Share-based Compensation Plans (Tables)

12 Months Ended

Dec. 31, 2016

Summary of activity related to restricted stock granted

	Number of Shares			Average Grant Date Fair Value
Balance December 31, 2015		162,394		$	7.30
Granted		120,818			7.85
Vested		(76,928	)		7.39
Forfeited		(17,765	)		7.76

Balance December 31, 2016		188,519		$	7.59


Expected to vest as of December 31, 2016		175,479		$	7.57

Summary of activity related to restricted stock units granted

	Settle in Stock
	Shares			Average Grant Date Fair Value
Balance, December 31, 2015		–		$	–
Granted		38,104			7.56
Forfeited		(1,388	)		7.56

Balance, December 31, 2016		36,716		$	7.56


Expected to vest as of December 31, 2016		25,719		$	7.56

	Settle in Cash
	Shares			Fair Value (1)
Balance, December 31, 2015		–
Granted		81,696
Forfeited		(3,205	)

Balance, December 31, 2016		78,491		$	12.33


Expected to vest as of December 31, 2016		64,966		$	12.33

(1)

Represents the closing share price of the Company's common stock as of December 31, 2016. As of December 31, 2016, the accrued liability for restricted stock units expected to vest that settle in cash was approximately $0.2 million.

Summary of activity related to options that have vested or are expected to vest and exercisable options

	Options Outstanding
	Number of Shares			Weighted Average Exercise Price		Average Remaining Life (years)		Average Intrinsic Value
Balance, December 31, 2015		932,553		$	7.19
Granted		36,022			7.27
Forfeited		(56,484	)		7.36
Exercised		(115,176	)		7.17

Balance, December 31, 2016		796,915		$	7.19		6.73	$	4,189,266


Exercisable December 31, 2016		416,829		$	6.93		5.44	$	2,342,931
Vested and expected to vest as of December 31, 2016		774,424		$	7.18		6.68	$	4,080,984

Schedule of assumptions used in the calculation of weighted average fair value of options granted

	For the Years Ended December 31,
	2016		2015		2014
Expected volatility		31.85%		36.27%		49.38%
Expected term (years)		5.00		5.00		5.61
Dividend yield		3.30%		2.82%		0.67%
Risk free rate		1.31%		1.54%		1.75%

Weighted-average grant date fair value	$	1.50	$	1.97	$	3.32

Summary of recognized and unrecognized share based compensation expense

	For the Years Ended December 31,
	2016		2015		2014
		(dollars in thousands)
Compensation expense:
Stock options	$	416	$	506	$	490
Restricted stock awards		674		586		503
Restricted stock units (1)		272		–		–

Total	$	1,362	$	1,092	$	993


Unrecognized compensation expense:
Stock options	$	564	$	963	$	1,065
Restricted stock awards		834		799		967
Restricted stock units		724		–		–

Total	$	2,122	$	1,762	$	2,032

(1)

For the year ended December 31, 2016, expense for restricted stock units consisted of $224 thousand for restricted stock units that settle in cash, and $48 thousand for restricted stock units that settle in shares of the Company's common stock. The Company recorded no expense for restricted stock units for the years ended December 31, 2015 and 2014.