Stock Based Compensation

3 Months Ended

Mar. 31, 2016

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Stock Based Compensation:

During 2012, the Company, with the approval of shareholders, created the 2012 Equity Incentive Plan (the “Plan”). The Plan permits the award of up to 500 thousand shares to the Company’s directors and employees to promote the Company’s long-term financial success by motivating performance through long-term incentive compensation and to better align the interests of its employees with those of its shareholders. There were 62,242 additional shares granted under the Plan during the three month period ended March 31, 2016. Expense recognized for the Plan was $201 thousand for the three month period ended March 31, 2016. As of March 31, 2016, there was $2.0 million of total unrecognized compensation expense related to the nonvested shares granted under the Plan. The remaining cost is expected to be recognized over 2.8 years. There were 80,918 shares granted and $58 thousand of expense recognized for the Plan for the three month period ended March 31, 2015.

Granted shares are earned upon meeting certain target performance metrics that are measured using extensive performance review scorecards. The main metrics used include earnings per share, return on average assets and the efficiency ratio. The shares have forfeitable dividend rights; as such the shares do not meet the definition of participating shares.

The following is the activity under the Plan during the three months ended March 31, 2016:

	Restricted Stock Units
	Units		Weighted Average Grant Date Fair Value
Nonvested at January 1, 2016		320,980	$	7.88
Granted		62,242		8.98
Vested		0		0.00
Forfeited		0		0.00
Nonvested at March 31, 2016		383,222	$	8.06