As of June 30, 2025, the Company maintains one stock-based compensation plan, the OP Bancorp 2021 Equity Incentive Plan ("2021 Plan"). The Board of Directors approved the 2021 Plan, an equity incentive plan for granting stock options and restricted stock awards to key employees, officers, and non-employee directors of the Company. An aggregate of 1,500,000 shares of the Company’s common stock were authorized under the 2021 Plan. The exercise prices of stock options granted under the 2021 Plan may not be less than 100.00% of the fair value of the Company’s stock at the date of grant. There are no stock options granted under the 2021 Plan as of June 30, 2025 and December 31, 2024.

Restricted stock awards issued under the 2021 Plan may or may not be subject to vesting provisions. Holders of the restricted stock awards have full voting rights and receive dividends during the vesting period. Stock compensation cost for the restricted stock awards are recognized based on the grant-date fair value over the vesting period.

The following table presents a summary of the activity in the Company’s non-vested restricted stock awards under the 2021 Plan for the six months ended June 30, 2025:



($ in thousands, except share data)	Shares Issued	Weighted Average Grant Date Fair Value		Aggregate Intrinsic Value
Non-vested, as of January 1, 2025	250,088	$	11.78	$	3,954
Awards granted	64,589	12.78
Awards vested	(188,539)	11.91
Awards forfeited	(19,960)	11.34
Non-vested, as of June 30, 2026	106,178	$	12.20	$	1,379

The following table presents compensation cost and the related tax benefit for the restricted stock awards under the 2021 Plan for the periods indicated follows:



	Three Months Ended June 30,				Six Months Ended June 30,
($ in thousands)	2025		2024		2025		2024
Stock compensation cost	$	153	$	317	$	313	$	636
Tax benefit (provision) realized from awards vested	32		—		62		(3)

There were 1,090,963 shares available for future grants of either stock options or restricted stock awards under the 2021 Plan as of June 30, 2025. The Company had approximately $1.3 million of unrecognized compensation cost related to unvested restricted stock awards under the 2021 Plan as of June 30, 2025. The Company expects to recognize these costs over a weighted average period of 3.3 years.