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SHARE-BASED PAYMENTS (Tables)
12 Months Ended
Dec. 31, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Summary of Share and Expense Activity

The following tables summarize the share and expense activity for the directors for the years ended December 31, 2024, and 2023.

 

 

 

December 31, 2024

 

 

December 31, 2023

 

 

 

Stock Options

 

 

Restricted Stock Units

 

 

Restricted Stock Awards

 

 

Total

 

 

Stock Options

 

 

Restricted Stock Units

 

 

Restricted Stock Awards

 

 

Total

 

Outstanding at beginning of year

 

 

56,339

 

 

 

 

 

 

15,400

 

 

 

71,739

 

 

 

105,567

 

 

 

10,700

 

 

 

 

 

 

116,267

 

Granted

 

 

9,838

 

 

 

 

 

 

7,768

 

 

 

17,606

 

 

 

 

 

 

 

 

 

15,400

 

 

 

15,400

 

Vested

 

 

 

 

 

 

 

 

(15,400

)

 

 

(15,400

)

 

 

 

 

 

(10,700

)

 

 

 

 

 

(10,700

)

Exercised

 

 

(34,046

)

 

 

 

 

 

 

 

 

(34,046

)

 

 

(7,579

)

 

 

 

 

 

 

 

 

(7,579

)

Forfeited or expired

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(41,649

)

 

 

 

 

 

 

 

 

(41,649

)

Outstanding at end of year

 

 

32,131

 

 

 

 

 

 

7,768

 

 

 

39,899

 

 

 

56,339

 

 

 

 

 

 

15,400

 

 

 

71,739

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2024

 

 

December 31, 2023

 

 

 

Stock Options Expense

 

 

Restricted Stock Units Expense

 

 

Restricted Stock Awards Expense

 

 

Total

 

 

Stock Options Expense

 

 

Restricted Stock Units Expense

 

 

Restricted Stock Awards Expense

 

 

Total

 

Granted

 

$

94

 

 

$

 

 

$

175

 

 

$

269

 

 

$

 

 

$

 

 

$

165

 

 

$

165

 

Vested

 

 

 

 

 

 

 

 

112

 

 

 

112

 

 

 

 

 

 

163

 

 

 

 

 

 

163

 

Forfeited or expired

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Outstanding at end of year

 

$

94

 

 

$

 

 

$

287

 

 

$

381

 

 

$

 

 

$

163

 

 

$

165

 

 

$

328

 

Summary of Stock Option Activity

The following tables summarize stock option activity for the years ended December 31, 2024 and 2023.

December 31, 2024

 

Options

 

 

Weighted
Average
Exercise
Price

 

 

Weighted
Average
Remaining
Contractual
Term
(Years)

 

 

Aggregate
Intrinsic
Value

 

Outstanding at beginning of year

 

 

376,446

 

 

$

26.71

 

 

 

5

 

 

$

2,780

 

Granted

 

 

307,872

 

 

 

31.48

 

 

 

9

 

 

 

3,068

 

Exercised

 

 

(147,777

)

 

 

23.73

 

 

 

1

 

 

 

(2,762

)

Forfeited or expired

 

 

(41,361

)

 

 

32.68

 

 

 

8

 

 

 

(403

)

Outstanding at end of year

 

 

495,180

 

 

$

30.07

 

 

 

9

 

 

$

6,101

 

Fully vested and expected to vest

 

 

495,180

 

 

$

30.07

 

 

 

9

 

 

$

6,101

 

Exercisable at end of year

 

 

148,768

 

 

$

30.37

 

 

 

8

 

 

$

1,793

 

 

December 31, 2023

 

Options

 

 

Weighted
Average
Exercise
Price

 

 

Weighted
Average
Remaining
Contractual
Term
(Years)

 

 

Aggregate
Intrinsic
Value

 

Outstanding at beginning of year

 

 

379,096

 

 

$

27.72

 

 

 

4

 

 

$

2,118

 

Granted

 

 

101,387

 

 

 

24.41

 

 

 

10

 

 

 

963

 

Exercised

 

 

(12,829

)

 

 

15.83

 

 

 

2

 

 

 

(232

)

Forfeited or expired

 

 

(91,208

)

 

 

31.53

 

 

 

6

 

 

 

(1

)

Outstanding at end of year

 

 

376,446

 

 

$

26.71

 

 

 

5

 

 

$

2,780

 

Fully vested and expected to vest

 

 

376,446

 

 

$

26.71

 

 

 

5

 

 

$

2,780

 

Exercisable at end of year

 

 

271,491

 

 

$

27.40

 

 

 

3

 

 

$

1,838

 

Schedule of Fair Values of Options Granted

The fair values of options granted were determined using the following weighted-average assumptions as of grant dates.

 

 

2024

 

 

2023

 

Risk free rate

 

 

4.28

%

 

 

3.67

%

Market value of stock on grant date

 

$

31.48

 

 

$

24.41

 

Expected term (in years)

 

 

7.1

 

 

 

6.2

 

Expected volatility

 

 

34.31

%

 

 

33.76

%

Dividend rate

 

 

1.29

%

 

 

 %

Summary of Offering Periods and Costs The following table presents the offering periods and costs associated with this program.

Offering Period

 

Shares Purchased

 

 

Cost Per Share

 

 

Compensation Expense

 

August 15, 2021 to February 14, 2022

 

 

14,274

 

 

 

27.37

 

 

 

69

 

February 15, 2022 to August 14, 2022

 

 

14,555

 

 

 

27.61

 

 

 

71

 

August 15, 2022 to February 14, 2023

 

 

17,058

 

 

 

26.18

 

 

 

81

 

February 15, 2023 to August 14, 2023

 

 

14,548

 

 

 

22.34

 

 

 

57

 

August 15, 2023 to February 14, 2024

 

 

16,884

 

 

 

21.79

 

 

 

65

 

February 15, 2024 to August 14, 2024

 

 

12,581

 

 

 

28.52

 

 

 

63

 

 

Restricted Stock Units [Member]  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Summary of Changes in Company's Non-vested RSUs/RSAs

A summary of changes in the Company’s non-vested RSUs is shown below.

Non-vested Restricted Stock Units

 

Shares

 

 

Weighted
Average
Grant Date Fair Value

 

Non-vested RSUs at January 1, 2024

 

 

267,975

 

 

$

26.19

 

Granted

 

 

148,954

 

 

 

32.87

 

Vested

 

 

(94,298

)

 

 

26.25

 

Forfeited

 

 

(45,068

)

 

 

29.86

 

Outstanding at December 31, 2024

 

 

277,563

 

 

$

30.95

 

 

 

 

 

 

 

 

Non-vested Restricted Stock Units

 

Shares

 

 

Weighted
Average
Grant Date Fair Value

 

Non-vested RSUs at January 1, 2023

 

 

337,250

 

 

$

27.35

 

Granted

 

 

152,029

 

 

 

28.68

 

Vested

 

 

(122,420

)

 

 

27.72

 

Forfeited

 

 

(98,884

)

 

 

27.06

 

Outstanding at December 31, 2023

 

 

267,975

 

 

$

26.19

 

Restricted Stock Awards [Member]  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Summary of Changes in Company's Non-vested RSUs/RSAs

A summary of changes in the Company's non-vested RSAs is shown below.

Non-vested Restricted Stock Awards

 

Shares

 

 

Weighted
Average
Grant Date Fair Value

 

Non-vested RSAs at January 1, 2024

 

 

15,400

 

 

$

21.44

 

Granted

 

 

7,768

 

 

 

33.49

 

Vested

 

 

(15,400

)

 

 

21.44

 

Forfeited

 

 

 

 

 

 

Outstanding at December 31, 2024

 

 

7,768

 

 

$

33.49

 

 

 

 

 

 

 

 

Non-vested Restricted Stock Awards

 

Shares

 

 

Weighted
Average
Grant Date Fair Value

 

Non-vested RSAs at January 1, 2023

 

 

 

 

$

 

Granted

 

 

15,400

 

 

 

21.44

 

Vested

 

 

 

 

 

 

Forfeited

 

 

 

 

 

 

Outstanding at December 31, 2023

 

 

15,400

 

 

$

21.44