Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2014

Stock-Based Compensation

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

	For three months ended
	March 31,
(in thousands)	2014			2013
Stock-based compensation expense before income taxes	$	290		$	531
Less: deferred tax benefit	(102		)	(186		)
Reduction of net income	$	188		$	345

Schedule of assumptions used in SAR valuations

	2014	2013
Dividend yield	2.94%	2.80%
Expected volatility	23.66%	22.54%
Risk free interest rate	2.22%	1.26%
Expected life of SARs	7.0 years	6.6 years

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, 2013
Vested and exercisable	579		$	20.25-26.83	$	23.83	$	4,685	$	5.43	3.4
Unvested	218		21.03-24.87		22.70		2,011		4.36		7.7
Total outstanding	797		20.25-26.83		23.52		6,696		5.14		4.6
Granted	60		29.05		29.05		156		5.37
Exercised	(24	)	20.25-26.83		23.05		190		5.36
Forfeited	—		—		—		—		—
At March 31, 2014
Vested and exercisable	635		20.25-26.83		23.69		5,045		5.33		3.7
Unvested	198		21.03-29.05		24.72		1,372		4.56		8.4
Total outstanding	833		20.25-29.05		23.93		$	6,417	5.15		4.8
Vested year-to-date	80		21.03-24.87		22.49		$	734	4.63

Schedule of restricted common stock activity

			Grant date
			weighted-
	Number		average cost
Unvested at December 31, 2012	113,910		$	22.55
Shares awarded	55,275		22.93
Restrictions lapsed and shares released to employees/directors	(39,909	)	22.29
Shares forfeited	(4,720	)	23.45
Unvested at December 31, 2013	124,556		$	22.77
Shares awarded	39,480		29.11
Restrictions lapsed and shares released to employees/directors	(42,932	)	22.63
Shares forfeited	(1,081	)	23.55
Unvested at March 31, 2014	120,023		$	24.90

Schedule of PSU grants

	Vesting		Expected
Grant	period	Fair	shares to
year	in years	value	be awarded
2012	3	20.57	22,668
2013	3	20.38	28,579
2014	3	26.42	16,675