Quarterly report pursuant to Section 13 or 15(d)

EMPLOYEE AND DIRECTOR BENEFITS (Tables)

v3.5.0.2
EMPLOYEE AND DIRECTOR BENEFITS (Tables)
 6 Months Ended
Jun. 30, 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
 
 
0.63
%
 
0.71
%
Expected term (in years)
 
 
6.25
 
 
6.25
 
Risk-free rate
 
 
1.87
%
 
1.85
%
Summary Of Stock Option Activity
The following table summarizes stock option activity during the six months ended June 30, 2016 and June 30, 2015:
 
 
 
 
 
 
 
 
 
Weighted
 
 
 
 
 
 
 
 
Weighted
 
Average
 
 
 
 
 
 
 
 
Average
 
Remaining
 
Aggregate
 
 
 
 
 
 
Exercise
 
Contractual
 
Intrinsic
 
 
 
Shares
 
Price
 
Term (years)
 
Value
 
 
 
 
 
 
 
 
 
 
 
(In Thousands)
 
Six Months Ended June 30, 2016:
 
 
 
 
 
 
 
 
 
 
 
 
 
Outstanding at January 1, 2016
 
 
1,249,417
 
$
13.32
 
 
6.3
 
$
42,743
 
Granted
 
 
113,500
 
 
39.52
 
 
9.7
 
 
1,120
 
Exercised
 
 
(274,750)
 
 
8.51
 
 
4.4
 
 
11,230
 
Forfeited
 
 
(6,500)
 
 
38.82
 
 
9.2
 
 
69
 
Outstanding at June 30, 2016
 
 
1,081,667
 
 
17.13
 
 
6.6
 
$
34,891
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Exercisable at June 30, 2016
 
 
343,768
 
$
12.17
 
 
6.0
 
$
14,989
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Six Months Ended June 30, 2015:
 
 
 
 
 
 
 
 
 
 
 
 
 
Outstanding at January 1, 2015
 
 
1,622,917
 
$
9.38
 
 
5.9
 
$
38,256
 
Granted
 
 
160,000
 
 
33.16
 
 
9.7
 
 
706
 
Exercised
 
 
(386,500)
 
 
6.97
 
 
3.2
 
 
12,875
 
Forfeited
 
 
(7,500)
 
 
10.00
 
 
6.8
 
 
207
 
Outstanding at June 30, 2015
 
 
1,388,917
 
 
12.51
 
 
6.5
 
$
34,425
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Exercisable at June 30, 2015
 
 
272,418
 
$
9.02
 
 
4.8
 
$
7,779