XML 40 R24.htm IDEA: XBRL DOCUMENT
v3.24.1

Stock-Based Compensation | 12 Months Ended
--- | ---
Dec. 31, 2023
Stock-Based Compensation [Abstract] |
Stock-Based Compensation | NOTE 15 – STOCK-BASED COMPENSATION The Company has two stock-based compensation plans (collectively, the “Plans”), as described below, under which awards are outstanding or may be granted in the future. Total compensation cost that has been charged against income for those Plans totaled $1,172, $899 and $707 for 2023, 2022 and 2021, respectively. The total income tax benefit was $246, $189 and $148 for 2023, 2022 and 2021, respectively. Both Plans are stockholder-approved and authorize stock option grants and restricted stock awards to be made to directors, officers and employees. The 2009 Equity Compensation Plan (the “2009 Plan”), which was approved by stockholders on May 21, 2009, replaced the Company’s 2003 Equity Compensation Plan (the “2003 Plan”) and provided for 36,363 shares, plus any remaining shares available to grant or that are later forfeited or expire under the 2003 Plan, to be made available to be issued as stock option grants, stock appreciation rights or restricted stock awards. On May 16, 2013, the Company’s stockholders approved the First Amendment to the 2009 Plan to increase the number of shares of common stock reserved for stock option grants and restricted stock awards thereunder to 272,727. The 2009 Plan terminated in accordance with its terms on March 19, 2019 and, as a result, no further awards may be granted under the 2009 Plan. The 2019 Equity Incentive Plan (the “2019 Plan”), which was approved by stockholders on May 29, 2019, authorizes up to 300,000 shares (plus any shares that are subject to grants under the 2009 Plan and that are later forfeited or expire), to be awarded pursuant to stock options, stock appreciation rights, restricted stock or restricted stock units. There were 76,330 shares remaining available for awards of stock option grants, stock appreciation rights, restricted stock awards or restricted stock units under the 2019 Plan at December 31, 2023. Stock Options: The Plans permit the grant of stock options to directors, officers and employees of the Holding Company and CFBank. Option awards are granted with an exercise price equal to the market price of the Company’s common stock on the date of grant, generally have vesting periods ranging from one year to three years, and are exercisable for ten years from the date of grant. Unvested stock options immediately vest upon a change of control. The fair value of each option award is estimated on the date of grant using a closed form option valuation (Black-Scholes) model that uses the assumptions noted in the table below. Expected volatilities are based on historical volatilities of the Company’s common stock. The Company uses historical data to estimate option exercise and post-vesting termination behavior. Employee and management options are tracked separately. The expected term of options granted is based on historical data and represents the period of time that options granted are expected to be outstanding, which takes into account that the options are not transferable. The risk-free interest rate for the expected term of the option is based on the U.S. Treasury yield curve in effect at the time of the grant. A summary of stock option activity in the Plans for 2023 follows:
| Shares |  | Weighted Average Exercise Price |  | Weighted Average Remaining Contractual Term (Years) |  | Intrinsic Value
Outstanding at beginning of year | 11,089 |  | $ | 7.63 |  |  |  |  |
Exercised | (11,089) |  |  | 7.63 |  |  |  |  |
Expired | - |  |  | - |  |  |  |  |
Cancelled or forfeited | - |  |  | - |  |  |  |  |
Outstanding at end of period | - |  | $ | - |  | - |  | $ | -
Exercisable at end of period | - |  | $ | - |  | - |  | $ | -
There were no stock options granted during the years ended December 31, 2023 and December 31, 2022. There were 11,089 options exercised during the year ended December 31, 2023 and 52,358 options exercised during the year ended December 31, 2022. There were no options canceled, forfeited or expired during the year ended December 31, 2023. Stock options to purchase a total of 545 common shares were cancelled, forfeited or expired during the year ended December 31, 2022. Expense associated with unvested forfeited shares is reversed. As of December 31, 2023, there were no outstanding stock options. As of December 31, 2022, all stock options granted under the Plans were vested. Restricted Stock Awards: The Plans also permit the grant of restricted stock awards to directors, officers and employees. Compensation is recognized over the vesting period of the awards based on the fair value of the stock at grant date. The fair value of the stock is determined using the closing share price on the date of grant and shares generally have vesting periods of one to three years. There were 59,784 shares of restricted stock granted in 2023 and 69,648 shares of restricted stock granted in 2022. A summary of changes in the Company’s nonvested shares of restricted stock for the year follows:
Nonvested Shares | Shares |  | Weighted Average Grant-Date Fair Value
Nonvested at January 1, 2023 | 112,413 |  | $ | 19.35
Granted | 59,784 |  |  | 20.15
Vested | (46,967) |  |  | 18.60
Forfeited | (6,204) |  |  | 20.32
Nonvested at December 31, 2023 | 119,026 |  | $ | 19.99
As of December 31, 2023 and 2022, the unrecognized compensation cost related to nonvested shares granted under the Plans was $1,381 and $1,475, respectively. There were 46,967 shares restricted stock that vested during the year ended December 31, 2023 and 40,433 shares of restricted stock that vested during the year ended December 31, 2022. There were 6,204 and 6,697 shares of restricted stock forfeited during the years ended December 31, 2023 and December 31, 2022, respectively.

X
- Definition The entire disclosure for share-based payment arrangement. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//718/tableOfContent Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h)(2)(i) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (l) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + 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