STOCK PLANS AND STOCK BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2015

STOCK PLANS AND STOCK BASED COMPENSATION

Schedule of weighted average assumptions used to determine the fair value of stock options granted

Years Ended December 31,	2015			2014			2013
Risk-free interest rate		1.54	%		2.11	%		0.80	%
Expected dividend yield		3.06	%		3.18	%		2.95	%
Expected stock price volatility		22.66	%		30.20	%		31.95	%
Expected life of options (in years)		5			6			6
Estimated fair value per share	$	3.58		$	5.16		$	5.21

Summary of stock option activity

				Weighted
		Weighted		Average
	Options	Average		Remaining	Aggregate
	Class A	Exercise		Contractual	Intrinsic
	Shares	Price		Term	Value
Outstanding, January 1, 2014	327,500	$	20.03
Granted	1,000		23.50
Exercised	(90,500)		19.78
Forfeited or expired	(83,000)		20.09
Outstanding, December 31, 2014	155,000	$	20.15	1.14	$	710,000
Outstanding, January 1, 2015	155,000	$	20.15
Granted	323,400		24.51
Exercised	(97,750)		19.77
Forfeited or expired	(57,250)		21.43
Outstanding, December 31, 2015	323,400	$	24.40	4.70		650,000
Fully vested and expected to vest	323,400	$	24.40	4.70	$	650,000
Exercisable (vested) at December 31, 2015	4,000	$	20.12	0.16	$	25,000

Schedule of intrinsic value and cash received from options exercised and weighted average fair value of options granted

Years Ended December 31,  (in thousands)	2015		2014		2013
Intrinsic value of options exercised	$	581	$	356	$	131
Cash received from options exercised, net of shares redeemed		1,136		1,103		467
Total fair value of options granted		1,159		5		31

Schedule of loan balances of non-executive officer employees that were originated to fund stock option exercises

December 31, (in thousands)	2015		2014
Outstanding loans	$	660	$	471

Summary of activity for non-vested restricted stock awards

		Weighted-average
	Restricted	grant date fair
	Stock Awards	value per share
Outstanding, January 1, 2014	87,000	$	19.85
Granted	—		—
Forfeited	(1,500)		19.85
Earned and issued	(5,000)		19.85
Outstanding, December 31, 2014	80,500	$	19.85
Outstanding, January 1, 2015	80,500	$	19.85
Granted	2,500		25.19
Forfeited	(4,000)		19.85
Earned and issued	—		—
Outstanding, December 31, 2015	79,000	$	20.02

Schedule of expenses recorded related to stock options and restricted stock awards

Years Ended December 31,  (in thousands)	2015		2014		2013
Stock option expense	$	169	$	53	$	205
Restricted stock award expense	$	253	$	405	$	298

Schedule of estimated unrecognized stock option and restricted stock award expense related to unvested options and awards (net of estimated forfeitures)

	Restricted
(in thousands)	Stock Awards		Options		Total
2016	$	290	$	264	$	554
2017		265		261		526
2018		123		259		382
2019		12		144		156
2020		8		30		38
2021		2		—		2
Total	$	700	$	958	$	1,658

Schedule of information on director deferred compensation shares reserved for the periods

		2015			2014			2013
			Weighted			Weighted			Weighted
			Average Market			Average Market			Average Market
		Shares	Price at Date of		Shares	Price at Date of		Shares	Price at Date of
Years ended December 31,		Deferred	Deferral		Deferred	Deferral		Deferred	Deferral
Balance, beginning of year	$	58,604	$	21.56	53,136	$	21.23	50,414	$	20.64
Awarded		8,586		25.24	7,783		23.61	7,768		24.32
Released		(4,937)		21.00	(2,315)		20.76	(5,046)		20.16
Balance, end of year		62,253		22.12	58,604		21.56	53,136		21.23

Schedule of director deferred compensation expenses

Years Ended December 31, (in thousands)	2015		2014		2013
Director deferred compensation expense	$	223	$	187	$	193