Employee Benefit Plans (Tables)

3 Months Ended

Mar. 31, 2023

Share-based Compensation Arrangement by Share-based Payment Award

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	(37,201)		20.27
Options forfeited	(666)		18.64
Options expired	—		—
Outstanding at March 31, 2023	521,632	$	17.94	5.7	$	2,542,366
Exercisable at March 31, 2023	481,142	$	17.84	5.5	$	2,390,353

Schedule of Information About Options Exercised

Upon exercise, the Company issues shares from its authorized but unissued common stock to satisfy the options. The following table presents information about options exercised during the three months ended March 31, 2023 and 2022:

	For the three months ended March 31,
	2023		2022
Number of options exercised		37,201		47,374
Total intrinsic value of options exercised	$	241,904	$	746,292
Cash received from options exercised	$	753,894	$	639,214
Tax deduction realized from options	$	72,777	$	224,522

Schedule of Stock Options, by Exercise Price Range

The following table summarizes information about stock options outstanding and exercisable at March 31, 2023:

	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		139,633	3.8	$	11.96	139,633	$	11.96
16.52 - 19.26		127,499	6.5		18.06	103,342		18.07
19.27 - 20.88		132,300	6.4		20.34	115,967		20.31
20.89 - 22.57		122,200	6.2		22.02	122,200		22.02
Total		521,632	5.7	$	17.94	481,142	$	17.84

Summary of Nonvested Restricted Stock Activity

		Average grant
	Shares	date fair value
Nonvested restricted stock at December 31, 2022	164,570	$	24.77
Granted	18,000		27.33
Cancelled	(1,600)		25.94
Vested	(34,973)		23.34
Nonvested restricted stock at March 31, 2023	145,997	$	25.41

Restricted Stock Grants

Restricted stock awards granted during the three months ended March 31, 2023 and 2022 were as follows:

	For the three months ended March 31,
	2023		2022
Number of shares granted		18,000		70,000
Average grant date fair value	$	27.33	$	27.52

Summary of Components of Net Periodic Pension Cost of Defined Benefit Plan Recognized

	For the three months ended March 31,
(In thousands)	2023		2022
Service cost	$	39	$	37
Interest cost		50		47
Net periodic benefit cost	$	89	$	84

Summary Of Changes In Benefit Obligations Of Defined Benefit Plan

The following table summarizes the changes in benefit obligations of the defined benefit plan during the three months ended March 31, 2023 and 2022:

	For the three months ended March 31,
(In thousands)	2023		2022
Benefit obligation, beginning of year	$	4,857	$	4,521
Service cost		39		37
Interest cost		50		47
Benefit obligation, end of period	$	4,946	$	4,605

Stock Options

Share-based Compensation Arrangement by Share-based Payment Award

Allocation of Share-based Compensation Costs

Compensation expense related to stock options and the related income tax benefit for the three months ended March 31, 2023 and 2022 are detailed in the following table:

	For the three months ended March 31,
(In thousands)	2023		2022
Compensation expense	$	85	$	163
Income tax benefit	$	25	$	47

Restricted Stock

Share-based Compensation Arrangement by Share-based Payment Award

Allocation of Share-based Compensation Costs

Compensation expense related to restricted stock for the three months ended March 31, 2023 and 2022 is detailed in the following table:

	For the three months ended March 31,
(In thousands)	2023		2022
Compensation expense	$	332	$	231
Income tax benefit	$	80	$	67