Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2015

Stock-Based Compensation

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

	For three months ended
	March 31,
(in thousands)	2015			2014
Stock-based compensation expense before income taxes	$	501		$	290
Less: deferred tax benefit	(176		)	(102		)
Reduction of net income	$	325		$	188

Schedule of assumptions used in SAR valuations

	2015		2014
Dividend yield	2.97	%	2.94	%
Expected volatility	22.81	%	23.66	%
Risk free interest rate	1.91	%	2.22	%
Expected life of SARs	7.5 years		7.0 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, 2014
Vested and exercisable	524		$	21.03-26.83	$	23.84	$	4,981	$	5.35	3.5
Unvested	194		21.03-29.16		24.83		1,650		4.57		7.7
Total outstanding	718		21.03-29.16		24.11		6,631		5.14		4.6
Granted	49		34.43		34.43		—		5.95
Exercised	(14	)	21.03-26.83		24.03		130		5.70
Forfeited	—		—		—		—		—
At March 31, 2015
Vested and exercisable	577		21.03-29.05		24.14		6,119		5.26		3.7
Unvested	176		22.86-34.43		27.92		1,151		4.93		8.4
Total outstanding	753		21.03-34.43		26.03		$	7,270	5.18		4.8
Vested year-to-date	66		21.03-29.05		23.74		$	710	4.65

Schedule of restricted common stock activity

			Grant date
			weighted-
	Number		average cost
Unvested at December 31, 2013	124,556		$	22.77
Shares awarded	39,730		29.12
Restrictions lapsed and shares released to employees/directors	(44,724	)	22.69
Shares forfeited	(5,469	)	23.77
Unvested at December 31, 2014	114,093		$	24.95
Shares awarded	34,890		34.43
Restrictions lapsed and shares released to employees/directors	(40,360	)	23.83
Shares forfeited	—		—
Unvested at March 31, 2015	108,623		$	28.42

Schedule of PSU grants

	Vesting		Expected
Grant	period	Fair	shares to
year	in years	value	be awarded
2013	3	20.38	36,792
2014	3	26.42	25,012
2015	3	31.54	19,774