Stock-Based Compensation

9 Months Ended

Sep. 30, 2025

Share-Based Payment Arrangement [Abstract]

Note 8 – Stock-Based Compensation

The Company has granted restricted stock awards (“time-based RSAs”) to employees and directors, and performance-based restricted stock awards (“PSAs”) to employees, under equity incentive plans that have been approved by the Company's shareholders. Time-based RSAs vest over time and are considered fixed awards as the number of shares and fair value is known at the date of grant. The fair value of the award at the grant date is amortized over the requisite service period, which is generally three years. PSAs vest at the end of a specified period contingent on the Company's achievement of financial goals and are expensed on a straight-line basis over the performance period, with adjustments periodically based on projected achievement of such performance goals.

On April 29, 2025, the Company granted PSAs totaling 3,400,000 shares of common stock to certain executive officers. The vesting of these awards is contingent upon the Company achieving specified performance thresholds over three one-year measurement periods. Stock-based compensation expense, reported as a component of salaries and employee benefits in the consolidated statements of operations, was $1.2 million and $3.5 million for the three and nine months ended September 30, 2025, respectively, compared to $0.1 million and $0.6 million for the three and nine months ended September 30, 2024, respectively.

The following table presents the activity in time-based RSAs and PSAs as of the dates and for the periods stated.


	For the nine months ended September 30, 2025
	Time-based RSAs					PSAs
	Shares			Weighted Average Fair Value		Shares			Weighted Average Fair Value
Shares unvested and outstanding at beginning of period		585,700		$	3.63		116,830		$	11.43
Granted		145,643			3.74		3,400,000			3.54
Vested (1)		(179,590	)		4.09		—			—
Forfeited		(49,395	)		4.34		(56,346	)		14.20
Shares unvested and outstanding at end of period		502,358		$	3.43		3,460,484		$	3.60

(1) Shares totaling 19,022 were withheld as payment of taxes in the nine months ended September 30, 2025.