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Employee Benefit Plans
 12 Months Ended
Dec. 31, 2023
Retirement Benefits [Abstract]  
Employee Benefit Plans

Note 12 - Employee Benefit Plans

The Bank has established a 401(k) defined contribution 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 each payroll period and are immediately vested. Non elective 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 $1.4 million, $1.7 million and $1.5 million for 2023, 2022 and 2021, respectively.

Restricted Stock Awards

The Company has a Long-Term Stock Incentive Plan under which 64,225 shares of the Company’s restricted stock were issued to 113 employees during 2023, 56,496 shares of restricted stock were issued to 109 employees during 2022 and 48,750 shares of restricted stock were issued to 96 employees during 2021. 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 6,350, 8,000 and 2,575 shares forfeited during 2023, 2022 and 2021, respectively. During 2023, four employees retired and received 2,350 shares from the shares awarded in 2020, 2021 and 2022. In 2022, three employees retired and received 3,775 shares from the shares awarded in 2019, 2020 and 2021. During 2021, due to retirement, seven employees received 4,425 shares from awards granted in 2018, 2019 and 2020. In 2023, 29,431 shares awarded in 2020 were 100% vested and 65 employees received the stock. Also during 2023, 2,996 shares awarded in 2022 were 100% vested and four employees received the stock. One employee received accelerated vesting of 700 shares awarded in 2020. During 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. Compensation expense applicable to the restricted stock awards totaled $1.3 million, $899 thousand and $822 thousand for the years ending December 31, 2023, 2022 and 2021, respectively.

The table below summarizes the details of the restricted shares issued, vested, and forfeited for the years ending December 31, 2023, 2022 and 2021.

 

 

 

Year Ended December 31,

 

 

 

2023

 

 

2022

 

 

2021

 

 

 

Number of
Shares

 

 

Number of Employees

 

 

Number of
Shares

 

 

Number of Employees

 

 

Number of
Shares

 

 

Number of Employees

 

Restricted shares issued

 

 

64,225

 

 

 

113

 

 

 

56,496

 

 

 

109

 

 

 

48,750

 

 

 

96

 

Restricted shares vested

 

 

32,427

 

 

 

69

 

 

 

26,900

 

 

 

60

 

 

 

18,845

 

 

 

50

 

Restricted shares awarded due to retirement

 

 

2,350

 

 

 

4

 

 

 

3,775

 

 

 

3

 

 

 

4,425

 

 

 

7

 

Restricted shares awarded for other

 

 

700

 

 

 

1

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Restricted shares forfeited

 

 

6,350

 

 

 

8

 

 

 

8,000

 

 

 

9

 

 

 

2,575

 

 

 

4

 

 

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

 

 

 

Year Ended December 31,

 

 

 

2023

 

 

2022

 

 

2021

 

 

 

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

 

 

128,952

 

 

$

25.75

 

 

 

111,131

 

 

$

23.02

 

 

 

88,226

 

 

$

28.40

 

Granted

 

 

64,225

 

 

 

22.24

 

 

 

56,496

 

 

 

30.46

 

 

 

48,750

 

 

 

22.70

 

Vested

 

 

(35,477

)

 

 

22.54

 

 

 

(30,675

)

 

 

24.77

 

 

 

(23,270

)

 

 

42.03

 

Forfeited

 

 

(6,350

)

 

 

21.72

 

 

 

(8,000

)

 

 

30.15

 

 

 

(2,575

)

 

 

24.28

 

Nonvested, end of period

 

 

151,350

 

 

$

25.00

 

 

 

128,952

 

 

$

25.75

 

 

 

111,131

 

 

$

23.02

 

 

As of December 31, 2023, 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.