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Stock-Based Compensation Plans (Tables) | 12 Months Ended
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Dec. 31, 2023
Share-Based Payment Arrangement [Abstract] |
Schedule of Compensation Expense | The expense and the related income tax benefit recognized in connection with the restricted stock units was as follows for the periods indicated:
|  | For the Year Ended December 31,
(In thousands) |  | 2023 |  | 2022 |  | 2021
Expense |  | $ | 962 |  |  | $ | 724 |  |  | $ | 610 |
Income tax benefit |  | 207 |  |  | 156 |  |  | 131 |
Fair value of grants vested |  | 803 |  |  | 622 |  |  | 506 |
The expense and the related income tax benefit recognized in connection with the restricted stock awards was as follows for the periods indicated:
|  | For the Year Ended December 31,
(In thousands) |  | 2023 |  | 2022 |  | 2021
Expense |  | $ | 1,225 |  |  | $ | 1,053 |  |  | $ | 895 |
Income tax benefit |  | 263 |  |  | 226 |  |  | 192 |
Fair value of grants vested |  | 1,187 |  |  | 1,014 |  |  | 901 |
The expense and the related income tax benefit recognized in connection with the MSPP awards was as follows for the periods indicated:
|  | For the Year Ended December 31,
(In thousands) |  | 2023 |  | 2022 |  | 2021
Expense |  | $ | 93 |  |  | $ | 124 |  |  | $ | 104 |
Income tax benefit |  | 20 |  |  | 27 |  |  | 22 |
Fair value of grants vested |  | 129 |  |  | 87 |  |  | 70 |
The expense and the related tax benefit for the LTIP's performance-based share units was as follows for the periods indicated:
|  | For the Year Ended December 31,
(In thousands) |  | 2023 |  | 2022 |  | 2021
Expense |  | $ | 332 |  |  | $ | 457 |  |  | $ | 637 |
Related income tax benefit |  | 71 |  |  | 98 |  |  | 137 |
Fair value of grants vested |  | 594 |  |  | 548 |  |  | 435 |
Compensation expense and the related tax benefit recognized in connection with the DCRP was as follows for the periods presented:
|  | For the Year Ended December 31,
(In thousands) |  | 2023 |  | 2022 |  | 2021
Expense |  | $ | 188 |  |  | $ | 169 |  |  | $ | 135 |
Related income tax benefit |  | 40 |  |  | 36 |  |  | 29 |
Fair value of grants vested |  | 171 |  |  | 174 |  |  | 118 |
Summary of Nonvested Share Awards Activity | Restricted stock unit activity for the year ended December 31, 2023 was as follows:
(Dollars in thousands, except per unit data) |  | Number of Units |  | Weighted-Average Grant Date Fair Value per Unit |  | Weighted-Average Remaining Contractual Term (Years) |  | Aggregate Intrinsic Value |  | Unrecognized Compensation
Nonvested at January 1, 2023 |  | 57,822 |  |  | $ | 44.88 |  |  |  |  |  |  |
Granted |  | 44,730 |  |  | 36.21 |  |  |  |  |  |  |
Vested |  | (19,032) |  |  | 42.17 |  |  |  |  |  |  |
Forfeited |  | (8,789) |  |  | 43.19 |  |  |  |  |  |  |
Nonvested at December 31, 2023 |  | 74,731 |  |  | $ | 40.58 |  |  | 2.75 |  | $ | 2,812 |  |  | $ | 2,261 |
Restricted stock award activity, which includes awards issued to directors of the Company, for the year ended December 31, 2023 was as follows:
(Dollars in thousands, except per share data) |  | Number of Shares |  | Weighted-Average Grant Date Fair Value per Share |  | Weighted-Average Remaining Contractual Term (Years) |  | Aggregate Intrinsic Value |  | Unrecognized Compensation
Nonvested at January 1, 2023 |  | 20,536 |  |  | $ | 44.53 |  |  |  |  |  |  |
Granted |  | 44,451 |  |  | 32.80 |  |  |  |  |  |  |
Vested |  | (33,763) |  |  | 35.16 |  |  |  |  |  |  |
Forfeited |  | (2,690) |  |  | 40.19 |  |  |  |  |  |  |
Nonvested at December 31, 2023 |  | 28,534 |  |  | $ | 37.76 |  |  | 1.9 |  | $ | 1,074 |  |  | $ | 672 |
MSPP award activity for the year ended December 31, 2023 was as follows:
(Dollars in thousands, except per share data) |  | Number of Shares |  | Weighted-Average Grant Date Fair Value per Share |  | Weighted-Average Remaining Contractual Term (Years) |  | Aggregate Intrinsic Value |  | Unrecognized Compensation
Nonvested at January 1, 2023 |  | 17,184 |  |  | $ | 14.12 |  |  |  |  |  |  |
Granted |  | 8,037 |  |  | 9.84 |  |  |  |  |  |  |
Vested |  | (7,886) |  |  | 16.34 |  |  |  |  |  |  |
Forfeited |  | (761) |  |  | 11.63 |  |  |  |  |  |  |
Nonvested at December 31, 2023 |  | 16,574 |  |  | $ | 11.10 |  |  | 0.6 |  | $ | 66 |  |  | $ | 51 |
LTIP performance-based share unit activity for the year ended December 31, 2023 was as follows:
(Dollars in thousands, except per share data) |  | Number of Shares |  | Weighted-Average Grant Date Fair Value per Share |  | Weighted-Average Remaining Contractual Term (Years) |  | Aggregate Intrinsic Value |  | Unrecognized Compensation
Nonvested at January 1, 2023 |  | 61,186 |  |  | $ | 41.65 |  |  |  |  |  |  |
Granted(1) |  | 46,372 |  |  | 34.00 |  |  |  |  |  |  |
Vested |  | (17,283) |  |  | 34.39 |  |  |  |  |  |  |
Forfeited(2) |  | (17,193) |  |  | 36.96 |  |  |  |  |  |  |
Nonvested at December 31, 2023 |  | 73,082 |  |  | $ | 39.92 |  |  | 1.6 |  | $ | 2,917 |  |  | $ | 458 |
(1) Number of shares granted assumes payout at 200% of target. (2) Forfeited shares consists of 11,895 shares forfeited due to payout at less than 200% of target. DCRP award activity for the year ended December 31, 2023 was as follows:
(Dollars in thousands, except per award data) |  | Number of Deferred Stock Awards |  | Weighted-Average Grant Date Fair Value per Award |  | Weighted-Average Remaining Contractual Term (Years) |  | Aggregate Intrinsic Value |  | Unrecognized Compensation
Nonvested at January 1, 2023 |  | 8,382 |  |  | $ | 44.85 |  |  |  |  |  |  |
Granted |  | 7,958 |  |  | 36.21 |  |  |  |  |  |  |
Vested |  | (4,430) |  |  | 38.62 |  |  |  |  |  |  |
Forfeited |  | (750) |  |  | 36.21 |  |  |  |  |  |  |
Nonvested at December 31, 2023 |  | 11,160 |  |  | $ | 41.74 |  |  | 13.7 |  | $ | 420 |  |  | $ | 405 |

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