Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2021

Share-based Payment Arrangement [Abstract]

Schedule of stock-based compensation expense

Stock-based compensation expense was recorded as follows:

	For the years ended December 31,
(dollars in thousands)	2021		2020		2019
Stock option expense	$	1,148		1,017		1,270
Restricted stock grant expense		499		380		428
Total stock-based compensation expense	$	1,647		1,397		1,698

Summary of the status of the stock option plan and changes

A summary of the status of the stock option plan and changes for the period is presented below:

	For the years ended December 31,
	2021							2020							2019
						Weighted						Weighted								Weighted
				Weighted		Average				Weighted		Average					Weighted		Average
				average		Remaining				average		Remaining					average		Remaining
				exercise		Contractual				exercise		Contractual					exercise		Contractual
	Shares			price		Life		Shares		price		Life		Shares			price		Life
Outstanding at beginning of year		495,195		$	29.93			541,414		$	26.65				648,311		$	20.74
Granted		121,000			40.45			101,700			37.77				101,350			32.81
Exercised		(127,871	)		23.56			(93,870	)		14.79				(191,497	)		9.24
Forfeited or expired		(23,600	)		38.88			(54,049	)		38.15				(16,750	)		34.01
Outstanding at end of year		464,724		$	33.97		6.6 years	495,195		$	29.93		6.4 years		541,414		$	26.65		6.3 years
Options exercisable at year-end		239,340		$	29.68		5.0 years	287,548		$	24.93		5.0 years		305,991		$	20.00		4.9 years
Weighted average fair value of options granted during the year				$	16.40					$	11.37						$	11.81
Shares available for grant		422,550						136,339							183,990

Schedule of assumptions used

The fair value of the option grant is estimated on the date of grant using the Black-Scholes option-pricing model. The following assumptions were used for grants:

	2021			2020			2019
Dividend yield		-			-			-
Expected life		7 years			7 years			7 years
Expected volatility		38.48	%		25.51	%		28.21	%
Risk-free interest rate		.74	%		1.29	%		2.59	%

Summary of the status of the Company's nonvested restricted stock and changes

A summary of the status of the Company’s nonvested restricted stock and changes for the years ended December 31, 2021, 2020, and 2019 is as follows:

	December 31,
	2021					2020					2019
				Weighted					Weighted					Weighted
				Average					Average					Average
	Restricted			Grant-Date		Restricted			Grant-Date		Restricted			Grant-Date
	Shares			Fair Value		Shares			Fair Value		Shares			Fair Value
Nonvested at beginning of year		26,099		$	38.05		32,825		$	34.78		29,625		$	34.00
Granted		26,450			48.56		13,200			39.87		14,700			33.64
Vested		(9,600	)		38.03		(14,051	)		32.06		(10,375	)		31.61
Forfeited		(1,250	)		38.56		(5,875	)		37.74		(1,125	)		28.03
Nonvested at end of year		41,699		$	44.71		26,099		$	38.05		32,825		$	34.78