STOCK-BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Restricted Stock Award and Performance Award Activity

The following table summarizes the status of the restricted stock award and performance award activity for the year ended December 31, 2024:

	Shares	Weighted Average Share Price
Unvested balance at December 31, 2023	510,596	$	21.01
Granted:
RSAs	225,815	27.38
Board Awards	21,712	23.95
Vested	(169,963)	20.68
Forfeited	(35,161)	20.48
Unvested balance at December 31, 2024	552,999	$	23.86

Schedule of Award Grants

The following table summarizes the Company’s RSA and Board Award grants during the year ended December 31, 2024 (dollars in thousands, except per share amounts):

	Grants					Vested
	Shares	Weighted Average Share Price		Grant Date Fair Value		Shares	Vest Date Fair Value
During year ended December 31, 2024(1)
RSAs	225,815	$	27.38	$	6,183	145,195	$	3,051
Board Awards	21,712	23.95		520		24,768	593

(1)The Compensation Committee granted annual awards for 2025 in December 2024.

The following table summarizes the Company’s RSA and Board Award grants during the years ended December 31, 2023 and 2022 (dollars in thousands, except per share amounts):

	Grants
	Shares	Weighted Average Share Price		Grant Date Fair Value
During year ended December 31, 2023(1)
RSAs	166,122	$	22.41	$	3,722
Board Awards	24,768	19.38		480
During year ended December 31, 2022(2)
RSAs	159,663	$	19.56	$	3,123
Board Awards	25,992	16.93		440

(1)The Compensation Committee granted annual awards for 2024 in December 2023.

(2)The Compensation Committee granted annual awards for 2023 in December 2022.

Schedule of Key Valuation Assumptions Used in Valuation

The fair value of the TSR Units is estimated on the date of the grant using a Monte Carlo valuation model. The risk-free rate is based on the U.S. Treasury yield curve in effect at the grant date for the expected performance period. Expected volatility is based on historical volatility for the most recent weighted average period ending on the grant date for the Company and the selected TSR peer group, and is calculated on a daily basis. The following table reflects the weighted-average key assumptions used in this valuation for awards granted during the years ended December 31, 2024, 2023 and 2022:

	For the Year Ended December 31, 2024			For the Year Ended December 31, 2023			For the Year Ended December 31, 2022
Risk-free interest rate	4.30		%	4.08		%	3.91		%
Expected stock price volatility	24.45		%	26.44		%	52.90		%
Expected service period	3.03 years			3.04 years			3.04 years
Expected dividend yield (assuming full reinvestment)	—		%	—		%	—		%
Weighted average fair value per share at date of grant	$	34.10		$	27.41		$	26.53

Schedule of Stock-Based Compensation Expense

The following table summarizes the stock-based compensation expense recognized (dollars in thousands):

	For Year Ended December 31,
	2024		2023		2022
Stock-based compensation expense	$	6,130	$	5,153	$	5,758