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Stock-Based Compensation | 9 Months Ended
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Sep. 30, 2024
Share-Based Payment Arrangement [Abstract] |
Stock-Based Compensation | Stock-based compensation Restricted Stock Units 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. The following table summarizes changes in RSUs for the nine months ended September 30, 2024:
|  | Restricted Stock Units Outstanding |  | Weighted Average Grant Date Fair Value |  |  |  |
Balance at beginning of period (unvested) |  | 323,520 |  |  | $ | 37.52 |  |  |  |  |
Granted |  | 178,570 |  |  | 35.87 |  |  |  |  |
Vested |  | (144,860) |  |  | 37.94 |  |  |  |  |
Forfeited |  | (8,279) |  |  | 37.55 |  |  |  |  |
Balance at end of period (unvested) |  | 348,951 |  |  | $ | 36.51 |  |  |  |  |
The total fair value of RSUs vested and released was $207 and $5,496 for the three and nine months ended September 30, 2024, respectively, and $1,208 and $7,601 for the three and nine months ended September 30, 2023, respectively. The compensation cost related to these grants and vesting of RSUs was $1,744 and $5,741 for the three and nine months ended September 30, 2024, respectively, and $1,965 and $5,859 for the three and nine months ended September 30, 2023, respectively. This includes amounts paid related to director grants and compensation elected to be settled in stock amounting to $237 and $584 during the three and nine months ended September 30, 2024, respectively, and $179 and $626 for the three and nine months ended September 30, 2023, respectively. As of September 30, 2024, there was $8,225 of total unrecognized compensation cost related to unvested RSUs which is expected to be recognized over a weighted-average period of 1.81 years. Additionally, as of September 30, 2024, there were 1,356,587 shares available for issuance under the Company’s stock compensation plans. As of September 30, 2024 and December 31, 2023, there was $291 and $268, respectively, accrued in other liabilities related to dividend equivalent units declared to be paid upon vesting and distribution of the underlying RSUs. Performance-Based Restricted Stock Units 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. The following table summarizes information about the changes in PSUs as of and for the nine months ended September 30, 2024:
|  | Performance Stock Units Outstanding(1) |  | Weighted Average Grant Date Fair Value |  |  |  |
Balance at beginning of period (unvested) |  | 176,163 |  |  | $ | 40.86 |  |  |  |  |
Granted |  | 100,267 |  |  | 35.60 |  |  |  |  |
Performance adjustment (2) |  | (9,778) |  |  | 42.71 |  |  |  |  |
Vested |  | (40,071) |  |  | 42.71 |  |  |  |  |
Forfeited or expired |  | (3,188) |  |  | 38.07 |  |  |  |  |
Balance at end of period (unvested) |  | 223,393 |  |  | $ | 38.06 |  |  |  |  |
(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 in shares ultimately awarded due to performance attainment above or below target. |  |  |  |
The following table summarizes data related to the Company’s outstanding PSUs as of September 30, 2024:
Grant Year |  | Grant Price |  | Performance Period |  | PSUs Outstanding
2022 |  | $ | 44.44 |  |  | 2022 to 2024 |  | 48,710
2023 |  | $ | 37.17 |  |  | 2023 to 2025 |  | 75,893
2024 |  | $ | 35.60 |  |  | 2024 to 2026 |  | 98,790
The Company recorded compensation cost of $607 and $1,520 for the for the three and nine months ended September 30, 2024, respectively, and $819 and $2,458 for the three and nine months ended September 30, 2023, respectively. As of September 30, 2024, maximum unrecognized compensation cost at 200% payout related to the unvested PSUs was $13,395, and the weighted average remaining performance period over which the cost could be recognized was 1.95 years. As of September 30, 2024 and December 31, 2023, there was $179 and $85, respectively, accrued in other liabilities related to dividend equivalent units declared to be paid upon vesting and distribution of the underlying PSUs. Employee Stock Purchase Plan 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 11,256 and 12,306 shares of common stock issued under the ESPP with proceeds from employee payroll withholdings of $473 and $381, during the three months ended September 30, 2024 and 2023, respectively. There were 21,862 and 20,520 shares of common stock issued under the ESPP with proceeds from employee payroll withholdings of $861 and $686, during the nine months ended September 30, 2024 and 2023, respectively. As of September 30, 2024, there were 2,272,364 shares available for issuance under the ESPP.

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