The Company maintains a single employer, tax-qualified defined benefit pension plan (the "Pension Plan") which covers full-time employees that satisfy the Pension Plan's eligibility requirements. The benefits are based on years of service and the employee's average compensation for the highest five consecutive years of employment. Effective October 1, 2018, newly hired employees are not eligible to participate in Columbia Bank's Pension Plan as the plan has been closed to new employees as of that date.

The Company's policy is to fund at least the minimum contribution required by the Employee Retirement Income Security Act of 1974. GAAP requires an employer to: (a) recognize in its statement of financial position the over-funded or under-funded status of a defined benefit post-retirement plan measured as the difference between the fair value of plan assets and the benefit obligation; (b) measure a plan’s assets and its obligations that determine its funded status at the end of the employer’s fiscal year (with limited exceptions); and (c) recognize as a component of other comprehensive income (loss), net of tax, the actuarial gains and losses and the prior service costs and credits that arise during the period. The assets of the plan are primarily invested in fixed income and equity funds.

In addition, the Company provides certain health care and life insurance benefits to eligible retired employees under a Post-retirement Plan. The Company accrues the cost of retiree health care and other benefits during the employees’ period of active service. Effective January 1, 2019, the Post-retirement Plan has been closed to new hires.

The Company also provides life insurance benefits to eligible employees under an endorsement split-dollar life insurance program. The Company recognizes a liability for future benefits applicable to endorsement split-dollar life insurance arrangements that provide death benefits post-retirement. Through its mergers, the Company recognized additional liability for future benefits applicable to endorsement split-dollar life insurance arrangements that provide death benefits post-retirement under those respective Bank's program.


	At December 31,
	2023		2022		2023		2022		2023		2022		2023		2022
	Pension Plan				RIM Plan				Post-retirement Plan				Split-Dollar Life Insurance
	(In thousands)
Change in benefit obligation:
Benefit obligation at beginning of year	$	222,132	$	310,416	$	12,610	$	15,650	$	19,783	$	26,335	$	15,977	$	20,140
Acquired	—		—		—		—		—		—		—		1,503
Service cost	4,679		6,466		277		372		215		346		277		511
Interest cost	11,637		9,510		632		389		970		600		818		612
Actuarial loss (gain)	22,535		(88,943)		377		(3,505)		947		(6,849)		81		(6,534)
Benefits paid	(10,866)		(15,317)		(346)		(296)		(767)		(649)		(196)		(255)
Impact of plan merger 1	5,751		—		—		—		—		—		—		—
Benefit obligation at end of year	255,868		222,132		13,550		12,610		21,148		19,783		16,957		15,977

Change in plan assets:
Fair value of plan assets at beginning of year	403,752		492,132		—		—		—		—		—		—

Actuarial return (loss) on plan assets	53,391		(83,063)		—		—		—		—		—		—
Employer contributions	—		10,000		346		296		767		649		196		255
Benefits paid	(10,866)		(15,317)		(346)		(296)		(767)		(649)		(196)		(255)
Impact of plan merger 1	7,282		—		—		—		—		—		—		—
Fair value of plan assets at end of year	453,559		403,752		—		—		—		—		—		—
Funded status at end of year	$	197,691	$	181,620	$	(13,550)	$	(12,610)	$	(21,148)	$	(19,783)	$	(16,957)	$	(15,977)

1 During 2023, the RSI Pension Plan assumed as part of the 2022 RSI acquisition, was merged into the Columbia Bank Pension Plan.

At December 31, 2023 and 2022, the unfunded liability for the RIM Plan and Post-retirement Plan of $13.6 million and $21.1 million, and $12.6 million and $19.8 million, respectively, were included in other liabilities in the Consolidated Statements of Financial Condition, and the over-funded pension benefits associated with the Pension Plan totaling $197.7 million and $181.6 million respectively, were included in other assets in the Consolidated Statements of Financial Condition.

The actuarial losses related to the change in benefit obligations for the year ended December 31, 2023 resulted from a decrease in the discount rates and the update of census data, while the significant increase in actuarial gains related to the change in benefit obligations for the year ended December 31, 2022 resulted from a substantial increase in the discount rates.


	At December 31,
	2023								2022
	Pension Plan		RIM Plan		Post-retirement Plan		Split-Dollar Life Insurance		Pension Plan		RIM Plan		Post-retirement Plan		Split-Dollar Life Insurance
	(In thousands)

Unrecognized prior service costs	$	—	$	—	$	—	$	238	$	—	$	—	$	—	$	294
Unrecognized net actuarial loss (income)	59,463		2,102		787		16		60,970		1,781		(161)		(65)
Total accumulated other comprehensive loss (income)	$	59,463	$	2,102	$	787	$	254	$	60,970	$	1,781	$	(161)	$	229


	At December 31, 2021
	Pension Plan		RIM Plan		Post-retirement Plan		Split-Dollar Life Insurance
	(In thousands)

Unrecognized prior service costs	$	—	$	—	$	—	$	350
Unrecognized net actuarial loss	38,909		5,730		6,999		7,071
Total accumulated other comprehensive loss	$	38,909	$	5,730	$	6,999	$	7,421


	For the Year Ended December 31, 2023
	Pension Plan		RIM Plan		Post-retirement Plan		Split-Dollar Life Insurance		Affected Line Item in the Consolidated Statements of Income
	(In thousands)

Service cost	$	4,679	$	277	$	215	$	277	Compensation and employee benefits
Interest cost	11,637		632		970		818		Other non-interest expense
Expected return on plan assets	(30,771)		—		—		—		Other non-interest expense
Amortization:
Prior service cost	—		—		—		56		Other non-interest expense
Net loss	796		57		—		—		Other non-interest expense
Net periodic (income) benefit cost	$	(13,659)	$	966	$	1,185	$	1,151


	For the Year Ended December 31, 2022
	Pension Plan		RIM Plan		Post-retirement Plan		Split-Dollar Life Insurance		Affected Line Item in the Consolidated Statements of Income
	(In thousands)

Service cost	$	6,466	$	372	$	346	$	511	Compensation and employee benefits
Interest cost	9,510		389		600		612		Other non-interest expense
Expected return on plan assets	(29,262)		—		—		—		Other non-interest expense
Amortization:
Prior service cost	—		—		—		56		Other non-interest expense
Net loss	1,320		444		311		602		Other non-interest expense
Net periodic (income) benefit cost	$	(11,966)	$	1,205	$	1,257	$	1,781


	For the Year Ended December 31, 2021
	Pension Plan		RIM Plan		Post-retirement Plan		Split-Dollar Life Insurance		Affected Line Item in the Consolidated Statements of Income
	(In thousands)

Service cost	$	8,044	$	398	$	520	$	562	Compensation and employee benefits
Interest cost	7,317		343		562		500		Other non-interest expense
Expected return on plan assets	(26,833)		—		—		—		Other non-interest expense
Amortization:
Prior service cost	—		—		—		56		Other non-interest expense
Net loss	2,001		664		613		765		Other non-interest expense
Net periodic (income) benefit cost	$	(9,471)	$	1,405	$	1,695	$	1,883


	At and For the Year Ended December 31, 2023
	Pension Plan		RIM Plan		Post-retirement Plan		Split-Dollar Life Insurance
Weighted average assumptions used to determine benefit obligation:
Discount rate	5.07	%	5.01	%	4.96	%	5.11	%
Rate of compensation increase	4.50		4.50		N/A		4.50
Weighted average assumptions used to determine net periodic benefit cost:
Discount Rates:
Benefit obligation	5.26	%	5.21	%	5.18	%	5.31	%
Remeasurement rate	5.19		N/A		N/A		N/A
Service cost	5.36		5.28		5.30		5.41
Remeasurement rate	5.26		N/A		N/A		N/A
Interest cost	5.14		5.10		5.07		5.19
Remeasurement rate	5.16		N/A		N/A		N/A
Expected rate of return on plan assets	7.50		N/A		N/A		N/A
Remeasurement rate	7.50		N/A		N/A		N/A
Rate of compensation increase	4.50		3.75		N/A		3.75


	At and For the Year Ended December 31, 2022
	Pension Plan		RIM Plan		Post-retirement Plan		Split-Dollar Life Insurance
Weighted average assumptions used to determine benefit obligation:
Discount rate	5.26	%	5.21	%	5.18	%	5.31	%
Rate of compensation increase	3.75		3.75		N/A		3.75
Weighted average assumptions used to determine net periodic benefit cost:
Discount Rates:
Benefit obligation	3.14	%	2.97	%	2.90	%	3.30	%
Remeasurement rate	4.86		N/A		N/A		N/A
Service cost	3.32		3.16		3.19		3.49
Remeasurement rate	4.95		N/A		N/A		N/A
Interest cost	2.66		2.52		2.34		2.95
Remeasurement rate	4.58		N/A		N/A		N/A
Expected rate of return on plan assets	6.20		N/A		N/A		N/A
Remeasurement rate	7.00		N/A		N/A		N/A
Rate of compensation increase	3.75		3.75		N/A		3.75


	At and For the Year Ended December 31, 2021
	Pension Plan		RIM Plan		Post-retirement Plan		Split-Dollar Life Insurance
Weighted average assumptions used to determine benefit obligation:
Discount rate	3.14	%	2.97	%	2.90	%	3.22	%
Rate of compensation increase	3.75		3.75		N/A		3.75
Weighted average assumptions used to determine net periodic benefit cost:
Discount Rates:
Benefit obligation	2.92	%	2.67	%	2.59	%	3.01	%
Remeasurement rate	3.20		N/A		N/A		N/A
Service cost	3.21		2.93		2.96		3.26
Remeasurement rate	3.46		N/A		N/A		N/A
Interest cost	2.28		2.10		1.88		2.53
Remeasurement rate	2.55		N/A		N/A		N/A
Expected rate of return on plan assets	6.20		N/A		N/A		N/A
Rate of compensation increase	3.75		3.75		N/A		3.75

The Company provides its actuaries with certain rate assumptions used in measuring the respective benefit obligations. The most significant of these is the discount rate used to calculate the period-end present value of the benefit obligations, and the expense to be included in the following year's consolidated financial statements. A lower discount rate will result in a higher benefit obligation and expense, while a higher discount rate will result in a lower benefit obligation and expense. The discount rate assumption was determined based on a cash flow-yield curve model specific to the Company's pension and post-retirement plans.

The Company compares this rate to certain market indices, such as long-term treasury bonds, or pension liability indices, for reasonableness. The Company's expected return on plan assets assumption is based on historical investment return rate experience, evaluation of input from the trustee managing the pension plan's assets and Columbia Bank's Pension Committee which has responsibility for managing these assets. The expected return on pension plan assets is also impacted by the target allocation of assets, which is based on the Company's goal of earning the highest rate of return while maintaining risk at acceptable levels.


For the Year Ended December 31,	Pension Plan		RIM Plan		Post-retirement Plan		Split-Dollar Life Insurance
	(In thousands)

2024	$	11,392	$	595	$	1,489	$	475
2025	12,463		878		1,628		535
2026	13,481		924		1,760		597
2027	14,473		952		1,828		656
2028	15,390		974		1,833		719
2029 - 2033	85,990		5,018		8,240		4,544

Management, under the direction of Columbia Bank's Pension Committee, strives to have pension assets sufficiently diversified so that adverse or unexpected results from one security class will not have a significant detrimental impact on the entire portfolio. The 2023 target allocation of assets and acceptable ranges around the targets are as follows:

Columbia Bank's Pension Committee engages an investment management advisory firm to regularly monitor the performance of the asset managers and ensure they are within compliance with policy. The maximum and minimum of the range for each class is based on the fair value of the assets in the fund. If changes in fair value should lead to allocations outside these boundaries, management shall adjust exposure back to the established guidelines within 90 days or reevaluate the guidelines.

The following tables present the assets that are measured at fair value on a recurring basis by level within the U.S. GAAP fair value hierarchy as reported on the Statements of Net Assets Available for Plan Benefits at December 31, 2023 and 2022, respectively. A financial instrument's level within the fair value hierarchy's is based on the lowest level of input that is significant to the fair value measurement.


	December 31, 2023
			Fair Value Measurements
	Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(In thousands)

Money market mutual funds	$	10,711	$	10,711	$	—	$	—
Mutual funds - value stock fund	18,132		18,132		—		—
Mutual funds - fixed income	251,889		251,889		—		—
Mutual funds - international stock	49,260		49,260		—		—
Mutual funds - institutional stock index	123,567		123,567		—		—

	$	453,559	$	453,559	$	—	$	—


	December 31, 2022
			Fair Value Measurements
	Fair value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(In thousands)

Money market mutual funds	$	6,247	$	6,247	$	—	$	—
Mutual funds - value stock fund	32,764		32,764		—		—
Mutual funds - fixed income	197,680		197,680		—		—
Mutual funds - international stock	44,833		44,833		—		—
Mutual funds - institutional stock index	122,228		122,228		—		—

	$	403,752	$	403,752	$	—	$	—

Through the acquisition of the RSI Entities on May 1, 2022, the Company acquired a funded pension plan and a non-funded post-retirement plan. The benefits are based on years of service and the employee’s compensation, as defined. The Plan was amended effective March 31, 2011, to freeze the Plan so that no employee shall commence or recommence participation in the Plan, that there shall be no further benefit accruals under the Plan, and that compensation received after the effective date shall not be recognized for any purpose under the Plan. Effective September 30, 2023, the RSI Bank Retirement Plan was merged, and all assets were transferred into the Columbia Bank Pension Plan. The defined benefit post-retirement healthcare plan covers substantially all retirees and employees.


	At December 31,
	2023		2023		2022		2022
	Pension Plan		Post-retirement Plan		Pension Plan		Post-retirement Plan
	(In thousands)				(In thousands)
Change in benefit obligation:
Benefit obligation at beginning of year	$	6,057	$	2,047	$	—	$	—
Acquired	—		—		7,202		3,163
Service cost	—		67		—		93
Interest cost	305		107		198		93
Actuarial (gain) loss	(416)		313		(1,009)		(1,298)
Benefits paid	(195)		(31)		(129)		(4)
Settlements	—		—		(205)		—
Impact of plan merger 1	(5,751)		—		—		—
Benefit obligation at end of year	—		2,503		6,057		2,047

Change in plan assets:
Fair value of plan assets at beginning of year	7,061		—		—		—
Acquired	—		—		7,819		—
Actuarial return on plan assets	416		—		(424)		—
Employer contributions	—		31		—		4
Benefits paid	(195)		(31)		(129)		(4)
Settlements	—		—		(205)		—
Impact of plan merger 1	(7,282)		—		—		—
Fair value of plan assets at end of year	—		—		7,061		—
Funded status at end of year	$	—	$	(2,503)	$	1,004	$	(2,047)

1 During 2023, the RSI Pension Plan assumed as part of the 2022 RSI acquisition, was merged into the Columbia Bank Pension Plan.

At December 31, 2023 and 2022, the unfunded liability for the Post-retirement Plan of $2.5 million and $2.0 million, respectively, was included in other liabilities in the Consolidated Statements of Financial Condition, and the over-funded pension benefits associated with the Pension Plan at December 31, 2022, totaling $1.0 million, was included in other assets in the Consolidated Statements of Financial Condition.


	At December 31,
	2023		2023		2022		2022
	Pension Plan		Post-retirement Plan		Pension Plan		Post-retirement Plan
	(In thousands)				(In thousands)

Unrecognized prior service costs	$	—	$	—	$	—	$	—
Unrecognized net actuarial (income)	—		(493)		(281)		(868)
Total accumulated other comprehensive (income)	$	—	$	(493)	$	(281)	$	(868)


	For the Year Ended
	December 31, 2023
	Pension Plan		Post-retirement Plan		Affected Line Item in the Consolidated Statements of Income
	(In thousands)

Service cost	$	—	$	67	Compensation and employee benefits
Interest cost	305		107		Other non-interest expense
Expected return on plan assets	(487)		—		Other non-interest expense
Amortization:

Net loss	—		(61)		Other non-interest expense

Net periodic (income) benefit cost	$	(182)	$	113


	For the Year Ended
	December 31, 2022
	Pension Plan		Post-retirement Plan		Affected Line Item in the Consolidated Statements of Income
	(In thousands)

Service cost	$	—	$	93	Compensation and employee benefits
Interest cost	198		93		Other non-interest expense
Expected return on plan assets	(295)		—		Other non-interest expense



Settlements/curtailments	(10)		(430)		Other non-interest expense
Net periodic (income) benefit cost	$	(107)	$	(244)


	At or For the Years Ended December 31,
	2023		2023		2022		2022
	Pension Plan		Post-retirement Plan		Pension Plan		Post-retirement Plan
Weighted average assumptions used to determine benefit obligation:
Discount rate	N/A		5.16	%	5.24	%	5.36	%
Rate of compensation increase	N/A		N/A		N/A		N/A
Weighted average assumptions used to determine net periodic benefit cost:
Discount Rates:
Benefit obligation	5.24	%	5.16	%	4.21	%	4.58	%





Expected rate of return on plan assets	7.00	%	N/A		5.75	%	N/A

The following tables present the assets that are measured at fair value on a recurring basis by level within the U.S. GAAP fair value hierarchy as reported on the Statements of Net Assets Available for Plan Benefits at December 31, 2022. A financial instrument's level within the fair value hierarchy's is based on the lowest level of input that is significant to the fair value measurement.


	December 31, 2022
			Fair Value Measurements
	Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(In thousands)

Money market mutual fund	$	70	$	70	$	—	$	—
Equities - long term growth	4,720		—		4,720		—
Fixed income - long duration	2,271		—		2,271		—



	$	7,061	$	70	$	6,991	$	—

The Company has BOLI which is a tax-advantaged transaction that is used to partially fund obligations associated with employee compensation and benefit programs. Policies are purchased insuring officers of the Company using a single premium method of payment. BOLI is accounted for using the cash surrender value and the increase in cash surrender value is included in non-interest income in the Consolidated Statements of Income. At December 31, 2023 and 2022, the Company had $268.4 million and $264.9 million, respectively, in BOLI. BOLI income for the years ended December 31, 2023, 2022, and 2021 was $10.1 million, $7.4 million, and $6.0 million, respectively.

Columbia Bank also maintains a non-qualified defined contribution plan that provides supplemental benefits to certain executives who are prevented from receiving the full benefits contemplated by the 401(k) Plan under tax law limits for tax-qualified plans. The contribution expense for the years ended December 31, 2023, 2022, and 2021 was approximately $40,000, $73,000, and $12,000, respectively.

Columbia Bank and Freehold Bank each have a 401(k) plan covering substantially all employees of each Bank. Columbia Bank may match a percentage of the first 3.00% to 4.50% contributed by participants. Columbia’s matching contribution, if any, is determined by the Board of Directors in its sole discretion. Freehold does not presently match a certain percentage on contributions made by participants, but provides an annual match, as determined by their Board Directors, of $245,000, $204,000, and $213,000 for the years ended December 31, 2023, 2022, 2021, respectively. The Company expense for the years ended December 31, 2023, 2022, and 2021 was approximately $2.8 million, $2.4 million, and $2.1 million, respectively.

Effective upon the consummation of the Company's reorganization in April 2018, an ESOP was established for all eligible employees. The ESOP used $45.4 million in proceeds from a 20 years term loan obtained from the Company to purchase 4,542,855 shares of Company common stock. The term loan principal is payable in installments through April 2038. Interest on the term loan is fixed at a rate of 4.75%.

Each year, Columbia Bank makes discretionary contributions to the ESOP, which are equal to principal and interest payments required on the term loan. Shares purchased with the loan proceeds were initially pledged as collateral for the term loan and is held in a suspense account for future allocation among participants. Contributions to the ESOP and shares released form the suspense account are allocated among the participants on the basis of compensation, as described by the ESOP in the year of allocation.

The ESOP shares pledged as collateral are reported as unearned ESOP shares in the Consolidated Statements of Financial Condition. As shares are committed to be released from collateral, the Company reports compensation expense equal to the average market price of the shares during the year, and the shares become outstanding for basic net income per common share computations. ESOP compensation expense for the years ended December 31, 2023, 2022, and 2021 was $4.1 million, $4.9 million and $4.1 million, respectively.

Columbia Bank has a SERP, which is a non-qualified plan which provides supplemental retirement benefits to eligible officers (those designated by the Board of Directors) of the Company who are prevented from receiving the full benefits contemplated by the ESOP's benefit formulas under tax law limits for tax-qualified plans. SERP compensation (benefit) expense for the years ended December 31, 2023, 2022, and 2021 was $(32,000), $455,000, and $348,000, respectively.

Through the acquisition of Roselle, the Company acquired a non-contributory defined benefit supplemental executive retirement plan with the only participant being the former president of Roselle Bank. For the years ended December 31, 2023, 2022, and 2021 the Company recorded a net periodic benefit cost of $20,000, $12,000, and $9,000, respectively, in connection with this plan.

Freehold Bank has a non-contributory defined benefit supplemental executive plan with the only participant being the former president of Freehold Bank. For the years ended December 31, 2023, 2022, and 2021 the Company recorded a net periodic benefit cost of $2,000, $8,000, and $1,000 respectively, in connection with this plan.

Through the acquisition of RSI Bank, the Company acquired a non-contributory defined benefit supplemental executive retirement plan with the only participant being the former president of RSI Bank. The plan was settled in 2022. For the year ended December 31, 2022, the Company recorded a net periodic benefit cost of $38,000.

Freehold Bank maintains a Director Retirement Income Plan, which provides directors a benefit equal to $12,000 per annum, payable in equal installments over 120 months when the director reaches Emeritus Age as defined by the plan. At December 31, 2023 and 2022, the Company had an accrued liability of $387,000 and $390,000, respectively, related to this plan. For the years ended December 31, 2023, 2022, and 2021 the net periodic benefit (income) cost recorded in connection with this plan was $(24,000), $9,000 and $1,000, respectively.

Freehold Bank maintains a Director Deferred Retirement Plan, which provides directors a portion of their deferred director fees and a 10% return on all deferrals, payable in monthly installments over 120 months, when the director reaches benefit eligibility age as defined by the plan. At December 31, 2023 and 2022, the Company had an accrued liability of $66,000 and $399,000, respectively, related to this plan. For the years ended December 31, 2023, 2022, and 2021, there was no expense recorded under this plan.

Through the acquisition of RSI, the Company acquired an executive incentive retirement plan. At December 31, 2023 and 2022, the Company had an accrued liability of $262,000 and $257,000 respectively, related to this plan. For the years ended December 31, 2023 and 2022, the expense recorded in connection with this plan was $11,000 and $7,000, respectively.

Through the acquisition of RSI, the Company acquired a deferred compensation plan for the former Board of Directors and executives. Under the terms of the plan, for directors who elected not to receive directors' fees for a period of five years, their fees were used to purchase key insurance on the life of each director in the amount calculated to meet the Company's obligations under the plan. Benefits payable under the plan, which accrue in accordance with a ten year schedule, consist of monthly payments commencing at age 65 or five years from the date the plan was implemented for those participants who already reached age 65. At December 31, 2023 and 2022, the Company had an accrued liability of $290,000 and $351,000, respectively, related to this plan. For the years ended December 31, 2023 and 2022, the expense recorded in connection with this plan was $11,000 and $8,000.

In addition, Columbia Bank maintains a stock based deferral plan for certain executives and directors, and a cash based deferred compensation plan for directors. The Company records a deferred compensation equity account and corresponding contra-equity account for the cost of the shares held by the Stock Based Deferral Plan. Periodic adjustments to market are not required as participants do not have the option to take the distribution in cash. The Company records a liability for the amount deferred under the Directors Deferred Compensation Plan. There were no expenses recorded under these plans.

At the Company's annual meeting of stockholders held on June 6, 2019, stockholders approved the Columbia Financial, Inc. 2019 Equity Incentive Plan ("2019 Plan") which provides for the issuance of up to 7,949,996 shares (2,271,427 restricted stock awards and 5,678,569 stock options) of common stock.

Restricted shares granted under the 2019 Plan generally vest in equal installments, over the performance or service periods ranging from 1 year to 5 years, beginning 1 year from the date of grant. A portion of restricted shares awarded are performance awards, which vest upon the satisfactory attainment of certain corporate financial targets. Management recognizes compensation expense for the fair value of restricted shares on a straight-line basis over the requisite performance or service period. During the years ended December 31, 2023, 2022, and 2021, approximately $4.1 million, $4.3 million, and $5.7 million, respectively, in expense was recognized in regard to these awards. The expected future compensation expense related to the 435,541 non-vested restricted shares outstanding at December 31, 2023 is approximately $5.0 million over a weighted average period of 1.5 years.


	Number of Restricted Shares	Weighted Average Grant Date Fair Value

Non-vested at January 1, 2022	1,054,335	$	15.78
Grants	123,182	21.29
Vested	(677,886)	15.73
Forfeited	(68,677)	16.54
Non-vested at December 31, 2022	430,954	$	17.31
Grants	247,646	16.43
Vested	(213,253)	17.29
Forfeited	(29,806)	17.96
Non-vested at December 31, 2023	435,541	$	16.77

On March 21, 2022, options to purchase 130,951 shares of Company common stock were awarded with a grant date fair value of $6.51 per option. Stock options granted under the 2019 Plan vest in equal installments over the service period of three years beginning one year from the date of grant. These stock options were granted at an exercise price of $21.79, which represents the fair value of the Company's common stock price on the grant date based on the closing market price and have an expiration period of 10 years. The fair value of stock options granted was estimated utilizing the Black-Scholes option pricing model using the following assumptions: expected life of 6 years, risk-free rate of return of 2.34%, volatility of 25.31%, and a dividend yield of 0.00%.

On October 31, 2022, options to purchase 173,766 shares of Company common stock were awarded with a grant date fair value of $7.22 per option. Stock options granted under the 2019 Plan vest in equal installments over the service period of three years beginning one year from the date of grant. These stock options were granted at an exercise price of $20.54, which represents the fair value of the Company's common stock price on the grant date based on the closing market price and have an expiration period of 10 years. The fair value of stock options granted was estimated utilizing the Black-Scholes option pricing model using the following assumptions: expected life of 6 years, risk-free rate of return of 4.19%, volatility of 26.25%, and a dividend yield of 0.00%.

On December 19, 2022, options to purchase 58,912 shares of Company common stock were awarded with a grant date fair value of $6.79 per option. Stock options granted under the 2019 Plan generally vest in equal installments over the service period of one year beginning one year from the date of grant. These stock options were granted at an exercise price of $21.07, which represents the fair value of the Company's common stock price on the grant date based on the closing market price and have an expiration period of approximately 10 years. The fair value of stock options granted was estimated utilizing the Black-Scholes option pricing model using the following assumptions: expected life of 5.5 years, risk-free rate of return of 3.71%, volatility of 26.11%, and a dividend yield of 0.00%.

On May 1, 2023, options to purchase 286,016 shares of Company common stock were awarded with a grant date fair value of $5.48 per option. Stock options granted under the 2019 Plan generally vest in equal installments over the service period of three years beginning one year from the date of grant. These stock options were granted at an exercise price of $15.94, which represents the fair value of the Company's common stock price on the grant date based on the closing market price and have an expiration period of approximately 10 years. The fair value of stock options granted was estimated utilizing the Black-Scholes option pricing model using the following assumptions: expected life of 6 years risk-free rate of return of 3.60%, volatility of 27.07%, and a dividend yield of 0.00%.

The expected life of the options represents the period of time that stock options are expected to be outstanding and is estimated using the simplified approach, which assumes that all outstanding options will be exercised at the midpoint of the vesting date and full contractual term. The risk-free rate of return is based on the rates on the grant date of a U.S. Treasury Note with a term equal to the expected option life. Since the Company recently converted to a public company and does not have sufficient historical price data, the expected volatility is based on the historical daily stock prices of Company stock plus a peer group of similar entities based on factors such as industry, stage of life cycle, size and financial leverage. The Company has not paid any cash dividends on its common stock.

Management recognizes expense for the fair value of these awards on a straight-line basis over the requisite service period. During the years ended December 31, 2023, 2022, and 2021, approximately $3.9 million, $3.2 million, and $3.2 million, respectively, in expense was recognized in regard to these awards. The expected future compensation expense related to the 1,056,804 non-vested options outstanding at December 31, 2023 is $3.5 million over a weighted average period of 1.5 years.


	Number of Stock Options	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value

Outstanding, January 1, 2022	3,637,542	$	15.78	7.6	$	18,654,905
Granted	363,629	21.08		—	—
Exercised	(315,703)	15.76		—	—
Expired	(10,116)	15.60		—	—
Forfeited	(238,483)	16.20		—	—
Outstanding, December 31, 2022	3,436,869	$	16.26	6.9	$	18,435,239
Granted	286,016	15.94		—	—
Exercised	(44,117)	15.60		—	—
Expired	(8,281)	17.12		—	—
Forfeited	(86,418)	18.04		—	—
Outstanding, December 31, 2023	3,584,069	$	16.20	6.1	$	—
Options exercisable at December 31, 2023	2,527,265	$	16.01	5.7	$	8,527,928