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STOCK-BASED COMPENSATION PLANS | 12 Months Ended
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Dec. 31, 2024
STOCK-BASED COMPENSATION PLANS |
STOCK-BASED COMPENSATION PLANS | NOTE 13. STOCK-BASED COMPENSATION PLANS We have several stock-based compensation plans that allow for grants of restricted stock, restricted shares, performance share units, performance shares and restricted stock units to our employees and non-employee directors. Our stock-based compensation plans are administered by the Compensation Committee of the Board of Directors. For the years ended December 31, 2024, 2023 and 2022, all common stock issuances in connection with stock-based compensation arrangements were issued from unissued shares. As of December 31, 2024, total shares authorized under the stock-based compensation 2019 plan for employees and directors were 500,000 shares, of which 124,424 shares were available for future grants. Compensation expense recognized in connection with the stock-based compensation plans are presented in the following table for the years ended December 31, 2024, 2023, and 2022: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(in thousands) |  | 2024 |  | 2023 |  | 2022
Stock options | ​ | $ | — | ​ | $ | — | ​ | $ | —
Restricted stock awards | ​ | ​ | 976 | ​ | ​ | 868 | ​ | ​ | 578
Performance stock units | ​ |  | 1,145 | ​ |  | 857 | ​ |  | 181
Restricted stock units | ​ |  | 1,047 | ​ |  | 800 | ​ |  | 1,098
Total compensation expense | ​ | $ | 3,168 | ​ | $ | 2,525 | ​ | $ | 1,857
​ Tax benefits recognized from stock-based compensation plans for the years ended December 31, 2024, 2023, and 2022 are, as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(in thousands) |  | 2024 |  | 2023 |  | 2022
Stock options(1) | ​ | $ | 60 | ​ | $ | 17 | ​ | $ | 22
Restricted stock awards | ​ | ​ | 215 | ​ | ​ | 201 | ​ | ​ | 136
Performance stock units | ​ |  | 285 | ​ |  | 204 | ​ |  | 43
Restricted stock units | ​ |  | 236 | ​ |  | 193 | ​ |  | 274
Total tax benefit | ​ | $ | 796 | ​ | $ | 615 | ​ | $ | 475
​ (1) We do not receive a tax benefit on this plan until disqualifying dispositions are made. Stock Options A summary of stock options as of December 31, 2024 and 2023, and changes during the year then ended is presented below: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Number of | ​ | Weighted | ​ | Aggregate
​ | ​ | Stock Options | ​ | Average | ​ | Intrinsic Value
Stock Options |  | Outstanding |  | Exercise Price |  | (in thousands)
Outstanding at January 1, 2024 |  | 35,838 | ​ | $ | 22.08 |  | ​ |
Granted |  | — | ​ |  | — |  | ​ |
Exercised |  | (25,500) | ​ |  | 22.05 |  | ​ |
Forfeited |  | — | ​ |  | — |  | ​ |
Expired | ​ | — | ​ | ​ | — | ​ | ​ | ​
Outstanding at December 31, 2024 |  | 10,338 | ​ | $ | 22.15 | ​ | $ | 87
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Ending vested and expected to vest December 31, 2024 |  | 10,338 | ​ | $ | 22.15 | ​ | $ | 87
Exercisable at December 31, 2024 |  | 10,338 | ​ |  | 22.15 | ​ |  | 87
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Number of | ​ | Weighted | ​ | Aggregate
​ | ​ | Stock Options | ​ | Average | ​ | Intrinsic Value
Stock Options |  | Outstanding |  | Exercise Price |  | (in thousands)
Outstanding at January 1, 2023 |  | 47,327 | ​ | $ | 21.47 |  | ​ |
Granted |  | — | ​ |  | — |  | ​ |
Exercised |  | (8,166) | ​ |  | 20.64 |  | ​ |
Forfeited |  | — | ​ |  | — |  | ​ |
Expired | ​ | (3,323) | ​ | ​ | 16.99 | ​ | ​ | ​
Outstanding at December 31, 2023 |  | 35,838 | ​ | $ | 22.08 | ​ | $ | 261
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Ending vested and expected to vest December 31, 2023 |  | 35,838 | ​ | $ | 22.08 | ​ | $ | 261
Exercisable at December 31, 2023 |  | 35,838 | ​ |  | 22.08 | ​ |  | 261
​ All outstanding options were fully vested with no unrecognized compensation cost as of December 31, 2021. The intrinsic value of the options exercised for the years ended December 31, 2024, 2023, and 2022, was approximately $257 thousand, $74 thousand and $94 thousand, respectively. The weighted average remaining contractual term of outstanding options is approximately 1 year. ​ Restricted Stock Awards Restricted stock awards (“RSAs”) are granted to certain directors and executive officers and vest immediately. A summary of RSAs as of December 31, 2024 and 2023, and changes during the year then ended is presented below: ​
​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Number of | ​ | ​ | ​
​ | ​ | Restricted Stock | ​ | Weighted Average
​ | ​ | Awards | ​ | Grant Date Fair
Restricted Stock Awards |  | Outstanding |  | Value
Outstanding at January 1, 2024 |  | 41,174 | ​ | $ | 29.78
Awarded |  | 36,783 | ​ |  | 27.70
Vested |  | (26,407) | ​ |  | 32.07
Forfeited |  | — | ​ |  | —
Outstanding at December 31, 2024 |  | 51,550 | ​ | $ | 27.12
​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Number of | ​ | ​ | ​
​ | ​ | Restricted Stock | ​ | Weighted Average
​ | ​ | Awards | ​ | Grant Date Fair
Restricted Stock Awards |  | Outstanding |  | Value
Outstanding at January 1, 2023 |  | 24,824 | ​ | $ | 28.49
Awarded |  | 39,585 | ​ |  | 29.16
Vested |  | (23,235) | ​ |  | 27.36
Forfeited |  | — | ​ |  | —
Outstanding at December 31, 2023 |  | 41,174 | ​ | $ | 29.78
​ Unrecognized expense for non-vested RSAs totaled $539 thousand as of December 31, 2024, which is expected to be recognized over the weighted average remaining contractual maturity term of 1.8 years. Performance Stock Units We have a long-term incentive plan where performance unit awards (“PSUs”) are granted to certain executive officers providing the opportunity to earn shares of common stock of the Company based on our performance compared to peers. Participants in the plan were collectively granted PSUs ranging from zero to 47,028 in 2024 and from zero to 43,247 in 2023. The PSUs granted will vest only if the performance measures are achieved over a three year performance period. Failure to achieve the performance measures will result in all or a portion of shares being forfeited. On the grant dates in 2024 and 2023, PSUs had a weighted average fair value per share of $24.54 and $30.64, respectively. Expense is recognized over the performance period and is adjusted for changes in probability of the Company achieving profitability metrics. The following table summarizes PSUs at target as of December 31, 2024 and 2023: ​
​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Number of | ​ | Weighted Average
​ | ​ | Performance Stock | ​ | Grant Date Fair
Performance Stock Units |  | Units Outstanding |  | Value
Nonvested at January 1, 2024 |  | 84,915 | ​ | $ | 27.53
Awarded |  | 32,151 | ​ |  | 24.54
Vested and exercised |  | (27,681) | ​ |  | 23.16
Forfeited |  | (2) | ​ |  | 22.51
Nonvested at December 31, 2024 |  | 89,383 | ​ | $ | 27.79
​
​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Number of | ​ | Weighted Average
​ | ​ | Performance Stock | ​ | Grant Date Fair
Performance Stock Units |  | Units Outstanding |  | Value
Nonvested at January 1, 2023 |  | 78,435 | ​ | $ | 25.70
Awarded |  | 28,831 | ​ |  | 30.64
Vested and exercised |  | (15,601) | ​ |  | 25.29
Forfeited |  | (6,750) | ​ |  | 25.30
Nonvested at December 31, 2023 |  | 84,915 | ​ | $ | 27.53
​ Unrecognized expense for non-vested PSUs totaled $1.9 million as of December 31, 2024, which is expected to be recognized over the weighted average remaining contractual maturity term of 1.8 years. PSUs do not carry an exercise price and therefore have no intrinsic value as of December 31, 2024. Restricted Stock Units During 2024 and 2023, restricted stock units (“RSUs”) were granted to certain executive officers and senior vice presidents. Awards to executives vest annually over 3 years while awards to senior vice presidents cliff vest at the end of three years. The RSUs granted were valued between $25.67 and $35.86 and were $29.36 for 2023 the fair value at the date of grant and are expensed over three years. The following table summarizes RSUs activity in 2024 and 2023: ​
​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Number of | ​ | Weighted Average
​ | ​ | Restricted Stock | ​ | Grant Date Fair
​ |  | Units Outstanding |  | Value
Outstanding at January 1, 2024 | ​ | 102,695 | ​ | $ | 27.07
Granted | ​ | 36,428 | ​ | ​ | 32.52
Vested and exercised | ​ | (31,331) | ​ | ​ | 26.58
Forfeited | ​ | (6,784) | ​ | ​ | 22.77
Outstanding at December 31, 2024 | ​ | 101,008 | ​ | $ | 29.14
​
​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Number of | ​ | Weighted Average
​ | ​ | Restricted Stock | ​ | Grant Date Fair
​ |  | Units Outstanding |  | Value
Outstanding at January 1, 2023 | ​ | 115,816 |  | $ | 25.25
Granted | ​ | 36,354 | ​ | ​ | 26.12
Vested and exercised | ​ | (43,341) | ​ | ​ | 21.77
Forfeited | ​ | (6,134) | ​ | ​ | 25.84
Outstanding at December 31, 2023 | ​ | 102,695 | ​ | $ | 27.07
​ RSUs include cash-based restricted stock units (“CRSUs”), total CRSUs vested and exercised during 2024 and 2023 were 36,428 and 29,043 shares, respectively. Unrecognized expense for non-vested RSUs totaled $1.5 million as of December 31, 2024, which is expected to be recognized over the weighted average remaining contractual maturity term of 2.0 years. Employee Stock Purchase Plan We maintain an employee stock purchase plan (“ESPP”) under which employees, through payroll deductions, are able to purchase shares of Company’s common stock. The purchase price is 92% of the lower of the market price on the first or last day of the offering period. The maximum number of shares issuable during any offering period is 200,000 shares; however, as of December 31, 2024, December 31, 2023 and December 31, 2022, there were 175,950, 177,415 and 179,079 shares available for issuance under the ESPP, respectively. Participants may not purchase more than 400 shares during any offering period and, in any event, no more than $25 thousand worth of common stock in any calendar year. The ESPP has been determined to be non-compensatory in nature. As a result, we expect that expenses related to the ESPP will not be material. During the years ended December 31, 2024, 2023 and 2022, there were 24,050, 22,585 and 20,921 shares of common stock issued under the ESPP, respectively.

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