v3.25.4

STOCK BASED COMPENSATION | 12 Months Ended
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Dec. 31, 2025
Share-Based Payment Arrangement [Abstract] |
STOCK BASED COMPENSATION | STOCK BASED COMPENSATION Stock based compensation expense that has been charged against income was $14,013,000, $14,519,000 and $13,228,000 for the years ended December 31, 2025, 2024, and 2023, respectively. 2014 Omnibus Incentive Plan The Company’s 2014 Omnibus Incentive Plan (“Omnibus Incentive Plan”) provides for the grant of nonqualified and incentive stock options, stock appreciation rights, restricted stock awards, restricted stock units, and other awards that may be settled in, or based upon the value of, the Company’s common stock. The aggregate number of shares of common stock available for issuance under the Omnibus Incentive Plan is 3,650,000 shares. Restricted Stock Awards A summary of changes in the Company’s nonvested Restricted Stock Awards (“RSAs”) under the Omnibus Incentive Plan for the year ended December 31, 2025 were as follows:
Nonvested RSAs |  | Shares |  | Weighted Average Grant Date Fair Value
Nonvested at January 1, 2025 |  | 48,868 |  |  | $ | 90.18 |
Granted |  | — |  |  | — |
Vested |  | (48,293) |  |  | 90.21 |
Forfeited |  | (575) |  |  | 87.77 |
Nonvested at December 31, 2025 |  | — |  |  | $ | — |
RSAs granted to employees under the Omnibus Incentive Plan generally vest over four years, but vesting periods may vary. The fair value of shares vested during the years ended December 31, 2025, 2024, and 2023, totaled $2,629,000, $5,308,000, and $5,629,000, respectively. Compensation expense for RSAs will be recognized on an accelerated basis over the vesting period of the awards based on the fair value of the stock at the issue date. As of December 31, 2025, there was no unrecognized compensation cost related to nonvested RSAs. Restricted Stock Units A summary of changes in the Company’s nonvested Restricted Stock Units (“RSUs”) under the Omnibus Incentive Plan for the year ended December 31, 2025 were as follows:
Nonvested RSUs |  | Shares |  | Weighted Average Grant Date Fair Value
Nonvested at January 1, 2025 |  | 224,568 |  |  | $ | 66.07 |
Granted |  | 115,572 |  |  | 55.77 |
Vested |  | (95,137) |  |  | 69.51 |
Forfeited |  | (46,246) |  |  | 59.51 |
Nonvested at December 31, 2025 |  | 198,757 |  |  | $ | 59.96 |
RSUs granted to employees under the Omnibus Incentive Plan typically vest after four years. The fair value of shares vested during the years ended December 31, 2025, 2024 and 2023 totaled $5,463,000, $5,069,000, and $5,863,000, respectively. Compensation expense for the RSUs will be recognized over the vesting period of the awards based on the fair value of the stock at the issue date. As of December 31, 2025, there was $4,829,000 of unrecognized compensation cost related to the nonvested RSUs. The cost is expected to be recognized over a remaining period of 2.61 years. Market Based Performance Stock Units A summary of changes in the Company’s nonvested Market Based Performance Stock Units (“Market Based PSUs”) under the Omnibus Incentive Plan for the year ended December 31, 2025 were as follows:
Nonvested Market Based PSUs |  | Shares |  | Weighted Average Grant Date Fair Value
Nonvested at January 1, 2025 |  | 167,780 |  |  | $ | 93.10 |
Granted |  | 115,508 |  |  | 93.21 |
Performance adjustment |  | (19,595) |  |  | — |
Vested |  | (9,793) |  |  | 89.79 |
Forfeited |  | (8,477) |  |  | 104.51 |
Nonvested at December 31, 2025 |  | 245,423 |  |  | $ | 93.82 |
Market Based PSUs granted to employees under the Omnibus Incentive Plan vest after three years. The number of shares issued upon vesting will range from 0% to 175% of the Market Based PSUs granted based on the Company’s relative total shareholder return (“TSR”) as compared to the TSR of specified groups of peer banks and financial technology companies, and with respect to the Company's awards granted beginning in 2023, may include an additional multiplier of up to 200% of the otherwise earned award based on the Company's absolute TSR. Compensation expense for the Market Based PSUs will be recognized over the vesting period of the awards based on the fair value of the award at the grant date. The fair value of Market Based PSUs granted is estimated using a Monte Carlo simulation. The fair value of the Market Based PSUs granted was determined using the following weighted average assumptions:
| Year Ended December 31,
| 2025 |  | 2024 |  | 2023
Grant date | May 1, 2025 |  | May 1, 2024 |  | May 1, 2023
Performance period | 3.00 years |  | 3.00 years |  | 3.00 years
Stock price | $ | 54.38 |  |  | $ | 72.00 |  |  | $ | 51.25 |
Stock price volatility | 42.22 | % |  | 42.31 | % |  | 49.33 | %
Risk-free rate | 3.62 | % |  | 4.67 | % |  | 3.76 | %
Expected volatilities were determined based on the historical volatilities of the Company and the specified peer group. The risk-free interest rate for the performance period was derived from the Treasury constant maturities yield curve on the valuation date. The fair value of shares vested during the years ended December 31, 2025, 2024 and 2023 totaled $533,000, $647,000, and $6,302,000, respectively. As of December 31, 2025, there was $11,761,000 of unrecognized compensation cost related to the nonvested Market Based PSUs. The cost is expected to be recognized over a remaining period of 2.00 years. Performance Based Performance Stock Units Performance Based Performance Stock Units (“Performance Based PSUs”) granted to employees under the Omnibus Incentive Plan vested after the conclusion of a three year performance period. Under the terms of the agreement, the number of shares issued upon vesting could range from 0% to 200% of the shares granted based on the Company’s cumulative diluted earnings per share over the performance period. The performance period for the outstanding Performance Based PSUs ended on December 31, 2022, and the awards subsequently vested at 142% of the target shares granted. The fair value of shares vested during the year ended December 31, 2023 totaled $23,303,000. Compensation expense for the Performance Based PSUs was estimated during the performance period based on the fair value of the stock at the grant date and the most probable outcome of the performance condition at each period end, adjusted for the passage of time within the vesting period of the awards. No compensation expense related to Performance Based PSUs was recognized during the years ended December 31, 2025, 2024 and 2023. As of December 31, 2025 and 2024, there were no unvested Performance Based PSUs. Stock Options A summary of changes in the Company’s stock options under the Omnibus Incentive Plan for the year ended December 31, 2025 were as follows:
Stock Options |  | Shares |  | Weighted Average Exercise Price |  | Weighted Average Remaining Contractual Term (In Years) |  | Aggregate Intrinsic Value (In Thousands)
Outstanding at January 1, 2025 |  | 257,603 |  |  | $ | 49.68 |  |  |  |  |
Granted |  | 91,552 |  |  | 54.38 |  |  |  |  |
Exercised |  | (8,651) |  |  | 37.00 |  |  |  |  |
Forfeited |  | (9,503) |  |  | 64.28 |  |  |  |  |
Expired |  | (2,804) |  |  | 70.50 |  |  |  |  |
Outstanding at December 31, 2025 |  | 328,197 |  |  | $ | 50.73 |  |  | 6.16 |  | $ | 4,914 |
Fully vested shares and shares expected to vest at December 31, 2025 |  | 328,197 |  |  | $ | 50.73 |  |  | 6.16 |  | $ | 4,914 |
Shares exercisable at December 31, 2025 |  | 173,976 |  |  | $ | 44.21 |  |  | 3.94 |  | $ | 3,876 |
Information related to the stock options for the years ended December 31, 2025, 2024, and 2023 was as follows:
| Year Ended December 31,
(Dollars in thousands, except per share amounts) | 2025 |  | 2024 |  | 2023
Aggregate intrinsic value of options exercised | $ | 230 |  |  | $ | 1,320 |  |  | $ | 723 |
Cash received from option exercises, net | $ | 320 |  |  | $ | 413 |  |  | $ | 144 |
Tax benefit realized from option exercises | $ | 48 |  |  | $ | 277 |  |  | $ | 152 |
Weighted average fair value of options granted (per share) | $ | 28.35 |  |  | $ | 37.30 |  |  | $ | 25.20 |
Stock options awarded to employees under the Omnibus Incentive Plan are generally granted with an exercise price equal to the market price of the Company’s common stock at the date of grant, vest over four years, and have ten years contractual terms. The fair value of stock options granted is estimated at the date of grant using the Black-Scholes option-pricing model. The fair value of the stock options granted was determined using the following weighted average assumptions:
| 2025 |  | 2024 |  | 2023
Risk-free interest rate | 3.88 | % |  | 4.52 | % |  | 3.38 | %
Expected term | 6.25 years |  | 6.25 years |  | 6.25 years
Expected stock price volatility | 48.48 | % |  | 46.50 | % |  | 45.65 | %
Dividend yield | — |  |  | — |  |  | — |
Expected volatilities are determined based on the Company’s historical volatility. The expected term of the options granted was determined based on the SEC simplified method, which calculates the expected term as the mid-point between the weighted average time to vesting and the contractual term. The risk-free interest rate for the expected term of the options was derived from the Treasury constant maturity yield curve on the valuation date. As of December 31, 2025, there was $2,114,000 of unrecognized compensation cost related to nonvested stock options. The cost is expected to be recognized over a remaining weighted average period of 2.85 years. Employee Stock Purchase Plan During the year ended December 31, 2019, the Company’s Board of Directors adopted, and the Company’s stockholders approved, the Company's 2019 Employee Stock Purchase Plan (“ESPP”). Under the ESPP, 2,500,000 shares of common stock were reserved for issuance. The ESPP enables eligible employees to purchase the Company’s common stock at a price per share equal to 85% of the lower of the fair market value of the common stock at the beginning or end of each six month offering period. During the years ended December 31, 2025, 2024 and 2023, 44,048, 36,649 and 37,909 shares were issued under the plan, respectively.

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