XML 28 R16.htm IDEA: XBRL DOCUMENT
v3.21.2

Employee Benefit Plans | 9 Months Ended
--- | ---
Sep. 30, 2021
Defined Benefit Plan [Abstract] |
Employee Benefit Plans | Note 8. Employee Benefit Plans 401(k) Plan: The Company provides a deferred salary reduction plan (“Plan”) under Section 401(k) of the Internal Revenue Code covering substantially all employees. After 90 days of service, the Company matches 100% of employee contributions up to 3% of compensation and 50% of employee contributions on the next 2% of compensation. The Company’s contribution to the Plan for the three and nine months ending September 30, 2021, was $287 thousand and $925 thousand, respectively. The Company’s contribution to the Plan for the three and nine months ending September 30, 2020, was $282 thousand and $840 thousand, respectively. Equity Incentive Plans: The Compensation Committee of the Company’s Board of Directors may grant or award eligible participants stock options, restricted stock, restricted stock units, stock appreciation rights, and other stock-based awards or any combination of awards (collectively referred to herein as "Rights"). At September 30, 2021, the Company had one active equity incentive plan available for future grants, the 2015 Stock Incentive Plan, which has 1,830,260 Rights available for future grants or awards. In addition, the Company has 19,250 Rights issued from the Cornerstone Bancshares, Inc. 2002 Long Term Incentive Plan, 40,250 Rights issued from the Cornerstone Non-Qualified Plan Options, and 2,266 Rights issued from the Capstone Stock Option Plan. These plans do not have any Rights available for future grants or awards. Stock Options: A summary of the status of stock option plans is presented in the following table: ​
​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | Weighted
​ | ​ | ​ | ​ | Average
​ | ​ | ​ | ​ | Exercisable
​ | ​ | Number | ​ | Price
Outstanding at December 31, 2020 |  | 99,617 | ​ | $ | 10.19
Granted |  | — | ​ |  | —
Exercised |  | (19,040) | ​ |  | 10.18
Forfeited |  | — | ​ |  | —
Outstanding at September 30, 2021 |  | 80,577 | ​ | $ | 10.19
​ The Company did not recognize any stock option-based compensation expense during the three and nine months ended September 30, 2021 and 2020, respectively, as all stock options issued are fully vested. ​ Information pertaining to stock options outstanding at September 30, 2021, is as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | Options Outstanding | ​ | Options Exercisable
​ | ​ |  | ​ |  | Weighted- |  | ​ | ​ |  | ​ |  | ​ | ​
​ | ​ | ​ | ​ | ​ | Average | ​ | Weighted- | ​ | ​ | ​ | Weighted-
​ | ​ | ​ | ​ | ​ | Remaining | ​ | Average | ​ | ​ | ​ | Average
Exercise | ​ | Number | ​ | Contractual | ​ | Exercise | ​ | Number | ​ | Exercise
Prices | ​ | Outstanding | ​ | Life | ​ | Price | ​ | Exercisable | ​ | Price
$ | 6.60 |  | 19,250 |  | 0.45 years | ​ | $ | 6.60 |  | 19,250 | ​ | $ | 6.60
​ | 9.48 |  | 18,000 |  | 1.45 years | ​ |  | 9.48 |  | 18,000 | ​ |  | 9.48
​ | 9.60 |  | 22,250 |  | 2.25 years | ​ |  | 9.60 |  | 22,250 | ​ |  | 9.60
​ | 11.76 |  | 2,266 |  | 0.75 years | ​ |  | 11.76 |  | 2,266 | ​ |  | 11.76
​ | 15.05 |  | 18,811 |  | 3.75 years | ​ |  | 15.05 |  | 18,811 | ​ |  | 15.05
Outstanding, end of period |  | 80,577 |  | 1.95 years | ​ | $ | 10.19 | ​ | 80,577 | ​ | $ | 10.19
​ No stock options were exercised during the three months ended September 30, 2021. The intrinsic value of options exercised during nine months ended September 30, 2021, was $220 thousand, and $75 thousand and $141 thousand, during the three and nine months ended September 30, 2020, respectively. The aggregate intrinsic value of total options outstanding and exercisable options at September 30, 2021, was $1.3 million. Cash received from options exercised under all share-based payment arrangements for the nine months ended September 30, 2021 was $194 thousand. No options vested during the nine months ended September 30, 2021 and 2020, respectively. No stock options were exercised during the three months ended September 30, 2021. The income tax expense/benefit recognized for the exercise of options during the nine months ended September 30, 2021, was a benefit of $9 thousand and for the three and nine months ended September 30, 2020, was an expense of $3 thousand and a benefit of $19 thousand, respectively. As of September 30, 2021, all options were fully vested and currently no future compensation cost will be recognized related to nonvested stock-based compensation arrangements granted under the Plans. Restricted Stock Awards: A summary of the activity of the Company’s unvested restricted stock awards for the period ended September 30, 2021 is presented below: ​
​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | Weighted
​ | ​ | ​ | ​ | Average
​ | ​ | ​ | ​ | Grant-Date
​ | ​ | Number | ​ | Fair Value
Balance at December 31, 2020 |  | 100,218 | ​ | $ | 19.07
Granted |  | 53,134 | ​ |  | 20.43
Vested |  | (7,185) | ​ |  | 21.42
Forfeited/expired |  | (1,800) | ​ |  | 16.37
Balance at September 30, 2021 |  | 144,367 | ​ | $ | 19.49
​ The Company measures the fair value of restricted stock awards based on the price of the Company’s common stock on the grant date, and compensation expense is recorded over the vesting period. The compensation expense for restricted stock awards during the three and nine months ended September 30, 2021, was $163 thousand and $525 thousand, respectively, and was $142 thousand and $365 thousand, during the three and nine months ended September 30, 2020, respectively. As of September 30, 2021, there was $1.6 million of unrecognized compensation cost related to non-vested restricted stock awards granted under the plan. The cost is expected to be recognized over a weighted average period of 2.74 years. The grant-date fair value of restricted stock awards vested was $154 thousand for the nine months ended September 30, 2021. ​ Stock Appreciation Rights ("SARs"): A summary of the status of SARs plans is presented in the following table: ​
​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Weighted
​ | ​ | ​ | ​ | Average
​ |  | Number |  | Exercisable Price
Outstanding at December 31, 2020 | ​ | 73,000 | ​ | $ | 19.02
Granted | ​ | 22,000 | ​ | ​ | 20.70
Exercised |  | (23,500) |  | ​ | 21.61
Forfeited |  | (6,000) |  | ​ | 18.00
Outstanding at September 30, 2021 |  | 65,500 | ​ | $ | 18.75
​ Information pertaining to SARs outstanding at September 30, 2021, is as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | SARs Outstanding | ​ | SARs Exercisable
​ | ​ | ​ | ​ | ​ | Weighted- | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Average | ​ | Weighted- | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Remaining | ​ | Average | ​ | ​ | ​ | Weighted- Average
Exercise | ​ | Number | ​ | Contractual | ​ | Exercise | ​ | Number | ​ | Exercise
Prices |  | Outstanding |  | Life | ​ | ​ | Price | ​ | Exercisable | ​ | Price
$ | 15.19 |  | 16,000 |  | 2.25 years |  | $ | 15.19 |  | — |  | $ | —
​ | 18.12 |  | 19,000 |  | 1.25 years | ​ |  | 18.12 |  | — | ​ |  | —
​ | 20.70 |  | 20,000 |  | 3.25 years | ​ |  | 20.70 |  | — | ​ |  | —
​ | 21.61 |  | 10,500 |  | 0.25 years | ​ |  | 21.61 |  | 10,500 | ​ |  | 21.61
​ | Outstanding, end of period |  | 65,500 |  | 1.95 years | ​ | $ | 18.75 |  | 10,500 | ​ | $ | 21.61
​ SARs compensation expense of $49 thousand and $162 thousand was recognized for the three and nine months ended September 30, 2021, respectively, and ($63) thousand and ($89) thousand for the three and nine months ended September 30, 2020. The credit in expense for the three and nine months ended September 30, 2020, was due to adjustments related to the fair value evaluation of SARs.

X
- Definition The entire disclosure for an entity's employee compensation and benefit plans, including, but not limited to, postemployment and postretirement benefit plans, defined benefit pension plans, defined contribution plans, non-qualified and supplemental benefit plans, deferred compensation, share-based compensation, life insurance, severance, health care, unemployment and other benefit plans. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -URI http://asc.fasb.org/topic&trid=2228938 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 712 -URI http://asc.fasb.org/topic&trid=2197446 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 710 -URI http://asc.fasb.org/topic&trid=2127225 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -URI http://asc.fasb.org/topic&trid=2235017 + Details
Name: | us-gaap_CompensationAndEmployeeBenefitPlansTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_CompensationAndRetirementDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration