STOCK-BASED COMPENSATION PLANS

3 Months Ended

Mar. 31, 2025

STOCK-BASED COMPENSATION PLANS

STOCK-BASED COMPENSATION PLANS

9. STOCK-BASED COMPENSATION PLANS

The Corporation has a stock incentive plan for selected officers and the independent directors. The Corporation made first quarter 2025 restricted stock awards to employees that vest ratably over three years. Following is a summary of restricted stock awards granted in the three-month period ended March 31, 2025:

(Dollars in Thousands)		Aggregate
		Grant
		Date
	Number of	Fair
	Shares	Value
Three Months Ended March 31, 2025 awards:
Time-based awards to employees	31,113	$	684
Performance-based awards to employees	11,848		261
Total	42,961	$	945

Compensation cost related to restricted stock is recognized based on the fair value of the stock at the grant date over the vesting period, adjusted for estimated and actual forfeitures. Total stock-based compensation expense attributable to restricted stock awards amounted to $325,000 in the first quarter 2025 and $326,000 in the first quarter 2024.