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SHARE-BASED COMPENSATION PLANS (Tables) | 12 Months Ended
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Dec. 31, 2019
SHARE-BASED COMPENSATION PLANS |
Schedule of Weighted average stock options assumptions | The following weighted-average assumptions were used to determine compensation expense related to stock options in 2019 and 2018:
|  | 2019 |  | 2018 |
Risk-free interest rate |  | 1.55 | % | 2.80 | %
Expected dividend yield |  | 4.11 | % | 2.47 | %
Expected term |  | 8.0 |  | 8.0 |
Expected volatility |  | 24.0 | % | 19.9 | %
Schedule of Company's stock option activity | The following tables summarize stock option activity under the Company’s plans: Stock Options
|  | Year ended December 31,
|  | 2019 |  | 2018
|  |  |  |  | Weighted Average |  |  |  |  | Weighted Average
Stock Options |  | Shares |  | Exercise Price |  | Shares |  | Exercise Price
Outstanding at beginning of year |  |  | 1,173,620 |  | $ | 27.96 |  |  | 1,502,493 |  | $ | 26.57
Granted |  |  | 192,650 |  |  | 23.45 |  |  | 129,200 |  |  | 37.22
Exercised |  |  | (18,795) |  |  | 27.75 |  |  | (429,047) |  |  | 25.96
Forfeited or expired |  |  | (170,705) |  |  | 28.56 |  |  | (29,026) |  |  | 26.67
Outstanding at end of year |  |  | 1,176,770 |  | $ | 27.14 |  |  | 1,173,620 |  | $ | 27.96
Exercisable at end of year |  |  | 703,030 |  | $ | 26.71 |  |  | 692,007 |  | $ | 26.92
Weighted average fair market value of options granted |  | $ | 3.32 |  |  |  |  | $ | 7.07 |  |  |
|  | Weighted Average Remaining Contractual |  |  |
|  | Life (in Years) |  | Aggregate Intrinsic Value
Outstanding - December 31, 2019 |  | 4.7 |  | $ | 808,000
Exercisable - December 31, 2019 |  | 2.4 |  | $ | 171,000
Schedule of Non-vested stock options |
|  |  |  | Weighted Average |  | Weighted Average
|  | Number of Options |  | Exercise Price |  | Fair Value
Non-vested - December 31, 2017 |  | 625,362 |  | $ | 26.55 |  | $ | 3.43
Granted |  | 129,200 |  |  | 37.22 |  |  | 7.07
Vested |  | (243,798) |  |  | 26.42 |  |  | 3.25
Forfeited |  | (29,151) |  |  | 26.67 |  |  | 3.46
Non-vested - December 31, 2018 |  | 481,613 |  | $ | 29.46 |  | $ | 4.49
Granted |  | 192,650 |  |  | 23.45 |  |  | 3.32
Vested |  | (193,838) |  |  | 27.59 |  |  | 3.87
Forfeited |  | (6,685) |  |  | 29.94 |  |  | 4.87
Non-vested - December 31, 2019 |  | 473,740 |  | $ | 27.77 |  | $ | 4.26
Summary of Outstanding and exercisable stock options | The following table summarizes information about outstanding and exercisable stock options at December 31, 2019:
|  | Options Outstanding |  | Options Exercisable
|  |  |  | Weighted |  |  |  |  |  |  |
|  |  |  | Average |  | Weighted |  |  |  | Weighted
|  | Number of |  | Remaining |  | Average |  | Number of |  | Average
|  | Options |  | Contractual Life |  | Exercise |  | Options |  | Exercise
Range of Exercise Prices |  | Outstanding |  | (in Years) |  | Price |  | Exercisable |  | Price
$23.38 to $25.86 |  | 632,950 |  | 4.4 |  | $ | 24.92 |  | 381,925 |  | $ | 25.59
$27.04 to $37.22 |  | 543,820 |  | 5.0 |  | $ | 29.72 |  | 321,105 |  | $ | 28.05
|  | 1,176,770 |  | 4.7 |  | $ | 27.14 |  | 703,030 |  | $ | 26.71
Schedule of Company's stock option exercise activity | The following table summarizes stock option activity for the years ended December 31:
|  | 2019 |  | 2018
|  | (Dollars in thousands)
Total intrinsic value of stock options exercised |  | $ | 87 |  | $ | 3,822
Net proceeds from stock option exercises |  | $ | 161 |  | $ | 4,403
Income tax benefit from the exercise of stock options |  | $ | 23 |  | $ | 994
Total fair value of stock options vested |  | $ | 750 |  | $ | 793
Schedule of Company's restricted stock award | The following table summarizes restricted stock award activity during the years ended December 31, 2018 and 2019:
|  | Shares of Restricted |  | Weighted Average
|  | Stock |  | Grant Date Fair Value
Non-vested - December 31, 2017 |  | 66,050 |  | $ | 26.79
Issued |  | 25,319 |  |  | 37.22
Vested |  | (25,514) |  |  | 27.49
Forfeited |  | (4,375) |  |  | 26.60
Non-vested - December 31, 2018 |  | 61,480 |  | $ | 30.74
Issued |  | 31,000 |  |  | 23.48
Vested |  | (23,745) |  |  | 29.10
Forfeited |  | — |  |  | —
Non-vested - December 31, 2019 |  | 68,735 |  | $ | 28.04

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