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Employee Benefit Plans | 6 Months Ended
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Jun. 30, 2021
Employee Benefit Plans [Abstract] |
Employee Benefit Plans | Note 7 – Employee Benefit Plans For additional detailed disclosure on the Company’s pension and employee benefits plans, please refer to Note 11 of the Company’s Consolidated Financial Statements included in the 2020 Annual Report on Form 10-K. Noncontributory Defined Benefit Pension Plan The Bank sponsors a trusteed noncontributory defined benefit pension plan (“Pension Plan”) covering substantially all employees and officers hired prior to January 1, 2007. The Bank’s funding policy is to make annual contributions, if needed, based upon the funding formula developed by the plans’ actuary. Any employee with a hire date of January 1, 2007 or later is not eligible to participate in the Pension Plan. In lieu of the Pension Plan, employees with a hire date of January 1, 2007 or later are eligible to receive, after meeting certain length of service requirements, an annual discretionary 401(k) plan contribution from the Bank equal to a percentage of an employee’s base compensation. The contribution amount, if any, is placed in a separate account within the 401(k) plan and is subject to a vesting requirement. For employees who are eligible to participate in the Pension Plan, the Pension Plan requires benefits to be paid to eligible employees based primarily upon age and compensation rates during employment. Upon retirement or other termination of employment, employees can elect either an annuity benefit or a lump sum distribution of vested benefits in the Pension Plan. The following sets forth the components of net periodic benefit costs of the Pension Plan and the line item on the Consolidated Statement of Income where such amounts are included, for the three and six months ended June 30, 2021 and 2020, respectively (in thousands):
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |  |
|  | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |  | Affected line item on the Consolidated Statement of Income
Service cost |  | $ | 115 |  |  | $ | 82 |  |  | $ | 225 |  |  | $ | 165 |  | Salary and Employee Benefits
Interest cost |  |  | 78 |  |  |  | 79 |  |  |  | 160 |  |  |  | 166 |  | Other Expenses
Expected return on plan assets |  |  | (252 | ) |  |  | (206 | ) |  |  | (504 | ) |  |  | (431 | ) | Other Expenses
Partial Settlement |  |  | - |  |  |  | 307 |  |  |  | - |  |  |  | 307 |  | Other Expenses
Net amortization and deferral |  |  | 82 |  |  |  | 55 |  |  |  | 173 |  |  |  | 117 |  | Other Expenses
Net periodic benefit cost |  | $ | 23 |  |  | $ | 317 |  |  | $ | 54 |  |  | $ | 324 |  |
The Bank does not expect to contribute to the Pension Plan during 2021. Restricted Stock Plan The Company maintains a Restricted Stock Plan (the “Plan”) whereby employees and non-employee corporate directors are eligible to receive awards of restricted stock based upon performance related requirements. Awards granted under the Plan are in the form of the Company’s common stock and are subject to certain vesting requirements including continuous employment or service with the Company. In April of 2016, the Company’s stockholders authorized a total of 150,000 shares of the Company’s common stock to be made available under the Plan. As of June 30, 2021, 120,432 shares remain available to be issued under the Plan. The Plan assists the Company in attracting, retaining and motivating employees to make substantial contributions to the success of the Company and to increase the emphasis on the use of equity as a key component of compensation. The following table details the vesting, awarding and forfeiting of restricted stock during the three and six months ended June 30, 2021:
|  | Three months |  |  | Six months |
|  | Unvested Shares |  |  | Weighted Average Market Price |  |  | Unvested Shares |  |  | Weighted Average Market Price |
Outstanding, beginning of period |  |  | 10,198 |  |  | $ | 55.94 |  |  |  | 10,202 |  |  | $ | 55.93 |
Granted |  |  | 3,531 |  |  |  | 60.30 |  |  |  | 3,619 |  |  |  | 60.21 |
Forfeited |  |  | - |  |  |  | - |  |  |  | (60 | ) |  |  | (54.07 | )
Vested |  |  | (7,107 | ) |  |  | (56.43 | ) |  |  | (7,139 | ) |  |  | (56.44 | )
Outstanding, end of period |  |  | 6,622 |  |  | $ | 57.74 |  |  |  | 6,622 |  |  | $ | 57.74 |
Compensation expense related to restricted stock is recognized, based on the market price of the stock at the grant date, over the vesting period. Compensation expense related to restricted stock was $160,000 and $165,000 for the six months ended June 30, 2021 and 2020, respectively. For the three months ended June 30, 2021 and 2020, compensation expense totaled $76,000 and $83,000, respectively. At June 30, 2021, the total compensation cost related to nonvested awards that had not yet been recognized was $382,000, which is expected to be recognized over the next three years.

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- Definition The entire disclosure for an entity's employee compensation and benefit plans, including, but not limited to, postemployment and postretirement benefit plans, defined benefit pension plans, defined contribution plans, non-qualified and supplemental benefit plans, deferred compensation, share-based compensation, life insurance, severance, health care, unemployment and other benefit plans. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -URI http://asc.fasb.org/topic&trid=2228938 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 712 -URI http://asc.fasb.org/topic&trid=2197446 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 710 -URI http://asc.fasb.org/topic&trid=2127225 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -URI http://asc.fasb.org/topic&trid=2235017 + Details
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