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Share-Based Compensation | 12 Months Ended
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Dec. 31, 2025
Share-Based Payment Arrangement [Abstract] |
Share-Based Compensation | Share-Based Compensation On May 25, 2023, the Company adopted the 2023 Equity Based Compensation Plan (“2023 EBC Plan”) approved by its shareholders to replace the 2013 Equity Based Stock Compensation Plan. The 2023 EBC Plan provides 700,000 shares of common stock for equity-based compensation awards including incentive and non-qualified stock options and RSAs. As of December 31, 2025, there were 378,100 shares available for future grants. Share-Based Compensation Expense The following table presents share-based compensation expense and the related tax benefits for the periods indicated:
|  | Year Ended December 31,
($ in thousands) |  | 2025 |  | 2024 |  | 2023
Share-based compensation expense related to: |  |  |  |  |  |
Stock options |  | $ | 294 |  |  | $ | 283 |  |  | $ | 143 |
Restricted stock awards |  | 679 |  |  | 221 |  |  | 345 |
Total share-based compensation expense |  | $ | 973 |  |  | $ | 504 |  |  | $ | 488 |
Related tax benefits |  | $ | 254 |  |  | $ | 119 |  |  | $ | 112 |
The following table presents unrecognized share-based compensation expense as of the date indicated:
|  | December 31, 2025
($ in thousands) |  | Unrecognized Expense |  | Weighted-Average Remaining Expected Recognition Period
Unrecognized share-based compensation expense related to: |  |  |  |
Stock options |  | $ | 246 |  |  | 1.1 years
Restricted stock awards |  | 1,718 |  |  | 2.8 years
Total unrecognized share-based compensation expense |  | $ | 1,964 |  |  | 2.6 years
Stock Options The Company has issued stock options to certain employees, officers and directors. Stock options are issued at the exercise price of the closing market price on the grant date, and generally have a three-to five-year vesting period and contractual terms of ten years. The Company recognizes an income tax deduction upon exercise of the non-qualified stock option by the option holder in an amount equal to the taxable income reported by the option holders. The option holder of non-qualified stock option recognizes taxable income based on the closing market price immediately before the exercise date less the exercise price stated in the grant agreement. The following table represents stock option activity as of and for the period indicated:
|  | Year Ended December 31, 2025
($ in thousands except per share data) |  | Number of Shares |  | Weighted-Average Exercise Price Per Share |  | Weighted-Average Contractual Term |  | Aggregated Intrinsic Value
Outstanding at beginning of year |  | 576,412 |  |  | $ | 14.20 |  |  | 5.01 years |  | $ | 3,481 |
Exercised |  | (206,732) |  |  | $ | 11.02 |  |  | 1.08 years |  |
Balance at end of year |  | 369,680 |  |  | $ | 15.98 |  |  | 5.73 years |  | $ | 2,097 |
Exercisable at end of year |  | 271,361 |  |  | $ | 15.91 |  |  | 5.08 years |  | $ | 1,558 |
The following table represents information regarding unvested stock options for the period indicated:
|  | Year Ended December 31, 2025
|  | Number of Shares |  | Weighted-Average Exercise Price Per Share
Outstanding at beginning of year |  | 179,659 |  |  | $ | 15.93 |
Vested |  | (81,340) |  |  | $ | 15.66 |
Balance at end of year |  | 98,319 |  |  | $ | 16.16 |
The following table presents the weighted-average assumptions used to determine the fair value of options granted for the periods indicated:
|  |  |  | Year Ended December 31,
|  |  |  | 2024 |  | 2023
Risk-free interest rate |  |  |  | 3.89 | % |  | 4.92 | %
Expected term |  |  |  | 6.80 years |  | 6.04 years
Expected stock price volatility |  |  |  | 29.45 | % |  | 28.76 | %
Dividend yield |  |  |  | 3.95 | % |  | 4.79 | %
The following table presents information related to the stock option plan for the periods indicated:
|  | Year Ended December 31,
($ in thousands, except per share data) |  | 2025 |  | 2024 |  | 2023
Intrinsic value of options exercised |  | $ | 1,865 |  |  | $ | 247 |  |  | $ | 883 |
Cash received from options exercised |  | $ | 2,278 |  |  | $ | 353 |  |  | $ | 1,350 |
Tax benefit from options exercised |  | $ | 89 |  |  | $ | 14 |  |  | $ | 103 |
Weighted-average estimated fair value per share of options granted |  | $ | — |  |  | $ | 4.15 |  |  | $ | 3.14 |
Restricted Stock Awards The Company also has granted RSAs to certain employees and officers. The RSAs are valued at the closing market price of the Company's stock on the grant date and generally have a three-to five-year vesting period. The Company recognizes an income tax deduction in an amount equal to the taxable income reported by the holders of the restricted stock, when vested. The following table represents RSAs activity for the year ended December 31, 2025:
|  | Year Ended December 31, 2025
|  | Number of Shares |  | Weighted-Average Grant Date Fair Value Per Share
Outstanding at beginning of period |  | 119,100 |  |  | $ | 20.40 |
Granted |  | 6,200 |  |  | $ | 21.91 |
Vested |  | (32,950) |  |  | $ | 20.36 |
Forfeited |  | (1,500) |  |  | $ | 20.65 |
Outstanding at end of period |  | 90,850 |  |  | $ | 20.52 |

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