STOCK COMPENSATION

3 Months Ended

Mar. 31, 2021

Share-based Payment Arrangement [Abstract]

Board of Directors' Stock Compensation

Pursuant to the Corporation's Directors' Compensation Plan, members of the Board of Directors receive common shares of the Corporation based on fees individually earned during the previous year for service as a director. The common shares are distributed to the Corporation's individual board members from treasury shares of the Corporation on or about January 15 following the calendar year of service.

Additionally, the Chief Executive Officer of the Corporation, who does not receive cash compensation as a member of the Board of Directors, is awarded common shares equal in value to the average of those awarded to board members not employed by the Corporation who have served for 12 months during the prior year.

During January 2021 and 2020, 9,291 and 7,923 shares, respectively, were re-issued from treasury to fund the stock component of directors' compensation for respective prior year. An expense of $89 thousand related to this compensation was recognized during each of the three month periods ended March 31, 2021 and 2020. This expense is accrued as shares are earned.

Restricted Stock Plan

Pursuant to the Corporation’s Restricted Stock Plan, the Corporation may make discretionary grants of restricted stock to officers other than the Corporation's Chief Executive Officer. Compensation expense is recognized over the vesting period of the awards based on the fair value of the stock at issue date.

A summary of restricted stock activity for the three month period ended March 31, 2021 is presented below:


	Shares	Weighted–Average Grant Date Fair Value
Nonvested at January 1, 2021	31,830	$	40.32
Granted	—	—
Vested	(4,382)	41.23
Forfeited or cancelled	—	—
Nonvested at March 31, 2021	27,448	$	40.18

As of March 31, 2021, there was $1.0 million of total unrecognized compensation cost related to nonvested shares granted under the Plan. The cost is expected to be recognized over a weighted-average period of 3.67 years. The total fair value of shares vested was $156 thousand and $97 thousand for the three month periods ended March 31, 2021 and 2020, respectively.