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SHARE-BASED COMPENSATION PLANS (Tables) | 12 Months Ended
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Dec. 31, 2023
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 2023 and 2022: ​
​ | ​ | ​ | ​ | ​ | ​
​ |  | 2023 |  | 2022 |
Risk-free interest rate |  | 4.31 | % | 3.08 | %
Expected dividend yield |  | 3.88 | % | 3.33 | %
Expected term |  | 8.0 |  | 8.0 | ​
Expected volatility |  | 31.0 | % | 28.5 | %
Schedule of stock option activity | The following tables summarize our stock option activity during the years ended December 31, 2023 and 2022: Stock Options ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Years ended December 31,
​ | ​ | 2023 | ​ | 2022
​ | ​ | ​ | ​ | ​ | Weighted Average | ​ | ​ | ​ | ​ | Weighted Average
Stock Options |  | Shares |  | Exercise Price |  | Shares |  | Exercise Price
Outstanding at beginning of year | ​ | ​ | 1,345,369 | ​ | $ | 25.83 | ​ | ​ | 1,279,833 | ​ | $ | 25.44
Granted |  | ​ | 149,200 |  | ​ | 25.79 |  | ​ | 143,500 |  | ​ | 28.83
Exercised |  | ​ | (487,331) |  | ​ | 25.02 |  | ​ | (60,914) |  | ​ | 24.96
Forfeited or expired |  | ​ | (40,021) |  | ​ | 26.31 |  | ​ | (17,050) |  | ​ | 24.79
Outstanding at end of year |  | ​ | 967,217 | ​ | $ | 26.22 |  | ​ | 1,345,369 | ​ | $ | 25.83
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Exercisable at end of year |  | ​ | 524,829 | ​ | $ | 27.30 |  | ​ | 891,733 | ​ | $ | 26.36
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Weighted average fair market value of options granted | ​ | $ | 6.63 | ​ | ​ | ​ |  | $ | 6.78 | ​ | ​ | ​
​
​ | ​ | ​ | ​ | ​ | ​
​ |  | Weighted Average Remaining |  | ​ | ​
​ | ​ | Contractual Life (in Years) | ​ | Aggregate Intrinsic Value
Outstanding - December 31, 2023 |  | 6.7 | ​ | $ | 5,649,000
Exercisable - December 31, 2023 |  | 5.4 | ​ | $ | 2,804,000
​
Schedule of non-vested stock options | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Weighted Average | ​ | Weighted Average
​ | ​ | Number of Options | ​ | Exercise Price | ​ | Fair Value
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
Granted | ​ | 149,200 | ​ |  | 25.79 | ​ |  | 6.63
Vested | ​ | (147,128) | ​ |  | 25.26 | ​ |  | 4.44
Forfeited | ​ | (13,320) | ​ |  | 25.24 | ​ |  | 4.91
Non-vested - December 31, 2023 | ​ | 442,388 | ​ | $ | 24.93 | ​ | $ | 5.28
Summary of outstanding and exercisable stock options | The following table summarizes information about outstanding and exercisable stock options at December 31, 2023:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 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 | ​ | 134,760 | ​ | 6.7 | ​ | $ | 18.00 | ​ | 74,260 | ​ | $ | 18.00
$23.38 to $25.79 |  | 432,695 |  | 7.8 | ​ | $ | 24.43 |  | 160,415 | ​ | $ | 23.65
$27.94 to $37.22 |  | 399,762 |  | 5.7 | ​ | $ | 30.92 |  | 290,154 | ​ | $ | 31.70
​ |  | 967,217 |  | 6.7 | ​ | $ | 26.22 |  | 524,829 | ​ | $ | 27.30
Schedule of stock option exercise activity | The following table summarizes our stock option activity for the years ended December 31:
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2023 |  | 2022
​ | ​ | (Dollars in thousands)
Total intrinsic value of stock options exercised | ​ | $ | 1,537 | ​ | $ | 251
Net proceeds from stock option exercises | ​ | $ | 103 | ​ | $ | 293
Income tax benefit from the exercise of stock options | ​ | $ | 400 | ​ | $ | 65
Total fair value of stock options vested | ​ | $ | 653 | ​ | $ | 734
Schedule of restricted stock award activity | The following table summarizes our restricted stock award activity during the years ended December 31, 2022 and 2023:
​ | ​ | ​ | ​ | ​ | ​
​ |  | Shares of Restricted |  | Weighted Average
​ | ​ | Stock | ​ | Grant Date Fair Value
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
Issued |  | 27,700 | ​ |  | 25.79
Vested |  | (28,243) | ​ |  | 23.60
Forfeited |  | (2,175) | ​ |  | 25.13
Non-vested - December 31, 2023 | ​ | 69,090 | ​ | $ | 25.54

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