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STOCK-BASED COMPENSATION PLANS

9 Months Ended

Sep. 30, 2025

STOCK-BASED COMPENSATION PLANS

STOCK-BASED COMPENSATION PLANS

9. STOCK-BASED COMPENSATION PLANS

The Corporation has a stock incentive plan for selected officers and the independent directors. The first quarter 2025 restricted stock awards to employees vest ratably over three years, and the second quarter 2025 restricted stock awards to the independent directors vest over one year. Following is a summary of restricted stock awards granted in the nine-month period ended September 30, 2025:

​

​	​	​	​	​	​
(Dollars in Thousands)		​		Aggregate
​	​	​	​	Grant
​	​	​	​	Date
​	​	Number of	​	Fair
​	​	Shares	​	Value
Nine Months Ended September 30, 2025 awards:	​	​	​	​	​
Time-based awards to independent directors	​	12,700	​	$	250
Time-based awards to employees	​	31,113	​	​	684
Performance-based awards to employees	​	11,848	​	​	261
Total	​	55,661	​	$	1,195

​

Compensation cost related to restricted stock is recognized based on the fair value of the stock at the grant date over the vesting period, adjusted for estimated and actual forfeitures. Total stock-based compensation expense attributable to restricted stock awards amounted to $337,000 in the third quarter 2025 and $383,000 in the third quarter 2024. Total stock-based compensation expense attributable to restricted stock awards amounted to $993,000 in the nine-month period ended September 30, 2025 and $1,099,000 in the nine-month period ended September 30, 2024.

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- Definition

The entire disclosure for share-based payment arrangement.

+ References

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