STOCK-BASED COMPENSATION PLANS

6 Months Ended

Jun. 30, 2024

STOCK-BASED COMPENSATION PLANS

STOCK-BASED COMPENSATION PLANS

9. STOCK-BASED COMPENSATION PLANS

The Corporation has a stock incentive plan for selected officers and the independent directors. The first quarter 2024 awards to employees vest ratably over three years, and the 2024 restricted stock awards for the independent directors vest over one year. There were no restricted stock awards granted in the three-month period ended June 30, 2024. Following is a summary of restricted stock awards granted in the six-month period ended June 30, 2024:

(Dollars in Thousands)		Aggregate
		Grant
		Date
	Number of	Fair
	Shares	Value
Six Months Ended June 30, 2024 awards:
Time-based awards to independent directors	10,000	$	214
Time-based awards to employees	43,514		931
Performance-based awards to employees	19,346		371
Total	72,860	$	1,516

Compensation cost related to restricted stock is recognized based on the fair value of the stock at the grant date over the vesting period, adjusted for estimated and actual forfeitures. Total annual stock-based compensation for the year ending December 31, 2024 is estimated to total $1,433,000. Total stock-based compensation expense attributable to restricted stock awards amounted to $390,000 in the second quarter 2024 and $318,000 in the second quarter 2023. Total stock-based compensation expense attributable to restricted stock awards amounted to $716,000 in the six-month period ended June 30, 2024 and $695,000 in the six-month period ended June 30, 2023.