Stock Options and Stock Appreciation Rights (Tables)

12 Months Ended

Dec. 31, 2022

Schedule of Black-Scholes-Merton option valuation model assumptions

	2022		2021
Expected Life (Years)	7.00		7.00
Dividend yield	3.08	%	3.18	%
Interest rate	1.94	%	1.02	%
Volatility	37.78	%	37.84	%

Summary of option activity under stock option plans

				Weighted
		Weighted		average
		average		remaining	Aggregate
	Number of	exercise		contractual	intrinsic
	options	price		term (years)	value ($)
					(in Thousands)
Options outstanding at December 31, 2021	520,551	$	28.28
Plus: Options granted	31,150		38.92
Less:
Options exercised	69,479		22.14
Options expired	—		—
Options forfeited	20,400		33.99
Options outstanding at December 31, 2022	461,822		29.67	4.07	$	7,430
Options fully vested and exercisable at December 31, 2022	258,215	$	25.26	2.26	$	5,293

Summary of activity under the SAR Plan

				Weighted
		Weighted		average
	Number of	average		remaining	Aggregate
	stock appreciation	exercise		contractual	intrinsic
	rights	price		term (years)	value ($)
					(in Thousands)
Stock appreciation rights outstanding at December 31, 2021	—	$	—
Plus: Stock appreciation rights granted	502,250		39.95
Less:
Stock appreciation rights exercised	—		—
Stock appreciation rights expired	—		—
Stock appreciation rights forfeited	13,000		39.33
Stock appreciation rights outstanding at December 31, 2022	489,250		39.35	9.50	$	3,136
Stock appreciation rights fully vested and exercisable at December 31, 2022	—	$	—

Schedule of other information pertaining to option activity

	Twelve Months Ended December 31,
	2022		2021		2020
Weighted average grant date fair value of stock options granted	$	11.24	$	10.20	$	2.46
Total fair value of stock options vested	$	514,000	$	1,308,000	$	1,218,000
Total intrinsic value of stock options exercised	$	1,670,000	$	2,536,000	$	356,000