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Shareholders' Equity (Tables)

12 Months Ended

Dec. 31, 2023

Stockholders' Equity Note [Abstract]

Schedule of Calculation of Numerator and Denominator in Earnings Per Share

A reconciliation of the numerators and denominators of the basic and diluted earnings per share computations is as follows (dollars in thousands, except per share data):


		For the Years Ended December 31,
		2023			2022			2021
Basic Earnings Per Share
Net income (dollars in thousands)		$	34,844		$	33,659		$	43,012
Weighted average shares outstanding			14,706,141			14,955,756			15,241,957
Basic earnings per share		$	2.37		$	2.25		$	2.82

Diluted Earnings Per Share
Net income (dollars in thousands)		$	34,844		$	33,659		$	43,012
Weighted average shares outstanding			14,706,141			14,955,756			15,241,957
Effect of dilutive equity awards			31,729			66,999			111,488
Weighted average shares outstanding			14,737,870			15,022,755			15,353,445
Diluted earnings per share		$	2.36		$	2.24		$	2.80

Schedule of Stock Option Activity

A summary of the Company’s stock option activity follows (shares in thousands, except exercise price):


		2023								2022					2021
		Shares		Weighted Average Exercise Price			Aggregate Intrinsic Value⁽¹⁾			Shares		Weighted Average Exercise Price			Shares		Weighted Average Exercise Price
Outstanding,
Beginning of year		352		$	25.06					416		$	24.15		495		$	23.67
Exercised or released		—		$	—					(30)		$	10.59		(33)		$	14.64
Granted		—		$	—					—		$	—		—		$	—
Canceled		(9)		$	26.56					(32)		$	27.32		(45)		$	26.36
Expired		—		$	—					(2)		$	10.21		(1)		$	10.58
Outstanding, end of year		343		$	25.02		$	447		352		$	25.06		416		$	24.15
Exercisable, end of year ⁽²⁾		343		$	25.02		$	447		311		$	24.78		355		$	23.62

(1)

The aggregate intrinsic value of stock option in the table above represents the total pre-tax intrinsic value (the amount by which the current market value of the underlying stock exceeds the exercise price of the option) that would have been received by the option holders had all option holders exercised their options on December 31, 2023. This amount changes based on changes in the market value of the Company’s stock.

(2)	The weighted average remaining contractual life of stock options outstanding and exercisable on December 31, 2023 was 5.2 years and 5.0 years, respectively.

Schedule of Options Indexed to Issuer Equity

Information related to stock options during each year follows (dollars in thousands, except per share data):


		2023			2022			2021
Weighted-average grant-date fair value per share		$	—		$	—		$	—
Total intrinsic value of stock options exercised		$	—		$	329		$	346
Total fair value of stock options vested		$	—		$	103		$	418

Summary of Nonvested Restricted Stock Shares

A summary of the Company’s nonvested shares for the year follows (shares in thousands, except grant date fair value):


Nonvested Shares		Shares			Weighted Average Grant-Date Fair Value
Nonvested at January 1, 2023		187		$	21.42
Granted		118			19.51
Vested		(61)			21.46
Forfeited		(6)			23.02
Nonvested at December 31, 2023		238		$	20.30

Tabular disclosure of the freestanding option contracts issued by an entity that are indexed to, and potentially settled in, an entity's own stock. Includes disclosure on the strike price and the number of shares to which the contract is indexed, the settlement date or dates of the contract, and the issuer's accounting for the contract. If the terms of the contract provide settlement alternatives, those settlement alternatives are disclosed, including who controls the settlement alternatives, and the maximum number of shares that could be required to be issued, to net share settle the contract, if applicable. If a contract does not have a fixed or determinable maximum number of shares that could be required to be issued, the fact that a potentially infinite number of shares that may be required to be issued to settle the contract is disclosed. Disclosure also includes the contract's current fair value for each settlement alternative and how changes in the price of the issuer's equity instruments affect those settlement amounts.

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