STOCK OPTIONS (Tables)

12 Months Ended

Dec. 31, 2017

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

Stock options activity

A summary of stock option activity for the year ended December 31, 2017 is presented below:

	Shares		Weighted Average Exercise Price		Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value
Outstanding at December 31, 2014	—		$	—	—	$	—
Granted	38,750		42.03		9.67
Exercised	—		—
Forfeited	(4,000	)	42.03
Expired	—		—
Outstanding at December 31, 2015	34,750		42.03		9.67	14,943
Granted	—		—
Exercised	—		—
Forfeited	(8,250	)	42.03
Expired	—		—
Outstanding at December 31, 2016	26,500		42.03		8.66	224,455
Granted	70,000		44.21		9.23
Exercised	—		—
Forfeited	(3,000	)	44.21
Expired	—		—
Outstanding at December 31, 2017	93,500		$	43.59	8.79	$	279,365
Options exercisable at December 31, 2017	—		$	—	—	$	—

On December 31, 2017, a total of 93,500 options were outstanding. Outstanding options at December 31, 2017 and the related vesting schedules are summarized below:

Stock Options Granted
Date	Shares	Forfeited		Outstanding	Strike Price		Vesting Period	Expiration
March 24, 2017	46,250	(3,000	)	43,250	$	44.21	3 years	10 years
March 24, 2017	23,750	—		23,750	44.21		5 years	10 years
August 27, 2015	38,750	(12,250	)	26,500	42.03		5 years	10 years

Stock option valuation assumptions

The following is a summary of the assumptions used in this model for the stock options granted during 2017 and 2015 (no options were issued during 2016):

	2017			2015
Risk-free interest rate	1.90		%	1.63		%
Expected volatility	27.63		%	31.58		%
Expected dividend yield	4.20		%	4.22		%
Expected life	6.84 years			7.51 years
Weighted average grant date fair value per option	$	0.75		$	3.96