STOCK-BASED COMPENSATION PLANS (Tables)

6 Months Ended

Jun. 30, 2024

Share-Based Payment Arrangement [Abstract]

Summary of stock-based compensation expense

The following is a summary of stock-based compensation expense (benefit):

	Three Months Ended June 30,				Six Months Ended June 30,
(dollars in thousands)	2024		2023		2024		2023
Restricted stock units	$	262	$	317	$	535	$	594
Performance restricted stock units	114		117		350		357
Total awards classified as equity	376		434		885		951
Stock appreciation rights	70		(47)		(59)		(46)
Total stock-based compensation expense	$	446	$	387	$	826	$	905

Schedule of the summary of outstanding restricted stock units

The following is a summary of restricted stock unit activity:

	Three Months Ended June 30,
	2024			2023
	Restricted Stock Units	Weighted Average Grant Date Fair Value		Restricted Stock Units	Weighted Average Grant Date Fair Value
Beginning balance	108,865	$	19.71	129,422	$	19.58
Granted	—	—		—	—
Vested	—	—		—	—
Forfeited	—	—		—	—
Ending balance	108,865	$	19.71	129,422	$	19.58
	Six Months Ended June 30,
	2024			2023
	Restricted Stock Units	Weighted Average Grant Date Fair Value		Restricted Stock Units	Weighted Average Grant Date Fair Value
Beginning balance	128,159	$	19.56	139,986	$	18.01
Granted	51,246	19.06		41,847	22.72
Vested	(70,540)	18.96		(51,693)	17.91
Forfeited	—	—		(718)	16.58
Ending balance	108,865	$	19.71	129,422	$	19.58

The following is a summary of performance restricted stock unit activity:

	Three Months Ended June 30,
	2024			2023
	Performance Restricted Stock Units	Weighted Average Grant Date Fair Value		Performance Restricted Stock Units	Weighted Average Grant Date Fair Value
Beginning balance	70,333	$	19.59	79,097	$	18.25
Granted	—	—		—	—
Adjustment for performance condition	—	—		—	—
Vested	—	—		—	—
Forfeited	—	—		—	—
Ending balance	70,333	$	19.59	79,097	$	18.25
	Six Months Ended June 30,
	2024			2023
	Performance Restricted Stock Units	Weighted Average Grant Date Fair Value		Performance Restricted Stock Units	Weighted Average Grant Date Fair Value
Beginning balance	79,097	$	18.25	62,067	$	17.02
Granted	19,933	19.06		17,030	22.72
Adjustment for performance condition	14,349	15.53		—	—
Vested	(43,046)	15.53		—	—
Forfeited	—	—		—	—
Ending balance	70,333	$	19.59	79,097	$	18.25

Schedule of the status of stock appreciation rights and changes

The following is a summary of stock appreciation rights activity:

	Three Months Ended June 30,
	2024			2023
	Stock Appreciation Rights Outstanding	Weighted Average Grant Date Assigned Value		Stock Appreciation Rights Outstanding	Weighted Average Grant Date Assigned Value
Beginning balance	73,440	$	16.32	73,440	$	16.32
Granted	—	—		—	—
Exercised	—	—		—	—
Expired	—	—		—	—
Forfeited	—	—		—	—
Ending balance	73,440	$	16.32	73,440	$	16.32
	Six Months Ended June 30,
	2024			2023
	Stock Appreciation Rights	Weighted Average Grant Date Assigned Value		Stock Appreciation Rights	Weighted Average Grant Date Assigned Value
Beginning balance	73,440	$	16.32	73,440	$	16.32
Granted	—	—		—	—
Exercised	—	—		—	—
Expired	—	—		—	—
Forfeited	—	—		—	—
Ending balance	73,440	$	16.32	73,440	$	16.32

Schedule of assumptions used in valuing stock appreciation rights

The Company uses an option pricing model to value the stock appreciation rights, using the assumptions in the following table. Expected volatility is derived from the historical volatility of the Company’s stock price and a selected peer group of industry-related companies.

	June 30, 2024		December 31, 2023
Risk-free interest rate	4.33	%	3.85	%
Expected volatility	36.94	%	37.37	%
Expected life (in years)	5.2		5.7
Expected dividend yield	3.72	%	3.22	%