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Employee Benefit Plans
 12 Months Ended
Dec. 31, 2022
Retirement Benefits [Abstract]  
Employee Benefit Plans

Note 10. Employee Benefit Plans

 

The Company has a 401(k) plan that covers eligible employees (the “401(k) Plan”). Employees may make voluntary contributions subject to certain limits based on federal tax laws. The Bank contributes a matching contribution equal to 100% of an employee's contribution up to 5% of the elective deferral. This matching contribution is subject to a vesting schedule of six years. For the years ended December 31, 2022, 2021, and 2020, total expenses attributable to the 401(k) Plan were $1.8 million, $2.5 million, and $1.2 million, respectively.

The Company has an Employee Stock Ownership Plan (the “ESOP”) that covers eligible employees. Contributions to the ESOP are made at the discretion of the board of directors and are subject to a vesting schedule of six years. The ESOP held 192,066 total shares of Company common stock at both December 31, 2022 and December 31, 2021, which are considered outstanding in the computation of EPS.

 

The Company assumed the Bay Banks of Virginia, Inc. ESOP pursuant to the Bay Banks Merger (the “Bay Banks ESOP”). The Bay Banks ESOP remained a separate plan from the ESOP after the Bay Banks Merger, and no new participants were permitted to the Bay Banks ESOP beginning with the effective date of the merger. The Bay Banks ESOP held 361,500 total shares of Company common stock at both December 31, 2022 and December 31, 2021, which are considered outstanding in the computation of EPS.