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SHARE-BASED COMPENSATION PLANS (Tables)
12 Months Ended
Dec. 31, 2022
SHARE-BASED COMPENSATION PLANS  
Schedule of Weighted average stock options assumptions

The following weighted-average assumptions were used to determine compensation expense related to stock options in 2022 and 2021:

    

2022

    

2021

 

Risk-free interest rate

 

3.08

%  

1.13

%

Expected dividend yield

 

3.33

%  

4.00

%

Expected term

 

8.0

 

8.0

Expected volatility

 

28.5

%  

28.5

%

Schedule of company's stock option activity

The following tables summarize our stock option activity during the years ended December 31, 2022 and 2021:

Stock Options

Years ended December 31, 

2022

2021

Weighted Average

Weighted Average

Stock Options

    

Shares

    

Exercise Price

    

Shares

    

Exercise Price

Outstanding at beginning of year

1,279,833

$

25.44

1,125,383

$

25.62

Granted

 

143,500

 

28.83

 

186,900

 

24.00

Exercised

 

(60,914)

 

24.96

 

(1,300)

 

18.00

Forfeited or expired

 

(17,050)

 

24.79

 

(31,150)

 

24.06

Outstanding at end of year

 

1,345,369

$

25.83

 

1,279,833

$

25.44

Exercisable at end of year

 

891,733

$

26.36

 

768,522

$

26.58

Weighted average fair market value of options granted

$

6.78

 

$

4.16

    

Weighted Average Remaining

    

Contractual Life (in Years)

Aggregate Intrinsic Value

Outstanding - December 31, 2022

 

5.3

$

532,000

Exercisable - December 31, 2022

 

3.7

$

234,000

Schedule of Non-vested stock options

    

    

Weighted Average

    

Weighted Average

Number of Options

Exercise Price

Fair Value

Non-vested - December 31, 2020

 

485,371

$

24.08

$

3.48

Granted

 

186,900

 

24.00

 

4.16

Vested

 

(137,180)

 

25.65

 

3.83

Forfeited

 

(23,780)

 

23.97

 

3.48

Non-vested - December 31, 2021

 

511,311

$

23.63

$

3.64

Granted

 

143,500

 

28.83

 

6.78

Vested

 

(189,375)

 

25.08

 

3.87

Forfeited

 

(11,800)

 

23.20

 

3.65

Non-vested - December 31, 2022

 

453,636

$

24.76

$

4.55

Summary of Outstanding and exercisable stock options

The following table summarizes information about outstanding and exercisable stock options at December 31, 2022:

Options Outstanding

Options Exercisable

Weighted

Average

Number of

Remaining

Weighted

Number of

Weighted

Options

Contractual Life

Average

Options

Average

Range of Exercise Prices

    

Outstanding

    

(in Years)

    

Exercise Price

    

Exercisable

    

Exercise Price

$18.00

168,320

7.7

$

18.00

74,150

$

18.00

$23.38 to $25.86

 

736,466

 

3.9

$

24.71

 

540,776

$

25.03

$27.94 to $37.22

 

440,583

 

6.5

$

30.71

 

276,807

$

31.19

 

1,345,369

 

5.3

$

25.83

 

891,733

$

26.36

Schedule of Company's stock option exercise activity

The following table summarizes our stock option activity for the years ended December 31:

    

2022

    

2021

(Dollars in thousands)

Total intrinsic value of stock options exercised

$

251

$

8

Net proceeds from stock option exercises

$

293

$

2

Income tax benefit from the exercise of stock options

$

65

$

2

Total fair value of stock options vested

$

734

$

525

Schedule of company's restricted stock award

The following table summarizes our restricted stock award activity during the years ended December 31, 2021 and 2022:

    

Shares of Restricted

    

Weighted Average

Stock

Grant Date Fair Value

Non-vested - December 31, 2020

 

72,490

$

23.77

Issued

 

36,325

 

24.00

Vested

 

(30,345)

 

25.75

Forfeited

 

Non-vested - December 31, 2021

 

78,470

$

23.11

Issued

 

27,620

 

28.83

Vested

 

(34,282)

 

24.46

Forfeited

 

 

Non-vested - December 31, 2022

71,808

$

24.67