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Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2024

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
Nine Months Ended September 30, 2024
Nonvested at December 31, 2023			32,075			$	87.23
Granted			10,750				93.85
Forfeited			(1,500	)			83.61
Nonvested at September 30, 2024			41,325				89.08

Summary of Accumulated Stock Units

A summary of the accumulated stock units under the Deferred Stock Compensation Plan is as follows:

		September 30, 2024				December 31, 2023
Accumulated stock units			121,241				119,575
Average price		$	43.43			$	40.03

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)
Nine Months Ended September 30, 2024
Outstanding at December 31, 2023			1,241,391			$	53.12
Options exercised			(184,649	)			32.83
Options canceled, forfeited or expired			(14,500	)			91.45
Outstanding at September 30, 2024			1,042,242				56.18			9.54 Yrs.		$	51,141
Exercisable at September 30, 2024			421,117				38.99			6.63 Yrs.		$	27,901

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 September 30,								Nine Months Ended September 30,
		2024				2023				2024				2023
		(Dollars in thousands)
Total intrinsic value of options exercised		$	6,846			$	176			$	11,931			$	2,507
Cash received from options exercised			3,639				75				6,061				1,614
Tax benefit realized from options exercised			1,646				43				2,868				603

Stock-based Employee Compensation Expense

The components of stock-based compensation expense for all share-based compensation plans and related tax benefits are as follows:

		Three Months Ended September 30,								Nine Months Ended September 30,
		2024				2023				2024				2023
		(Dollars in thousands)
Stock-based compensation expense		$	945			$	864			$	2,580			$	2,077
Tax benefit			227				208				620				500
Stock-based compensation expense, net of tax		$	718			$	656			$	1,960			$	1,577

The Company amortizes the unearned stock-based compensation expense over the remaining weighted average vesting period of approximately five years for unvested stock options and six years for unvested RSU's. The following table shows the unearned stock-based compensation expense for unvested stock options and unvested RSU's:

Unearned Stock-based Compensation Expense

		September 30, 2024
		(Dollars in thousands)
Unearned stock-based compensation expense for unvested stock options		$	8,106
Unearned stock-based compensation expense for unvested RSU's			3,161

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