Employee Benefit Plans (Tables)

9 Months Ended

Sep. 30, 2016

A summary of the Company’s stock option activity and related information is presented below:



	Nine months ended September 30,
	2016				2015
	Options		Weighted-Average Exercise Price		Options		Weighted-Average Exercise Price
Outstanding at January 1	95,015		$	38.38	167,554		$	36.74
Granted	24,348		43.73		12,961		46.41
Exercised	(21,000	)	33.57		(71,750	)	37.01
Forfeited	—		—		(4,000	)	31.66
Outstanding at September 30	98,363		$	40.76	104,765		$	37.95

Exerciseable at September 30	14,750		$	36.53	29,500		$	34.30

Information regarding stock option exercises and stock-based compensation expense associated with stock options is provided in the following table (in thousands):



	Nine months ended September 30,
	2016		2015
Proceeds from stock option exercises	$	705	$	2,649
Intrinsic value of stock options exercised	317		724

Stock-based compensation expense associated with stock options	$	180	$	160

At period-end:	September 30, 2016
Unrecognized stock-based compensation expense associated with stock options	$	440
Weighted average period (in years) in which the above amount is expected to be
recognized	2.6

Stock Options Outstanding And Exercisable

Additional information regarding stock options outstanding and exercisable at September 30, 2016, is provided in the following table:



Ranges of Exercise Prices	No. of Options Outstanding	Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Life (Years)	Aggregate Intrinsic Value (in thousands)		No. of Options Currently Exercisable	Weighted-Average Exercise Price of Options Currently Exercisable		Weighted-Average Remaining Contractual Life (Years)	Aggregate Intrinsic Value of Options Currently Exercisable (in thousands)
$25.00 - $29.99	1,250	$	28.15	2.5	$	28	1,250	$	28.15	2.5	$	28
30.00 - 34.99	2,250	30.38		2.2	45		2,250	30.38		2.2	45
35.00 - 39.99	36,601	36.35		5.8	510		4,250	35.09		4.5	65
40.00 - 44.99	45,301	43.51		7.6	307		7,000	40.88		1.5	66
45.00 - 50.00	12,961	46.61		8.4	48		—	—		—	—
	98,363				$	938	14,750				$	204

Weighted Average Assumptions Estimate The Fair Value Of Options Granted

The following weighted average assumptions were used to estimate the fair value of options granted:



	Nine months ended September 30,
	2016		2015
Risk-free interest rate	1.43	%	1.95	%
Expected dividend yield	3.86	%	3.50	%
Volatility factor	30.76	%	45.40	%
Expected life of option	7.0 years		7.0 years

Restricted Shares Activity And Related Information

A summary of the Company’s restricted shares activity and related information is presented below:



	Nine months ended September 30,
	2016				2015
	Restricted Awards		Average Market Price at Grant		Restricted Awards		Average Market Price at Grant
Outstanding at January 1	172,921		$	37.38	163,431		$	35.50
Granted	28,801		46.16		25,440		46.35
Forfeited	(500	)	46.54		(500	)	37.50
Vested	(22,200	)	33.81		(16,550	)	33.51
Outstanding at September 30	179,022		$	39.21	171,821		$	37.29

Information regarding stock-based compensation associated with restricted shares is provided in the following table (in thousands):



	Nine months ended September 30,
	2016		2015
Stock-based compensation expense associated with restricted shares	$	1,010	$	933

At period-end:	September 30, 2016
Unrecognized stock-based compensation expense associated with restricted shares	$	3,215
Weighted average period (in years) in which the above amount is expected to be
recognized	3.2

Net Periodic Pension Cost Of The Defined Benefit Plan

The following table presents details of the Company's activities pursuant to these plans (in thousands):



	Three months ended September 30,						Nine months ended September 30,
	2016			2015			2016			2015
Components of net periodic cost:
Interest cost	$	205		$	203		$	615		$	668
Expected return on plan assets	(288		)	(234		)	(865		)	(757		)
Net amortization and deferral	212			244			636			714
Net Periodic Pension Cost	$	129		$	213		$	386		$	625

401(k) Plan expense	$	197		$	166		$	615		$	578

Defined benefit plan contributions	$	—		$	143		$	—		$	313