Employee Benefit Plans (Tables)

12 Months Ended

Dec. 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, 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
Options granted	—		—
Options exercised	(115,538)		14.70
Options forfeited	(13,496)		19.75
Options expired	—		—
Outstanding at December 31, 2022	559,499	$	18.09	5.9	$	5,168,740
Exercisable at December 31, 2022	455,014	$	17.76	5.5	$	4,353,237

Schedule of fair values of the options granted

The fair values of the options granted during 2021 and 2020 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 2022.

	For the years ended December 31,
	2022			2021			2020
Number of options granted		—			89,000			151,500
Weighted average exercise price	$	—		$	19.21		$	19.80
Weighted average fair value of options	$	—		$	7.72		$	6.12
Expected life in years (1)		—			8.38			8.50
Expected volatility (2)		—	%		43.69	%		32.69	%
Risk-free interest rate (3)		—	%		1.14	%		1.28	%
Dividend yield (4)		—	%		1.68	%		1.64	%

(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 2022, 2021 and 2020:

	For the years ended December 31,
	2022		2021		2020
Number of options exercised		115,538		71,267		63,011
Total intrinsic value of options exercised	$	1,614,421	$	974,776	$	564,314
Cash received from options exercised		1,698,357		630,302		451,420
Tax deduction realized from options		485,698		293,261		169,774

Schedule of Stock Options, by Exercise Price Range

The following table summarizes information about stock options outstanding and exercisable at December 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
$7.25 - $16.51		140,533	4.0	$	11.93	128,867	$	11.54
$16.52 - $19.26		135,166	6.8		18.08	97,013		18.16
$19.27 - $20.88		143,500	6.5		20.30	110,834		20.22
$20.89 - $22.57		140,300	6.4		22.02	118,300		21.92
Total		559,499	5.9	$	18.09	455,014	$	17.76

Schedule of Nonvested Share Activity

		Average grant
	Shares	date fair value
Nonvested restricted stock at December 31, 2021	119,487	$	21.00
Granted	97,700		27.48
Cancelled	(11,587)		23.29
Vested	(41,030)		20.68
Nonvested restricted stock at December 31, 2022	164,570	$	24.77

Restricted Stock Awards Activity

Restricted stock awards granted during the years ended December 31, 2022, 2021 and 2020 were as follows:

	For the years ended December 31,
	2022		2021		2020
Number of shares granted		97,700		68,550		27,250
Average grant date fair value	$	27.48	$	22.15	$	17.12

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

	For the years ended December 31,
(In thousands)	2022		2021		2020
Service cost	$	150	$	515	$	126
Interest cost		186		161		147
Amortization of prior service cost		—		332		83
Net periodic benefit cost	$	336	$	1,008	$	356

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, 2022, 2021 and 2020

	For the years ended December 31,
(In thousands)	2022		2021		2020
Benefit obligation, beginning of year	$	4,521	$	3,845	$	3,572
Service cost		150		515		126
Interest cost		186		161		147
Benefit obligation, end of period	$	4,857	$	4,521	$	3,845

Stock Options

Share-based Compensation Arrangement by Share-based Payment Award

Allocation of Share-based Compensation Costs

	For the years ended December 31,
	2022		2021		2020
Compensation expense	$	567	$	867	$	744
Income tax benefit		164		251		215

Restricted Stock

Share-based Compensation Arrangement by Share-based Payment Award

Allocation of Share-based Compensation Costs

	For the years ended December 31,
	2022		2021		2020
Compensation expense	$	1,114	$	750	$	667
Income tax benefit	$	320	$	217	$	193