EQUITY AWARDS (Tables)

12 Months Ended

Dec. 31, 2022

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:

	2022			2021			2020
Risk-free interest rate		2.90	%		0.98	%		0.79	%
Expected term (in years)		6.50			6.50			6.50
Expected stock price volatility		21.70	%		23.98	%		22.26	%
Dividend yield		2.47	%		2.35	%		2.56	%

Schedule of Stock Option Activity

A summary of stock option activity in the Plan during the years ended December 31, 2022 and 2021 follows:

2022	Number of Shares			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Life in Years		Aggregate Intrinsic Value
Outstanding at beginning of year		502,780		$	25.77		5.59	$	5,936
Granted		102,500			35.58
Exercised		(69,580	)		22.49
Forfeited		(37,880	)		28.16
Balance, December 31, 2022		497,820		$	28.07		5.87	$	3,402
Exercisable at end of period		281,340		$	25.25		4.32	$	2,648

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
Exercised		(89,870	)		22.47
Forfeited		(22,320	)		26.16
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

Schedule of Nonvested Stock Option Activity

A summary of nonvested stock option activity in the Plan during the years ended December 31, 2022 and 2021 follows:

2022	Number of Shares			Weighted-Average Grant Date Fair Value
Outstanding at beginning of year		207,084		$	5.23
Granted		102,500			6.98
Vested		(71,944	)		(5.50	)
Forfeited		(21,160	)		(8.86	)
Balance, December 31, 2022		216,480		$	5.95

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

Plan Information

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

	2022		2021		2020
Intrinsic value of options exercised	$	846	$	1,273	$	158
Cash received from options exercised		1,565		2,019		638
Weighted average fair value of options granted		6.98		5.92		4.46

Summary of Restricted Stock Awards and Units Activity

A summary of restricted stock activity in the Plan during the years ended December 31, 2022 and 2021 follows:

2022	Number of Shares			Weighted-Average  Grant Date Fair Value
Outstanding at beginning of year		30,190		$	27.52
Vested		(11,260	)		(27.52	)
Balance, December 31, 2022		18,930		$	27.51

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