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Common Stock
9 Months Ended
Sep. 30, 2015
Common Stock [Abstract]  
Common Stock

(9)           Common Stock

 

On May 6, 2014, the Mid Penn Bancorp, Inc. 2014 Restricted Stock Plan (the “Plan”) was approved by shareholders.  The Plan provides that awards shall not exceed, in the aggregate 100,000 shares of common stock.  Awards under the Plan are limited to employees and directors of the Company and the Bank selected by the Compensation Committee of the Board of Directors.  Current outstanding awards under the Plan require recipients to acquire specified ownership interest levels in Mid Penn in order for such award to vest.  and thereby encouraging them to contribute to the success of the company.  As of September 30, 2015, 8,975 shares have been granted under the plan, which resulted in $19,000 of compensation expense, while there was no compensation expense in 2014.  On August 27, 2015, 875 of the granted shares vested.