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Common Stock | 12 Months Ended
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Dec. 31, 2021
Equity [Abstract] |
Common Stock | Common Stock Quarterly cash dividends were paid aggregating to $9.4 million, $8.8 million, and $8.5 million, or $1.50 per share, $1.38 per share, and $1.26 per share, in 2021, 2020, and 2019, respectively. On February 24, 2022, the Board of Directors declared a $0.41 per share cash dividend payable on March 18, 2022, to shareholders of record on March 10, 2022. Federal and State regulations place certain limitations on the payment of dividends by the Company. In January 2021, the Company’s Board of Directors approved a plan whereby it would periodically repurchase for cash up to approximately 5% of its shares of common stock in the open market. At December, 31, 2021, there were 33,724 shares available under the stock repurchase program. However, on January 28, 2022 the Company announced that its Board of Directors authorized the repurchase of up to an additional 300,000 shares of common stock. The Company intends to continue to repurchase its stock from time to time depending upon market conditions. The Company can make no assurances that it will continue this program or that it will authorize additional shares for repurchase. During 2021, 2020 and 2019, 279,276, 327,000 and 347,676 shares of common stock were repurchased, respectively.

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