The Company has a stock-based compensation plan, as described below, under which awards are outstanding and may be granted in the future. Total compensation cost that has been charged against income for the plan totaled $401 and $704, respectively, for the three and six months ended June 30, 2025 and $283 and $516, respectively, for the three and six months ended June 30, 2024. The total income tax effect was $84 and $148, respectively, for the three and six months ended June 30, 2025 and $59 and $108, respectively, for the three and six months ended June 30, 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 119,237 shares remaining available for awards of stock options, stock appreciation rights, restricted stock or restricted stock units under the 2019 Plan at June 30, 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 six months ended June 30, 2025 and June 30, 2024. There were no stock options exercised during the six months ended June 30, 2025 and June 30, 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 on the 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 84,625 shares of restricted stock granted under the 2019 Plan during the six months ended June 30, 2025. There were 74,818 shares of restricted stock granted during the six months ended June 30, 2024.

A summary of changes in the Company’s nonvested restricted stock awards as of June 30, 2025 follows (unaudited):


Nonvested Shares	Shares			Weighted Average Grant-Date Fair Value
Nonvested at January 1, 2025		132,165		$	19.70
Granted		84,625			22.21
Vested		(62,758	)		20.00
Forfeited		(797	)		22.03
Nonvested at June 30, 2025		153,235		$	20.95

As of June 30, 2025 and 2024, the unrecognized compensation cost related to nonvested restricted stock awards granted under the 2019 Plan was $2,784 and $2,291, respectively.

There were 797 shares of restricted stock forfeited during the six months ended June 30, 2025, and 328 shares of restricted stock forfeited during the six months ended June 30, 2024. There were 62,758 shares of restricted stock that vested during the six months ended June 30, 2025, and 58,792 shares of restricted stock that vested during the six months ended June 30, 2024.