SHARE-BASED COMPENSATION PLANS (Tables)

12 Months Ended

Dec. 31, 2019

SHARE-BASED COMPENSATION PLANS

Schedule of Weighted average stock options assumptions

The following weighted-average assumptions were used to determine compensation expense related to stock options in 2019 and 2018:

	2019		2018
Risk-free interest rate	1.55	%	2.80	%
Expected dividend yield	4.11	%	2.47	%
Expected term	8.0		8.0
Expected volatility	24.0	%	19.9	%

Schedule of Company's stock option activity

The following tables summarize stock option activity under the Company’s plans:

Stock Options

	Year ended December 31,
	2019				2018
			Weighted Average				Weighted Average
Stock Options	Shares		Exercise Price		Shares		Exercise Price
Outstanding at beginning of year		1,173,620	$	27.96		1,502,493	$	26.57
Granted		192,650		23.45		129,200		37.22
Exercised		(18,795)		27.75		(429,047)		25.96
Forfeited or expired		(170,705)		28.56		(29,026)		26.67
Outstanding at end of year		1,176,770	$	27.14		1,173,620	$	27.96
Exercisable at end of year		703,030	$	26.71		692,007	$	26.92
Weighted average fair market value of options granted	$	3.32			$	7.07

	Weighted Average Remaining Contractual
	Life (in Years)	Aggregate Intrinsic Value
Outstanding - December 31, 2019	4.7	$	808,000
Exercisable - December 31, 2019	2.4	$	171,000

Schedule of Non-vested stock options

		Weighted Average		Weighted Average
	Number of Options	Exercise Price		Fair Value
Non-vested - December 31, 2017	625,362	$	26.55	$	3.43
Granted	129,200		37.22		7.07
Vested	(243,798)		26.42		3.25
Forfeited	(29,151)		26.67		3.46
Non-vested - December 31, 2018	481,613	$	29.46	$	4.49
Granted	192,650		23.45		3.32
Vested	(193,838)		27.59		3.87
Forfeited	(6,685)		29.94		4.87
Non-vested - December 31, 2019	473,740	$	27.77	$	4.26

Summary of Outstanding and exercisable stock options

The following table summarizes information about outstanding and exercisable stock options at December 31, 2019:

	Options Outstanding				Options Exercisable
		Weighted
		Average	Weighted			Weighted
	Number of	Remaining	Average		Number of	Average
	Options	Contractual Life	Exercise		Options	Exercise
Range of Exercise Prices	Outstanding	(in Years)	Price		Exercisable	Price
$23.38 to $25.86	632,950	4.4	$	24.92	381,925	$	25.59
$27.04 to $37.22	543,820	5.0	$	29.72	321,105	$	28.05
	1,176,770	4.7	$	27.14	703,030	$	26.71

Schedule of Company's stock option exercise activity

The following table summarizes stock option activity for the years ended December 31:

	2019		2018
	(Dollars in thousands)
Total intrinsic value of stock options exercised	$	87	$	3,822
Net proceeds from stock option exercises	$	161	$	4,403
Income tax benefit from the exercise of stock options	$	23	$	994
Total fair value of stock options vested	$	750	$	793

Schedule of Company's restricted stock award

The following table summarizes restricted stock award activity during the years ended December 31, 2018 and 2019:

	Shares of Restricted	Weighted Average
	Stock	Grant Date Fair Value
Non-vested -  December 31, 2017	66,050	$	26.79
Issued	25,319		37.22
Vested	(25,514)		27.49
Forfeited	(4,375)		26.60
Non-vested -  December 31, 2018	61,480	$	30.74
Issued	31,000		23.48
Vested	(23,745)		29.10
Forfeited	—		—
Non-vested -  December 31, 2019	68,735	$	28.04