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Stock-Based Compensation Plans (Tables)

12 Months Ended

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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- Definition

Tabular disclosure of cost recognized for award under share-based payment arrangement by plan. Includes, but is not limited to, related tax benefit.

+ References

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-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (h)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

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Tabular disclosure of the changes in outstanding nonvested shares.

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-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (c)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

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