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Share-Based Compensation
 12 Months Ended
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)202520242023
Share-based compensation expense related to:
Stock options$294 $283 $143 
Restricted stock awards679 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 ExpenseWeighted-Average Remaining Expected Recognition Period
Unrecognized share-based compensation expense related to:
Stock options$246 1.1 years
Restricted stock awards1,718 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 SharesWeighted-Average Exercise Price Per ShareWeighted-Average Contractual TermAggregated 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 year369,680 $15.98 5.73 years$2,097 
Exercisable at end of year271,361 $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 SharesWeighted-Average Exercise Price Per Share
Outstanding at beginning of year
179,659 $15.93 
Vested
(81,340)$15.66 
Balance at end of year98,319 $16.16 
The following table presents the weighted-average assumptions used to determine the fair value of options granted for the periods indicated:
Year Ended December 31,
20242023
Risk-free interest rate
3.89 %4.92 %
Expected term
6.80 years6.04 years
Expected stock price volatility
29.45 %28.76 %
Dividend yield
3.95 %4.79 %
The following table presents information related to the stock option plan for the periods indicated:
Year Ended December 31,
($ in thousands, except per share data)202520242023
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 SharesWeighted-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 period90,850 $20.52