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Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of Outstanding Restricted Stock

The following table presents information regarding the activity during 2021, 2022, and 2023 related to the Company’s outstanding restricted stock:

						Long-Term Restricted Stock
						Shares						Weighted Average Grant Date Fair Value
Nonvested at January 1, 2021						172,105						$	33.80
Granted during the period						104,414						40.56
Vested during the period						(63,369)						39.82
Forfeited or expired during the period						(6,819)						37.32
Nonvested at December 31, 2021						206,331						35.25
Granted during the period						95,960						38.09
Vested during the period						(70,110)						36.69
Forfeited or expired during the period						(9,169)						32.62
Nonvested at December 31, 2022						223,012						36.14
Granted during the period						143,380						37.08
Vested during the period						(74,310)						29.43
Forfeited or expired during the period						(791)						37.88
Nonvested at December 31, 2023						291,291						38.01

Schedule of Company's Stock Options Outstanding

Stock option activity and related information is presented below as of and for the periods indicated:

						Options Outstanding
						Number of Shares						Weighted- Average Exercise Price						Weighted- Average Remaining Contractual Term (years)						Aggregate Intrinsic Value (thousands)
Balance at January 1, 2023						—						—
Replacement options issued in conjunction with acquisition of GrandSouth						542,345						20.14
Exercised during the period						(236,760)						19.09
Forfeited or expired during the period						—						—
Outstanding at December 31, 2023						305,585						20.95						5.74						$	4,907
Exercisable at December 31, 2023						305,585						20.95						5.74						$	4,907

Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions

The following table illustrates the assumptions for the Black-Scholes model used in determining the fair value of options granted:

						For the twelve months ended
						December 31, 2023
Fair value per option, weighted average						$	24.85
Expected life (years)						1.4 - 4.7
Expected stock price volatility, weighted average						46.39		%
Expected dividend yield						2.05		%
Risk-free interest rate, weighted average						4.18		%
Expected forfeiture rate						—		%

Share-Based Payment Arrangement, Option, Exercise Price Range

Stock options outstanding are summarized as follows as of December 31, 2023:

Shares						Range						Weighted Average Price						Weighted Average Remaining Life in Years
77,857						$13.79 - 18.18						15.69						3.51
120,500						$18.19						18.19						5.48
107,228						$18.20 - 31.32						27.88						7.64
305,585												20.95						5.74

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Tabular disclosure of option exercise prices, by grouped ranges, including the upper and lower limits of the price range, the number of shares under option, weighted average exercise price and remaining contractual option terms.

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Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value.

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Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (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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Disclosure of the number and weighted-average grant date fair value for restricted stock and restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock and restricted stock units that were granted, vested, or forfeited during the year.

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