During the three-month period ended March 31, 2025, no stock options were granted. As of March 31, 2025, there was $187,000 of total unrecognized compensation cost related to non-vested options granted in 2024 under the 2024 Equity Incentive Plan, which will be fully realized by December 31, 2025. Compensation costs related to stock options amounted to $62,000 and $89,000 during the three-month periods ended March 31, 2025 and 2024, respectively.

A summary of the Company’s stock option activity for the three-month period ended March 31, 2025 is as follows:



		Weighted
		Average Exercise		Weighted Average		Aggregate
		Price		Remaining		Intrinsic Value
	Options	Per Share		Contractual Term		($000)
Outstanding at January 1, 2025	220,600	$	29.78	6.1	Yrs.	$	112
Granted	—		—	—
Exercised	—		—	—
Forfeited	(5,500)		28.23	7.7
Outstanding at March 31, 2025	215,100	$	29.82	6.6	Yrs.	$	34
Exercisable at March 31, 2025	183,600	$	30.26	6.0	Yrs.	$	34

Intrinsic value represents the amount by which the market price of the stock on the measurement date exceeded the exercise price of the option. The market price was $24.17 per share as of March 31, 2025 and $27.21 per share as of December 31, 2024.

A summary of the Company’s restricted stock activity for the three-month periods ended March 31, 2025 and 2024 is as follows:



	2025			2024
		Weighted-			Weighted-
		Average			Average
	Number of	Grant Date		Number of	Grant Date
	Restricted			Restricted
	Stock	Fair Value		Stock	Fair Value
Non-vested, January 1,	54,484	$	22.72	45,966	$	29.90
Granted	1,220		26.44	—		—
Vested	—		—	—		—
Forfeited	(2,147)		28.99	—		—
Non-vested, March 31,	53,557	$	22.56	45,966	$	29.90

The expected future compensation expense relating to the 53,557 shares of non-vested restricted stock outstanding as of March 31, 2025 is $1,388,000. This cost will be recognized over the remaining vesting period of 4.75 years. Compensation costs related to restricted stock amounted to $117,000 and $104,000 during the three-month periods ended March 31, 2025 and 2024, respectively.