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Stock Options and Other Equity-Based Incentive Instruments | 3 Months Ended
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Mar. 31, 2023
Share-Based Payment Arrangement [Abstract] |
Stock Options and Other Equity-Based Incentive Instruments | Stock Options and Other Equity-Based Incentive Instruments On April 16, 2019, the Board of Directors adopted the 2019 Equity Incentive Plan (2019 Plan) which was approved by shareholders on May 21, 2019. The 2019 Plan allows for up to 1,500,000 shares to be issued in connection with equity-based incentives. The Company’s 2009 Equity Incentive Plan (2009 Plan) expired on March 26, 2019. While no new awards can be granted under the 2009 Plan, existing grants continue to be governed by the terms, conditions and procedures set forth in any applicable award agreement. Stock option activity during the three months ended March 31, 2023 is summarized in the following table:
| Number of Shares |  |  |  | Weighted Average Exercise Price
Outstanding at December 31, 2022 | 15,500 |  |  |  |  | $ | 21.27 |
Options granted | — |  |  |  |  | — |
Options exercised | (4,000) |  |  |  |  | 19.46 |
Options forfeited | — |  |  |  |  | — |
Outstanding at March 31, 2023 | 11,500 |  |  |  |  | $ | 21.90 |
The following table shows the number, weighted-average exercise price, intrinsic value, and weighted average remaining contractual life of options exercisable, options not yet exercisable and total options outstanding as of March 31, 2023:
| Currently Exercisable |  | Currently Not Exercisable |  | Total Outstanding
Number of options | 11,500 |  |  | — |  |  | 11,500 |
Weighted average exercise price | $ | 21.90 |  |  | $ | — |  |  | $ | 21.90 |
Intrinsic value (in thousands) | $ | 226 |  |  | $ | — |  |  | $ | 226 |
Weighted average remaining contractual term (yrs.) | 1.0 |  | 0 years |  | 1.0
As of March 31, 2023 all options outstanding are fully vested and are expected to be exercised prior to expiration. The Company did not modify any option grants during 2022 or the three months ended March 31, 2023. Activity related to restricted stock unit awards during the three months ended March 31, 2023 is summarized in the following table:
| Service Condition Vesting RSUs |  | Market Plus Service Condition Vesting RSUs
Outstanding at December 31, 2022 | 139,194 |  |  | 114,481 |
RSUs granted | — |  |  | — |
RSUs added through dividend and performance credits | 817 |  |  | — |
RSUs released | (22,118) |  |  | — |
RSUs forfeited/expired | — |  |  | — |
Outstanding at March 31, 2023 | 117,893 |  |  | 114,481 |
The 117,893 of service condition vesting RSUs outstanding as of March 31, 2023 include a feature whereby each RSU outstanding is credited with a dividend amount equal to any common stock cash dividend declared and paid, and the credited amount is divided by the closing price of the Company’s stock on the dividend payable date to arrive at an additional amount of RSUs outstanding under the original grant. The dividend credits follow the same vesting requirements as the RSU awards and are not considered participating securities. The 117,893 of service condition vesting RSUs outstanding as of March 31, 2023 are expected to vest, and be released, on a weighted-average basis, over the next 2.1 years. The Company expects to recognize $3.1 million of pre-tax compensation costs related to these service condition vesting RSUs between March 31, 2023 and their vesting dates. The Company did not modify any service condition vesting RSUs during 2022 or during the three months ended March 31, 2023. The 114,481 of market plus service condition vesting RSUs outstanding as of March 31, 2023 are expected to vest, and be released, on a weighted-average basis, over the next 2.1 years. The Company expects to recognize $1.8 million of pre-tax compensation costs related to these RSUs between March 31, 2023 and their vesting dates. As of March 31, 2023, the number of market plus service condition vesting RSUs outstanding that will actually vest, and be released, may be reduced to zero or increased to 171,722 depending on the total return of the Company’s common stock versus the total return of an index of bank stocks from the grant date to the vesting date. The Company did not modify any market plus service condition vesting RSUs during 2022 or during the three months ended March 31, 2023

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