The Company has a stock-based compensation plan, as described below, under which awards are outstanding or may be granted in the future. Total compensation cost that has been charged against income for the plan totaled $303 for the three months ended March 31, 2025 and $233 for the three months ended March 31, 2024. The total income tax effect was $64 for the three months ended March 31, 2025 and $49 for the three months ended March 31, 2024.

The Company’s 2019 Equity Incentive Plan (the “2019 Plan”) was approved by stockholders on May 29, 2019 and replaced the Company’s 2009 Equity Compensation Plan (the “2009 Plan”). The 2019 Plan authorized up to 300,000 shares (plus any shares that are subject to grants under the 2009 Plan and that are later forfeited or expire) to be awarded pursuant to stock options, stock appreciation rights, restricted stock or restricted stock units. An amendment to the Company’s 2019 Plan was approved by stockholders on May 29, 2024 to increase the number of shares of common stock reserved for awards thereunder from 300,000 to 500,000. There were 123,810 shares remaining available for awards of stock options, stock appreciation rights, restricted stock or restricted stock units under the 2019 Plan at March 31, 2025.

The 2019 Plan permits the grant of stock options to directors, officers and employees of the Holding Company and CFBank. Stock option awards are granted with an exercise price equal to the market price of the Company’s common stock on the date of grant, generally have vesting periods ranging from one year to three years, and are exercisable for ten years from the date of grant. Unvested stock options immediately vest upon a change of control.

There were no stock options granted during the three months ended March 31, 2025 and March 31, 2024. There were no stock options exercised during the three months ended March 31, 2025 and March 31, 2024.

The 2019 Plan also permits the grant of restricted stock awards to directors, officers and employees. Compensation is recognized over the vesting period of the awards based on the fair value of the stock at grant date. The fair value of the stock is determined using the closing share price on the date of grant and shares generally have vesting periods of one year to three years. There were 79,425 shares of restricted stock granted under the 2019 Plan during the three months ended March 31, 2025. There were 7,068 shares of restricted stock granted during the three months ended March 31, 2024.

A summary of changes in the Company’s nonvested restricted stock awards as of March 31, 2025 follows (unaudited):


Nonvested Shares	Shares			Weighted Average Grant-Date Fair Value
Nonvested at January 1, 2025		132,165		$	19.70
Granted		79,425			22.14
Vested		(29,288	)		20.73
Forfeited		(170	)		21.85
Nonvested at March 31, 2025		182,132		$	20.59

As of March 31, 2025 and 2024, the unrecognized compensation cost related to nonvested restricted stock awards granted under the 2019 Plan was $3,078 and $1,303, respectively.

There were 170 shares of restricted stock forfeited during the three-month period ended March 31, 2025, and no shares of restricted stock forfeited during the three months ended March 31, 2024. There were 29,288 shares of restricted stock that vested during the three months ended March 31, 2025, and 47,908 shares of restricted stock that vested during the three months ended March 31, 2024.