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Stock-Based Compensation | 9 Months Ended
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Sep. 30, 2025
Stock-Based Compensation [Abstract] |
Stock-Based Compensation | 4. Stock-Based Compensation During the nine-month period ended September 30, 2025, no stock options were granted. As of September 30, 2025, there was $62,000 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 $186,000 and $261,000 during the nine-month periods ended September 30, 2025 and 2024, respectively. For the three-month periods ended September 30, 2025 and 2024, the compensation costs related to stock options amounted to $62,000 and $86,000, respectively. A summary of the Company’s stock option activity for the nine-month period ended September 30, 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 | (750) |  |  | 19.03 |  | — |  |  |  |
Forfeited | (20,500) |  |  | 29.64 |  | 7.1 |  |  |  |
Outstanding at September 30, 2025 | 199,350 |  | $ | 29.83 |  | 5.8 | Yrs. |  | $ | 43
Exercisable at September 30, 2025 | 168,350 |  | $ | 30.31 |  | 5.2 | Yrs. |  | $ | 43
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 $25.42 per share as of September 30, 2025 and $27.21 per share as of December 31, 2024. A summary of the Company’s restricted stock activity for the nine-month periods ended September 30, 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 |  | $ | 28.55 |  | 45,966 |  | $ | 29.90
Granted | 1,220 |  |  | 26.44 |  | 1,004 |  |  | 24.90
Vested | (5,627) |  |  | 27.01 |  | (1,200) |  |  | 25.71
Forfeited | (2,147) |  |  | 28.99 |  | (4,350) |  |  | 29.98
Non-vested, September 30, | 47,930 |  | $ | 28.66 |  | 41,420 |  | $ | 29.72
The expected future compensation expense relating to the 47,930 shares of non-vested restricted stock outstanding as of September 30, 2025 is $1,155,000. This cost will be recognized over the remaining vesting period of 4.25 years. Compensation costs related to restricted stock amounted to $350,000 and $280,000 during the nine-month periods ended September 30, 2025 and 2024, respectively. For the three-month periods ended September 30, 2025 and 2024, the compensation costs related to restricted stock amounted to $117,000 and $73,000, respectively.

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