v3.26.1
Stock-based Compensation
6 Months Ended
Jun. 30, 2026
Disclosure Of Compensation Related Costs Share Based Payments [Abstract]  
Disclosure Of Compensation Related Costs Share Based Payments [Text Block}
NOTE 5:
STOCK-BASED COMPENSATION
The Company maintains the 2024 Equity and Incentive Compensation
Plan (the “Plan”), which permits the grant of equity-
based awards, including restricted stock units (“RSUs”), to employees of the
Company and its subsidiaries.
On June 5, 2026, the Compensation Committee (the “Committee”) of
the Board of Directors adopted and approved grants
of
8,172
RSUs pursuant to the Plan and a Notice of Discretionary Equity Award
Agreement and related Terms
and
Conditions (together, the “RSU Award
Agreement”).
The RSUs vest in installments of 33% in 2027, 33% in 2028, and
34% in 2029, subject to the recipient’s
continued service through each vesting date.
The grant-date fair value of the RSUs
was $
25.09
per unit, based on the closing price of the Company’s
common stock on the date of grant, resulting in an
aggregate grant-date fair value of approximately $
205
thousand.
The RSUs accrue dividend equivalents on unvested units
equal to cash dividends declared on the Company’s
common stock, which are subject to the same vesting conditions as the
underlying RSUs.
Upon vesting, the Company will withhold a portion of the shares otherwise issuable to
satisfy the
recipients’ tax withholding obligations.
The Company recognized approximately $
5
thousand of stock-based compensation expense related to this grant during
the
quarter and six months ended June 30, 2026.
Such expense is included in salaries and benefits expense, with a
corresponding increase to additional paid-in capital.
At June 30, 2026, unrecognized compensation expense related to
unvested RSUs was approximately $200 thousand, which is expected to be
recognized over the remaining vesting period of
approximately three years.
The unvested RSUs had no dilutive effect on weighted average shares outstanding
for the
quarter ended June 30, 2026, as determined under the treasury stock method.
RSUs granted on July 24, 2025 vested during the first quarter of 2026, and
no unvested awards remained outstanding at
June 30, 2026 related to that grant.
The Company recognized $
24
thousand of stock-based compensation expense during
the first six months of 2026 related to those RSUs.