Stock-Based Incentive Plan (Tables)

3 Months Ended

Mar. 31, 2019

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Status of Options Granted Under Long-Term Incentive Plan

The following is a summary of the Corporation's stock option activity and related information for the three months ended March 31, 2019:

(Dollars in thousands, except per share data)	Shares Under Option		Weighted Average Exercise Price Per Share		Weighted Average Remaining Contractual Life (Years)	Aggregate Intrinsic Value at March 31, 2019
Outstanding at December 31, 2018	597,405		$	23.98
Expired	(7,756	)	22.99
Forfeited	(6,500	)	25.53
Exercised	(30,500	)	17.06
Outstanding at March 31, 2019	552,649		24.36		7.2	$	1,321
Exercisable at March 31, 2019	384,220		22.65		6.6	1,312

Summary of Nonvested Stock Options

The following is a summary of nonvested stock options at March 31, 2019 including changes during the three months then ended:

(Dollars in thousands, except per share data)	Nonvested Stock Options		Weighted Average Grant Date Fair Value
Nonvested stock options at December 31, 2018	344,230		$	6.48
Vested	(169,301	)	6.44
Forfeited	(6,500	)	6.40
Nonvested stock options at March 31, 2019	168,429		6.52

Aggregated Assumptions Used to Estimate Fair Value of Options Granted

The following aggregated assumptions were used to estimate the fair value of options granted during the three months ended March 31,2018. The Corporation did not issue stock options during the three months ended March 31, 2019.

	Three Months Ended March 31,
	2018
	Actual
Expected option life in years	6.6
Risk free interest rate	2.80	%
Expected dividend yield	2.81	%
Expected volatility	27.15	%
Fair value of options	$6.46

Summary of Nonvested Restricted Stock Awards

The following is a summary of nonvested restricted stock awards and nonvested restricted stock units at March 31, 2019 including changes during the three months then ended:

(Dollars in thousands, except per share data)	Nonvested Stock Awards and Units		Weighted Average Grant Date Fair Value
Nonvested stock awards at December 31, 2018	157,579		$	25.33
Granted	113,729		25.66
Vested	(32,965	)	21.86
Cancelled	(17,349	)	19.68
Nonvested stock awards and units at March 31, 2019	220,994		26.46

Certain Information Regarding Restricted Stock

The fair value of restricted stock awards and units is equivalent to the fair value of the Corporation's stock on the date of grant and is amortized over the vesting period. Certain information regarding restricted stock awards and units is summarized below for the periods indicated:

	Three Months Ended March 31,
(Dollars in thousands, except per share data)	2019		2018
Restricted stock awards and units granted	113,729		59,953
Weighted average grant date fair value	$	25.66	$	28.39
Intrinsic value of awards vested	$	809	$	1,193

Schedule of Unrecognized Compensation Cost, Nonvested Awards

The total unrecognized compensation expense and the weighted average period over which unrecognized compensation expense is expected to be recognized related to nonvested stock options and nonvested restricted stock awards and units at March 31, 2019 is presented below:

(Dollars in thousands)	Unrecognized Compensation Cost		Weighted-Average Period Remaining (Years)
Stock options	$	965	1.6
Restricted stock awards and units	4,148		2.4
	$	5,113	2.3

Compensation Expense Related to Stock Incentive Plans Recognized

The following table presents information related to the Corporation’s compensation expense related to stock incentive plans recognized for the periods indicated:

	Three Months Ended March 31,
(Dollars in thousands)	2019		2018
Stock-based compensation expense:
Stock options	$	216	$	228
Restricted stock awards and units	361		619
Employee stock purchase plan	17		15
Total	$	594	$	862
Tax benefit on nonqualified stock option expense, restricted stock awards and disqualifying dispositions of incentive stock options	$	165	$	243