The Company has two stock-based compensation plans currently in effect as of September 30, 2024, as described further below. Total compensation cost that has been charged against earnings for these plans was $272 thousand and $323 thousand for the three months ended September 30, 2024 and 2023 respectively, and $908 thousand and $961 thousand for the nine months ended September 30, 2024 and 2023, respectively.

2010 Plan: In 2010, the Board of Directors of the Bank approved a new equity incentive plan for granting stock options and restricted stock awards to key employees, officers, and non-employee directors of the Bank (the “2010 Plan”). In 2013, the 2010 Plan was amended and approved by the shareholders to increase the number of shares authorized to be issued under from 1,350,000 shares to 2,500,000 shares of common stock. The 2010 Plan was assumed by the Company in 2016 at the time of the bank holding company reorganization.

The exercise prices of stock options granted under the plan may not be less than 100% of the fair value of the Company’s stock at the date of grant. The options, when granted, vest ratably over five years from the date of the grant and expire after ten years if not exercised. The 2010 Plan expired in August 2020, and no further grants can be made under the 2010 Plan.

Restricted stock awards issued under the 2010 Plan may or may not be subject to vesting provisions. Owners of the restricted stock awards shall have all of the rights of a shareholder including the right to vote the shares and to all dividends (cash or stock). Compensation expense related to restricted stock awards will be recognized over the vesting period of the awards based on the fair value of the Company’s common stock at the issue date.

A summary of the stock options outstanding under the 2010 Plan for the nine months ended September 30, 2024 is as follows:



($ in thousands, except share data)	Number of Options Outstanding	Weighted Average Exercise Price		Aggregate Intrinsic Value
Outstanding, as of January 1, 2024	60,000	$	8.00	$	177
Options granted	—	—
Options exercised	(60,000)	8.00
Options forfeited	—	—
Options expired	—	—
Outstanding, as of September 30, 2024	—	$	—	$	—
Fully vested and expected to vest	—	$	—	$	—
Vested	—	$	—	$	—



	Three Months Ended September 30,				Nine Months Ended September 30,
($ in thousands)	2024		2023		2024		2023
Intrinsic value of options exercised	$	—	$	—	$	144	$	186
Cash received from option exercises	—		—		160		720
Tax provision realized from option exercised	—		—		24		(3)

A summary of the changes in the Company's non-vested restricted stock awards under the 2010 Plan for the nine months ended September 30, 2024 is as follows:



($ in thousands, except share data)	Shares Issued	Weighted Average Grant Date Fair Value		Aggregate Intrinsic Value
Non-vested, as of January 1, 2024	10,000	$	9.69	$	110
Awards granted	—	—
Awards vested	—	—
Awards forfeited	—	—
Non-vested, as of September 30, 2024	10,000	$	9.69	$	125

Information related to vested restricted stock awards under the 2010 Plan for the periods indicated follows:



	Three Months Ended September 30,				Nine Months Ended September 30,
($ in thousands)	2024		2023		2024		2023
Tax benefit (provision) realized from awards vested	$	—	$	4	$	—	$	4

As of September 30, 2024, the Company had approximately $8 thousand of unrecognized compensation cost related to unvested restricted stock awards under the 2010 Plan. The Company expects to recognize these costs over a weighted average period of 0.1 years.

2021 Plan: In 2021, the Board of Directors of the Company approved a new equity incentive plan for granting stock options and restricted stock awards to key employees, officers, and non-employee directors of the Company and the Bank (the “2021 Plan”). The 2021 Plan was approved by the Company’s shareholders at the 2021 Annual Meeting. The number of shares authorized to be issued under the 2021 Plan was 1,500,000 shares of the Company’s common stock.

The exercise prices of stock options granted under the plan may not be less than 100.00% of the fair value of the Company’s stock at the date of grant. There are no stock options granted under the 2021 Plan as of September 30, 2024.

Restricted stock awards issued under the 2021 Plan may or may not be subject to vesting provisions. Owners of the restricted stock awards shall have all rights of a shareholder including the right to vote the shares and to all dividends (cash or stock). Compensation expense related to restricted stock awards will be recognized over the vesting period of the awards based on the fair value of the Company’s common stock at the issue date.

A summary of the changes in the Company’s non-vested restricted stock awards under the 2021 Plan for the nine months ended September 30, 2024 is as follows:



($ in thousands, except share data)	Shares Issued	Weighted Average Grant Date Fair Value		Aggregate Intrinsic Value
Non-vested, as of January 1, 2024	278,851	$	11.45	$	3,053
Awards granted	45,711	9.61
Awards vested	(74,429)	9.59
Awards forfeited	(3,000)	12.90
Non-vested, as of September 30, 2024	247,133	$	11.66	$	3,084

Information related to vested restricted stock awards under the 2021 Plan for the periods indicated follows:



	Three Months Ended September 30,				Nine Months Ended September 30,
($ in thousands)	2024		2023		2024		2023
Tax provision realized from awards vested	$	—	$	—	$	(3)	$	(34)

There were 1,105,590 shares available for future grants of either stock options or restricted stock awards under the 2021 Plan as of September 30, 2024. The Company had approximately $1.2 million of unrecognized compensation cost related to unvested restricted stock awards under the 2021 Plan as of September 30, 2024. The Company expects to recognize these costs over a weighted average period of 1.3 years.