XML 34 R20.htm IDEA: XBRL DOCUMENT
v3.22.0.1

Stock-based Compensation | 12 Months Ended
--- | ---
Dec. 31, 2021
Share-based Payment Arrangement [Abstract] |
Stock-based Compensation | Stock-based Compensation The Company has three stock-based compensation plans currently in effect as of December 31, 2021, as described further below. Total compensation cost that has been charged against earnings for these plans in 2021, 2020, and 2019 was $558 thousand, $1.1 million, and $1.5 million, respectively. 2005 Plan: In 2005, the Board of Directors and shareholders of the Bank approved a stock option plan for the benefit of directors and employees of the Bank (the “2005 Plan”). The 2005 Plan was assumed by the Company in 2016 at the time of the bank holding company reorganization. Under the 2005 Plan, the Bank was authorized to grant options to purchase up to 770,000 shares of the Company’s common stock. The exercise prices of the options may not be less than 100 percent of the fair value of the Company’s common stock at the date of grant. The options, when granted, vest either immediately or ratably over five years from the date of the grant and expire after ten years if not exercised. The 2005 Plan expired in 2015 and no future grants can be made under the 2005 Plan. A summary of the transactions under the 2005 Plan for the year ended December 31, 2021 and 2020 is as follows:
($ in thousands, except share data) |  | Number of Options Outstanding |  | Weighted Average Exercise Price |  | Aggregate Intrinsic Value
Outstanding, as of January 1, 2021 |  | 100,000 |  |  | $ | 5.77 |  |  | $ | 195 |
Options granted |  | — |  |  | — |  |  |
Options exercised |  | (48,000) |  |  | 1.33 |  |  |
Options forfeited |  | — |  |  | — |  |  |
Options expired |  | — |  |  | — |  |  |
Outstanding, as of December 31, 2021 |  | 52,000 |  |  | $ | 6.37 |  |  | $ | 333 |
Fully vested and expected to vest |  | 52,000 |  |  | $ | 6.37 |  |  | $ | 333 |
Vested |  | 52,000 |  |  | $ | 6.37 |  |  | $ | 333 |
Information related to the 2005 Plan for the periods indicated follows:
|  | Year Ended December 31,
($ in thousands) |  | 2021 |  | 2020 |  | 2019
Intrinsic value of options exercised |  | $ | 231 |  |  | $ | 370 |  |  | $ | 592 |
Cash received from option exercises |  | $ | 64 |  |  | $ | 63 |  |  | $ | 179 |
Tax benefit realized from option exercised |  | $ | 27 |  |  | $ | 17 |  |  | $ | 5 |
The weighted average remaining contractual term of stock options outstanding under the 2005 Plan at December 31, 2021 was 1.76. The weighted average remaining contractual term of stock options that were exercisable at December 31, 2021 was 1.76. All of the stock options that are outstanding under the 2005 Plan were fully vested as of December 31, 2021. 2010 Plan: In 2010, the Board of Directors of the Bank approved a new equity incentive plan for granting stock options and restricted stock awards to key employees, officers, and non-employee directors of the Bank (the “2010 Plan”). In 2013, the 2010 Plan was amended and approved by the shareholders to increase the number of shares authorized to be issued under from 1,350,000 shares to 2,500,000 shares of common stock. The 2010 Plan was assumed by the Company in 2016 at the time of the bank holding company reorganization. The exercise prices of stock options granted under the plan may not be less than 100 percent of the fair value of the Company’s stock at the date of grant. The options, when granted, vest ratably over five years from the date of the grant and expire after ten years if not exercised. There were no stock options granted under the 2010 Plan during 2021 or 2020. Restricted stock awards issued under the 2010 Plan may or may not be subject to vesting provisions. Awards which were granted in 2021 and 2020 vest at the end of three years or five years from the date of the grant. Owners of the restricted stock awards shall have all of the rights of a shareholder including the right to vote the shares and to all dividends (cash or stock). Compensation expense related to restricted stock awards will be recognized over the vesting period of the awards based on the fair value of the Company’s common stock at the issue date. A summary of the transactions under the 2010 Plan for the year ended December 31, 2021 and 2020 is as follows:
($ in thousands, except share data) |  | Number of Options Outstanding |  | Weighted Average Exercise Price |  | Aggregate Intrinsic Value
Outstanding, as of January 1, 2021 |  | 220,000 |  |  | $ | 7.75 |  |  | $ | 52 |
Options granted |  | — |  |  | — |  |  |
Options exercised |  | (10,000) |  |  | 2.53 |  |  |
Options forfeited |  | — |  |  | — |  |  |
Options expired |  | — |  |  | — |  |  |
Outstanding, as of December 31, 2021 |  | 210,000 |  |  | $ | 8.00 |  |  | $ | 1,000 |
Fully vested and expected to vest |  | 210,000 |  |  | $ | 8.00 |  |  | $ | 1,000 |
Vested |  | 210,000 |  |  | $ | 8.00 |  |  | $ | 1,000 |
Information related to stock options exercised under the 2010 Plan for the periods indicated follows:
|  | Year Ended December 31,
($ in thousands) |  | 2021 |  | 2020 |  | 2019
Intrinsic value of options exercised |  | $ | 86 |  |  | $ | 729 |  |  | $ | 1,728 |
Cash received from option exercises |  | $ | 25 |  |  | $ | 317 |  |  | $ | 385 |
Tax benefit realized from option exercised |  | $ | — |  |  | $ | 157 |  |  | $ | 453 |
The weighted average remaining contractual term of stock options outstanding under the 2010 Plan at December 31, 2021 was 2.25 years. The weighted average remaining contractual term of stock options that were exercisable at December 31, 2021 was 2.25 years. Information related to non-vested restricted stock awards under the 2010 Plan for the periods indicated follows:
|  | Year Ended December 31,
($ in thousands) |  | 2021 |  | 2020 |  | 2019
Tax (provision) benefit realized from awards vested |  | $ | (85) |  |  | $ | 21 |  |  | $ | 144 |
The 2010 Plan expired in August 2020 and no future grants can be made under the 2010 Plan. As of December 31, 2021, the Company had approximately $67 thousand of unrecognized compensation cost related to unvested stock options and restricted stock awards under the 2010 Plan. The Company expects to recognize these costs over a weighted average period of 2.18 years. 2021 Plan: In 2021, the Board of Directors of the Company approved a new equity incentive plan for granting stock options and restricted stock awards to key employees, officers, and non-employee directors of the Company and the Bank (the “2021 Plan”). The 2021 Plan was approved by the Company’s shareholders at the 2021 Annual Meeting. The number of shares authorized to be issued under the 2021 Plan was 1,500,000 shares of the Company’s common stock. The exercise prices of stock options granted under the plan may not be less than 100% of the fair value of the Company’s stock at the date of grant. There were no stock options granted under the 2021 Plan during 2021. Restricted stock awards issued under the 2021 Plan may or may not be subject to vesting provisions. Owners of the restricted stock awards shall have all rights of a shareholder including the right to vote the shares and to all dividends (cash or stock). Compensation expense related to restricted stock awards will be recognized over the vesting period of the awards based on the fair value of the Company’s common stock at the issue date. A summary of the changes in the Company’s non-vested restricted stock awards under the 2021 Plan for the year ended December 31, 2021 is as follows:
($ in thousands, except share data) |  | Shares Issued |  | Weighted Average Grant Date Fair Value |  | Aggregate Intrinsic Value
Non-vested, as of January 1, 2021 |  | — |  |  | $ | — |  |  | $ | — |
Awards granted |  | 176,793 |  |  | 9.90 |  |  |
Awards vested |  | (152) |  |  | 9.90 |  |  |
Awards forfeited |  | — |  |  | — |  |  |
Non-vested, as of December 31, 2021 |  | 176,641 |  |  | $ | 9.90 |  |  | $ | 2,254 |
No tax benefits or expenses were realized from restricted stock awards under the 2021 Plan for the year ended December 31, 2021. There were 1,323,207 shares available for future grants in either stock options or restricted stock awards under the 2021 Plan as of December 31, 2021. The Company had approximately $1.4 million of unrecognized compensation cost related to unvested restricted stock awards under the 2021 Plan as of December 31, 2021. The Company expects to recognize these costs over a weighted average period of 3.25 years.

X
- 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
Name: | us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration