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Stock Awards (Tables)

12 Months Ended

Dec. 31, 2021

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Summary of Assumptions Used in Black-Scholes Pricing Model

The table below sets forth the assumptions used in the Black-Scholes pricing model for the year ended December 31, 2020.

		2020
Risk-free interest rate			1.24	%
Expected term (in years)			7.5
Expected stock price volatility			28.9	%
Dividend yield			1.25	%
Fair value of stock option		$	3.34

Stock Option Activity

The following table summarizes the Company’s stock option activity for the periods presented.

		Year Ended
		December 31, 2021								December 31, 2020
		Number of Shares				Average Exercise Price				Number of Shares				Average Exercise Price
Options:
Outstanding, beginning of year			421,000			$	9.79				412,800			$	9.72
Granted			—				—				10,200				11.95
Exercised			750				8.23				666				10.75
Forfeited			—				—				1,334				9.70
Options outstanding, end of year			420,250			$	9.79				421,000			$	9.79
Options exercisable, end of year			395,678			$	9.74				359,413			$	9.62

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- References

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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

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-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

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-Publisher FASB
-Name Accounting Standards Codification
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-Publisher FASB
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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.

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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 (f)(2)
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