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STOCK COMPENSATION PLANS (Tables)

12 Months Ended

Dec. 31, 2019

STOCK COMPENSATION PLANS

Schedule of company's stock incentive plan

A summary of the status of the Company’s Stock Incentive Plan at December 31, 2019, 2018, and 2017, and changes during the years then ended is presented in the table and narrative following:

		YEAR ENDED DECEMBER 31,
		2019					2018					2017
				WEIGHTED					WEIGHTED					WEIGHTED
				AVERAGE					AVERAGE					AVERAGE
		SHARES		EXERCISE PRICE			SHARES		EXERCISE PRICE			SHARES		EXERCISE PRICE
Outstanding at beginning of year		336,313		$	2.91		360,721		$	2.85		417,566		$	2.76
Granted		7,000			4.19		5,000			4.22		17,500			3.96
Exercised		(40,917)			2.45		(24,408)			2.49		(64,112)			2.49
Forfeited		(5,748)			2.44		(5,000)			1.92		(10,233)			3.10
Outstanding at end of year		296,648			3.02		336,313			2.91		360,721			2.85
Exercisable at end of year		282,565			2.96		307,814			2.86		308,301			2.79
Weighted average fair value of options granted in current year				$	0.62				$	0.56				$	1.12

Schedule of fair value of each option grant

The fair value of each option grant is estimated on the date of grant using the Binomial or Black-Scholes option pricing model with the following assumptions used for grants in 2019, 2018, and 2017.

		YEAR ENDED DECEMBER 31
PRICING MODEL ASSUMPTION RANGES		2019		2018		2017
Risk-free interest rate		2.65	%	3.13	%	2.23–2.38	%
Expected lives in years		10		10		10
Expected volatility		15.75	%	15.59	%	28.09–28.84	%
Expected dividend rate		1.91	%	1.90	%	1.50	%

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Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value.

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
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Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions.

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