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STOCK-BASED COMPENSATION PLANS (Tables)

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Summary of stock-based compensation expense

The following is a summary of stock-based compensation expense (benefit):

									Year Ended December 31,
(dollars in thousands)															2023						2022						2021
Restricted stock units															$	1,204					$	1,334					$	579
Performance restricted stock units															749						615						185
Total awards classified as equity															1,953						1,949						764
Stock appreciation rights															95						88						226
Total stock-based compensation expense															$	2,048					$	2,037					$	990

Schedule of the summary of outstanding restricted stock units

The following is a summary of restricted stock unit activity:

			Year Ended December 31,
			2023												2022												2021
			Restricted Stock Units						Weighted Average Grant Date Fair Value						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					71,000						$	18.98
Granted			41,847						22.72						66,995						18.81						59,994						15.81
Vested			(51,693)						17.91						(34,925)						17.26						(20,225)						18.86
Forfeited			(1,981)						19.55						(1,328)						18.35						(1,525)						18.11
Ending balance			128,159						$	19.56					139,986						$	18.01					109,244						$	17.27

The following is a summary of performance restricted stock unit activity:

			Year Ended December 31,
			2023												2022												2021
			Performance Restricted Stock Units						Weighted Average Grant Date Fair Value						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						38,344						15.72
Vested			—						—						—						—						—						—
Forfeited			—						—						—						—						—						—
Ending balance			79,097						$	18.25					62,067						$	17.02					38,344						$	15.72

Schedule of the status of stock appreciation rights and changes

The following is a summary of stock appreciation rights activity:

			Year Ended December 31,
			2023												2022												2021
			Stock Appreciation Rights						Weighted Average Grant Date Assigned Value						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					105,570						$	16.32
Granted			—						—						—						—						—						—
Exercised			—						—						(24,480)						16.32						(6,120)						16.32
Expired			—						—						—						—						(1,530)						16.32
Forfeited			—						—						—						—						—						—
Ending balance			73,440						$	16.32					73,440						$	16.32					97,920						$	16.32

As of December 31, 2023, all stock appreciation rights were exercisable and have a weighted average remaining term of 5.7 years. Additionally, a

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.

			December 31, 2023						December 31, 2022
Risk-free interest rate			3.85		%				3.95		%
Expected volatility			37.37		%				36.54		%
Expected life (in years)			5.7						6.7
Expected dividend yield			3.22		%				3.27		%

X

- 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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-Topic 718
-SubTopic 10
-Section 50
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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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-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
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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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