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Stock-Based Compensation Plans | 12 Months Ended
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Dec. 31, 2020
Stock Based Compensation Plans [Abstract] |
Stock-Based Compensation Plans | ﻿ Note 15 – Stock-based compensation plans ﻿ ﻿ On March 20, 2018, the Board of Directors adopted the “2018 Bank of the James Financial Group, Inc. Equity Incentive Plan,” which was approved by the shareholders on May 15, 2018. This plan allows the Company to grant stock options, restricted stock, and restricted stock units to certain officers and employees. The 2018 Incentive Plan permits the issuance of up to 250,000 shares of common stock for awards to key employees of the Company and its subsidiaries in the form of stock options, restricted stock, restricted stock units, stock awards and performance units. ﻿ On January 2, 2019, the Company granted its first block of equity compensation under the 2018 Incentive Plan consisting of 24,500 restricted stock units. The recipients of restricted stock units do not receive shares of the Company’s stock immediately, but instead receive shares, or cash compensation, or some combination of the two, upon satisfying the requisite service period specified by the terms and conditions of the grant. Additionally, the recipients of restricted stock units do not enjoy the same rights as other holders of the Company’s common stock until the units have vested and as such, they do not have voting rights or rights to nonforfeitable dividends. The related compensation expense is based on the fair value of the Company’s stock. Shares vest over 3 years in thirds with the first one-third vesting one year from the grant date. The total expense recognized for the years ended December 31, 2020 and 2019, in connection with the restricted stock unit awards was approximately $106 in each year. There were no forfeitures during the years ended December 31, 2020 and 2019. There were no new grants in the year ended December 31, 2020. The fair value of shares which vested in 2020 was $128. ﻿ At December 31, 2020, the unrecognized stock-based compensation expense related to unvested restricted stock awards amounted to approximately $106. The unrecognized expense will be recognized ratably over the remaining vesting period of one year. The Company accounts for forfeitures as they occur.

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