Stock-Based Compensation

12 Months Ended

Dec. 31, 2017

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Stock-Based Compensation

16. Stock-Based Compensation

A summary of changes in nonvested restricted stock awards follows:

	Shares			Weighted-average Grant Date Fair Value
Nonvested at January 1, 2017		100,726			$17.36
Granted		39,673			25.94
Forfeited		(2,482	)		21.12
Vested		(43,445	)		17.54
Nonvested at December 31, 2017		94,472			$20.79

As of December 31, 2017 and 2016, there was $1,243 and $1,190, respectively, of total unrecognized compensation cost related to nonvested shares granted under the restricted stock award plan. The fair value of shares vesting during 2017, 2016, and 2015 was $1,035, $624 and $530, respectively. Compensation expense for restricted stock awards was $928 in 2017, $820 in 2016 and $621 in 2015.

The number of authorized stock-based awards still available for grant as of December 31, 2017 was 219,800.

In addition to the time-based restricted stock disclosed above, the Corporation’s Board of Directors granted performance-based restricted stock awards (“PBRSAs”) with a maximum of 10,000 shares to an employee in 2017. The number of PBRSAs will depend on certain performance conditions and are also subject to service-based vesting.