SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

3 Months Ended

Mar. 31, 2014

Summary Of Significant Accounting Policies Tables

Schedule of stock option plans, changes in options outstanding

For the Corporation’s stock option plans, changes in options outstanding during the three months ended March 31, 2014 were as follows:

						Weighted
				Weighted		Average		Aggregate
				Average		Remaining		Intrinsic
	Number of			Exercise		Contractual		Value
	Options			Price		Term		(In thousands)
Balance, January 1, 2014		652,179			21.30
Granted during 2014		6,200			18.82
Exercised during 2014		(5,885	)		12.28
Expired during 2014		(258,648	)		27.56
Forfeited during 2014		(10,276	)		13.16
Balance, March 31, 2014		383,570			17.39		5.97		526
Vested and expected to vest (1)		347,483			17.81		5.97		696
Exercisable at March 31, 2014		262,137			19.11		5.01		71
(1)     Does not include shares which are not expected to vest as a result of anticipated forfeitures.

Schedule of weighted average assumption

For the first quarter of 2014, the per share weighted-average fair value of stock options granted was $7.49 compared to $5.19 for the same quarter of 2013 using the Black-Scholes option-pricing model with the following weighted average assumptions:

	Three months Ended
	March 31,
	2014			2013
Dividend Yield		1.01	%		1.34	%
Expected volatility		40	%		39	%
Expected life		7 years			7 years
Risk-free interest rate		2.15	%		1.10	%

Schedule of changes in nonvested shares

Changes in non-vested, restricted common shares for 2014 were as follows:

				Weighted
				Average
	Number of			Grant Date
	Shares			Fair Value
Balance, January 1, 2014		253,540			15.95
Granted during 2014		137,612			19.47
Vested during 2014		(36,755	)		18.94
Balance, March 31, 2014		354,397			17.01

Schedule of calculation of basic and diluted earnings per share

The following is a reconciliation of the calculation of basic and diluted earnings per share. Basic net income per common share is calculated by dividing net income available to common shareholders by the weighted average common shares outstanding during the reporting period. Diluted net income per common share is computed similarly to that of basic net income per common share, except that the denominator is increased to include the number of additional common shares that would have been outstanding if all common shares underlying potentially dilutive stock options were issued or restricted stock would vest during the reporting period utilizing the Treasury stock method. 

	Three Months Ended
	March 31,
(In thousands, except per share data	2014		2013
Net income to common shareholders	$	3,031	$	2,893
Basic weighted-average common shares outstanding		11,606,933		8,870,559
Plus: common stock equivalents		104,007		46,621
Diluted weighted-average common shares outstanding		11,710,940		8,917,180
Net income per common share
Basic	$	0.26	$	0.33
Diluted		0.26		0.32