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Employee Benefit Plans
 12 Months Ended
Dec. 31, 2012
Employee Benefit Plans [Abstract]  
Employee Benefit Plans

Note 11—Employee Benefit Plans

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 $744, $680 and $551 thousand for 2012, 2011 and 2010, respectively.

Restricted Stock Awards

The Company has a Long-Term Stock Incentive Plan under which 11,000 shares of restricted stock were issued to 54 employees during 2012, 11,000 shares of restricted stock were issued to 56 employees and 10,150 shares to 53 employees during 2011 and 2010, 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 1,135, 778 and 1,575 shares forfeited during 2012, 2011 and 2010, respectively. During 2012, 8,700 shares awarded in 2009 were vested 100%, and 41 employees received the stock. Due to retirement, one employee received 210 shares from awards granted in 2009, 2010 and 2011. The majority of shares, 8,875, awarded in 2008 were vested 100% during 2011 and 44 employees received the stock. Three employees received 557 shares from awards granted in 2008, 2009 and 2010 due to retirement. 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 $219, $202, and $191 thousand for the year ending December 31, 2012, 2011 and 2010, respectively.

The following table summarizes the activity of restricted stock awards:

 

                         
    2012     2011     2010  

Beginning of period

     29,715       28,925       27,775  

Granted

     11,000       11,000       10,150  

Vested

     (8,910 )      (9,432 )      (7,425 ) 

Forfeited

     (1,135 )      (778 )      (1,575 ) 
   

 

 

    

 

 

    

 

 

  

Nonvested, end of period

     30,670       29,715       28,925  
   

 

 

    

 

 

    

 

 

  

As of December 31, 2012, there was $334 thousand of unrecognized compensation cost related to the nonvested portion of restricted stock awards under the plan.