay vs Performance Disclosure |
|
|
|
|
| Adjustment to Compensation, Amount |
852
|
2,200
|
14,794
|
(10,748)
|
| Non-PEO NEO | Adjustments For Equity Awards Failed To Meet Performance Conditions [Member] |
|
|
|
|
| Pay vs Performance Disclosure |
|
|
|
|
| Adjustment to Compensation, Amount |
0
|
0
|
0
|
0
|
| Non-PEO NEO | Dividends Or Other Earnings Paid On Equity Awards Not Otherwise Reflected In Fair Value [Member] |
|
|
|
|
| Pay vs Performance Disclosure |
|
|
|
|
| Adjustment to Compensation, Amount |
29,641
|
35,751
|
17,703
|
16,929
|
| Non-PEO NEO | Reported Value Of Equity Awards [Member] |
|
|
|
|
| Pay vs Performance Disclosure |
|
|
|
|
| Adjustment to Compensation, Amount |
(335,832)
|
(296,297)
|
(259,363)
|
(233,522)
|
| Non-PEO NEO | Equity Award Adjustments [Member] |
|
|
|
|
| Pay vs Performance Disclosure |
|
|
|
|
| Adjustment to Compensation, Amount |
243,997
|
136,051
|
598,201
|
83,617
|
| Non-PEO NEO | Reported Change In The Actuarial Present Value Of Pension Benefits [Member] |
|
|
|
|
| Pay vs Performance Disclosure |
|
|
|
|
| Adjustment to Compensation, Amount |
(9,316)
|
0
|
5,218
|
(22,898)
|
| Non-PEO NEO | Pension Benefit Adjustments [Member] |
|
|
|
|
| Pay vs Performance Disclosure |
|
|
|
|
| Adjustment to Compensation, Amount |
$ 0
|
$ 0
|
$ 0
|
$ 0
|