Stock Awards (Tables)

12 Months Ended

Dec. 31, 2020

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Schedule of Fair Value Assumptions

The fair value of outstanding awards was determined using the Black-Scholes option pricing model based on the assumptions noted in the table below. Expected volatilities are based on historical volatilities of the Company’s common stock.

	2020			2019
Risk-free interest rate		1.24	%		2.59	%
Expected term (in years)		7.5			7.5
Expected stock price volatility		28.9	%		30.9	%
Dividend yield		1.25	%		1.25	%
Fair value of stock option	$	3.34		$	3.30

Stock Option Activity

The following table summarizes the Company’s stock option activity for the periods presented.

	Year Ended
	December 31, 2020				December 31, 2019
	Number of Shares		Average Exercise Price		Number of Shares		Average Exercise Price
Options:
Outstanding, beginning of year		412,800	$	9.72		377,950	$	9.80
Granted		10,200		11.95		68,150		9.99
Exercised		666		10.75		7,000		8.30
Forfeited		1,334		9.70		26,300		11.96
Options outstanding, end of year		421,000	$	9.79		412,800	$	9.72
Options exercisable, end of year		359,413	$	9.62		298,467	$	9.16