SHARE-BASED COMPENSATION PLANS (Tables)

12 Months Ended

Dec. 31, 2024

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 granted in 2023:

	2023
Risk-free interest rate	4.31	%
Expected dividend yield	3.88	%
Expected term	8.0
Expected volatility	31.0	%

Schedule of stock option activity

The following tables summarize our stock option activity during the years ended December 31, 2024 and 2023:

Stock Options

	Years ended December 31,
	2024				2023
			Weighted Average				Weighted Average
Stock Options	Shares		Exercise Price		Shares		Exercise Price
Outstanding at beginning of year		967,217	$	26.22		1,345,369	$	25.83
Granted		—		—		149,200		25.79
Exercised		(389,597)		26.53		(487,331)		25.02
Forfeited or expired		(13,860)		26.61		(40,021)		26.31
Outstanding at end of year		563,760	$	25.98		967,217	$	26.22
Exercisable at end of year		281,429	$	26.50		524,829	$	27.30
Weighted average fair market value of options granted	$	—			$	6.63

	Weighted Average Remaining
	Contractual Life (in Years)	Aggregate Intrinsic Value
Outstanding - December 31, 2024	6.5	$	6,521,000
Exercisable - December 31, 2024	5.3	$	3,109,000

Schedule of non-vested stock options

		Weighted Average		Weighted Average
	Number of Options	Exercise Price		Fair Value
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
Issued	—		—		—
Vested	(150,057)		23.38		4.52
Forfeited	(10,000)		25.60		5.73
Non-vested - December 31, 2024	282,331	$	25.46	$	5.66

Summary of outstanding and exercisable stock options

The following table summarizes information about outstanding and exercisable stock options at December 31, 2024:

	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	92,020	5.7	$	18.00	63,670	$	18.00
$23.38 to $25.79	272,069	7.4	$	24.79	96,996	$	24.14
$27.94 to $37.22	199,671	5.6	$	31.28	120,763	$	32.89
	563,760	6.5	$	25.98	281,429	$	26.50

Schedule of stock option exercise activity

The following table summarizes our stock option activity for the years ended December 31:

	2024		2023
	(Dollars in thousands)
Total intrinsic value of stock options exercised	$	3,706	$	1,537
Net proceeds from stock option exercises	$	51	$	103
Income tax benefit from the exercise of stock options	$	964	$	400
Total fair value of stock options vested	$	678	$	653

Schedule of restricted stock award activity

The following table summarizes our restricted stock award activity during the years ended December 31, 2023 and 2024:

	Shares of Restricted	Weighted Average
	Stock	Grant Date Fair Value
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
Issued	54,855		34.65
Vested	(30,255)		24.86
Forfeited	(725)		27.54
Non-vested - December 31, 2024	92,965	$	31.12