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Stock Options and Other Equity-Based Incentive Instruments | 3 Months Ended
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Mar. 31, 2025
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. While no new awards can be granted under the 2019 Plan, existing grants continue to be governed by the terms, conditions and procedures set forth in any applicable award agreement. There were no stock options outstanding as of March 31, 2025 and December 31, 2024. The Company did not modify any option grants during the three months ended March 31, 2025 or 2024. Activity related to restricted stock unit awards during the three months ended March 31, 2025 is summarized in the following table:
| Service Condition Vesting RSUs |  | Market Plus Service Condition Vesting RSUs
Outstanding at December 31, 2024 | 152,572 |  |  | 144,715 |
RSUs granted | 58,465 |  |  | 51,177 |
RSUs added through dividend and performance credits | 1,028 |  |  | — |
RSUs released | (21,839) |  |  | — |
RSUs forfeited | — |  |  | — |
Outstanding at March 31, 2025 | 190,226 |  |  | 195,892 |
The 190,226 of service condition vesting RSUs outstanding as of March 31, 2025 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 190,226 of service condition vesting RSUs outstanding as of March 31, 2025 are expected to vest, and be released, on a weighted-average basis, over the next 2.15 years. The Company expects to recognize $5.1 million of pre-tax compensation costs related to these service condition vesting RSUs between March 31, 2025 and their vesting dates. The Company did not modify any service condition vesting RSUs during the three months ended March 31, 2025 or 2024. The 195,892 of market plus service condition vesting RSUs outstanding as of March 31, 2025 are expected to vest, and be released, on a weighted-average basis, over the next 2.18 years. The Company expects to recognize $3.0 million of pre-tax compensation costs related to these RSUs between March 31, 2025 and their vesting dates. As of March 31, 2025, 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 293,838 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 three months ended March 31, 2025 or 2024.

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