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SHARE-BASED COMPENSATION PLANS (Tables)
12 Months Ended
Dec. 31, 2020
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 2020 and 2019:

    

2020

    

2019

 

Risk-free interest rate

 

0.54

%  

1.55

%

Expected dividend yield

 

5.33

%  

4.11

%

Expected term

 

8.0

 

8.0

Expected volatility

 

26.4

%  

24.0

%

Schedule of Company's stock option activity

The following tables summarize stock option activity under the Company’s plans:

Stock Options

Years ended December 31,

2020

2019

Weighted Average

Weighted Average

Stock Options

    

Shares

    

Exercise Price

    

Shares

    

Exercise Price

Outstanding at beginning of year

1,176,770

$

27.14

1,173,620

$

27.96

Granted

 

188,600

 

18.00

 

192,650

 

23.45

Exercised

 

 

 

(18,795)

 

27.75

Forfeited or expired

 

(239,987)

 

27.09

 

(170,705)

 

28.56

Outstanding at end of year

 

1,125,383

$

25.62

 

1,176,770

$

27.14

Exercisable at end of year

 

640,012

$

26.77

 

703,030

$

26.71

Weighted average fair market value of options granted

$

2.01

 

$

3.32

 

  

    

Weighted Average Remaining

    

Contractual Life (in Years)

Aggregate Intrinsic Value

Outstanding - December 31, 2020

 

5.4

$

Exercisable - December 31, 2020

 

3.1

$

Schedule of Non-vested stock options

    

    

Weighted Average

    

Weighted Average

Number of Options

Exercise Price

Fair Value

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

Granted

 

188,600

 

18.00

 

2.01

Vested

 

(165,824)

 

27.48

 

3.99

Forfeited

 

(11,145)

 

27.54

 

4.27

Non-vested - December 31, 2020

 

485,371

$

24.08

$

3.48

Summary of Outstanding and exercisable stock options

The following table summarizes information about outstanding and exercisable stock options at December 31, 2020:

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

$18.00

188,600

9.7

$

18.00

$

$23.38 to $25.86

 

623,050

 

3.4

$

24.93

 

477,884

$

25.40

$27.04 to $37.22

 

313,733

 

7.1

$

31.55

 

162,128

$

30.80

 

1,125,383

 

5.4

$

25.62

 

640,012

$

26.77

Schedule of Company's stock option exercise activity

The following table summarizes stock option activity for the years ended December 31:

    

2020

    

2019

(Dollars in thousands)

Total intrinsic value of stock options exercised

$

$

87

Net proceeds from stock option exercises

$

$

161

Income tax benefit from the exercise of stock options

$

$

23

Total fair value of stock options vested

$

661

$

750

Schedule of Company's restricted stock award

The following table summarizes restricted stock award activity during the years ended December 31, 2019 and 2020:

    

Shares of Restricted

    

Weighted Average

Stock

Grant Date Fair Value

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

Issued

 

30,800

 

18.00

Vested

 

(27,045)

 

28.04

Forfeited

 

 

Non-vested - December 31, 2020

72,490

$

23.77