Equity Plan (Tables)

12 Months Ended

Dec. 31, 2022

Equity Plan

Schedule of stock option activity under the equity plans

				Weighted
		Weighted		Average
		Average		Remaining	Aggregate
	Number	Exercise		Contractual	Intrinsic
Total Stock Options	of Shares	Price		Life (Years)	Value
Outstanding at January 1, 2022	2,584,632	$	10.00
Granted	387,000	$	11.12
Exercised	(305,880)	$	6.70
Forfeited or expired	(138,579)	$	12.34
Outstanding at December 31, 2022	2,527,173	$	10.44	5.52	$	7,497,913
Vested or expected to vest	2,375,543			5.52	$	7,048,038
Exercisable at December 31, 2022	1,900,047			4.48	$	6,333,749

Schedule of information related to the equity Plan

	December 31,
	2022		2021		2020
Intrinsic value of options exercised	$	1,674,072	$	1,543,711	$	2,258,245
Cash received from option exercise	$	2,049,587	$	1,469,255	$	1,713,737
Tax benefit realized from option exercises	$	180,414	$	153,745	$	63,124
Weighted average fair value of options granted	$	2.22	$	2.31	$	1.15

Schedule of assumptions used to estimate the fair value of each option grant on the date of grant

	December 31,
	2022		2021		2020
Expected life in months(1)	72		72		72
Volatility(1)	31	%	33	%	29	%
Weighted average risk-free interest rate(2)	2.89	%	1.10	%	0.53	%
Expected dividends(3)	4.68	%	4.32	%	5.71	%

(1) The expected life of employee stock options represents the weighted average period the stock options are expected to remain outstanding based on historical experience. Volatility is based on the historical volatility of the stock price over the same period of the expected life of the option.

(2) Based on the U.S. Treasury constant maturity interest rate with a term consistent with the expected life of the option granted.

(3) Each grant’s dividend yield is calculated by annualizing the most recent quarterly cash dividend and dividing that amount by the market price of the Company’s common stock as of the grant date

Schedule of restricted stock activity under the equity plans

		Weighted
		Average Grant
	Number	Date Fair
Total Restricted Stock Award	of Shares	Value
Nonvested shares at January 1, 2022	298,566	$	11.03
Granted	238,811	$	11.16
Vested	(252,081)	$	11.81
Forfeited or expired	(31,805)	$	11.23
Nonvested shares at December 31, 2022	253,491	$	11.05