Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2023

Share-Based Payment Arrangement [Abstract]

Summary of Activity Under RSU Plan

The following table is a summary of the activity under the Company's RSU plan.

			Wgtd. Avg.
	Restricted		Grant Date
	Stock Units		Fair Value
Nine Months Ended September 30, 2023
Nonvested at December 31, 2022		—
Granted		9,075	$	96.39
Nonvested at September 30, 2023		9,075

Summary of Accumulated Stock Units

A summary of the accumulated stock units is as follows:

	September 30,		December 31,
	2023		2022
Accumulated stock units		117,499		129,609
Average price	$	39.20	$	34.91

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)
Nine Months Ended September 30, 2023
Outstanding at December 31, 2022		1,310,290		$	52.51
Exercised		(48,399	)		33.34
Canceled, forfeited, or expired		(8,500	)		87.97
Outstanding at September 30, 2023		1,253,391			53.01	9.94 Yrs.	$	42,268
Exercisable at September 30, 2023		502,891			33.32	6.43 Yrs.	$	26,857

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 September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
	(Dollars in thousands)				(Dollars in thousands)
Total intrinsic value of options exercised	$	176	$	5,638	$	2,507	$	14,581
Cash received from options exercised		75		2,285		1,614		6,577
Tax benefit realized from options exercised		43		1,355		603		3,505

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:

	Nine Months Ended September 30,
	2023		2022
Weighted average grant-date fair value per share of options granted	$	—	$	30.72
Risk-free interest rate		—	1.75 to 3.25%
Dividend yield		—	2.00%
Stock price volatility		—	34.61 to 34.85%
Expected term		—	10 Yrs

Stock-based Employee Compensation Expense

The components of stock-based compensation expense for all share-based compensation plans and related tax benefits are as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
	(Dollars in thousands)				(Dollars in thousands)
Stock-based compensation expense	$	864	$	627	$	2,077	$	1,545
Tax benefit		208		151		500		372
Stock-based compensation expense, net of tax	$	656	$	476	$	1,577	$	1,173

The Company will continue to amortize the unearned stock-based compensation expense over the remaining weighted average vesting period of approximately 5 years for unvested stock options and 6 years for unvested RSUs. The following table shows the unearned stock-based compensation expense for unvested stock options and unvested RSUs:

Unearned Stock-based Compensation Expense

	September 30, 2023
	(Dollars in thousands)
Unearned stock-based compensation expense for unvested stock options	$	10,957
Unearned stock-based compensation expense for unvested RSUs		850