Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2019

Share-based Payment Arrangement [Abstract]

Schedule of stock-based compensation expense

Stock-based compensation expense was recorded as follows:


	For the years ended December 31,
(dollars in thousands)	2019		2018	2017
Stock option expense	$	1,270	1,183	959
Restricted stock grant expense		428	319	299
Total stock-based compensation expense	$	1,698	1,502	1,258

Summary of the status of the stock option plan and changes

A summary of the status of the stock option plan and changes for the period is presented below:


	For the years ended December 31,
					2019					2018					2017
					Weighted					Weighted					Weighted
			Weighted		Average			Weighted		Average			Weighted		Average
			average		Remaining			average		Remaining			average		Remaining
			exercise		Contractual			exercise		Contractual			exercise		Contractual
	Shares		price		Life	Shares		price		Life	Shares		price		Life
Outstanding at beginning of year	648,311		$	20.74		662,841		$	15.70		642,203		$	11.77
Granted	101,350			32.81		94,700			43.13		110,950			35.34
Exercised	(191,497	)		9.24		(105,630	)		8.51		(74,437	)		9.48
Forfeited or expired	(16,750	)		34.01		(3,600	)		40.03		(15,875	)		23.49
Outstanding at end of year	541,414		$	26.65	6.3 years	648,311		$	20.74	5.6 years	662,841		$	15.70	5.6 years
Options exercisable at year-end	305,991		$	20.00	4.9 years	404,851		$	12.58	4.0 years	419,766		$	9.20	4.1 years
Weighted average fair value of options granted during the year			$	11.81				$	16.76				$	14.14
Shares available for grant	183,990					270,090					359,690

Schedule of assumptions used

The fair value of the option grant is estimated on the date of grant using the Black-Scholes option-pricing model. The following assumptions were used for grants:


	2019	2018	2017
Dividend yield	-	-	-
Expected life	7 years	7 years	7 years
Expected volatility	28.21%	32.07%	34.63%
Risk-free interest rate	2.59%	2.50%	2.04%

Summary of the status of the Company's nonvested restricted stock and changes

A summary of the status of the Company’s nonvested restricted stock and changes for the years ended December 31, 2019, 2018, and 2017 is as follows:


	December 31,
			2019				2018				2017
			Weighted				Weighted				Weighted
			Average				Average				Average
	Restricted		Grant-Date		Restricted		Grant-Date		Restricted		Grant-Date
	Shares		Fair Value		Shares		Fair Value		Shares		Fair Value
Nonvested at beginning of year	29,625		$	34.00	25,000		$	26.43	36,125		$	20.13
Granted	14,700			33.64	13,000			42.87	6,500			35.14
Vested	(10,375	)		31.61	(8,375	)		25.17	(17,625	)		16.73
Forfeited	(1,125	)		28.03	-			-	-			-
Nonvested at end of year	32,825		$	34.78	29,625		$	34.00	25,000		$	26.43