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Employee benefit and stock plans | 3 Months Ended
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Mar. 31, 2026
Employee benefit and stock plans |
Employee benefit and stock plans | 8. Employee benefit and stock plans: ​ Employee benefit plans ​ The Company sponsors a Retirement Profit Sharing 401(k) Plan and previously sponsored an Employee Stock Ownership Plan (“ESOP”). On June 25, 2025, the board of directors adopted a resolution to merge the ESOP into the Retirement Profit Sharing 401(k) Plan, which became effective on October 15, 2025. The Company also maintains Supplemental Executive Retirement Plans (“SERPs”) and an Employees’ Pension Plan, which is currently frozen. Expenses related to these plans, which is included in salaries and employee benefits expense, totaled $0.7 million for each of the three months ended March 31, 2026 and 2025. ​ The components of net periodic pension benefit for the three months ended March 31, 2026 and 2025 are summarized in the following tables: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended March 31,
​ | ​ | Pension Benefits
(Dollars in thousands) | ​ | 2026 | ​ | 2025
Net periodic pension benefit: | ​ ​ ​ | ​ | ​ | ​ ​ ​ | ​ | ​
Interest cost | ​ | $ | 158 | ​ | $ | 165
Expected return on plan assets | ​ |  | (242) | ​ |  | (337)
Amortization of unrecognized net loss | ​ |  | 2 | ​ |  | 35
Net periodic pension benefit | ​ | $ | (82) | ​ | $ | (137)
​ Stock plans ​ In May 2017, the Company’s stockholders approved the 2017 equity incentive plan (“2017 Plan”). In May 2023, the Company’s stockholders approved the 2023 equity incentive plan (“2023 Plan”). The 2017 Plan and 2023 Plan authorize grants of stock options, stock appreciation rights, cash awards, performance awards, restricted stock, and restricted stock units. Under the 2017 Plan and 2023 Plan the compensation committee of the Company’s board of directors has the authority to, among other things:
| ● | Select the persons to be granted awards under the Plan.
| ● | Determine the type, size, and term of awards.
| ● | Determine whether such performance objectives and conditions have been met.
| ● | Accelerate the vesting or exercisability of an award.
​ Persons eligible to receive awards under the 2017 Plan and 2023 Plan include directors, officers, employees, consultants and other service providers of the Company and its subsidiaries. As of March 31, 2026, 12,649 shares of the Company’s common stock were available for grants as awards pursuant to the 2023 Plan. While the 2017 Plan will remain in effect in accordance with its terms to govern outstanding awards under that plan, the Company intends to make future grants under the 2023 Plan. If any awards outstanding under the 2017 Plan or 2023 Plan are forfeited by the holder or canceled by the Company, the underlying shares would be available for regrant to others under the 2023 Plan. ​ On January 30, 2026, a total of 4,455 shares of restricted stock awards with a fair value of $50.61 per share were granted under the 2023 Plan to the Bank’s non-employee directors with each director receiving 297 shares. On January 31, 2025, a total of 3,080 shares of restricted stock awards with a fair value of $53.64 per share were granted under the 2023 Plan to the Bank’s non-employee directors. The restricted stock awards granted in January 2026 and 2025 vested immediately upon grant. Director compensation expense related to these grants was $56 thousand and $56 thousand for the three months ended March 31, 2026 and 2025 and is included in other expenses in the consolidated statements of income and comprehensive income. ​ There were no time based or performance awards granted to employees during the three months ended March 31, 2026. For the three months ended March 31, 2025, the Company granted 40,237 performance based restricted stock units and 13,917 time based restricted stock units to employees under the 2023 Plan. The time-based restricted stock awards and restricted stock units granted to employees in 2025, 2024 and 2023 vest equally over three, five or seven years, as applicable. The performance-based restricted stock units vest over two or three fiscal years and include conditions based on the Company’s two- and three-year cumulative diluted earnings per share and two and three-year average return on tangible common equity which determines the number of restricted stock units that may vest. ​ The Company expenses the fair value of all employee share-based compensation over the requisite service period commencing at grant date. The fair value of restricted stock is expensed on a straight-line basis. Compensation is recognized over the vesting period and adjusted based on the performance criteria. The Company classifies share-based compensation for employees within “salaries and employee benefits expense” on the consolidated statements of income and comprehensive income. The Company recognized compensation costs of $218 thousand and $279 thousand for the three months ended March 31, 2026, and 2025, for awards granted under the 2023 Plan. The Company recognized net compensation costs of $186 thousand for the three months ended March 31, 2025 for the awards granted under the 2017 Plan. ​ As of March 31, 2026, the Company had $2.3 million of unrecognized compensation expense associated with restricted stock and restricted stock unit awards. The remaining cost is expected to be recognized over a weighted average vesting period of under 3.6 years.

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