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 $1.2 million, $1.1 million and $972 thousand for 2019, 2018 and 2017, respectively.

The Company has a Long-Term Stock Incentive Plan under which 38,100 shares of restricted stock were issued to 94 employees during 2019, 33,000 shares of restricted stock were issued to 80 employees during 2018 and 32,000 shares of restricted stock were issued to 74 employees during 2017. 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 3,220, 2,620, and 1,080 shares forfeited during 2019, 2018 and 2017, respectively. During 2019, three employees retired and received 14,300 shares from the shares awarded in 2016, 2017 and 2018. During 2017, due to retirement, one employee received 640 shares from awards granted in 2014, 2015 and 2016. During 2019, 26,070 shares awarded in 2016 were 100% vested and 63 employees received the stock. During 2018, 28,790 shares awarded in 2015 were vested 100% and 56 employees received the stock. During 2017, 24,230 shares awarded in 2014 were vested 100% and 52 employees received the stock. Compensation expense applicable to the restricted stock awards totaled $1.1 million, $745 thousand and $507 thousand for the years ending December 31, 2019, 2018 and 2017, respectively.

The table below summarizes the details of the restricted shares issued, vested, and forfeited for the years ending December 31, 2019, 2018 and 2017.

	Year Ended December 31,
	2019				2018				2017
	Number of Shares		Number of Employees		Number of Shares		Number of Employees		Number of Shares		Number of Employees
Restricted shares issued		38,100		94		33,000		80		32,000		74
Restricted shares vested		26,070		63		28,790		56		24,230		52
Restricted shares awarded due to retirement		14,300		3		-		-		640		1
Restricted shares forfeited		3,220		4		2,620		5		1,080		2

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

	Year Ended December 31,
	2019					2018					2017
	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		93,940		$	29.87		92,350		$	19.17		86,300		$	14.10
Granted		38,100			25.14		33,000			44.63		32,000			27.79
Vested		(40,370	)		21.76		(28,790	)		13.18		(24,870	)		12.81
Forfeited		(3,220	)		30.12		(2,620	)		44.04		(1,080	)		37.06
Nonvested, end of period		88,450		$	31.52		93,940		$	29.87		92,350		$	19.17

As of December 31, 2019, there was $1.6 million of unrecognized compensation cost related to the nonvested portion of restricted stock awards under the plan to be recognized over the next three years.