On May 25, 2023, the Company adopted the 2023 Equity Based Compensation Plan (“2023 EBC Plan”) approved by its shareholders to replace the 2013 Equity Based Stock Compensation Plan. The 2023 EBC Plan provides 700,000 shares of common stock for share-based compensation awards including incentive and non-qualified stock options, and restricted stock awards. As of March 31, 2026, there were 378,100 shares available for future grants.

The following table presents share-based compensation expense and the related tax benefits for the periods indicated:


	Three Months Ended March 31,
($ in thousands)	2026		2025
Share-based compensation expense related to:
Stock options	$	66	$	68
Restricted stock awards	164		162
Total share-based compensation expense	$	230	$	230
Related tax benefits	$	61	$	61

The following table presents unrecognized share-based compensation expense as of the date indicated:

March 31, 2026

($ in thousands)

Unrecognized Expense

Weighted-Average Remaining Expected Recognition Period

Unrecognized share-based compensation expense related to:

Stock options

179

1.0 years

Restricted stock awards

1,555

2.6 years

Total unrecognized share-based compensation expense

1,734

2.5 years


	Three Months Ended March 31, 2026
($ in thousands except per share data)	Number of Shares	Weighted-Average Exercise Price Per Share		Weighted-Average Contractual Term	Aggregated Intrinsic Value
Outstanding at beginning of period	369,680	$	15.98	5.7 years	$	2,097

Exercised	(10,000)	$	11.21	1.1 years

Outstanding at end of period	359,680	$	16.11	5.5 years	$	2,295
Exercisable at end of period	267,361	$	16.16	4.8 years	$	1,691

The following table represents information regarding unvested stock options for the periods indicated:


	Three Months Ended March 31, 2026
	Number of Shares	Weighted-Average Exercise Price Per Share
Outstanding at beginning of period	98,319	$	16.16

Vested	(6,000)	$	19.46

Outstanding at end of period	92,319	$	15.95

The following table represents restricted stock award activity for the periods indicated:


	Three Months Ended March 31, 2026
	Number of Shares	Weighted-Average Grant Date Fair Value Per Share
Outstanding at beginning of period	90,850	$	20.52

Vested	(5,000)	$	21.96

Outstanding at end of period	85,850	$	20.52