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Stock-Based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2023
Share-Based Payment Arrangement [Abstract] |
Summary of Activity Under RSU Plan | The following table is a summary of the activity under the Company's RSU plan.
|  |  |  |  | Wgtd. Avg. |
|  | Restricted |  |  | Grant Date |
|  | Stock Units |  |  | Fair Value |
Year Ended December 31, 2023 |  |  |  |  |  |
Nonvested at December 31, 2022 |  |  | — |  |  |  |
Granted |  |  | 32,075 |  |  | $ | 87.23 |
Nonvested at December 31, 2023 |  |  | 32,075 |  |  |  |
Summary of Accumulated Stock Units | A summary of the accumulated stock units is as follows:
|  | December 31, |
|  | 2023 |  |  | 2022 |
Accumulated stock units |  |  | 119,575 |  |  |  | 129,609 |
Average price |  | $ | 40.03 |  |  | $ | 34.91 |
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) |
Year Ended December 31, 2023 |  |  |  |  |  |  |  |  |  |  |
Outstanding at December 31, 2022 |  |  | 1,310,290 |  |  | $ | 52.51 |  |  |  |  |  |
Options exercised |  |  | (60,024 | ) |  |  | 34.83 |  |  |  |  |  |
Options canceled, forfeited, or expired |  |  | (8,875 | ) |  |  | 86.42 |  |  |  |  |  |
Outstanding at December 31, 2023 |  |  | 1,241,391 |  |  |  | 53.12 |  |  | 9.70 Yrs |  | $ | 54,882 |
Exercisable at December 31, 2023 |  |  | 524,016 |  |  |  | 34.53 |  |  | 6.39 Yrs |  | $ | 32,908 |
Year Ended December 31, 2022 |  |  |  |  |  |  |  |  |  |  |
Outstanding at December 31, 2021 |  |  | 1,303,250 |  |  | $ | 40.90 |  |  |  |  |  |
Options granted |  |  | 278,500 |  |  |  | 87.13 |  |  |  |  |  |
Options exercised |  |  | (241,460 | ) |  |  | 28.06 |  |  |  |  |  |
Options canceled, forfeited, or expired |  |  | (30,000 | ) |  |  | 66.31 |  |  |  |  |  |
Outstanding at December 31, 2022 |  |  | 1,310,290 |  |  |  | 52.51 |  |  | 8.73 Yrs |  | $ | 46,741 |
Exercisable at December 31, 2022 |  |  | 489,540 |  |  |  | 30.82 |  |  | 6.80 Yrs |  | $ | 28,082 |
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:
|  | Year Ended December 31, |
|  | 2023 |  |  | 2022 |  |  | 2021 |
|  | (Dollars in thousands) |
Total intrinsic value of options exercised |  | $ | 3,055 |  |  | $ | 14,837 |  |  | $ | 9,264 |
Cash received from options exercised |  |  | 2,090 |  |  |  | 6,776 |  |  |  | 5,015 |
Tax benefit realized from options exercised |  |  | 734 |  |  |  | 3,567 |  |  |  | 2,360 |
Assumptions Used for Computing Stock-Based Compensation Expense | he following table shows the assumptions used for computing stock-based compensation expense under the fair value method on options granted during the periods presented:
|  | Year Ended December 31, |
|  | 2022 |  |  | 2021 |
Weighted average grant-date fair value per share of options granted |  | $ | 31.90 |  |  | $ | 21.16 |
Risk-free interest rate |  | 1.75 to 4.17% |  |  | 1.30 to 1.74% |
Dividend yield |  | 2.00% |  |  | 2.00% |
Stock price volatility |  | 34.61 to 35.60% |  |  | 35.55 to 36.39% |
Expected term |  | 10 Yrs |  |  | 10 Yrs |
Stock-based Employee Compensation Expense | The components of s tock-based compensation expense for all share-based compensation plans and related tax benefits are as follows:
|  | Year Ended December 31, |
|  | 2023 |  |  | 2022 |  |  | 2021 |
|  | (Dollars in thousands) |
Stock-based compensation expense |  | $ | 2,999 |  |  | $ | 1,941 |  |  | $ | 2,133 |
Tax benefit |  |  | 721 |  |  |  | 467 |  |  |  | 513 |
Stock-based compensation expense, net of tax |  | $ | 2,278 |  |  | $ | 1,474 |  |  | $ | 1,620 |
Unearned Stock-based Compensation Expense |
|  | December 31, 2023 |
|  | (Dollars in thousands) |
Unearned stock-based compensation expense for unvested stock options |  | $ | 10,316 |
Unearned stock-based compensation expense for unvested RSU's |  |  | 2,672 |

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