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Stock-Based Compensation Plans (Tables)

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Compensation Expense and Related Tax Benefits

The following table presents compensation expense and related tax benefits for all equity awards recognized in the consolidated statements of income for the years ended December 31, 2023, 2022 and 2021:

			2023						2022						2021
			(dollars in thousands)
Compensation expense			$	11,265					$	15,081					$	9,264
Tax benefit			(2,484)						(2,690)						(2,027)
Total stock-based compensation, net of tax			$	8,781					$	12,391					$	7,237

Stock Option Activity

The following table provides information about stock option activity for the year ended December 31, 2023:

			Stock Options						Weighted Average Exercise Price						Weighted Average Remaining Contractual Term						Aggregate Intrinsic Value (in millions)
Outstanding and exercisable as of December 31, 2022			108,464						$	12.11
Granted			—						—
Exercised			(68,134)						11.81
Forfeited			—						—
Expired			(195)						11.58
Outstanding and exercisable as of December 31, 2023			40,135						$	12.61					0.3 years						$	0.2

Schedule Of Options Exercised

The following table presents information about stock options exercised for the years ended December 31, 2023, 2022 and 2021:

			2023						2022						2021
			(dollars in thousands)
Number of options exercised			68,134						130,503						148,670
Total intrinsic value of options exercised			$	249					$	842					$	801
Cash received from options exercised			$	805					$	1,402					$	1,651
Tax benefit from options exercised			$	47					$	163					$	155

Schedule of Nonvested Share Activity

The following table provides information about nonvested restricted stock, RSUs and PSUs granted under the Employee Equity Plan and Directors' Plan for the year ended December 31, 2023:

									Restricted Stock/RSUs/PSUs(1)
															Shares						Weighted Average Grant Date Fair Value
Nonvested as of December 31, 2022															2,524,196						$	14.16
Granted															1,026,492						11.85
Vested															(806,481)						11.79
Forfeited															(81,736)						13.21
Nonvested as of December 31, 2023															2,662,471						$	14.24

(1) There were no nonvested stock options at December 31, 2023 or 2022.

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions

The fair value of certain PSUs with market-based performance conditions granted under the Employee Equity Plan was estimated on the grant date using the Monte Carlo valuation methodology performed by a third-party valuation expert. This valuation is dependent upon certain assumptions, as summarized in the following table:

			2023						2022						2021
Risk-free interest rate			3.84		%				2.84		%				0.25		%
Volatility of Corporation’s stock			35.63		%				43.46		%				42.55		%
Expected life of PSUs			3 years						3 years						3 years

Schedule of Share-based Payment Award, Employee Stock Purchase Plan, Valuation Assumptions

The following table summarizes activity under the ESPP:

			2023						2022						2021
ESPP shares purchased			162,667						134,645						134,156
Average purchase price per share (85% of market value)			$	11.68					$	14.06					$	13.92
Compensation expense recognized (in thousands)			$	348					$	334					$	329

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