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Stock Options and Other Equity-Based Incentive Instruments
 9 Months Ended
Sep. 30, 2019
Share-based Payment Arrangement [Abstract]  
Stock Options and Other Equity-Based Incentive Instruments
Note 10 - Stock Options and Other Equity-Based Incentive Instruments
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. 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. All grants of equity awards made during the nine months ended September 30, 2019 were made from the 2019 Plan.
Stock option activity during the nine months ended September 30, 2019 is summarized in the following table:
Number
of Shares		Option Price
per Share		Weighted
Average
Exercise Price
Outstanding at December 31, 2018343,000  
$12.63 to $23.21
$16.67  
Options granted—  
— to —
—  
Options exercised(166,000) 
$12.63 to $19.46
15.93  
Options forfeited—  
— to —
—  
Outstanding at September 30, 2019177,000  
$14.54 to $23.21
$17.52  
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 September 30, 2019:
Currently
Exercisable		Currently Not
Exercisable		Total
Outstanding
Number of options176,625  375  177,000  
Weighted average exercise price$17.50  $23.21  $17.52  
Intrinsic value (in thousands)$3,321  $5  $3,326  
Weighted average remaining contractual term (yrs.)2.95.02.9
The 375 options that are currently not exercisable as of September 30, 2019 are expected to vest, on a weighted-average basis, over the next three months. The Company did not modify any option grants during 2018 or the nine months ended September 30, 2019.
Service
Condition
Vesting RSUs		Market Plus
Service
Condition
Vesting RSUs
Outstanding at December 31, 201866,947  45,536  
RSUs granted35,272  22,898  
RSUs added through dividend and performance credits946  7,414  
RSUs released(30,461) (22,237) 
RSUs forfeited/expired(1,876) (2,299) 
Outstanding at September 30, 201970,828  51,312  
The 70,828 of service condition vesting RSUs outstanding as of September 30, 2019 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 70,828 of service condition vesting RSUs outstanding as of September 30, 2019 are expected to vest, and be released, on a weighted-average basis, over the next 1.2 years. The Company expects to recognize $2,135,210 of pre-tax compensation costs related to these service condition vesting RSUs between September 30, 2019 and their vesting dates. The Company did not modify any service condition vesting RSUs during 2018 or during the nine months ended September 30, 2019.
The 51,312 of market plus service condition vesting RSUs outstanding as of September 30, 2019 are expected to vest, and be released, on a weighted-average basis, over the next 1.9 years. The Company expects to recognize $1,045,845 of pre-tax compensation costs related to these RSUs between September 30, 2019 and their vesting dates. As of September 30, 2019, 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 76,968 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 2018 or during the nine months ended September 30, 2019.