The Company grants RSUs under compensation arrangements for the benefit of certain employees and directors. RSU grants are subject to time-based vesting with associated compensation recognized on a straight-line basis based on the grant date fair value of the awards. The total number of RSUs granted represents the number of awards eligible to vest based upon the service conditions set forth in the grant agreements.




	Restricted Stock Units Outstanding	Weighted Average Grant Date Fair Value
Balance at beginning of period (unvested)	345,436	$	36.71
Granted	148,306	48.50
Vested	(156,509)	37.89
Forfeited	(3,335)	40.57
Balance at end of period (unvested)	333,898	$	41.37

The total fair value of RSUs vested and released was $5,199 and $5,930 for the three and six months ended June 30, 2025, respectively, and $4,621 and $5,289 for the three and six months ended June 30, 2024, respectively.

The compensation cost related to these grants and vesting of RSUs was $1,690 and $4,596 for the three and six months ended June 30, 2025, respectively, and $1,291 and $3,997 for the three and six months ended June 30, 2024, respectively. This includes amounts paid related to director grants and compensation elected to be settled in stock amounting to $231 and $474 during the three and six months ended June 30, 2025, respectively, and $148 and $347 for the three and six months ended June 30, 2024, respectively.

As of June 30, 2025, there was $9,390 of total unrecognized compensation cost related to unvested RSUs which is expected to be recognized over a weighted-average period of 1.99 years. Additionally, as of June 30, 2025, there were 1,194,694 shares available for issuance under the Company’s stock compensation plans. As of June 30, 2025 and December 31, 2024, there was $270 and $344, respectively, accrued in accrued expenses and other liabilities related to dividend equivalent units declared to be paid upon vesting and distribution of the underlying RSUs.

The Company awards PSUs to certain employees. Under the terms of the awards, the number of units that will vest and convert to shares of common stock will be based on the Company’s achievement of certain performance metrics over a fixed three-year performance period. The number of shares issued upon vesting can range from 0% to 200% of the PSUs granted.

For PSUs granted prior to December 31, 2023, performance factors will be based on the Company’s achievement of core return on average tangible common equity over the performance period relative to a predefined peer group.

For PSUs granted after December 31, 2023, performance factors will be based on a combination of the same metric discussed above as well as the Company’s adjusted tangible book value over the performance period.

Compensation expense for PSUs is estimated each period based on the fair value of the Company’s stock at the grant date and the most probable outcome of the performance condition, adjusted for the passage of time within the performance period of the awards.






	Performance Stock Units Outstanding(1)	Weighted Average Grant Date Fair Value
Balance at beginning of period (unvested)	223,393	$	38.06
Granted	75,329	49.33
Performance adjustment (2)	348	44.09
Vested	(50,269)	44.09
Forfeited or expired	(943)	39.86
Balance at end of period (unvested)	247,858	$	40.23
(1) PSUs are presented as outstanding, granted and forfeited in the table above assuming targets are met and the awards pay out at 100%. (2) The performance adjustment represents the difference between shares granted and vested due to achievement of performance factors.

The following table summarizes data related to the Company’s outstanding PSUs as of June 30, 2025:

The Company recorded compensation cost of $1,292 and $3,217 for the for the three and six months ended June 30, 2025, respectively, and $799 and $913 for the three and six months ended June 30, 2024 respectively. As of June 30, 2025, maximum unrecognized compensation cost at 200% payout related to the unvested PSUs was $14,812, and the weighted average remaining performance period over which the cost could be recognized was 2.21 years. As of June 30, 2025 and December 31, 2024, there was $214 and $217, respectively, accrued in accrued expenses and other liabilities related to dividend equivalent units declared to be paid upon vesting and distribution of the underlying PSUs.

The Company maintains an employee stock purchase plan under which employees, through payroll deductions, are able to purchase shares of Company common stock. The employee purchase price is 95% of the lower of the market price on the first or last day of the offering period. The maximum number of shares issuable during any offering period is 200,000 shares, limited to 725 shares for each participating employee. There were no shares issued under the ESPP during the three months ended June 30, 2025 or 2024. There were 8,161 and 10,606 shares of common stock issued under the ESPP with proceeds from employee payroll withholdings of $340 and $388, during the six months ended June 30, 2025 and 2024, respectively. As of June 30, 2025, there were 2,264,203 shares available for issuance under the ESPP.