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Stock and Incentive Compensation Plans (Tables) | 6 Months Ended
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Jun. 30, 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 June 30, |  | Six Months Ended June 30,
| 2024 |  | 2023 |  | 2024 |  | 2023 |  |
Expected term (in years) | 1.00 |  | 1.00 |  | 1.00 |  | 1.00 |  |
Dividend yield | 2.04 | % |  | 1.75 | % |  | 2.06 | % |  | 1.64 | % |  |
Risk-free interest rate | 4.94 |  |  | 3.19 |  |  | 4.94 |  |  | 2.63 |  |  |
Expected volatility | 30.86 |  |  | 31.98 |  |  | 30.99 |  |  | 32.25 |  |  |
Schedule of ESPP Shares Purchased | The ESPP shares purchased are as follows for the dates indicated:
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2024 |  | 2023 |  | 2024 |  | 2023 |  |
ESPP shares purchased | 56,658 |  |  | 46,213 |  |  | 56,658 |  |  | 46,213 |  |  |
Shares available for issuance under the ESPP | 871,040 |  |  | 927,698 |  |  | 871,040 |  |  | 927,698 |  |  |
Schedule of Share-Based Compensation Cost Charged to Income | Share-based compensation cost charged to income for the years ended June 30, 2024 and 2023, is presented below. There was no stock option expense for any of the periods shown.
| Three Months Ended June 30, |  | Six Months Ended June 30, |  |
(Dollars in thousands) | 2024 |  | 2023 |  | 2024 |  | 2023 |  |  |  |  |  |
RSA & RSU | $ | 1,157 |  |  | $ | 1,034 |  |  | $ | 2,215 |  |  | $ | 2,056 |  |  |  |  |  |  |
PSU | 412 |  |  | 2 |  |  | 1,327 |  |  | 295 |  |  |  |  |  |  |
ESPP | 119 |  |  | 123 |  |  | 225 |  |  | 200 |  |  |  |  |  |  |
Total stock compensation expense | $ | 1,688 |  |  | $ | 1,159 |  |  | $ | 3,767 |  |  | $ | 2,551 |  |  |  |  |  |  |
Related tax benefits recognized in net income | $ | 354 |  |  | $ | 243 |  |  | $ | 791 |  |  | $ | 536 |  |  |  |  |  |  |
Schedule of Time-Vested Award Activity | The following table summarizes the Company’s award activity:
| Six Months Ended June 30,
| 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 |  |  |  |  |
Granted RSAs | 19,682 |  |  | 33.03 |  |  | 16,788 |  |  | 28.61 |  |  |  |  |
Vested RSAs | (17,629) |  |  | 29.33 |  |  | (16,594) |  |  | 34.76 |  |  |  |  |
Nonvested RSAs, June 30, | 19,682 |  |  | 33.03 |  |  | 27,585 |  |  | 31.63 |  |  |  |  |
Nonvested RSUs, January 1, | 318,168 |  |  | $ | 37.69 |  |  | 270,390 |  |  | $ | 39.63 |  |  |  |  |
Granted RSUs | 111,441 |  |  | 32.02 |  |  | 109,078 |  |  | 35.90 |  |  |  |  |
Vested RSUs | (48,600) |  |  | 37.40 |  |  | (18,864) |  |  | 42.09 |  |  |  |  |
Forfeited RSUs | (372) |  |  | 44.93 |  |  | (3,583) |  |  | 43.60 |  |  |  |  |
Nonvested RSUs, June 30, | 380,637 |  |  | 36.06 |  |  | 357,021 |  |  | 38.32 |  |  |  |  |
Nonvested PSUs, January 1, | 197,842 |  |  | $ | 28.33 |  |  | 157,367 |  |  | $ | 29.06 |  |  |  |  |
Granted PSUs | 67,355 |  |  | 33.03 |  |  | 43,591 |  |  | 28.45 |  |  |  |  |
Forfeited PSUs | — |  |  | — |  |  | (1,592) |  |  | 28.45 |  |  |  |  |
Nonvested PSUs, June 30, | 265,197 |  |  | 32.07 |  |  | 199,366 |  |  | 27.20 |  |  |  |  |
Schedule of Stock Option Activity | The table below summarizes the status of the Company’s stock options and changes during the six months ended June 30, 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 |
Six Months Ended June 30, 2024 |  |  |  |  |  |  |  |
Outstanding at January 1, 2024 | 353,473 |  |  | $ | 31.49 |  |  | 4.46 |  | $ | 1,670 |  |
Exercised | (11,582) |  |  | 18.39 |  |  | — |  |  | 151 |  |
Expired | (7,116) |  |  | 35.48 |  |  | — |  |  | — |  |
Outstanding and exercisable at June 30, 2024 | 334,775 |  |  | 31.86 |  |  | 3.15 |  | 774 |  |
Six Months Ended June 30, 2023 |  |  |  |  |  |  |  |
Outstanding at January 1, 2023 | 504,437 |  |  | $ | 29.46 |  |  | 5.13 |  | $ | 3,736 |  |
Exercised | (42,774) |  |  | 17.61 |  |  | — |  |  | 738 |  |
Expired | (8,434) |  |  | 33.39 |  |  | — |  |  | — |  |
Outstanding and exercisable at June 30, 2023 | 453,229 |  |  | 30.50 |  |  | 4.89 |  | 1,139 |  |

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