STOCK BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2021

Share-based Payment Arrangement [Abstract]

Schedule of Cumulatively Granted Stock Options and Restricted Stock Awards, Net of Forfeitures and Expirations

The following table presents the amount of cumulatively granted stock option awards and restricted stock awards, net of forfeitures and expirations, granted through December 31, 2021:

	Authorized Awards	Cumulatively Granted, Net of Forfeitures and Expirations		Total	Authorized but Unissued
		Stock Option  Awards	Restricted Stock  Awards
2005 Plan	1,650,000	387,258	927,346	1,314,604	335,396
2018 Plan	300,000	—	30,258	30,258	269,742

Schedule of Pre-tax Compensation Expense and Related Tax Benefits

The following table presents the pre-tax expense associated with stock option and restricted stock awards and the related tax benefits recognized for the periods presented:

	Years Ended December 31
	2021		2020		2019
	(Dollars in thousands)
Stock based compensation expense
Restricted stock awards (1)	$	3,580	$	3,272	$	3,679
Directors’ fee expense (2)
Stock options	—		—		23
Restricted stock awards	729		851		701
Total stock based award expense	$	4,309	$	4,123	$	4,403
Related tax benefits recognized in earnings	$	1,212	$	1,159	$	1,238

(1)Inclusive of compensation expense associated with time-vested and performance-based restricted stock awards.

(2)Expense related to awards issued to directors is recognized as directors’ fees within other noninterest expense.

Schedule of Stock Options Granted

Schedule of Relevant Information Relating to Stock Options

The following table presents relevant information relating to the Company’s stock options for the periods presented:

	Years Ended December 31
	2021		2020		2019
	(Dollars in thousands, except per share data)
Fair value of stock options vested based on grant date fair value	n/a		$	22	$	21
Intrinsic value of stock options exercised	$	414	$	404	$	883
Cash received from stock option exercises	$	233	$	279	$	396
Tax benefit realized on stock option exercises	$	116	$	114	$	248

Schedule of Stock Options

The following table presents a summary of stock option award activity for the year ended December 31, 2021:

	Outstanding
	Stock Option Awards		Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (years)	Aggregate Intrinsic Value (1)
	(Dollars in thousands, except per share data)
Balance at January 1, 2021	28,500		$	47.61
Granted	—		—
Exercised	(8,500)		27.46
Balance of options outstanding, vested and exercisable at December 31, 2021	20,000	(2)	$	56.18	4.63 years	$	509

(1)The aggregate intrinsic value represents the total pre-tax intrinsic value, based on the average of the high price and low price at which the Company’s common stock traded on December 31, 2021 of $81.65, which would have been received by in-the-money option holders had they all exercised their options as of that date.

(2)Represents vested stock options outstanding to Directors.

For the year ended December 31, 2021, all outstanding stock option awards are vested and there is no unrecognized compensation expense related to those options.

Schedule of Restricted Stock Granted

During the years ended December 31, 2021, 2020, and 2019 the Company made the following restricted stock award grants:

	Shares Granted	Plan	Fair Value (1)		Vesting Period
Time-vested
2021
2/18/2021	49,550	2005	$	81.84	Ratably over 5 years from grant date
5/25/2021	7,680	2018	$	78.18	Immediately upon grant date
9/1/2021	640	2018	$	76.78	Immediately upon grant date
2020
2/27/2020	46,550	2005	$	70.24	Ratably over 5 years from grant date
4/15/2020	880	2005	$	70.02	Ratably over 5 years from grant date
5/27/2020	9,438	2018	$	72.86	Immediately upon grant date
2019
2/21/2019	43,250	2005	$	83.87	Ratably over 5 years from grant date
3/15/2019	600	2005	$	79.55	Ratably over 5 years from grant date
4/1/2019	1,090	2005	$	82.62	Ratably over 3 years from grant date
5/21/2019	6,500	2018	$	77.08	Immediately upon grant date
Performance-based
2/18/2021	18,900	2005	$	81.84	The earlier of: the date on which it is determined if the performance goal has been achieved; or, March 31, 2024.
2/27/2020	17,100	2005	$	70.24	The earlier of: the date on which it is determined if the performance goal has been achieved; or, March 31, 2023.
2/21/2019	15,900	2005	$	83.87	The earlier of: the date on which it is determined if the performance goal has been achieved; or, March 31, 2022.

(1)The fair value of the restricted stock awards are based upon the average of the high and low prices at which the Company’s common stock traded on the date of grant. The holders of time-vested restricted stock awards participate fully in the rewards of stock ownership of the Company, including voting and dividend rights. The holders of performance-based restricted stock awards do not participate in the rewards of stock ownership of the Company until vested. The holders of all restricted stock awards are not required to pay any consideration to the Company for the awards.

Schedule of Share-based Compensation, Fair Value of Restricted Stock Awards Vesting [Table Text Block]

The following table presents the fair value of restricted stock awards that vesting during the periods presented:

	Years Ended December 31
	2021		2020		2019
	(Dollars in thousands)
Fair value of restricted stock awards upon vesting	$	5,754	$	5,580	$	6,005

Schedule of Restricted Stock Awards

The following table presents a summary of restricted stock award activity for the year ended December 31, 2021:

	Outstanding Restricted Stock Awards		Weighted Average Grant Price ($)
	(Dollars in thousands, except per share data)
Balance at January 1, 2021	181,505		$	71.46
Granted	76,770		81.43
Vested/released	(68,137)		67.40
Forfeited	(4,965)		73.44
Balance at December 31, 2021	185,173	(1)	$	77.03
Unrecognized compensation cost (inclusive of directors’ fees)					$	8,213
Weighted average remaining recognition period (years)					3.06 years

(1)Inclusive of 4,500 restricted stock awards outstanding to Directors.