Employee Benefits (Tables)

12 Months Ended

Dec. 31, 2019

The ESOP shares as of December 31 are as follows:



ESOP Shares	At December 31,
	2019		2018
Allocated shares	440,751		447,424
Shares committed to be released	20,855		19,780
Unallocated shares	66,099		86,954
Total ESOP shares	527,705		554,158

Market value of unallocated shares (in thousands)	$	1,791	$	1,679

The assumptions used to value SARs granted in 2019 are as follows:



	2019 grant with 7 year expiration		2019 grant with 5 year expiration
Risk-free interest rate	2.51	%	2.43	%
Expected dividend yield	2.30	%	2.30	%
Expected common stock volatility	40.84	%	35.71	%
Expected life	7 years		5.5 years

A summary of SAR and option activity during 2017, 2018 and 2019 is as follows:



					Weighted Average
Dollars in thousands, except per share amounts	Options / SARs		Aggregate Intrinsic Value		Remaining Contractual Term (Yrs.)	Exercise Price
Outstanding, December 31, 2016	217,857					$	13.56
Granted	87,615					26.01
Exercised	(51,781	)				13.62
Forfeited	—					—
Expired	(3,400	)				24.97
Outstanding, December 31, 2017	250,291					$	17.75
Granted	—					—
Exercised	(6,800	)				17.79
Forfeited	(3,200	)				25.50
Expired	(8,200	)				25.54
Outstanding, December 31, 2018	232,091					$	17.36
Granted	138,125					23.94
Exercised	(31,613	)				11.83
Forfeited	—					—
Expired	(7,900	)				25.83
Outstanding, December 31, 2019	330,703		$	2,200	7.33	$	20.44

Exercisable Options/SARs:
December 31, 2019	104,889		$	1,203	5.74	$	15.62
December 31, 2018	95,924		583		6.04	$	14.82
December 31, 2017	62,646		687		4.92	$	15.35

A summary of our RSU activity and related information is as follows.



Dollars in thousands, except per share amounts	RSUs	Weighted Average Grant Date Fair Value
Nonvested, December 31, 2018	—	—
Granted	2,892	25.93
Exercised	—	—
Forfeited	—	—
Vested	—	—
Nonvested, December 31, 2019	2,892	25.93