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Stock Awards (Tables)

9 Months Ended

Sep. 30, 2020

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.

		2020				2019
Risk-free interest rate			1.24	%			2.59	%
Expected term (in years)			7.5				7.5
Expected stock price volatility			28.9	%			30.9	%
Dividend yield			1.25	%			1.25	%
Fair value of stock option			3.34				3.30

Stock Option Activity

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

		Nine Months Ended
		September 30, 2020								September 30, 2019
		Number of Shares				Average Exercise Price				Number of Shares				Average Exercise Price
Options:
Outstanding, beginning of period			412,800			$	9.72				377,950			$	9.80
Granted			10,200				11.95				68,150				9.99
Exercised			666				10.75				719				8.30
Expired			—				—				—				—
Forfeited			1,334				9.70				26,300				11.96
Options outstanding, end of period			421,000			$	9.79				419,081			$	9.70
Options exercisable, end of period			359,413			$	9.62				304,748			$	9.14

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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.

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
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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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