Share-Based Compensation Arrangements (Tables)

12 Months Ended

Dec. 31, 2024

Share-Based Payment Arrangement [Abstract]

Compensation Cost for Share-based Compensation Arrangements

The following table presents share-based compensation expense and the related income tax benefits recognized in the Consolidated Statements of Income (Loss) for stock options, restricted stock units and performance share units:

(Dollars in thousands)
Years ended December 31,	2024	2023	2022
Share-based compensation expense	$2,473	$2,064	$3,247
Related income tax benefits (1)	$441	$492	$857

(1)Includes $183 thousand and $34 thousand, respectively, of excess tax expense recognized upon the settlement of share-based compensation awards in 2024 and 2023, compared to $78 thousand of excess tax benefits in 2022.

Stock Options Fair Value Assumptions

The following presents the assumptions used in determining the grant date fair value of the stock option awards granted to certain key employees:

	2024		2023		2022
Options granted	64,050		49,000		57,700
Cliff vesting period (years)	3		3		3
Expected term (years)	7		6.5		6.5
Expected dividend yield	4.99	%	4.38	%	3.90	%
Weighted average expected volatility	35.63	%	33.15	%	31.67	%
Weighted average risk-free interest rate	4.50	%	4.85	%	4.15	%
Weighted average grant-date fair value	$7.89		$6.71		$12.01

Stock Options Activity

The following table presents a summary of stock options outstanding as of and for the year ended December 31, 2024:

	Number of Stock Options	Weighted Average Exercise Price	Weighted Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value (000’s)
Options outstanding at beginning of period	409,857	$44.52
Granted	64,050	31.83
Exercised	(10,200)	32.23
Forfeited or expired	(31,487)	45.74
Options outstanding at end of period	432,220	$42.84	6.08	$206
Options exercisable at end of period	271,270	$47.25	4.37	$—

Schedule of Stock Options Outstanding and Options Exercisable

The following table presents additional information concerning options outstanding and options exercisable at December 31, 2024:

	Options Outstanding			Options Exercisable
Exercise Price Ranges	Number of Shares	Weighted Average Remaining Life (Years)	Weighted Average Exercise Price	Number of Shares	Weighted Average Exercise Price
$20.01 to $30.00	47,100	8.80	$26.42	—	$—
$30.01 to $40.00	136,339	7.17	32.67	72,289	33.42
$40.01 to $50.00	122,594	5.45	47.34	72,794	46.54
$50.01 to $60.00	126,187	4.50	55.59	126,187	55.59
Total	432,220	6.08	$42.84	271,270	$47.25

Restricted Stock Units Activity

The following table presents a summary of restricted stock units as of and for the year ended December 31, 2024:

	Number of Shares	Weighted Average Grant Date Fair Value
Beginning of period	68,174	$42.21
Granted	74,751	26.61
Vested	(24,008)	48.04
Forfeited	(10,327)	33.81
End of period	108,590	$30.98

Performance Share Units Outstanding

The following table presents a summary of outstanding performance share units as of December 31, 2024:

		Grant Date Fair Value per Share	Weighted Average Current Performance Assumption	Expected Number of Shares
Performance share units awarded in:	2024	$24.70	100%	39,053
	2023	47.35	97%	37,848
	2022	59.31	79%	19,192
Total				96,093

Performance Share Units Activity

The following table presents a summary of performance share units as of and for the year ended December 31, 2024:

	Number of Shares	Weighted Average Grant Date Fair Value
Beginning of period	97,272	$50.40
Granted	44,650	24.70
Vested	(23,434)	46.77
Forfeited (1)	(22,395)	45.31
End of period	96,093	$40.53

(1)The number of forfeited shares also includes adjustments made to performance measure estimates on outstanding awards that have not yet vested.