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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
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9 Months Ended |
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Sep. 30, 2014
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| SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] |
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| Schedule of stock option plans, changes in options outstanding |
For the Corporation's stock option plans, changes in options outstanding during the nine months ended September 30, 2014 were as follows:
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Number of
Options |
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Weighted
Average
Exercise
Price |
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Weighted
Average
Remaining
Contractual
Term |
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Aggregate
Intrinsic
Value
(In thousands) |
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| Balance, January 1, 2014 |
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652,179 |
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$ |
21.30 |
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| Granted during 2014 |
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9,000 |
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18.86 |
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| Exercised during 2014 |
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(14,483 |
) |
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12.54 |
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| Expired during 2014 |
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(278,107 |
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27.19 |
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| Forfeited during 2014 |
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(15,257 |
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13.22 |
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| Balance, September 30, 2014 |
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353,332 |
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$ |
17.30 |
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5.63 |
years |
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$ |
478 |
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| Vested and expected to vest (1) |
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323,806 |
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$ |
17.66 |
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5.63 |
years |
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$ |
312 |
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| Exercisable at September 30, 2014 |
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243,977 |
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$ |
18.87 |
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4.70 |
years |
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$ |
66 |
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| (1) |
Does not include shares which are not expected to vest as a result of anticipated forfeitures.
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| Schedule of weighted average assumption |
For the third quarter of 2014, the per share weighted-average fair value of stock options granted was $7.77 compared to $6.89 for the same quarter of 2013 using the Black-Scholes option-pricing model with the following weighted average assumptions:
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Three Months Ended
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Nine Months Ended
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September 30,
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September 30,
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2014 |
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2013 |
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2014 |
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2013 |
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| Dividend Yield |
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1.13 |
% |
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1.09 |
% |
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1.02 |
% |
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1.31 |
% |
| Expected volatility |
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40 |
% |
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41 |
% |
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40 |
% |
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39 |
% |
| Expected life |
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7 years |
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7 years |
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7 years |
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7 years |
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| Risk-free interest rate |
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2.19 |
% |
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1.88 |
% |
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2.18 |
% |
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1.13 |
% |
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| Schedule of changes in nonvested shares |
Changes in non-vested, restricted common shares for 2014 were as follows:
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Weighted |
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Average |
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Number of |
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Grant Date |
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Shares |
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Fair Value |
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| Balance, January 1, 2014 |
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253,540 |
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$ |
15.95 |
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| Granted during 2014 |
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151,695 |
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19.44 |
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| Vested during 2014 |
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(36,755 |
) |
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18.94 |
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| Forfeited during 2014 |
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(3,748 |
) |
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18.49 |
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| Balance, September 30, 2014 |
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364,732 |
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$ |
17.08 |
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| Schedule of calculation of basic and diluted earnings per share |
The following is a reconciliation of the calculation of basic and diluted earnings per share. Basic net income per common share is calculated by dividing net income available to common shareholders by the weighted average common shares outstanding during the reporting period. Diluted net income per common share is computed similarly to that of basic net income per common share, except that the denominator is increased to include the number of additional common shares that would have been outstanding if all common shares underlying potentially dilutive stock options were issued or restricted stock would vest during the reporting period utilizing the Treasury stock method.
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Three Months Ended
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Nine Months Ended
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September 30,
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September 30,
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| (In thousands, except per share data) |
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2014 |
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2013 |
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2014 |
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2013 |
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| Net income to common shareholders |
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$ |
3,864 |
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$ |
1,964 |
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$ |
10,678 |
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$ |
6,866 |
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| Basic weighted-average common shares outstanding |
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11,841,777 |
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8,950,931 |
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11,723,873 |
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8,910,514 |
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| Plus: common stock equivalents |
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114,579 |
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62,488 |
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109,634 |
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66,391 |
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| Diluted weighted-average common shares outstanding |
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11,956,356 |
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9,013,419 |
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11,833,507 |
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8,976,905 |
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| Net income per common share |
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| Basic |
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$ |
0.33 |
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$ |
0.22 |
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$ |
0.91 |
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$ |
0.77 |
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| Diluted |
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0.32 |
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0.22 |
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0.90 |
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0.76 |
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