Stock-Based Compensation

12 Months Ended

Dec. 31, 2019

Share-based Payment Arrangement [Abstract]

A summary of changes in nonvested restricted stock awards follows:



	Shares		Weighted-average Grant Date Fair Value
Nonvested at January 1, 2019	75,889		$	20.79
Granted	27,128		25.41
Forfeited	(2,699	)	24.85
Vested	(41,948	)	22.05
Nonvested at December 31, 2019	58,370		$	24.96

The above table excludes 13,850 shares in restricted stock awards that were granted at a weighted average fair value of $25.27 and immediately vested. As of December 31, 2019 and 2018, there was $1,026 and $1,182, respectively, of total unrecognized compensation cost related to nonvested shares granted under the restricted stock award plan. The fair value of shares vesting during 2019, 2018, and 2017 was $1,462, $1,535 and $1,035, respectively. Compensation expense for restricted stock awards was $1,346 in 2019, $1,545 in 2018 and $928 in 2017. The total income tax benefit related to the recognized compensation cost of vested restricted stock awards was $283, $324 and $325 for the years ended December 31, 2019, 2018 and 2017, respectively. The number of authorized stock-based awards still available for grant as of December 31, 2019 was 506,483.

In addition to the time-based restricted stock disclosed above, the Corporation’s Board of Directors grants performance-based restricted stock awards (“PBRSAs”) to key employees. The number of PBRSAs will depend on certain performance conditions and are also subject to service-based vesting. In 2019, awards with a maximum of 16,681 shares in aggregate were granted to key employees. In 2018, awards with a maximum of 15,657 shares in aggregate were granted to key employees. In 2017, an award with a maximum of 7,109 shares was granted to a key employee. In 2019, key employees retired resulting in 726 and 1,314 shares vesting related to their 2019 and 2018 PBRSA, in accordance with the agreements. Of the 2,040 shares that vested related to the 2019 and 2018 PBRSA grants, 798 shares were distributed in 2019 and the remaining 1,242 shares will be distributed in 2020. The fair value of the 798 shares distributed in 2019 was $21. The 2017 PBRSAs were fully earned and will be distributed in 2020. Total compensation expense related to the PBRSAs and included in the above compensation expense total was $221, $314 and $93 for 2019, 2018 and 2017. Estimated unearned compensation related to PBRSAs at December 31, 2019 was $285.