Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2020

Share-based Payment Arrangement [Abstract]

Schedule of stock-based compensation expense

Stock-based compensation expense was recorded as follows:

	For the years ended December 31,
(dollars in thousands)	2020		2019		2018
Stock option expense	$	1,017		1,270		1,183
Restricted stock grant expense		380		428		319
Total stock-based compensation expense	$	1,397		1,698		1,502

Summary of the status of the stock option plan and changes

A summary of the status of the stock option plan and changes for the period is presented below:

	For the years ended December 31,
	2020							2019							2018
						Weighted						Weighted								Weighted
				Weighted		Average				Weighted		Average					Weighted		Average
				average		Remaining				average		Remaining					average		Remaining
				exercise		Contractual				exercise		Contractual					exercise		Contractual
	Shares			price		Life		Shares		price		Life		Shares			price		Life
Outstanding at beginning of year		541,414		$	26.65			648,311		$	20.74				662,841		$	15.70
Granted		101,700			37.77			101,350			32.81				94,700			43.13
Exercised		(93,870	)		14.79			(191,497	)		9.24				(105,630	)		8.51
Forfeited or expired		(54,049	)		38.15			(16,750	)		34.01				(3,600	)		40.03
Outstanding at end of year		495,195		$	29.93		6.4 years	541,414		$	26.65		6.3 years		648,311		$	20.74		5.6 years
Options exercisable at year-end		287,548		$	24.93		5.0 years	305,991		$	20.00		4.9 years		404,851		$	12.58		4.0 years
Weighted average fair value of options granted during the year				$	11.37					$	11.81						$	16.76
Shares available for grant		136,339						183,990							270,090

Schedule of assumptions used

The fair value of the option grant is estimated on the date of grant using the Black-Scholes option-pricing model. The following assumptions were used for grants:

	2020			2019			2018
Dividend yield		-			-			-
Expected life		7 years			7 years			7 years
Expected volatility		25.51	%		28.21	%		32.07	%
Risk-free interest rate		1.29	%		2.59	%		2.50	%

Summary of the status of the Company's nonvested restricted stock and changes

A summary of the status of the Company’s nonvested restricted stock and changes for the years ended December 31, 2020, 2019, and 2018 is as follows:

	December 31,
	2020					2019					2018
				Weighted					Weighted					Weighted
				Average					Average					Average
	Restricted			Grant-Date		Restricted			Grant-Date		Restricted			Grant-Date
	Shares			Fair Value		Shares			Fair Value		Shares			Fair Value
Nonvested at beginning of year		32,825		$	34.78		29,625		$	34.00		25,000		$	26.43
Granted		13,200			39.87		14,700			33.64		13,000			42.87
Vested		(14,051	)		32.06		(10,375	)		31.61		(8,375	)		25.17
Forfeited		(5,875	)		37.74		(1,125	)		28.03		-			-
Nonvested at end of year		26,099		$	38.05		32,825		$	34.78		29,625		$	34.00