Share-Based Compensation Arrangements (Tables)

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Compensation Cost for Share-based Compensation Arrangements

The following table presents share-based compensation expense and the related income tax benefits recognized in the Consolidated Statements of Income for stock options, restricted stock units and performance share units:

(Dollars in thousands)
Years ended December 31,	2023	2022	2021
Share-based compensation expense	$2,064	$3,247	$3,316
Related income tax benefits (1)	$492	$857	$978

(1)Includes $34 thousand of excess tax expense recognized upon the settlement of share-based compensation awards in 2023, compared to $78 thousand and $182 thousand, respectively, of excess tax benefits in 2022 and 2021.

Stock Options Fair Value Assumptions

The following presents the assumptions used in determining the grant date fair value of the stock option awards granted to certain key employees:

	2023		2022		2021
Options granted	49,000		57,700		53,700
Cliff vesting period (years)	3		3		3
Expected term (years)	6.5		6.5		6.5
Expected dividend yield	4.38	%	3.90	%	3.80	%
Weighted average expected volatility	33.15	%	31.67	%	31.50	%
Weighted average risk-free interest rate	4.85	%	4.15	%	1.41	%
Weighted average grant-date fair value	$6.71		$12.01		$11.10

Stock Options Activity

The following table presents a summary of stock options outstanding as of and for the year ended December 31, 2023:

	Number of Stock Options	Weighted Average Exercise Price	Weighted Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value (000’s)
Options outstanding at beginning of period	371,890	$46.67
Granted	49,000	26.42
Exercised	—	—
Forfeited or expired	(11,033)	36.53
Options outstanding at end of period	409,857	$44.52	6.34	$303
Options exercisable at end of period	253,257	$45.09	4.83	$11

Schedule of Stock Options Outstanding and Options Exercisable

The following table presents additional information concerning options outstanding and options exercisable at December 31, 2023:

	Options Outstanding			Options Exercisable
Exercise Price Ranges	Number of Shares	Weighted Average Remaining Life (Years)	Weighted Average Exercise Price	Number of Shares	Weighted Average Exercise Price
$20.01 to $30.00	49,000	9.80	$26.42	—	$—
$30.01 to $40.00	90,287	5.69	33.21	90,287	33.21
$40.01 to $50.00	133,528	6.47	47.44	77,728	46.68
$50.01 to $60.00	137,042	5.42	55.60	85,242	56.22
Total	409,857	6.34	$44.52	253,257	$45.09

Restricted Stock Units Activity

The following table presents a summary of restricted stock units as of and for the year ended December 31, 2023:

	Number of Shares	Weighted Average Grant Date Fair Value
Beginning of period	65,312	$45.51
Granted	30,862	31.04
Vested	(26,711)	37.07
Forfeited	(1,289)	48.43
End of period	68,174	$42.21

Performance Share Units Outstanding

The following table presents a summary of outstanding performance share units as of December 31, 2023:

		Grant Date Fair Value per Share	Weighted Average Current Performance Assumption	Expected Number of Shares
Performance share units awarded in:	2023	$47.35	110%	47,520
	2022	59.31	100%	27,100
	2021	46.15	70%	22,652
Total				97,272

Performance Share Units Activity

The following table presents a summary of performance share units as of and for the year ended December 31, 2023:

	Number of Shares	Weighted Average Grant Date Fair Value
Beginning of period	144,938	$45.41
Granted	47,520	47.35
Vested	(48,010)	37.37
Forfeited (1)	(47,176)	45.25
End of period	97,272	$50.40

(1)The number of forfeited shares also includes adjustments made to performance measure estimates on outstanding awards that have not yet vested.