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Employee benefit plans
 3 Months Ended
Mar. 31, 2023
Employee benefit plans  
Employee benefit plans

8. Employee benefit plans:

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The Company provides an Employee Stock Ownership Plan (“ESOP”) and a Retirement Profit Sharing Plan. The Company also maintains Supplemental Executive Retirement Plans (“SERPs”) and an Employees’ Pension Plan, which is currently frozen.

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For the three months ended March 31, salaries and employee benefits expense includes approximately $478 thousand in 2023, and $256 thousand in 2022 relating to the employee benefit plans.

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Pension Benefits

 

(Dollars in thousands)

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2023

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2022

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Net periodic pension income:

    

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Interest cost

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$

164

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$

114

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Expected return on plan assets

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(293)

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(352)

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Amortization of unrecognized net loss

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50

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50

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Net periodic pension income:

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$

(79)

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$

(188)

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In May 2017, the Company’s stockholders approved the 2017 equity incentive plan (“2017 Plan”). The 2017 Plan allows for eligible participants to be granted equity awards. Under the 2017 Plan the Compensation Committee of the Board of Directors has the authority to, among other things:

 

●Select the persons to be granted awards under the 2017 Plan.

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●Determine the type, size and term of awards.

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●Determine whether such performance objectives and conditions have been met.

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●Accelerate the vesting or exercisability of an award.

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Persons eligible to receive awards under the 2017 Plan include directors, officers, employees, consultants and other service providers of the Company and its subsidiaries.

 

As of March 31, 2023, there were 17,364 shares of the Company’s common stock available for grant as awards pursuant to the 2017 Plan. If any outstanding awards under the 2017 Plan are forfeited by the holder or canceled by the Company, the underlying shares would be available for re-grant to others.

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The 2017 Plan authorizes grants of stock options, stock appreciation rights, cash awards, performance awards, restricted stock and restricted stock units.

 

For the three months ended March 31, 2023, the Company granted no awards of restricted stock and restricted stock units under the 2017 Plan. For the three months ended March 31, 2022, the Company granted 19,787 shares underlying such awards, respectively.

 

The non-performance restricted stock grants made in 2022, 2021 and 2020 vest equally over three years. The performance-based restricted stock units vest over three fiscal years and include conditions based on the Company’s three year cumulative diluted earnings per share and three-year average return on equity or tangible equity that determines the number of restricted stock units that may vest.

 

The Company expenses the fair value of all-share based compensation over the requisite service period commencing at grant date. The fair value of restricted stock is expensed on a straight-line basis. Compensation is recognized over the vesting period and adjusted based on the performance criteria. The Company classifies share-based compensation for employees within “salaries and employee benefits expense” on the consolidated statements of income and comprehensive income.

 

The Company recognized net compensation costs of $209 thousand for the three months ended March 31, 2023 for awards granted under the 2017 Plan. The Company recognized compensation expense of $199 thousand for the three months ended March 31, 2022 for awards granted under the 2017 Plan. As of March 31, 2023, the Company had $0.8 million of unrecognized compensation expense associated with restricted stock awards. The remaining cost is expected to be recognized over a weighted average vesting period of under 1.5 years.