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STOCK-BASED COMPENSATION | 6 Months Ended
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Dec. 31, 2023
Share-Based Payment Arrangement [Abstract] |
STOCK-BASED COMPENSATION | 12. STOCK-BASED COMPENSATIO N Under the CFSB Bancorp, Inc. 2023 Equity Incentive Plan (the "2023 Equity Plan"), the Company may grant options, restricted stock, restricted stock units or performance awards to its directors, officers, and employees. Both incentive stock options and nonqualified stock options may be granted under the 2023 Equity Plan with 319,560 shares reserved for options. Any options forfeited because vesting requirements are not met or because they have expired will become available for re-issuance under the 2023 Equity Plan. The exercise price of each option equals the market price of the Company's stock on the date of the grant and the maximum term of each option is 10 years. The total number of shares reserved for restricted stock is 127,824. Options and awards generally vest ratably over three to five years. The fair value of shares awarded is based on the market price at the date of grant. Stock Options The fair value of each option grant is estimated on the date of the grant using the Black-Scholes option-pricing model with the following assumptions: • Volatility is based on peer group volatility because the Company does not have a sufficient trading history. • Expected life represents the period of time that the options are expected to be outstanding, taking into account the contractual term, and the vesting period. • Expected dividend yield is based on the Company's history and expectations of dividend payouts. • The risk-free rate is based on the U.S. Treasury yield curve in effect at the time of grant for a period equivalent to the expected life of the option. There were no grants of options to purchase shares of common stock during the three months ended December 31, 2023 or 2022. A summary of stock option activity for the six months ended December 31, 2023 is presented in the table below:
|  | Stock Option Grants |  |  | Weighted Average Exercise Price |  |  | Weighted Average Remaining Contractual Term |  |  | Aggregate Intrinsic Value |
Balance at July 1, 2023 |  |  | 273,000 |  |  | $ | 8.33 |  |  |  | 9.20 |  |  |  |
Granted |  |  | - |  |  | $ | - |  |  |  | - |  |  |  |
Exercised |  |  | - |  |  |  | - |  |  |  | - |  |  |  |
Forfeited |  |  | - |  |  |  | - |  |  |  | - |  |  |  |
Balance at December 31, 2023 |  |  | 273,000 |  |  | $ | 8.33 |  |  |  | 9.20 |  |  | $ | - |
Exercisable at December 31, 2023 |  |  | - |  |  | $ | - |  |  |  | - |  |  | $ | - |
Unrecognized compensation cost |  | $ | 726,000 |  |  |  |  |  |  |  |  |  |
Weighted average remaining recognition period (years) |  |  | 4.20 |  |  |  |  |  |  |  |  |  |
For the three and six months ended December 31, 2023, stock-based compensation expense applicable to stock options was $43,000 and $86,000, respectively. There was no stock-based compensation expense applicable to stock options for the three months ended December 31, 2022. There were no tax benefits related to stock-based compensation expense applicable to stock options for the three months ended December 31, 2023 or 2022. Restricted Stock Shares issued may be either authorized but unissued shares or reacquired shares held by the Company. Any shares forfeited because vesting requirements are not met will become available for reissuance under the 2023 Equity Plan. The fair market value of shares awarded, based on the market price at the date of the grant, is amortized over the applicable vesting period. Restricted stock awarded to date has been at no cost to the awardee. The following table presents activity in restricted stock awards under the 2023 Equity Plan for the six months ended December 31, 2023:
|  | Restricted Stock Awards |  |  | Weighted Average Grant Price |
Restricted stock awards at July 1, 2023 |  |  | 111,000 |  |  | $ | 8.35 |
Granted |  |  | - |  |  |  | - |
Vested |  |  | - |  |  |  | - |
Forfeited |  |  | - |  |  |  | - |
Restricted stock awards at December 31, 2023 |  |  | 111,000 |  |  | $ | 8.35 |
Unrecognized compensation cost |  | $ | 777,000 |  |  |  |
Weighted average remaining recognition period (years) |  |  | 4.20 |  |  |  |
For the three and six months ended December 31, 2023, stock-based compensation applicable to restricted stock was $46,000 and $93,000, respectively. There was no stock-based compensation expense applicable to restricted stock for the three months ended December 31, 2022. There were no tax benefits related to stock-based compensation expense applicable to restricted stock for the three months ended December 31, 2023 or 2022.

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