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Employee Benefit Plans

12 Months Ended

Dec. 31, 2024

Defined Benefit Plan [Abstract]

Employee Benefit Plans

Note 13. Employee Benefit Plans

401(k) Plan:

The Company provides a deferred salary reduction plan (“Plan”) under Section 401(k) of the Internal Revenue Code covering substantially all employees. After 90 days of service the Company matches 100% of employee contributions up to 3% of compensation and 50% of employee contributions on the next 2% of compensation. The Company’s contribution to the Plan for the years ended December 2024, 2023, and 2022, was $1.9 million, $1.8 million and $1.6 million, respectively.

Equity Incentive Plans:

The Compensation Committee of the Company’s Board of Directors may grant or award eligible participants stock options, restricted stock, restricted stock units, stock appreciation rights, and other stock-based awards or any combination of awards (collectively referred to herein as "Rights"). At December 31, 2024, the Company had one active equity incentive plan available for future grants, the 2015 Stock Incentive Plan, which has 1,595,020 Rights available for future grants or awards.

The Company’s 2015 Stock Incentive Plan has 10,148 Rights issued.

Stock Options:

A summary of the activity in these stock option plans is presented in the following table:

​	​	​	​	​	​
​	​	​		Weighted
​	​	​	​	Average
​	​	​	​	Exercisable
​	​	Number	​	Price
Outstanding at December 31, 2022	​	32,045	​	$	12.04
Granted	​	—	​	​	—
Exercised	​	(15,705)	​	​	10..47
Forfeited	​	—	​	​	—
Outstanding at December 31, 2023	​	16,340	​	​	13.55
Granted	​	—	​	​	—
Exercised	​	(6,192)	​	​	11.09
Forfeited	​	—	​	​	—
Outstanding at December 31, 2024	​	10,148	​	​	15.05

​

Information pertaining to options outstanding at December 31, 2024, is as follows:

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Options Outstanding

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Options Exercisable

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Weighted-

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Average

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Weighted-

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Weighted-

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Remaining

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Average

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Average

Exercise

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Number

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Contractual

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Exercise

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Number

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Exercise

Prices

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Outstanding

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Life

​

Price

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Exercisable

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Price

$

15.05

10,148

0.75 years

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$

15.05

10,148

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$

15.05

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Outstanding, end of period

10,148

0.75 years

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$

15.05

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10,148

​

$

15.05

​

The Company did not recognize any stock option-based compensation expense for the year ended December 31, 2024, 2023 and 2022, respectively, as all stock options are fully vested. As of December 31, 2024, all options were fully vested and currently no future compensation cost will be recognized related to nonvested stock-based compensation arrangements granted under the Plans.

The intrinsic value of options exercised during the year ended December 31, 2024 and 2023 was $69 thousand and $242 thousand, respectively. The aggregate intrinsic value of total options outstanding and exercisable options at December 31, 2024, was $162 thousand. Cash received from options exercised under all share-based payment arrangements for the period ended December 31, 2024, was $68 thousand.

No options vested during the year ended December 31, 2024, and 2023, respectively. The income tax benefit recognized for the exercise of options during the periods ended December 31, 2024, 2023, and 2022 was $14 thousand, $55 thousand, and $209 thousand, respectively.

Restricted Stock Awards:

A summary of the activity of the Company’s unvested restricted stock awards for the year ended December 31, 2024 is presented below:

The following table summarizes activity relating to non-vested restricted stock awards:

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​	​	​	​	​	​
​	​	​		Weighted
​	​	​	​	Average
​	​	​	​	Grant-Date
​	​	Number	​	Fair Value
Outstanding at December 31, 2022	​	129,836	​	$	19.61
Granted	​	91,582	​	​	26.13
Exercised	​	(33,058)	​	​	22.24
Forfeited/expired	​	(16,590)	​	​	23.31
Outstanding at December 31, 2023	​	171,770	​	​	22.22
Granted	​	79,643	​	​	24.04
Exercised	​	(51,655)	​	​	21.78
Forfeited/expired	​	(3,899)	​	​	24.90
Outstanding at December 31, 2024	​	195,859	​	​	23.02

​

The Company measures the fair value of restricted stock awards based on the price of the Company’s common stock on the grant date, and compensation expense is recorded over the vesting period. The compensation expense for restricted

stock awards during the years ended December 31, 2024, 2023 and 2022, was $1.6 million, $1.4 million, and $1.3 million, respectively. As of December 31, 2024, there was $1.8 million of unrecognized compensation cost related to non-vested restricted stock awards granted under the plan. The cost is expected to be recognized over a weighted average period of 1.89 years. The grant-date fair value of restricted stock awards vested was $1.1 million for the year ended December 31, 2024.

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Stock Appreciation Rights ("SARs"):

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When SARs are issued, they are assigned an exercisable price based on the closing stock price on the date of grant.  The SARs are recorded at fair market value and adjusted through salaries and employee benefits expense. The SAR’s will be settled through cash based on the difference of Company’s closing stock price on exercise date and original grant date stock price. SARs compensation expense of $25 thousand, ($70) thousand and $93 thousand was recognized for the years ended December 31, 2024, 2023, and 2022, respectively.  The credit adjustment for the year ended December 31, 2023, is related to the fair value evaluation of SARs.

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A summary of the status of SARs plans is presented in the following table:

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​	​	​	​	​	​
​	​	​	​	Weighted
​	​	​	​	Average
​		Number		Exercisable Price
Outstanding at December 31, 2022	​	36,000	​	$	18.25
Granted	​	—	​	​	—
Exercised	​	(16,000)	​	​	15.19
Forfeited/Expired	​	—	​	​	—
Outstanding at December 31, 2023	​	20,000	​	​	20.70
Granted	​	—	​	​	—
Exercised	​	(20,000)	​	​	20.70
Forfeited/Expired	​	—	​	​	—
Outstanding at December 31, 2024	​	—	​	$	—

​

As of December 31, 2024, all SARs have been exercised, and none are outstanding.

X

- Definition

The entire disclosure for an entity's employee compensation and benefit plans, including, but not limited to, postemployment and postretirement benefit plans, defined benefit pension plans, defined contribution plans, non-qualified and supplemental benefit plans, deferred compensation, share-based compensation, life insurance, severance, health care, unemployment and other benefit plans.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 710
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/710/tableOfContent

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 712
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/712/tableOfContent

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 715
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/715/tableOfContent

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 718
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/718/tableOfContent

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- References

No definition available.

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