Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2021

Share-based Payment Arrangement [Abstract]

Summary of Nonvested Restricted Shares

A summary of changes in the Company’s nonvested restricted shares for the year ended December 31, 2021 follows:

	Shares	Weighted-Average Grant-Date Fair Value, per share
Nonvested at January 1, 2021	4,130	$	14.63
Granted	4,008	13.33
Vested	(5,655)	13.61
Forfeited	—	—
Nonvested at December 31, 2021	2,483	$	14.86

Summary of Fair Value of Options Granted Using Weighted Average Assumptions

The fair value of options granted during the year ended December 31, 2021 were determined using the following weighted average assumptions as of grant date:

	December 31, 2021
Risk-free interest rate (%)	0.82
Expected term (years)	7.50
Expected stock price volatility (%)	29.57
Dividend yield (%)	1.82

Summary of Activity in the Equity Plan

A summary of the activity in the Equity Plan for the year ended December 31, 2021 follows:

	Shares	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value
Outstanding at January 1, 2021	332,708	$	16.01
Granted	127,275	14.67
Exercised	—	—
Forfeited	(3,600)	15.13
Expired	(5,625)	16.45
Outstanding at December 31, 2021	450,758	$	15.64	7.71	$	3,216
Vested and exercisable at December 31, 2021	180,318	$	16.52	6.96	$	1,191