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STOCK OPTIONS, RESTRICTED STOCK, AND DEFERRED COMPENSATION | 12 Months Ended
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Dec. 31, 2020
Share-based Payment Arrangement [Abstract] |
STOCK OPTIONS, RESTRICTED STOCK, AND DEFERRED COMPENSATION | Note 19—STOCK OPTIONS, RESTRICTED STOCK, AND DEFERRED COMPENSATION The Company has adopted a stock option plan whereby shares have been reserved for issuance by the Company upon the grant of stock options or restricted stock awards. At December 31, 2020 and 2019, the Company had 94,910 and 111,049 shares, respectively, reserved for future grants. The 350,000 shares reserved were approved by shareholders at the 2011 annual meeting. The plan provides for the grant of options to key employees and directors as determined by a stock option committee made up of at least two members of the board of directors. Options are exercisable for a period of ten years from date of grant. There were no stock options outstanding and exercisable as of December 31, 2020, December 31, 2019 and December 31, 2018. The table below summarizes the common shares of restricted stock granted to each non-employee director in connection with their overall compensation plan in 2020, 2019 and 2018.
|  | Restricted shares granted |  |  |  |  |
Year |  | Total |  | per Director |  | Value per share |  | Date shares vest |
2020 |  |  | 2,662 |  |  | 242 |  | $ | 20.64 |  |  | 1/1/21 |
2019 |  |  | 2,976 |  |  | 248 |  | $ | 20.18 |  |  | 1/1/20 |
2018 |  |  | 2,990 |  |  | 230 |  | $ | 21.72 |  |  | 1/1/19 |
In 2020, 2019 and 2018, 11,448, 8,418 and 11,447 restricted shares, respectively, were issued to executive officers in connection with the Bank’s incentive compensation plan. The related compensation expense was $257.2 thousand, $143.9 thousand, and $161.0 thousand for the years ended December 31, 2020, 2019, and 2018 respectively. The shares were valued at $20.64, $20.18 and $21.72 per share/unit, respectively. Restricted shares/units granted to executive officers under the incentive compensation plan cliff vest over a three-year period from the date of grant. The assumptions used in the calculation of these amounts for the awards granted in 2020, 2019 and 2018 are based on the price of the Company’s common stock on the grant date. In 2014, 29,228 restricted shares were issued to senior officers of Savannah River and retained by the Company in connection with the merger. The shares were valued at $10.55 per share. Restricted shares granted to these officers vested in three equal annual installments beginning on January 31, 2015. Warrants to purchase 37,130 shares at $5.90 per share were issued in connection with the issuing of subordinated debt on November 15, 2011 with an expiration date of December 16, 2019. All warrants were exercised by the expiration date. The related subordinated debt was paid off in November 2012. In 2006, the Company established a Non-Employee Director Deferred Compensation Plan, whereby a director may elect to defer all or any part of annual retainer and monthly meeting fees payable with respect to service on the board of directors or a committee of the board. Units of common stock are credited to the director’s account at the time compensation is earned. The non-employee director’s account balance is distributed by issuance of common stock at the time of retirement or resignation from the board of directors. At December 31, 2020 and 2019, there were 88,412 and 97,104 units in the plan, respectively. The accrued liability related to the plan at December 31, 2020 and 2019 amounted to $1.1 million and $1.1 million, respectively, and is included in “Other liabilities” on the balance sheet.

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- Definition The entire disclosure for share-based payment arrangement. + 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 + Details
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