v3.25.1
BENEFIT PLANS (Tables)
12 Months Ended
Dec. 31, 2024
Retirement Benefits [Abstract]  
Schedule of restricted stock issuances The following table summarizes the restricted stock issuances under the 2015 and 2023 Stock Incentive Plans, net of shares forfeited, if any:
2023 Plan2
2015 Plan
Restricted Stock authorized under the plan1
3.0 million1.5 million
Net restricted stock (granted)/forfeited during:
Year ended December 31, 2020 and prior—(223)
Year ended December 31, 2021—(215)
Year ended December 31, 2022—(251)
Year ended December 31, 2023(82)28
Year ended December 31, 2024(497)—
Total net restricted stock (granted)/forfeited(579)(661)
1 No stock options were granted under the 2015 or 2023 Stock Incentive Plans.
2 The 2023 Stock Incentive Plan provides for an initial share reserve of up to 3.0 million shares of Common Stock.

Awards of restricted stock granted under the 2015 and 2023 Stock Incentive Plans generally vest over a one- to three-year periods from the grant date; awards of restricted stock granted under the 2023 Stock Incentive Plan to non-employee directors generally vest over a one-year period. The grant date fair value is expensed over the service period, starting on the grant date.
The following table summarizes the Company’s ESPP activity from inception through December 31, 2024:

Year Ended December 31, 2024
Year Ended December 31, 2023
Offering Period
Total
Offering Period
Total
Commencement date
10/1/20244/1/202410/1/202310/1/2023
End date
12/15/20249/15/20243/15/202412/15/2023
Shares purchased
5 10 5 20 4 4 
Weighted average share price
$11.03 $10.21 $9.83 $10.32 $13.05 $13.05 
Total purchased, net of discount
$55 $101 $51 $207 $51 $51 
The ESPP share activity is as follows:
Shares
ESPP shares authorized under the plan200 
ESPP shares purchased during:
Year ended December 31, 2023 (4)
Year ended December 31, 2024(20)
Available for future purchases, December 31, 2024176 
Investment company, changes in net assets
Details of the Company’s outstanding shares related to restricted stock awards as of December 31, 2024 and December 31, 2023 are outlined below:

December 31, 2024December 31, 2023
Shares outstanding related to grants of restricted stock awards771345
Weighted average grant date fair value of awards$14.51$19.18
Additional shares outstanding related to dividends on awards5944
Schedule of unrecognized compensation
As of December 31, 2024 and December 31, 2023, the Company’s total unrecognized compensation expense related to unvested shares of restricted stock granted was as follows.

December 31, 2024December 31, 2023
Unrecognized compensation expense on unvested awards$5,929$3,610
Weighted-average period of unrecognized compensation expense1.0 year1.7 years
The Company’s total stock-based compensation expense included within Salaries and employee benefits expense in the Consolidated Statements of Income for the years ended December 31, 2024, 2023 and 2022 is summarized below:

Year Ended December 31,
202420232022
Restricted stock awards$4,040 $2,828 $2,511 
ESPP22 — —
Total compensation cost recognized for stock-based compensation plans$4,062 $2,828 $2,511