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SHARE-BASED COMPENSATION PLANS (Tables)

12 Months Ended

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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