XML 27 R16.htm IDEA: XBRL DOCUMENT
v3.23.1

Employee Benefit Plans | 3 Months Ended
--- | ---
Mar. 31, 2023
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 month periods ending March 31, 2023 and 2022, respectively, was $466 thousand and $393 thousand. 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 March 31, 2023, the Company had one active equity incentive plan available for future grants, the 2015 Stock Incentive Plan, which has 1,676,663 Rights available for future grants or awards. The Company’s 2015 Stock Incentive Plan has 11,840 Rights issued. In addition, the Company has 4,500 Rights issued from the Cornerstone Non-Qualified Plan Options, which does 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, 2022 |  | 32,045 | ​ | $ | 12.04
Granted |  | — | ​ |  | —
Exercised |  | (15,705) | ​ |  | 10.47
Forfeited |  | — | ​ |  | —
Outstanding at March 31, 2023 |  | 16,340 | ​ | $ | 13.55
​ Information pertaining to stock options outstanding at March 31, 2023, 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
$ | 9.60 |  | 4,500 |  | 0.92 years | ​ | $ | 9.60 |  | 4,500 | ​ | $ | 9.60
​ | 15.05 |  | 11,840 |  | 2.50 years | ​ |  | 15.05 |  | 11,840 | ​ |  | 15.05
Outstanding, end of period |  | 16,340 |  | 2.07 years | ​ | $ | 13.55 | ​ | 16,340 | ​ | $ | 13.55
​ The Company did not recognize any stock option-based compensation expense during the three months ended March 31, 2023 and 2022, respectively, as all stock options issued are fully vested, and no future compensation cost will be recognized related to nonvested stock-based compensation arrangements granted under the Plans. ​ The intrinsic value of options exercised during the three months ended March 31, 2023, and 2022, was $242 thousand and $506 thousand, respectively. The aggregate intrinsic value of total options outstanding and exercisable options at March 31, 2023, was $157 thousand. Cash received from options exercised under all share-based payment arrangements for the three months ended March 31, 2023, was $165 thousand. Stock options of 15,705 and 27,550 shares were exercised during the three month periods ended March 31, 2023, and 2022, respectively. The income tax benefit recognized for the exercise of options during the three months ended March 31, 2023, and 2022, was a $65 thousand and $76 thousand, respectively. ​ Restricted Stock Awards: A summary of the activity of the Company’s unvested restricted stock awards for the period ended March 31, 2023, is presented below: ​
​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | Weighted
​ | ​ | ​ | ​ | Average
​ | ​ | ​ | ​ | Grant-Date
​ | ​ | Number | ​ | Fair Value
Balance at December 31, 2022 |  | 129,836 | ​ | $ | 19.61
Granted |  | 89,582 | ​ |  | 26.23
Vested |  | (13,913) | ​ |  | 25.82
Forfeited/expired |  | (2,000) | ​ |  | 17.56
Balance at March 31, 2023 |  | 203,505 | ​ | $ | 22.12
​ 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 months ended March 31, 2023, and 2022, was $538 thousand and $312 thousand, respectively. As of March 31, 2023, there was $2.5 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 2.35 years. The grant-date fair value of restricted stock awards vested was $359 thousand for the three months ended March 31, 2023. ​ 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, 2022 | ​ | 36,000 | ​ | $ | 18.25
Granted | ​ | — | ​ | ​ | —
Exercised |  | (2,000) |  | ​ | 15.19
Forfeited |  | — |  | ​ | —
Outstanding at March 31, 2023 |  | 34,000 | ​ | $ | 18.43
​ Information pertaining to SARs outstanding at March 31, 2023, 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 |  | 14,000 |  | 0.75 years |  | $ | 15.19 |  | 14,000 |  | $ | 15.19
​ | 20.70 |  | 20,000 |  | 1.76 years | ​ |  | 20.70 |  | — | ​ |  | —
​ | Outstanding, end of period |  | 34,000 |  | 1.34 years | ​ | $ | 18.43 |  | 14,000 | ​ | $ | 15.19
​ SARs compensation expense of ($95) thousand and ($26) thousand was recognized for the three month periods ended March 31, 2023, and 2022, respectively. The credit in expense for the three month periods ended March 31, 2023, and 2022, respectively, 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 https://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 https://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 https://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 https://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