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STOCK BASED COMPENSATION (Tables)
12 Months Ended
Dec. 31, 2020
Share-based Payment Arrangement [Abstract]  
Schedule of Cumulatively Granted Stock Options and Restricted Stock Awards, Net of Forfeitures and Expirations
The following table presents the amount of cumulatively granted stock option awards and restricted stock awards, net of forfeitures and expirations, granted through December 31, 2020:
 Authorized Awards Cumulatively Granted, Net of
Forfeitures and Expirations
TotalAuthorized
but
Unissued
Stock
Option  Awards
Restricted
Stock  Awards
2005 Plan1,650,000 387,258 863,861 1,251,119 398,881 
2010 Plan314,600 46,500 93,245 139,745 — (1)
2018 Plan300,000 — 21,938 21,938 278,062 (1)
(1)The Company may award up to a total of 300,000 shares from the 2018 Plan, inclusive of 174,855 shares that were Authorized but Unissued in the 2010 Plan, and were transferred from the 2010 Plan to the 2018 Plan. Due to this transfer, there are no available shares remaining to be issued from the 2010 Plan.
Schedule of Pre-tax Compensation Expense and Related Tax Benefits
The following table presents the pre-tax expense associated with stock option and restricted stock awards and the related tax benefits recognized for the periods presented:
 Years Ended December 31
 202020192018
 (Dollars in thousands)
Stock based compensation expense
Restricted stock awards (1)$3,272 $3,679 $3,299 
Directors’ fee expense (2)
Stock options— 23 66 
Restricted stock awards851 701 860 
Total stock based award expense$4,123 $4,403 $4,225 
Related tax benefits recognized in earnings$1,159 $1,238 $1,188 
(1)Inclusive of compensation expense associated with time-vested and performance-based restricted stock awards.
(2)Expense related to awards issued to directors is recognized as directors’ fees within other noninterest expense.
Schedule of Stock Options Granted The following table presents the awards granted by the Company of nonqualified options to purchase shares of common stock for the periods presented:
Year Ended December 31
2018
Date of grant4/3/2018
Plan2010
Options granted5,000 
Vesting period (beginning on the grant date)21 months
Expiration date4/3/2028
Expected volatility21.15 %
Expected life (years)5.5
Expected dividend yield1.94 %
Risk free interest rate2.62 %
Fair value per option$13.46 
Schedule of Relevant Information Relating to Stock Options
The following table presents relevant information relating to the Company’s stock options for the periods presented:
 Years Ended December 31
 202020192018
 (Dollars in thousands, except per share data)
Fair value of stock options vested based on grant date fair value$22 $21 $85 
Intrinsic value of stock options exercised$404 $883 $1,525 
Cash received from stock option exercises$279 $396 $1,024 
Tax benefit realized on stock option exercises$114 $248 $429 
Weighted average grant date fair value of options granted (per share)n/an/a$13.46 
Schedule of Stock Options
The following table presents a summary of stock option award activity for the year ended December 31, 2020:
 OutstandingNonvested 
 Stock Option
Awards
 Weighted
Average
Exercise
Price
Weighted
Average
Remaining
Contractual
Term (years)
Aggregate
Intrinsic
Value (1)
Stock
Option
Awards
Weighted
Average
Grant Date
Fair Value
 
 (Dollars in thousands, except per share data) 
Balance at January 1, 202038,500   $42.49 1,666 $13.46 
Granted—   — — — 
Exercised(10,000)27.90 n/an/a
Vestedn/an/a(1,666)13.46 
Forfeited— — — — 
Expired— — — — 
Balance at December 31, 202028,500 (2)$47.61 3.99 years$704 — $— 
Options outstanding, vested, and exercisable at December 31, 202028,500 (2)$47.61 3.99 years$704 
(1)The aggregate intrinsic value represents the total pre-tax intrinsic value, based on the average of the high price and low price at which the Company’s common stock traded on December 31, 2020 of $72.33, which would have been received by in-the-money option holders had they all exercised their options as of that date.
(2)Inclusive of 20,000 vested stock options outstanding to Directors.
For the year ended December 31, 2020, all outstanding stock option awards are vested and there is no unrecognized compensation expense related to those options.
Schedule of Restricted Stock Granted During the years ended December 31, 2020, 2019, and 2018 the Company made the following restricted stock award grants:
Shares GrantedPlanFair Value (1)Vesting Period
Time-vested
2020
2/27/202046,550 2005 $70.24 Ratably over 5 years from grant date
4/15/2020880 2005$70.02 Ratably over 5 years from grant date
5/27/20209,438 2018$72.86 Immediately upon grant date
2019
2/21/201943,250 2005$83.87 Ratably over 5 years from grant date
3/15/2019600 2005$79.55 Ratably over 5 years from grant date
4/1/20191,090 2005$82.62 Ratably over 3 years from grant date
5/21/20196,500 2018$77.08 Immediately upon grant date
2018
2/15/201839,950 2005$71.75 Ratably over 5 years from grant date
2/27/20181,150 2005$72.60 Ratably over 5 years from grant date
5/15/2018530 2005$74.00 Ratably over 5 years from grant date
5/22/20186,000 2018$76.58 Immediately upon grant date
11/15/2018560 2005$77.78 Ratably over 5 years from grant date
Performance-based
2/27/202017,100 2005$70.24 
The earlier of: the date on which it is determined if the performance goal has been achieved; or, March 31, 2023.
2/21/201915,900 2005$83.87 The earlier of: the date on which it is determined if the performance goal has been achieved; or, March 31, 2022.
2/15/201816,300 2005$71.75 The earlier of: the date on which it is determined if the performance goal has been achieved; or, March 31, 2021.
(1)The fair value of the restricted stock awards are based upon the average of the high and low prices at which the Company’s common stock traded on the date of grant. The holders of time-vested restricted stock awards participate fully in the rewards of stock ownership of the Company, including voting and dividend rights. The holders of performance-based restricted stock awards do not participate in the rewards of stock ownership of the Company until vested. The holders of all restricted stock awards are not required to pay any consideration to the Company for the awards.
Schedule of Share-based Compensation, Fair Value of Restricted Stock Awards Vesting [Table Text Block]
The following table presents the fair value of restricted stock awards that vesting during the periods presented:
 Years Ended December 31
 202020192018
 (Dollars in thousands)
Fair value of restricted stock awards upon vesting$5,580 $6,005 $6,277 
Schedule of Restricted Stock Awards
The following table presents a summary of restricted stock award activity for the year ended December 31, 2020:
 Outstanding Restricted Stock
Awards
 Weighted Average
Grant Price ($)
 
 (Dollars in thousands, except per share data) 
Balance at January 1, 2020193,784   $67.45 
Granted73,968   70.55 
Vested/released(75,197)60.34 
Forfeited(11,050)  70.69 
Balance at December 31, 2020181,505 (1)$71.46 
Unrecognized compensation cost (inclusive of directors’ fees)$7,787 
Weighted average remaining recognition period (years)2.96
(1)Inclusive of 10,300 restricted stock awards outstanding to Directors.