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STOCK COMPENSATION EXPENSE (Tables)
 3 Months Ended
Mar. 31, 2014
STOCK COMPENSATION EXPENSE [Abstract]  
Assumption Used in the Black-Scholes Option-pricing Model
The fair value of the Company's employee stock options granted is estimated at the date of grant using the Black-Scholes option-pricing model. This model requires the input of highly subjective assumptions, changes to which can materially affect the fair value estimate. Additionally, there may be other factors that would otherwise have a significant effect on the value of employee stock options granted but are not considered by the model. The assumptions used in the Black-Scholes option-pricing model are as follows

   
2014
  
2013
 
Risk-free interest rate
  2.78%  1.96%
Expected option life (yrs)
  10.00   10.00 
Expected stock price volatility
  31.19%  35.24%
Dividend yield
  3.33%  3.86%
Weighted average fair value of options granted during the year
 $3.74  $2.85 
Summary of Stock Option Activity
A summary of the Company’s stock option activity and related information is presented below for the three months ended March 31:
 
  
- - - - - - 2014 - - - - - -
 
- - - - - - 2013 - - - - - -
 
   
Options
  
Weighted
Average
Exercise
Price
 
Options
  
Weighted
Average
Exercise
Price
 
Outstanding at beginning of year
  354,281  $9.84  392,366  $9.24 
Grants
  46,300   14.43  52,900   11.39 
Exercises
  (8,701)  7.24  -   - 
Forfeitures or expired
  (2,001)  9.30  -   - 
Outstanding at March 31,
  389,879  $10.45  445,266  $9.50 
                 
Exercisable at March 31,
  278,228      296,017     
Weighted average remaining life of options outstanding
  6.4      6.8     
Weighted average fair value of options granted during the year
 $3.74     $2.85     
Stock Option Activity by Range of Exercise Prices
Additional information regarding stock options outstanding and exercisable at March 31, 2014, is provided in the following table:

  
- - - - - - - - Outstanding - - - - - - - -
  
- - - - - - - - Currently Exercisable - - - - - - - -
 
Range of Exercise Prices
 
Number
 
Weighted Average Exercise Price
 
Aggregate Intrinsic Value
  
Number
 
Weighted Average Remaining Contractual Life
 
Weighted Average Exercise Price
 
Aggregate Intrinsic Value
 
                 
$6.50 to $10.00  186,546 $7.39 $1,297   155,355  6.8 $7.37 $1,082 
$10.01 to $12.50  72,933  11.46  210   38,873  4.4  11.52  110 
$12.51 to $15.00  106,900  13.88  54   60,600  3.4  13.46  54 
$15.01 to $17.50  23,500  16.00  -   23,500  1.9  16.00  - 
Outstanding - Mar 31, 2014
  389,879  10.45 $1,561   278,328  5.3  10.00 $1,246