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Employee Benefits (Tables)

9 Months Ended

Sep. 30, 2023

Employee Benefits [Abstract]

Stock Options Activity

The following table is a summary of the stock option activity under the Incentive Plan (dollar amounts in thousands, except per share data):

		Options				Wgtd. Avg. Exercise Price				Wgtd. Avg. Remaining Contractual Term				Aggregate Intrinsic Value
Nine Months Ended September 30, 2023
Outstanding at December 31, 2022			251,550			$	17.52
Options Granted			-				-
Options Exercised			26,986				17.83
Options Forfeited			(2,188	)			-
Outstanding at September 30, 2023			222,376				17.51				5.90			$	1,119,462
Exercisable at September 30, 2023			174,621				18.00				5.52			$	787,299

Assumptions Used for Computing Stock-Based Compensation Expense under Fair Value Method

The following table shows the assumptions used for computing stock-based compensation expense under the fair value method on options granted during the period presented. There were no new grants for the nine months ended September 30, 2023.

		For the Nine Months Ended
		September 30, 2023
Risk-free interest rate			3.47	%
Dividend yield			1.96	%
Stock price volatility			34.92	%
Expected term			7.01

Restricted Stock Units

The following table summarizes share information about RSUs for the nine months ended September 30, 2023 and 2022:

		Number of Shares				Wgtd. Avg. Grant Date Fair Value
Nine Months Ended September 30, 2023
Outstanding at December 31, 2022			112,591			$	19.15
Shares granted			163,311				29.76
Shares vested			(40,734	)			19.04
Shares forfeited			(7,087	)			27.34
End of the period balance			228,081			$	26.51

		Number of Shares				Wgtd. Avg. Grant Date Fair Value
Nine Months Ended September 30, 2022
Outstanding at December 31, 2021			172,993			$	19.02
Shares granted			3,000				4.03
Shares vested			(41,584	)			17.93
Shares forfeited			(750	)			22.13
End of the period balance			133,659			$	19.01

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Tabular disclosure of the number and weighted-average grant date fair value for restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock units that were granted, vested, or forfeited during the year.

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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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