The Company may grant stock options and restricted stock under its stock-based compensation plan to certain officers, employees, and directors. The plan is administered by a committee of the Board of Directors, and at June 30, 2026, approximately 0.3 million shares were available for grant under this plan. Stock options generally will expire ten years after the date of grant, have an exercise price equal to the Company’s closing stock price on the date of grant, and will become exercisable based upon vesting terms provided for in the grant. Restricted stock grants include time-based restricted stock awards and performance-based restricted stock units, are generally issued at the Company’s closing stock price on the date of grant, and the restrictions lapse based upon the vesting terms provided for in the grant and are contingent upon continued employment.


Stock Options	Option Shares Outstanding	Weighted Average Exercise Price		Weighted Average Remaining Life (Years)	Aggregate Intrinsic Value (in thousands)
Outstanding - December 31, 2025	979,334	$	71.35
Granted	—	—
Exercise of stock options *	(61,605)	57.32
Forfeited	—	—
Outstanding - June 30, 2026	917,729	$	72.29	4.4	$	85,443
Exercisable - June 30, 2026	800,944	$	71.46	4.0	$	75,235

* The terms of the stock option agreements permit having a number of shares of stock withheld, the fair market value of which as of the date of exercise is sufficient to satisfy the exercise price and/or tax withholding requirements. For the six months ended June 30, 2026, 35,651 such shares were withheld by the Company.

Intrinsic value represents the amount by which the fair market value of the underlying stock exceeds the exercise price of the stock options. The intrinsic value of options exercised for the six months ended June 30, 2026 and 2025 was approximately $5.8 million and $7.1 million, respectively.


	Time-Based Restricted Stock Awards		Performance-Based Restricted Stock Units		Total Restricted Stock
Restricted Shares Outstanding
Outstanding December 31, 2025	118,768		30,000		148,768
Granted	59,229		91,000		150,229
Vested *	(9,919)		(30,328)		(40,247)
Forfeited	(195)		—		(195)
Outstanding June 30, 2026	167,883		90,672		258,555
Weighted Average Grant Date Fair Value
Outstanding December 31, 2025	$	110.74	$	137.68	$	116.17
Granted	138.19		132.74		134.89
Vested *	111.94		132.74		127.61
Forfeited	126.76		—		126.76
Outstanding June 30, 2026	$	120.34	$	134.37	$	125.26

* The terms of the restricted stock agreements permit the surrender of shares to the Company upon vesting in order to satisfy applicable withholding at the minimum statutory withholding rate, and accordingly 12,609 shares were surrendered for the six months ended June 30, 2026.

The Company recognized approximately $9.7 million and $2.9 million of stock-based compensation expense (included in personnel and merger-related expense on the consolidated statements of income) for the six months ended June 30, 2026 and 2025, respectively, associated with its common stock awards granted to officers and employees. In addition, for the six months ended June 30, 2026, the Company recognized approximately $0.7 million of director expense (included in other noninterest expense on the consolidated statements of income) for restricted stock grants totaling 4,719 shares with immediate vesting to directors, while for the six months ended June 30, 2025, the Company recognized $0.7 million of director expense for restricted stock grants totaling 5,656 shares with immediate vesting to directors, in each case representing the annual stock retainer fee paid to external board members. As of June 30, 2026, there was approximately $33.8 million of unrecognized compensation cost related to equity award grants, which is expected to be recognized over the remaining vesting period of approximately four years. The Company recognized a tax benefit of approximately $1.4 million and $1.3 million for the six months ended June 30, 2026 and 2025, respectively, for the tax impact of stock option exercises and vesting of restricted stock.