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.