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STOCK OPTIONS (Tables)
 12 Months Ended
Dec. 31, 2019
Share-based Payment Arrangement [Abstract]  
Stock Options Activity
A summary of stock option activity for the year ended December 31, 2019 is presented below:
 
 
 
 
 
 
 
 
 
Shares
 
Weighted Average Exercise Price
 
Weighted Average Remaining Contractual Term
 
Aggregate Intrinsic Value
Outstanding at December 31, 2016
 
39,750

 
$
28.02

 
8.66

 
224,455

Granted
 
105,000

 
29.47

 
9.23

 
 
Exercised
 
—

 
—

 
 
 
 
Forfeited
 
(4,500
)
 
29.47

 
 
 
 
Expired
 
—

 
—

 
 
 
 
Outstanding at December 31, 2017
 
140,250

 
29.06

 
8.79

 
279,365

Granted
 
262,050

 
30.58

 
9.56

 
 
Exercised
 
—

 
—

 
 
 
 
Forfeited
 
(6,750
)
 
28.51

 
 
 
 
Expired
 
—

 
—

 
 
 
 
Outstanding at December 31, 2018
 
395,550

 
30.08

 
8.97

 
4,019,522

Granted
 
240,000

 
28.01

 
9.21

 
 
Exercised
 
—

 
—

 
 
 
 
Forfeited
 
(9,750
)
 
29.64

 
 
 
 
Expired
 
—

 
—

 
 
 
 
Outstanding at December 31, 2019
 
625,800

 
$
29.29

 
8.43

 
$
3,923,463

 
 
 
 
 
 
 
 
 
Options exercisable at December 31, 2019
 
—

 
$
—

 
—

 
$
—








On December 31, 2019, a total of 625,800 options were outstanding. Outstanding options at December 31, 2019 and the related vesting schedules are summarized below:
Stock Options Granted
Date
 
Shares
 
Forfeited
 
Outstanding
 
Strike Price
 
Vesting Period
 
Expiration
March 15, 2019
 
120,900

 
(1,950
)
 
118,950

 
$
28.01

 
3 years
 
10 years
March 15, 2019
 
119,100

 
(1,800
)
 
117,300

 
28.01

 
5 years
 
10 years
August 24, 2018
 
75,300

 
(1,950
)
 
73,350

 
30.67

 
3 years
 
10 years
August 24, 2018
 
149,250

 
(4,050
)
 
145,200

 
30.67

 
5 years
 
10 years
January 5, 2018
 
18,750

 
—

 
18,750

 
30.07

 
3 years
 
10 years
January 5, 2018
 
18,750

 
—

 
18,750

 
30.07

 
5 years
 
10 years
March 24, 2017
 
69,375

 
(6,750
)
 
62,625

 
29.47

 
3 years
 
10 years
March 24, 2017
 
35,625

 
—

 
35,625

 
29.47

 
5 years
 
10 years
August 27, 2015
 
58,125

 
(22,875
)
 
35,250

 
28.02

 
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 2019, 2018, and 2017:
 
2019
 
2018
 
2017
Risk-free interest rate
2.49
%
 
2.68
%
 
1.90
%
Expected volatility
23.61
%
 
24.78
%
 
27.63
%
Expected dividend yield
2.61
%
 
2.16
%
 
4.20
%
Expected life
7.00 years

 
7.15 years

 
6.84 years

Weighted average grant date fair value per option
$
4.05

 
$
5.15

 
$
5.99