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SHARE BASED COMPENSATION
 3 Months Ended
Mar. 31, 2025
Share-Based Payment Arrangement [Abstract]  
SHARE BASED COMPENSATION SHARE BASED COMPENSATION
Customers’ 2019 Plan is administered by the Leadership Development and Compensation Committee of the Board of Directors. At March 31, 2025 and December 31, 2024, the aggregate number of shares of common stock available for grant under the 2019 Plan was 567,093 and 841,513 shares, respectively.
Share-based compensation expense relating to stock options and restricted stock units is recognized on a straight-line basis over the vesting periods of the awards and is a component of salaries and employee benefits expense. Total share-based compensation expense for the three months ended March 31, 2025 and 2024 was $3.9 million and $3.5 million, respectively. At March 31, 2025, there was $31.1 million of unrecognized compensation cost related to all non-vested share-based compensation awards. This cost is expected to be recognized through 2029.
Restricted Stock Units
The fair value of restricted stock units granted under the 2019 Plan is determined based on the closing market price of Customers’ common stock on the date of grant, except for the performance based restricted stock units with market conditions under a long-term incentive compensation plan. There were 278,815 and 204,275 restricted stock units granted under the 2019 Plan during the three months ended March 31, 2025 and 2024, respectively. The grants are mostly subject to either a three-year waterfall vesting (with one third of the amount vesting annually) or a three-year cliff vesting.
The table below presents the status of the restricted stock units at March 31, 2025 and 2024, and changes during the three months ended March 31, 2025 and 2024 :
Restricted
Stock Units
Weighted-
Average Grant-
Date Fair Value
Outstanding and unvested at December 31, 2024
1,110,122 $32.61 
Granted278,815 50.68 
Vested(403,777)28.75 
Forfeited(4,239)39.30 
Outstanding and unvested at March 31, 2025
980,921 39.18 
Restricted
Stock Units
Weighted-
Average Grant-
Date Fair Value
Outstanding and unvested at December 31, 2023
1,159,782 $26.78 
Granted204,275 49.82 
Vested(84,638)37.07 
Forfeited(5,824)25.43 
Outstanding and unvested at March 31, 2024
1,273,595 29.69