STOCK OPTIONS AND OTHER EQUITY AWARDS (Tables)

12 Months Ended

Dec. 31, 2020

Share-based Payment Arrangement [Abstract]

Summary of Stock-Based Compensation Expense

The amount that the Company recognized in stock-based compensation expense related to the issuance of stock options and RSUs is presented in the following table:

(Dollars in thousands)	2020		2019		2018
Stock Options	$	950	$	873	$	936
RSUs	1,403		886		331
Total Stock-based compensation expense	$	2,353	$	1,759	$	1,267

Stock Option Activity

The following summarizes stock options as of and for the year ended December 31, 2020 and 2019 and the changes for the years then ended:

	2020
	Number of Shares	Weighted-Average Exercise Price
Outstanding at beginning of year	1,593,241	$	14.96
Granted	126,250	18.11
Exercised	(305,697)	14.36
Forfeited	(9,750)	16.85
Expired	(7,250)	14.78
Outstanding at end of year	1,396,794	$	15.36
Exercisable at end of year	947,988	$	14.66
Weighted-average fair value of options granted during 2020		$	4.48
Weighted-average fair value of options granted during 2019		$	4.22
Weighted-average fair value of options granted during 2018		$	5.97

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions

The fair value for the options was estimated at the date of grant using a Black-Scholes option-pricing model with the following inputs:

	2020		2019		2018
Average risk-free interest rates	0.66	%	2.02	%	2.81	%
Weighted-average life	seven years		seven years		seven years
Expected volatility	30.9	%	21.8	%	18.6	%
Expected dividend yield	2.20	%	0.84	%	0.54	%

Outstanding and Exercisable Options Information

The following summarizes information related to the total outstanding and exercisable stock options at December 31, 2020:

Options Outstanding				Options Exercisable
Total Options	Weighted-Average Exercise Price	Intrinsic Value (in millions)	Weighted-Average Remaining Life	Total Options	Weighted-Average Exercise Price	Intrinsic Value (in millions)	Weighted-Average Remaining Life
1,396,794	$15.36	$10.2	5.64	947,988	$14.66	$7.6	4.80

Summary of RSUs

A summary of the activity for the Company’s RSUs for the period indicated is presented in the following table:

	2020
	Shares	Weighted-Average Grant Date Fair Value
Balance at beginning of year	160,758	$	16.67
Granted	153,642	13.08
Vested	(53,981)	15.36
Forfeited	(7,383)	16.55
Balance at end of year	253,036	$	14.70
Weighted-average fair value of RSUs granted during 2020		$	13.08
Weighted-average fair value of RSUs granted during 2019		$	15.50
Weighted-average fair value of RSUs granted during 2018		$	19.33