v3.26.1
Stock and Incentive Compensation Plans (Tables)
 6 Months Ended
Jun. 30, 2026
Share-Based Payment Arrangement [Abstract]  
Schedule of Black-Scholes Option Pricing Model
The table below includes the weighted-average assumptions used to calculate the grant date fair value of the ESPP rights for the periods indicated using the Black-Scholes option pricing model:
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Expected term (in years)1.001.001.001.00
Dividend yield1.91 %1.91 %1.85 %1.95 %
Risk-free interest rate3.84 4.60 3.89 4.77 
Expected volatility29.37 30.13 29.49 30.26 
Schedule of ESPP Shares Purchased
The ESPP shares purchased are as follows for the dates indicated:
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
ESPP shares purchased50,175 58,568 50,175 58,568 
Shares available for issuance under the ESPP762,297 812,472 762,297 812,472 
Schedule of Monte Carlo Simulation Model Inputs
Simulation InputsYear Ended December 31, 2022
Grant dateDecember 13, 2022
Performance periodseven years
Stock price$36.87 
Expected volatility (1)
33.0 %
Risk-free rate (2)
3.5 
__________________________
(1)The expected volatility was determined based on the historical volatilities of the Company and the specified peer group.
(2)The risk-free interest rate for the performance period was derived from the seven-year continuous U.S. Treasury Yield constant maturity curve on the valuation date.
Schedule of Time-Vested Award Activity
The following table summarizes the Company’s award activity:
Six Months Ended June 30,
20262025
SharesWeighted Average Grant-Date Fair ValueSharesWeighted Average Grant-Date Fair Value
Nonvested RSAs, January 1,13,284 $33.89 20,415 $33.06 
Granted RSAs10,458 47.35 14,760 33.89 
Vested RSAs(13,284)33.89 (20,415)33.06 
Nonvested RSAs, June 30,
10,458 47.35 14,760 33.89 
Nonvested RSUs, January 1,337,631 $35.97 352,002 $35.45 
Granted RSUs105,470 45.06 103,669 37.41 
Vested RSUs(102,630)35.01 (85,387)35.07 
Forfeited RSUs(4,985)38.22 (6,865)33.28 
Nonvested RSUs, June 30,
335,486 39.09 363,419 36.14 
Nonvested PSUs, January 1,293,918 $32.31 265,197 $32.07 
Granted PSUs59,047 43.97 55,650 39.50 
Vested PSUs(1)
(25,947)31.91 (17,191)44.77 
Forfeited PSUs(2)
(43,882)39.56 (9,738)44.77 
Nonvested PSUs, June 30,
283,136 33.66 293,918 32.31 
__________________________
(1)PSUs vested during the six months ended June 30, 2026, represent the first tranche of the CEO's one-time PSU award discussed above.
(2)PSUs forfeited during the six months ended June 30, 2026 and 2025, includes forfeiture of incremental shares upon final measurement of performance metrics.
Schedule of Share-Based Compensation Cost Charged to Income
Share-based compensation cost charged to income for the three and six months ended June 30, 2026 and 2025, is presented below. There was no stock option expense for any of the periods shown.
Three Months Ended June 30,Six Months Ended June 30,
(Dollars in thousands)2026202520262025
RSA & RSU$1,517 $1,186 $2,902 $2,349 
PSU869 750 1,785 1,289 
ESPP130 131 233 244 
Total stock compensation expense$2,516 $2,067 $4,920 $3,882 
Related tax benefits recognized in net income$528 $434 $1,033 $815 
Schedule of Stock Option Activity
The table below summarizes the Company’s option activity:
(Dollars in thousands, except per share amounts)Number of SharesWeighted Average Exercise PriceWeighted Average Remaining Contractual Term (in years)Aggregate Intrinsic Value
Six Months Ended June 30, 2026
Outstanding at January 1, 2026
184,670 $33.41 2.97$781 
Exercised(133,376)33.21 — 1,640 
Expired and forfeited(331)37.01 — — 
Outstanding and exercisable at June 30, 2026
50,963 33.90 2.91879 
Six Months Ended June 30, 2025
Outstanding at January 1, 2025
225,834 $32.24 3.72$614 
Exercised(20,657)28.99 — 166 
Expired and forfeited(1,324)37.39 — — 
Outstanding and exercisable at June 30, 2025
203,853 32.54 3.29786