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STOCK-BASED COMPENSATION PLANS (Tables)
9 Months Ended
Sep. 30, 2022
STOCK-BASED COMPENSATION PLANS  
Summary of stock-based compensation expense

Three Months Ended September 30, 

Nine Months Ended September 30, 

    

2022

    

2021

    

2022

    

2021

(dollars in thousands)

Restricted stock units

$

230

$

153

$

1,072

$

415

Performance restricted stock units

119

75

530

123

Total awards classified as equity

349

228

1,602

538

Stock appreciation rights

51

(87)

35

43

Total stock-based compensation expense

$

400

$

141

$

1,637

$

581

Schedule of the summary of outstanding restricted stock units

Three Months Ended September 30, 

2022

2021

Weighted

Weighted

Average

Average

Restricted

Grant Date

Restricted

Grant Date

    

Stock Units

    

Fair Value

    

Stock Units

    

Fair Value

Beginning balance

120,631

$

17.98

99,597

$

17.37

Granted

Vested

Forfeited

(1,328)

18.35

Ending balance

119,303

$

17.98

99,597

$

17.37

Nine Months Ended September 30, 

2022

2021

Weighted

Weighted

Average

Average

Restricted

Grant Date

Restricted

Grant Date

    

Stock Units

    

Fair Value

    

Stock Units

    

Fair Value

Beginning balance

109,244

$

17.27

71,000

$

18.98

Granted

46,312

19.11

50,347

15.72

Vested

(34,925)

17.26

(20,225)

18.86

Forfeited

(1,328)

18.35

(1,525)

18.11

Ending balance

119,303

$

17.98

99,597

$

17.37

Schedule of the status of stock appreciation rights and changes

Three Months Ended September 30, 

2022

2021

    

Stock
Appreciation
Rights
Outstanding

    

Weighted
Average
Grant Date
Assigned Value

    

Stock
Appreciation
Rights
Outstanding

    

Weighted
Average
Grant Date
Assigned Value

Beginning balance

91,800

$

16.32

97,920

$

16.32

Granted

Exercised

Expired

Forfeited

Ending balance

91,800

$

16.32

97,920

$

16.32

Nine Months Ended September 30, 

2022

2021

    

Stock
Appreciation
Rights

    

Weighted
Average
Grant Date
Assigned Value

    

Stock
Appreciation
Rights

    

Weighted
Average
Grant Date
Assigned Value

Beginning balance

97,920

$

16.32

105,570

$

16.32

Granted

Exercised

(6,120)

16.32

(6,120)

16.32

Expired

(1,530)

16.32

Forfeited

Ending balance

91,800

$

16.32

97,920

$

16.32

A further summary of stock appreciation rights as of September 30, 2022, is as follows:

Weighted Average

Stock Appreciation Rights

Remaining

Grant Date Assigned Values

    

Outstanding

    

Exercisable

    

Contractual Term

$ 16.32

91,800

85,680

6.5

years

Schedule of assumptions used in valuing stock appreciation rights

    

September 30, 2022

    

December 31, 2021

Risk-free interest rate

3.97

%

1.40

%

Expected volatility

36.17

%

35.52

%

Expected life (in years)

6.9

7.7

Expected dividend yield

3.53

%

3.20

%

Performance Shares  
STOCK-BASED COMPENSATION PLANS  
Schedule of the summary of outstanding restricted stock units

Three Months Ended September 30, 

2022

2021

Weighted

Weighted

Performance

Average

Performance

Average

Restricted

Grant Date

Restricted

Grant Date

    

Stock Units

    

Fair Value

    

Stock Units

    

Fair Value

Beginning balance

62,067

$

17.02

28,697

$

15.53

Granted

Vested

Forfeited

Ending balance

62,067

$

17.02

28,697

$

15.53

Nine months ended September 30, 

2022

2021

Weighted

Weighted

Performance

Average

Performance

Average

Restricted

Grant Date

Restricted

Grant Date

    

Stock Units

    

Fair Value

    

Stock Units

    

Fair Value

Beginning balance

38,344

$

15.72

$

Granted

23,723

19.14

28,697

15.53

Vested

Forfeited

Ending balance

62,067

$

17.02

28,697

$

15.53