STOCK OPTIONS (Tables)

12 Months Ended

Dec. 31, 2015

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

Stock options activity

A summary of stock option activity is presented below:

	2015
	Shares		Weighted Average Exercise Price
Outstanding, beginning of year	—		—
Granted	38,750		$	42.03
Exercised	—		—
Forfeited	(4,000	)	42.03
Outstanding, end of year	34,750		$	42.03

Stock option valuation assumptions

The following assumptions were used in determining the fair value of share options granted:

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