Equity Incentive Plans

9 Months Ended

Sep. 30, 2023

Share-Based Payment Arrangement [Abstract]

The following table is a summary of the Company’s stock options outstanding as of September 30, 2023, and changes therein during the nine months then ended.


	Number of Stock Options	Weighted Average Grant Date Fair Value		Weighted Average Exercise Price		Weighted Average Contractual Life (years)
Outstanding - December 31, 2022	1,582,826	$	4.03	$	14.04	2.01

Forfeited or cancelled	(30,920)	3.97		13.79		—
Exercised	(7,600)	3.91		13.13		—
Outstanding - September 30, 2023	1,544,306	4.03		14.05		1.26
Exercisable - September 30, 2023	1,544,306	4.03		14.05		1.26

On January 27, 2023, the Company granted to directors and employees, under the 2019 Equity Incentive Plan, 157,525 restricted stock awards with a total grant-date fair value of $2.3 million. Of these grants, 33,813 vest one year from the date of grant and 123,712 vest in equal installments over a three-year period beginning one year from the date of grant. The Company also issued 34,724 performance-based restricted stock units to its executive officers with a total grant date fair value of $499,000. Vesting of the performance-based restricted stock units will be based on achievement of certain levels of Core Return on Average Assets and will cliff-vest after a three-year measurement period ended January 27, 2026. At the end of the performance period, the number of actual shares to be awarded may vary between 0% and 120% of target amounts.

The following is a summary of the status of the Company’s restricted stock awards and performance-based restricted stock units at September 30, 2023, and changes therein during the nine months then ended.


	Number of Shares Awarded	Weighted Average Grant Date Fair Value
Non-vested at December 31, 2022	321,501	$	14.66
Granted	192,249	14.37
Incremental performance-based restricted stock units earned	10,353	—
Vested	(124,586)	13.96
Forfeited	(37,123)	14.33
Non-vested at September 30, 2023	362,394	14.36

Expected future stock award expense related to the non-vested restricted share awards and performance-based restricted stock units as of September 30, 2023, was $3.7 million over a weighted average period of 1.9 years.

During the three months ended September 30, 2023 and September 30, 2022, the Company recorded $577,000 and $456,000, respectively, of stock-based compensation related to the above plan. During the nine months ended September 30, 2023 and September 30, 2022, the Company recorded $1.8 million and $1.3 million, respectively, of stock-based compensation related to the above plan.