Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2021

Share-based Compensation Arrangement by Share-based Payment Award

Transactions under the Company's stock option plans

				Weighted
		Weighted		average
		average		remaining	Aggregate
		exercise		contractual	intrinsic
	Shares	price		life in years	value
Outstanding at December 31, 2018	584,178	$	13.00	7.1	$	4,574,680
Options granted	96,000		21.31
Options exercised	(60,534)		7.49
Options forfeited	(5,333)		19.38
Options expired	—		—
Outstanding at December 31, 2019	614,311	$	14.78	6.9	$	4,783,402
Options granted	151,500		19.80
Options exercised	(63,011)		7.16
Options forfeited	(30,000)		19.50
Options expired	—		—
Outstanding at December 31, 2020	672,800	$	16.42	6.8	$	1,952,568
Options granted	89,000		19.21
Options exercised	(71,267)		8.84
Options forfeited	(2,000)		18.64
Options expired	—		—
Outstanding at December 31, 2021	688,533	$	17.56	6.6	$	5,986,666
Exercisable at December 31, 2021	471,214	$	16.53	5.8	$	4,579,836

Schedule of fair values of the options granted

The fair values of the options granted during 2021, 2020 and 2019 were estimated on the date of grant using the Black-Scholes option-pricing model with the following weighted average assumptions:

	For the years ended December 31,
	2021			2020			2019
Number of options granted		89,000			151,500			96,000
Weighted average exercise price	$	19.21		$	19.80		$	21.31
Weighted average fair value of options	$	7.72		$	6.12		$	6.20
Expected life in years (1)		8.38			8.50			8.23
Expected volatility (2)		43.69	%		32.69	%		27.05	%
Risk-free interest rate (3)		1.14	%		1.28	%		2.21	%
Dividend yield (4)		1.68	%		1.64	%		1.37	%

(1) The expected life of the options was estimated based on historical employee behavior and represents the period of time that options granted are expected to be outstanding.

(2) The expected volatility of the Company’s stock price was based on the historical volatility over the period commensurate with the expected life of the options.

(3) The risk-free interest rate is the U.S. Treasury rate commensurate with the expected life of the options on the date of grant.

(4) The expected dividend yield is the projected annual yield based on the grant date stock price.

Schedule of Information About Options Exercised

Upon exercise, the Company issues shares from its authorized but unissued common stock to satisfy the options. The following table presents information about options exercised during 2021, 2020 and 2019:

	For the years ended December 31,
	2021		2020		2019
Number of options exercised		71,267		63,011		60,534
Total intrinsic value of options exercised	$	974,776	$	564,314	$	792,446
Cash received from options exercised		630,302		451,420		453,326
Tax deduction realized from options		293,261		169,774		238,407

Schedule of Stock Options, by Exercise Price Range

The following table summarizes information about stock options outstanding and exercisable at December 31, 2021:

	Options outstanding					Options exercisable
			Weighted average	Weighted			Weighted
		Options	remaining contractual	average		Options	average
Range of exercise prices		outstanding	life (in years)	exercise price		exercisable	exercise price
$6.01 - $12.00		135,800	3.4	$	8.85	135,800	$	8.85
$12.01 - $18.00		123,933	7.2		16.48	60,601		15.85
$18.01 - $24.00		428,800	7.5		20.62	274,813		20.48
Total		688,533	6.6	$	17.56	471,214	$	16.53

Schedule of Nonvested Share Activity

		Average grant
	Shares	date fair value
Nonvested restricted stock at December 31, 2020	87,972	$	19.26
Granted	68,550		22.15
Cancelled	(1,500)		15.09
Vested	(35,535)		19.14
Nonvested restricted stock at December 31, 2021	119,487	$	21.00

Restricted Stock Awards Activity

Restricted stock awards granted during the years ended December 31, 2021, 2020 and 2019 were as follows:

	For the years ended December 31,
	2021		2020		2019
Number of shares granted		68,550		27,250		46,050
Average grant date fair value	$	22.15	$	17.12	$	20.84

Summary of Components of Net Periodic Pension Cost of Defined Benefit Plan Recognized

	For the years ended December 31,
(In thousands)	2021		2020		2019
Service cost	$	515	$	126	$	689
Interest cost		161		147		135
Amortization of prior service cost		332		83		83
Net periodic benefit cost	$	1,008	$	356	$	907

Summary of Changes in Benefit Obligations of Defined Benefit Plan Recognized

The following table summarizes the changes in benefit obligations of the defined benefit plan recognized during the years ended December 31, 2021, 2020 and 2019

	For the years ended December 31,
(In thousands)	2021		2020		2019
Benefit obligation, beginning of year	$	3,845	$	3,572	$	2,748
Service cost		515		126		689
Interest cost		161		147		135
Benefit obligation, end of period	$	4,521	$	3,845	$	3,572

Stock Options

Share-based Compensation Arrangement by Share-based Payment Award

Allocation of Share-based Compensation Costs

	For the years ended December 31,
	2021		2020		2019
Compensation expense	$	866,809	$	744,091	$	606,626
Income tax benefit		250,508		215,042		175,315

Restricted Stock

Share-based Compensation Arrangement by Share-based Payment Award

Allocation of Share-based Compensation Costs

	For the years ended December 31,
	2021		2020		2019
Compensation expense	$	750,011	$	667,241	$	664,484
Income tax benefit	$	216,753	$	192,833	$	192,036