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STOCK-BASED COMPENSATION PLANS (Tables)
12 Months Ended
Dec. 31, 2022
STOCK-BASED COMPENSATION PLANS  
Summary of stock-based compensation expense

Year Ended December 31, 

    

2022

    

2021

    

2020

(dollars in thousands)

Restricted stock units

$

1,334

$

579

$

351

Performance restricted stock units

615

185

Total awards classified as equity

1,949

764

351

Stock appreciation rights

88

226

(137)

Total stock-based compensation expense

$

2,037

$

990

$

214

Schedule of the summary of outstanding restricted stock units

    

Weighted

Average

Restricted

Grant Date

Stock Units

Fair Value

Balance, December 31, 2019

$

Granted

73,700

18.98

Vested

Forfeited

(2,700)

19.03

Balance, December 31, 2020

71,000

$

18.98

Granted

59,994

15.81

Vested

(20,225)

18.86

Forfeited

(1,525)

18.11

Balance, December 31, 2021

109,244

$

17.27

Granted

66,995

18.81

Vested

(34,925)

17.26

Forfeited

(1,328)

18.35

Balance, December 31, 2022

139,986

$

18.01

Schedule of the summary of performance outstanding restricted stock units

Weighted

Performance

Average

Restricted

Grant Date

Stock Units

Fair Value

Balance, December 31, 2019

$

Granted

Vested

Forfeited

Balance, December 31, 2020

$

Granted

38,344

15.72

Vested

Forfeited

Balance, December 31, 2021

38,344

$

15.72

Granted

23,723

19.14

Vested

Forfeited

Balance, December 31, 2022

62,067

$

17.02

Schedule of the status of stock appreciation rights and changes

    

    

Weighted

Stock

Average

Appreciation

Grant Date

Rights

Assigned Value

Balance, December 31, 2019

110,160

$

16.32

Granted

Exercised

Expired

Forfeited

(4,590)

16.32

Balance, December 31, 2020

105,570

$

16.32

Granted

Exercised

(6,120)

16.32

Expired

(1,530)

16.32

Forfeited

Balance, December 31, 2021

97,920

$

16.32

Granted

Exercised

(24,480)

16.32

Expired

Forfeited

Balance, December 31, 2022

73,440

$

16.32

A further summary of outstanding stock appreciation rights as of December 31, 2022, is as follows:

Weighted Average

Stock Appreciation Rights

Remaining

Grant Date Assigned Values

    

Outstanding

    

Exercisable

    

Contractual Term

$ 16.32

73,440

67,320

6.7

years

Schedule of assumptions used in valuing stock appreciation rights

    

December 31, 2022

    

December 31, 2021

Risk-free interest rate

3.95

%

1.40

%

Expected volatility

36.54

%

35.52

%

Expected life (in years)

6.7

7.7

Expected dividend yield

3.27

%

3.20

%