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Stock Options and Other Equity-Based Incentive Instruments
 12 Months Ended
Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Stock Options and Other Equity-Based Incentive Instruments Stock Options and Other Equity-Based Incentive Instruments
On April 16, 2024, the Board of Directors adopted the 2024 Equity Incentive Plan (2024 Plan) which was approved by shareholders on May 23, 2024. The 2024 Plan allows for up to 1,200,000 shares to be issued in connection with equity-based incentives. In conjunction with shareholder approval of the 2024 Plan, the 2019 Equity Incentive Plan (2019 Plan), which allowed for up to 1,500,000 shares to be issued in connection with equity-based incentives, is no longer available for grant issuances. The Company's 2009 Equity Incentive Plan expired on March 26, 2019. While no new awards can be granted under the 2019 Plan or 2009 Plan, existing grants continue to be governed by the terms, conditions and procedures set forth in any applicable award agreement.
Stock option activity is summarized in the following table for the dates indicated:
Number of
Shares		Option Price
per Share		Weighted
Average
Exercise
Price
Outstanding at January 1, 2023
15,500 
$19.46 to $23.21
$21.27 
Options granted— — — 
Options exercised(8,000)
$19.46
$19.46 
Options forfeited— — — 
Outstanding at December 31, 2023
7,500 
$23.21
$23.21 
Options granted— — — 
Options exercised(7,500)23.21 $23.21 
Options forfeited— — — 
Outstanding at December 31, 2024— $— $— 
The Company did not modify any options grants during the three-year period ended December 31, 2024.
The following table shows the total intrinsic value of options exercised, the total fair value of options vested, total compensation costs for options recognized in income, total tax benefit and excess tax benefits recognized in income related to compensation costs for options during the periods indicated:
 Year Ended December 31,
 (in thousands)202420232022
Intrinsic value of options exercised$153 $134 $1,190 
Fair value of options that vested— — — 
Total compensation costs for options recognized in expense— — — 
Total tax benefit recognized in income related to compensation costs for options42 40 — 
Excess tax benefit recognized in income— — — 
There were no stock options granted during 2024, 2023 and 2022, respectively.
Restricted stock unit activity is summarized in the following table for the dates indicated:
 Service Condition Vesting RSUsMarket Plus Service Condition
Vesting RSUs
 Number
of RSUs		Weighted Average
Fair Value on
Date of Grant		Number of
RSUs		Weighted Average
Fair Value on
Date of Grant
Outstanding at January 1, 2024
144,487 123,102 
RSUs granted86,036 $38.23 56,516 $20.86 
Additional market plus service condition RSUs vested— 1,536 
RSUs added through dividend credits5,817 — 
RSUs released through vesting(78,403)(32,248)
RSUs forfeited/expired(5,365)(4,191)
Outstanding at December 31, 2024152,572 144,715 

The Company uses a Monte Carlo simulation model to determine the grant-date fair value of awards with market plus service conditions (PSU). The weighted average fair value and assumptions used to value the PSU awards granted with market-based performance conditions are as follows:
December 31,
20242023
Performance share fair value$20.86 $27.73 
Risk-free interest rate4.32 %4.16 %
Expected volatility32.06 %33.86 %
Expected life (years)33
Expected dividend yield3.99 %3.22 %
The 152,572 of service condition vesting RSUs outstanding as of December 31, 2024 include a feature whereby each RSU outstanding is credited with a dividend amount equal to any common stock cash dividend declared and paid, and the credited amount is divided by the closing price of the Company’s stock on the dividend payable date to arrive at an additional amount of RSUs outstanding under the original grant. Additional RSUs credited through dividends are subject to the same vesting requirements as the original grant. The Company expects to recognize $3.5 million of pre-tax compensation costs related to these service condition vesting RSUs between December 31, 2024 and their vesting dates. The Company did not modify any service condition vesting RSUs during 2024 or 2023.
The Company expects to recognize $1.9 million of pre-tax compensation costs related to the market plus service condition RSUs between December 31, 2024 and their vesting dates. As of December 31, 2024, the number of market plus service condition vesting RSUs outstanding that will actually vest, and be released, may be reduced to zero or increased to 217,073 depending on the total return of the Company’s common stock versus the total return of an index of bank stocks from the grant date to the vesting date. The Company did not modify any market plus service condition vesting RSUs during 2024 or 2023.
The following table shows the compensation costs and excess tax benefits for RSUs recognized in income for the periods indicated:
 Year Ended December 31,
(in thousands)202420232022
Total compensation costs recognized in income
Service condition vesting RSUs$3,224 $2,807 $2,883 
Market plus service condition vesting RSUs1,442 1,319 986 
Excess tax benefit recognized in income
Service condition vesting RSUs$964 $924 $1,079 
Market plus service condition vesting RSUs427 594 355