Stock Based Compensation (Tables)

9 Months Ended

Sep. 30, 2024

Share-Based Payment Arrangement [Abstract]

Summary of Assumptions Used in Estimating the Fair Value of Options Granted

The following assumptions were used in estimating the fair value of options granted during the nine months ended September 30, 2024 and September 30, 2023, respectively:


	For the Nine Months Ended
	September 30, 2024	September 30, 2023

Dividend yield	N/A(1)		0.00	%
Risk-free interest rate	N/A(1)		3.59	%
Expected volatility	N/A(1)		24.64	%
Weighted average expected life (years)	N/A(1)		6.5
Weighted average per share value of options	N/A(1)	$	3.37

(1) There were no stock options granted during the nine months ended September 30, 2024.

Summary of Stock Option Activity

A summary of the Company’s stock option activity for the nine months ended September 30, 2024 is presented below.


Stock Options	Shares			Weighted Average Exercise Price		Weighted Average Remaining in Contractual Term (Years)		Aggregate Intrinsic Value
Outstanding December 31, 2023		600,110		$	8.30		7.49	$	238,951
Granted		—			—	N/A		N/A
Exercised		(13,821	)		5.96	N/A		36,843
Forfeited		(6,000	)		10.05	N/A		N/A
Vested shares expired		(10,917	)		6.55	N/A		N/A
Outstanding September 30, 2024		569,372			8.37	7.00		985,168
Options exercisable at September 30, 2024	273,278			$	7.33	6.35		$	757,855

Summary of Nonvested Stock option Activity

The following table summarizes information about the Company’s nonvested stock option activity for the nine months ended September 30, 2024:


Stock Options	Shares			Weighted Average Grant Date Fair Value
Nonvested at December 31, 2023		370,292		$	2.94
Granted		—			—
Vested(1)		(68,198	)	$	2.04
Forfeited		(6,000	)	$	10.05
Nonvested at September 30, 2024		296,094		$	3.13

(1)

Includes 2,105 shares vested under a nonqualified stock option inducement award to the Company’s President and Chief Executive Officer.

Summary of Restricted Stock Unit Activity

The following table summarizes information about the Company’s restricted stock activity for the nine months ended September 30, 2024:


Restricted Stock	Shares			Weighted Average Grant Date Fair Value
Nonvested at December 31, 2023		144,297		$	8.95
Granted		—			—
Vested(1)(2)		(26,723	)		7.23
Forfeited		(2,000	)		10.05
Nonvested at September 30, 2024		115,574		$	9.33

(1)

Includes 262 shares vested under a restricted stock inducement award to the Company’s President and Chief Executive Officer.

(2)

Includes 3,420 shares surrendered by employees to cover payroll tax costs related to the vested shares.

1895 Bancorp of Wisconsin, Inc. /MD/ 10-Q