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
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
February, 2019	27,790	15.70	4 years
October, 2019	8,000	15.40	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 of its common stock for vested RSAs. In 2019, the Corporation issued 35,967 shares for vested RSAs.

The Corporation recognized annual compensation expense of $.498 million in 2019 and $.533 million in 2018. Unrecognized compensation expense at the end of 2019 was $.635 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, 2019	69,322	$	12.79
Granted during the period	35,790		15.70
Vested during the period	(35,967)		12.09
Nonvested balance at December 31, 2019	69,145	$	14.52