STOCKHOLDERS' EQUITY (Tables)

12 Months Ended

Dec. 31, 2023

STOCKHOLDERS' EQUITY [Abstract]

Summary of Assumptions Used in Calculating Fair Value of Option Awards

A summary of the assumptions used in calculating the fair value of stock option awards during the years ended December 31, 2023, 2022, and 2021, are as follows:

	December 31,
	2023			2022			2021
Expected life in years		6.3			6.3			6.4
Risk-free interest rate		3.52	%		2.53	%		1.80	%
Expected volatility		27.44	%		28.81	%		36.40	%
Annual dividend yield		2.03	%		2.05	%		1.94	%

Summary of Stock Option Activity

A summary of stock option activity under the plan is presented below:

	Year ended December 31, 2023
	Option Shares			Weighted Average Exercise Price		Weighted Average Remaining Term		Aggregate Intrinsic Value
	(dollars in thousands, except exercise price)
Outstanding options, beginning of period		605,950		$	9.95
Granted		2,500			14.75
Exercised		(54,168	)		8.41
Forfeited or expired		(23,432	)		11.11
Outstanding options, end of period		530,850		$	10.08		5.01	$	3,881
Options exercisable, end of period		385,930		$	9.46		4.11	$	3,060
Options expected to vest, end of period		502,653		$	9.96		4.86	$	3,736

Summary of Change in Nonvested Restricted Stock Awards

The following table summarizes the change in nonvested restricted stock awards for the year ended December 31, 2023:

	Nonvested Restricted Stock Awards			Weighted Average Grant-Date Fair Value
Unvested options, beginning of period		34,934		$	13.78
Granted		23,900			14.59
Vested		(19,212	)		14.39
Forfeited		(1,718	)		13.38
Unvested options, end of period		37,904		$	14.00