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Stock Options and Other Equity-Based Incentive Instruments | 6 Months Ended
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Jun. 30, 2024
Share-Based Payment Arrangement [Abstract] |
Stock Options and Other Equity-Based Incentive Instruments | Stock Options and Other Equity-Based Incentive Instruments On April 16, 2024, the Board of Directors adopted the 2024 Equity Incentive Plan (2024 Plan) which was approved by shareholders on May 23, 2024. The 2024 Plan allows for up to 1,200,000 shares to be issued in connection with equity-based incentives. In conjunction with shareholder approval of the 2024 Plan, the 2019 Equity Incentive Plan (2019 Plan), which allowed for up to 1,500,000 shares to be issued in connection with equity-based incentives, is no longer available for grant issuances. The Company's 2009 Equity Incentive Plan expired on March 26, 2019. While no new awards can be granted under the 2019 Plan or 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 six months ended June 30, 2024, is summarized in the following table:
| Number of Shares |  |  |  | Weighted Average Exercise Price
Outstanding at December 31, 2023 | 7,500 |  |  |  |  | $ | 23.21 |
Options granted | — |  |  |  |  | — |
Options exercised | — |  |  |  |  | — |
Options forfeited | — |  |  |  |  | — |
Outstanding at June 30, 2024 | 7,500 |  |  |  |  | $ | 23.21 |
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 June 30, 2024:
| Currently Exercisable |  | Currently Not Exercisable |  | Total Outstanding
Number of options | 7,500 |  |  | — |  |  | 7,500 |
Weighted average exercise price | $ | 23.21 |  |  | $ | — |  |  | $ | 23.21 |
Intrinsic value (in thousands) | $ | 123 |  |  | $ | — |  |  | $ | 123 |
Weighted average remaining contractual term (yrs.) | 0.3 |  | n/a |  | 0.3
As of June 30, 2024, all options outstanding are fully vested and are expected to be exercised prior to expiration. The Company did not modify any option grants during the six months ended June 30, 2024 or 2023. Activity related to restricted stock unit awards during the six months ended June 30, 2024 is summarized in the following table:
| Service Condition Vesting RSUs |  | Market Plus Service Condition Vesting RSUs
Outstanding at December 31, 2023 | 144,487 |  |  | 123,102 |
RSUs granted | 86,036 |  |  | 56,516 |
RSUs added through dividend and performance credits | 3,464 |  |  | 1,536 |
RSUs released | (63,811) |  |  | (32,248) |
RSUs forfeited | (1,886) |  |  | (1,933) |
Outstanding at June 30, 2024 | 168,290 |  |  | 146,973 |
The 168,290 of service condition vesting RSUs outstanding as of June 30, 2024 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 168,290 of service condition vesting RSUs outstanding as of June 30, 2024 are expected to vest, and be released, on a weighted-average basis, over the next 1.9 years. The Company expects to recognize $5.3 million of pre-tax compensation costs related to these service condition vesting RSUs between June 30, 2024 and their vesting dates. The Company did not modify any service condition vesting RSUs during the six months ended June 30, 2024 or 2023. The 146,973 of market plus service condition vesting RSUs outstanding as of June 30, 2024 are expected to vest, and be released, on a weighted-average basis, over the next 2.1 years. The Company expects to recognize $2.6 million of pre-tax compensation costs related to these RSUs between June 30, 2024 and their vesting dates. As of June 30, 2024, 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 220,460 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 the six months ended June 30, 2024

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