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Stock Plans (Tables)

12 Months Ended

Dec. 31, 2020

Summary of Weighted-Average Fair-Value and Vesting of Restricted Stock Grants



	2020				2019				2018
			Weighted-				average				average
	Shares		average grant		Shares		grant date		Shares		grant date
	granted		date fair value		granted		fair value		granted		fair value

Director plan	6,000	⁽²⁾	$	56.63	5,600	⁽²⁾	$	54.69	8,400	⁽²⁾	$	49.50
Omnibus plan	11,761	⁽³⁾		55.06	7,251	⁽²⁾		54.69	10,800	⁽²⁾		45.83
Omnibus plan	50	⁽¹⁾		57.62	50	⁽¹⁾		58.08	50	⁽¹⁾		49.50
Omnibus plan	500	⁽²⁾		34.02	-			-	-			-
Total	18,311		$	55.00	12,901		$	54.70	19,250		$	47.44

⁽¹⁾Vest after 1 year ⁽²⁾ Vest after 3 years – 33% each year ⁽³⁾ Vest fully after 3 years

Schedule of Non-Vested Restricted Stock Units Activity



	2012 Stock incentive plans
	Director	Omnibus	Total		Weighted- average grant date fair value
Non-vested balance at December 31, 2017	8,400	12,304	20,704	$	23.59
Granted	8,400	10,850	19,250		47.44
Vested	(4,200)	(5,794)	(9,994)		23.69
Non-vested balance at December 31, 2018	12,600	17,360	29,960	$	38.99
Granted	5,600	7,301	12,901		54.70
Forfeited	-	(126)	(126)		54.69
Vested	(7,000)	(8,574)	(15,574)		33.81
Non-vested balance at December 31, 2019	11,200	15,961	27,161	$	49.48
Granted	6,000	12,311	18,311		55.00
Vested	(7,798)	(7,597)	(15,395)		48.47
Non-vested balance at December 31, 2020	9,402	20,675	30,077	$	53.36

Schedule of SSARs Activity



	Awards		Weighted-average grant date fair value	Weighted-average remaining contractual term (years)
Outstanding December 31, 2017	53,360	$	4.20	8.5
Granted	38,941		13.73	10.0
Exercised	(3,051)		4.03
Forfeited	-		-
Outstanding December 31, 2018	89,250	$	8.36	8.2
Granted	11,073		16.79	10.0
Exercised	(3,059)		3.48
Forfeited	-		-
Outstanding December 31, 2019	97,264	$	9.47	7.5
Granted	-		-	-
Exercised	-		-	-
Forfeited	-		-	-
Outstanding December 31, 2020	97,264	$	9.47	6.5

Of the SSARs outstanding at December 31, 2020, 76,897 vested and were exercisable. SSARs vest over a three year period – 33% per year.

Schedule of Compensation Cost for Share-Based Payment Arrangements, Allocation of Share-Based Compensation Costs by Plan




(dollars in thousands)	2020		2019		2018
Stock-based compensation expense:
Director stock incentive plan	$	434	$	240	$	237
Omnibus stock incentive plan		740		611		500
Employee stock purchase plan		27		107		143
Total stock-based compensation expense	$	1,201	$	958	$	880

In addition, during 2020, 2019 and 2018 the Company reversed accruals of ($0.1 million), ($0.1 million) and ($0.1 million) in stock-based compensation expense for restricted stock and SSARs to be awarded under the Omnibus Plan.

Schedule of Unrecognized Compensation Cost, Non-Vested Awards


	As of
(dollars in thousands)	December 31, 2020
Unrecognized stock-based compensation expense:
Director plan	$	271
Omnibus plan		709
Total unrecognized stock-based compensation expense	$	980

The unrecognized stock-based compensation expense as of December 31, 2020 will be recognized ratably over the periods ended January 2023 and April 2023 for the Director Plan and the Omnibus Plan, respectively.