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Employee Benefit Plan
 12 Months Ended
Dec. 31, 2011
Employee Benefit Plan [Abstract]  
Employee Benefit Plan

Note 11 - Employee Benefit Plan

The Bank has established a 401(k) profit sharing plan, which allows eligible employees to save at a minimum one percent of eligible compensation on a pre-tax basis, subject to certain Internal Revenue Service limitations. The Bank will match 50% of employee 401(k) contributions up to four percent of total eligible compensation. In addition, the Bank may make a discretionary contribution from time to time. A participant is 100% vested in the participant’s deferral contributions and employer matching contributions. A six-year vesting schedule applies to employer discretionary contributions. Contributions to the 401(k) profit sharing plan for both the employer matching contribution and the discretionary contribution were $680, $551, and $570 thousand for 2011, 2010 and 2009, respectively.

 

Restricted Stock Awards

The Company has a Long-Term Stock Incentive Plan under which 11,000 shares of restricted stock were issued to 56 employee during 2011 and 10,150 shares of restricted stock were issued to 53 employees and 10,000 shares to 49 employees during 2010 and 2009, respectively. Under the plan, the shares vest 100% in three years. During the 3 year vesting period, the employees received dividends or dividend equivalent compensation on the shares. Due to employee termination, there were 778 and 1,575 shares forfeited during 2011 and 2010, respectively, 350 shares forfeited during 2009. During 2009, 5,450 shares awarded in 2006 were vested 100%. 36 employees were still employed and received the stock which the majority were awarded in 2008 were vested 100% and 47 employees received the stock during 2011. During 2010, 7,425 shares awarded in 2007 were vested 100%. Forty employees were still employed and received the stock. Compensation expense applicable to the restricted stock totaled $202, $191, and $190 thousand for the year ending December 31, 2011, 2010 and 2009, respectively.

The following table summarizes the activity of restricted stock awards:

 

                         
    Year Ended December 31,  
    2011     2010     2009  
       

Beginning of period

     28,925       27,775       23,575  

Granted

     11,000       10,150       10,000  

Vested

     (9,432 )      (7,425 )      (5,450 ) 

Forfeited

     (778 )      (1,575 )      (350 ) 
   

 

 

    

 

 

    

 

 

  

Nonvested, end of period

     29,715       28,925       27,775  
   

 

 

    

 

 

    

 

 

  

As of December 31, 2011, there was $564 thousand of unrecognized compensation cost related to the nonvested portion of restricted stock awards under the plan.