Restricted Stock Plan (Notes)

6 Months Ended

Jun. 30, 2021

Share-based Payment Arrangement [Abstract]

Share-based Payment Arrangement [Text Block]

Restricted Stock Plan

We adopted the RSP, an equity-based bonus plan, in 2020. Under the RSP, we may award restricted stock bonuses to eligible employees on an annual basis that are not fully transferable or vested until certain conditions are met. Currently, the eligible employees are the Corporation's President and CEO, CFO and the Bank's President. The RSP authorizes the issuance of unvested restricted stock to an eligible employee with a maximum award ranging from 25% to 40% of the employee’s annual salary, on a calendar year basis. The employee must also satisfy the annual performance targets and measures established by the Board of Directors. If these grant conditions are not satisfied, then the award of restricted shares will lapse or be adjusted appropriately, at the discretion of the Board of Directors. All Grant Agreements contain vesting conditions and clawback provisions.

A summary of changes in nonvested restricted stock awards for the year follows:


	Number of Shares	Fair Value
Balance, January 1, 2021	4,658	$	82
Granted	11,599	252
Vested	—	—
Forfeited	—	—
Balance, June 30, 2021	16,257	$	334

Expense related to RSP awards was $25 for the six-month period ended June 30, 2021. There was no expense for six-month period ended June 30, 2020. As of June 30, 2021, there was $295 of total remaining unrecognized compensation expense related to nonvested restricted stock awards granted under the RSP. The remaining expense is expected to be recognized over a weighted-average service period of 3.19 years.