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Stock-Based Compensation (Tables)
12 Months Ended
Dec. 31, 2020
Share-based Payment Arrangement [Abstract]  
Schedule of stock option activity
The following table summarizes the stock option activity during the periods indicated:
SharesWeighted-Average Exercise Price
Outstanding at December 31, 2017
23,231 $14.21 
Exercised(9,842)13.45 
Forfeited or expired(831)14.77 
Outstanding at December 31, 2018
12,558 14.77 
Exercised(3,901)14.77 
Outstanding at December 31, 2019
8,657 14.77 
Exercised(8,248)14.77 
Forfeited or expired(409)14.77 
Outstanding, vested and expected to vest and exercisable at December 31, 2020
— $— 
Schedule of restricted stock award activity
The following table summarizes the restricted stock award activity for the periods indicated
SharesWeighted-Average Grant Date Fair Value
Nonvested at December 31, 2017
137,399 $17.00 
Vested(67,877)16.74 
Forfeited(3,489)16.92 
Nonvested at December 31, 2018
66,033 17.28 
Vested(43,148)17.07 
Forfeited(2,178)18.32 
Nonvested at December 31, 2019
20,707 17.59 
Vested(20,707)17.59 
Nonvested at December 31, 2020
— $— 
Schedule of assumptions of PRSUs granted
The Company used the following assumptions to estimate the fair value of performance-based restricted share units granted for the periods indicated:
Year Ended December 31,
202020192018
Shares issued15,200 14,396 11,099 
Expected Term in Years2.82.82.8
Weighted-Average Risk Free Interest Rate1.14 %2.47 %2.39 %
Weighted Average Fair Value23.50 30.06 27.69 
Correlation coefficientABA NASDAQ Community Bank IndexABA NASDAQ Community Bank IndexABA NASDAQ Community Bank Index
Range of peer company volatilities
18.1%-107.6%
19.9%-75.4%
19.0%-51.4%
Range of peer company correlation coefficients
16.1%-90.2%
34.5%-90.7%
28.2%-94.3%
Heritage volatility23.2 %23.9 %22.3 %
Heritage correlation coefficient80.5 %79.9 %76.4 %
Summary of RSU activity
The following table summarizes the unit activity for the periods indicated:
UnitsWeighted-Average Grant Date Fair Value
Nonvested at December 31, 2017
90,544 $25.31 
Granted125,633 30.62 
Vested(32,375)25.44 
Forfeited(4,617)27.82 
Nonvested at December 31, 2018
179,185 28.94 
Granted126,598 31.89 
Vested(64,173)29.25 
Forfeited(8,070)30.25 
Nonvested at December 31, 2019
233,540 30.41 
Granted200,972 23.61 
Vested(109,853)29.21 
Forfeited(8,543)28.07 
Nonvested at December 31, 2020
316,116 $26.57