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Stock Based Compensation (Tables)

9 Months Ended

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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Tabular disclosure of the changes in outstanding nonvested restricted stock shares.

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Tabular disclosure of the details pertaining to each employee stock ownership plan.

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