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Stock-based Payment Arrangements (Tables)

12 Months Ended

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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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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Tabular disclosure of the change in restricted stock units (RSUs).

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