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Employee Benefits
12 Months Ended
Dec. 31, 2016
Employee Benefits [Abstract]  
Employee Benefits



Note 17:  Employee Benefits



We sponsor a 401(k) defined contribution savings plan. The plan permits employees to make salary deferral contributions and Roth deferral contributions and permits us to make matching contributions and nonelective contributions. For salary deferral contributions and Roth deferral contributions, employees may become participants in the plan immediately upon their hire date. For the matching contributions, employees who have completed 30 days of service and have attained the age of 21 may become participants in the plan. For the nonelective contributions, employees who have completed one year of service and have attained the age of 21 may become participants in the plan. The plan is subject to the Employee Retirement Income Security Act of 1974, as amended. The plan permits participants to make before or after-tax contributions in an amount not exceeding 90% of eligible compensation and subject to dollar limits from Internal Revenue Service regulations. 



Matching contributions and minimum contributions, if any, become vested based on employees’ years of service with us. The vested percentage of matching contributions is determined by employees’ completed years of service:  less than one year equals 0% vested, one year equals 33% vested, two years equal 66% vested, and three or more years equal 100% vested. Nonelective contributions and minimum contributions, if any, also become vested based on employees’ years of service with us. The vested percentage of nonelective contributions is determined by employees’ completed years of service:  less than two years equal 0% vested, two years equal 20% vested, three years equal 40% vested, four years equal 60% vested, and five or more years equal 100% vested. Employees that terminate employment with us will not be entitled to any portion of their accounts that are not vested. The portion not yet vested will be considered a forfeiture. If the employees returns to work for us before five consecutive one-year breaks in service, the forfeited portions of their accounts may be restored if they repay any distributions received at termination. For those that did not receive a distribution and are reemployed by us, their accounts will automatically be restored.



During 2015 and 2014, we made an annual nonelective contribution of 3% of eligible compensation. We made contributions of $0.7 million and $0.6 million in 2015 and 2014, respectively. Effective January 1, 2016, we changed our plan to permit us to make a matching contribution equal to 50% of the first 8% of employees’ pre-tax or Roth salary deferral contributions up to a maximum of 4% of their salaries on an annual basis. We may choose to make a nonelective contribution in an amount in the same ratio that employees’ salaries bear to the total salary of all participants in the plan. The amount of the contribution, if any, is determined each plan year and announced to all participants. During 2016, we made matching contributions of $0.8 million and no nonelective contributions. 



Stock OptionsWe recorded no share-based compensation expense with respect to stock options for the years ended December 31, 2016, 2015, and 2014. The share-based compensation is calculated using the accrual method, which treats each vesting tranche as a separate award and amortizes expense evenly from grant date to vest date for each tranche. 



There were no outstanding options as of December 31, 2016 and 2015.



No stock options were exercised in 2016, 2015 and 2014.  



Restricted Stock - Restricted shares granted as of December 31, 2016, 2015 and 2014 were 546,895,  462,024, and 453,987, respectively. We recognized $1.5 million for the year ended December 31, 2016 and $1.3 million for the year ended December 31, 2015 and $0.6 million for the year ended December 31, 2014, in compensation expense, related to all restricted shares outstanding. At December 31, 2016, there was $1.6 million of total unrecognized compensation expense related to restricted shares granted under the 2008 Stock Plan. Of the total unrecognized compensation expense at December 31, 2016, $1.0 million will be recognized in 2017, and the remainder will be recognized the following two years. 



The 2016 and 2015 grants of restricted stock have a vesting period between one to three years. The restrictions on the shares expire one year after the award date or upon the earlier to occur of satisfaction of vesting conditions, a change in control of us, or the permanent and total disability or death of the participant. We recognize compensation expense over the restricted period.



Supplemental Executive Retirement Plan – Through the acquisition of Bancshares, we inherited a nonqualified supplemental executive retirement plan for certain officers. The plan is closed to any future employees and is funded by the bank owned life insurance acquired from Bancshares. This plan provides for postretirement salary and life insurance benefits, as determined by the plan document. As of December 31, 2016, the accrued deferred compensation was $1.4 million.