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Stock-Based Compensation Plans (Tables) | 6 Months Ended
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Jun. 30, 2024
Share-Based Payment Arrangement [Abstract] |
Stock compensation expense | The Company recorded the following stock compensation expense in its consolidated statements of income (in thousands):
| Three Months ended | Six Months ended
| June 30, | June 30,
| 2024 |  | 2023 |  | 2024 |  | 2023 |
Stock option grants | $ | 20 |  |  | $ | 16 |  |  | $ | 39 |  |  | $ | 33 |  |
Restricted stock awards | 340 |  |  | 261 |  |  | 641 |  |  | 518 |  |
Annual director stock award | 600 |  |  | 600 |  |  | 600 |  |  | 600 |  |
Employee stock grant | — |  |  | — |  |  | — |  |  | 50 |  |
| $ | 960 |  |  | $ | 877 |  |  | $ | 1,280 |  |  | $ | 1,201 |  |
Summary of changes in outstanding options | A summary of changes in outstanding options is presented below (in thousands, except share and per share amounts):
Options | Number Of Shares |  | Weighted Average Exercise Price |  | Weighted Average Remaining Term (yrs) |  | Weighted Average Grant Date Fair Value(000's) |
Outstanding at January 1, 2024 | 126,880 |  |  | $ | 20.00 |  |  |  | 3.5 |  | $ | 981 |  |
Time-based awards granted | 12,200 |  |  | 31.44 |  |  |  |  |  | 150 |  |
Performance-based awards granted | 20,330 |  |  | 31.44 |  |  |  |  |  | 250 |  |
Outstanding at June 30, 2024 | 159,410 |  |  | $ | 22.33 |  |  |  | 4.3 |  | $ | 1,381 |  |
Exercisable at June 30, 2024 | 126,880 |  |  | $ | 20.00 |  |  |  | 3.0 |  | $ | 981 |  |
Vested during three months ended June 30, 2024 | — |  |  |  |  |  |  |  | $ | — |  |
Summary of changes in restricted stock awards | A summary of changes in restricted stock awards is presented below (in thousands, except share and per share amounts):
Restricted stock | Number Of Shares |  | Weighted Average Exercise Price |  | Weighted Average Remaining Term (yrs) |  | Weighted Average Grant Date Fair Value(000's)
Non-vested at January 1, 2024 | 109,454 |  |  | $ | 26.47 |  |  |  | 2.8 |  | $ | 2,897 |  |
Time-based awards granted | 12,780 |  |  | 31.30 |  |  |  |  |  | 400 |  |
Performance-based awards granted | 29,890 |  |  | 31.05 |  |  |  |  |  | 928 |  |
Vested | (8,684) |  |  | 29.16 |  |  |  |  |  | (253) |  |
Non-vested at June 30, 2024 | 143,440 |  |  | $ | 27.44 |  |  |  | 2.9 |  | $ | 3,972 |  |

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- Definition Tabular disclosure of cost recognized for award under share-based payment arrangement by plan. Includes, but is not limited to, related tax benefit. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (e) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
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- Definition 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. + References No definition available. + Details
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