In 2024, Corporation adopted the Employee Stock Purchase Plan of 2004 (ESPP). Under this plan, eligible employees were granted options to purchase shares of the Corporation’s common stock over a one-year period, at a 10% discount to the fair market value of a share on the day the option was granted and was considered a non-compensatory plan. This plan expired in 2025, and no options awarded under this plan are outstanding as of December 31, 2025.

In 2025, shareholders approved and the Corporation adopted the Employee Stock Purchase Plan of 2025. Under the ESPP of 2025, participating employees may purchase common stock of the Corporation at a discount (not to exceed 15%) to the lower of the fair market value of a share at the first trading day of the offering period or the last trading day of the offering period. Employee participation is voluntary. The Corporation reserved 250,000 shares of its common stock for the ESPP of 2025.

The following table summarizes activity for the ESPP of 2025 for the year ended December 31, 2025:



Employee Stock Purchase Plan - 2025

(Dollars in thousands except share and per share data)	2025
Shares purchased		1,504
Weighted average purchase price per share	$	$34.56
Compensation expense recognized	$	10

Shares available for future issuance under the ESPP at December 31, 2025		248,496

In 2019, the Corporation approved the 2019 Omnibus Stock Incentive Plan (Stock Plan), replacing the Incentive Stock Option Plan of 2013 (ISOP). No new awards will be made under the 2013 plan; however, any awards made under the 2013 plan remain outstanding under the terms they were issued. Under the Stock Plan, 400,000 shares have been authorized to be issued, inclusive of the remaining shares available under the 2013 plan that were rolled into the Stock Plan and forfeited awards are available for future grants. The Stock Plan allows for various types of awards including incentive stock options, restricted stock and stock appreciation rights.

The incentive stock options (ISO) awarded under the Stock Plan and outstanding at December 31, 2025 are all exercisable. The ISO options expire 10 years from the grant date. The following table summarizes the activity in the Stock Plan:



Incentive Stock Options
		Weighted Average		Aggregate
(Dollars in thousands except share and per share data)	ISOP	Price Per Share		Intrinsic Value
Balance Outstanding at December 31, 2023	70,454	$	28.84	$	191
Granted	—		—
Exercised	(6,375)		22.05
Forfeited	—		—
Balance Outstanding at December 31, 2024	64,079	$	29.51	$	25
Granted	—		—
Exercised	(33,479)		27.32
Forfeited	—		—
Balance Outstanding at December 31, 2025	30,600	$	31.90	$	560

The following table provides information about the options outstanding at December 31, 2025:



	Options		Weighted	Weighted
	Outstanding		Exercise Price	Average Remaining
Stock Option Plan	and Exercisable		per share	Life (years)
Incentive Stock Options	1,500		21.27	0.2
Incentive Stock Options	11,700		30.00	1.2
Incentive Stock Options	17,400		34.10	2.2
ISO Total/Average	30,600	$	31.90	1.7

The following table provides information about the restricted stock plan at December 31, 2025:



		Weighted Average
Restricted Shares	Restricted	Grant Date
	Shares	Fair Value
Nonvested as of December 31, 2023	18,507	$	32.40
Granted	26,001		31.64
Vested	(16,652)		31.56
Forfeited	—		32.48
Nonvested as of December 31, 2024	27,856	$	32.53
Granted	20,748		38.01
Vested	(27,801)		31.81
Forfeited	—		—
Nonvested as of December 31, 2025	20,803	$	33.11

Shares available for future grants under the Stock Plan at December 31, 2025	206,792