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Incentive and Restricted Stock Plan and Dividend Reinvestment Plan | 12 Months Ended
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Dec. 31, 2023
Share-Based Payment Arrangement [Abstract] |
INCENTIVE AND RESTRICTED STOCK PLAN AND DIVIDEND REINVESTMENT PLAN | INCENTIVE AND RESTRICTED STOCK PLAN AND DIVIDEND REINVESTMENT PLAN On May 17, 2021, shareholders approved the adoption of the 2021 Incentive Plan that provides for cash performance awards and for granting incentive stock options, nonstatutory stock options, restricted stock, restricted stock units and appreciation rights. The 2021 plan replaces and supersedes the S&T Bancorp, Inc. 2014 Incentive Plan. Since the 2021 plan has been approved by our shareholders, no new awards will be granted under the 2014 plan. The 2014 plan will continue to govern all awards granted under that plan. A maximum of 1,000,000 shares of our common stock were available for awards granted under the 2021 Incentive Plan and the plan expires ten years from the date of board approval. Previously granted but forfeited shares are added to the shares available for issuance. The 2014 Incentive Stock Plan also provided for cash performance awards and for granting incentive stock options, nonstatutory stock options, restricted stock, restricted stock units and appreciation rights. A maximum of 750,000 shares of our common stock were available for awards granted under the 2014 Incentive Plan and the plan expires ten years from the date of board approval. Previously granted but forfeited shares are added to the shares available for issuance. Restricted Stock We periodically issue restricted stock to employees and directors pursuant to our 2021 and 2014 Stock Plans. Restricted stock awards are part of the compensation arrangements approved by the Compensation and Benefits Committee. Restricted shares granted under the plans consist of both time and performance-based awards. The awards are granted in accordance with performance levels set by the Compensation and Benefits Committee. Under the 2021 plan, we issued 162,677 restricted stock awards during 2023, 181,392 restricted stock awards in 2022 and 30,959 restricted stock awards in 2021. During 2023 and 2022, no restricted stock awards were granted under the 2014 stock plan. In 2021, we granted 99,711 restricted stock awards under the 2014 plan. The following table provides information about restricted stock awards granted under the plans for the periods presented:
|  | December 31,
| Vesting Period | 2023 | 2022 | 2021
2021 Stock Plan |  |  |  |
Directors | One year | 17,145 |  | 16,488 |  | 14,650 |
Chief Executive Officer | One year | — |  | — |  | 8,309 |
Other Awards | Three years | 145,532 |  | 164,904 |  | 8,000 |
2014 Stock Plan |  |  |  |
Other Awards | Three years | — |  | — |  | 99,711 |
Total Restricted Stock Grants |  | 162,677 |  | 181,392 |  | 130,670 |
Common stock is issued as vesting restrictions lapse, which varies according to the terms of the vesting schedules in the award agreements. The vesting of time based awards is generally 1 to 3 years. The vesting of performance-based awards is based on S&T's achievement of relative return on average equity and total shareholder return, over a three year performance period compared to a peer group as defined in the award agreements. Restricted stock grants are forfeited if a grantee leaves S&T before the end of the vesting period except where accelerated vesting provisions are defined with the award agreements. During 2023, 2022 and 2021, we recognized compensation expense of $3.9 million, $3.2 million and $2.4 million and realized a tax benefit of $0.8 million, $0.7 million and $0.5 million related to restricted stock grants. The following table provides information about restricted stock granted under the plans for the years ended December 31:
(dollars in thousands), except per share data | Restricted Stock |  | Weighted Average Grant Date Fair Value
Non-vested at December 31, 2021 | 278,388 |  |  | $ | 25.64 |
Granted | 181,392 |  |  | 29.51 |
Vested | 87,513 |  |  | 28.17 |
Forfeited | 80,122 |  |  | 31.91 |
Non-vested at December 31, 2022 | 292,145 |  |  | $ | 25.56 |
Granted | 162,677 |  |  | 30.84 |
Vested | 91,955 |  |  | 26.92 |
Forfeited | 47,157 |  |  | 26.52 |
Non-vested at December 31, 2023 | 315,710 |  |  | $ | 27.75 |
The maximum number of shares that can be issued if performance is achieved at the maximum level is approximately 438,000 shares at December 31, 2023. As of December 31, 2023, there was $4.4 million of total unrecognized compensation cost related to restricted stock that will be recognized as compensation expense over a weighted average period of 1.84 years. Dividend Reinvestment Plan We also sponsor a Dividend Reinvestment and Stock Purchase Plan, or Dividend Plan, where shareholders may purchase shares of S&T common stock at the average fair value with reinvested dividends and voluntary cash contributions. The plan administrator and transfer agent may purchase shares directly from us from shares held in treasury or purchase shares in the open market to fulfill the Dividend Plan’s needs.

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