EMPLOYEE STOCK PLANS (Tables)

12 Months Ended

Dec. 31, 2016

The following table summarizes activity relating to stock options:



	Options		Weighted Average Exercise Price		Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value
Outstanding at December 31, 2013	432,642		$	14.13
Granted	17,500		18.99
Exercised	(49,560	)	12.97
Forfeited or expired	(42,509	)	16.24
Outstanding at December 31, 2014	358,073		$	14.28
Granted	5,000		13.17
Exercised	(7,655	)	12.97
Forfeited or expired	(16,042	)	17.73
Outstanding at December 31, 2015	339,376		$	14.13
Granted	5,000		9.30
Exercised	—		—
Forfeited or expired	(45,381	)	15.17
Outstanding at December 31, 2016	298,995		$	13.90	5.95	$	—
Exercisable at December 31, 2014	109,691		$	13.98
Exercisable at December 31, 2015	162,679		13.81
Exercisable at December 31, 2016	203,578		13.74		5.76	$	—

A summary of changes in unvested options for the period ended December 31, 2016 is as follows:



	Number of Options		Weighted Average Grant Date Fair Value
Unvested options outstanding, beginning of year	176,697		$	4.89
Granted	5,000		2.14
Vested	(60,085	)	4.73
Forfeited	(26,195	)	5.36
Unvested options outstanding, end of year	95,417		$	4.72

The following assumptions were made in estimating the fair value of the options granted in 2016 and 2015:



	2016			2015
Risk free rate of interest	1.7		%	1.5		%
Expected volatility	37.4		%	37.4		%
Dividend yield	4.2		%	2.8		%
Average expected life (in years)	5			5
Weighted-average grant-date fair value	$	2.14		$	3.17

The following table summarizes activity relating to non-vested restricted stock awards:



	Number of Shares		Weighted-Average Grant Date Fair Value
Non-vested at December 31, 2014	—		$	—
Granted	11,250		13.92
Forfeited	—		—
Vested	—		—
Non-vested at December 31, 2015	11,250		$	13.92
Granted	4,439		10.97
Forfeited	(925	)	13.92
Vested	—		—
Non-vested at December 31, 2016	14,764		$	13.03