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Stock Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Schedule of stock option activity

A summary of stock options activity was as follows:

 

    Shares     Weighted
average
exercise
price		  
             
Options outstanding at January 1, 2018     47,250     $ 22.32  
Options granted prior to stock dividend     —       —  
Options exercised prior to stock dividend     —       —  
Options forfeited or expired prior to stock dividend     —       —  
Options outstanding prior to stock dividend     47,250     $ 22.32  
                 
Options outstanding after 5% stock dividend*     49,613     $ 21.26  
Options exercised after stock dividend     (6,484 )     21.08  
Options granted after stock dividend     15,000       25.65  
Options outstanding at December 31, 2018     58,129     $ 22.41  
                 
Options exercisable at December 31, 2018     38,612     $ 21.52  

 

* The 2018 balance was adjusted for the 5% stock dividend paid on May 31, 2018.
Schedule of outstanding stock options

Information pertaining to options outstanding at December 31, 2018 was as follows:

 

Exercise price of stock options:     Number of
options
outstanding
at year-end		     Number of options
exercisable at year-
end		     Average
remaining
contractual
life (in
years)		  
$25.65       15,000       3,750       9.42  
$20.86       15,707       7,440       8.68  
$21.13       27,422       27,422       5.31  
Schedule of weighted-average assumptions as of the grant date

The fair value of stock options granted during 2018 was $63,000, which was determined using the following weighted-average assumptions as of the grant date.

 

Risk-free interest rate     2.89 %
Expected option life     5.75 years  
Expected stock price volatility     20.79 %
Dividend yield     3.04 %
Fair value of options granted   $ 4.17  
Schedule of activity for RSUs

A summary of the activity for RSU’s during the year ended December 31, 2018 is presented below:

 

Outstanding Stock Awards   Shares     Weighted Average
Grant Date Fair
Value Per Share		  
Outstanding at January 1, 2018     18,060     $ 23.14  
Granted     10,900       26.00  
Vested     (9,536 )     23.15  
Impact of stock dividend paid May 31, 2018     1,016       24.71  
Outstanding at December 31, 2018     20,440       24.74