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Stock Based Compensation (Tables)

12 Months Ended

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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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.

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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.

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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.

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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.

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