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Stock Options and Other Equity-Based Incentive Instruments
 6 Months Ended
Jun. 30, 2021
Share-based Payment Arrangement [Abstract]  
Stock Options and Other Equity-Based Incentive Instruments Stock Options and Other Equity-Based Incentive Instruments
On April 16, 2019, the Board of Directors adopted the 2019 Equity Incentive Plan (2019 Plan) which was approved by shareholders on May 21, 2019. The 2019 Plan allows for up to 1,500,000 shares to be issued in connection with equity-based incentives. The Company’s 2009 Equity Incentive Plan (2009 Plan) expired on March 26, 2019. While no new awards can be granted under the 2009 Plan, existing grants continue to be governed by the terms, conditions and procedures set forth in any applicable award agreement.
Stock option activity during the six months ended June 30, 2021 is summarized in the following table:
Number
of Shares		Weighted
Average
Exercise Price
Outstanding at December 31, 2020128,500 $17.72 
Options granted— — 
Options exercised(1,675)16.59 
Options forfeited— — 
Outstanding at June 30, 2021126,825 $17.74 
The following table shows the number, weighted-average exercise price, intrinsic value, and weighted average remaining contractual life of options exercisable, options not yet exercisable and total options outstanding as of June 30, 2021:
Currently
Exercisable		Currently Not
Exercisable		Total
Outstanding
Number of options126,825 — 126,825 
Weighted average exercise price$17.74 $— $17.74 
Intrinsic value (in thousands)$3,763 $— $3,763 
Weighted average remaining contractual term (yrs.)1.50.01.5

As of June 30, 2021 all options outstanding are fully vested and are expected to be exercised prior to expiration. The Company did not modify any option grants during 2020 or the six months ended June 30, 2021.
Activity related to restricted stock unit awards during the six months ended June 30, 2021 is summarized in the following table:
Service
Condition
Vesting RSUs		Market Plus
Service
Condition
Vesting RSUs
Outstanding at December 31, 202099,809 81,615 
RSUs granted47,029 31,479 
RSUs added through dividend and performance credits1,090 — 
RSUs released(42,712)— 
RSUs forfeited/expired(114)(75)
Outstanding at June 30, 2021105,102 113,019 
The 105,102 of service condition vesting RSUs outstanding as of June 30, 2021 include a feature whereby each RSU outstanding is credited with a dividend amount equal to any common stock cash dividend declared and paid, and the credited amount is divided by the closing price of the Company’s stock on the dividend payable date to arrive at an additional amount of RSUs outstanding under the original grant. The dividend credits follow the same vesting requirements as the RSU awards and are not considered participating securities. The 105,102 of service condition vesting RSUs outstanding as of June 30, 2021 are expected to vest, and be released, on a weighted-average basis, over the next 2.7 years. The Company expects to recognize $3,894,000 of pre-tax compensation costs related to these service condition vesting RSUs between June 30, 2021 and their vesting dates. The Company did not modify any service condition vesting RSUs during 2020 or during the six months ended June 30, 2021.
The 113,019 of market plus service condition vesting RSUs outstanding as of June 30, 2021 are expected to vest, and be released, on a weighted-average basis, over the next 2.4 years. The Company expects to recognize $2,106,000 of pre-tax compensation costs related to these RSUs between June 30, 2021 and their vesting dates. As of June 30, 2021, the number of market plus service condition vesting RSUs outstanding that will actually vest, and be released, may be reduced to zero or increased to 169,529 depending on the total return of the Company’s common stock versus the total return of an index of bank stocks from the grant date to the vesting date. The Company did not modify any market plus service condition vesting RSUs during 2020 or during the six months ended June 30, 2021.