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Employee Benefit Plans
 12 Months Ended
Dec. 31, 2022
Retirement Benefits [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 or post-tax basis, subject to certain Internal Revenue Service limitations. The Bank will match 50% of employee 401(k) contributions up to six percent of total eligible compensation. In addition, the Bank may make a discretionary contribution from time to time as is deemed advisable. A participant is 100% vested in the participant’s deferral contributions. Employer matching contributions are funded annually and are immediately vested. Beginning in 2022, nonelective employer contributions are immediately vested at 100%. Employees are immediately eligible upon hire to contribute to the plan and receive matching contributions. In order to be eligible for discretionary contributions, employees must work 1,000 hours in the plan year and be employed on the last day of the year. Contributions expensed for the 401(k) profit sharing plan for both the employer matching contribution and the discretionary contribution were $1.7 million, $1.5 million and $1.0 million for 2022, 2021 and 2020, respectively.

Restricted Stock Awards

The Company has a Long-Term Stock Incentive Plan under which 56,496 shares of the Company’s restricted stock were issued to 109 employees during 2022, 48,750 shares of restricted stock were issued to 96 employees during 2021 and 37,382 shares of restricted stock were issued to 92 employees during 2020. Under the plan, the shares generally 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 8,000, 2,575 and 2,175 shares forfeited during 2022, 2021 and 2020, respectively. During 2022, three employees retired and received 3,775 shares from the shares awarded in 2019, 2020 and 2021. In 2021, seven employees retired and received 4,425 shares from the shares awarded in 2018, 2019 and 2020. During 2020, due to retirement, eight employees received 10,890 shares from awards granted in 2017, 2018, 2019 and 2020. In 2022, 26,900 shares awarded in 2019 were 100% vested and 60 employees received the stock. During 2021, 18,845 shares awarded in 2018 were 100% vested and 50 employees received the stock. During 2020, 21,340 shares awarded in 2017 were 100% vested and 53 employees received the stock. One employee received accelerated vesting of 1,050 shares awarded in 2019, 2018 and 2017. Also during 2020, 1,600 shares awarded in 2019 were 100% vested and three employees received the stock. One employee received immediate vesting of 551 shares of stock. Compensation expense applicable to the restricted stock awards totaled $899 thousand, $822 thousand and $1.0 million for the years ending December 31, 2022, 2021 and 2020, respectively.

The table below summarizes the details of the restricted shares issued, vested, and forfeited for the years ending December 31, 2021, 2021 and 2020.

 

 

 

Year Ended December 31,

 

 

 

2022

 

 

2021

 

 

2020

 

 

 

Number of
Shares

 

 

Number of Employees

 

 

Number of
Shares

 

 

Number of Employees

 

 

Number of
Shares

 

 

Number of Employees

 

Restricted shares issued

 

 

56,496

 

 

 

109

 

 

 

48,750

 

 

 

96

 

 

 

37,382

 

 

 

92

 

Restricted shares vested

 

 

26,900

 

 

 

60

 

 

 

18,845

 

 

 

50

 

 

 

23,491

 

 

 

58

 

Restricted shares awarded due to retirement

 

 

3,775

 

 

 

3

 

 

 

4,425

 

 

 

7

 

 

 

10,890

 

 

 

8

 

Restricted shares awarded for other

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

1,050

 

 

 

1

 

Restricted shares forfeited

 

 

8,000

 

 

 

9

 

 

 

2,575

 

 

 

4

 

 

 

2,175

 

 

 

5

 

 

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

 

 

 

Year Ended December 31,

 

 

 

2022

 

 

2021

 

 

2020

 

 

 

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

 

 

111,131

 

 

$

23.02

 

 

 

88,226

 

 

$

28.40

 

 

 

88,450

 

 

$

31.52

 

Granted

 

 

56,496

 

 

 

30.46

 

 

 

48,750

 

 

 

22.70

 

 

 

37,382

 

 

 

21.80

 

Vested

 

 

(30,675

)

 

 

24.77

 

 

 

(23,270

)

 

 

42.03

 

 

 

(35,431

)

 

 

29.27

 

Forfeited

 

 

(8,000

)

 

 

30.15

 

 

 

(2,575

)

 

 

24.28

 

 

 

(2,175

)

 

 

21.92

 

Nonvested, end of period

 

 

128,952

 

 

$

25.75

 

 

 

111,131

 

 

$

23.02

 

 

 

88,226

 

 

$

28.40

 

 

As of December 31, 2022, there was $2.1 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.