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Stock Based Compensation (Tables) | 9 Months Ended
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Sep. 30, 2025
Share-Based Payment Arrangement [Abstract] |
Schedule of Company Compensation Expense for the ESOP | At September 30, 2025 and December 31, 2024, total unearned compensation for the ESOP was $3.7 million and $3.8 million, respectively.
|  | September 30, 2025 |  |  | December 31, 2024 |
Shares held by the ESOP include the following: |  |  |  |  |  |
Allocated |  |  | 70,572 |  |  |  | 55,218 |
Committed to be allocated |  |  | 11,517 |  |  |  | 15,354 |
Unallocated |  |  | 341,626 |  |  |  | 353,143 |
Total |  |  | 423,715 |  |  |  | 423,715 |
Summary of Non-vested Stock Options Outstanding | A summary of non-vested stock options outstanding as of September 30, 2025 and December 31, 2024 and changes during the periods then ended is presented below:
| Nine Months Ended September 30, 2025 |
| Number of Shares |  |  | Weighted Average Exercise Price |  |  | Weighted Average Remaining Contractual Term (in Years) |  |  | Aggregate Intrinsic Value |
Stock options: |  |  |  |  |  |  |  |  |  | (In Thousands) |
Non-vested at beginning of period |  | 519,644 |  |  | $ | 8.72 |  |  |  | 8.9 |  |  | $ | 684 |
Granted |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Exercised |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Forfeited |  | (2,750 | ) |  |  | 9.29 |  |  |  | — |  |  |  | — |
Non-vested at end of period |  | 516,894 |  |  | $ | 8.72 |  |  |  | 8.0 |  |  | $ | 1,437 |
Fully vested and expected to vest |  | 159,430 |  |  | $ | 8.06 |  |  |  | 7.5 |  |  | $ | 548 |
Exercisable at end of period |  | 159,430 |  |  | $ | 8.06 |  |  |  | 7.5 |  |  | $ | 548 |
| 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) |
Non-vested at beginning of period |  | 249,144 |  |  | $ | 8.06 |  |  |  | 9.4 |  |  | $ | — |
Granted |  | 280,500 |  |  |  | 9.29 |  |  |  | — |  |  |  | — |
Vested |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Forfeited |  | (10,000 | ) |  |  | 8.06 |  |  |  | — |  |  |  | — |
Non-vested at end of period |  | 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 |  |  | 3 years |  |  |  |  |  |  |
Expiration date | 5/25/2033 |  |  | 12/2/2034 |  |  |  |  |  |  |
Expected volatility |  | 27.8 | % |  |  | 31.5 | % |  |  |  |  |  |
Expected term | 6.5 years |  |  | 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. |  |  |  |  |  |  |  |  |  |  |
On December 2, 2024, 112,200 restricted stock awards were granted under the 2024 Plan to directors for their services on the board of directors and certain members of management at $9.29 per share. The total fair value related to the December 2, 2024 grant was $1.0 million. These restricted stock awards time-vest over a three year period and have been fair valued as of the date of grant. The holders of restricted stock awards participate fully in the rewards of stock ownership of the Company, including voting rights when granted and dividend rights when vested. For the three and nine months ended September 30, 2025, the expense recognized for this grant was $87,000 and $261,000, respectively, which provided a tax benefit of $24,000 and $72,000, respectively. At September 30, 2025 and December 31, 2024, total unrecognized compensation expense for this grant was $781,000 and $1.0 million, respectively, with a 2.1 and 2.9 year weighted average future recognition period, respectively. On June 1, 2023, 2,478 restricted stock awards were granted to a certain member of management at $7.99 per share. The total fair value related to the June 1, 2023 grant was $20,000. These restricted stock awards time-vest 50% as of November 18, 2023 and 50% as of November 18, 2024 and have been fair valued as of the date of grant. On November 18, 2021, 98,850 restricted stock awards were granted to directors and certain members of management at $11.95 per share (adjusted for the second step conversion transaction). The total fair value related to the November 18, 2021 grant was $1.2 million. These restricted stock awards time-vest over a three year period and have been fair valued as of the date of grant. The holders of restricted stock awards participate fully in the rewards of stock ownership of the Company, including voting rights when granted and dividend rights when vested. For the three months ended September 30, 2025 and 2024, the expense recognized for this grant was $-0- and $102,000, respectively, which provided a tax benefit of $-0- and $27,000, respectively. For the nine months ended September 30, 2025 and 2024, the expense recognized for this grant was $-0- and $306,000, respectively, which provided a tax benefit of $-0- and $81,000, respectively.
Summary of Non-vested Restricted Shares Outstanding | A summary of non-vested restricted shares outstanding as of September 30, 2025 and December 31, 2024 and changes during the periods then ended is presented below:
| Nine Months Ended September 30, 2025 |
| Number of Shares |  |  | Weighted Average Grant Value |
Restricted stock: |  |  |  |  |
Non-vested at beginning of period |  | 112,200 |  |  | $ | 9.29 |
Granted |  | — |  |  |  | — |
Vested |  | — |  |  |  | — |
Forfeited |  | — |  |  |  | — |
Non-vested at end of period |  | 112,200 |  |  | $ | 9.29 |
| Year Ended December 31, 2024 |
Restricted stock: |  |  |  |  |
Non-vested at beginning of year |  | 33,629 |  |  | $ | 11.80 |
Granted |  | 112,200 |  |  |  | 9.29 |
Vested |  | (33,629 | ) |  |  | 11.80 |
Forfeited |  | — |  |  |  | — |
Non-vested at end of year |  | 112,200 |  |  | $ | 9.29 |

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