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Employee Benefits | 12 Months Ended
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Dec. 31, 2024
Employee Benefits [Abstract] |
Employee Benefits |
Note 15: | Employee Benefits
401(k) Savings Plan The Company has a retirement savings 401(k) plan covering substantially all employees. Employees may contribute up to the maximum legal limit with the Bank matching up to 5% of the employee’s salary. Employer contributions charged to expense for the years ended December 31, 2024, 2023 and 2022 totaled $434,000, $399,000 and $366,000, respectively. Stock-Based Compensation The Company adopted a nonqualified incentive stock option plan (the “Bank7 Corp. 2018 Equity Incentive Plan”) in September 2018 and amended the Bank7 Corp. 2018 Equity Plan on May 20, 2020 adding an additional 507,500 shares to the plan. The Bank7 Corp. 2018 Equity Incentive Plan will terminate in September 2028, if not extended. Compensation expense, net of settlement of shares for payroll withholding related to the Plan for the years ended December 31, 2024, 2023 and 2022 totaled $2,467,000, $2,164,000 and $1,384,000, respectively. There were 636,430 shares available for future grants as of December 31, 2024. The Company grants to employees and directors restricted stock units (“RSU’s”) which vest ratably over one, three, four, five, or eight years and stock options which vest ratably over four years. All RSUs and stock options are granted at the fair value of the common stock at the time of the award. The RSUs are considered fixed awards as the number of shares and fair value are known at the date of grant and the fair value at the grant date is amortized over the vesting and/or service period. The Company uses newly issued shares for granting RSUs and stock options. The following table is a summary of the stock option activity under the Bank7 Corp. 2018 Equity Incentive Plan (dollar amounts in thousands, except per share data):
|  | Options |  |  | Wgtd. Avg. Exercise Price |  |  | Wgtd. Avg. Remaining Contractual Term |  |  | Aggregate Intrinsic Value |
Year Ended December 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |
Outstanding at December 31, 2023 |  |  | 220,939 |  |  | $ | 17.52 |  |  |  |  |  |  |
Options Granted |  |  | - |  |  |  | - |  |  |  |  |  |  |
Options Exercised |  |  | (144,813 | ) |  |  | 17.91 |  |  |  |  |  |  |
Options Forfeited |  |  | (438 | ) |  |  | 14.31 |  |  |  |  |  |  |
Outstanding at December 31, 2024 |  |  | 75,688 |  |  |  | 16.79 |  |  |  | 5.11 |  |  | $ | 2,283,513 |
Exercisable at December 31, 2024 |  |  | 54,812 |  |  |  | 17.30 |  |  |  | 4.70 |  |  | $ | 1,625,802 |
|  | Options |  |  | Wgtd. Avg. Exercise Price |  |  | Wgtd. Avg. Remaining Contractual Term |  |  | Aggregate Intrinsic Value |
Year Ended December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |
Outstanding at December 31, 2022 |  |  | 251,550 |  |  | $ | 17.52 |  |  |  |  |  |  |
Options Granted |  |  | - |  |  |  | - |  |  |  |  |  |  |
Options Exercised |  |  | (28,423 | ) |  |  | 17.71 |  |  |  |  |  |  |
Options Forfeited |  |  | (2,188 | ) |  |  | 15.15 |  |  |  |  |  |  |
Outstanding at December 31, 2023 |  |  | 220,939 |  |  |  | 17.52 |  |  |  | 5.64 |  |  | $ | 2,172,070 |
Exercisable at December 31, 2023 |  |  | 173,684 |  |  |  | 18.04 |  |  |  | 5.27 |  |  | $ | 1,616,278 |
The fair value of each option grant is estimated on the date of grant using the Black-Scholes option-pricing model and is based on certain assumptions including risk-free rate of return, dividend yield, stock price volatility and the expected term. The fair value of each option is expensed over its vesting period. There were no options granted during the years ended December 31, 2024 and December 31, 2023. The following table summarizes share information about RSUs for the years ended December 31, 2024 and 2023:
|  | Number of Shares |  |  | Wgtd. Avg. Grant Date Fair Value |
Year Ended December 31, 2024 |  |  |  |  |  |
Outstanding at December 31, 2023 |  |  | 211,461 |  |  | $ | 26.98 |
Shares granted |  |  | 100,606 |  |  |  | 27.34 |
Shares vested |  |  | (68,578 | ) |  |  | 25.46 |
Shares forfeited |  |  | (7,250 | ) |  |  | 28.29 |
End of the period balance |  |  | 236,239 |  |  | $ | 27.54 |
|  | Number of Shares |  |  | Wgtd. Avg. Grant Date Fair Value |
Year Ended December 31, 2023 |  |  |  |  |  |
Outstanding at December 31, 2022 |  |  | 112,591 |  |  | $ | 19.15 |
Shares granted |  |  | 163,311 |  |  |  | 29.76 |
Shares vested |  |  | (57,354 | ) |  |  | 19.48 |
Shares forfeited |  |  | (7,087 | ) |  |  | 27.34 |
End of the period balance |  |  | 211,461 |  |  | $ | 26.98 |
As of December 31, 2024, there was approximately $4.7 million of unrecognized compensation expense related to 236,000 unvested RSUs and $18,000 of unrecognized compensation expense related to 76,000 unvested and/or unexercised stock options. The RSU expense is expected to be recognized over a weighted average period of 3.17 years, the stock option expense is expected to be recognized over a weighted average period of 1.51 years.

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- 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 -Topic 710 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/710/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 712 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/712/tableOfContent Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 715 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/715/tableOfContent Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/718/tableOfContent + Details
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