EMPLOYEE STOCK PLANS (Tables)

12 Months Ended

Dec. 31, 2017

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, 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
Granted	—		—
Exercised	(20,499	)	12.97
Forfeited or expired	(90,221	)	13.62
Outstanding at December 31, 2017	188,275		$	14.14	5.04	$	—
Exercisable at December 31, 2015	162,679		$	13.81
Exercisable at December 31, 2016	203,578		13.74
Exercisable at December 31, 2017	176,024		13.92		4.84	$	—

A summary of changes in unvested options for the period ended December 31, 2017 is as follows:



	Number of Options		Weighted Average Grant Date Fair Value
Unvested options outstanding, beginning of year	95,417		$	4.72
Granted	—		—
Vested	(39,256	)	4.75
Forfeited	(35,905	)	4.54
Unvested options outstanding, end of year	20,256		$	4.97

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



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

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
Granted	48,526		13.98
Forfeited	(4,500	)	13.92
Vested	(700	)	13.92
Non-vested at December 31, 2017	58,090		$	13.74