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Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement [Abstract]

Summary of Stock-Based Compensation Expense

The amount that we recognized in stock-based compensation expense related to the issuance of stock options and RSUs is presented in the following table:

(Dollars in thousands)						2022						2021						2020
Stock Options						$	501					$	832					$	950
RSUs						2,299						1,802						1,403
Total stock-based compensation expense						$	2,800					$	2,634					$	2,353

Stock Option Activity

The following summarizes stock options as of and for the year ended December 31, 2022:

						2022
						Number of Shares						Weighted-Average Exercise Price
Outstanding at beginning of year						1,114,200						$	15.86
Granted						14,350						39.15
Exercised						160,527						12.99
Forfeited						24,930						22.55
Expired						550						14.71
Outstanding at end of year						942,543						$	16.53
Exercisable at end of year						782,116						$	15.36
Weighted-average fair value of options granted during 2022												$	14.94
Weighted-average fair value of options granted during 2021												$	10.61
Weighted-average fair value of options granted during 2020												$	4.48

Schedule of Stock Option Valuation Assumptions

The fair value for the options was estimated at the grant date using a Black-Scholes option-pricing model with the following inputs:

						2022						2021						2020
Average risk-free interest rates						2.23		%				1.27		%				0.66		%
Weighted-average life (years)						7						7						7
Expected volatility						41.2		%				41.2		%				30.9		%
Expected dividend yield						1.58		%				1.08		%				2.20		%

Outstanding and Exercisable Options Information

The following summarizes information related to the total outstanding and exercisable stock options at December 31, 2022:

Options Outstanding																								Options Exercisable
Total Options						Weighted-Average Exercise Price						Intrinsic Value (in millions)						Weighted-Average Remaining Life						Total Options						Weighted-Average Exercise Price						Intrinsic Value (in millions)						Weighted-Average Remaining Life
942,543						$16.53						$5.7						4.38						782,116						$15.36						$5.3						3.87

Summary of RSUs

A summary of the activity for our RSUs for the period indicated is presented in the following table:

						2022
						Shares						Weighted-Average Grant Date Fair Value
Balance at beginning of year						241,906						$	21.46
Granted						95,723						38.04
Vested						(75,354)						21.62
Forfeited						(14,718)						26.16
Balance at end of year						247,557						$	26.39
Weighted-average fair value of RSUs granted during 2022												$	38.04
Weighted-average fair value of RSUs granted during 2021												$	40.95
Weighted-average fair value of RSUs granted during 2020												$	13.08

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

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