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Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Schedule 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)						2023						2022						2021
Stock Options						$	435					$	501					$	832
RSUs						2,223						2,299						1,802
Total stock-based compensation expense						$	2,658					$	2,800					$	2,634

Schedule of Stock Option Activity

The following summarizes stock options as of and for the year ended December 31, 2023:

						2023
						Number of Shares						Weighted-Average Exercise Price
Outstanding at beginning of year						942,543						$	16.53
Granted						73,532						20.94
Exercised						107,500						15.96
Forfeited						12,850						25.25
Expired						4,980						22.43
Outstanding at end of year						890,745						$	16.80
Exercisable at end of year						757,219						$	15.79
Weighted-average fair value of options granted during 2023												$	7.17
Weighted-average fair value of options granted during 2022												$	14.94
Weighted-average fair value of options granted during 2021												$	10.61

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:

						2023						2022						2021
Average risk-free interest rates						4.06		%				2.23		%				1.27		%
Weighted-average life (years)						7						7						7
Expected volatility						42.4		%				41.2		%				41.2		%
Expected dividend yield						3.07		%				1.58		%				1.08		%

Schedule of Outstanding and Exercisable Options Information

The following summarizes information related to the total outstanding and exercisable stock options at December 31, 2023:

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
890,745						$16.80						$5.6						4.07						757,219						$15.79						$5.3						3.36

Schedule of RSUs

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

						2023
						Shares						Weighted-Average Grant Date Fair Value
Balance at beginning of year						247,557						$	26.39
Granted						224,364						17.42
Vested						(130,402)						20.28
Forfeited						(57,864)						18.58
Balance at end of year						283,655						$	23.44
Weighted-average fair value of RSUs granted during 2023												$	17.42
Weighted-average fair value of RSUs granted during 2022												$	38.04
Weighted-average fair value of RSUs granted during 2021												$	40.95

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