Quarterly report pursuant to Section 13 or 15(d)

EMPLOYEE AND DIRECTOR BENEFITS (Tables)

v3.2.0.727
EMPLOYEE AND DIRECTOR BENEFITS (Tables)
 6 Months Ended
Jun. 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 six months ended June 30, 2015 and June 30, 2014:
 
 
 
 
 
 
 
 
Weighted
 
 
 
 
 
 
 
 
Weighted
 
Average
 
 
 
 
 
 
 
 
Average
 
Remaining
 
Aggregate
 
 
 
 
 
Exercise
 
Contractual
 
Intrinsic
 
 
 
Shares
 
Price
 
Term (years)
 
Value
 
 
 
 
 
 
 
 
 
 
 
(In Thousands)
 
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
 
 
-
 
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
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Six Months Ended June 30, 2014:
 
 
 
 
 
 
 
 
 
 
 
 
Outstanding at January 1, 2014
 
2,328,900
 
$
7.69
 
 
5.5
 
$
14,300
 
Granted
 
114,000
 
 
13.83
 
 
9.6
 
 
-
 
Exercised
 
(779,400)
 
 
5.63
 
 
2.8
 
 
18,069
 
Forfeited
 
-
 
 
-
 
 
-
 
 
-
 
Outstanding at June 30, 2014
 
1,663,500
 
 
9.08
 
 
6.3
 
$
32,818
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Exercisable at June 30, 2014
 
506,232
 
$
5.24
 
 
3.4
 
$
11,931