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Employee Benefit Plans
 12 Months Ended
Dec. 31, 2016
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 $877, $835 and $779 thousand for 2016, 2015 and 2014, respectively.

Restricted Stock Awards

The Company has a Long-Term Stock Incentive Plan under which 16,150 shares of restricted stock were issued to 74 employees during 2016, 16,000 shares of restricted stock were issued to 67 employees during 2015 and 13,250 shares of restricted stock were issued to 61 employees during 2014. Under the plan, the shares vest 100% in three years. During the 3 year vesting period, the employees receive dividends or dividend equivalent compensation on the shares. Due to employee termination, there were 773, 100, and 780 forfeited during 2016, 2015 and 2014, respectively. During 2016, 4 employees retired and received 1,197 shares from the shares awarded in 2013, 2014 and 2015. During 2015, 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. Due to retirement in 2014, two employees received 965 shares. During 2016, 10,025 shares awarded in 2013, were vested 100% and 45 employees received the stock During 2015, 9,720 shares awarded in 2012, 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. Compensation expense applicable to the restricted stock totaled $379, $286 and $252 thousand for the years ending December 31, 2016, 2015 and 2014, respectively.

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

 

     Year Ended December 31,  
     2016      2015      2014  
     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

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

Granted

      16,150        32.02         16,000        26.35         13,250        25.50   

Vested

      (11,222 )      31.72         (10,295 )      26.33         (10,970 )      25.39   

Forfeited

      (773 )      31.54         (100 )      26.07         (780 )      24.97   
  

 

 

       

 

 

       

 

 

    

Nonvested, end of period

      43,150        28.20         38,995        24.92         33,390        22.77   
  

 

 

       

 

 

       

 

 

    

As of December 31, 2016, there was $730 thousand of unrecognized compensation cost related to the nonvested portion of restricted stock awards under the plan. Expense for restricted stock awards of $402 thousand, $314 thousand, and $232 thousand was recorded for the years ended December 31, 2016, 2015, and 2014, respectively.