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STOCK COMPENSATION | 6 Months Ended
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Jun. 30, 2020
Share-based Payment Arrangement [Abstract] |
STOCK COMPENSATION | STOCK COMPENSATION Board of Directors' Stock Compensation Pursuant to the Corporation's Directors' Compensation Plan, members of the Board of Directors receive common shares of the Corporation based on fees individually earned during the previous year for service as a director. The common shares are distributed to the Corporation's individual board members from treasury shares of the Corporation on or about January 15 following the calendar year of service. Additionally, the Chief Executive Officer of the Corporation, who does not receive cash compensation as a member of the Board of Directors, is awarded common shares equal in value to the average of those awarded to board members not employed by the Corporation who have served for 12 months during the prior year. During January 2020 and 2019, 7,923 and 8,465 shares, respectively, were re-issued from treasury to fund the stock component of directors' compensation for respective prior year. An expense of $77 thousand and $84 thousand related to this compensation was recognized during the three month periods ended June 30, 2020 and 2019, respectively. An expense of $166 thousand and $177 thousand related to this compensation was recognized during the six month periods ended June 30, 2020 and 2019, respectively. This expense is accrued as shares are earned. Restricted Stock Plan Pursuant to the Corporation’s Restricted Stock Plan, the Corporation may make discretionary grants of restricted stock to officers other than the Corporation's Chief Executive Officer. Compensation expense is recognized over the vesting period of the awards based on the fair value of the stock at issue date. A summary of restricted stock activity for the three month period ended June 30, 2020 is presented below:
|  | Shares |  | Weighted–Average Grant Date Fair Value
Nonvested at April 1, 2020 |  | 31,368 |  |  | $ | 43.33 |
Granted |  | — |  |  | — |
Vested |  | (1,552) |  |  | 43.16 |
Forfeited or cancelled |  | — |  |  | — |
Nonvested at June 30, 2020 |  | 29,816 |  |  | $ | 43.34 |
A summary of restricted stock activity for the six month period ended June 30, 2020 is presented below:
|  | Shares |  | Weighted–Average Grant Date Fair Value
Nonvested at January 1, 2020 |  | 33,575 |  |  | $ | 43.24 |
Granted |  | 255 |  |  | 39.35 |
Vested |  | (3,902) |  |  | 42.18 |
Forfeited or cancelled |  | (112) |  |  | 44.72 |
Nonvested at June 30, 2020 |  | 29,816 |  |  | $ | 43.34 |
As of June 30, 2020, there was $1.0 million of total unrecognized compensation cost related to nonvested shares granted under the Plan. The cost is expected to be recognized over a weighted-average period of 3.26 years. The total fair value of shares vested was $138 thousand and $32 thousand for the six month periods ended June 30, 2020 and 2019, respectively.

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- Definition The entire disclosure for share-based payment arrangement. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -URI http://asc.fasb.org/topic&trid=2228938 + Details
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- References No definition available. + Details
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