Stock-Based Compensation

3 Months Ended

Mar. 31, 2026

The Company provides stock-based compensation to key employees in the form of restricted stock awards (RSAs) and, beginning in March 2026, restricted stock units (RSUs). The Company's stock-based compensation plans are designed to attract, retain, and reward employees while aligning the interests of the employees with the success of the Company. Awards are determined by the Company's Human Resources Committee of the Board of Directors.

The following represents a summary of changes in the Company's nonvested restricted stock shares as of March 31, 2026.


	Shares	Weighted Average Grant Date Fair Value
Nonvested at January 1, 2026	602,300	$	13.31
Granted	245,953	24.56
Vested	(171,600)	13.28
Forfeited	(2,700)	13.28
Nonvested at March 31, 2026	673,953	$	17.43

For the three months ended March 31, 2026 and 2025, the total stock-based compensation expense recognized for restricted stock awards and restricted stock units was $1.0 million and $0.9 million, respectively. This expense is calculated on the graded-vesting method and is included in salaries and employee benefits.