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Employee Benefit Plans
 12 Months Ended
Dec. 31, 2024
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 $2.0 million, $1.4 million and $1.7 million for 2024, 2023 and 2022, respectively.

Restricted Stock Awards

The Company has a Long-Term Stock Incentive Plan which provides for shares of the Company's restricted stock to be issued to employees. 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. Compensation expense applicable to the restricted stock awards totaled $1.4 million, $1.3 million and $899 thousand for the years ending December 31, 2024, 2023 and 2022, respectively.

The table below summarizes the details of the restricted shares issued, vested, and forfeited for the years ending December 31, 2024, 2023 and 2022.

 

 

 

Year Ended December 31,

 

 

 

2024

 

 

2023

 

 

2022

 

 

 

Number of
Shares

 

 

Number of Employees

 

 

Number of
Shares

 

 

Number of Employees

 

 

Number of
Shares

 

 

Number of Employees

 

Restricted shares issued

 

 

60,169

 

 

 

111

 

 

 

64,225

 

 

 

113

 

 

 

56,496

 

 

 

109

 

Restricted shares vested

 

 

38,825

 

 

 

74

 

 

 

32,427

 

 

 

69

 

 

 

26,900

 

 

 

60

 

Restricted shares awarded due to
  retirement

 

 

8,700

 

 

 

2

 

 

 

2,350

 

 

 

4

 

 

 

3,775

 

 

 

3

 

Restricted shares awarded for other

 

 

-

 

 

 

-

 

 

 

700

 

 

 

1

 

 

 

-

 

 

 

-

 

Restricted shares forfeited

 

 

5,811

 

 

 

7

 

 

 

6,350

 

 

 

8

 

 

 

8,000

 

 

 

9

 

 

 

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

 

 

 

Year Ended December 31,

 

 

 

2024

 

 

2023

 

 

2022

 

 

 

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

 

 

151,350

 

 

$

25.00

 

 

 

128,952

 

 

$

25.75

 

 

 

111,131

 

 

$

23.02

 

Granted

 

 

60,169

 

 

 

24.13

 

 

 

64,225

 

 

 

22.24

 

 

 

56,496

 

 

 

30.46

 

Vested

 

 

(47,525

)

 

 

23.42

 

 

 

(35,477

)

 

 

22.54

 

 

 

(30,675

)

 

 

24.77

 

Forfeited

 

 

(5,811

)

 

 

24.89

 

 

 

(6,350

)

 

 

21.72

 

 

 

(8,000

)

 

 

30.15

 

Nonvested, end of period

 

 

158,183

 

 

$

25.17

 

 

 

151,350

 

 

$

25.00

 

 

 

128,952

 

 

$

25.75

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31, 2024, 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.