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Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2021

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Summary of Activity Under Stock Option Plan

The following table is a summary of the activity under both the Employee Plan and the Non-Employee Directors’ Plan:

										Wgtd. Avg.
						Wgtd. Avg.				Remaining		Aggregate
						Exercise				Contractual		Intrinsic
		Options				Price				Term		Value
		(Dollars in thousands, except option data)
Six Months Ended June 30, 2021
Outstanding at December 31, 2020			1,343,080			$	35.28
Options granted			53,000				69.57
Options exercised			(183,830	)			23.82
Options canceled, forfeited, or expired			(5,000	)			44.23
Outstanding at June 30, 2021			1,207,250				38.49			8.67 Yrs		$	28,896
Exercisable at June 30, 2021			596,750				26.68			7.27 Yrs		$	21,336

Options Exercised Under Stock Option Plan

The following table has additional information regarding options exercised under both the Employee Plan and the Non-Employee Directors’ Plan:

		Three Months Ended June 30,								Six Months Ended June 30,
		2021				2020				2021				2020
		(Dollars in thousands)								(Dollars in thousands)
Total intrinsic value of options exercised		$	557			$	337			$	7,860			$	726
Cash received from options exercised			413				303				4,379				504
Tax benefit realized from options exercised			142				86				2,002				185

Stock-based Employee Compensation Expense

The following table is a summary of the Company’s recorded stock-based compensation expense:

		Three Months Ended June 30,								Six Months Ended June 30,
		2021				2020				2021				2020
		(Dollars in thousands)								(Dollars in thousands)
Stock-based compensation expense		$	473			$	406			$	1,049			$	832
Tax benefit			114				103				252				212
Stock-based compensation expense, net of tax		$	359			$	303			$	797			$	620

Unearned Stock-based Compensation Expense

The Company will continue to amortize the unearned stock-based compensation expense over the remaining vesting period of approximately seven years.  The following table shows the unearned stock-based compensation expense:

		June 30, 2021
		(Dollars in thousands)
Unearned stock-based compensation expense		$	5,417

Assumptions Used for Computing Stock-Based Compensation Expense

The following table shows the assumptions used for computing stock-based compensation expense under the fair value method on options granted during the periods presented:

		Six Months Ended June 30,
		2021				2020
Weighted average grant-date fair value per share of options granted		$	23.74			$	10.63
Risk-free interest rate		1.34 to 1.74%				0.66 to1.13%
Dividend yield		2.00%				2.00%
Stock price volatility		35.55 to 36.01%				22.84 to 33.56%
Expected term		10 Yrs				10 Yrs

Summary of Accumulated Stock Units

A summary of the accumulated stock units is as follows:

		June 30,				December 31,
		2021				2020
Accumulated stock units			150,118				148,278
Average price		$	29.61			$	28.57

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