XML 26 R15.htm IDEA: XBRL DOCUMENT
v3.25.3

Note 7 - Stock-based Compensation | 9 Months Ended
--- | ---
Sep. 30, 2025
Notes to Financial Statements |
Share-Based Payment Arrangement [Text Block] | 7. STOCK-BASED COMPENSATION In May 2022, the Company’s shareholders approved the 2022 Equity Incentive Plan (the “2022 Plan”), which provides for the grant of up to 576,550 shares of common stock, including 126,550 shares that remained available for grant under the 2013 Stock Option Plan when the 2022 Plan was adopted. The 2022 Plan provides for the grant of incentive stock options, nonqualified stock options, stock appreciation rights, restricted stock, restricted stock units and other stock-based awards. The frequency, amount and terms of stock-based awards may be determined by the Board of Directors or its compensation committee, consistent with the terms and purposes of the 2022 plan. In May 2013, the Company established the 2013 Stock Option Plan (the "2013 Plan") for which 90,792 shares of common stock are reserved. With the establishment of the Company’s 2022 Equity Incentive Plan no further options may be issued under the 2013 Plan, though options previously granted continue to be outstanding and governed by the 2013 Stock Option Plan. Options granted during the nine months ended September 30, 2025 consisted of 30,803 options which were assumed on the acquisition of Cornerstone (see Note 12). 107,200 options were granted under the 2022 Plan during the nine months ended September 30, 2024. The fair value of each option granted in 2025 and 2024 was estimated on the date of grant using the following assumptions.
|  | 2025 |  |  | 2024 |
Expected life of stock options (in years) |  |  | 4.7 |  |  |  | 6.2 |
Risk free interest rate |  |  | 4.50 | % |  |  | 3.98 | %
Annualized Volatility |  |  | 34.8 | % |  |  | 32.3 | %
Dividend yields |  |  | 2.70 | % |  |  | 3.17 | %
Weighted-average fair value of options granted during the nine months ended September 30, 2025 and 2024 |  | $ | 17.90 |  |  | $ | 9.25 |
A summary of the activity within the 2013 Plan follows:
|  | Shares |  |  | Weighted Average Exercise Price |  |  | Weighted Average Remaining Contractual Term in Years |  |  | Intrinsic Value |
Options outstanding at January 1, 2024 |  |  | 165,517 |  |  | $ | 21.52 |  |  |  |  |  |  |  |  |
Options exercised |  |  | (32,070 | ) |  |  | 17.03 |  |  |  |  |  |  |  |  |
Options cancelled |  |  | (1,600 | ) |  |  | 24.40 |  |  |  |  |  |  |  |  |
Options outstanding at December 31, 2024 |  |  | 131,847 |  |  | $ | 22.58 |  |  |  |  |  |  |  |  |
Options cancelled |  |  | (800 | ) |  | $ | 24.40 |  |  |  |  |  |  |  |  |
Options exercised |  |  | (40,255 | ) |  |  | 22.56 |  |  |  |  |  |  |  |  |
Options outstanding at September 30, 2025 |  |  | 90,792 |  |  | $ | 22.57 |  |  |  | 1.4 |  |  | $ | 1,867,655 |
Options exercisable at September 30, 2025 |  |  | 90,792 |  |  | $ | 22.57 |  |  |  | 1.4 |  |  | $ | 1,867,655 |
A summary of the activity within the 2022 Plan follows:
|  | Shares |  |  | Weighted Average Exercise Price |  |  | Weighted Average Remaining Contractual Term in Years |  |  | Intrinsic Value |
Options outstanding at January 1, 2024 |  |  | 105,500 |  |  | $ | 31.00 |  |  |  |  |  |  |  |  |
Options granted |  |  | 107,200 |  |  |  | 34.07 |  |  |  |  |  |  |  |  |
Options cancelled |  |  | (1,200 | ) |  |  | 34.07 |  |  |  |  |  |  |  |  |
Options exercised |  |  | (1,300 | ) |  |  | 31.00 |  |  |  |  |  |  |  |  |
Options outstanding at December 31, 2024 |  |  | 210,200 |  |  | $ | 32.55 |  |  |  |  |  |  |  |  |
Options granted |  |  | 30,803 |  |  |  | 31.09 |  |  |  |  |  |  |  |  |
Options cancelled |  |  | (2,760 | ) |  |  | 34.07 |  |  |  |  |  |  |  |  |
Options exercised |  |  | (3,600 | ) |  |  | 31.51 |  |  |  |  |  |  |  |  |
Options outstanding at September 30, 2025 |  |  | 234,643 |  |  | $ | 32.35 |  |  |  | 7.4 |  |  | $ | 2,530,689 |
Options exercisable at September 30, 2025 |  |  | 113,443 |  |  | $ | 31.57 |  |  |  | 7.0 |  |  | $ | 1,312,289 |
Options expected to vest after September 30, 2025 |  |  | 107,662 |  |  | $ | 33.09 |  |  |  | 7.8 |  |  | $ | 1,082,305 |
As of September 30, 2025, there was $1.1 million in total unrecognized compensation cost related to non-vested stock options under the 2022 plan. That cost is expected to be recognized over a weighted average period of 2.9 years. There were no unrecognized costs remaining under the 2013 plan as of September 30, 2025.
Information related to the stock options plans during the three months ended September 30, 2025 and 2024
|  | 2025 |  |  | 2024 |
Fair value of options vested |  | $ | 191,000 |  |  | $ | 192,000 |
Intrinsic value of options exercised |  | $ | 260,000 |  |  | $ | 25,000 |
Cash received from option exercises |  | $ | 353,000 |  |  | $ | - |
Tax benefit from option exercises |  | $ | 24,000 |  |  | $ | 5,000 |
Compensation cost |  | $ | 93,000 |  |  | $ | 131,000 |
Tax benefit associated with compensation cost |  | $ | 5,000 |  |  | $ | 13,000 |
Information related to the stock options plans during the nine months ended September 30, 2025 and 2024
|  | 2025 |  |  | 2024 |
Fair value of options vested |  | $ | 384,000 |  |  | $ | 199,000 |
Intrinsic value of options exercised |  | $ | 874,000 |  |  | $ | 561,000 |
Cash received from option exercises |  | $ | 936,000 |  |  | $ | 367,000 |
Tax benefit from option exercises |  | $ | 43,000 |  |  | $ | 74,000 |
Compensation cost |  | $ | 256,000 |  |  | $ | 350,000 |
Tax benefit associated with compensation cost |  | $ | 14,000 |  |  | $ | 33,000 |
During the nine months ended September 30, 2024, the Company granted 3,033 restricted stock units with a fair value of $34.07 per share and a one-year vesting period. Compensation costs related to these units during the three months ended September 30, 2025, and September 30, 2024, were $0 and $26,000, respectively. Compensation costs related to these units during the nine months ended September 30, 2025, and September 30, 2024, were $14,000 and $63,000, respectively. As of September 30, 2025, there was no unrecognized compensation cost related to restricted stock units.

X
- Definition The entire disclosure for share-based payment arrangement. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (l) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h)(2)(i) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 Reference 4: http://www.xbrl.org/2003/role/exampleRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/718/tableOfContent Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
Name: | us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_DisclosureTextBlockAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration