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Stock and Incentive Compensation Plans (Tables) | 3 Months Ended
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Mar. 31, 2024
Share-Based Payment Arrangement [Abstract] |
Schedule of Black-Scholes Option Pricing Model | The table below includes the weighted-average assumptions used to calculate the grant date fair value of the ESPP rights for the periods indicated using the Black-Scholes option pricing model:
| Three Months Ended March 31, |  |
| 2024 |  | 2023 |  |  |  |  |  |
Expected term (in years) | 1.00 |  | 1.00 |  |  |  |  |  |
Dividend yield | $ | 2.08 |  |  | $ | 1.52 |  |  |  |  |  |  |
Risk-free interest rate | 4.94 | % |  | 2.00 | % |  |  |  |  |  |
Expected volatility | 31.12 |  |  | 32.56 |  |  |  |  |  |  |
Schedule of ESPP Shares Purchased | The ESPP shares purchased are as follows for the dates indicated:
| Three Months Ended March 31, |  |
| 2024 |  | 2023 |  |  |  |  |  |
ESPP shares purchased | — |  |  | — |  |  |  |  |  |  |
Shares available for issuance under the ESPP | 927,698 |  |  | 973,911 |  |  |  |  |  |  |
Schedule of Share-Based Compensation Cost Charged to Income | Share-based compensation cost charged to income for the years ended March 31, 2024 and 2023, is presented below. There was no stock option expense for any of the periods shown.
|  |  |  |  | Three Months Ended March 31,
(Dollars in thousands) |  |  |  |  |  |  |  |  | 2024 |  | 2023 |  |
RSA & RSU |  |  |  |  |  |  |  |  | $ | 1,058 |  |  | $ | 1,022 |  |  |
PSU |  |  |  |  |  |  |  |  | 915 |  |  | 293 |  |  |
ESPP |  |  |  |  |  |  |  |  | 106 |  |  | 76 |  |  |
Total stock compensation expense |  |  |  |  |  |  |  |  | $ | 2,079 |  |  | $ | 1,391 |  |  |
Related tax benefits recognized in net income |  |  |  |  |  |  |  |  | $ | 437 |  |  | $ | 292 |  |  |
Schedule of Time-Vested Award Activity | The following table summarizes the Company’s award activity:
| Three Months Ended March 31,
| 2024 |  | 2023 |  |
| Shares |  | Weighted Average Grant-Date Fair Value |  | Shares |  | Weighted Average Grant-Date Fair Value |  |  |  |
Nonvested RSAs, January 1, | 17,629 |  |  | $ | 29.33 |  |  | 27,391 |  |  | $ | 35.27 |  |  |  |  |
Vested RSAs | — |  |  | — |  |  | (12,840) |  |  | 37.39 |  |  |  |  |
Nonvested RSAs, March 31, | 17,629 |  |  | 29.33 |  |  | 14,551 |  |  | 33.59 |  |  |  |  |
Nonvested RSUs, January 1, | 318,168 |  |  | $ | 37.69 |  |  | 270,390 |  |  | $ | 39.63 |  |  |  |  |
Granted RSUs | 8,761 |  |  | 30.43 |  |  | 65,842 |  |  | 40.69 |  |  |  |  |
Vested RSUs | (28,088) |  |  | 41.77 |  |  | (12,005) |  |  | 44.77 |  |  |  |  |
Forfeited RSUs | — |  |  | — |  |  | (1,357) |  |  | 41.41 |  |  |  |  |
Nonvested RSUs, March 31, | 298,841 |  |  | 37.09 |  |  | 322,870 |  |  | 39.65 |  |  |  |  |
Nonvested PSUs, January 1, | 197,842 |  |  | $ | 28.33 |  |  | 157,367 |  |  | $ | 29.06 |  |  |  |  |
Granted PSUs | — |  |  | — |  |  | 43,591 |  |  | 37.91 |  |  |  |  |
Forfeited PSUs | — |  |  | — |  |  | (1,592) |  |  | 37.91 |  |  |  |  |
Nonvested PSUs, March 31, | 197,842 |  |  | 31.74 |  |  | 199,366 |  |  | 30.50 |  |  |  |  |
Schedule of Stock Option Activity | The table below summarizes the status of the Company’s stock options and changes during the three months ended March 31, 2024 and 2023.
(Dollars in thousands, except per share amounts) | Number of Shares |  | Weighted Average Exercise Price |  | Weighted Average Remaining Contractual Term (in years) |  | Aggregate Intrinsic Value |
Three Months Ended March 31, 2024 |  |  |  |  |  |  |  |
Outstanding at January 1, 2024 | 353,473 |  |  | $ | 31.49 |  |  | 4.46 |  | $ | 1,670 |  |
Exercised | (7,941) |  |  | 16.66 |  |  | — |  |  | 130 |  |
Expired | (2,151) |  |  | 37.18 |  |  | — |  |  | — |  |
Outstanding and exercisable at March 31, 2024 | 343,381 |  |  | 31.79 |  |  | 4.04 |  | 771 |  |
Three Months Ended March 31, 2023 |  |  |  |  |  |  |  |
Outstanding at January 1, 2023 | 504,437 |  |  | $ | 29.46 |  |  | 5.13 |  | $ | 3,736 |  |
Exercised | (27,282) |  |  | 15.62 |  |  | — |  |  | 587 |  |
Expired | (331) |  |  | 37.76 |  |  | — |  |  | — |  |
Outstanding and exercisable at March 31, 2023 | 476,824 |  |  | 30.24 |  |  | 5.00 |  | 1,728 |  |

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