Share-based Compensation Plans (Tables)

12 Months Ended

Dec. 31, 2019

Share-based Compensation Plans

Impact of the Company’s Share-Based Payment Plans in the Financial Statements

The following table summarizes the impact of the Company’s share-based payment plans in the financial statements for the period shown:

	Year Ended		Year Ended
	December 31,		December 31,
	2019		2018
Total cost of stock grant plan during the year	$	196	$	11
Total cost of stock option plan during the year		142		7
Total cost of share-based payment plans during the year	$	338	$	18
Amount of related income tax benefit recognized in income	$	91	$	5

Summary Stock Options Activity

The following table summarizes stock options activity for the years ended December 31, 2019 and 2018:

				Weighted
				Average
		Weighted		Remaining	Aggregate
		Average		Contractual	Intrinsic
	Number of	Exercise		Term (in	Value (in
	Options	Price		years)	thousands)
Options outstanding as of December 31, 2018	192,089	$	10.81
Granted	30,000		10.64
Exercised	—		—
Expired or canceled	—		—
Forfeited	—		—
Options outstanding as of December 31, 2019	222,089	$	10.79	9.01	$	169,446
Options exercisable as of December 31, 2019	38,414	$	10.81	8.95	$	28,426

				Weighted
				Average
		Weighted		Remaining	Aggregate
		Average		Contractual	Intrinsic
	Number of	Exercise		Term (in	Value (in
	Options	Price		years)	thousands)
Options outstanding as of December 31, 2017	—	$	—
Granted	192,089		10.81
Exercised	—		—
Expired or canceled	—		—
Forfeited	—		—
Options outstanding as of December 31, 2018	192,089	$	10.81	9.95	$	—
Options exercisable as of December 31, 2018	—	$	—	—	$	—

Schedule of Nonvested Options Activity

		Weighted
		Average
	Number of	Grant Date Fair
	Options	Value
Nonvested options outstanding as of December 31, 2018	192,089	$	3.40
Granted	30,000		2.90
Vested	(38,414)		3.40
Forfeited	—		—
Options outstanding as of December 31, 2019	183,675	$	3.32
		Weighted
		Average
	Number of	Grant Date Fair
	Options	Value
Nonvested options outstanding as of December 31, 2017	—	$	—
Granted	192,089		3.40
Exercised	—		—
Forfeited	—		—
Options outstanding as of December 31, 2018	192,089	$	3.40

Valuation Assumptions were Used for Options Granted

The following assumptions were used for options granted during the year ended December 31, 2019:

	For the Year Ended
	December 31,
	2019
Risk-free interest rate		2.30	%
Expected volatility		18.38	%
Expected dividend yield		0	%
Expected life of options (years)		7.5
Weighted average fair value per option of options granted during the year	$	2.90

Summary of Changes in Restricted Shares

The following is a summary of changes in restricted shares for the year ended December 31, 2019 and 2018:

		Weighted
		Average
	Number of	Grant Date Fair
	Shares	Value
Nonvested shares outstanding as of December 31, 2018	84,242	$	10.82
Granted	10,000		10.64
Vested	(16,842)		10.82
Forfeited	—		—
Shares outstanding as of December 31, 2019	77,400	$	10.79
		Weighted
		Average
	Number of	Grant Date Fair
	Shares	Value
Nonvested shares outstanding as of December 31, 2017	—	$	—
Granted	84,242		10.82
Exercised	—		—
Forfeited	—		—
Shares outstanding as of December 31, 2018	84,242	$	10.82