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 $1.1 million, $972 thousand and $877 thousand for 2018, 2017 and 2016, respectively.

The Company has a Long-Term Stock Incentive Plan under which 33,000 shares of restricted stock were issued to 80 employees during 2018, 32,000 shares of restricted stock were issued to 74 employees during 2017 and 32,300 shares of restricted stock were issued to 74 employees during 2016. 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 2,620, 1,080, and 1,546 forfeited during 2018, 2017 and 2016, respectively. During 2017, one employee retired and received 640 shares from the shares awarded in 2014, 2015 and 2016. During 2016, due to retirement, four employees received 2,394 shares from awards granted in 2013, 2014 and 2015. During 2018, 28,790 shares awarded in 2015 were 100% vested and 56 employees received the stock. During 2017, 24,230 shares awarded in 2014, were vested 100% and 52 employees received the stock. During 2016, 20,050 shares awarded in 2013, were vested 100% and 45 employees received the stock. Compensation expense applicable to the restricted stock awards totaled $745 thousand, $507 thousand and $402 thousand for the years ending December 31, 2018, 2017 and 2016, respectively.

The table below summarizes the details of the restricted shares issued, vested, and forfeited for the years ending December 31, 2018, 2017 and 2016.

	Year Ended December 31,
	2018				2017				2016
	Number of Shares		Number of Employees		Number of Shares		Number of Employees		Number of Shares		Number of Employees
Restricted shares issued		33,000		80		32,000		74		32,300		74
Restricted shares vested		28,790		56		24,230		52		20,050		45
Restricted shares awarded due to retirement		-		-		640		1		2,394		4
Restricted shares forfeited		2,620		5		1,080		2		1,546		2

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

	Year Ended December 31,
	2018					2017					2016
	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		92,350			19.17		86,300			14.10		77,990			12.46
Granted		33,000			44.63		32,000			27.79		32,300			16.01
Vested		(28,790	)		13.18		(24,870	)		12.81		(22,444	)		11.16
Forfeited		(2,620	)		44.04		(1,080	)		37.06		(1,546	)		15.77
Nonvested, end of period		93,940			29.87		92,350			19.17		86,300			14.10

As of December 31, 2018, there was $1.9 million of unrecognized compensation cost related to the nonvested portion of restricted stock awards under the plan.