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Restricted Stock Plan (Notes)
9 Months Ended
Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]  
Share-based Payment Arrangement [Text Block] Restricted Stock Plan
Under the RSP, an equity-based bonus plan, we 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 such 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 September 30
20232022
Number
of Shares
Fair
Value
Number
of Shares
Fair
Value
Balance, July 130,777 $683 30,208 $679 
Granted(3,705)(91)(3,362)(87)
Vested— — — — 
Forfeited— — — — 
Balance, September 3027,072 $592 26,846 $592 
Nine Months Ended September 30
20232022
Number
of Shares
Fair
Value
Number
of Shares
Fair
Value
Balance, January 127,072 $592 20,123 $418 
Granted— — 6,723 174 
Vested— — — — 
Forfeited— — — — 
Balance, September 3027,072 $592 26,846 $592 
Fluctuations in granted shares are due to the reassessment of the projected award achievement. Expenses related to RSP awards during the three and nine month periods ended September 30, 2023 were $91 and $219, and $31 and $108 for the three and nine
month periods ended September 30, 2022. As of September 30, 2023, there was $168 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 1.27 years.