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Stock and Incentive Compensation Plans (Tables)

9 Months Ended

Sep. 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 September 30,												Nine Months Ended September 30,
			2024						2023						2024						2023
Expected term (in years)			1.00						1.00						1.00						1.00
Dividend yield			$	1.98					$	2.08					$	2.03					$	1.81
Risk-free interest rate			4.94		%				4.94		%				4.94						3.52		%
Expected volatility			30.40						31.12						30.78						31.81

Schedule of ESPP Shares Purchased

The ESPP shares purchased are as follows for the dates indicated:

			Three Months Ended September 30,												Nine Months Ended September 30,
			2024						2023						2024						2023
ESPP shares purchased			—						—						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 three and nine months ended September 30, 2024 and 2023, is presented below. There was no stock option expense for any of the periods shown.

			Three Months Ended September 30,												Nine Months Ended September 30,
(Dollars in thousands)			2024						2023						2024						2023
RSA & RSU			$	1,260					$	1,180					$	3,475					$	3,236
PSU			782						41						2,109						336
ESPP			144						114						369						314
Total stock compensation expense			$	2,186					$	1,335					$	5,953					$	3,886
Related tax benefits recognized in net income			$	459					$	280					$	1,250					$	816

Schedule of Time-Vested Award Activity

The following table summarizes the Company’s award activity:

			Nine Months Ended September 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						(17,237)						34.33
Nonvested RSAs, September 30,			19,682						33.03						26,942						31.82
Nonvested RSUs, January 1,			318,168						$	37.69					270,390						$	39.63
Granted RSUs			117,597						31.98						113,674						35.70
Vested RSUs			(80,948)						38.89						(53,263)						41.94
Forfeited RSUs			(785)						42.55						(10,014)						43.44
Nonvested RSUs, September 30,			354,032						35.51						320,787						37.73
Nonvested PSUs, January 1,			197,842						$	28.33					157,367						$	29.06
Granted PSUs			67,355						33.03						43,591						30.69
Forfeited PSUs			—						—						(3,116)						30.69
Nonvested PSUs, September 30,			265,197						32.07						197,842						27.96

Schedule of Stock Option Activity

The table below summarizes the status of the Company’s stock options and changes during the nine months ended September 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
Nine Months Ended September 30, 2024
Outstanding at January 1, 2024			353,473						$	31.49					4.46						$	1,670
Exercised			(46,009)						27.80						—						282
Expired			(45,680)						35.52						—						—
Outstanding and exercisable at September 30, 2024			261,784						31.43						3.72						758
Nine Months Ended September 30, 2023
Outstanding at January 1, 2023			504,437						$	29.46					5.13						$	3,736
Exercised			(55,897)						17.35						—						918
Expired			(11,081)						33.63						—						—
Outstanding and exercisable at September 30, 2023			437,459						30.90						3.88						917

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Tabular disclosure of the changes in outstanding nonvested restricted stock shares.

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Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value.

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