STOCK COMPENSATION PLANS

12 Months Ended

Dec. 31, 2018

NOTE 17 — STOCK COMPENSATION PLANS

Restricted Stock Awards

The Corporation’s restricted stock awards (“RSAs”) require certain service-based or performance requirements and have a vesting period of four years. Compensation expense is recognized on a straight-line basis over the vesting period. Shares are subject to certain restrictions and risk of forfeiture by the participants.

The Corporation has historically granted RSAs to members of the Board of Directors and management. Awards granted are set to vest equally over their award terms and are issued at no cost to the recipient. The table below summarizes each of the grant awards.


		Market Value at
Date of Award	Units Granted	grant date	Vesting Term
March, 2015	37,730	11.15	4 years
May, 2015	3,000	10.77	Immediate
February, 2016	35,733	9.91	4 years
February, 2017	28,427	13.39	4 years
February, 2018	18,643	16.30	4 years
April, 2018	8,000	16.00	Immediate

On August 31, 2016, the Corporation issued 37,125 shares of its common stock for vested RSAs. In March 2016, the Corporation issued 22,626 shares of its common stock for vested RSAs. In the first quarter of 2017, the Corporation issued 31,559 shares of its common stock for vested RSAs. In 2018, the Corporation issued 46,666 shares for vested RSAs.

The Corporation recognized annual compensation expense of $.533 million in 2018 and $.398 million in 2017. Unrecognized compensation expense at the end of 2018 was $.550 million.

A summary of changes in our nonvested awards for the year follows:


		Weighted Average
	Number	Grant Date
	Outstanding	Fair Value
Nonvested balance at January 1, 2018	87,285	$	11.78
Granted during the period	26,643		16.21
Forfeited during the period	2,060		14.75
Vested during the period	(46,666)		12.65
Nonvested balance at December 31, 2018	69,322	$	12.79