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Stock-Based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2020
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) |  | 2020 |  |  | 2019 |  | 2018 |
Stock option expense |  | $ | 1,017 |  |  |  | 1,270 |  |  | 1,183 |
Restricted stock grant expense |  |  | 380 |  |  |  | 428 |  |  | 319 |
Total stock-based compensation expense |  | $ | 1,397 |  |  |  | 1,698 |  |  | 1,502 |
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, |
|  | 2020 |  |  | 2019 |  |  |  | 2018 |
|  |  |  |  |  |  |  |  |  | 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 |  |  | 541,414 |  |  | $ | 26.65 |  |  |  |  |  |  | 648,311 |  |  | $ | 20.74 |  |  |  |  |  |  |  | 662,841 |  |  | $ | 15.70 |  |  |  |  |
Granted |  |  | 101,700 |  |  |  | 37.77 |  |  |  |  |  |  | 101,350 |  |  |  | 32.81 |  |  |  |  |  |  |  | 94,700 |  |  |  | 43.13 |  |  |  |  |
Exercised |  |  | (93,870 | ) |  |  | 14.79 |  |  |  |  |  |  | (191,497 | ) |  |  | 9.24 |  |  |  |  |  |  |  | (105,630 | ) |  |  | 8.51 |  |  |  |  |
Forfeited or expired |  |  | (54,049 | ) |  |  | 38.15 |  |  |  |  |  |  | (16,750 | ) |  |  | 34.01 |  |  |  |  |  |  |  | (3,600 | ) |  |  | 40.03 |  |  |  |  |
Outstanding at end of year |  |  | 495,195 |  |  | $ | 29.93 |  |  |  | 6.4 years |  |  | 541,414 |  |  | $ | 26.65 |  |  |  | 6.3 years |  |  |  | 648,311 |  |  | $ | 20.74 |  |  |  | 5.6 years |
Options exercisable at year-end |  |  | 287,548 |  |  | $ | 24.93 |  |  |  | 5.0 years |  |  | 305,991 |  |  | $ | 20.00 |  |  |  | 4.9 years |  |  |  | 404,851 |  |  | $ | 12.58 |  |  |  | 4.0 years |
Weighted average fair value of options granted during the year |  |  |  |  |  | $ | 11.37 |  |  |  |  |  |  |  |  |  | $ | 11.81 |  |  |  |  |  |  |  |  |  |  | $ | 16.76 |  |  |  |  |
Shares available for grant |  |  | 136,339 |  |  |  |  |  |  |  |  |  |  | 183,990 |  |  |  |  |  |  |  |  |  |  |  | 270,090 |  |  |  |  |  |  |  |  |
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:
|  | 2020 |  |  | 2019 |  |  | 2018 |
Dividend yield |  |  | - |  |  |  | - |  |  |  | - |
Expected life |  |  | 7 years |  |  |  | 7 years |  |  |  | 7 years |
Expected volatility |  |  | 25.51 | % |  |  | 28.21 | % |  |  | 32.07 | %
Risk-free interest rate |  |  | 1.29 | % |  |  | 2.59 | % |  |  | 2.50 | %
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, 2020, 2019, and 2018 is as follows:
|  | December 31, |
|  | 2020 |  |  | 2019 |  |  | 2018 |
|  |  |  |  |  | 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 |  |  | 32,825 |  |  | $ | 34.78 |  |  |  | 29,625 |  |  | $ | 34.00 |  |  |  | 25,000 |  |  | $ | 26.43 |
Granted |  |  | 13,200 |  |  |  | 39.87 |  |  |  | 14,700 |  |  |  | 33.64 |  |  |  | 13,000 |  |  |  | 42.87 |
Vested |  |  | (14,051 | ) |  |  | 32.06 |  |  |  | (10,375 | ) |  |  | 31.61 |  |  |  | (8,375 | ) |  |  | 25.17 |
Forfeited |  |  | (5,875 | ) |  |  | 37.74 |  |  |  | (1,125 | ) |  |  | 28.03 |  |  |  | - |  |  |  | - |
Nonvested at end of year |  |  | 26,099 |  |  | $ | 38.05 |  |  |  | 32,825 |  |  | $ | 34.78 |  |  |  | 29,625 |  |  | $ | 34.00 |

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