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Pension and Equity Incentive Plans | 3 Months Ended
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Mar. 31, 2020
Pension and Equity Incentive Plans [Abstract] |
Pension and Equity Incentive Plans | Note 4 – Pension and Equity Incentive Plans Pension Plan The Company assumed, through the merger with Pamrapo Bancorp, Inc., a non-contributory defined benefit pension plan covering all eligible employees of Pamrapo Savings Bank. Effective January 1, 2010, the defined benefit pension plan (“Pension Plan”), was frozen by Pamrapo Savings Bank. All benefits for eligible participants accrued in the Pension Plan to the freeze date have been retained. Accordingly, no employees are permitted to commence participation in the Pension Plan and future salary increases and future years of service are not considered when computing an employee’s benefits under the Pension Plan. The Pension Plan is funded in conformity with the funding requirements of applicable government regulations. The Company also acquired through the merger with Pamrapo Bancorp, Inc. a supplemental executive retirement plan (“SERP”) in which certain former employees of Pamrapo Savings Bank are covered. A SERP is an unfunded non-qualified deferred retirement plan. Participants who retire at the age of 65 (the “Normal Retirement Age”), are entitled to an annual retirement benefit equal to 75% of compensation reduced by their retirement plan annual benefits. Participants retiring before the Normal Retirement Age receive the same benefits reduced by a percentage based on years of service to the Company and the number of years prior to the Normal Retirement Age that participants retire. Net periodic pension cost for the defined benefit plan for the three months ended March 31, 2020 and March 31, 2019 was $45,000 and $40,000, respectively. Net periodic postretirement cost for the SERP plan for the three months ended March 31, 2020 and March 31, 2019 was $1,800 and $3,000, respectively. Equity Incentive Plans The Company, under the plan approved by its shareholders on April 26, 2018 (“2018 Equity Incentive Plan”), authorized the issuance of up to 1,000,000 shares of common stock of the Company pursuant to grants of stock options and restricted stock units. Employees and directors of the Company and the Bank are eligible to participate in the 2018 Stock Plan. All stock options will be granted in the form of either "incentive" stock options or "non-qualified" stock options. Incentive stock options have certain tax advantages that must comply with the requirements of Section 422 of the Internal Revenue Code. Only employees are permitted to receive incentive stock options. On December 14, 2018, a grant of 300,000 options was declared for members of the Board of Directors of the Bank and the Company which vest at a rate of 50% per year, over two years, commencing on the first anniversary of the grant date. The exercise price was recorded as of close of business on December 14, 2018. On December 14, 2018, an award of 54,000 shares of restricted stock was declared for members of the Board of Directors of the Bank and the Company, which vest over a 2-year period, commencing on the anniversary of the award date. On December 14, 2018, an award of 13,321 shares of restricted stock was declared for certain executive officers of the Bank and the Company, which vest over a 2-year period, commencing on the anniversary of the award date. On June 14, 2019, a grant of 68,750 options was declared for members of the Board of Directors of the Bank and the Company which vest at a rate of 50% per year, over two years, commencing on the first anniversary of the grant date. The exercise price was recorded as of close of business on June 14, 2019. On June 14, 2019, a grant of 30,125 options was declared for certain executive officers of the Bank and the Company, which vest over a 2-year period, commencing on the anniversary of the award date. The exercise price was recorded as of the close of business on June 14, 2019. On June 14, 2019, an award of 33,110 shares of restricted stock was declared for members of the Board of Directors of the Bank and the Company, which vest over a 2-year period, commencing on the anniversary of the award date. On June 14, 2019, an award of 14,508 shares of restricted stock was declared for certain executive officers of the Bank and the Company, which vest over a 2-year period, commencing on the anniversary of the award date. The Company, under the plan approved by its shareholders on April 28, 2011 (“2011 Stock Plan”), authorized the issuance of up to 900,000 shares of common stock of the Company pursuant to grants of stock options. Employees and directors of the Company and the Bank are eligible to participate in the 2011 Stock Plan. All stock options will be granted in the form of either "incentive" stock options or "non-qualified" stock options. Incentive stock options have certain tax advantages that must comply with the requirements of Section 422 of the Internal Revenue Code. Only employees are permitted to receive incentive stock options. ‎ Note 4 – Pension and Equity Incentive Plans (continued) The following table presents a summary of the status of the Company’s restricted shares as of March 31, 2020 and 2019.
| Number of Shares Awarded |  |  | Weighted Average Grant Date Fair Value
Non-vested at December 31, 2019 | 81,278 |  | $ | 11.96
Granted | - |  |  | -
Vested | - |  |  | -
Forfeited | - |  |  | -
Non-vested at March 31, 2020 | 81,278 |  | $ | 11.96
| Number of Shares Awarded |  |  | Weighted Average Grant Date Fair Value
Non-vested at December 31, 2018 | 67,321 |  | $ | 11.26
Granted | - |  |  | -
Vested | - |  |  | -
Forfeited | - |  |  | -
Non-vested at March 31, 2019 | 67,321 |  | $ | 11.26
Expected future expenses relating to the non-vested restricted shares outstanding as of March 31, 2020 and 2019 was approximately $604,000 over a weighted average period of 1.05 years and $624,000 over a weighted average period of 1.71 years, respectively. The following tables present a summary of the status of the Company’s outstanding stock option awards as of March 31, 2020 and March 31, 2019.
|  | Number of Option Shares |  |  | Range of Exercise Prices |  |  | Weighted Average Exercise Price
Outstanding at December 31, 2019 |  | 1,200,975 |  | $ | 8.93 - 13.32 |  | $ | 11.45
Options granted |  | - |  |  | - |  |  | -
Options exercised |  | (500) |  |  | 10.55 |  |  | 10.55
Options forfeited |  | - |  |  | - |  |  | -
Options expired |  | - |  |  | - |  |  | -
Outstanding at March 31, 2020 |  | 1,200,475 |  | $ | 8.93 - 13.32 |  | $ | 11.45
As of March 31, 2020, stock options which were granted and were exercisable totaled 515,800 stock options. It is Company policy to issue new shares upon share option exercise. Expected future compensation expense relating to the 684,675 shares of unvested options outstanding as of March 31, 2020 was $1.3 million over a weighted average period of 4.68 years.
|  | Number of Option Shares |  |  | Range of Exercise Prices |  |  | Weighted Average Exercise Price
Outstanding at December 31, 2018 |  | 1,104,600 |  | $ | 8.93-13.32 |  | $ | 11.36
Options granted |  | - |  |  | - |  |  | -
Options exercised |  | - |  |  | - |  |  | -
Options forfeited |  | - |  |  | - |  |  | -
Options expired |  | - |  |  | - |  |  | -
Outstanding at March 31, 2019 |  | 1,104,600 |  | $ | 8.93-13.32 |  | $ | 11.36
As of March 31, 2019, stock options which were granted and were exercisable totaled 268,633 stock options.

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