STOCK-BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2019

STOCK-BASED COMPENSATION

Schedule of pre-tax expense associated with stock options and restricted stock awards and related benefit

	Year Ended December 31,
	2019		2018		2017
	(in thousands)
Employee compensation expense:
Stock options	$	1,213	$	694	$	600
Restricted stock awards		2,204		2,360		895
Directors' fee expense:
Stock options		572		629		246
Restricted stock awards		860		910		355
Total stock-based compensation expense	$	4,849	$	4,593	$	2,096
Related tax benefits recognized in earnings	$	1,042	$	965	$	589

Schedule of stock options, valuation assumptions

	Year Ended December 31,
	2019		2018		2017
Options granted	583,565		289,890		1,585,924
Vesting period (years)	3		3		3
Term (years)	10		10		10
Weighted average expected volatility	22.09	%	22.16	%	24.00	%
Expected life (years)	6		6		6
Expected dividend yield	—	%	—	%	—	%
Weighted average risk free interest rate	2.46	%	2.93	%	1.88	%
Weighted average fair value per option	$ 2.49		$ 2.83		$ 2.82

Schedule of stock option activity

	Outstanding								Nonvested
					Weighted
					Average						Weighted
			Weighted		Remaining		Aggregate				Average
	Stock Option		Average		Contractual		Intrinsic		Stock Option		Grant Date
	Awards		Exercise Price		Term (years)		Value		Awards		Fair Value
Balance at January 1, 2019		1,778,407	$	10.17						1,249,793	$	2.82
Granted		583,565		9.09						583,565		2.49
Vested										(555,622)		2.83
Forfeited		(81,191)		10.20						(81,191)		2.81
Expired		(111,538)		10.23						—		—
Balance at December 31, 2019		2,169,243	$	9.87		8.20	$	2,419,000		1,196,545	$	2.66
Exercisable at December 31, 2019		972,698	$	10.19		7.80	$	—
Unrecognized cost inclusive of directors' awards	$	2,321,000
Weighted average remaining recognition period (years)		1.61

Schedule of non-vested stock award activity

	Restricted		Weighted Average
	Stock Awards		Grant Price
Non-vested stock awards at January 1, 2019		617,293	$	10.24
Vested		(298,484)		10.23
Granted		47,276		9.94
Forfeited		(32,319)		10.20
Non-vested stock awards at December 31, 2019		333,766	$	10.20
Unrecognized cost inclusive of directors' awards	$	2,217,000
Weighted average remaining recognition period (years)		0.92