Stock-based compensation (Tables)

9 Months Ended

Sep. 30, 2024

Share-Based Payment Arrangement [Abstract]

Summary of Option Activity

The following table summarizes the Company's stock option activities for the periods indicated:

	Three months ended				Nine months ended
	September 30, 2024				September 30, 2024
	Shares		Weighted-Average Exercise Price		Shares		Weighted-Average Exercise Price
Non-vested balance at beginning of period		763,969	$	10.50		763,969	$	10.50
Granted		-		-		-		-
Exercised		-		-		-		-
Vested		34,992		11.80		34,992		11.80
Forfeited or expired		-		-		-		-
Non-vested balance at end of period		728,977	$	10.44		728,977	$	10.44

	Three months ended				Nine months ended
	September 30, 2023				September 30, 2023
	Shares		Weighted-Average Exercise Price		Shares		Weighted-Average Exercise Price
Non-vested balance at beginning of period		-	$	-		-	$	-
Granted		174,960		11.80		174,960		11.80
Exercised		-		-		-		-
Vested		-		-		-		-
Forfeited or expired		-		-		-		-
Non-vested balance at beginning of period		174,960	$	11.80		174,960	$	11.80

Summary of Restricted Stock Award Activity

The following table summarizes the Company's restricted stock award activities for the periods indicated:

	Three Months Ended				Nine Months Ended
	September 30, 2024				September 30, 2024
	Number of Shares		Weighted-Average Grant Date Fair Value Per Share		Number of Shares		Weighted-Average Grant Date Fair Value Per Share
Balance at beginning of period		305,957	$	10.50		305,957	$	10.50
Granted		1,000		13.00		1,000		13.00
Vested		13,997		11.80		13,997		11.80
Forfeited		-		-		-		-
Balance at end of period		292,960	$	10.45		292,960	$	10.45

	Three Months Ended				Nine Months Ended
	September 30, 2023				September 30, 2023
	Number of Shares		Weighted-Average Grant Date Fair Value Per Share		Number of Shares		Weighted-Average Grant Date Fair Value Per Share
Balance at beginning of period		-	$	-		-	$	-
Granted		69,984		11.80		69,984		11.80
Vested		-		-		-		-
Forfeited		-		-		-		-
Balance at end of period		69,984	$	11.80		69,984	$	11.80

Summary of Compensation Expense and Income Tax Benefit Recognized

The following table represents the compensation expense and income tax benefits recognized for stock options and restricted stock awards for the periods indicated:

	Three months ended		Nine months ended		Three months ended		Nine months ended
	September 30, 2024				September 30, 2023
	(in thousands)
Stock-based compensation expense
Stock options	$	166	$	495	$	10	$	10
Restricted stock awards		162		482		10		10
Total stock-based compensation expense	$	328	$	977	$	20	$	20
Related tax benefits recognized in earnings	$	71	$	211	$	6	$	6

Schedule of Compensation Cost Related to Non-vested Awards

The following table sets forth the total compensation cost related to non-vested awards not yet recognized and the weighted average period (in years) over which it is expected to be recognized as of the date indicated:

	September 30, 2024				December 31, 2023
	Amount		Weighted average period		Amount		Weighted average period
	(Dollars in thousands)
Stock options	$	2,667		4.05	$	3,162		4.80
Restricted stock awards		2,612		4.05		3,081		4.80
Total	$	5,279			$	6,243