BENEFIT PLANS (Tables)

12 Months Ended

Dec. 31, 2022

BENEFIT PLANS

Schedule of key management assumptions used to value the options granted

	December 31,
(Dollars in thousands)	2022
Expected life (in years)	6.50
Expected volatility	32.55	%
Expected dividend yield	1.50	%
Risk free rate	3.26	%

Summary of stock option activity

Stock options	Number of Options	Weighted Average Exercise Price		Weighted Average Grant Date Fair Value		Weighted Average Remaining Contractual Term (Years)
Outstanding, December 31, 2020	-	$	-	$	-
Granted	-		-		-
Forfeited	-		-		-
Exercised	-		-		-
Outstanding, December 31, 2021	-		-		-		-
Granted	295,340		13.30		4.36
Forfeited	-		-		-
Exercised	-		-		-
Outstanding, December 31, 2022	295,340	$	13.30	$	4.36		9.67
Exercisable at December 31, 2022	-	$	-	$	-		-

Summary of restricted stock award activity

Restricted Stock	Number of Shares	Weighted Average Grant Date Fair Value
Unvested awards, December 31, 2020	-	$	-
Granted	-		-
Forfeited	-		-
Vested	-		-
Unvested awards, December 31, 2021	-		-
Granted	119,336		13.30
Forfeited	-		-
Vested	-		-
Unvested awards, December 31, 2022	119,336	$	13.30