SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

9 Months Ended

Sep. 30, 2014

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]

Schedule of stock option plans, changes in options outstanding

For the Corporation's stock option plans, changes in options outstanding during the nine months ended September 30, 2014 were as follows:

	Number of Options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term			Aggregate Intrinsic Value (In thousands)
Balance, January 1, 2014		652,179		$	21.30
Granted during 2014		9,000			18.86
Exercised during 2014		(14,483	)		12.54
Expired during 2014		(278,107	)		27.19
Forfeited during 2014		(15,257	)		13.22
Balance, September 30, 2014		353,332		$	17.30		5.63	years	$	478
Vested and expected to vest (1)		323,806		$	17.66		5.63	years	$	312
Exercisable at September 30, 2014		243,977		$	18.87		4.70	years	$	66

(1) Does not include shares which are not expected to vest as a result of anticipated forfeitures.

Schedule of weighted average assumption

For the third quarter of 2014, the per share weighted-average fair value of stock options granted was $7.77 compared to $6.89 for the same quarter of 2013 using the Black-Scholes option-pricing model with the following weighted average assumptions:

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2014			2013			2014			2013
Dividend Yield		1.13	%		1.09	%		1.02	%		1.31	%
Expected volatility		40	%		41	%		40	%		39	%
Expected life		7 years			7 years			7 years			7 years
Risk-free interest rate		2.19	%		1.88	%		2.18	%		1.13	%

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	151,695			19.44
Vested during 2014	(36,755	)		18.94
Forfeited during 2014	(3,748	)		18.49
Balance, September 30, 2014	364,732		$	17.08

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				Nine Months Ended
	September 30,				September 30,
(In thousands, except per share data)	2014		2013		2014		2013
Net income to common shareholders	$	3,864	$	1,964	$	10,678	$	6,866
Basic weighted-average common shares outstanding		11,841,777		8,950,931		11,723,873		8,910,514
Plus: common stock equivalents		114,579		62,488		109,634		66,391
Diluted weighted-average common shares outstanding		11,956,356		9,013,419		11,833,507		8,976,905
Net income per common share
Basic	$	0.33	$	0.22	$	0.91	$	0.77
Diluted		0.32		0.22		0.90		0.76