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STOCK-BASED COMPENSATION PLANS (Tables)
3 Months Ended
Mar. 31, 2025
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)20252024
Restricted stock units$273 $273 
Performance restricted stock units146 236 
Total awards classified as equity419 509 
Stock appreciation rights(9)(129)
Total stock-based compensation expense$410 $380 
Schedule of the Summary of Outstanding Restricted Stock Units
The following is a summary of restricted stock unit activity:
Three Months Ended March 31,
20252024
Restricted
Stock Units
Weighted
Average
Grant Date
Fair Value
Restricted
Stock Units
Weighted
Average
Grant Date
Fair Value
Beginning balance108,603$19.71 128,159$19.56 
Granted43,39725.00 51,24619.06 
Vested(56,922)19.59 (70,540)18.96 
Forfeited(131)19.06 — 
Ending balance94,947$22.20 108,865$19.71 
The following is a summary of performance restricted stock unit activity:
Three Months Ended March 31,
20252024
Performance
Restricted
Stock Units
Weighted
Average
Grant Date
Fair Value
Performance
Restricted
Stock Units
Weighted
Average
Grant Date
Fair Value
Beginning balance70,333 $19.59 79,097 $18.25 
Granted16,662 25.00 19,933 19.06 
Adjustment for performance condition11,864 18.66 14,349 15.53 
Vested(42,783)18.66 (43,046)15.53 
Forfeited(2,451)16.27 — — 
Ending balance53,625 $22.07 70,333 $19.59 
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,
20252024
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 
Granted— — 
Exercised(6,120)16.32 — 
Expired— — 
Forfeited— — 
Ending balance67,320$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.
March 31, 2025December 31, 2024
Risk-free interest rate3.95 %4.37 %
Expected volatility29.29 %30.95 %
Expected life (in years)4.44.7
Expected dividend yield3.75 %3.47 %