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EQUITY AWARDS (Tables)
12 Months Ended
Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Schedule of Valuation Assumptions

The fair value of options granted was determined using the following weighted-average assumptions as of grant date, for the years ended December 31:

 

 

2024

 

 

2023

 

 

2022

 

Risk-free interest rate

 

 

4.67

%

 

 

4.08

%

 

 

2.90

%

Expected term (in years)

 

 

6.37

 

 

 

6.50

 

 

 

6.50

 

Expected stock price volatility

 

 

23.72

%

 

 

23.53

%

 

 

21.70

%

Dividend yield

 

 

3.23

%

 

 

3.23

%

 

 

2.47

%

Schedule of Stock Option Activity

A summary of stock option activity in the Plan during the years ended December 31, 2024 and 2023 follows:

2024

 

Number of
Shares

 

 

Weighted-
Average
Exercise
Price

 

 

Weighted-
Average
Remaining
Contractual
Life in
Years

 

 

Aggregate
Intrinsic
Value

 

Outstanding at beginning of year

 

 

465,680

 

 

$

28.12

 

 

 

5.46

 

 

$

2,782

 

Granted

 

 

59,000

 

 

 

28.86

 

 

 

 

 

 

 

Exercised

 

 

(99,010

)

 

 

22.79

 

 

 

 

 

 

 

Forfeited

 

 

(31,900

)

 

 

32.14

 

 

 

 

 

 

 

Balance, December 31, 2024

 

 

393,770

 

 

$

29.24

 

 

 

5.93

 

 

$

2,739

 

 

 

 

 

 

 

 

 

 

 

 

 

Exercisable at end of period

 

 

232,490

 

 

$

28.03

 

 

 

4.36

 

 

$

1,896

 

 

2023

 

Number of
Shares

 

 

Weighted-
Average
Exercise
Price

 

 

Weighted-
Average
Remaining
Contractual
Life in
Years

 

 

Aggregate
Intrinsic
Value

 

Outstanding at beginning of year

 

 

497,820

 

 

$

28.07

 

 

 

5.87

 

 

$

3,402

 

Granted

 

 

52,500

 

 

 

28.72

 

 

 

 

 

 

 

Exercised

 

 

(29,790

)

 

 

23.46

 

 

 

 

 

 

 

Forfeited

 

 

(54,850

)

 

 

30.80

 

 

 

 

 

 

 

Balance, December 31, 2023

 

 

465,680

 

 

$

28.12

 

 

 

5.46

 

 

$

2,782

 

 

 

 

 

 

 

 

 

 

 

 

 

Exercisable at end of period

 

 

283,110

 

 

$

26.03

 

 

 

3.87

 

 

$

2,202

 

Schedule of Nonvested Stock Option Activity

A summary of nonvested stock option activity in the Plan during the years ended December 31, 2024 and 2023 follows:

2024

 

Number of
Shares

 

 

Weighted-Average
Grant
Date Fair Value

 

Nonvested at beginning of year

 

 

182,570

 

 

$

6.10

 

Granted

 

 

59,000

 

 

 

6.36

 

Vested

 

 

(49,390

)

 

 

9.38

 

Forfeited

 

 

(30,900

)

 

 

6.47

 

Balance, December 31, 2024

 

 

161,280

 

 

$

6.32

 

 

2023

 

Number of
Shares

 

 

Weighted-Average
Grant
Date Fair Value

 

Nonvested at beginning of year

 

 

216,480

 

 

$

5.95

 

Granted

 

 

52,500

 

 

 

6.04

 

Vested

 

 

(65,690

)

 

 

5.63

 

Forfeited

 

 

(20,720

)

 

 

14.39

 

Balance, December 31, 2023

 

 

182,570

 

 

$

6.10

 

Plan Information

Information related to stock options in the Plan is as follows for the years ended:

 

 

2024

 

 

2023

 

 

2022

 

Intrinsic value of options exercised

 

$

1,169

 

 

$

303

 

 

$

846

 

Cash received from options exercised

 

 

2,257

 

 

 

698

 

 

 

1,565

 

Weighted average fair value of options granted

 

 

6.36

 

 

 

6.04

 

 

 

6.98

 

Summary of Restricted Stock Awards and Units Activity

A summary of restricted stock activity in the Plan during the years ended December 31, 2024 and 2023 follows:

2024

 

Number of
Shares

 

 

Weighted-Average
 Grant
Date Fair Value

 

Nonvested at beginning of year

 

 

15,390

 

 

$

28.87

 

Granted

 

 

2,388

 

 

 

30.58

 

Vested

 

 

(9,061

)

 

 

28.49

 

Forfeited

 

 

(400

)

 

 

33.50

 

Balance, December 31, 2024

 

 

8,317

 

 

$

29.81

 

2023

 

Number of
Shares

 

 

Weighted-Average
Grant
 Date Fair Value

 

Nonvested at beginning of year

 

 

18,930

 

 

$

27.51

 

Granted

 

 

5,056

 

 

 

31.96

 

Vested

 

 

(7,520

)

 

 

27.52

 

Forfeited

 

 

(1,076

)

 

 

28.93

 

Balance, December 31, 2023

 

 

15,390

 

 

$

28.87