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Share-Based Compensation (Tables)
 9 Months Ended
Sep. 30, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Summary of Options Outstanding
The following table summarizes the Corporation's stock options outstanding at September 30, 2014:
 
Outstanding
 
Exercisable
 
Number
 
Weighted Average
Remaining
Contractual Life
(Years)
 
Number
 
Weighted Average
Exercise Price
Range of Exercise Prices
 
 
 
 
 
 
 
$5.34-$5.39
37,500

 
7.16
 
25,833

 
$
5.39

$9.07-$9.56
126,530

 
8.66
 
41,066

 
9.19

$11.03
109,500

 
9.64
 
—

 
—

$12.12
7,500

 
9.82
 
—

 
—

$14.47
78,000

 
3.35
 
78,000

 
14.47

$16.00-$16.50
32,500

 
2.22
 
32,500

 
16.04

$19.10
30,000

 
1.34
 
30,000

 
19.10

$19.17
30,000

 
0.34
 
30,000

 
19.17

Outstanding at end of period
451,530

 
6.37
 
237,399

 
$
13.96
Summary of Stock Options
A summary of the status of stock options for the nine month periods ended September 30, 2014 and 2013 is presented in the table below:
 
 
September 30,
 
September 30,
 
2014
 
2013
 
Options
 
Weighted Average
Exercise
Price per Share
 
Options
 
Weighted Average
Exercise
Price per Share
Outstanding at beginning of period
337,696

 
$
12.43

 
232,000

 
$
14.50

Granted
117,000

 
11.10

 
137,363

 
9.18

Forfeited or expired
(1,500
)
 
14.47

 
—

 
—

Exercised
(1,666
)
 
9.56

 
—

 
—

Stock dividend or split
—

 
—

 
—

 
—

Outstanding at end of period
451,530

 
$
12.08

 
369,363

 
$
12.52

Exercisable at end of period
239,065

 
$
13.93

 
208,667

 
$
15.52
Schedule of Valuation Assumptions
The per share weighted-average fair value of stock options granted during the first nine months of 2014 and 2013 was $3.24 and $2.15, respectively, on the date of grant using the Black-Scholes option-pricing model with the following weighted average assumptions:

 
Three Months Ended September 30,
 
Nine Months Ended September 30
 
2014
 
2013
 
2014
 
2013
Dividend Yield
2.15
%
 
3.03
%
 
2.22
%
 
3.07
%
Expected volatility
34.47
%
 
32.54
%
 
34.49
%
 
32.60
%
Risk-free interest rate
2.18
%
 
1.98
%
 
2.07
%
 
1.37
%
Summary of the Status of Restricted Shares
A summary of the status of outstanding restricted shares at September 30, 2014 is presented in the table below:
 
 
Nonvested
Shares
 
Weighted Average
Grant Date
Fair Value
Nonvested at January 1, 2014
83,355

 
$
5.86

Granted
—

 
—

Vested
(44,803
)
 
5.35

Forfeited or expired
—

 
—

Nonvested at September 30, 2014
38,552

 
$
6.45