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Stock Based Compensation
12 Months Ended
Dec. 31, 2021
Stock Based Compensation [Abstract]  
Stock Based Compensation Note 18. Stock Based Compensation In 2004, the Corporation adopted the Employee Stock Purchase Plan of 2004 (ESPP). Under the ESPP, options for 250,000 shares of stock can be issued to eligible employees. The number of shares that can be purchased by each participant is defined by the plan and the Board of Directors sets the option price. However, the option price cannot be less than 90% of the fair market value of a share of the Corporation’s common stock on the date the option is granted. The Board of Directors also determines the expiration date of the options; however, no option may have a term that exceeds one year from the grant date. ESPP options are exercisable immediately upon grant. Any shares related to unexercised options are available for future grant. The Board of Directors may amend, suspend or terminate the ESPP at any time. The exercise price of the 2021 ESPP options was set at 95% of the stock’s fair value at the time of the award. In 2019, the Corporation approved the 2019 Omnibus Stock Incentive Plan (Stock Plan), replacing the Incentive Stock Option Plan of 2013 (ISOP). No new awards will be made under the 2013 plan; however, any awards made under the 2013 plan remain outstanding under the terms they were issued. Under the Stock Plan, 400,000 shares have been authorized to be issued, inclusive of the remaining shares available under the 2013 plan that were rolled into the Stock Plan and forfeited awards are available for future grants. The Stock Plan allows for various types of awards including incentive stock options, restricted stock and stock appreciation rights. The ESPP and the incentive stock options (ISO) awarded under the Stock Plan and outstanding at December 31, 2021 are all exercisable. The ESPP options expire on June 30, 2022 and the ISO options expire 10 years from the grant date. The following table summarizes the activity in the ESPP: Employee Stock Purchase Plan ESPP Weighted Average Aggregate (Dollars in thousands except share and per share data) Options Price Per Share Intrinsic ValueBalance Outstanding at December 31, 2019 19,111 $ 36.21 $ -Granted 32,209 24.19 Exercised (753) 25.32 Expired (20,882) 35.15 Balance Outstanding at December 31, 2020 29,685 $ 24.19 $ 84 Granted 26,734 30.24 Exercised (4,629) 25.80 Expired (27,541) 24.46 Balance Outstanding at December 31, 2021 24,249 $ 30.24 $ 69 Shares available for future grants under the ESPP at December 31, 2021 182,761 The following tables summarize the activity in the Stock Plan: Omnibus Stock Option Plans Weighted Average Aggregate (Dollars in thousands except share and per share data)ISO Price Per Share Intrinsic ValueBalance Outstanding at December 31, 2019 92,979 $ 28.55 $ 943 Granted — — Exercised (625) 27.62 Forfeited — — Balance Outstanding at December 31, 2020 92,354 $ 28.55 $ -Granted — — Exercised (100) 22.05 Forfeited (2,000) 33.08 Balance Outstanding at December 31, 2021 90,254 $ 28.46 $ 419  Weighted Average Restricted Grant Date Shares Fair Value Nonvested as of December 31, 2019 — $ — Granted14,921 31.02 Vested(398) 31.02 Forfeited(990) 31.02 Nonvested as of December 31, 202013,533 $31.02 Granted6,095 27.54 Vested(7,418) 30.98 Forfeited(255) 29.50 Nonvested as of December 31, 202011,955 $29.30 Shares available for future grants under the Stock Plan at December 31, 2021 287,250 Restricted shares awarded under the Stock Plan fully vest in one year for awards to Directors and ratably over three years for awards to other eligible employees. Compensation expense is based on the grant date fair value and was $204 thousand in 2021 and $197 in 2020. The amount of unrecognized compensation expense for restricted shares was $202 thousand at December 31, 2021. The following table provides information about the options outstanding at December 31, 2021: Options Weighted Outstanding Exercise Price or Weighted Average Average RemainingStock Option Plan and Exercisable Price Range Exercise Price Life (years)Employee Stock Purchase Plan 24,249 $ 30.24  $ 30.24  0.5 Incentive Stock Options 30,950 21.27-23.84 21.54  3.8Incentive Stock Options 29,300 28.97-31.53 30.00  5.2Incentive Stock Options 30,004 31.53-34.10 34.10  6.2ISO Total/Average 90,254 $ 28.46  5.0