STOCK INCENTIVE PLAN (Tables)

12 Months Ended

Dec. 31, 2015

Stock Incentive Plan And Employee Stock Ownership Plan And Trust Tables

Schedule of fair value weighted-average assumptions as of options

The fair value of options granted was determined using the following weighted-average assumptions as of grant date:

	2015					2014			2013
Risk free interest rate		1.96	%	2.33	%		2.94	%		2.49	%	2.94	%
Expected life (in years)		10		10			10			10		10
Expected stock price volatility		19.62	%	19.62	%		36.34	%		36.34	%	36.34	%
Dividend yield		4.13	%	4.13	%		3.98	%		3.98	%	3.98	%

Schedule of activity under stock incentive plan

The following table presents a summary of the activity under the 1998 and 2010 Omnibus Stock Incentive Plans for the years ended December 31:

	2015					2014					2013
	Shares			Weighted Average Exercise Price		Shares			Weighted Average Exercise Price		Shares			Weighted Average Exercise Price
Outstanding, January 1		176,181		$	10.48		175,081		$	10.31		191,913		$	10.18
Granted		23,650			14.44		11,000			13.49		7,700			12.25
Expired		(7,150	)		11.64		(7,150	)		11.15		(10,618	)		10.83
Exercised		(9,378	)		13.11		(2,750	)		9.74		(13,914	)		9.24
Outstanding, December 31		183,302		$	10.81		176,181		$	10.48		175,081		$	10.31
Exercisable at year end		17,457		$	12.95		19,012		$	13.39		11,797		$	14.90

The following table presents information pertaining to options outstanding at December 31, 2015:

December 31, 2015
Exercise Price:		Number of Options Outstanding		Weighted Average Remaining Contractual Life		Weighted Average Exercise Price		Intrinsic Value of Outstanding Options		Number of Options Exercisable		Weighted Average Exercise Price		Intrinsic Value of Exercisable Options
$	13.74		8,347		0.4	$	13.74	$	19,365		8,347	$	13.74	$	19,365
$	13.22		6,050		1.0	$	13.22	$	17,182		4,840	$	13.22	$	4,332
$	12.48		2,420		1.5	$	12.48	$	8,664		1,210	$	12.48	$	13,746
$	11.73		2,200		2.2	$	11.73	$	9,526		1,240	$	11.73	$	5,369
$	9.79		13,310		4.7	$	9.79	$	83,454		1,820	$	9.79	$	11,411
$	10.61		5,500		5.2	$	10.61	$	29,975		—	$	—	$	—
$	9.47		100,100		5.5	$	9.47	$	659,659		—	$	—	$	—
$	10.10		9,075		6.6	$	10.10	$	54,087		—	$	—	$	—
$	10.91		2,750		6.9	$	10.91	$	14,162		—	$	—	$	—
$	11.67		1,100		7.6	$	11.67	$	4,829		—	$	—	$	—
$	13.64		2,200		7.9	$	13.64	$	5,324		—	$	—	$	—
$	13.49		6,600		8.6	$	13.49	$	16,962		—	$	—	$	—
$	14.35		20,350		9.5	$	14.35	$	34,798		—	$	—	$	—
$	14.98		3,300		9.6	$	14.98	$	3,564		—	$	—	$	—
			183,302		5.71	$	10.81	$	961,551		17,457	$	12.95	$	54,223