Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2022

Share-based Payment Arrangement [Abstract]

Summary of Activity Under Stock Option Plan

The following table is a summary of the activity under both the Employee Plan and the Non-Employee Directors’ Plan:

						Wgtd. Avg.
				Wgtd. Avg.		Remaining	Aggregate
				Exercise		Contractual	Intrinsic
	Options			Price		Term	Value
	(Dollars in thousands, except option data)
Six Months Ended June 30, 2022
Outstanding at December 31, 2021		1,303,250		$	40.90
Options granted		135,000			81.90
Options exercised		(164,792	)		26.05
Options canceled, forfeited, or expired		(5,000	)		74.90
Outstanding at June 30, 2022		1,268,458			47.06	8.32 Yrs	$	61,713
Exercisable at June 30, 2022		516,458			29.79	7.06 Yrs	$	34,043

Options Exercised Under Stock Option Plan

The following table has additional information regarding options exercised under both the Employee Plan and the Non-Employee Directors’ Plan:

	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
	(Dollars in thousands)				(Dollars in thousands)
Total intrinsic value of options exercised	$	2,979	$	557	$	8,943	$	7,860
Cash received from options exercised		1,303		413		4,292		4,379
Tax benefit realized from options exercised		716		142		2,150		2,002

Stock-based Employee Compensation Expense

The following table is a summary of the Company’s recorded stock-based compensation expense:

	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
	(Dollars in thousands)				(Dollars in thousands)
Stock-based compensation expense	$	460	$	473	$	918	$	1,049
Tax benefit		111		114		221		252
Stock-based compensation expense, net of tax	$	349	$	359	$	697	$	797

Unearned Stock-based Compensation Expense

The Company will continue to amortize the unearned stock-based compensation expense over the remaining vesting period of approximately seven years. The following table shows the unearned stock-based compensation expense:

	June 30, 2022
	(Dollars in thousands)
Unearned stock-based compensation expense	$	9,981

Assumptions Used for Computing Stock-Based Compensation Expense

The following table shows the assumptions used for computing stock-based compensation expense under the fair value method on options granted during the periods presented:

	Six Months Ended June 30,
	2022		2021
Weighted average grant-date fair value per share of options granted	$	29.08	$	23.74
Risk-free interest rate	1.75 to 3.25%		1.34 to1.74%
Dividend yield	2.00%		2.00%
Stock price volatility	34.61 to 34.71%		35.55 to 36.01%
Expected term	10 Yrs		10 Yrs

Summary of Accumulated Stock Units

A summary of the accumulated stock units is as follows:

	June 30,		December 31,
	2022		2021
Accumulated stock units		143,712		152,754
Average price	$	32.79	$	30.86