Equity Incentive Plans

9 Months Ended

Sep. 30, 2025

Share-Based Payment Arrangement [Abstract]

The following table is a summary of the Company’s stock options outstanding as of September 30, 2025, 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 and Exercisable - December 31, 2024	701,103	$	4.11	$	15.09	0.63

Forfeited or expired	(621,103)	4.07		14.76		—

Outstanding and Exercisable - September 30, 2025	80,000	4.44		17.67		1.61

During the first and second quarters of 2025, the Company granted to directors and employees, under the 2019 Equity Incentive Plan, 238,186 restricted stock awards with a total grant date fair value of $2.8 million. Of these grants, 41,679 vest one year from the date of grant, 6,183 vest in equal installments over a two-year period beginning one year from the date of grant, and 190,324 vest in equal installments over a three-year period beginning one year from the date of grant. The Company also issued 59,735 performance-based restricted stock units to its executive officers with a total grant date fair value of $697,000. 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 ending on January 24, 2028. At the end of the performance period, the number of actual shares to be awarded may vary between 0% and 225% 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, 2025, and changes therein during the nine months then ended.


	Restricted Stock Awards	Weighted Average Grant Date Fair Value		Performance Stock Awards	Weighted Average Grant Date Fair Value
Non-vested at December 31, 2024	337,774	$	13.71	93,608	$	14.19
Granted	238,186	11.66		59,735	11.66
Vested	(184,309)	13.90		—	—
Forfeited	(9,463)	12.54		(20,631)	15.78
Non-vested at September 30, 2025	382,188	12.36		132,712	12.80

Expected future stock award expense related to the non-vested restricted share awards as of September 30, 2025, was $2.9 million over a weighted average period of 1.6 years. Expected future stock award expense related to the non-vested performance share awards as of September 30, 2025, was $793,000 over a weighted average period of 1.5 years.

During the three months ended September 30, 2025, and September 30, 2024, the Company recorded $754,000 and $717,000, respectively, of stock-based compensation related to the above plan. During the nine months ended September 30, 2025 and September 30, 2024, the Company recorded $2.3 million and $1.6 million, respectively, of stock-based compensation related to the above plan.