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v3.25.3

Stock and Incentive Compensation Plans (Tables) | 9 Months Ended
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Sep. 30, 2025
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,
| 2025 |  | 2024 |  | 2025 |  | 2024 |  |
Expected term (in years) | 1.00 |  | 1.00 |  | 1.00 |  | 1.00 |  |
Dividend yield | 1.79 | % |  | 1.98 | % |  | 1.89 | % |  | 2.03 | % |  |
Risk-free interest rate | 3.95 |  |  | 4.94 |  |  | 4.49 |  |  | 4.94 |  |  |
Expected volatility | 29.61 |  |  | 30.40 |  |  | 30.04 |  |  | 30.78 |  |  |
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,
| 2025 |  | 2024 |  | 2025 |  | 2024 |  |
ESPP shares purchased | — |  |  | — |  |  | 58,568 |  |  | 56,658 |  |  |
Shares available for issuance under the ESPP | 812,472 |  |  | 871,040 |  |  | 812,472 |  |  | 871,040 |  |  |
Schedule of Time-Vested Award Activity | The following table summarizes the Company’s award activity:
| Nine Months Ended September 30, |  |  |  |
| 2025 |  | 2024 |  |
| Shares |  | Weighted Average Grant-Date Fair Value |  | Shares |  | Weighted Average Grant-Date Fair Value |  |  |  |
Nonvested RSAs, January 1, | 20,415 |  |  | $ | 33.06 |  |  | 17,629 |  |  | $ | 29.33 |  |  |  |  |
Granted RSAs | 14,760 |  |  | 33.89 |  |  | 19,682 |  |  | 33.03 |  |  |  |  |
Vested RSAs | (20,415) |  |  | 33.06 |  |  | (17,629) |  |  | 29.33 |  |  |  |  |
Forfeited RSAs | (1,476) |  |  | 33.89 |  |  | — |  |  | — |  |  |  |  |
Nonvested RSAs, September 30, | 13,284 |  |  | 33.89 |  |  | 19,682 |  |  | 33.03 |  |  |  |  |
Nonvested RSUs, January 1, | 352,002 |  |  | $ | 35.45 |  |  | 318,168 |  |  | $ | 37.69 |  |  |  |  |
Granted RSUs | 120,080 |  |  | 37.34 |  |  | 117,597 |  |  | 31.98 |  |  |  |  |
Vested RSUs | (95,624) |  |  | 35.76 |  |  | (80,948) |  |  | 38.89 |  |  |  |  |
Forfeited RSUs | (6,865) |  |  | 33.28 |  |  | (785) |  |  | 42.55 |  |  |  |  |
Nonvested RSUs, September 30, | 369,593 |  |  | 36.03 |  |  | 354,032 |  |  | 35.51 |  |  |  |  |
Nonvested PSUs, January 1, | 265,197 |  |  | $ | 32.07 |  |  | 197,842 |  |  | $ | 28.33 |  |  |  |  |
Granted PSUs | 55,650 |  |  | 39.50 |  |  | 67,355 |  |  | 33.03 |  |  |  |  |
Vested PSUs | (17,191) |  |  | 44.77 |  |  | — |  |  | — |  |  |  |  |
Incremental forfeited PSUs(1) | (9,738) |  |  | 44.77 |  |  | — |  |  | — |  |  |  |  |
Nonvested PSUs, September 30, | 293,918 |  |  | 32.31 |  |  | 265,197 |  |  | 32.07 |  |  |  |  |
____________________________ (1)Represents forfeited incremental PSU shares due to the measurement of performance metrics.
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, 2025, and 2024, 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) | 2025 |  | 2024 |  | 2025 |  | 2024 |  |
RSA & RSU | $ | 1,234 |  |  | $ | 1,260 |  |  | $ | 3,583 |  |  | $ | 3,475 |  |  |
PSU | 907 |  |  | 782 |  |  | 2,196 |  |  | 2,109 |  |  |
ESPP | 127 |  |  | 144 |  |  | 371 |  |  | 369 |  |  |
Total stock compensation expense | $ | 2,268 |  |  | $ | 2,186 |  |  | $ | 6,150 |  |  | $ | 5,953 |  |  |
Related tax benefits recognized in net income | $ | 476 |  |  | $ | 459 |  |  | $ | 1,292 |  |  | $ | 1,250 |  |  |
Schedule of Stock Option Activity | The table below summarizes the Company’s option activity:
(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, 2025 |  |  |  |  |  |  |
Outstanding at January 1, 2025 | 225,834 |  |  | $ | 32.24 |  |  | 3.72 |  | $ | 614 |
Exercised | (22,670) |  |  | 29.36 |  |  | — |  |  | 178 |
Expired and forfeited | (1,820) |  |  | 37.28 |  |  | — |  |  | — |
Outstanding and exercisable at September 30, 2025 | 201,344 |  |  | 32.52 |  |  | 2.99 |  | 635 |
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 and forfeited | (45,680) |  |  | 35.52 |  |  | — |  |  | — |
Outstanding and exercisable at September 30, 2024 | 261,784 |  |  | 31.43 |  |  | 3.72 |  | 758 |

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