STOCK BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2014

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Stock options outstanding at December 31, 2014 were as follows:



	Outstanding Stock Options				Exercisable Stock Options
Exercise Price Range	Number	Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (Years)	Number	Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (Years)
$9.00 - 10.99	23,494	$	9.00	4.1	23,494	$	9.00	4.1
$11.00 - 12.99	63,354	12.05		5.5	43,453	12.04		5.2
$17.00 - 18.99	12,962	18.41		1.6	12,962	18.41		1.6
	99,810	12.16		4.7	79,909	12.18		4.3

Summary of Stock Option Activity

The following table summarizes stock option activity for 2014:



	Options		Weighted Average Exercise Price
Outstanding at December 31, 2013	104,966		$	12.43
Granted	—		—
Exercised or canceled	—		—
Expired	(5,156	)	17.66
Outstanding at December 31, 2014	99,810		12.16
Exercisable at December 31, 2014	79,909		12.18

Estimated Valuation Assumptions

The following table shows the estimated weighted-average fair value of options granted and the assumptions used in calculating that value for the year indicated:



	2012
Estimated weighted-average fair value of options granted	$	2.80
Risk-free interest rate	0.84		%
Average dividend	$	0.64
Volatility factor of the expected market price of the Company's common stock	39.56		%
Average life in years	6.5