On September 7, 2023, the Company adopted the ECB Bancorp, Inc. 2023 Equity Incentive Plan ("2023 Equity Plan”). The 2023 Equity Plan authorizes 1,248,133 shares of common stock for equity based compensation awards including restricted stock awards, restricted stock units, stock options, and incentive stock options.

The following table summarizes the Company's stock option activities for the periods indicated:


	Three months ended March 31, 2025
	Outstanding and exercisable				Non-vested
	Shares		Weighted-Average Exercise Price		Shares		Weighted-Average Exercise Price
Balance at beginning of period		146,962	$	10.45		611,175	$	10.50
Granted		-		-		-		-
Vested		-		-		-		-
Exercised		-		-		-		-
Forfeited or expired		-		-		-		-
Balance at end of period		146,962	$	10.45		611,175	$	10.50


	Three months ended March 31, 2024
	Outstanding and exercisable				Non-vested
	Shares		Weighted-Average Exercise Price		Shares		Weighted-Average Exercise Price
Balance at beginning of period		-	$	-		763,969	$	10.50
Granted		-		-		-		-
Vested		-		-		-		-
Exercised		-		-		-		-
Forfeited or expired		-		-		-		-
Balance at end of period		-	$	-		763,969	$	10.50

The restricted stock awards are measured based on grant-date fair value, which reflects the closing price of our stock on the date of grant. All of the restricted stock awards which have been granted to date vest over five years in equal portions beginning on the first anniversary date of the restricted stock award. The following table represents information regarding non-vested restricted stock award activities for the periods indicated:


	Three Months Ended
	March 31, 2025
	Number of Shares		Weighted-Average Grant Date Fair Value Per Share
Balance at beginning of period		245,766	$	10.51
Granted		-		-
Vested		-		-
Forfeited		-		-
Balance at end of period		245,766	$	10.51


	Three Months Ended
	March 31, 2024
	Number of Shares		Weighted-Average Grant Date Fair Value Per Share
Balance at beginning of period		305,957	$	10.50
Granted		-		-
Vested		-		-
Forfeited		-		-
Balance at end of period		305,957	$	10.50

The following table represents the compensation expense and income tax benefits recognized for stock options and restricted stock awards for the periods indicated:


	Three months ended		Three months ended
	March 31, 2025		March 31, 2024
	(in thousands)
Stock-based compensation expense
Stock options	$	163	$	164
Restricted stock awards		159		160
Total stock-based compensation expense	$	322	$	324
Related tax benefits recognized in earnings	$	70	$	69

The following table sets forth the total compensation cost related to non-vested awards not yet recognized and the weighted average period (in years) over which it is expected to be recognized as of the periods indicated:


	March 31, 2025				December 31, 2024
	Amount		Weighted average period		Amount		Weighted average period
	(Dollars in thousands)
Stock options	$	2,338		3.55	$	2,501		3.80
Restricted stock awards		2,290		3.55		2,449		3.80
Total	$	4,628			$	4,950