Employee Benefit Plans (Tables)
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9 Months Ended |
Sep. 30, 2023 |
Share-based Compensation Arrangement by Share-based Payment Award |
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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, 2022 | | 559,499 | | $ | 18.09 | | 5.9 | | $ | 5,168,740 | Options granted | | — | | | | | | | | | Options exercised | | (73,184) | | | 19.04 | | | | | | Options forfeited | | (1,332) | | | 18.64 | | | | | | Options expired | | — | | | | | | | | | Outstanding at September 30, 2023 | | 484,983 | | $ | 17.95 | | 5.2 | | $ | 2,659,163 | Exercisable at September 30, 2023 | | 445,825 | | $ | 17.85 | | 5.0 | | $ | 2,488,426 |
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Schedule of Information About Options Exercised |
| | | | | | | | | | | | | | | | For the three months ended September 30, | | For the nine months ended September 30, | | | | 2023 | | 2022 | | 2023 | | 2022 | | Number of options exercised | | | 22,249 | | | 23,168 | | | 73,184 | | | 85,877 | | Total intrinsic value of options exercised | | $ | 164,978 | | | 215,476 | | $ | 480,981 | | $ | 1,081,833 | | Cash received from options exercised | | $ | 394,665 | | | 441,272 | | | 1,393,551 | | | 1,394,809 | | Tax deduction realized from options | | $ | 49,634 | | | 64,826 | | | 144,703 | | | 325,469 | |
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Schedule of Stock Options, by Exercise Price Range |
| | | | | | | | | | | | | | 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 | | 128,873 | | 3.4 | | $ | 12.01 | | 128,873 | | $ | 12.01 | 16.52 - 19.26 | | 120,499 | | 6.0 | | | 18.03 | | 97,674 | | | 18.04 | 19.27 - 20.88 | | 127,411 | | 5.9 | | | 20.33 | | 111,078 | | | 20.30 | 20.89 - 22.57 | | 108,200 | | 5.8 | | | 22.11 | | 108,200 | | | 22.11 | Total | | 484,983 | | 5.2 | | $ | 17.95 | | 445,825 | | $ | 17.85 |
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Schedule of Nonvested Share Activity |
| | | | | | | | | | Average grant | | | Shares | | date fair value | Nonvested restricted stock at December 31, 2022 | | 164,570 | | $ | 24.77 | Granted | | 58,500 | | | 22.93 | Cancelled | | (4,599) | | | 26.37 | Vested | | (41,973) | | | 23.13 | Nonvested restricted stock at September 30, 2023 | | 176,498 | | $ | 24.51 |
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Restricted Stock Grants |
| | | | | | | | | | | | | | | For the three months ended September 30, | | For the nine months ended September 30, | | | 2023 | | 2022 | | 2023 | | 2022 | Number of shares granted | | | 3,000 | | | 2,000 | | | 58,500 | | | 73,000 | Average grant date fair value | | $ | 25.24 | | $ | 27.89 | | $ | 22.93 | | $ | 27.54 |
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Stock Options |
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Share-based Compensation Arrangement by Share-based Payment Award |
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Allocation of Share-based Compensation Costs |
| | | | | | | | | | | | | | | | For the three months ended September 30, | | For the nine months ended September 30, | | (In thousands) | | 2023 | | 2022 | | 2023 | | 2022 | | Compensation expense | | $ | 72 | | $ | 129 | | $ | 236 | | $ | 431 | | Income tax benefit | | $ | 21 | | $ | 37 | | $ | 68 | | $ | 125 | |
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Restricted Stock |
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Share-based Compensation Arrangement by Share-based Payment Award |
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Allocation of Share-based Compensation Costs |
| | | | | | | | | | | | | | | | For the three months ended September 30, | | For the nine months ended September 30, | | (In thousands) | | 2023 | | 2022 | | 2023 | | 2022 | | Compensation expense | | $ | 357 | | $ | 276 | | $ | 1,033 | | $ | 808 | | Income tax benefit | | $ | 103 | | $ | 80 | | $ | 298 | | $ | 234 | |
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