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STOCK-BASED COMPENSATION PLANS (Tables)
12 Months Ended
Dec. 31, 2021
STOCK-BASED COMPENSATION PLANS  
Summary of stock-based compensation expense

​

​

​

​

​

​

​

​

​

​

​

​

​

Year Ended December 31, 

​

    

2021

    

2020

    

2019

​

​

(dollars in thousands)

Restricted stock units

​

$

579

​

$

351

​

$

—

Performance restricted stock units

​

​

185

​

​

—

​

​

—

Total awards classified as equity

​

​

764

​

​

351

​

​

—

Stock appreciation rights

​

​

226

​

​

(137)

​

​

343

Total stock-based compensation expense

​

$

990

​

$

214

​

$

343

Schedule of the summary of outstanding restricted stock units

​

​

​

​

​

​

​

​

    

​

​

Weighted

​

​

​

​

Average

​

​

Restricted

​

Grant Date

​

​

Stock Units

​

Fair Value

Balance, December 31, 2018

​

—

​

$

—

Granted

​

—

​

​

—

Vested

​

—

​

​

—

Forfeited

​

—

​

​

—

Balance, December 31, 2019

​

—

​

$

—

Granted

​

73,700

​

​

18.98

Vested

​

—

​

​

—

Forfeited

​

(2,700)

​

​

19.03

Balance, December 31, 2020

​

71,000

​

$

18.98

Granted

​

59,994

​

​

15.81

Vested

​

(20,225)

​

​

18.86

Forfeited

​

(1,525)

​

​

18.11

Balance, December 31, 2021

​

109,244

​

$

17.27

Schedule of the summary of performance outstanding restricted stock units

​

​

​

​

​

​

​

​

​

​

​

Weighted

​

​

Performance

​

Average

​

​

Restricted

​

Grant Date

​

​

Stock Units

​

Fair Value

Balance, December 31, 2018

​

—

​

$

—

Granted

​

—

​

​

—

Vested

​

—

​

​

—

Forfeited

​

—

​

​

—

Balance, December 31, 2019

​

—

​

$

—

Granted

​

—

​

​

—

Vested

​

—

​

​

—

Forfeited

​

—

​

​

—

Balance, December 31, 2020

​

—

​

$

—

Granted

​

38,344

​

​

15.72

Vested

​

—

​

​

—

Forfeited

​

—

​

​

—

Balance, December 31, 2021

​

38,344

​

$

15.72

Schedule of the status of stock appreciation rights and changes

​

​

​

​

​

​

​

​

    

​

    

Weighted

​

​

Stock

​

Average

​

​

Appreciation

​

Grant Date

​

​

Rights

​

Assigned Value

Balance, December 31, 2018

​

91,800

​

$

5.73

Granted

​

110,160

​

​

16.32

Exercised

​

(91,800)

​

​

5.73

Expired

​

—

​

​

—

Forfeited

​

—

​

​

—

Balance, December 31, 2019

​

110,160

​

$

16.32

Granted

​

—

​

​

—

Exercised

​

—

​

​

—

Expired

​

—

​

​

—

Forfeited

​

(4,590)

​

​

16.32

Balance, December 31, 2020

​

105,570

​

$

16.32

Granted

​

—

​

​

—

Exercised

​

(6,120)

​

​

16.32

Expired

​

(1,530)

​

​

16.32

Forfeited

​

—

​

​

—

Balance, December 31, 2021

​

97,920

​

$

16.32

​

A further summary of outstanding stock appreciation rights as of December 31, 2021, is as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Weighted Average

​

​

Stock Appreciation Rights

​

Remaining

Grant Date Assigned Values

    

Outstanding

    

Exercisable

    

Contractual Term

$ 16.32

​

97,920

​

85,680

​

7.2

years

Schedule of assumptions used in valuing stock appreciation rights

​

​

​

​

​

​

​

​

​

​

    

December 31, 2021

    

December 31, 2020

​

Risk-free interest rate

​

​

1.40

%

​

0.80

%

Expected volatility

​

​

35.52

%

​

34.72

%

Expected life (in years)

​

​

7.7

​

​

8.7

​

Expected dividend yield

​

​

3.20

%

​

3.96

%