The Equity Plan governs the Company’s restricted stock grants and stock options. Total compensation cost charged against income related to the Equity Plan was $184 and $479 for the year ended December 31, 2025 and December 31, 2024, respectively.

The Company awarded shares of restricted common stock to certain employees and directors for which compensation expense is recognized ratably over the vesting period of the awards based on the fair value of the stock at issue date.

A summary of changes in the Company’s nonvested restricted shares for the year ended December 31, 2025 and December 31, 2024 follows:


	Shares	Weighted-Average Grant-Date Fair Value, per share
Nonvested at January 1, 2025	47,485	$	14.54
Granted	25,800	15.78
Vested	(25,380)	(13.38)
Forfeited	(14,155)	(15.66)
Nonvested at December 31, 2025	33,750	$	15.87


	Shares	Weighted-Average Grant-Date Fair Value, per share
Nonvested at January 1, 2024	52,195	$	18.75
Granted	30,650	11.70
Vested	(34,235)	(18.36)
Forfeited	(1,125)	(16.05)
Nonvested at December 31, 2024	47,485	$	14.54

At December 31, 2025, there was $333 of total unrecognized compensation cost related to nonvested restricted shares granted under the Equity Plan that is expected to be recognized over a weighted average period of 1.3 years. The total fair value of shares vested during the year ended December 31, 2025 and December 31, 2024 on the vesting date was $380 and $440, respectively.

The Equity Plan permits the grant of stock options to the Company’s employees and directors for up to 15% of the total number of shares of Company common stock issued and outstanding, up to 1,500,000 shares. Option awards are

granted with an exercise price equal to the market price of the Company’s common stock at the date of grant. The market price of the Company’s common stock is the closing sales price of the Common Stock on Nasdaq on the date of the grant. Those option awards generally have a vesting period of 5 years for employees and 3 years for directors and have 10-year contractual terms.

The fair value of each option award is estimated on the date of grant using a closed form option valuation (Black-Scholes) model that uses the assumptions noted in the table below. Expected volatility is based on an average of historical volatility of peer financial institutions. The expected term of options granted represents the period of time that options granted are expected to be outstanding, which takes into account that the options are not transferable. The risk-free interest rate for the expected term of the option is based on the U.S. Treasury yield curve in effect at the time of the grant.


	Shares	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value
Outstanding at January 1, 2025	364,063	$	15.68

Exercised	(1,050)	(14.67)
Forfeited	(3,780)	(15.14)

Outstanding at December 31, 2025	359,233	$	15.68	3.54	$	—
Vested and exercisable at December 31, 2025	356,143	$	15.69	3.53	$	—


	Shares	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value
Outstanding at January 1, 2024	367,033	$	15.68


Forfeited	(2,970)	(15.52)

Outstanding at December 31, 2024	364,063	$	15.68	4.65	$	—
Vested and exercisable at December 31, 2024	349,385	$	15.71	4.61	$	—

There were no options granted during the year ended December 31, 2025 or December 31, 2024. Total unrecognized compensation cost related to nonvested stock options granted under the Equity Plan was $1 at December 31, 2025. This cost is expected to be recognized over a weighted average period of 0.04 years.