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STOCK COMPENSATION | 12 Months Ended
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Dec. 31, 2023
Share-Based Payment Arrangement [Abstract] |
STOCK COMPENSATION | STOCK COMPENSATION On June 8, 2021, the Corporation's shareholders approved the Corporation's 2021 Equity Incentive Plan (the "2021 Plan") which provides for the grant of stock-based awards to officers, employees and directors of the Corporation and the Bank. A Form S-8 Registration Statement was filed with the SEC on June 18, 2021 registering shares to be awarded under the 2021 Plan. The 2021 Plan provides officers, employees and directors of the Corporation and the Bank with additional incentives to promote the growth and performance of the Corporation. The prior plan shall remain in existence solely for the purpose of administering outstanding grants. Under the terms of the Corporation's 2021 Equity Incentive Plan (the "2021 Plan"), the Corporation may make discretionary grants of restricted shares of the Corporation’s common stock to or for the benefit of employees selected to participate in the 2021 Plan, the Chief Executive Officer and members of the Board of Directors. Awards are based on the performance, responsibility and contributions of the individual and are targeted at an average of the peer group. The maximum number of shares of the Corporation’s common stock that may be awarded as restricted shares related to the 2021 Plan may not exceed 170,000, upon which time a new plan will be filed. Awards under the 2021 Plan may be vested no earlier than the first anniversary of the date on which the award is granted. Shares fully vest on the fifth anniversary of the grant date for employees, and on the first anniversary of the grant date for the Chief Executive Officer and members of the Board of Directors. Compensation expense for shares granted is recognized based on the fair value of the stock at the issue date. Total compensation expense related to this plan was $1.2 million in both 2023 and 2022. During 2023 and 2022, a total of 34,658 and 33,586 shares, respectively, were re-issued from treasury to fund stock compensation. A summary of restricted stock activity as of December 31, 2023, and changes during the year ended is presented below:
|  | Shares |  | Weighted–Average Grant Date Fair Value
Nonvested at December 31, 2022 |  | 55,402 |  |  | $ | 44.57 |
Granted |  | 34,658 |  |  | $ | 46.96 |
Vested |  | (26,750) |  |  | $ | 44.60 |
Forfeited or Cancelled |  | (326) |  |  | $ | 43.73 |
Nonvested at December 31, 2023 |  | 62,984 |  |  | $ | 45.87 |
As of December 31, 2023, there was $1.4 million of total unrecognized compensation cost related to nonvested shares granted under the prior Plan and the 2021 Plan. The cost is expected to be recognized over a weighted-average period of 3.32 years. The total fair value of shares vested during the years ended December 31, 2023 and 2022 were $0.6 million and $0.7 million, respectively.

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