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STOCK-BASED COMPENSATION PLANS (Tables) | 9 Months Ended
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Sep. 30, 2023
Share-Based Payment Arrangement [Abstract] |
Summary of stock-based compensation expense | The following is a summary of stock-based compensation expense (benefit):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
(dollars in thousands) | 2023 |  | 2022 |  | 2023 |  | 2022
Restricted stock units | $ | 313 |  |  | $ | 230 |  |  | $ | 907 |  |  | $ | 1,072 |
Performance restricted stock units | 295 |  |  | 119 |  |  | 652 |  |  | 530 |
Total awards classified as equity | 608 |  |  | 349 |  |  | 1,559 |  |  | 1,602 |
Stock appreciation rights | 3 |  |  | 51 |  |  | (43) |  |  | 35 |
Total stock-based compensation expense | $ | 611 |  |  | $ | 400 |  |  | $ | 1,516 |  |  | $ | 1,637 |
Schedule of the summary of outstanding restricted stock units | The following is a summary of restricted stock unit activity:
| Three Months Ended September 30,
| 2023 |  | 2022
| Restricted Stock Units |  | Weighted Average Grant Date Fair Value |  | Restricted Stock Units |  | Weighted Average Grant Date Fair Value
Beginning balance | 129,422 |  | $ | 19.58 |  |  | 120,631 |  | $ | 17.98 |
Granted | — |  | — |  | — |  | —
Vested | — |  | — |  | — |  | —
Forfeited | (520) |  | 21.23 |  | (1,328) |  | 18.35
Ending balance | 128,902 |  | $ | 19.57 |  |  | 119,303 |  | $ | 17.98 |
| Nine Months Ended September 30,
| 2023 |  | 2022
| Restricted Stock Units |  | Weighted Average Grant Date Fair Value |  | Restricted Stock Units |  | Weighted Average Grant Date Fair Value
Beginning balance | 139,986 |  | $ | 18.01 |  |  | 109,244 |  | $ | 17.27 |
Granted | 41,847 |  | 22.72 |  | 46,312 |  | 19.11
Vested | (51,693) |  | 17.91 |  | (34,925) |  | 17.26
Forfeited | (1,238) |  | 18.53 |  | (1,328) |  | 18.35
Ending balance | 128,902 |  | $ | 19.57 |  |  | 119,303 |  | $ | 17.98 |
The following is a summary of performance restricted stock unit activity:
| Three Months Ended September 30,
| 2023 |  | 2022
| Performance Restricted Stock Units |  | Weighted Average Grant Date Fair Value |  | Performance Restricted Stock Units |  | Weighted Average Grant Date Fair Value
Beginning balance | 79,097 |  | $ | 18.25 |  |  | 62,067 |  | $ | 17.02 |
Granted | — |  | — |  |  | — |  | — |
Vested | — |  | — |  |  | — |  | — |
Forfeited | — |  | — |  |  | — |  | — |
Ending balance | 79,097 |  | $ | 18.25 |  |  | 62,067 |  | $ | 17.02 |
| Nine Months Ended September 30,
| 2023 |  | 2022
| Performance Restricted Stock Units |  | Weighted Average Grant Date Fair Value |  | Performance Restricted Stock Units |  | Weighted Average Grant Date Fair Value
Beginning balance | 62,067 |  | $ | 17.02 |  |  | 38,344 |  | $ | 15.72 |
Granted | 17,030 |  | 22.72 |  |  | 23,723 |  | 19.14 |
Vested | — |  | — |  |  | — |  | — |
Forfeited | — |  | — |  |  | — |  | — |
Ending balance | 79,097 |  | $ | 18.25 |  |  | 62,067 |  | $ | 17.02 |
Schedule of the status of stock appreciation rights and changes | The following is a summary of stock appreciation rights activity:
| Three Months Ended September 30,
| 2023 |  | 2022
| Stock Appreciation Rights Outstanding |  | Weighted Average Grant Date Assigned Value |  | Stock Appreciation Rights Outstanding |  | Weighted Average Grant Date Assigned Value
Beginning balance | 73,440 |  | $ | 16.32 |  |  | 91,800 |  | $ | 16.32 |
Granted | — |  | — |  |  | — |  | — |
Exercised | — |  | — |  |  | — |  | — |
Expired | — |  | — |  |  | — |  | — |
Forfeited | — |  | — |  |  | — |  | — |
Ending balance | 73,440 |  | $ | 16.32 |  |  | 91,800 |  | $ | 16.32 |
| Nine Months Ended September 30,
| 2023 |  | 2022
| Stock Appreciation Rights |  | Weighted Average Grant Date Assigned Value |  | Stock Appreciation Rights |  | Weighted Average Grant Date Assigned Value
Beginning balance | 73,440 |  | $ | 16.32 |  |  | 97,920 |  | $ | 16.32 |
Granted | — |  | — |  |  | — |  | — |
Exercised | — |  | — |  |  | (6,120) |  | 16.32 |
Expired | — |  | — |  |  | — |  | — |
Forfeited | — |  | — |  |  | — |  | — |
Ending balance | 73,440 |  | $ | 16.32 |  |  | 91,800 |  | $ | 16.32 |
A further summary of stock appreciation rights as of September 30, 2023, is as follows:
|  | Stock Appreciation Rights |  | Weighted Average Remaining Contractual Term
Grant Date Assigned Values |  | Outstanding |  | Exercisable |
$16.32 |  | 73,440 |  | 73,440 |  | 5.9 years
Schedule of assumptions used in valuing stock appreciation rights | The Company uses an option pricing model to value the stock appreciation rights, using the assumptions in the following table. Expected volatility is derived from the historical volatility of the Company’s stock price and a selected peer group of industry-related companies.
| September 30, 2023 |  | December 31, 2022
Risk-free interest rate | 4.60 | % |  | 3.95 | %
Expected volatility | 37.29 | % |  | 36.54 | %
Expected life (in years) | 5.9 |  | 6.7
Expected dividend yield | 3.73 | % |  | 3.27 | %

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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock appreciation rights, including, but not limited to: (a) expected term of SARs and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References No definition available. + Details
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- Definition Tabular disclosure of allocation of amount expensed and capitalized for award under share-based payment arrangement to statement of income or comprehensive income and statement of financial position. Includes, but is not limited to, corresponding line item in financial statement. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
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- Definition Tabular disclosure of the number and weighted-average grant date fair value for restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock units that were granted, vested, or forfeited during the year. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
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- Definition Tabular disclosure of the number and weighted-average exercise prices (or conversion ratios) for stock appreciation rights awards that were outstanding at the beginning and end of the year, and the number of stock appreciation rights awards that were granted, exercised or converted, forfeited, and expired during the year. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
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