XML 36 R23.htm IDEA: XBRL DOCUMENT
v3.22.4

Share-Based Compensation | 12 Months Ended
--- | ---
Dec. 31, 2022
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] |
Share-Based Compensation | Note 15. Share-Based Compensation The Company has share-based compensation plans which allow grants of stock options, restricted stock, stock appreciation rights, and restricted stock units to its employees and non-employee directors. The Company’s employee stock option plans are shareholder approved and administered by the Human Resources and Compensation Committee of the Board of Directors. Stock options provide grantees the option to purchase shares of the Parent’s common stock at a specified exercise price and, generally, expire 10 years from the date of grant. Stock option grants include incentive and non-qualified stock options whose vesting may be subject to one or more criteria, including employment or achievement of Company performance measures. Stock option exercise prices were equal to the quoted market price of the Parent’s common stock on the date of grant. Restricted stock provides grantees with rights to shares of common stock upon completion of one or more criteria, including service period, performance or other conditions as established by the Compensation Committee, such as vesting tied to the Company’s financial performance relative to the peer group or achievement of an absolute financial performance target. During the restriction period, all shares are considered outstanding and dividends are paid on the restricted stock. Generally, restricted stock vests over periods ranging from one year to five years from the date of grant. Restricted stock and dividends may be forfeited if an employee terminates prior to vesting. As of December 31, 2022, total shares authorized under the plans were 2.1 million shares, of which 1.1 million shares were available for future grants. The Company recognizes compensation expense, measured as the fair value of the share-based award on the date of grant, on a straight-line basis over the requisite service period. Share-based compensation is recorded in the statements of income as a component of salaries and benefits for employees and as a component of other noninterest expense for non-employee directors, with a corresponding increase to capital surplus in shareholders’ equity. For the years ended December 31, 2022, December 31, 2021, and December 31, 2020, compensation expense and the related income tax benefit recognized for stock options and restricted stock were as follows:
(dollars in thousands) |  | 2022 |  |  | 2021 |  |  | 2020 |
Compensation Expense |  | $ | 16,066 |  |  | $ | 13,267 |  |  | $ | 7,578 |
Income Tax Benefit |  |  | 4,262 |  |  |  | 3,520 |  |  |  | 2,009 |
Restricted Stock As of December 31, 2022, unrecognized compensation expense related to unvested restricted stock was $23.2 million. The unrecognized compensation expense is expected to be recognized over a weighted average period of 2.08 years. The following table presents the activity for restricted stock:
|  | Number of Shares |  |  | Weighted Average Grant Date Fair Value |  |  | Grant Date Fair Value of Restricted Stock that Vested During the Year (in thousands) |
Unvested as of December 31, 2019 |  |  | 309,949 |  |  | $ | 83.75 |  |  |  |  |
Granted |  |  | 161,168 |  |  |  | 80.97 |  |  |  |  |
Vested |  |  | (99,894 | ) |  |  | 84.69 |  |  | $ | 8,544 |
Forfeited |  |  | (42,454 | ) |  |  | 84.36 |  |  |  |  |
Unvested as of December 31, 2020 |  |  | 328,769 |  |  | $ | 82.02 |  |  |  |  |
Granted |  |  | 292,007 |  |  |  | 90.23 |  |  |  |  |
Vested |  |  | (97,278 | ) |  |  | 78.55 |  |  | $ | 8,673 |
Forfeited |  |  | (22,962 | ) |  |  | 86.48 |  |  |  |  |
Unvested as of December 31, 2021 |  |  | 500,536 |  |  | $ | 87.28 |  |  |  |  |
Granted |  |  | 192,030 |  |  |  | 85.80 |  |  |  |  |
Vested |  |  | (138,823 | ) |  |  | 83.21 |  |  | $ | 11,640 |
Forfeited |  |  | (13,074 | ) |  |  | 86.96 |  |  |  |  |
Unvested as of December 31, 2022 1 |  |  | 540,669 |  |  | $ | 87.81 |  |  |  |  |
1 As of December 31, 2022, 107,975 shares were unvested from service-based grants. Stock Options There were no stock options granted during the years ended December 31, 2022, December 31, 2021, and December 31, 2020. All previously issued stock options granted were fully vested prior to December 31, 2018. The Company reissues treasury stock to satisfy stock option exercises. The following table presents the activity related to stock options under all plans for the year ended December 31, 2022:
|  | Stock Options |  |  | Weighted Average Exercise Price |  |  | Weighted Average Remaining Contractual Term (in years) |  | Aggregate Intrinsic Value (in thousands) |
Stock Options Outstanding as of January 1, 2022 |  |  | 17,301 |  |  | $ | 47.72 |  |  |  |  |  |  |
Exercised |  |  | (16,468 | ) |  |  | 47.72 |  |  |  |  |  |  |
Expired |  |  | (833 | ) |  |  | 47.72 |  |  |  |  |  |  |
Stock Options Outstanding as of December 31, 2022 |  |  | — |  | — |  | — |  | $ | — |
Stock Options Vested and Exercisable as of December 31, 2022 |  |  | — |  | — |  | — | — |
The following summarizes certain stock option activity of the Company for the years ended December 31, 2022, December 31, 2021, and December 31, 2020:
(dollars in thousands) |  | 2022 |  |  | 2021 |  |  | 2020 |
Intrinsic Value of Stock Options Exercised |  | $ | 679 |  |  | $ | 6,755 |  |  | $ | 2,261 |
Cash Received from Stock Options Exercised |  |  | 786 |  |  |  | 7,473 |  |  |  | 2,438 |
Tax Benefits Realized from Stock Options Exercised |  |  | 166 |  |  |  | 1,611 |  |  |  | 485 |

X
- Definition The entire disclosure for share-based payment arrangement. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -URI https://asc.fasb.org/topic&trid=2228938 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (l) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 Reference 4: http://www.xbrl.org/2003/role/exampleRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a)(1) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(2)(i) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(2) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 + Details
Name: | us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration