v3.25.4
Equity Plan
 12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Equity Plan Equity Plan
On May 23, 2013, the Company’s shareholders approved the 2013 Equity Incentive Plan (the “2013 Plan”). On May 21, 2020, the shareholders approved an amendment to the 2013 Equity Incentive Plan to increase the number of shares available from 3,000,000 to 5,000,000 shares. The 2013 Plan was terminated on May 25, 2023. The shareholders approved the 2023 Equity Incentive Plan (the “2023 Plan”) on May 25, 2023, which reserved for issuance 600,000 shares, plus the number of shares available for issuance under the 2013 Plan that had not been made subject to outstanding awards as of the effective date of the 2023 Plan. These plans are collectively referred to as “Equity Plans.” The Equity Plans provide for the grant of incentive and nonqualified stock options, restricted stock, RSUs and PRSUs. The Equity Plans provide for the grant of incentive and nonqualified stock options, restricted stock, restricted stock units (“RSUs”) and performance-based restricted stock units (“PRSUs”). The Equity Plans provide that the option price for both incentive and nonqualified stock options will be determined by the Board of Directors at no less than the fair value at the date of grant. Each RSU granted to non-executive team members generally vests ratably over three years. For the year ended December 31, 2025, the Company granted 211,696 RSUs. Options granted vest on a schedule determined by the Board of Directors at the time of grant. Generally, options vest over four years. All options expire no later than ten years from the date of grant. There were 410,508 shares available for the issuance of equity awards under the 2023 Plan as of December 31, 2025.

For 2025, the executive officers that participate in the Company’s Long Term Incentive Equity Program received 50% of their award value in RSUs and 50% of their award value in PRSUs contingent on return on average tangible common equity (“ROATCE”) performance compared to a peer group at the end of a three year performance period. PRSUs are subject to cliff vesting after a three year performance period commencing in the initial year of grant. The earned PRSUs, if any, shall vest on the date on which the Board of Directors certifies whether and to what extent the performance goal has been achieved following the end of the performance period. For the year ended December 31, 2025, the Company granted 115,912 shares of PRSUs.
Restricted stock is subject to time vesting. Restricted stock granted to the Board of Directors generally vests in one year. For the year ended December 31, 2025, the Company granted 88,099 shares of restricted stock.
Stock option activity under the equity plans is as follows:
Total Stock OptionsNumber
of Shares		Weighted
Average
Exercise
Price		Weighted
Average
Remaining
Contractual
Life (Years)		Aggregate
Intrinsic
Value
Outstanding at January 1, 20252,222,496$10.73 
Exercised(227,892)$7.26 
Forfeited or expired(174,614)$11.27 
Outstanding at December 31, 20251,819,990$11.11 4.39$2,949,051 
Vested or expected to vest1,710,7914.39$2,772,108 
Exercisable at December 31, 20251,663,1594.12$2,342,799 
Information related to the equity plans for each of the last three years:
December 31,
202520242023
Intrinsic value of options exercised$612,356 $647,984 $805,334 
Cash received from option exercise$1,652,013 $690,679 $1,219,286 
Tax (expense) benefit realized from option exercises$3,583 $(14,828)$20,527 
Weighted average fair value of options grantedN/AN/A1.34 
As of December 31, 2025, there was $226,000 of total unrecognized compensation cost related to nonvested stock options granted under the equity plans. That cost is expected to be recognized over a weighted-average period of approximately 1.11 years.
The fair value of each option grant is estimated on the date of grant using the Black-Scholes option pricing model that uses the assumptions noted in the following table, including the weighted average assumptions for the option grants in each year.
December 31,
202520242023
Expected life in months (1)
N/AN/A72
Volatility (1)
N/AN/A35 %
Weighted average risk-free interest rate (2)
N/AN/A3.52 %
Expected dividends (3)
N/AN/A6.98 %
_______________________________________________________
(1)The expected life of employee stock options represents the weighted average period the stock options are expected to remain outstanding based on historical experience. Volatility is based on the historical volatility of the stock price over the same period of the expected life of the option.
(2)Based on the U.S. Treasury constant maturity interest rate with a term consistent with the expected life of the option granted.
(3)Each grant’s dividend yield is calculated by annualizing the most recent quarterly cash dividend and dividing that amount by the market price of the Company’s common stock as of the grant date.
_______________________________________________________
The Company estimates the impact of forfeitures based on historical experience. Should the Company’s current estimate change, additional expense could be recognized or reversed in future periods. The Company issues authorized shares of common stock to satisfy stock option exercises.
Restricted stock activity under the equity plans is as follows:
Total Restricted Stock AwardNumber
of Shares		Weighted
Average Grant
Date Fair
Value
Nonvested shares at January 1, 202588,061 $9.45 
Granted88,099 $9.71 
Vested(87,911)$9.39 
Forfeited or expired(10,130)$10.57 
Nonvested shares at December 31, 202578,119 $9.67 
As of December 31, 2025, there was $390,000 of total unrecognized compensation cost related to nonvested restricted stock awards granted under the 2023 Plan. The cost is expected to be recognized over a weighted-average period of approximately 2.10 years.
RSU activity under the Equity Plans is as follows:
Total RSUs Number
of Shares		Weighted
Average Grant
Date Fair
Value
Nonvested shares at January 1, 2025357,666$8.53 
Granted211,696$10.05 
Dividend Equivalent Units40,085 $9.12 
Vested(165,433)$7.95 
Forfeited or expired(50,512)$7.96 
Nonvested shares at December 31, 2025393,502$8.80 
As of December 31, 2025, there were $2,522,000 of total unrecognized compensation cost related to unvested RSUs granted under the Equity Plans. The cost is expected to be recognized over a weighted average period of 1.84 years.
PRSU activity under the Equity Plans is as follows:
Total PRSUsNumber
of Shares		Weighted
Average Grant
Date Fair
Value
Nonvested shares at January 1, 2025229,419$8.06 
Granted115,912$10.02 
Dividend Equivalent Units31,503 $8.89 
Forfeited or expired(60,231)$7.61 
Nonvested shares at December 31, 2025316,603 $8.06 
As of December 31, 2025, there were $35,000 of total unrecognized compensation cost related to unvested PRSUs granted under the Equity Plans, based on the probable level of achievement of the performance conditions. The cost is expected to be recognized over a weighted average period of 0.33 years.
Total compensation cost for the 2013 Plan and 2023 Plan charged against income was $2,082,000, $2,841,000, $2,396,000, for 2025, 2024, and 2023, respectively. The total income tax (benefit) expense was $(77,000), $280,000, and $54,000 for the years ended December 31, 2025, 2024, and 2023, respectively.