15. STOCK OPTION PLAN

12 Months Ended

Dec. 31, 2016

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

15. STOCK OPTION PLAN

NOTE 15 STOCK OPTION PLAN:

New Peoples' Stock Option Plan (“the Plan”) was adopted on September 27, 2001. The purpose of the Plan is to reward employees and directors for services rendered and investment risks undertaken to date and to promote the success of the Company by providing incentives to employees and directors that will promote the identification of their personal interest with the long-term financial success of the Company and with growth in shareholder value. The Plan provides that options for up to 1,287,000 shares of the Company’s common stock may be issued to employees and directors. The exercise price may not be less than 100% of the fair market value of the shares on the award date. Each award becomes exercisable in the event of a change in control of the Company. All options are subject to exercise or forfeiture if the Company’s capital falls below minimum requirements, as determined by its primary state or federal regulator. The Plan expired on May 31, 2011. The Company did not grant any options in 2016 and 2015. No stock options were exercised in 2016 and 2015. There were no stock options outstanding at December 31, 2016.

A summary of the status of the Company’s stock option plan is presented below:

		2016		2015		2014
		Number of Shares	Weighted Average Exercise Price	Number of Shares	Weighted Average Exercise Price	Number of Shares	Weighted Average Exercise Price
Outstanding and exercisable,
	Beginning of year	-	$          -	198,183	$    11.54	284,729	$    11.02
Exercised		-	-	-	-	-	-
Forfeited		-	-	(32,175)	11.54	(20,930)	11.04
Expired		-	-	(166,008)	11.54	(65,616)	9.44
Outstanding and exercisable,
	End of year	-	$          -	-	$           -	198,183	$    11.54