Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2013

Stock-Based Compensation

Schedule of stock-based compensation expense, within salaries and employee benefits

	For three months ended September 30,						For nine months ended September 30,
(in thousands)	2013			2012			2013			2012
Stock-based compensation expense before income taxes	$	488		$	378		$	1,473		$	1,118
Deferred tax benefit	(171		)	(132		)	(516		)	(391		)
Reduction of net income	$	317		$	246		$	957		$	727

Schedule of assumptions used in SAR/option valuations

	2013		2012
Dividend yield	2.80	%	2.52	%
Expected volatility	22.54		22.04
Risk free interest rate	1.26		1.44
Forfeitures	6.40		4.20
Expected life of options and SARs (in years)	6.6		7.6

Schedule of stock option and SARs activity and related information

											Weighted
					Weighted		Aggregate		Weighted		average
	Options				average		intrinsic		average		remaining
	and SARs		Exercise		exercise		value		fair		contractual
	(in thousands)		price		price		(in thousands)		value		life (in years)
At December 31, 2012
Vested and exercisable	681		$	20.17-26.83	$	23.42	$	271	$	5.33	3.5
Unvested	246		21.03-26.83		22.62		77		4.67		7.9
Total outstanding	927		20.17-26.83		23.21		348		5.15		4.7
Granted	54		22.89		22.89		292		3.61
Exercised	(117	)	20.17-26.83		21.49		557		4.74
Forfeited	(4	)	21.03-23.76		22.78		19		4.88
At September 30, 2013
Vested and exercisable	642		20.17-26.83		23.66		2,997		5.38		3.4
Unvested	218		21.03-24.87		22.70		1,228		4.36		7.9
Total outstanding	860		20.17-26.83		23.42		$	4,225	5.12		4.6
Vested during year	79		21.03-24.87		22.56		$	458	4.81