Compensation Plans (Tables)
|
12 Months Ended |
Dec. 31, 2021 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
Share-based Payment Arrangement, Cost by Plan [Table Text Block] |
The following table summarizes share-based compensation expense: | | | | | | | | | | | | | | | | | | ($ in thousands) | 2021 | | 2020 | | 2019 | Performance stock units | $ | 1,777 | | | $ | 1,097 | | | $ | 1,699 | | Restricted stock units | 3,109 | | | 2,613 | | | 1,969 | | Stock options | 396 | | | — | | | — | | | | | | | | Employee stock purchase plan | 735 | | | 468 | | | 364 | | Total share-based compensation expense | $ | 6,017 | | | $ | 4,178 | | | $ | 4,032 | |
|
Outstanding Long Term Incentive Awards [Table Text Block] |
Information related to the outstanding grants at December 31, 2021 is shown below: | | | | | | | | | | | | | | | | | | ($ in thousands) | 2019 - 2021 Cycle | | 2020 - 2022 Cycle | | 2021 - 2023 Cycle | Shares issuable at target | 19,576 | | | 24,674 | | | 40,372 | | Maximum shares issuable | 39,152 | | | 49,348 | | | 80,744 | | Unrecognized compensation cost | $ | 27 | | | $ | 538 | | | $ | 1,981 | | Weighted average grant date fair value | $ | 47.46 | | | $ | 38.09 | | | $ | 47.16 | |
|
Schedule of Various Information |
At December 31, 2021 and 2020, the Company has reserved the following shares of its authorized but unissued common stock for possible future issuance in connection with the following: | | | | | | | | | | | | | December 31, 2021 | | December 31, 2020 | Outstanding performance units (maximum issuance) | 169,244 | | | 125,176 | | Outstanding RSU’s | 181,657 | | | 157,428 | | Outstanding options and appreciation rights | 112,927 | | | — | | | | | | 2018 Stock Incentive Plan | 670,326 | | | 339,691 | | Non-Management Director Plan | 73,618 | | | 86,616 | | 2018 Employee Stock Purchase Plan | 571,064 | | | 635,890 | | Total | 1,778,836 | | | 1,344,801 | |
|
Summary of Employee Stock Option and SSARs Activity |
Following is a summary of stock option activity for 2021. | | | | | | | | | | | | | | | | | | | | ($ in thousands, except per share data) | Shares | | Weighted Average Exercise Price | | Weighted Average Remaining Contractual Term | | | Outstanding at December 31, 2020 | — | | | $ | — | | | | | | Granted | 118,604 | | | 43.80 | | | 9.2 years | | | | | | | | | | | Forfeited | (5,677) | | | 43.81 | | | | | | Outstanding at December 31, 2021 | 112,927 | | | $ | 43.80 | | | 9.2 years | | | Exercisable at December 31, 2021 | 460 | | | $ | 43.81 | | | 9.2 years | | |
|
Summary of Restricted Stock Units Activity |
A summary of the status of the Company’s RSU awards as of December 31, 2021 and changes during the year then ended is presented below. | | | | | | | | | | | | | Shares | | Weighted Average Grant Date Fair Value | Outstanding at December 31, 2020 | 157,428 | | | $ | 42.44 | | Granted | 100,220 | | | 44.01 | | Vested | (65,755) | | | 43.91 | | Forfeited | (10,236) | | | 43.51 | | Outstanding at December 31, 2021 | 181,657 | | | $ | 42.71 | |
|
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] |
The following table presents the changes in accumulated other comprehensive income (loss) after-tax by component: | | | | | | | | | | | | | | | | | | | | | | | | ($ in thousands) | Net Unrealized Gain (Loss) on Available-for-Sale Debt Securities | | Unamortized Gain (Loss) on Held-to-Maturity Securities | | Net Unrealized Loss on Cash Flow Hedges | | Total | | | | | | | | | | | | | | | | | Balance, December 31, 2018 | $ | (9,047) | | | $ | (235) | | | $ | — | | | $ | (9,282) | | Net change | 29,226 | | | (33) | | | (2,162) | | | 27,031 | | Transfer from available-for-sale to held-to-maturity | (5,202) | | | 5,202 | | | — | | | — | | Balance, December 31, 2019 | $ | 14,977 | | | $ | 4,934 | | | $ | (2,162) | | | $ | 17,749 | | Net change | 23,627 | | | (1,910) | | | (2,346) | | | 19,371 | | Transfer from available-for-sale to held-to-maturity | (16,284) | | | 16,284 | | | — | | | — | | Balance, December 31, 2020 | $ | 22,320 | | | $ | 19,308 | | | $ | (4,508) | | | $ | 37,120 | | Net change | (17,049) | | | (3,624) | | | 2,330 | | | (18,343) | | Balance, December 31, 2021 | $ | 5,271 | | | $ | 15,684 | | | $ | (2,178) | | | $ | 18,777 | |
|
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) |
The following table presents the pre-tax and after-tax changes in the components of other comprehensive income: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2021 | | 2020 | | 2019 | ($ in thousands) | Pre-tax | | Tax effect | | After-tax | | Pre-tax | | Tax effect | | After-tax | | Pre-tax | | Tax effect | | After-tax | Change in unrealized gain (loss) on available-for-sale debt securities | $ | (22,701) | | | $ | (5,652) | | | $ | (17,049) | | | $ | 31,798 | | | $ | 7,854 | | | $ | 23,944 | | | $ | 38,764 | | | $ | 9,575 | | | $ | 29,189 | | Reclassification adjustment for realized (gain) loss on sale of available-for-sale debt securities(a) | — | | | — | | | — | | | (421) | | | (104) | | | (317) | | | 49 | | | 12 | | | 37 | | Reclassification of gain on held-to-maturity securities(b) | (4,672) | | | (1,048) | | | (3,624) | | | (2,537) | | | (627) | | | (1,910) | | | (44) | | | (11) | | | (33) | | Change in unrealized gain (loss) on cash flow hedges arising during the period(b) | 1,533 | | | 372 | | | 1,161 | | | (7,898) | | | (1,951) | | | (5,947) | | | (3,004) | | | (742) | | | (2,262) | | Reclassification of loss on cash flow hedges(b) | 1,543 | | | 374 | | | 1,169 | | | 4,782 | | | 1,181 | | | 3,601 | | | 133 | | | 33 | | | 100 | | Total other comprehensive income (loss) | $ | (24,297) | | | $ | (5,954) | | | $ | (18,343) | | | $ | 25,724 | | | $ | 6,353 | | | $ | 19,371 | | | $ | 35,898 | | | $ | 8,867 | | | $ | 27,031 | | | | | | | | | | | | | | | | | | | |
(a)The pre-tax amount is reported in noninterest income/expense in the Consolidated Statements of Operations. (b)The pre-tax amount is reported in interest income/expense in the Consolidated Statements of Operations, except for a $3.2 million termination fee in 2020 recognized in noninterest expense.
|
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions |
The following weighted average assumptions were used for grants issued during the year ended December 31, 2021.
| | | | | | | | | Weighted Average | Risk Free Interest Rate | 1.06% | Expected Dividend Yield | 1.65% | Expected Volatility | 33.92% | Expected Term (years) | 6.2 |
|
Restricted Stock Units (RSUs) [Member] |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
Schedule of Various Information |
Various information related to the RSUs is shown below. | | | | | | | | | | | | | | | | | | ($ in thousands) | 2021 | | 2020 | | 2019 | Total fair value at vesting date | $ | 2,855 | | | $ | 1,702 | | | $ | 1,067 | | Unrecognized compensation cost | 4,622 | | | 3,899 | | | 3,417 | | Expected years to recognize unearned compensation | 1.9 years | | 1.9 years | | 1.9 years | Weighted average grant date fair value | $ | 44.01 | | | $ | 39.63 | | | $ | 45.00 | |
|
Stock Plan for Non-Management Directors |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
Schedule of Various Information |
Various information related to the Director Plan is shown below. | | | | | | | | | | | | | | | | | | | 2021 | | 2020 | | 2019 | Shares granted | 12,998 | | | 15,901 | | | 11,382 | | Weighted average grant date fair value | $ | 46.05 | | | $ | 30.28 | | | $ | 41.63 | |
|