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Share-Based Payments (Tables)

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Summary of Nonvested Restricted Stock Shares Activity

The following is a summary of restricted stock award activity for the year ended December 31, 2023:

			Shares						Weighted-Average Grant-Date Fair Value
Nonvested, Beginning of Year			141,551						$	49.83
Granted			55,205						68.03
Vested			(45,493)						50.02
Forfeited			(2,350)						52.02
Nonvested, End of Year			148,913						$	56.48

Schedule of Share-Based Payment Award, Employee Stock Purchase Plan, Valuation Assumptions

The grant-date fair value of the TSR component of the stock performance awards granted during the years ended December 31, 2023, 2022 and 2021 was determined using a Monte Carlo fair value simulation model incorporating the following assumptions:

			2023						2022						2021
Risk-free interest rate			4.15		%				1.52		%				0.18		%
Expected term (in years)			3.00						3.00						3.00
Expected volatility			34.00		%				32.00		%				32.00		%
Dividend yield			2.50		%				2.90		%				3.60		%

Schedule of Share-based Compensation Arrangements by Share-based Payment Award

The following is a summary of stock performance award activity for the year ended December 31, 2023 (share amounts reflect awards at target):

			Shares						Weighted-Average Grant-Date Fair Value
Nonvested, Beginning of Year			189,800						$	45.95
Granted			59,400						61.97
Vested			(55,000)						47.79
Forfeited			—						—
Nonvested, End of Year			194,200						$	50.33

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Tabular disclosure of share-based payment arrangement.

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Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-SubTopic 10
-Topic 718
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-1

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-Name Accounting Standards Codification
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-Publisher FASB
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Tabular disclosure of the changes in outstanding nonvested restricted stock shares.

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-Name Accounting Standards Codification
-Section 50
-Subparagraph (c)
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Tabular disclosure of the significant assumptions used during the year to estimate the fair value of employee stock purchase plans, including, but not limited to: (a) expected term, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions.

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