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STOCK-BASED COMPENSATION PLANS (Tables)
12 Months Ended
Dec. 31, 2024
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)202420232022
Restricted stock units$1,061 $1,204 $1,334 
Performance restricted stock units691 749 615 
Total awards classified as equity1,752 1,953 1,949 
Stock appreciation rights(32)95 88 
Total stock-based compensation expense$1,720 $2,048 $2,037 
Schedule of the summary of outstanding restricted stock units
The following is a summary of restricted stock unit activity:
Year Ended December 31,
202420232022
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 balance128,159$19.56 139,986$18.01 109,244$17.27 
Granted51,24619.06 41,84722.72 66,99518.81 
Vested(70,540)18.96 (51,693)17.91 (34,925)17.26 
Forfeited(262)19.06 (1,981)19.55 (1,328)18.35 
Ending balance108,603$19.71 128,159$19.56 139,986$18.01 
The following is a summary of performance restricted stock unit activity:
Year Ended December 31,
202420232022
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 balance79,097 $18.25 62,067 $17.02 38,344$15.72 
Granted19,933 19.06 17,030 22.72 23,72319.14 
Adjustment for performance condition14,349 15.53 — — — 
Vested(43,046)15.53 — — — 
Forfeited— — — — — 
Ending balance70,333 $19.59 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:
Year Ended December 31,
202420232022
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 balance73,440$16.32 73,440$16.32 97,920$16.32 
Granted— — — 
Exercised— — (24,480)16.32 
Expired— — — 
Forfeited— — — 
Ending balance73,440$16.32 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.
December 31, 2024December 31, 2023
Risk-free interest rate4.37 %3.85 %
Expected volatility30.95 %37.37 %
Expected life (in years)4.75.7
Expected dividend yield3.47 %3.22 %