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OTHER EMPLOYEE BENEFITS
12 Months Ended
Dec. 31, 2023
Retirement Benefits [Abstract]  
OTHER EMPLOYEE BENEFITS OTHER EMPLOYEE BENEFITS
401(k) benefit plan
The Company maintains a 401(k) plan that permits each participant to make before-tax contributions of a percentage of their compensation subject to dollar limits from Internal Revenue Service regulations. The Company matches a portion of employee’s contributions. Matching contribution expense as of December 31, 2023, 2022 and 2021 was $5.0 million, $2.2 million and $1.5 million, respectively.
Profit sharing plan
The financial statements for the years ended December 31, 2022 and 2021 included an accrual of $1.7 million and $6.0 million, respectively, for the contribution to the Allegiance profit sharing plan. This plan ended upon the date of the Merger.
Employee Stock Purchase Plan
Prior to the Merger, Allegiance offered its employees an opportunity to purchase shares of Allegiance’s common stock, pursuant to the terms of the Allegiance ESPP Plan. Allegiance allowed employees to purchase shares at a 15% discount to market value and incurred expense for the fair value of the discount given. The Company recognized expense of $111 thousand and $176 thousand for the years ended December 31, 2022 and 2021, respectively, for this plan. The ESPP was suspended at the effective date of the Merger.