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Stock-Based Compensation Plans | 12 Months Ended
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Dec. 31, 2021
Share Based Compensation Arrangement By Share Based Payment Award Additional General Disclosures [Abstract] |
Stock-Based Compensation Plans | (11) Stock-Based Compensation Plans The Company may grant stock options and restricted stock under its stock-based compensation plans to certain officers, employees and directors. These plans are administered by a committee of the Board of Directors. In August 2018, with subsequent shareholder approval, the 2018 Equity Incentive Plan was approved up to 133,987 share of common stock and up to 334,970 stock options. Amounts related to periods prior to the date of the Conversion (January 20, 2021) have been restated to give the retroactive recognition to the exchange ratio applied in the Conversion (0.90686-to-one) (see Note 1). A Black-Scholes model is utilized to estimate the fair value of stock option grants, while the market price of the Company’s stock at the date of grant is used to estimate the fair value of restricted stock awards. The weighted average assumptions used in the Black-Scholes model for valuing stock option grants were as follows.
| December 31 |
|  | 2021 |  |  |  | 2020 |
Dividend yield |  | 0.00 | % |  |  | 0.00 | %
Expected volatility |  | 36.62 | % |  |  | 25.40 | %
Risk-free interest rate |  | 1.04 | % |  |  | 0.53 | %
Expected average life |  | 7.5 |  |  |  | 7.5 |
Weighted average per share fair value | $ | 5.34 |  |  | $ | 2.02 |
Stock options of 13,454 with a weighted average exercise price of $13.09 were granted during the year ended December 31, 2021. There were no restricted stock grants during the year ended December 31, 2021. A summary of the Company's stock option activity is summarized below.
Stock Options |  | Option Shares Outstanding |  |  | Weighted Average Exercise Price |  |  | Weighted Average Remaining Life (Years) |  |  | Aggregate Intrinsic Value (in thousands) |
Outstanding - January 1, 2020 |  |  | 324,916 |  |  | $ | 11.14 |  |  |  | 9.30 |  |  |  | — |
Granted |  |  | 130,588 |  |  |  | 7.77 |  |  |  |  |  |  |
Exercise of stock options* |  |  | — |  |  | — |  |  |  |  |  |  |
Forfeited |  |  | (133,988 | ) |  |  | — |  |  |  |  |  |  |
Outstanding - December 31, 2020 |  |  | 321,516 |  |  | $ | 9.77 |  |  |  | 8.60 |  |  | $ | 203 |
Exercisable - December 31, 2020 |  |  | 38,186 |  |  | $ | 11.14 |  |  |  | 8.20 |  |  | $ | — |
Granted |  |  | 13,454 |  |  | $ | 13.09 |  |  |  |  |  |  |
Exercise of stock options* |  |  |  |  | — |  |  |  |  |  |  |
Forfeited |  |  | — |  |  |  | — |  |  |  |  |  |  |
Outstanding - December 31, 2021 |  |  | 334,970 |  |  | $ | 9.90 |  |  |  | 7.80 |  |  | $ | 676 |
Exercisable - December 31, 2021 |  |  | 102,489 |  |  | $ | 10.28 |  |  |  | 7.57 |  |  | $ | 274 |
* The terms of the stock option agreements permit having a number of shares of stock withheld, the fair market value of which as of the date of exercise is sufficient to satisfy the exercise price and/or tax withholding requirements. Intrinsic value represents the amount by which the fair market value of the underlying stock exceeds the exercise price of the stock options. A summary of the Company's restricted stock activity is summarized below.
Restricted Stock |  |  |  |  |  | Weighted Average Grant Date Fair Value |  |  | Restricted Shares Outstanding |
Outstanding - January 1, 2020 |  |  |  |  |  | $ | 10.10 |  |  |  | 120,588 |
Granted |  |  |  |  |  |  | 7.05 |  |  |  | 64,666 |
Vested* |  |  |  |  |  |  | — |  |  |  | (13,865 | )
Forfeited |  |  |  |  |  |  | — |  |  |  | (51,266 | )
Outstanding - December 31, 2020 |  |  |  |  |  | $ | 8.63 |  |  |  | 120,123 |
Granted |  |  |  |  |  | $ | — |  |  |  | — |
Vested* |  |  |  |  |  |  | — |  |  |  | (26,787 | )
Forfeited |  |  |  |  |  |  | — |  |  |  | — |
Outstanding - December 31, 2021 |  |  |  |  |  | $ | 8.63 |  |  |  | 93,336 |
*The terms of the restricted stock agreements permit the surrender of shares of the Company upon vesting in order to satisfy applicable tax withholding requirements at the minimum statutory withholding rate, and accordingly, 2,641 shares were surrendered during the year ended December 31, 2021. The Company recognized approximately $410,000 and $298,000 of stock-based compensation expense (included in salary and employee benefits on the consolidated statements of income) during 2021 and 2020, respectively, associated with its common stock awards granted to directors and officers. As of December 31, 2021, there was approximately $1.2 million of unrecognized compensation cost related to equity award grants. The cost is expected to be recognized over the remaining vesting period of approximately 3.0 years.

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- Definition The entire disclosure for shareholders' equity and share-based payment arrangement. Includes, but is not limited to, disclosure of policy and terms of share-based payment arrangement, deferred compensation arrangement, and employee stock purchase plan (ESPP). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -URI http://asc.fasb.org/topic&trid=2208762 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -URI http://asc.fasb.org/topic&trid=2228938 + Details
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