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Compensation Plans (Tables)
12 Months Ended
Dec. 31, 2022
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)202220212020
Performance stock units$2,391 $1,777 $1,097 
Restricted stock units4,156 3,109 2,613 
Stock options916 396 — 
Employee stock purchase plan543 735 468 
Total share-based compensation expense$8,006 $6,017 $4,178 
Outstanding Long Term Incentive Awards [Table Text Block]
Information related to the outstanding grants at December 31, 2022 is shown below:
($ in thousands)2020 - 2022 Cycle2021 - 2023 Cycle2022 - 2024 Cycle
Shares issuable at target24,674 38,412 41,765 
Maximum shares issuable49,348 76,824 83,530 
Unrecognized compensation cost$42 $981 $2,301 
Weighted average grant date fair value$38.09 $47.16 $51.91 
Schedule of Various Information
At December 31, 2022 and 2021, the Company has reserved the following shares of its authorized but unissued common stock for possible future issuance in connection with the following:
December 31, 2022December 31, 2021
Outstanding performance units (maximum issuance)209,702 169,244 
Outstanding RSU’s269,868 181,657 
Outstanding options 222,032 112,927 
2018 Stock Incentive Plan342,157 670,326 
Non-Management Director Plan55,878 73,618 
2018 Employee Stock Purchase Plan 515,941 571,064 
Total1,615,578 1,778,836 
Summary of Employee Stock Option and SSARs Activity
Following is a summary of stock option activity for 2022.
($ in thousands, except per share data)SharesWeighted
Average
Exercise Price
Weighted
Average
Remaining
Contractual Term
Outstanding at December 31, 2021112,927 $43.80 
Granted120,707 48.24 
Exercised(1,445)43.81 
Forfeited(10,157)45.81 
Outstanding at December 31, 2022222,032 $46.12 8.7 years
Exercisable at December 31, 202218,196 $43.80 8.2 years
Summary of Restricted Stock Units Activity
A summary of the status of the Company’s RSU awards as of December 31, 2022 and changes during the year then ended is presented below.
SharesWeighted Average
Grant Date
Fair Value
Outstanding at December 31, 2021181,657 $42.71 
Granted180,400 47.96 
Vested(79,617)43.02 
Forfeited(12,572)34.99 
Outstanding at December 31, 2022269,868 $46.49 
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]
The following table presents the changes in accumulated other comprehensive income (loss) after-tax by component:
($ in thousands)Net Unrealized Gain (Loss) on Available-for-Sale Debt SecuritiesUnamortized Gain (Loss) on Held-to-Maturity SecuritiesNet Unrealized Gain (Loss) on Cash Flow HedgesTotal
Balance, December 31, 2019$14,977 $4,934 $(2,162)$17,749 
Net change23,627 (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 
Net change(149,623)(2,696)3,210 (149,109)
Transfer from available-for-sale to held-to-maturity(197)$197 $— $— 
Balance, December 31, 2022$(144,549)$13,185 $1,032 $(130,332)
Schedule of Amounts Recognized in Other Comprehensive Income (Loss)
The following table presents the pre-tax and after-tax changes in the components of other comprehensive income:
202220212020
($ in thousands)Pre-taxTax effectAfter-taxPre-taxTax effectAfter-taxPre-taxTax effectAfter-tax
Change in unrealized gain (loss) on available-for-sale securities$(200,030)$(50,407)$(149,623)$(22,701)$(5,652)$(17,049)$31,798 $7,854 $23,944 
Reclassification of gain on sale of available-for-sale securities(a)— — — — — — (421)(104)(317)
Reclassification of gain on held-to-maturity securities(b)(3,605)(909)(2,696)(4,672)(1,048)(3,624)(2,537)(627)(1,910)
Change in unrealized gain (loss) on cash flow hedges3,741 943 2,798 1,533 372 1,161 (7,898)(1,951)(5,947)
Reclassification of loss on cash flow hedges(b)551 139 412 1,543 374 1,169 4,782 1,181 3,601 
Total other comprehensive income (loss)$(199,343)$(50,234)$(149,109)$(24,297)$(5,954)$(18,343)$25,724 $6,353 $19,371 
(a)The pre-tax amount is reported in noninterest income/expense in the Consolidated Statements of Income.
(b)The pre-tax amount is reported in interest income/expense in the Consolidated Statements of Income, except for a $3.2 million termination fee in 2020 recognized in noninterest expense.
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions
The following weighted average assumptions were used for grants issued during the year ended December 31, 2022.
Weighted Average
Risk Free Interest Rate1.95%
Expected Dividend Yield1.74%
Expected Volatility34.54%
Expected Term (years)6.2
Restricted Stock Units (RSUs) [Member]  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Schedule of Various Information
Various information related to the RSUs is shown below.
($ in thousands)202220212020
Total fair value at vesting date$3,888 $2,855 $1,702 
Unrecognized compensation cost 8,507 4,622 3,899 
Expected years to recognize unearned compensation2.0 years1.9 years1.9 years
Weighted average grant date fair value$47.96 $44.01 $39.63 
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.
202220212020
Shares granted23,343 12,998 15,901 
Weighted average grant date fair value$42.17 $46.05 $30.28