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Stock-based Payment Arrangements (Tables) | 12 Months Ended
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Dec. 31, 2023
Share-Based Payment Arrangement [Abstract] |
Summary of Assumptions Used in Computing Fair Value of All Options Granted | The fair value of each option granted is estimated on the grant date using the Black-Scholes option pricing model. This model requires management to make certain assumptions, including the expected life of the option, the risk-free rate of interest, the expected volatility and the expected dividend yield. The following weighted-average assumptions were used for option awards issued during the years ended December 31:
| 2023 | 2022 | 2021
Expected dividends | —% | 2.24% | 2.50%
Expected volatility | —% | 34.34% | 33.77%
Risk-free interest rate | —% | 1.8% | 1.2%
Expected term (in years) | 0 | 6.5 | 6.5
Summary of Stock Option Activity | The following table represents stock option activity for the years indicated.
Options |  | Number of Options |  | Weighted-Average Exercise Price |  | Weighted-Average Grant Date Fair Value |  | Weighted-Average Remaining Contractual Term (Years)
Outstanding as of December 31, 2020 |  | 204,540 |  |  | $ | 29.17 |  |  | $ | 6.02 |  |  |
Granted |  | 37,970 |  |  | 36.84 |  |  | 9.58 |  |  |
Exercised |  | (19,941) |  |  | 24.72 |  |  | 5.20 |  |  |
Forfeited |  | (8,712) |  |  | 34.35 |  |  | 6.98 |  |  |
Outstanding as of December 31, 2021 |  | 213,857 |  |  | $ | 30.73 |  |  | $ | 6.69 |  |  | 6.0
Granted |  | 3,800 |  |  | 41.15 |  |  | 11.72 |  |  |
Exercised |  | (35,794) |  |  | 22.00 |  |  | 5.85 |  |  |
Forfeited |  | (480) |  |  | 45.12 |  |  | 10.43 |  |  |
Outstanding as of December 31, 2022 |  | 181,383 |  |  | $ | 32.64 |  |  | $ | 6.95 |  |  | 5.7
Granted |  | — |  |  | — |  |  | — |  |  |
Exercised |  | (20,816) |  |  | 26.31 |  |  | 5.58 |  |  |
Forfeited |  | (3,880) |  |  | 34.33 |  |  | 7.61 |  |  |
Outstanding as of December 31, 2023 |  | 156,687 |  |  | $ | 33.43 |  |  | $ | 7.11 |  |  | 4.9
Exercisable as of December 31, 2021 |  | 125,601 |  |  | $ | 28.66 |  |  | $ | 6.28 |  |  | 4.5
Exercisable as of December 31, 2022 |  | 116,239 |  |  | $ | 32.03 |  |  | $ | 6.64 |  |  | 4.7
Exercisable as of December 31, 2023 |  | 117,870 |  |  | $ | 33.54 |  |  | $ | 6.97 |  |  | 4.3
Summary of Unvested Restricted Stock Activity | The following table represents unvested restricted stock activity for the years indicated.
Restricted Stock |  | Number of Shares |  | Weighted-Average Grant Date Fair Value
Balance, December 31, 2020 |  | 44,353 |  |  | $ | 32.04 |
Granted |  | 21,365 |  |  | 36.90 |
Forfeited |  | (3,937) |  |  | 32.76 |
Released |  | (15,574) |  |  | 32.95 |
Balance, December 31, 2021 |  | 46,207 |  |  | $ | 33.93 |
Granted |  | 42,495 |  |  | 35.32 |
Forfeited |  | — |  |  | — |
Released |  | (14,640) |  |  | 34.67 |
Balance, December 31, 2022 |  | 74,062 |  |  | $ | 34.58 |
Granted |  | 45,065 |  |  | 30.37 |
Forfeited |  | (6,375) |  |  | 32.88 |
Released |  | (19,814) |  |  | 35.04 |
Balance, December 31, 2023 |  | 92,938 |  |  | $ | 32.55 |

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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 -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -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 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Subparagraph (f)(2) -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
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- Definition Tabular disclosure of the change in restricted stock units (RSUs). + References No definition available. + Details
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