STOCK OPTIONS

12 Months Ended

Dec. 31, 2016

Equity [Abstract]

STOCK OPTIONS

NOTE 16 – STOCK OPTIONS

Salisbury issued stock options in conjunction with its acquisition of Riverside Bank in 2014. The table below reflects the remaining outstanding options related to this transaction and presents a summary of the status of Salisbury's outstanding stock options as of and for the year ended December 31, 2016:

Year ended December 31, 2016	Number of options		Weighted average exercise price		Weighted average remaining contractual term (in years)		Aggregate intrinsic value
Beginning of period		64,800	$	22.66
Granted		—		—
Exercised		4,050		21.48
Forfeited or expired		5,400		21.48
End of period		55,350	$	22.86		4.17	$	810,500

The total intrinsic value is the amount by which the fair value of the underlying stock exceeds the exercise price of an option on the exercise date.

All options are vested and exercisable at December 31, 2016.

The total intrinsic value of stock options exercised during the years ended December 31, 2016, 2015 and 2014 was $41,000, $75,000 and $0, respectively.