Quarterly report pursuant to Section 13 or 15(d)

EMPLOYEE AND DIRECTOR BENEFITS (Tables)

v3.4.0.3
EMPLOYEE AND DIRECTOR BENEFITS (Tables)
 3 Months Ended
Mar. 31, 2016
Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract]  
Assumptions Used To Estimates Fair Value Of Stock Option Award Using Black Scholes Merton Valuation Model
The risk-free rate for periods within the contractual life of the option is based on the U. S. Treasury yield curve in effect at the time of grant.
   
 
 
2016
 
2015
 
Expected volatility
 
 
29.00
%
 
24.00
%
Expected dividends
 
 
0.60
%
 
0.75
%
Expected term (in years)
 
 
6 years
 
 
6 years
 
Risk-free rate
 
 
1.92
%
 
1.71
%
Summary Of Stock Option Activity
The following table summarizes stock option activity during the three months ended March 31, 2016 and March 31, 2015:
 
 
 
 
 
 
 
Weighted
 
 
 
 
 
 
 
Weighted
 
Average
 
 
 
 
 
 
 
Average
 
Remaining
 
 
 
 
 
 
 
Exercise
 
Contractual
 
Aggregate
 
 
 
Shares
 
Price
 
Term (years)
 
Intrinsic Value
 
 
 
 
 
 
 
 
 
(In Thousands)
 
Three Months Ended March 31, 2016:
 
 
 
 
 
 
 
 
 
 
 
 
 
Outstanding at January 1, 2016
 
 
1,249,417
 
$
13.32
 
 
6.3
 
$
42,743
 
Granted
 
 
99,000
 
 
38.21
 
 
9.8
 
 
-
 
Exercised
 
 
(205,500)
 
 
8.53
 
 
4.6
 
 
7,372
 
Forfeited
 
 
(4,500)
 
 
39.04
 
 
9.3
 
 
24
 
Outstanding at March 31, 2016
 
 
1,138,417
 
 
16.24
 
 
6.7
 
$
32,058
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Exercisable at March 31, 2016
 
 
391,418
 
$
9.47
 
 
5.2
 
$
13,672
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended March 31, 2015:
 
 
 
 
 
 
 
 
 
 
 
 
 
Outstanding at January 1, 2015
 
 
1,622,917
 
$
9.38
 
 
5.9
 
$
38,256
 
Granted
 
 
85,500
 
 
30.77
 
 
9.9
 
 
-
 
Exercised
 
 
(215,500)
 
 
6.19
 
 
3.1
 
 
5,774
 
Forfeited
 
 
-
 
 
-
 
 
-
 
 
-
 
Outstanding at March 31, 2015
 
 
1,492,917
 
 
11.06
 
 
6.3
 
$
32,737
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Exercisable at March 31, 2015
 
 
383,418
 
$
8.64
 
 
4.5
 
$
9,335