EQUITY AWARDS (Tables)

12 Months Ended

Dec. 31, 2021

Share-based Payment Arrangement [Abstract]

Schedule of Valuation Assumptions

The fair value of options granted was determined using the following weighted-average assumptions as of grant date, for the years ended December 31:

	2021			2020			2019
Risk-free interest rate		0.98	%		0.79	%		2.11	%
Expected term (in years)		6.50			6.50			6.50
Expected stock price volatility		23.98	%		22.26	%		19.89	%
Dividend yield		2.35	%		2.56	%		2.36	%

Schedule of Stock Option Activity

A summary of stock option activity in the Plan during the years ended December 31, 2021 and 2020 follows:

2021	Number of Shares			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Life in Years		Aggregate Intrinsic Value
Outstanding at beginning of year		506,200		$	26.81		5.82	$	1,805
Effect of 10% stock dividend		50,770
Granted		58,000			34.30		9.67		112
Exercised		(89,870	)		22.47		3.31		1,273
Forfeited		(22,320	)		26.16		6.96		222
Balance, December 31, 2021		502,780		$	25.77		5.59	$	5,936
Exercisable at end of period		295,696		$	24.09		4.40	$	3,989

2020	Number of Shares			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Life in Years		Aggregate Intrinsic Value
Outstanding at beginning of year		508,000		$	26.68		6.24	$	3,159
Granted		74,000			28.67		9.57		145
Exercised		(26,600	)		24.00		1.79		158
Forfeited		(49,200	)		29.71		7.58		84
Balance, December 31, 2020		506,200		$	26.81		5.82	$	1,805
Exercisable at end of period		291,520		$	25.63		4.74	$	1,339

Schedule of Nonvested Stock Option Activity

A summary of nonvested stock option activity in the Plan during the years ended December 31, 2021 and 2020 follows:

2021	Number of Shares			Weighted-Average Grant Date Fair Value
Outstanding at beginning of year		214,680		$	4.46
Effect of 10% stock dividend		23,218
Granted		58,000			5.92
Vested		(76,494	)		5.39
Forfeited		(12,320	)		6.99
Balance, December 31, 2021		207,084		$	5.23

2020	Number of Shares			Weighted-Average Grant Date Fair Value
Outstanding at beginning of year		251,120		$	4.97
Granted		74,000			4.46
Vested		(71,040	)		5.79
Forfeited		(39,400	)		2.19
Balance, December 31, 2020		214,680		$	4.46

Plan Information

Information related to stock options in the Plan is as follows for the years ended:

	2021		2020		2019
Intrinsic value of options exercised	$	1,273	$	158	$	314
Cash received from options exercised		2,019		638		925
Weighted average fair value of options granted		5.92		4.46		4.97

Summary of Restricted Stock Awards and Units Activity

A summary of restricted stock activity in the Plan during the years ended December 31, 2021 and 2020 follows:

2021	Number of Shares			Weighted-Average  Grant Date Fair Value
Outstanding at beginning of year		35,300		$	29.72
Effect of 10% stock dividend		3,530
Granted		3,500			33.09
Vested		(12,140	)		27.05
Balance, December 31, 2021		30,190		$	27.52

2020	Number of Shares			Weighted-Average Grant  Date Fair Value
Outstanding at beginning of year		31,459		$	30.29
Granted		19,500			29.32
Vested		(15,179	)		30.33
Forfeited		(480	)		31.57
Balance, December 31, 2020		35,300		$	29.72