Three and Six Months Ended June 30, 2025

Number of Shares

Weighted Average Exercise Price

Weighted Average Remaining Contractual Term (in Years)

Aggregate Intrinsic Value

Stock options:

(In Thousands)

Outstanding at beginning of period

519,644

$

8.72

8.9

$

684

     Granted

—

—

—

—

     Exercised

—

—

—

—

 Forfeited

(2,750

)

9.29

—

—

Outstanding at end of period

516,894

$

8.72

8.3

$

1,380

 Fully vested and expected to vest

159,430

$

8.06

7.8

$

531

 Exercisable at end of period

159,430

$

8.06

7.8

$

531

Year Ended December 31, 2024

Number of Shares

Weighted Average Exercise Price

Weighted Average Remaining Contractual Term (in Years)

Aggregate Intrinsic Value

Stock options:

(In Thousands)

Outstanding at beginning of year

249,144

$

8.06

9.4

$

—

     Granted

280,500

9.29

—

—

     Exercised

—

—

—

—

Forfeited

(10,000

)

8.06

—

—

Outstanding at end of year

519,644

$

8.72

8.9

$

684

 Fully vested and expected to vest

79,715

$

8.06

8.4

$

158

 Exercisable at end of year

79,715

$

8.06

8.4

$

158

Date of grant

5/25/2023

12/2/2024

Options granted

249,144

280,500

Exercise price

$

8.06

$

9.29

Vesting period(1)

3 years

Expiration date

5/25/2033

12/2/2034

Expected volatility

27.8

%

31.5

%

Expected term

6.5 years

Expected dividend yield

0

%

0

%

Expected forfeiture rate

0

%

0

%

Risk free interest rate

3.9

%

4.1

%

Fair value per option

$

3.00

$

3.78

(1) Vesting is ratably and the period begins on the date of the grant.