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STOCK-BASED COMPENSATION PLANS (Tables)

9 Months Ended

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.

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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.

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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.

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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.

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