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EMPLOYEE BENEFITS AND STOCK BASED COMPENSATION (Tables) 10K | 12 Months Ended
--- | ---
Dec. 31, 2024
Employee Benefits and Share-based Compensation, Noncash [Abstract] |
Payment Made for Employee Benefit Plans | The following 401(k) Plan match and other discretionary contributions were made to the Company’s employees, in accordance with the descriptions above for the years ended December 31, (dollars in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2024 |  | 2023 |  | 2022
401(k) Plan Company Match | ​ | $ | 8,279 | ​ | $ | 7,091 | ​ | $ | 7,037
401(k) Plan ESOP Contribution | ​ |  | 800 | ​ |  | 804 | ​ |  | 750
Cash | ​ |  | 913 | ​ |  | 696 | ​ |  | 667
Total | ​ | $ | 9,992 | ​ | $ | 8,591 | ​ | $ | 8,454
Schedule of Recognized Stock-Based Compensation Expense | The Company recognized stock-based compensation expense, which is included in “Salaries and benefits” expense on the Company’s Consolidated Statements of Income as follows for the years ended December 31, (dollars in thousands, except per share data): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2024 |  | 2023 |  | 2022
Stock-based compensation expense | ​ | $ | 13,796 | ​ | $ | 11,101 | ​ | $ | 10,609
Reduction of income tax expense | ​ |  | 2,897 | ​ |  | 2,331 | ​ |  | 2,228
Per share compensation cost | ​ | $ | 0.12 | ​ | $ | 0.12 | ​ | $ | 0.11
Summary of Stock Option Activity | The following table summarizes the stock option activity during the year ended December 31, 2024:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | ​ | ​ |  | Weighted |  | ​ | ​
​ | ​ | ​ | ​ | Weighted | ​ | Average | ​ | ​ | ​
​ | ​ | Stock | ​ | Average | ​ | Remaining | ​ | Aggregate
​ | ​ | Options | ​ | Exercise | ​ | Contractual | ​ | Intrinsic
​ | ​ | (shares) | ​ | Price | ​ | Life | ​ | Value
Outstanding as of December 31, 2023 |  | 10,993 | ​ | $ | 31.83 |  | 0.06 |  | $ | 51,777
Granted |  | — | ​ |  | — |  |  |  | ​ |
Exercised |  | (7,163) | ​ |  | 31.83 |  |  |  | ​ |
Forfeited |  | — | ​ |  | — |  |  |  | ​ |
Expired |  | (3,830) | ​ |  | 31.83 |  |  |  | ​ |
Outstanding as of December 31, 2024 |  | — | ​ | $ | — |  | — | ​ | $ | —
Exercisable as of December 31, 2024 |  | — | ​ |  | — |  | — | ​ |  | —
Summary of Restricted Stock Activity | The following table summarizes the restricted stock activity for the year ended December 31, 2024:
​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | Weighted
​ | ​ | Number of | ​ | Average
​ | ​ | Shares of | ​ | Grant-Date Fair
​ | ​ | Restricted Stock | ​ | Value
Unvested as of December 31, 2023 |  | 476,630 | ​ | $ | 37.03
Granted |  | 461,330 | ​ |  | 33.27
Net settle for taxes |  | (69,791) | ​ |  | 37.13
Vested |  | (188,616) | ​ |  | 36.66
Forfeited |  | (21,552) | ​ |  | 34.90
Unvested as of December 31, 2024 |  | 658,001 | ​ | $ | 34.56
Summary of Performance Stock Activity | ​
​ | ​ | ​ | ​ | ​ | ​
​ |  | Number of |  | Weighted Average
​ | ​ | Shares of | ​ | Grant-
​ | ​ | PSUs | ​ | Date Fair Value
Unvested as of December 31, 2023 |  | 229,262 | ​ | $ | 37.29
Granted |  | 106,370 | ​ |  | 30.24
Net settle for taxes |  | (20,804) | ​ |  | 33.52
Vested |  | (44,694) | ​ |  | 33.52
Forfeited |  | (8,094) | ​ |  | 33.52
Unvested as of December 31, 2024 (1) |  | 262,040 | ​ | $ | 35.49
(1) The number of PSUs with a performance-based condition is presented based on achieving the performance measure at the target level of performance.
Schedule of Performance Stock Units Valuation Assumptions | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2024 |  | 2023 |  | 2022 |
Dividend yield (1) |  | N/A | ​ | 3.19 | % | 3.95 | %
Expected life in years (2) |  | 2.86 |  | 2.85 |  | 2.25 | ​
Expected volatility (3) |  | 33.92 | % | 40.39 | % | 36.32 | %
Risk-free interest rate (4) |  | 4.47 | % | 4.39 | % | 4.18 | %
Present value of expected dividends foregone (5) |  | 3.82 | ​ | N/A | ​ | N/A | ​
(1) Calculated as the ratio of the current dividend paid per the stock price on the date of grant. (2) Represents the remaining performance period as of the grant date. (3) Based on the historical volatility for the period commensurate with the expected life of the PSUs. (4) Based upon the zero-coupon U.S. Treasury rate commensurate with the expected life of the PSUs on the grant date. (5) Calculated using projected dividend payments and timing over the remaining performance period. N/A – assumption not used for respective period.
Estimated Unamortized Compensation Expense Recognized in Future | The estimated unamortized compensation expense, net of estimated forfeitures, related to, restricted stock, performance stock and stock options issued and outstanding as of December 31, 2024 that will be recognized in future periods is as follows (dollars in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Restricted |  | Performance | ​ | ​ | Stock |  | ​ | ​
​ | ​ | Stock | ​ | Stock | ​ | ​ | Options | ​ | Total
2025 | ​ | $ | 8,429 | ​ | $ | 2,236 | ​ | $ | — | ​ | $ | 10,665
2026 | ​ |  | 5,054 | ​ |  | 1,125 | ​ | ​ | — | ​ |  | 6,179
2027 | ​ |  | 817 | ​ |  | — | ​ | ​ | — | ​ |  | 817
2028 | ​ |  | 6 | ​ |  | — | ​ | ​ | — | ​ |  | 6
Total | ​ | $ | 14,306 | ​ | $ | 3,361 | ​ | $ | — | ​ | $ | 17,667
​

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