Stock Based Compensation |
6 Months Ended |
|---|---|
Jun. 30, 2026 | |
| Retirement Benefits [Abstract] | |
| Stock Based Compensation | Stock Based Compensation As of June 30, 2026, the Company had one active equity plan: the 2025 Plan. The 2025 Plan was approved by the Company's stockholders at the May 2025 special meeting of stockholders of Beacon Financial Corporation, formally known as Berkshire Hills Bancorp, Inc., in anticipation of the pending Transaction. The 2021 Plan was discontinued on August 31, 2025 as a result of the finalization of the Transaction. No further shares will be granted as awards under the 2021 Plan and all previously outstanding and invested awards under the 2021 Plan vested as a result of the finalization of the Transaction. Of the awarded shares under the Plan, generally 50% vest ratably over years with one-third of such shares vesting at each of the first, second and third anniversary dates of the awards. The remaining 50% of each award will vest years after the award date based on the level of the Company's achievement of identified performance targets in comparison to the level of achievement of such identified performance targets by a defined peer group. In addition, in 2025, one grant was awarded which was time-based shares awarded to employees that vest ratably over two years with one -half of such shares vesting on the first and second anniversary dates of the awards. If a participant leaves the Company prior to the anniversary date of an award, any unvested shares are forfeited. Dividends declared with respect to shares awarded will be held by the Company and paid to the participant only when the shares vest. Under the 2025 Plan, shares of the Company's common stock are reserved for issuance as restricted stock awards to officers, employees, and non-employee directors of the Company. Shares issued upon vesting may be either authorized but unissued shares or reacquired shares held by the Company as treasury shares. Any shares not issued because vesting requirements are not met will be retired back to treasury and be made available again for issuance under the Plan. During the three and six months ended June 30, 2026, 343,045 shares were issued and June 30, 2025, no shares were issued, upon satisfaction of required conditions of the Plan. Total expense for the Plans was $1.2 million and $1.0 million for the three months ended June 30, 2026 and 2025, respectively. Total expense for the Plans was $2.2 million and $1.9 million for the six months ended June 30, 2026 and 2025, respectfully.
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