ASC Topic 718, Compensation – Stock Compensation, requires the Bank to recognize expense related to the fair value of share-based compensation awards in net income. Total compensation expense for restricted stock recorded for the years ended December 31, 2021 and December 31, 2020 were $1.9 million and $1.5 million, respectively.

On July 17, 2019, the Board of Directors of the Bank adopted, and the Bank’s shareholders subsequently approved, the MainStreet Bank 2019 Equity Incentive Plan (the “2019 Plan”), to provide officers, other selected employees and directors of the Bank with additional incentives to promote the growth and performance of the Bank. During the year ended December 31, 2021, there were 153,636 restricted shares awarded, 1,697 restricted shares were forfeited, and no stock options were awarded under the 2019 Plan. The restricted shares awarded during 2021 vest equally on an annual basis over a three, five, or ten year period. As a result of the stockholders’ approval of the 2019 Plan, no additional awards have been or will be made under the Bank’s 2016 Plan, although all awards that were outstanding under the 2016 Plan as of July 17, 2019 remained outstanding in accordance with their terms.

A summary of the status of the Bank’s nonvested restricted stock shares as of December 31, 2021 and changes during the year ended December 31, 2021 is presented below:

Nonvested Restricted Stock Shares	Shares			Weighted Average Grant Date Fair Value
Nonvested at January 1, 2021		161,435		$	18.36
Granted		153,636			19.38
Vested		(84,117	)		17.53
Forfeited		(1,697	)		20.04
Nonvested at December 31, 2021		229,257		$	19.33

As of December 31, 2021, there was $2.7 million of total unrecognized compensation cost related to nonvested restricted stock awards. The cost is expected to be recognized over approximately ten years. The total fair value of shares vested during the years ended December 31, 2021 and 2020 was $1.5 million and $1.2 million, respectively.