Stock-Based Incentive Plan (Tables)

6 Months Ended

Jun. 30, 2019

Share-based Payment Arrangement [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 six months ended June 30, 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 June 30, 2019
Outstanding at December 31, 2018	597,405		$	23.98
Expired	(9,756	)	23.61
Forfeited	(8,000	)	26.06
Exercised	(39,500	)	17.48
Outstanding at June 30, 2019	540,149		24.44		7.0	$	1,658
Exercisable at June 30, 2019	373,220		22.72		6.4	1,644

Summary of Nonvested Stock Options

The following is a summary of nonvested stock options at June 30, 2019 including changes during the six 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	(8,000	)	6.43
Nonvested stock options at June 30, 2019	166,929		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 six months ended June 30, 2018. The Corporation did not issue stock options during the six months ended June 30, 2019.

	Six Months Ended June 30, 2018
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 June 30, 2019 including changes during the six 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 June 30, 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:

	Six Months Ended June 30,
(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 June 30, 2019 is presented below:

(Dollars in thousands)	Unrecognized Compensation Cost		Weighted-Average Period Remaining (Years)
Stock options	$	793	1.4
Restricted stock awards and units	3,631		2.3
	$	4,424	2.1

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:

	Six Months Ended June 30,
(Dollars in thousands)	2019		2018
Stock-based compensation expense:
Stock options	$	378	$	515
Restricted stock awards and units	878		1,204
Employee stock purchase plan	36		34
Total	$	1,292	$	1,753
Tax benefit on nonqualified stock option expense, restricted stock awards and disqualifying dispositions of incentive stock options	$	284	$	413