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Employee Benefit Plans
 12 Months Ended
Dec. 31, 2014
Compensation and Retirement Disclosure [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 $779, $670 and $744 thousand for 2014, 2013 and 2012, respectively.

Restricted Stock Awards

The Company has a Long-Term Stock Incentive Plan under which 13,250 shares of restricted stock were issued to 61 employees during 2014, 11,000 shares of restricted stock were issued to 53 employees and 11,000 shares to 54 employees during 2013 and 2012, 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 780, 620 and 1,135 forfeited during 2014, 2013 and 2012, respectively. Due to retirement, one employee received 210 shares from awards granted in 2009, 2010 and 2011. During 2012, 8,700 shares awarded in 2009 were vested 100%, and 41 employees received the stock. During 2013, 9,160 shares awarded in 2010 were vested 100%, and 45 employees received the stock. During 2014, 10,005 shares awarded in 2011, were vested 100%, and 48 employees received the stock. Due to retirement two employees received 965 shares. Compensation expense applicable to the restricted stock totaled $252, $253 and $219 thousand for the years ending December 31, 2014, 2013 and 2012, respectively.

 

The following table summarizes the activity of restricted stock awards as of December 31:

 

     Year Ended December 31,  
     2014      2013      2012  
     Number of
Shares		     Weighted
average
fair value
per award		      Number of
Shares		     Weighted
average
fair value
per award		      Number of
Shares		     Weighted
average
fair value
per award		  

Beginning of period

      31,890        20.38         30,670        19.05         29,715        18.99   

Granted

      13,250        25.50         11,000        22.00         11,000        19.95   

Vested

      (10,970 )      25.39         (9,160 )      21.55         (8,910 )      19.99   

Forfeited

      (780 )      24.97         (620 )      21.84         (1,135 )      19.99   
  

 

 

       

 

 

       

 

 

    

Nonvested, end of period

   33,390      22.77      31,890      20.38      30,670      19.05   
  

 

 

       

 

 

       

 

 

    

As of December 31, 2014, there was $455 thousand of unrecognized compensation cost related to the nonvested portion of restricted stock awards under the plan. Expense for restricted stock awards of $232 thousand, $253 thousand, and $217 thousand was recorded for the years ended December 31, 2014, 2013, and 2012, respectively.