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Stock-based compensation (Tables)
 3 Months Ended
Mar. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Summary of Option Activity

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

 
Summary of Non-vested Restricted Stock Award Activity 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

 
Summary of Compensation Expense and Income Tax Benefit Recognized

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

 

 

 
Schedule of Compensation Cost Related to Non-vested Awards

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