Stock Based Compensation (Tables)

12 Months Ended

Dec. 31, 2021

Share-based Payment Arrangement [Abstract]

Disclosure of Share-based Compensation Arrangements by Share-based Payment Award [Table Text Block]

Activity under the Company’s options for the year ended December 31, 2021 was as follows:

	Number of Stock Options			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value
Outstanding as of December 31, 2020		38,013		$	9.03
Granted		-			-
Exercised		(14,247	)		7.51
Forfeited/cancelled/expired		-			-
Outstanding as of December 31, 2021		23,766			9.94		0.6	$	541,000
Exercisable as of December 31, 2021		23,766		$	9.94		0.6	$	541,000

Schedule of Nonvested Restricted Stock Units Activity [Table Text Block]

Activity under the Company’s restricted shares for year ended December 31, 2021 was as follows:

	Nonvested Shares			Weighted- Average Grant Date Fair Value
Nonvested as of December 31, 2020		113,114		$	18.17
Granted		49,971			25.33
Vested		(75,257	)		18.82
Forfeited/cancelled/expired		(5,135	)		20.22
Nonvested December 31, 2021		82,693		$	21.78

Schedule of Unearned Performance Unit Awards [Table Text Block]

A summary of the status of unearned performance unit awards and the change during the period is presented in the table below:

	Units (expected)			Units (maximum)		Weighted Average Grant Date Fair Value
Unearned as of December 31, 2020		147,636				$	17.29
Awarded		37,543					25.24
Change in estimate		65,389					15.46
Vested shares		(29,421	)				31.35
Forfeited/cancelled/expired		(11,153	)				17.06
Unearned as of December 31, 2021		209,994			233,638	$	16.18

As of December 31, 2021, the specific number of shares related to performance units that were expected to vest was 216,575, determined by actual performance in consideration of the established range of the performance targets, which is consistent with the level of expense currently being recognized over the vesting period. Should this expectation change, additional compensation expense could be recorded in future periods or previously recognized expense could be reversed. As of December 31, 2021, the maximum amount of performance units that ultimately could vest if performance targets were exceeded is 218,835. During the year ended December 31, 2021, 29,421 shares vested. A total of 14,710 shares were netted from the vested shares to satisfy employee tax obligations. The net shares issued from vesting of performance units during the year ended December 31, 2021 were 14,711 shares. As of December 31, 2021, compensation cost of approximately $1.2 million related to non-vested performance units not yet recognized is expected to be recognized over a weighted-average period of 1.6 years.

A summary of the status of unearned restricted stock units and the changes in restricted stock units during the period is presented in the table below:

	Units (expected)			Weighted Average Grant Date Fair Value
Unearned as of December 31, 2020		169,313		$	14.07
Awarded		45,027			25.24
Vested shares		(68,916	)		16.29
Forfeited/cancelled/expired		(8,476	)		15.83
Unearned as of December 31, 2021		136,948		$	16.52