Stock Options and Restricted Shares (Tables)

6 Months Ended

Jun. 30, 2022

Share-Based Payment Arrangement [Abstract]

Summary of Company Recognized Stock-Based Compensation Expense

The Company has recognized stock-based compensation expense, within salaries and employee benefits for employees, and within other noninterest expense for directors, in the consolidated statements of income as follows (in thousands):

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2022			2021			2022			2021
Stock-based compensation expense before income taxes	$	325		$	447		$	713		$	796
Less: deferred tax benefit		(85	)		(117	)		(186	)		(208	)
Reduction of net income	$	240		$	330		$	527		$	588

Summary of Changes in Company's Nonvested Restricted Shares

A summary of the changes in the Company’s nonvested restricted shares for the six months ended June 30, 2022 follows:

				Weighted
				Average
	Restricted			Grant Date
Nonvested Shares	Shares			Fair Value
Nonvested at beginning of period		177,020		$	14.00
Granted		76,539			21.41
Vested		(27,836	)		16.10
Forfeited		(10,583	)		14.00
Nonvested at end of period		215,140		$	16.36

Summary of Activity in Stock Options

A summary of the activity in stock options for the six months ended June 30, 2022 follows:

						Weighted
				Weighted		Average
				Average		Remaining
				Exercise		Contractual
	Shares			Price		Term (years)
Outstanding at beginning of period		130,245		$	11.96
Granted		—			—
Exercised		(5,800	)		8.79
Forfeited or expired		—			—
Outstanding at end of period		124,445		$	12.11		4.5
Fully vested and expected to vest		124,445		$	12.11		4.5
Exercisable at end of period		124,445		$	12.11		4.5

Information Related to Stock Options

Information related to stock options during each year follows:

	2022		2021
Intrinsic value of options exercised	$	71,340	$	748,558
Cash received from option exercises		50,982		1,025,496
Tax benefit realized from option exercises		18,648		148,312
Weighted average fair value of options granted		—		—