Pay vs Performance Disclosure - USD ($)
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12 Months Ended |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
| Pay vs Performance Disclosure [Table] |
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| Pay vs Performance [Table Text Block] |
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Pay versus Performance
The following table presents information
regarding compensation actually paid to the Company’s CEO and Non-CEO NEOs and certain Company performance metrics. The
amount of compensation actually paid is calculated in accordance with Item 402(v) of Regulation S-K which requires disclosure
of the relationship between executive pay versus the Company’s financial performance. However, compensation actually paid
does not reflect the actual amount earned by or paid to our NEOs during a covered year.
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Summary
Compensation
Table
Total for
CEO(1)
($) |
Compensation
Actually Paid
to CEO(2)
($) |
Average
Summary
Compensation
Table Total
for
Non-CEO
NEOs(1)
($) |
Average
Compensation
Actually Paid
to
Non-CEO
NEOs(2)
($) |
|
Value of Initial Fixed $100
Investment Based On: |
Net Income
(in’000)
($) |
Core
Earnings(4)
(in’000)
($) |
|
Total
Shareholder
Return
($) |
Peer Group
Total
Shareholder
Return(3)
($) |
| 2023 |
2,933,196 |
1,775,736 |
1,436,294 |
851,319 |
|
85.77 |
99.60 |
100,013 |
104,718 |
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| 2022 |
3,061,528 |
2,297,791 |
1,221,449 |
904,520 |
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99.15 |
93.07 |
142,587 |
137,961 |
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| 2021 |
3,161,351 |
3,903,652 |
1,420,768 |
1,835,010 |
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123.13 |
136.64 |
106,060 |
111,165 |
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| 2020 |
2,962,985 |
2,250,728 |
1,207,732 |
897,731 |
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75.89 |
91.29 |
61,212 |
72,186 |
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| (1) |
Mr. Maher was the CEO for the time period indicated. For 2023, the non-CEO NEO group consisted of Messrs.
Barrett, Lebel, and Tsimbinos and Ms. Estep. For 2022, the non-CEO NEO group consisted of Messrs. Barrett, Lebel, and Tsimbinos,
Ms. Estep, and Michael Fitzpatrick, former Chief Financial Officer of the Bank and the Company. For 2021, the non-CEO NEO
group consisted of Messrs. Fitzpatrick, Lebel, and Tsimbinos and Ms. Estep. For 2020, the non-CEO NEO group consisted
of Messrs. Fitzpatrick, Lebel, and Tsimbinos, and Grace Vallacchi, former Chief Risk Officer of the Bank and the Company. |
| (2) |
Following is a reconciliation of Total Compensation in the Summary Compensation Table to Compensation Actually Paid for
the CEO and Non-CEO NEOs for 2023. There were no valuation assumptions that differ materially from those utilized and disclosed
at the time of grant. |
| (3) |
Peer group is the KBW Regional Banking Index used for purposes of Item 201(e) of Regulation S-K. |
| (4) |
Core earnings is a non-GAAP financial measure that excludes merger related expenses, net branchconsolidation expense (benefit),
net (gain) loss on equity investments, net loss on sale of investments, Federal Deposit Insurance Corporation special assessment,
and the income tax effect of these items. For 2023, 2022, 2021, and 2020, the related GAAP amounts (in ’000s) were $100,013,
$142,587, $106,060, and $61,212 respectively. |
| (1) |
Mr. Maher was the CEO for the time period indicated. For 2023, the non-CEO NEO group consisted of Messrs.
Barrett, Lebel, and Tsimbinos and Ms. Estep. For 2022, the non-CEO NEO group consisted of Messrs. Barrett, Lebel, and Tsimbinos,
Ms. Estep, and Michael Fitzpatrick, former Chief Financial Officer of the Bank and the Company. For 2021, the non-CEO NEO
group consisted of Messrs. Fitzpatrick, Lebel, and Tsimbinos and Ms. Estep. For 2020, the non-CEO NEO group consisted
of Messrs. Fitzpatrick, Lebel, and Tsimbinos, and Grace Vallacchi, former Chief Risk Officer of the Bank and the Company. |
| (2) |
Following is a reconciliation of Total Compensation in the Summary Compensation Table to Compensation Actually Paid for
the CEO and Non-CEO NEOs for 2023. There were no valuation assumptions that differ materially from those utilized and disclosed
at the time of grant. |
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2023 |
Compensation Actually
Paid to CEO
($) |
|
Average Compensation Actually
Paid to Non-CEO NEOs
($) |
| Total Compensation in the Summary Compensation
Table |
2,933,196 |
|
1,436,294 |
| Deduct Amounts Reported in Summary Compensation Table: |
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| Equity Awards |
(1,086,601) |
|
(671,586) |
| Change in Defined Benefit Pension Value |
— |
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— |
| Other Additions (Deductions) to Arrive at Compensation Actually Paid: |
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| Value of awards granted in the covered year that are outstanding and unvested at year end |
602,150 |
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372,165 |
| Change in value of awards granted in a prior year that are outstanding and unvested at year
end |
(855,141) |
|
(377,359) |
| Value of awards granted in a prior year that vest in the covered year |
182,132 |
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91,806 |
| Fair value of awards forfeited in current fiscal year determined at prior fiscal year |
— |
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— |
| Aggregate of Pension Service Cost and Prior Service Cost |
— |
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— |
| Dividend Paid on unvested shares/share units(a) |
— |
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— |
| Compensation Actually Paid |
1,775,736 |
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851,319 |
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(a) |
Dividends are paid upon shares vesting and are reflected in the “Total Compensation in the Summary Compensation
Table” figure. |
| (3) |
Peer group is the KBW Regional Banking Index used for purposes of Item 201(e) of Regulation S-K. |
| (4) |
Core earnings is a non-GAAP financial measure that excludes merger related expenses, net branchconsolidation expense (benefit),
net (gain) loss on equity investments, net loss on sale of investments, Federal Deposit Insurance Corporation special assessment,
and the income tax effect of these items. For 2023, 2022, 2021, and 2020, the related GAAP amounts (in ’000s) were $100,013,
$142,587, $106,060, and $61,212 respectively. |
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| Company Selected Measure Name |
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Core Earnings
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| Named Executive Officers, Footnote [Text Block] |
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| (1) |
Mr. Maher was the CEO for the time period indicated. For 2023, the non-CEO NEO group consisted of Messrs.
Barrett, Lebel, and Tsimbinos and Ms. Estep. For 2022, the non-CEO NEO group consisted of Messrs. Barrett, Lebel, and Tsimbinos,
Ms. Estep, and Michael Fitzpatrick, former Chief Financial Officer of the Bank and the Company. For 2021, the non-CEO NEO
group consisted of Messrs. Fitzpatrick, Lebel, and Tsimbinos and Ms. Estep. For 2020, the non-CEO NEO group consisted
of Messrs. Fitzpatrick, Lebel, and Tsimbinos, and Grace Vallacchi, former Chief Risk Officer of the Bank and the Company. |
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| Peer Group Issuers, Footnote [Text Block] |
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Peer group is the KBW Regional Banking Index used for purposes of Item 201(e) of Regulation S-K.
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| PEO Total Compensation Amount |
[1] |
$ 2,933,196
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$ 3,061,528
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$ 3,161,351
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$ 2,962,985
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| PEO Actually Paid Compensation Amount |
[2] |
$ 1,775,736
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2,297,791
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3,903,652
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2,250,728
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| Adjustment To PEO Compensation, Footnote [Text Block] |
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2023 |
Compensation Actually
Paid to CEO
($) |
|
Average Compensation Actually
Paid to Non-CEO NEOs
($) |
| Total Compensation in the Summary Compensation
Table |
2,933,196 |
|
1,436,294 |
| Deduct Amounts Reported in Summary Compensation Table: |
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| Equity Awards |
(1,086,601) |
|
(671,586) |
| Change in Defined Benefit Pension Value |
— |
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— |
| Other Additions (Deductions) to Arrive at Compensation Actually Paid: |
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| Value of awards granted in the covered year that are outstanding and unvested at year end |
602,150 |
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372,165 |
| Change in value of awards granted in a prior year that are outstanding and unvested at year
end |
(855,141) |
|
(377,359) |
| Value of awards granted in a prior year that vest in the covered year |
182,132 |
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91,806 |
| Fair value of awards forfeited in current fiscal year determined at prior fiscal year |
— |
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— |
| Aggregate of Pension Service Cost and Prior Service Cost |
— |
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— |
| Dividend Paid on unvested shares/share units(a) |
— |
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— |
| Compensation Actually Paid |
1,775,736 |
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851,319 |
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(a) |
Dividends are paid upon shares vesting and are reflected in the “Total Compensation in the Summary Compensation
Table” figure. |
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| Non-PEO NEO Average Total Compensation Amount |
[1] |
$ 1,436,294
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1,221,449
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1,420,768
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1,207,732
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| Non-PEO NEO Average Compensation Actually Paid Amount |
[2] |
$ 851,319
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904,520
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1,835,010
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897,731
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| Adjustment to Non-PEO NEO Compensation Footnote [Text Block] |
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2023 |
Compensation Actually
Paid to CEO
($) |
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Average Compensation Actually
Paid to Non-CEO NEOs
($) |
| Total Compensation in the Summary Compensation
Table |
2,933,196 |
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1,436,294 |
| Deduct Amounts Reported in Summary Compensation Table: |
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|
| Equity Awards |
(1,086,601) |
|
(671,586) |
| Change in Defined Benefit Pension Value |
— |
|
— |
| Other Additions (Deductions) to Arrive at Compensation Actually Paid: |
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| Value of awards granted in the covered year that are outstanding and unvested at year end |
602,150 |
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372,165 |
| Change in value of awards granted in a prior year that are outstanding and unvested at year
end |
(855,141) |
|
(377,359) |
| Value of awards granted in a prior year that vest in the covered year |
182,132 |
|
91,806 |
| Fair value of awards forfeited in current fiscal year determined at prior fiscal year |
— |
|
— |
| Aggregate of Pension Service Cost and Prior Service Cost |
— |
|
— |
| Dividend Paid on unvested shares/share units(a) |
— |
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— |
| Compensation Actually Paid |
1,775,736 |
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851,319 |
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(a) |
Dividends are paid upon shares vesting and are reflected in the “Total Compensation in the Summary Compensation
Table” figure. |
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| Compensation Actually Paid vs. Total Shareholder Return [Text Block] |
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| Compensation Actually Paid vs. Net Income [Text Block] |
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| Compensation Actually Paid vs. Company Selected Measure [Text Block] |
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| Total Shareholder Return Vs Peer Group [Text Block] |
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| Tabular List [Table Text Block] |
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Company’s Most Important Financial
Performance Measures
The following were the most important
financial performance measures used to link the NEOs’ compensation actually paid to the Company’s financial performance
for the most recently completed fiscal year:
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| Core Earnings |
| Core ROA |
| Core Efficiency Ratio |
| TSR |
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| Total Shareholder Return Amount |
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$ 85.77
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99.15
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123.13
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75.89
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| Peer Group Total Shareholder Return Amount |
[3] |
99.60
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93.07
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136.64
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91.29
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| Net Income (Loss) Attributable to Parent |
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$ 100,013,000
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$ 142,587,000
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$ 106,060,000
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$ 61,212,000
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| Company Selected Measure Amount |
[4] |
104,718,000
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137,961,000
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111,165,000
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72,186,000
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| PEO Name |
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Mr. Maher
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Mr. Maher
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Mr. Maher
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Mr. Maher
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| Measure [Axis]: 1 |
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| Pay vs Performance Disclosure [Table] |
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| Measure Name |
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Core Earnings
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| Non-GAAP Measure Description [Text Block] |
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Core earnings is a non-GAAP financial measure that excludes merger related expenses, net branchconsolidation expense (benefit),
net (gain) loss on equity investments, net loss on sale of investments, Federal Deposit Insurance Corporation special assessment,
and the income tax effect of these items. For 2023, 2022, 2021, and 2020, the related GAAP amounts (in ’000s) were $100,013,
$142,587, $106,060, and $61,212 respectively.
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| Measure [Axis]: 2 |
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| Pay vs Performance Disclosure [Table] |
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| Measure Name |
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Core ROA
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| Measure [Axis]: 3 |
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| Pay vs Performance Disclosure [Table] |
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| Measure Name |
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Core Efficiency Ratio
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| Measure [Axis]: 4 |
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| Pay vs Performance Disclosure [Table] |
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| Measure Name |
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TSR
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| PEO [Member] | Equity Awards |
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| Pay vs Performance Disclosure [Table] |
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| Adjustment to Compensation Amount |
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$ (1,086,601)
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| PEO [Member] | Change in Defined Benefit Pension Value |
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| Pay vs Performance Disclosure [Table] |
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| Adjustment to Compensation Amount |
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| PEO [Member] | Value of awards granted in the covered year that are outstanding and unvested at year end |
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| Pay vs Performance Disclosure [Table] |
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| Adjustment to Compensation Amount |
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602,150
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| PEO [Member] | Change in value of awards granted in a prior year that are outstanding and unvested at year end |
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| Pay vs Performance Disclosure [Table] |
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| Adjustment to Compensation Amount |
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(855,141)
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| PEO [Member] | Value of awards granted in a prior year that vest in the covered year |
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| Pay vs Performance Disclosure [Table] |
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| Adjustment to Compensation Amount |
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182,132
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| PEO [Member] | Fair value of awards forfeited in current fiscal year determined at prior fiscal year |
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| Pay vs Performance Disclosure [Table] |
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| Adjustment to Compensation Amount |
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| PEO [Member] | Aggregate of Pension Service Cost and Prior Service Cost |
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| Pay vs Performance Disclosure [Table] |
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| Adjustment to Compensation Amount |
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| PEO [Member] | Dividend Paid on unvested shares/share units |
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| Pay vs Performance Disclosure [Table] |
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| Adjustment to Compensation Amount |
[5] |
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| Non-PEO NEO [Member] | Equity Awards |
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| Pay vs Performance Disclosure [Table] |
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| Adjustment to Compensation Amount |
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(671,586)
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| Non-PEO NEO [Member] | Change in Defined Benefit Pension Value |
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| Pay vs Performance Disclosure [Table] |
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| Adjustment to Compensation Amount |
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| Non-PEO NEO [Member] | Value of awards granted in the covered year that are outstanding and unvested at year end |
|
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| Pay vs Performance Disclosure [Table] |
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| Adjustment to Compensation Amount |
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372,165
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| Non-PEO NEO [Member] | Change in value of awards granted in a prior year that are outstanding and unvested at year end |
|
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| Pay vs Performance Disclosure [Table] |
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|
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| Adjustment to Compensation Amount |
|
(377,359)
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| Non-PEO NEO [Member] | Value of awards granted in a prior year that vest in the covered year |
|
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| Pay vs Performance Disclosure [Table] |
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| Adjustment to Compensation Amount |
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91,806
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| Non-PEO NEO [Member] | Fair value of awards forfeited in current fiscal year determined at prior fiscal year |
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| Pay vs Performance Disclosure [Table] |
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| Adjustment to Compensation Amount |
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| Non-PEO NEO [Member] | Aggregate of Pension Service Cost and Prior Service Cost |
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| Pay vs Performance Disclosure [Table] |
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| Adjustment to Compensation Amount |
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| Non-PEO NEO [Member] | Dividend Paid on unvested shares/share units |
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| Pay vs Performance Disclosure [Table] |
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| Adjustment to Compensation Amount |
[5] |
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