Shareholders' Equity

6 Months Ended

Jun. 30, 2018

Shareholders' Equity [Abstract]

Shareholders' Equity

7. Shareholders’ Equity

In May 2018, the Company issued 8,769 shares of common stock to the Bank’s non-qualified defined contribution retirement plans. These shares were issued at a price of $635.00 per share based upon a valuation completed by a nationally recognized bank consulting and advisory firm and in reliance upon the exemption in Section 4(a)(2) of the Securities Act of 1933, as amended, and the regulations promulgated thereunder. The proceeds were contributed to the Bank as equity capital.