EMPLOYEE AND DIRECTOR BENEFIT PLANS (Tables)

12 Months Ended

Dec. 31, 2019

EMPLOYEE AND DIRECTOR BENEFIT PLANS

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions

For years when stock options were granted the estimated weighted average fair market value of each option awarded, using the Black-Scholes option pricing model, together with the assumptions used in estimating those weighted average fair values, are displayed below:

	2019			2018			2017
Estimated fair value of options granted	$	5.99		$	6.07		$	5.47
Assumptions in estimating average option values:
Risk-free interest rate		2.59	%		2.94	%		2.07	%
Dividend yield		—	%		—	%		—	%
Volatility		42.18	%		36.67	%		42.42	%
Expected life (in years)		8.00			8.00			8.00

Share-based Compensation, Stock Options, Activity

A summary of the Company’s option plans as of and for the year ended December 31, 2019 is as follows:

		Outstanding Options			Exercisable Options
	Shares		Weighted			Weighted
	Available		Average			Average
	for Future	Number	Exercise		Number	Exercise
	Grants	Outstanding	Price		Outstanding	Price
At December 31, 2018	597,500	239,955	$	8.63	113,013	$	6.71
Options granted/vested	(58,500)	58,500		—	35,660		—
Stock grants	(10,569)	—		12.30	—		—
Options exercised	26,813	(26,813)		8.50	(26,813)		8.50
Options expired	—	—		—	—		—
Options forfeited	3,100	(3,100)		10.92	(200)	$	5.25
At December 31, 2019	568,913	268,542	$	9.55	121,660	$	7.80

Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range

Information regarding the stock options outstanding at December 31, 2019 is summarized below:

	Number	Number
	of options	of options
Range of Exercise Prices	outstanding	exercisable
$2.25 - $7.07	67,922	62,920
$7.08 - $10.69	41,620	18,040
$10.70 - $12.99	159,000	40,700
Outstanding at end of year	268,542	121,660

Schedule of Nonvested Share Activity

		Weighted-Average
		Grant Date
Non-vested Options	Options	Fair Value
Non-vested at December 31, 2018	126,942	$	5.16
Granted	58,500		5.99
Vested	(35,660)		5.02
Expired	—		—
Forfeited	(3,100)		5.55
Non-vested at December 31, 2019	146,882		5.51