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STOCK-BASED COMPENSATION PLANS (Tables)

3 Months Ended

Mar. 31, 2024

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 March 31,
(dollars in thousands)			2024						2023
Restricted stock units			$	273					$	277
Performance restricted stock units			236						240
Total awards classified as equity			509						517
Stock appreciation rights			(129)						1
Total stock-based compensation expense			$	380					$	518

Schedule of the summary of outstanding restricted stock units

The following is a summary of restricted stock unit activity:

			Three Months Ended March 31,
			2024												2023
			Restricted Stock Units						Weighted Average Grant Date Fair Value						Restricted Stock Units						Weighted Average Grant Date Fair Value
Beginning balance			128,159						$	19.56					139,986						$	18.01
Granted			51,246						19.06						41,847						22.72
Vested			(70,540)						18.96						(51,693)						17.91
Forfeited			—						—						(718)						16.58
Ending balance			108,865						$	19.71					129,422						$	19.58

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

			Three Months Ended March 31,
			2024												2023
			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			19,933						19.06						17,030						22.72
Adjustment for performance condition			14,349						15.53						—						—
Vested			(43,046)						15.53						—						—
Forfeited			—						—						—						—
Ending balance			70,333						$	19.59					79,097						$	18.25

Schedule of the status of stock appreciation rights and changes

The following is a summary of stock appreciation rights activity:

			Three Months Ended March 31,
			2024												2023
			Stock Appreciation Rights						Weighted Average Grant Date Assigned Value						Stock Appreciation Rights						Weighted Average Grant Date Assigned Value
Beginning balance			73,440						$	16.32					73,440						$	16.32
Granted			—						—						—						—
Exercised			—						—						—						—
Expired			—						—						—						—
Forfeited			—						—						—						—
Ending balance			73,440						$	16.32					73,440						$	16.32

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.

			March 31, 2024						December 31, 2023
Risk-free interest rate			4.21		%				3.85		%
Expected volatility			37.35		%				37.37		%
Expected life (in years)			5.4						5.7
Expected dividend yield			3.99		%				3.22		%

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.

+ References

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-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (h)(1)
-Publisher FASB
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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
-Paragraph 2
-Subparagraph (c)(1)
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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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-Topic 718
-SubTopic 10
-Section 50
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