Quarterly report pursuant to Section 13 or 15(d)

EMPLOYEE AND DIRECTOR BENEFITS (Tables)

v3.3.0.814
EMPLOYEE AND DIRECTOR BENEFITS (Tables)
 9 Months Ended
Sep. 30, 2015
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.
 
 
 
2015
 
2014
 
Expected volatility
 
 
24.00
%
 
19.25
%
Expected dividends
 
 
0.71
%
 
1.45
%
Expected term (in years)
 
 
6.25
 
 
7.75
 
Risk-free rate
 
 
1.85
%
 
2.33
%
Summary Of Stock Option Activity
The following table summarizes stock option activity during the nine months ended September 30, 2015 and September 30, 2014:
 
 
 
 
 
 
 
Weighted
 
 
 
 
 
 
 
Weighted
 
Average
 
 
 
 
 
 
 
Average
 
Remaining
 
Aggregate
 
 
 
 
 
Exercise
 
Contractual
 
Intrinsic
 
 
 
Shares
 
Price
 
Term (years)
 
Value
 
 
 
 
 
 
 
 
 
 
 
 
(In Thousands)
 
Nine Months Ended September 30, 2015:
 
 
 
 
 
 
 
 
 
 
 
 
 
Outstanding at January 1, 2015
 
 
1,622,917
 
$
9.38
 
 
5.9
 
$
38,256
 
Granted
 
 
162,000
 
 
33.26
 
 
9.5
 
 
-
 
Exercised
 
 
(459,000)
 
 
7.24
 
 
3.0
 
 
16,495
 
Forfeited
 
 
(7,500)
 
 
10.00
 
 
6.6
 
 
226
 
Outstanding at September 30, 2015
 
 
1,318,417
 
 
13.05
 
 
6.4
 
$
35,697
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Exercisable at September 30, 2015
 
 
256,918
 
$
8.96
 
 
4.9
 
$
8,008
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Nine Months Ended September 30, 2014:
 
 
 
 
 
 
 
 
 
 
 
 
 
Outstanding at January 1, 2014
 
 
2,328,900
 
$
7.69
 
 
5.5
 
$
14,300
 
Granted
 
 
114,000
 
 
13.83
 
 
9.4
 
 
1,707
 
Exercised
 
 
(821,400)
 
 
5.77
 
 
2.6
 
 
18,920
 
Forfeited
 
 
-
 
 
-
 
 
-
 
 
-
 
Outstanding at September 30, 2014
 
 
1,621,500
 
 
9.10
 
 
6.1
 
$
31,942
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Exercisable at September 30, 2014
 
 
609,000
 
$
7.17
 
 
4.7
 
$
13,174