Quarterly report pursuant to Section 13 or 15(d)

EMPLOYEE AND DIRECTOR BENEFITS (Tables)

v2.4.0.6
EMPLOYEE AND DIRECTOR BENEFITS (Tables)
 3 Months Ended
Mar. 31, 2013
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.

 

    2013     2012  
Expected volatility     18.50 %     20.00 %
Expected term (in years)     7 years       5 years  
Risk-free rate     1.39 %     0.92 %
Summary Of Stock Option Activity

The following table summarizes stock option activity during the three months ended March 31, 2013 and March 31, 2012:

 

          Weighted        
      Weighted     Average        
      Average     Remaining        
      Exercise     Contractual     Aggregate  
  Shares     Price     Term (years)     Intrinsic Value  
  (In Thousands)  
Three Months Ended March 31, 2013:                        
Outstanding at January 1, 2013     816,500     $ 20.87       5.8     $ 9,905  
Granted     25,000       33.00       10.0       -  
Exercised     (9,000 )     10.00       2.2       207  
Outstanding at March 31, 2013     832,500       21.35       5.7     $ 9,698  
                               
Exercisable at March 31, 2013     458,995     $ 14.37       3.5     $ 8,550  
                               
Three Months Ended March 31, 2012:                                
Outstanding at January 1, 2012     1,073,800     $ 18.33       6.0     $ 12,508  
Granted     25,000       30.00       9.9       -  
Exercised     (33,000 )     11.03       3.8       626  
Outstanding at March 31, 2012     1,065,800       13.37       5.9     $ 11,892  
                               
Exercisable at March 31, 2012     411,940     $ 13.37       4.2     $ 6,851