XML 40 R26.htm IDEA: XBRL DOCUMENT
v3.20.4

Stock Based Compensation | 12 Months Ended
--- | ---
Dec. 31, 2020
Stock Based Compensation [Abstract] |
Stock Based Compensation | Note 18. Stock Based Compensation In 2004, the Corporation adopted the Employee Stock Purchase Plan of 2004 (ESPP). Under the ESPP of 2004, options for 250,000 shares of stock can be issued to eligible employees. The number of shares that can be purchased by each participant is defined by the plan and the Board of Directors sets the option price. However, the option price cannot be less than 90% of the fair market value of a share of the Corporation’s common stock on the date the option is granted. The Board of Directors also determines the expiration date of the options; however, no option may have a term that exceeds one year from the grant date. ESPP options are exercisable immediately upon grant. Any shares related to unexercised options are available for future grant The Board of Directors may amend, suspend or terminate the ESPP at any time. The exercise price of the 2020 ESPP options was set at 95% of the stock’s fair value at the time of the award. In 2019, the Corporation approved the 2019 Omnibus Stock Incentive Plan (Stock Plan), replacing the Incentive Stock Option Plan of 2013 (ISOP). No new awards will be made under the 2013 plan; however, any awards made under the 2013 plan remain outstanding under the terms they were issued. Under the Stock Plan, 400,000 shares have been authorized to be issued, inclusive of the remaining shares available under the 2013 plan that were rolled into the Stock Plan and forfeited awards are available for future grants. The Stock Plan allows for various types of awards including incentive stock options, restricted stock and stock appreciation rights. The ESPP and the incentive stock options (ISO) awarded under the Stock Plan and outstanding at December 31, 2020 are all exercisable. The ESPP options expire on June 30, 2021 and the ISO options expire 10 years from the grant date. The following table summarizes the activity in the ESPP:
Employee Stock Purchase Plan |  |  |  |  |  |  |
| ESPP |  | Weighted Average |  | Aggregate
(Dollars in thousands except share and per share data) | Options |  | Price Per Share |  | Intrinsic Value
Balance Outstanding at December 31, 2018 | 18,378 |  | $ | 32.73 |  | $ | -
Granted | 19,644 |  |  | 36.21 |  |  |
Exercised | (2,270) |  |  | 32.75 |  |  |
Expired | (16,641) |  |  | 32.84 |  |  |
Balance Outstanding at December 31, 2019 | 19,111 |  | $ | 36.21 |  | $ | 47
Granted | 32,209 |  |  | 24.19 |  |  |
Exercised | (753) |  |  | 25.32 |  |  |
Expired | (20,882) |  |  | 35.15 |  |  |
Balance Outstanding at December 31, 2020 | 29,685 |  | $ | 24.19 |  | $ | 84
Shares available for future grants under the ESPP at December 31, 2020 | 181,954 |  |  |  |  |  |
‎ The following table summarizes the activity in the Stock Plan:
| ISO |  | Weighted Average |  | Aggregate
(Dollars in thousands except share and per share data) | Options |  | Price Per Share |  | Intrinsic Value
Balance Outstanding at December 31, 2018 | 104,011 |  | $ | 28.22 |  | $ | 341
Granted | — |  |  | — |  |  |
Exercised | (8,482) |  |  | 22.82 |  |  |
Forfeited | (2,550) |  |  | 34.10 |  |  |
Balance Outstanding at December 31, 2019 | 92,979 |  | $ | 28.55 |  | $ | 943
Granted | — |  |  | — |  |  |
Exercised | (625) |  |  | 27.62 |  |  |
Forfeited | — |  |  | — |  |  |
Balance Outstanding at December 31, 2020 | 92,354 |  | $ | 28.55 |  | $ | —
|  |  | Weighted Average |  |  |
| Restricted |  | Grant Date |  |  |
| Shares |  | Fair Value |  |  |
Nonvested as of December 31, 2019 | — |  | $ | — |  |  |
Granted | 14,921 |  |  | 31.02 |  |  |
Vested | (398) |  |  | 31.02 |  |  |
Forfeited | (990) |  |  | 31.02 |  |  |
Nonvested as of December 31, 2020 | 13,533 |  | $ | 31.02 |  |  |
Shares available for future grants under the Stock Plan at December 31, 2020 | 293,090 |  |  |  |  |  |
Restricted shares awarded under the Stock Plan fully vest in one year for awards to Directors and ratably over three years for awards to other eligible employees. Compensation expense is based on the grant date fair value and was $197 thousand in 2020 and $0 in 2019. The amount of unrecognized compensation expense for restricted shares was $244 thousand at December 31, 2020. The following table provides information about the options outstanding at December 31, 2020:
|  | Options |  |  |  |  |  |  |  | Weighted
|  | Outstanding |  |  | Exercise Price or |  | Weighted Average |  | Average Remaining
Stock Option Plan |  | and Exercisable |  |  | Price Range |  | Exercise Price |  | Life (years)
Employee Stock Purchase Plan |  | 29,685 |  | $ | 24.19 |  | $ | 24.19 |  | 0.5
Incentive Stock Options |  | 20,200 |  |  | 21.27 |  |  | 21.27 |  | 5.2
Incentive Stock Options |  | 10,850 |  |  | 22.05 |  |  | 22.05 |  | 4.2
Incentive Stock Options |  | 61,304 |  |  | 30.00-34.10 |  |  | 32.11 |  | 6.7
ISO Total/Average |  | 92,354 |  |  |  |  | $ | 28.55 |  | 6.2
The Corporation uses the “simplified” method for estimating the expected term of the ISO award. The risk-free interest rate is the U.S. Treasury rate commensurate with the expected average life of the option at the date of grant. The volatility of the Corporation’s stock is based on historical volatility for a period equal to the term of the award and the dividend yield is the yield at the date of the award. There is no unrecognized compensation expense on any options outstanding at December 31, 2020.

X
- 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
Name: | us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration