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Stock Awards (Tables)

12 Months Ended

Dec. 31, 2019

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Schedule of Fair Value Assumptions

The fair value of outstanding awards was determined using the Black-Scholes option pricing model based on the assumptions noted in the table below. Expected volatilities are based on historical volatilities of the Company’s common stock.

		2019				2018
Risk-free interest rate			2.59	%			2.77	%
Expected term (in years)			7.5				7.5
Expected stock price volatility			30.9	%			28.3	%
Dividend yield			1.25	%			1.50	%
Fair value of stock option		$	3.30			$	3.51

Stock Option Activity

The following table summarizes the Company’s stock option activity for the periods presented.

		December 31, 2019								December 31, 2018
		Number of Shares				Average Exercise Price				Number of Shares				Average Exercise Price
Options:
Outstanding, beginning of year			377,950			$	9.80				318,000			$	9.43
Granted			68,150				9.99				62,150				11.71
Exercised			7,000				8.30				500				8.12
Forfeited			26,300				11.96				1,700				11.15
Options outstanding, end of year			412,800			$	9.72				377,950			$	9.80
Options exercisable, end of year			298,467			$	9.16				249,467			$	8.72

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- Definition

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.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=116856206&loc=d3e5070-113901

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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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-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
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-Subparagraph (f)(2)
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