EMPLOYEE STOCK PLANS (Tables)

12 Months Ended

Dec. 31, 2014

The following table summarizes activity relating to stock options:

	Options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term		Aggregate Intrinsic Value
Outstanding at December 31, 2011		35,100		$	14.07
Granted		294,803			12.97
Exercised		(14,117	)		7.15
Forfeited or expired		(7,941	)		12.97
Outstanding at December 31, 2012		307,845		$	13.36
Granted		131,280			15.82
Exercised		(6,155	)		11.10
Forfeited or expired		(328	)		20.88
Outstanding at December 31, 2013		432,642		$	14.13
Granted		17,500			18.99
Exercised		(49,560	)		12.97
Forfeited or expired		(42,509	)		16.24
Outstanding at December 31, 2014		358,073		$	14.28		7.81	$	1,094,000
Exercisable at December 31, 2012		20,983		$	18.72
Exercisable at December 31, 2013		70,457			14.81
Exercisable at December 31, 2014		109,691			13.98		7.33	$	368,000

A summary of changes in unvested options for the period ended December 31, 2014 is as follows:

	Number of Options			Weighted Average Grant Date Fair Value
Unvested options outstanding, beginning of year		362,185		$	4.84
Granted		17,500			5.77
Vested		(100,755	)		4.67
Forfeited		(30,548	)		5.19
Unvested options outstanding, end of year		248,382		$	4.93

The following weighted average assumptions were made in estimating the fair value of the options granted in 2014 and 2013:

	2014			2013
Risk free rate of interest		1.7	%		1.3	%
Expected volatility		39.2	%		47.4	%
Dividend yield		1.9	%		2.1	%
Average expected life (in years)		5			5
Weighted-average grant-date fair value	$	5.77		$	5.59