XML 62 R48.htm IDEA: XBRL DOCUMENT
v3.22.0.1

Stock-Based Compensation (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2021
Share-based Payment Arrangement [Abstract] |
Schedule of stock-based compensation expense | Stock-based compensation expense was recorded as follows:
|  | For the years ended December 31,
(dollars in thousands) |  | 2021 |  |  | 2020 |  | 2019 |
Stock option expense |  | $ | 1,148 |  |  |  | 1,017 |  |  | 1,270 |
Restricted stock grant expense |  |  | 499 |  |  |  | 380 |  |  | 428 |
Total stock-based compensation expense |  | $ | 1,647 |  |  |  | 1,397 |  |  | 1,698 |
Summary of the status of the stock option plan and changes | A summary of the status of the stock option plan and changes for the period is presented below:
|  | For the years ended December 31, |
|  | 2021 |  |  | 2020 |  |  |  | 2019 |
|  |  |  |  |  |  |  |  |  | Weighted |  |  |  |  |  |  |  |  |  | Weighted |  |  |  |  |  |  |  |  |  |  |  | Weighted |
|  |  |  |  |  | Weighted |  |  | Average |  |  |  |  |  | Weighted |  |  | Average |  |  |  |  |  |  | Weighted |  |  | Average |
|  |  |  |  |  | average |  |  | Remaining |  |  |  |  |  | average |  |  | Remaining |  |  |  |  |  |  | average |  |  | Remaining |
|  |  |  |  |  | exercise |  |  | Contractual |  |  |  |  |  | exercise |  |  | Contractual |  |  |  |  |  |  | exercise |  |  | Contractual |
|  | Shares |  |  | price |  |  | Life |  |  | Shares |  |  | price |  |  | Life |  |  | Shares |  |  | price |  |  | Life |
Outstanding at beginning of year |  |  | 495,195 |  |  | $ | 29.93 |  |  |  |  |  |  | 541,414 |  |  | $ | 26.65 |  |  |  |  |  |  |  | 648,311 |  |  | $ | 20.74 |  |  |  |  |
Granted |  |  | 121,000 |  |  |  | 40.45 |  |  |  |  |  |  | 101,700 |  |  |  | 37.77 |  |  |  |  |  |  |  | 101,350 |  |  |  | 32.81 |  |  |  |  |
Exercised |  |  | (127,871 | ) |  |  | 23.56 |  |  |  |  |  |  | (93,870 | ) |  |  | 14.79 |  |  |  |  |  |  |  | (191,497 | ) |  |  | 9.24 |  |  |  |  |
Forfeited or expired |  |  | (23,600 | ) |  |  | 38.88 |  |  |  |  |  |  | (54,049 | ) |  |  | 38.15 |  |  |  |  |  |  |  | (16,750 | ) |  |  | 34.01 |  |  |  |  |
Outstanding at end of year |  |  | 464,724 |  |  | $ | 33.97 |  |  |  | 6.6 years |  |  | 495,195 |  |  | $ | 29.93 |  |  |  | 6.4 years |  |  |  | 541,414 |  |  | $ | 26.65 |  |  |  | 6.3 years |
Options exercisable at year-end |  |  | 239,340 |  |  | $ | 29.68 |  |  |  | 5.0 years |  |  | 287,548 |  |  | $ | 24.93 |  |  |  | 5.0 years |  |  |  | 305,991 |  |  | $ | 20.00 |  |  |  | 4.9 years |
Weighted average fair value of options granted during the year |  |  |  |  |  | $ | 16.40 |  |  |  |  |  |  |  |  |  | $ | 11.37 |  |  |  |  |  |  |  |  |  |  | $ | 11.81 |  |  |  |  |
Shares available for grant |  |  | 422,550 |  |  |  |  |  |  |  |  |  |  | 136,339 |  |  |  |  |  |  |  |  |  |  |  | 183,990 |  |  |  |  |  |  |  |  |
Schedule of assumptions used | The fair value of the option grant is estimated on the date of grant using the Black-Scholes option-pricing model. The following assumptions were used for grants:
|  | 2021 |  |  | 2020 |  |  | 2019 |
Dividend yield |  |  | - |  |  |  | - |  |  |  | - |
Expected life |  |  | 7 years |  |  |  | 7 years |  |  |  | 7 years |
Expected volatility |  |  | 38.48 | % |  |  | 25.51 | % |  |  | 28.21 | %
Risk-free interest rate |  |  | .74 | % |  |  | 1.29 | % |  |  | 2.59 | %
Summary of the status of the Company's nonvested restricted stock and changes | A summary of the status of the Company’s nonvested restricted stock and changes for the years ended December 31, 2021, 2020, and 2019 is as follows:
|  | December 31, |
|  | 2021 |  |  | 2020 |  |  | 2019 |
|  |  |  |  |  | Weighted |  |  |  |  |  |  | Weighted |  |  |  |  |  |  | Weighted |
|  |  |  |  |  | Average |  |  |  |  |  |  | Average |  |  |  |  |  |  | Average |
|  | Restricted |  |  | Grant-Date |  |  | Restricted |  |  | Grant-Date |  |  | Restricted |  |  | Grant-Date |
|  | Shares |  |  | Fair Value |  |  | Shares |  |  | Fair Value |  |  | Shares |  |  | Fair Value |
Nonvested at beginning of year |  |  | 26,099 |  |  | $ | 38.05 |  |  |  | 32,825 |  |  | $ | 34.78 |  |  |  | 29,625 |  |  | $ | 34.00 |
Granted |  |  | 26,450 |  |  |  | 48.56 |  |  |  | 13,200 |  |  |  | 39.87 |  |  |  | 14,700 |  |  |  | 33.64 |
Vested |  |  | (9,600 | ) |  |  | 38.03 |  |  |  | (14,051 | ) |  |  | 32.06 |  |  |  | (10,375 | ) |  |  | 31.61 |
Forfeited |  |  | (1,250 | ) |  |  | 38.56 |  |  |  | (5,875 | ) |  |  | 37.74 |  |  |  | (1,125 | ) |  |  | 28.03 |
Nonvested at end of year |  |  | 41,699 |  |  | $ | 44.71 |  |  |  | 26,099 |  |  | $ | 38.05 |  |  |  | 32,825 |  |  | $ | 34.78 |

X
- References No definition available. + Details
Name: | us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of assumption used to determine benefit obligation and net periodic benefit cost of defined benefit plan. Includes, but is not limited to, discount rate, rate of compensation increase, expected long-term rate of return on plan assets and interest crediting rate. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (k) -URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfAssumptionsUsedTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the changes in outstanding nonvested restricted stock units. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(2) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
Name: | us-gaap_ScheduleOfNonvestedRestrictedStockUnitsActivityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of employee stock purchase plan activity. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (g) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
Name: | us-gaap_ScheduleOfShareBasedCompensationEmployeeStockPurchasePlanActivityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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 -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
Name: | us-gaap_ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration