Stock-based Compensation (Tables)

3 Months Ended

Mar. 31, 2020

Share-based Payment Arrangement [Abstract]

The following is a summary of the Company’s stock option award activity during the three months ended March 31, 2020:



	Shares		Weighted- Average Exercise Price		Weighted-Average Remaining Contractual Term in Years	Aggregate Intrinsic Value
Outstanding at January 1, 2020	121,260		$	20.80	5.33	$	1,842,687
Granted	8,225		36.26
Exercised	(10,685	)	17.07
Forfeited	(135	)	33.50
Outstanding at March 31, 2020	118,665		22.20		5.51	312,338
Exercisable	102,495		20.31		4.96	312,338
Expected to vest, assuming a 0% forfeiture rate over the vesting term	16,170		$	34.19	9.05	$	—

Weighted-Average Assumptions Used in Determining Fair Value of Options Granted

The fair value of options granted for the three months ended March 31, 2020 and 2019 were determined using the following weighted-average assumptions as of the grant date.



	March 31, 2020			March 31, 2019
Annual dividend yield	1.60		%	1.72		%
Expected volatility	21.67		%	21.68		%
Risk-free interest rate	1.38		%	2.64		%
Expected term	6.50 years			6.50 years
Weighted-average grant date fair value per option granted	$	7.14		$	7.24

Outstanding Restricted Stock Awards

The following is a summary of the Company’s non-vested restricted stock award activity during the three months ended March 31, 2020:



	Shares		Weighted-Average Grant-Date Fair Value Per Share		Aggregate Intrinsic Value Per Share
Non-vested at January 1, 2020	12,290		$	33.32
Granted	13,600		36.26
Vested	(6,816	)	34.60
Forfeited	(180	)	33.50
Non-Vested at March 31, 2020	18,894		$	34.97	$	21.01
Expected to vest assuming a 0% forfeiture rate over the vesting term	18,894		$	34.97	$	21.01