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Restricted Stock Plan

6 Months Ended

Jun. 30, 2024

Note 11: Restricted Stock Plan

A summary of the status of the Company’s nonvested restricted shares as of June 30, 2024, and changes during the six months ended June 30, 2024, is presented below:


	Weighted-
	Average
	Grant-Date
	Shares	Fair Value
Nonvested, beginning of year	217,500	$	11.79
Granted	124,290		11.66
Vested	(62,500)		13.35
Forfeited	—		—
Nonvested, end of year	279,290	$	11.62

Total compensation cost recognized in the income statement for share-based payment arrangements during the three and six months ended June 30, 2024 and 2023 was $137,000 and $680,000 and $68,000 and $513,000, respectively. As of June 30, 2024 and 2023, there was $1,957,000 and $803,000, respectively, of total unrecognized compensation cost related to nonvested share based compensation arrangements granted under the Plan. That cost is expected to be recognized over a weighted-average period of 6.3 years.