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Stock Based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2019
Share-based Payment Arrangement [Abstract] |
Schedule of stock option activity | A summary of stock options activity during the year ended December 31, 2019 was as follows:
|  |  |  |  | Weighted |
|  |  |  |  | average |
|  |  |  |  | exercise |
|  | Shares |  |  | price |
Options outstanding at January 1, 2019 |  |  | 58,129 |  |  | $ | 22.41 |
Options granted |  |  | 13,500 |  |  |  | 27.25 |
Options exercised |  |  | (12,381 | ) |  |  | 21.64 |
Options forfeited or expired |  |  | (1,500 | ) |  |  | 27.25 |
Options outstanding, end of year |  |  | 57,748 |  |  | $ | 23.39 |
Options exercisable at December 31, 2019 |  |  | 45,748 |  |  | $ | 22.38
Schedule of outstanding stock options | Information pertaining to options outstanding at December 31, 2019 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) |
$27.25 |  |  | 12,000 |  |  |  |  |  |  |  | — |  |  |  |  |  |  |  | 9.47 |
$25.65 |  |  | 12,000 |  |  |  |  |  |  |  | 12,000 |  |  |  |  |  |  |  | 8.54 |
$20.86 |  |  | 12,404 |  |  |  |  |  |  |  | 12,404 |  |  |  |  |  |  |  | 7.39 |
$21.13 |  |  | 15,986 |  |  |  |  |  |  |  | 15,986 |  |  |  |  |  |  |  | 6.05 |
$22.31 |  |  | 5,358 |  |  |  |  |  |  |  | 5,358 |  |  |  |  |  |  |  | 2.04 |
Schedule of weighted-average assumptions as of the grant date | The fair value of stock options granted during 2019 was $49,000, which was determined using the following weighted-average assumptions as of the grant date.
Risk-free interest rate | 0.48%
Expected option life | 6.50 years
Expected stock price volatility | 21.00%
Dividend yield | 2.65%
Fair value of options granted | $ | 3.64
Schedule of activity for RSUs | A summary of the activity for RSU’s during the year ended December 31, 2019 is presented below:
Outstanding Stock Awards |  | Shares |  |  | Weighted Average Grant Date Fair Value Per Share |
Outstanding at January 1, 2019 |  |  | 20,440 |  |  | $ | 24.74 |
Granted |  |  | 9,900 |  |  |  | 27.25 |
Vested |  |  | (20,440 | ) |  |  | 24.74 |
Forfeited |  |  | (900 | ) |  |  | 27.25 |
Outstanding at December 31, 2019 |  |  | 9,000 |  |  | $ | 27.25

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- Definition Tabular disclosure of the number and weighted-average grant date fair value for restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock units that were granted, vested, or forfeited during the year. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -URI http://asc.fasb.org/extlink&oid=116856206&loc=d3e5070-113901 + Details
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- Definition Tabular disclosure of option exercise prices, by grouped ranges, including the upper and lower limits of the price range, the number of shares under option, weighted average exercise price and remaining contractual option terms. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=116856206&loc=d3e5070-113901 + Details
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- Definition Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=116856206&loc=d3e5070-113901 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=116856206&loc=d3e5070-113901 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -URI http://asc.fasb.org/extlink&oid=116856206&loc=d3e5070-113901 + Details
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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (f)(2) -URI http://asc.fasb.org/extlink&oid=116856206&loc=d3e5070-113901 + Details
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