Stock Options and Restricted Stock (Tables)

6 Months Ended

Jun. 30, 2025

Share-Based Payment Arrangement [Abstract]

Summary of Activity for Performance Stock Units and Restricted Stock Programs

The following table presents the PSU activity for the six months ended June 30, 2025 and the year ended December 31, 2024. The PSUs have vesting conditions based upon certain levels of total pre-tax income as well as return on common equity attained over a three-year period. The PSUs cliff vest after three years based upon the performance of the Company. Dividend equivalent PSUs accumulate and convert to additional shares for the benefit of the grantee at the vesting date or are forfeited if the performance conditions are not met.

	Number of Shares			Grant Price Per Share		Weighted Average Grant Price
Outstanding at December 31, 2023		296,444	$		6.08	$	6.08
Granted		215,687			8.97		8.97
Cancelled		—			—		—
Vested		—			—		—
Outstanding at December 31, 2024		512,131		6.08 - 8.97			7.30
Granted		311,723			8.47		8.47
Cancelled		—			—		—
Vested		—			—		—
Outstanding at March 31, 2025		823,854		6.08 - 8.97			7.74
Granted		—			—		—
Cancelled		—			—		—
Vested		—			—		—
Outstanding at June 30, 2025		823,854	$	6.08 - 8.97		$	7.30

The following table presents the activity for the restricted stock programs for the six months ended June 30, 2025 and the year ended December 31, 2024.

	Number of Shares				Grant Price Per Share		Weighted Average Grant Price
Outstanding at December 31, 2023		995,376		$	4.89 - 9.37		$	7.74
Granted		347,158			8.97 - 10.32			9.17
Cancelled		(32,521	)		4.89 - 10.32			8.07
Vested (1)		(400,985	)		4.89 - 8.40			7.69
Outstanding at December 31, 2024		909,028			4.89 - 10.32			8.30
Granted		307,059				8.47		8.47
Cancelled		(3,373	)		4.89 - 10.32			8.86
Vested (1)		(484,823	)		4.89 - 8.97			7.70
Outstanding at March 31, 2025 (2)		727,891			8.08 - 10.32			8.77
Granted		—				—		—
Cancelled		(476	)		9.37 - 10.32			9.70
Vested		—				—		—
Outstanding at June 30, 2025 (2)		727,415		$	8.08 - 10.32		$	8.77

(1)The aggregate fair value of the restricted stock vested was $4.2 million for the six months ended June 30, 2025 and $2.7 million for the year ended December 31, 2024.

(2)The aggregate fair value of the restricted stock was $6.9 million as of June 30, 2025. The remaining vesting period was 2.7 years at June 30, 2025.

Summary of Activity for Stock Option Programs

The following table presents the activity for the stock option programs for the six months ended June 30, 2025 and the year ended December 31, 2024.

	Number of Options				Exercise Price Per Share		Weighted Average Exercise Price
Outstanding at December 31, 2023		959,522		$	2.14 - 9.38		$	6.51
Granted		—				—		—
Cancelled		(4,748	)		4.89 - 7.25			6.15
Exercised		(40,865	)		4.89 - 7.25			6.35
Outstanding at December 31, 2024		913,909			2.14 - 9.38			6.52
Granted		—				—		—
Cancelled		(23,716	)		4.89 - 7.25			6.67
Exercised (1)		(265	)			4.89		4.89
Outstanding at March 31, 2025 (2)		889,928			2.14 - 9.38			6.67
Granted		—				—		—
Cancelled		(10,054	)		4.89 - 9.38			9.05
Exercised (1)		(41,061	)		4.89 - 7.25			6.23
Outstanding at June 30, 2025 (2)		838,813		$	2.14 - 7.25		$	6.50
Options exercisable at:
December 31, 2024		829,286		$	2.14 - 9.38		$	6.53
June 30, 2025 (2)		838,813		$	2.14 - 7.25		$	6.50

(1)The aggregate intrinsic value, which represents the difference between the price of the Company’s common stock at the exercise date and the related exercise price of the underlying options, was less than $0.1 million for both the three and six months ended June 30, 2025 and the year ended December 31, 2024.

(2)The aggregate intrinsic value of outstanding options, which represents the difference between the price of the Company’s common stock at June 30, 2025 and the related exercise price of the underlying options, was $2.5 million for outstanding options, all of which had previously vested. The remaining contractual life was 4.7 years for outstanding options at June 30, 2025.

Summary of Activity for Unvested Options Outstanding

The following table presents the activity for the unvested options outstanding under the plans described above for the six months ended June 30, 2025 and the year ended December 31, 2024.

	Number of Options				Exercise Price Per Share		Weighted Average Exercise Price
Outstanding at December 31, 2023		261,875		$	4.89 - 7.25		$	6.49
Granted		—				—		—
Cancelled		(3,822	)		4.89 - 7.25			6.22
Vested		(173,430	)		4.89 - 7.25			6.56
Outstanding at December 31, 2024		84,623			4.89 - 6.79			6.37
Granted		—				—		—
Cancelled		(119	)			4.89		4.89
Vested		(84,504	)		4.89 - 6.79			6.37
Outstanding at March 31, 2025		—				—		—
Granted		—				—		—
Cancelled		—				—		—
Vested		—				—		—
Outstanding at June 30, 2025		—		$		—	$	—

The intrinsic value of the options vested was $0.1 million for the six months ended June 30, 2025.