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