The Company has one stock-based compensation plan currently in effect as of March 31, 2025, as described further below. Total compensation cost that has been charged against earnings for the plan was $160 thousand and $319 thousand for the three months ended March 31, 2025 and 2024, respectively.

2021 Plan: In 2021, the Board of Directors of the Company approved a new equity incentive plan for granting stock options and restricted stock awards to key employees, officers, and non-employee directors of the Company and the Bank (the “2021 Plan”). The 2021 Plan was approved by the Company’s shareholders at the 2021 Annual Meeting. The number of shares authorized to be issued under the 2021 Plan was 1,500,000 shares of the Company’s common stock.

The exercise prices of stock options granted under the plan may not be less than 100.00% of the fair value of the Company’s stock at the date of grant. There are no stock options granted under the 2021 Plan as of March 31, 2025.

Restricted stock awards issued under the 2021 Plan may or may not be subject to vesting provisions. Owners of the restricted stock awards shall have all rights of a shareholder including the right to vote the shares and to all dividends (cash or stock). Compensation expense related to restricted stock awards will be recognized over the vesting period of the awards based on the fair value of the Company’s common stock at the issue date.

A summary of the changes in the Company’s non-vested restricted stock awards under the 2021 Plan for the three months ended March 31, 2025 is as follows:



($ in thousands, except share data)	Shares Issued	Weighted Average Grant Date Fair Value		Aggregate Intrinsic Value
Non-vested, as of January 1, 2025	250,088	$	11.78	$	3,954
Awards granted	38,471	14.93
Awards vested	(148,129)	12.54
Awards forfeited	(9,484)	14.30
Non-vested, as of March 31, 2025	130,946	$	11.15	$	1,574

Information related to vested restricted stock awards under the 2021 Plan for the periods indicated follows:



	Three Months Ended March 31,
($ in thousands)	2025		2024
Tax benefit (provision) realized from awards vested	$	30	$	(3)

There were 1,102,935 shares available for future grants of either stock options or restricted stock awards under the 2021 Plan as of March 31, 2025. The Company had approximately $1.3 million of unrecognized compensation cost related to unvested restricted stock awards under the 2021 Plan as of March 31, 2025. The Company expects to recognize these costs over a weighted average period of 3.0 years.