Pay vs Performance Disclosure
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12 Months Ended |
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Dec. 31, 2024
USD ($)
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Dec. 31, 2023
USD ($)
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Dec. 31, 2022
USD ($)
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Dec. 31, 2021
USD ($)
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Dec. 31, 2020
USD ($)
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| Pay vs Performance Disclosure |
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| Pay vs Performance Disclosure, Table |
| | | | | | | | | | | | | | | | | | | | | | | | | | Average | Average | | Value of Initial Fixed $100 | | | | | | | | Summary | | | Summary | Compensation | | Investment Based On: | | | | | | | | Compensation | | | Comp. Table | Actually | | | Company | | | Peer Group | | | | | | | | Table | Compensation | Total Comp. | Paid to | | Total | | Total | | | | Adjusted | | | Total Comp. | Actually Paid | for Non-CEO | Non-CEO | | Shareholder | | Shareholder | Net | | One-Year | | Year | for CEO (1) | to CEO (3) | NEOs (2) | NEOs (3) | | Return | | Return (4) | Income | | ROATCE (5) | | 2024 | $ | 7,542,833 | $ | 12,240,676 | $ | 4,253,902 | $ | 5,270,291 | | $ | 140.43 | | $ | 130.90 | $ | 523,000,000 | | | 16.9% | | 2023 | | 6,523,511 | | 6,231,205 | | 4,429,093 | | 4,195,237 | | | 106.01 | | | 115.64 | | 565,900,000 | | | 21.3% | | 2022 | | 11,657,989 | | 12,884,815 | | 4,162,215 | | 4,422,936 | | | 108.69 | | | 116.10 | | 414,169,000 | | | 21.1% | | 2021 | | 3,971,101 | | 4,414,151 | | 1,352,603 | | 1,504,898 | | | 106.04 | | | 124.74 | | 277,538,000 | | | 15.4% | | 2020 | | 3,708,472 | | 3,847,438 | | 1,250,625 | | 1,328,046 | | | 93.93 | | | 91.29 | | 226,409,000 | | | 14.6% | |
(1) | The CEO for each year is James C. Ryan, III who began serving as our CEO in 2019. |
(2) | The non-CEO NEOs for 2024 are Messrs. Sander, Sandgren, Moran, Scudder and Falconer and Ms. Goldfeder.
The non-CEO NEOs for 2022 and 2023 are Messrs. Scudder, Sander, Sandgren and Falconer.
The non-CEO NEOs for 2020 and 2021 are Messrs. Sandgren, Falconer and Jeffrey L. Knight and Ms. Kendra Vanzo. |
(3) | To calculate compensation actually paid for the CEO and the average non-CEO NEOs, the following adjustments were made to the Summary Compensation Table total compensation, calculated in accordance with the SEC methodology for determining compensation actually paid for each year shown, excluding rows that are not applicable for the years presented: |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Add: | | | | | Deduct: | | | | | | | | | | | | | | | Add: | | Add: | | change as of the | | Add: | | change as of the | | | | | | | | | | | | | | | fair value (FV) | | change as of | | vesting date | | increase in | | vesting date | | Add: | | | | | | | | | | | | as of FY-end of | | end of FY in | | (from end of | | fair value of | | (from end of | | value of | | | | | | | | | | | | equity awards | | FV of awards | | prior FY) in | | awards granted | | prior FY) in | | dividends or | | | | | | | | | Deduct: | | granted | | granted in | | FV for any | | during applicable | | FV for any | | other earnings | | | | | | | | | grant date | | during the year | | any prior year | | equity awards | | FY that vested | | equity awards | | paid on stock or | | | | | | Summary | | fair value of | | that are | | that are | | granted in any | | during | | granted in any | | option awards | | | | | | Compensation | | equity awards | | outstanding and | | outstanding and | | prior year that | | applicable FY, | | prior year that | | not otherwise | | | | | | Table (SCT) | | granted during | | unvested as of | | unvested as of | | vested during or at | | determined as of | | vested during or at | | included in | | Compensation | CEO | | Total | | fiscal year (FY) | | FY-end | | FY-end | | the end of the FY | | vesting date | | the end of the FY | | SCT | | Actually Paid | 2024 | | $ | 7,542,833 | | $ | 4,229,568 | | $ | 5,818,934 | | $ | 3,027,981 | | $ | (46,191) | | | 0 | | | 0 | | $ | 126,687 | | $ | 12,240,676 | 2023 | | | 6,523,511 | | | 3,011,947 | | | 2,940,592 | | | (335,439) | | | (169,197) | | | 0 | | | 0 | | | 283,685 | | | 6,231,205 | 2022 | | | 11,657,989 | | | 7,736,725 | | | 8,122,095 | | | 692,721 | | | 34,096 | | | 0 | | | 0 | | | 114,639 | | | 12,884,815 | 2021 | | | 3,971,101 | | | 1,540,832 | | | 1,587,472 | | | 242,043 | | | 112,394 | | | 0 | | | 0 | | | 41,973 | | | 4,414,151 | 2019 | | | 3,708,472 | | | 1,424,200 | | | 1,198,673 | | | 261,685 | | | 64,863 | | | 0 | | | 0 | | | 37,946 | | | 3,847,438 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Other NEOs Avg. | | | | | | | | | | | | | | | | | | | | | | 2024 | | $ | 4,253,902 | | $ | 1,502,726 | | $ | 1,898,267 | | $ | 737,549 | | $ | (18,114) | | $ | 35,670 | | $ | 150,316 | | $ | 16,059 | | $ | 5,270,291 | 2023 | | | 4,429,093 | | | 1,273,391 | | | 1,242,077 | | | (146,058) | | | (105,667) | | | 0 | | | 0 | | | 49,183 | | | 4,195,237 | 2022 | | | 4,162,215 | | | 2,030,809 | | | 2,162,267 | | | 102,279 | | | (6,661) | | | 0 | | | 0 | | | 33,645 | | | 4,422,936 | 2021 | | | 1,352,603 | | | 371,607 | | | 382,862 | | | 62,209 | | | 57,214 | | | 0 | | | 0 | | | 21,616 | | | 1,504,898 | 2019 | | | 1,250,625 | | | 378,303 | | | 318,399 | | | 80,212 | | | 36,006 | | | 0 | | | 0 | | | 21,107 | | | 1,328,046 |
(4) | The Company has chosen to use the KRX Index as its peer group for this “Pay Versus Performance” section. |
| (5) | This non-GAAP financial measure (Adjusted One-Year ROATCE) excludes certain items, such as merger-related charges associated with completed and pending acquisitions, CECL Day 1 non-PCD loans provision expense, distribution of excess pension plan assets expense, FDIC special assessment expense, separation expense, and net securities losses. The equivalent GAAP measure for one-year ROATCE was 15.4%, 20.2%, 16.3%, 14.9% and 13.3% for 2024, 2023, 2022, 2021 and 2020, respectively. Reference is made to the non-GAAP reconciliation included in the Company’s January 21, 2025 press release reporting its financial results for its 2024 fourth quarter and full year, which was included as Exhibit 99.1 to the Company’s Current Report on Form 8-K filed with the SEC on January 21, 2025. |
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| Company Selected Measure Name |
Adjusted One-Year ROATCE
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| Named Executive Officers, Footnote |
(1) | The CEO for each year is James C. Ryan, III who began serving as our CEO in 2019. |
(2) | The non-CEO NEOs for 2024 are Messrs. Sander, Sandgren, Moran, Scudder and Falconer and Ms. Goldfeder.
The non-CEO NEOs for 2022 and 2023 are Messrs. Scudder, Sander, Sandgren and Falconer.
The non-CEO NEOs for 2020 and 2021 are Messrs. Sandgren, Falconer and Jeffrey L. Knight and Ms. Kendra Vanzo. |
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| Peer Group Issuers, Footnote |
(4) | The Company has chosen to use the KRX Index as its peer group for this “Pay Versus Performance” section. |
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| PEO Total Compensation Amount |
$ 7,542,833
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$ 6,523,511
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$ 11,657,989
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$ 3,971,101
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$ 3,708,472
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| PEO Actually Paid Compensation Amount |
$ 12,240,676
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6,231,205
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12,884,815
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4,414,151
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3,847,438
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| Adjustment To PEO Compensation, Footnote |
(3) | To calculate compensation actually paid for the CEO and the average non-CEO NEOs, the following adjustments were made to the Summary Compensation Table total compensation, calculated in accordance with the SEC methodology for determining compensation actually paid for each year shown, excluding rows that are not applicable for the years presented: |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Add: | | | | | Deduct: | | | | | | | | | | | | | | | Add: | | Add: | | change as of the | | Add: | | change as of the | | | | | | | | | | | | | | | fair value (FV) | | change as of | | vesting date | | increase in | | vesting date | | Add: | | | | | | | | | | | | as of FY-end of | | end of FY in | | (from end of | | fair value of | | (from end of | | value of | | | | | | | | | | | | equity awards | | FV of awards | | prior FY) in | | awards granted | | prior FY) in | | dividends or | | | | | | | | | Deduct: | | granted | | granted in | | FV for any | | during applicable | | FV for any | | other earnings | | | | | | | | | grant date | | during the year | | any prior year | | equity awards | | FY that vested | | equity awards | | paid on stock or | | | | | | Summary | | fair value of | | that are | | that are | | granted in any | | during | | granted in any | | option awards | | | | | | Compensation | | equity awards | | outstanding and | | outstanding and | | prior year that | | applicable FY, | | prior year that | | not otherwise | | | | | | Table (SCT) | | granted during | | unvested as of | | unvested as of | | vested during or at | | determined as of | | vested during or at | | included in | | Compensation | CEO | | Total | | fiscal year (FY) | | FY-end | | FY-end | | the end of the FY | | vesting date | | the end of the FY | | SCT | | Actually Paid | 2024 | | $ | 7,542,833 | | $ | 4,229,568 | | $ | 5,818,934 | | $ | 3,027,981 | | $ | (46,191) | | | 0 | | | 0 | | $ | 126,687 | | $ | 12,240,676 | 2023 | | | 6,523,511 | | | 3,011,947 | | | 2,940,592 | | | (335,439) | | | (169,197) | | | 0 | | | 0 | | | 283,685 | | | 6,231,205 | 2022 | | | 11,657,989 | | | 7,736,725 | | | 8,122,095 | | | 692,721 | | | 34,096 | | | 0 | | | 0 | | | 114,639 | | | 12,884,815 | 2021 | | | 3,971,101 | | | 1,540,832 | | | 1,587,472 | | | 242,043 | | | 112,394 | | | 0 | | | 0 | | | 41,973 | | | 4,414,151 | 2019 | | | 3,708,472 | | | 1,424,200 | | | 1,198,673 | | | 261,685 | | | 64,863 | | | 0 | | | 0 | | | 37,946 | | | 3,847,438 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Other NEOs Avg. | | | | | | | | | | | | | | | | | | | | | | 2024 | | $ | 4,253,902 | | $ | 1,502,726 | | $ | 1,898,267 | | $ | 737,549 | | $ | (18,114) | | $ | 35,670 | | $ | 150,316 | | $ | 16,059 | | $ | 5,270,291 | 2023 | | | 4,429,093 | | | 1,273,391 | | | 1,242,077 | | | (146,058) | | | (105,667) | | | 0 | | | 0 | | | 49,183 | | | 4,195,237 | 2022 | | | 4,162,215 | | | 2,030,809 | | | 2,162,267 | | | 102,279 | | | (6,661) | | | 0 | | | 0 | | | 33,645 | | | 4,422,936 | 2021 | | | 1,352,603 | | | 371,607 | | | 382,862 | | | 62,209 | | | 57,214 | | | 0 | | | 0 | | | 21,616 | | | 1,504,898 | 2019 | | | 1,250,625 | | | 378,303 | | | 318,399 | | | 80,212 | | | 36,006 | | | 0 | | | 0 | | | 21,107 | | | 1,328,046 |
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| Non-PEO NEO Average Total Compensation Amount |
$ 4,253,902
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4,429,093
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4,162,215
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1,352,603
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1,250,625
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| Non-PEO NEO Average Compensation Actually Paid Amount |
$ 5,270,291
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4,195,237
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4,422,936
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1,504,898
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1,328,046
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| Adjustment to Non-PEO NEO Compensation Footnote |
(3) | To calculate compensation actually paid for the CEO and the average non-CEO NEOs, the following adjustments were made to the Summary Compensation Table total compensation, calculated in accordance with the SEC methodology for determining compensation actually paid for each year shown, excluding rows that are not applicable for the years presented: |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Add: | | | | | Deduct: | | | | | | | | | | | | | | | Add: | | Add: | | change as of the | | Add: | | change as of the | | | | | | | | | | | | | | | fair value (FV) | | change as of | | vesting date | | increase in | | vesting date | | Add: | | | | | | | | | | | | as of FY-end of | | end of FY in | | (from end of | | fair value of | | (from end of | | value of | | | | | | | | | | | | equity awards | | FV of awards | | prior FY) in | | awards granted | | prior FY) in | | dividends or | | | | | | | | | Deduct: | | granted | | granted in | | FV for any | | during applicable | | FV for any | | other earnings | | | | | | | | | grant date | | during the year | | any prior year | | equity awards | | FY that vested | | equity awards | | paid on stock or | | | | | | Summary | | fair value of | | that are | | that are | | granted in any | | during | | granted in any | | option awards | | | | | | Compensation | | equity awards | | outstanding and | | outstanding and | | prior year that | | applicable FY, | | prior year that | | not otherwise | | | | | | Table (SCT) | | granted during | | unvested as of | | unvested as of | | vested during or at | | determined as of | | vested during or at | | included in | | Compensation | CEO | | Total | | fiscal year (FY) | | FY-end | | FY-end | | the end of the FY | | vesting date | | the end of the FY | | SCT | | Actually Paid | 2024 | | $ | 7,542,833 | | $ | 4,229,568 | | $ | 5,818,934 | | $ | 3,027,981 | | $ | (46,191) | | | 0 | | | 0 | | $ | 126,687 | | $ | 12,240,676 | 2023 | | | 6,523,511 | | | 3,011,947 | | | 2,940,592 | | | (335,439) | | | (169,197) | | | 0 | | | 0 | | | 283,685 | | | 6,231,205 | 2022 | | | 11,657,989 | | | 7,736,725 | | | 8,122,095 | | | 692,721 | | | 34,096 | | | 0 | | | 0 | | | 114,639 | | | 12,884,815 | 2021 | | | 3,971,101 | | | 1,540,832 | | | 1,587,472 | | | 242,043 | | | 112,394 | | | 0 | | | 0 | | | 41,973 | | | 4,414,151 | 2019 | | | 3,708,472 | | | 1,424,200 | | | 1,198,673 | | | 261,685 | | | 64,863 | | | 0 | | | 0 | | | 37,946 | | | 3,847,438 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Other NEOs Avg. | | | | | | | | | | | | | | | | | | | | | | 2024 | | $ | 4,253,902 | | $ | 1,502,726 | | $ | 1,898,267 | | $ | 737,549 | | $ | (18,114) | | $ | 35,670 | | $ | 150,316 | | $ | 16,059 | | $ | 5,270,291 | 2023 | | | 4,429,093 | | | 1,273,391 | | | 1,242,077 | | | (146,058) | | | (105,667) | | | 0 | | | 0 | | | 49,183 | | | 4,195,237 | 2022 | | | 4,162,215 | | | 2,030,809 | | | 2,162,267 | | | 102,279 | | | (6,661) | | | 0 | | | 0 | | | 33,645 | | | 4,422,936 | 2021 | | | 1,352,603 | | | 371,607 | | | 382,862 | | | 62,209 | | | 57,214 | | | 0 | | | 0 | | | 21,616 | | | 1,504,898 | 2019 | | | 1,250,625 | | | 378,303 | | | 318,399 | | | 80,212 | | | 36,006 | | | 0 | | | 0 | | | 21,107 | | | 1,328,046 |
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| Compensation Actually Paid vs. Total Shareholder Return |
Total Shareholder Return. The following chart compares compensation actually paid to our CEO and the average compensation actually paid to our other NEOs to (i) our cumulative TSR and (ii) the TSR of the KRX Index for the fiscal years ended 2020-2024. 
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| Compensation Actually Paid vs. Net Income |
Net Income. The following chart compares compensation actually paid to our CEO and the average compensation actually paid to our other NEOs to our net income for the fiscal years ended 2020-2024. The Company achieved record adjusted net income in 2023, with net income decreasing somewhat in 2024 primarily due to the banking industry’s lower interest rate environment in 2024 as compared to 2023 and the corresponding impact of this lower interest rate environment on the Company’s 2024 net interest income. 
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| Compensation Actually Paid vs. Company Selected Measure |
Adjusted One-Year ROATCE. The following chart compares compensation actually paid to our CEO and the average compensation actually paid to our other NEOs to our one-year adjusted ROATCE for the fiscal years ended 2020-2024. 
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| Total Shareholder Return Vs Peer Group |
Total Shareholder Return. The following chart compares compensation actually paid to our CEO and the average compensation actually paid to our other NEOs to (i) our cumulative TSR and (ii) the TSR of the KRX Index for the fiscal years ended 2020-2024.
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| Tabular List, Table |
Tabular List (Unranked) The table below provides an unranked list of the most important financial measures used by the Company to link compensation actually paid to the Company’s performance in 2024. Each of these financial metrics was used in determining short and long-term incentive awards in 2024.
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| Total Shareholder Return Amount |
$ 140.43
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106.01
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108.69
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106.04
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93.93
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| Peer Group Total Shareholder Return Amount |
130.9
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115.64
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116.1
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124.74
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91.29
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| Net Income (Loss) |
$ 523,000,000
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$ 565,900,000
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$ 414,169,000
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$ 277,538,000
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$ 226,409,000
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| Company Selected Measure Amount |
16.9
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21.3
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21.1
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15.4
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14.6
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| PEO Name |
James C. Ryan, III
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| Percentage of Equivalent GAAP Measure |
15.40%
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20.20%
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16.30%
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14.90%
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13.30%
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| Measure:: 1 |
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| Pay vs Performance Disclosure |
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| Name |
Adjusted One-Year EPS
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| Measure:: 2 |
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| Pay vs Performance Disclosure |
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| Name |
Adjusted One-Year ROATCE
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| Non-GAAP Measure Description |
| (5) | This non-GAAP financial measure (Adjusted One-Year ROATCE) excludes certain items, such as merger-related charges associated with completed and pending acquisitions, CECL Day 1 non-PCD loans provision expense, distribution of excess pension plan assets expense, FDIC special assessment expense, separation expense, and net securities losses. The equivalent GAAP measure for one-year ROATCE was 15.4%, 20.2%, 16.3%, 14.9% and 13.3% for 2024, 2023, 2022, 2021 and 2020, respectively. Reference is made to the non-GAAP reconciliation included in the Company’s January 21, 2025 press release reporting its financial results for its 2024 fourth quarter and full year, which was included as Exhibit 99.1 to the Company’s Current Report on Form 8-K filed with the SEC on January 21, 2025. |
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| Measure:: 3 |
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| Pay vs Performance Disclosure |
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| Name |
Three-Year Relative TSR
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| PEO | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table |
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| Pay vs Performance Disclosure |
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| Adjustment to Compensation, Amount |
$ (4,229,568)
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$ (3,011,947)
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$ (7,736,725)
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$ (1,540,832)
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$ (1,424,200)
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| PEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested |
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| Pay vs Performance Disclosure |
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| Adjustment to Compensation, Amount |
5,818,934
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2,940,592
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8,122,095
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1,587,472
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1,198,673
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| PEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested |
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| Pay vs Performance Disclosure |
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| Adjustment to Compensation, Amount |
3,027,981
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(335,439)
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692,721
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242,043
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261,685
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| PEO | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year |
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| Pay vs Performance Disclosure |
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| Adjustment to Compensation, Amount |
0
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0
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0
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0
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0
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| PEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year |
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| Pay vs Performance Disclosure |
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| Adjustment to Compensation, Amount |
(46,191)
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(169,197)
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34,096
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112,394
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64,863
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| PEO | Prior Year End Fair Value of Equity Awards Granted in Any Prior Year that Fail to Meet Applicable Vesting Conditions During Covered Year |
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| Pay vs Performance Disclosure |
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| Adjustment to Compensation, Amount |
0
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0
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0
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0
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0
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| PEO | Dividends or Other Earnings Paid on Equity Awards not Otherwise Reflected in Total Compensation for Covered Year |
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| Pay vs Performance Disclosure |
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| Adjustment to Compensation, Amount |
126,687
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283,685
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114,639
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41,973
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37,946
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| Non-PEO NEO | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table |
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| Pay vs Performance Disclosure |
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| Adjustment to Compensation, Amount |
(1,502,726)
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(1,273,391)
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(2,030,809)
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(371,607)
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(378,303)
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| Non-PEO NEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested |
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| Pay vs Performance Disclosure |
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| Adjustment to Compensation, Amount |
1,898,267
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1,242,077
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2,162,267
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382,862
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318,399
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| Non-PEO NEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested |
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| Pay vs Performance Disclosure |
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| Adjustment to Compensation, Amount |
737,549
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(146,058)
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102,279
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62,209
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80,212
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| Non-PEO NEO | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year |
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| Pay vs Performance Disclosure |
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| Adjustment to Compensation, Amount |
35,670
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0
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0
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0
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0
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| Non-PEO NEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year |
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| Pay vs Performance Disclosure |
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| Adjustment to Compensation, Amount |
(18,114)
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(105,667)
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(6,661)
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57,214
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36,006
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| Non-PEO NEO | Prior Year End Fair Value of Equity Awards Granted in Any Prior Year that Fail to Meet Applicable Vesting Conditions During Covered Year |
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| Pay vs Performance Disclosure |
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| Adjustment to Compensation, Amount |
(150,316)
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0
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0
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0
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0
|
| Non-PEO NEO | Dividends or Other Earnings Paid on Equity Awards not Otherwise Reflected in Total Compensation for Covered Year |
|
|
|
|
|
| Pay vs Performance Disclosure |
|
|
|
|
|
| Adjustment to Compensation, Amount |
$ 16,059
|
$ 49,183
|
$ 33,645
|
$ 21,616
|
$ 21,107
|