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Share Based Compensation | 6 Months Ended
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Jun. 30, 2025
Share-Based Payment Arrangement [Abstract] |
Share Based Compensation | Share Based Compensation We maintain share based payment plans that include a non-employee director stock purchase plan and a long-term incentive plan that permits the issuance of share based compensation, including stock options and non-vested share awards. Th e long-term incentive plan, which is shareholder approved, permits the grant of additional share based awards for up to 0.3 million shares of common stock as of June 30, 2025. The non-employee director stock purchase plan permits the issuance of additional share based payments for up to 0.1 million shares of common stock as of June 30, 2025. Share based awards and payments are measured at fair value at the date of gra nt and are expensed over the requisite service period. Common shares issued upon exercise of stock options come from currently authorized but unissued shares. A summary of restricted stock and performance stock units (“PSU”) granted pursuant to our long-term incentive plan follows:
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Restricted stock | 1,000 |  | 1,000 |  | 53,019 |  | 81,355
PSU | — |  | — |  | 16,364 |  | 18,822
The shares of restricted stock and PSUs shown in the above table cliff vest after a period of three years. The performance criteria of the PSUs is split evenly between a comparison of (i) our total shareholder return and (ii) our return on average assets each over the three year period starting on the grant date to these same criteria over that period to an index of our banking peers. Our directors may elect to receive all or a portion of their cash retainer fees in the form of common stock (either on a current basis or on a deferred basis) pursuant to the non-employee director stock purchase plan referenced above. Shares equal in value to that portion of each director’s fees that he or she has elected to receive in stock on a current basis are issued each quarter and vest immediately. Shares issued on a deferred basis are credited at the rate of 90% of the current fair value of our common stock and vest immediately. During the six month periods ended June 30, 2025 and 2024 we issued 0.004 million and 0.005 million shares, respectively and expensed their value during those same periods. Total compensation expense recognized for grants pursuant to our long-term incentive plan was $0.6 million and $1.3 million during the three and six month periods ended June 30, 2025, respectively, and was $0.5 million and $1.0 million during the same periods in 2024, respectively. The corresponding tax benefit relating to this expense was $0.1 million and $0.3 million for the three and six month periods ended June 30, 2025, respectively and $0.1 million and $0.2 million for the same periods in 2024. Total expense recognized for non-employee director share based payments was $0.07 million and $0.13 million during the three and six month periods ended June 30, 2025, respectively, and was $0.06 million and $0.13 million during the same periods in 2024, respectively. The corresponding tax benefit relating to this expense was $0.01 million and $0.03 million for the three and six month periods ended June 30, 2025, respectively and $0.01 million and $0.03 million during the same periods in 2024. At June 30, 2025, the total expected compensation cost related to non-vested restricted stock and PSUs not yet recognized was $4.1 million. The weighted-average period over which this amount will be recognized is 2.2 years. A summary of outstanding stock option grants and related transactions follows:
| Number of Shares |  | Average Exercise Price |  | Weighted- Average Remaining Contractual Term (Years) |  | Aggregated Intrinsic Value
|  |  |  |  |  |  | (In thousands)
Outstanding at January 1, 2025 | 5,583 |  | $ | 13.43 |  |  |  |  |
Granted | — |  |  |  |  |  |
Exercised | (2,793) |  | 13.43 |  |  |  |  |
Forfeited | — |  |  |  |  |  |
Expired | — |  |  |  |  |  |
Outstanding at June 30, 2025 | 2,790 |  | $ | 13.43 |  |  | 1.7 |  | $ | 53 |
Vested and expected to vest at June 30, 2025 | 2,790 |  | $ | 13.43 |  |  | 1.7 |  | $ | 53 |
Exercisable at June 30, 2025 | 2,790 |  | $ | 13.43 |  |  | 1.7 |  | $ | 53 |
A summary of outstanding non-vested stock and related transactions follows:
| Number of Shares |  | Weighted- Average Grant Date Fair Value
Outstanding at January 1, 2025 | 266,986 |  | $ | 24.64 |
Granted | 69,383 |  | 37.17 |
Vested | (69,426) |  | 27.33 |
Forfeited | (3,429) |  | 27.47 |
Outstanding at June 30, 2025 | 263,514 |  | $ | 27.43 |
Certain information regarding options exercised during the periods follows:
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
| (In thousands) |  | (In thousands)
Intrinsic value | $ | — |  |  | $ | — |  |  | $ | 64 |  |  | $ | 91 |
Cash proceeds received | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Tax benefit realized | $ | — |  |  | $ | — |  |  | $ | 13 |  |  | $ | 19 |

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