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STOCK-BASED COMPENSATION | 3 Months Ended
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Mar. 31, 2026
STOCK-BASED COMPENSATION |
STOCK-BASED COMPENSATION | 8. STOCK-BASED COMPENSATION The 2017 Equity Compensation Plan (the “2017 Plan”) was replaced during 2025 and previously had a maximum number of 750,000 shares reserved for issuance. No further awards will be granted under the 2017 Plan, but the plan will remain in effect only so long as awards granted under the plan remain outstanding. The 2017 Plan was replaced during 2025 with the 2025 Omnibus Incentive Plan (the “2025 Plan”), which has a maximum of 600,000 shares reserved for issuance. The purpose of the 2025 Plan, similar to the 2017 Plan, is to promote the success of the Company by providing greater incentives to employees, non-employee directors, consultants and advisors to associate their personal financial interests with the long-term financial success of the Company, including its subsidiaries, and with growth in stockholder value, consistent with the Company’s risk management practices. A summary of stock option activity for the three months ended March 31, 2026, follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ ​ ​ | ​ | ​ ​ ​ | ​ | ​ | ​ ​ ​ | Weighted | ​ ​ ​ |  | ​
​ | ​ | ​ | ​ | Weighted | ​ | Average | ​ | Aggregate
​ | ​ | ​ | ​ | Average | ​ | Remaining | ​ | Intrinsic
​ | ​ | ​ | ​ | Exercise | ​ | Contractual | ​ | Value
​ | ​ | Shares | ​ | Price | ​ | Term (Yrs) | ​ | (in thousands)
Options outstanding, beginning of period |  | 17,800 | ​ | $ | 11.99 |  | 0.5 | ​ | $ | —
Exercised |  | (9,300) | ​ | ​ | 11.99 | ​ | ​ | ​ | ​ | ​
Options outstanding, end of period |  | 8,500 | ​ | $ | 11.99 | ​ | 0.2 | ​ | $ | —
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Exercisable at end of period |  | 8,500 | ​ | $ | 11.99 | ​ | 0.2 | ​ | $ | —
​ There was no stock-based compensation expense associated with stock options for the three months ended March 31, 2026 and 2025. As of March 31, 2026, we do not have any unrecognized compensation expense associated with the stock options. A summary of time vested restricted stock award activity for the three months ended March 31, 2026, follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ ​ ​ | ​ | ​ ​ ​ | Weighted | ​ ​ ​ | Weighted | ​ ​ ​
​ | ​ | ​ | ​ | Average | ​ | Average | ​
​ | ​ | ​ | ​ | Grant-Date | ​ | Remaining | ​
​ | ​ | ​ | ​ | Fair Value | ​ | Contractual | ​
​ | ​ | Shares | ​ | Per Share | ​ | Term (Yrs) | ​
Unvested restricted stock outstanding, beginning of period |  | 60,250 | ​ | $ | 12.97 |  | 3.0 |
Vested |  | (17,650) | ​ | ​ | 13.59 |  | ​ |
Unvested restricted stock outstanding, end of period |  | 42,600 | ​ | $ | 12.71 |  | 3.0 | ​
​ Stock-based compensation expense for time vested restricted stock awards totaled $67 thousand and $31 thousand for the three months ended March 31, 2026 and 2025, respectively. As of March 31, 2026, unrecognized compensation expense associated with restricted stock awards was $504 thousand, which is expected to be recognized over the remaining contractual term. ​ A summary of performance-based restricted stock units (the “Units”) for the three months ended March 31, 2026, follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ ​ ​ | ​ | ​ ​ ​ | ​ | Weighted | ​ ​ ​ | Weighted
​ | ​ | ​ | ​ | ​ | Average | ​ | Average
​ | ​ | ​ | ​ | ​ | Grant-Date | ​ | Remaining
​ | ​ | ​ | ​ | ​ | Fair Value | ​ | Contractual
​ | ​ | Shares | ​ | ​ | Per Share | ​ | Term (Yrs)
Unvested Units outstanding, beginning of period |  | 319,960 | ​ | $ | 12.36 |  | 1.3
Vested |  | (67,387) | ​ | ​ | 14.58 |  | ​
Forfeited |  | (3,526) | ​ | ​ | 13.52 |  | ​
Unvested Units outstanding, end of period |  | 249,047 | ​ | ​ | 11.74 | ​ | 1.3
​ These Units are subject to service and performance conditions and vest based on the achievement of both conditions. Achievement of the performance condition will be determined at the end of the five-year performance period for awards granted prior to 2025 by evaluating the: (1) Company’s adjusted earnings per share compound annual growth measured for the performance period and (2) performance factor achieved. Achievement of the performance condition will be determined at the end of the three-year performance period for awards granted in 2025 by evaluating the: (1) Company’s return on average assets versus peers; (2) growth in noninterest bearing deposits versus peers; (3) total shareholder return versus peers; and (4) performance factor achieved. Payouts between performance levels will be determined based on straight line interpolation. Upon vesting, payout will be primarily Company common shares but based on the terms of the award and performance factor achieved some payouts may be in cash. The Company recognized $42 thousand and zero stock-based compensation expense during the three months ended March 31, 2026, and 2025, respectively, as a result of the probability of a portion of the Units vesting. The potential unrecognized compensation expense associated with these Units was approximately $2 million and $3 million as of March 31, 2026 and December 31, 2025, respectively.

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