Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Summary of Activity Under RSU Plan

The following table is a summary of the activity under the Company's RSU plan.

			Wgtd. Avg.
	Restricted		Grant Date
	Stock Units		Fair Value
Year Ended December 31, 2023
Nonvested at December 31, 2022		—
Granted		32,075	$	87.23
Nonvested at December 31, 2023		32,075

Summary of Accumulated Stock Units

A summary of the accumulated stock units is as follows:

	December 31,
	2023		2022
Accumulated stock units		119,575		129,609
Average price	$	40.03	$	34.91

Summary of Activity Under Stock Option Plan

The following table is a summary of the activity under both the Employee Plan and the Non-Employee Directors’ Plan:

						Wgtd. Avg.
				Wgtd. Avg.		Remaining	Aggregate
				Exercise		Contractual	Intrinsic
	Options			Price		Term	Value
	(Dollars in thousands, except option data)
Year Ended December 31, 2023
Outstanding at December 31, 2022		1,310,290		$	52.51
Options exercised		(60,024	)		34.83
Options canceled, forfeited, or expired		(8,875	)		86.42
Outstanding at December 31, 2023		1,241,391			53.12	9.70Yrs	$	54,882
Exercisable at December 31, 2023		524,016			34.53	6.39Yrs	$	32,908
Year Ended December 31, 2022
Outstanding at December 31, 2021		1,303,250		$	40.90
Options granted		278,500			87.13
Options exercised		(241,460	)		28.06
Options canceled, forfeited, or expired		(30,000	)		66.31
Outstanding at December 31, 2022		1,310,290			52.51	8.73Yrs	$	46,741
Exercisable at December 31, 2022		489,540			30.82	6.80Yrs	$	28,082

Options Exercised Under Stock Option Plan

The following table has additional information regarding options exercised under both the Employee Plan and the Non-Employee Directors’ Plan:

	Year Ended December 31,
	2023		2022		2021
	(Dollars in thousands)
Total intrinsic value of options exercised	$	3,055	$	14,837	$	9,264
Cash received from options exercised		2,090		6,776		5,015
Tax benefit realized from options exercised		734		3,567		2,360

Assumptions Used for Computing Stock-Based Compensation Expense

he following table shows the assumptions used for computing stock-based compensation expense under the fair value method on options granted during the periods presented:

	Year Ended December 31,
	2022		2021
Weighted average grant-date fair value per share of options granted	$	31.90	$	21.16
Risk-free interest rate	1.75 to 4.17%		1.30 to 1.74%
Dividend yield	2.00%		2.00%
Stock price volatility	34.61 to 35.60%		35.55 to 36.39%
Expected term	10 Yrs		10 Yrs

Stock-based Employee Compensation Expense

The components of stock-based compensation expense for all share-based compensation plans and related tax benefits are as follows:

	Year Ended December 31,
	2023		2022		2021
	(Dollars in thousands)
Stock-based compensation expense	$	2,999	$	1,941	$	2,133
Tax benefit		721		467		513
Stock-based compensation expense, net of tax	$	2,278	$	1,474	$	1,620

Unearned Stock-based Compensation Expense

	December 31, 2023
	(Dollars in thousands)
Unearned stock-based compensation expense for unvested stock options	$	10,316
Unearned stock-based compensation expense for unvested RSU's		2,672