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.




	Restricted Stock Units Outstanding	Weighted Average Grant Date Fair Value
Balance at beginning of period (unvested)	345,436	$	36.71
Granted	121,249	49.34
Vested	(20,285)	36.02
Forfeited	(945)	37.11
Balance at end of period (unvested)	445,455	$	40.18

The total fair value of RSUs vested and released was $731 and $668 for the three months ended March 31, 2025 and 2024, respectively.

The compensation cost related to the grants and vesting of RSUs was $2,906 and $2,706 for the three months ended March 31, 2025 and 2024, respectively. This includes amounts paid related to grants and compensation for directors elected to be settled in stock amounting to $243 and $199 for the three months ended March 31, 2025 and 2024, respectively.

As of March 31, 2025, there was $9,871 of total unrecognized compensation cost related to unvested RSUs which is expected to be recognized over a weighted-average period of 2.18 years. Additionally, as of March 31, 2025, there were 1,299,540 shares available for issuance under the Company’s stock compensation plans. As of March 31, 2025 and December 31, 2024, there was $363 and $344, respectively, accrued in other liabilities related to dividend equivalent units declared to be paid upon vesting and distribution of the underlying RSUs.

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.






	Performance Stock Units Outstanding(1)	Weighted Average Grant Date Fair Value
Balance at beginning of period (unvested)	223,393	$	38.06
Granted	75,329	49.33
Performance adjustment (2)	348	44.09
Vested	(50,269)	44.09

Balance at end of period (unvested)	248,801	$	40.23
(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 March 31, 2025:


Grant Year	Grant Price		Performance Period	PSUs Outstanding
2022	$	37.17	2023 to 2025	74,682
2023	$	35.60	2024 to 2026	98,790
2024	$	49.33	2025 to 2027	75,329

The Company recorded compensation cost $1,925 and $114 for the three months ended March 31, 2025 and 2024, respectively. As of March 31, 2025, maximum unrecognized compensation cost at 200% payout related to the unvested PSUs was $16,179, and the weighted average remaining performance period over which the cost could be recognized was 2.28 years. As of March 31, 2025 and December 31, 2024, there was $167 and $217, respectively, accrued in other liabilities related to dividend equivalent units declared to be paid upon vesting and distribution of the underlying PSUs.

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 8,161 and 10,606 shares of common stock issued under the ESPP with proceeds from employee payroll withholdings of $340 and $388 during the three months ended March 31, 2025 and 2024, respectively. As of March 31, 2025, there were 2,264,203 shares available for issuance under the ESPP.