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Employee Benefit Plans
 12 Months Ended
Dec. 31, 2015
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 expensed for the 401(k) profit sharing plan for both the employer matching contribution and the discretionary contribution were $835, $779 and $670 thousand for 2015, 2014 and 2013, respectively.

Restricted Stock Awards

The Company has a Long-Term Stock Incentive Plan under which 16,000 shares of restricted stock were issued to 67 employees during 2015, 13,250 shares of restricted stock were issued to 61 employees and 11,000 shares to 53 employees during 2014 and 2013, 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 100, 780, and 620 forfeited during 2015, 2014 and 2013, respectively. Due to retirement, one employee received 250 shares from awards granted in 2012, 2013 and 2014 and 325 shares were paid to the estate of a deceased employee awarded during the same time periods. 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. During 2015, 9,720 shares awarded in 2012, were vested 100% and 45 employees received the stock. Compensation expense applicable to the restricted stock totaled $286, $252 and $235 thousand for the years ending December 31, 2015, 2014 and 2013, respectively.

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

 

     Year Ended December 31,  
     2015      2014      2013  
     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

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

Granted

      16,000         26.35         13,250         25.50         11,000         22.00   

Vested

      (10,295 )       26.33         (10,970 )       25.39         (9,160 )       21.55   

Forfeited

      (100 )       26.07         (780 )       24.97         (620 )       21.84   
  

 

 

        

 

 

        

 

 

     

Nonvested, end of period

      38,995         24.92         33,390         22.77         31,890         20.38   
  

 

 

        

 

 

        

 

 

     

As of December 31, 2015, there was $591 thousand of unrecognized compensation cost related to the nonvested portion of restricted stock awards under the plan. Expense for restricted stock awards of $314 thousand, $232 thousand, and $253 thousand was recorded for the years ended December 31, 2015, 2014, and 2013, respectively.