Restricted Stock Plan (Notes)

3 Months Ended

Mar. 31, 2023

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 Bank's CEO, President, and CFO. 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 is as follows for the:


	Three Months Ended March 31, 2023			Three Months Ended March 31, 2022
	Number of Shares	Fair Value		Number of Shares	Fair Value
Balance, January 1	27,072	$	592	20,123	$	418
Granted	3,705	91		6,723	174
Vested	—	—		—	—
Forfeited	—	—		—	—
Balance, March 31	30,777	$	683	26,846	$	592

Expense related to RSP awards were $42 and $31 for the three-month periods ended March 31, 2023 and 2022. As of March 31, 2023, there was $394 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 2.86 years.