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Employee Benefit Plans

3 Months Ended

Mar. 31, 2025

Defined Benefit Plan [Abstract]

Employee Benefit Plans

Note 7. 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 three months ending March 31, 2025, and 2024, was $561 thousand and $500 thousand, 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 March 31, 2025, the Company’s 2015 Stock Incentive Plan had expired, and no future grants or awards are available under this plan. The Company is seeking approval of a new incentive plan at its upcoming Annual Meeting on May 22, 2025.

The Company’s 2015 Stock Incentive Plan has 5,945 Rights issued.

Stock Options:

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


				Weighted
				Average
				Exercisable
		Number		Price
Outstanding at December 31, 2024		10,148			15.05
Granted		—			—
Exercised		(4,203)			15.05
Forfeited		—			—
Outstanding at March 31, 2025		5,945		$	15.05

Information pertaining to stock options outstanding at March 31, 2025, is as follows:

Options Outstanding

Options Exercisable

Weighted-

Average

Weighted-

Weighted-

Remaining

Average

Average

Exercise

Number

Contractual

Exercise

Number

Exercise

Prices

Outstanding

Life

Price

Exercisable

Price

$

15.05

5,945

0.50 years

$

15.05

5,945

$

15.05

Outstanding, end of period

5,945

0.50 years

$

15.05

5,945

$

15.05

The Company did not recognize any stock option-based compensation expense during the three months ended March 31, 2025, and 2024, respectively, as all stock options issued are fully vested, and no future compensation cost will be recognized related to nonvested stock-based compensation arrangements granted under the Plan.

Stock options of 4,203 and 4,500 shares were exercised during the three-month periods ended March 31, 2025, and 2024, respectively. The income tax benefit recognized for the exercise of options during the three months ended March 31, 2025, and 2024, was $3 thousand and $14 thousand, respectively.

The intrinsic value of options exercised during the three months ended March 31, 2025, and 2024, was $77 thousand and $54 thousand, respectively. The aggregate intrinsic value of total options outstanding and exercisable options at March 31, 2025, was $95 thousand. Cash received from options exercised under all share-based payment arrangements for the three months ended March 31, 2025, was $63 thousand.

Restricted Stock Awards:

A summary of the activity of the Company’s unvested restricted stock awards for the period ended March 31, 2025, is presented below:


				Weighted
				Average
				Grant-Date
		Number		Fair Value
Outstanding at December 31, 2024		195,859			23.02
Granted		97,408			35.19
Vested		(52,970)			21.91
Forfeited/expired		(1,287)			24.55
Outstanding at March 31, 2025		239,010		$	28.22

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 three months ended March 31, 2025, and 2024, was $761 thousand and $518 thousand, respectively. As of March 31, 2025, there was $4.2 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 2.85 years. The grant-date fair value of restricted stock awards vested was $1.2 million for the three months ended March 31, 2025.

Stock Appreciation Rights (“SARs”):

At March 31, 2025, there are no outstanding SARs.

SARs compensation expense of $0 thousand and ($56) thousand was recognized for the three-month periods ended March 31, 2025, and 2024, respectively. The credit in expense for the three month period ending March 31, 2024, was due to adjustments related to the fair value evaluation of SARs.