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Share-Based Payment Plans
 3 Months Ended
Mar. 31, 2024
Share-Based Payment Plans  
Share-Based Payment Plans

Note 13:   Share-Based Payment Plans

Equity-based incentive awards for Company officers are currently issued pursuant to the 2017 Equity Incentive Plan (the “2017 Incentive Plan”). The Company issued 85,212 and 84,335 shares during the three months ended March 31, 2024 and 2023, respectively.

During 2018, the Compensation Committee of the Board of Directors approved a plan for non-executive directors to receive a portion of their annual retainer fees in the form of shares of common stock. In November 2023, the Board of Directors amended the plan for nonexecutive directors to receive a portion of their annual fees, issued quarterly, in the form of restricted common stock equal to $70,000 per member, rounded up to the nearest whole share, to be effective as of January 1, 2024. Accordingly, there were 3,164 and 2,863 shares, issued to non-executive directors during the three months ended March 31, 2024 and 2023, respectively.

The Company established an employee stock ownership plan (“ESOP”) effective as of January 1, 2020 to provide certain benefits for all employees who meet certain requirements. Expense recognized for the contribution to the ESOP totaled $287,000 and $267,000 for the three months ended March 31, 2024 and 2023, respectively. The Company contributed 23,414 shares and 33,293 shares to the ESOP for the three months ended March 31, 2024 and 2023, respectively.