Compensation and Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2025

A summary of the ESOP shares as of December 31, 2025 and 2024 are as follows:


	2025		2024
	(Dollars in thousands)
Shares committed-to-be released		133,744		133,744
Shares allocated to participants		580,654		511,935
Unallocated shares		1,168,244		1,301,988
Total		1,882,642		1,947,667
Fair value of unallocated shares	$	19,101	$	16,926

Schedule of Restricted Stock Units Activity and Related Information

A summary of the Company’s restricted stock units activity and related information for the years ended December 31, 2025 and 2024 are as follows:


	December 31, 2025
	Number of Shares			Weighted- Average Grant Date Fair Value Per Share
Non-vested, beginning of year		566,490		$	9.53
Granted		23,000			13.45
Vested		(155,579	)		9.61
Forfeited		—			—
Non-vested at December 31		433,911		$	9.71


	December 31, 2024
	Number of Shares			Weighted- Average Grant Date Fair Value Per Share
Non-vested, beginning of year		745,873		$	9.52
Granted		—			—
Vested		(176,883	)		9.50
Forfeited		(2,500	)		9.50
Non-vested at December 31		566,490		$	9.53

Schedule of Stock Option Activity and Related Information

A summary of the Company’s stock options awards activity and related information for the years ended December 31, 2025 and 2024 are as follows:


	December 31, 2025
	Options			Weighted- Average Exercise Price Per Share
Outstanding, beginning of year		748,265		$	9.94
Granted		135,000			13.77
Exercised		(19,254	)		14.37
Forfeited		(10,203	)		11.82
Outstanding at December 31		853,808		$	10.42
Exercisable at December 31 (1)		439,776		$	9.52


	December 31, 2024
	Options			Weighted- Average Exercise Price Per Share
Outstanding, beginning of year		792,621		$	9.90
Granted		—			—
Exercised		—			—
Forfeited		(44,356	)		9.24
Outstanding at December 31		748,265		$	9.94
Exercisable at December 31 (1)		343,848		$	9.21

(1)

The aggregate intrinsic value, which represents the difference between the price of the Company’s common stock at respective periods and the stated exercise price of the underlying options, was $5.0 million for outstanding options and $3.0 million for exercisable options at December 31, 2025 and $2.3 million for outstanding options and $1.3 million for exercisable options at December 31, 2024.

Schedule of Fair Value of Option Grant Using Black-Scholes Option Pricing Model With Weighted Average Assumptions

The fair value of each option grant is estimated on the date of grant using Black-Scholes option pricing model with the following weighted average assumptions:


	For the Years Ended December 31,
	2025		2024 (1)
Dividend yield	6.50%		N/A
Expected life	5.5-7.5 years		N/A
Expected volatility	35.09%		N/A
Risk-free interest rate	4.12%		N/A
Weighted average grant date fair value	$	6.01	N/A

(1) For the year ended December 31, 2024, no new options were granted.