Employee Benefit Plans (Tables)

3 Months Ended

Mar. 31, 2022

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, 2021	688,533	$	17.56	6.6	$	5,986,666
Options granted	—
Options exercised	(47,374)		13.49
Options forfeited	(9,164)		19.62
Options expired	—
Outstanding at March 31, 2022	631,995	$	17.83	6.5	$	6,414,948
Exercisable at March 31, 2022	502,179	$	17.36	6.0	$	5,335,232

Schedule of fair values of the options granted

The fair values of the options granted during the three months ended March 31, 2021 were estimated on the date of grant using the Black-Scholes option-pricing model with the following weighted average assumptions. There were no options granted during the three months ended March 31, 2022:

	For the three months ended March 31,
	2022			2021
Number of options granted		—			89,000
Weighted average exercise price	$	—		$	19.21
Weighted average fair value of options	$	—		$	7.72
Expected life in years (1)		—			8.38
Expected volatility (2)		—	%		43.69	%
Risk-free interest rate (3)		—	%		1.14	%
Dividend yield (4)		—	%		1.68	%

(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 the three months ended March 31, 2022 and 2021:

	For the three months ended March 31,
	2022		2021
Number of options exercised		47,374		12,467
Total intrinsic value of options exercised	$	746,292	$	170,023
Cash received from options exercised	$	639,214	$	80,113
Tax deduction realized from options	$	224,522	$	51,151

Schedule of Stock Options, by Exercise Price Range

The following table summarizes information about stock options outstanding and exercisable at March 31, 2022:

	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		108,261	3.3	$	9.06	108,261	$	9.06
$12.01 - $18.00		123,933	7.0		16.48	85,607		16.17
$18.01 - $24.00		399,801	7.3		20.62	308,311		20.60
Total		631,995	6.5	$	17.83	502,179	$	17.36

Summary of Nonvested Restricted Stock Activity

		Average grant
	Shares	date fair value
Nonvested restricted stock at December 31, 2021	119,487	$	21.00
Granted	70,000		27.52
Cancelled	(8,025)		22.89
Vested	(26,092)		19.72
Nonvested restricted stock at March 31, 2022	155,370	$	24.06

Restricted Stock Grants

Restricted stock awards granted during the three months ended March 31, 2022 and 2021 were as follows:

	For the three months ended March 31,
	2022		2021
Number of shares granted		70,000		30,000
Average grant date fair value	$	27.52	$	19.46

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

	For the three months ended March 31,
(In thousands)	2022		2021
Service cost (1)	$	37	$	(34)
Interest cost		47		34
Amortization of prior service cost (2)		—		21
Net periodic benefit cost	$	84	$	21

(1) Reduction in service in 2021 cost totaling $137 thousand to be recognized over one year due to the recalculation of the President and CEO’s salary projection.

Summary Of Changes In Benefit Obligations Of Defined Benefit Plan

The following table summarizes the changes in benefit obligations of the defined benefit plan during the three months ended March 31, 2022 and 2021:

	For the three months ended March 31,
(In thousands)	2022		2021
Benefit obligation, beginning of year	$	4,521	$	3,845
Service cost (1)		37		(34)
Interest cost		47		34
Benefit obligation, end of period	$	4,605	$	3,845

(1) Reduction in service cost totaling $137 thousand to be recognized over one year due to the recalculation of the President and CEO’s salary projection.

Stock Options

Share-based Compensation Arrangement by Share-based Payment Award

Allocation of Share-based Compensation Costs

Compensation expense related to stock options and the related income tax benefit for the three months ended March 31, 2022 and 2021 are detailed in the following table:

	For the three months ended March 31,
	2022		2021
Compensation expense	$	163,327	$	207,602
Income tax benefit	$	47,201	$	59,997

Restricted Stock

Share-based Compensation Arrangement by Share-based Payment Award

Allocation of Share-based Compensation Costs

Compensation expense related to restricted stock for the three months ended March 31, 2022 and 2021 is detailed in the following table:

	For the three months ended March 31,
	2022		2021
Compensation expense	$	231,003	$	166,349
Income tax benefit	$	66,760	$	48,075