Employee Benefit Plans (Tables)
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6 Months Ended |
Jun. 30, 2019 |
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| Employee Benefits and Share-based Compensation, Noncash [Abstract] |
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| Transactions Under the Company’s Stock Option Plans |
Transactions under the Company’s stock option plans for the six months ended June 30, 2019 are summarized in the following table: | | | | | | | | | | | | | | | | | Shares | | Weighted average exercise price | | Weighted average remaining contractual life in years | | Aggregate intrinsic value | Outstanding at December 31, 2018 | | 584,178 |
| | $ | 13.00 |
| | 7.1 | | $ | 4,574,680 |
| Options granted | | 55,000 |
| | 20.61 |
| | | | | Options exercised | | (52,434 | ) | | 6.92 |
| | | | | Options forfeited | | (5,333 | ) | | 19.38 |
| | | | | Options expired | | — |
| | — |
| | | | | Outstanding at June 30, 2019 | | 581,411 |
| | $ | 14.21 |
| | 7.1 | | $ | 4,938,420 |
| Exercisable at June 30, 2019 | | 342,889 |
| | $ | 10.32 |
| | 5.8 | | $ | 4,245,536 |
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| Stock Options, Valuation Assumptions |
The fair values of the options granted during the six months ended June 30, 2019 and 2018 were estimated on the date of grant using the Black-Scholes option-pricing model with the following weighted average assumptions. No options were granted during the three months ended June 30, 2019 and 2018: | | | | | | | | | | | | | | | | | | | | | | | | For the three months ended June 30, | | | For the six months ended June 30, | | | | 2019 | | | 2018 | | | 2019 | | | 2018 | | Number of options granted | | — |
| | | — |
| | | 55,000 |
| | | 114,500 |
| | Weighted average exercise price | | $ | — |
| | | $ | — |
| | | $ | 20.61 |
| | | $ | 20.24 |
| | Weighted average fair value of options | | $ | — |
| | | $ | — |
| | | $ | 6.21 |
| | | $ | 5.97 |
| | Expected life in years (1) | | 0.00 |
| | | 0.00 |
| | | 8.23 |
| | | 6.35 |
| | Expected volatility (2) | | — |
| % | | — |
| % | | 27.08 |
| % | | 26.40 |
| % | Risk-free interest rate (3) | | — |
| % | | — |
| % | | 2.55 |
| % | | 2.48 |
| % | Dividend yield (4) | | — |
| % | | — |
| % | | 1.36 |
| % | | 1.14 |
| % |
(1) The expected life of the options was estimated based on historical employee behavior and represents the period of time that options granted are expected to be outstanding. (2) The expected volatility of the Company’s stock price was based on the historical volatility over the period commensurate with the expected life of the options. (3) The risk-free interest rate is the U.S. Treasury rate commensurate with the expected life of the options on the date of grant. (4) The expected dividend yield is the projected annual yield based on the grant date stock price. |
| Schedule of Cash Proceeds Received from Share-based Payment Awards |
The following table presents information about options exercised during the three and six months ended June 30, 2019 and 2018: | | | | | | | | | | | | | | | | | | | | For the three months ended June 30, | | For the six months ended June 30, | | | 2019 | | 2018 | | 2019 | | 2018 | Number of options exercised | | 32,000 |
| | 22,600 |
| | 52,434 |
| | 77,607 |
| Total intrinsic value of options exercised | | $ | 464,208 |
| | $ | 411,738 |
| | $ | 704,610 |
| | $ | 1,237,391 |
| Cash received from options exercised | | $ | 197,121 |
| | $ | 101,601 |
| | $ | 363,064 |
| | $ | 391,958 |
| Tax deduction realized from options | | $ | 139,657 |
| | $ | 115,740 |
| | $ | 211,982 |
| | $ | 347,831 |
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| Schedule of Stock Options, by Exercise Price Range |
The following table summarizes information about stock options outstanding and exercisable at June 30, 2019: | | | | | | | | | | | | | | | | | | | | Options outstanding | | Options exercisable | Range of exercise prices | | Options outstanding | | Weighted average remaining contractual life (in years) | | Weighted average exercise price | | Options exercisable | | Weighted average exercise price | $0.00 - $6.00 | | 61,761 |
| | 3.2 | | $ | 5.60 |
| | 61,761 |
| | $ | 5.60 |
| $6.01 - $12.00 | | 198,617 |
| | 5.7 | | 8.71 |
| | 198,617 |
| | 8.71 |
| $12.01 - $18.00 | | 70,533 |
| | 7.6 | | 15.73 |
| | 46,335 |
| | 15.73 |
| $18.01 - $24.00 | | 250,500 |
| | 9.1 | | 20.26 |
| | 36,176 |
| | 20.27 |
| Total | | 581,411 |
| | 7.1 | | $ | 14.21 |
| | 342,889 |
| | $ | 10.32 |
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| Allocation of Share-based Compensation Costs |
Compensation expense related to stock options and the related income tax benefit for the three and six months ended June 30, 2019 and 2018 are detailed in the following table: | | | | | | | | | | | | | | | | | | | | For the three months ended June 30, | | For the six months ended June 30, | | | 2019 | | 2018 | | 2019 | | 2018 | Compensation expense | | $ | 154,247 |
| | $ | 118,202 |
| | $ | 290,603 |
| | $ | 241,662 |
| Income tax benefit | | 44,577 |
| | 33,226 |
| | 83,984 |
| | 67,931 |
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Compensation expense related to restricted stock for the three and six months ended June 30, 2019 and 2018 is detailed in the following table: | | | | | | | | | | | | | | | | | | | | For the three months ended June 30, | | For the six months ended June 30, | | | 2019 | | 2018 | | 2019 | | 2018 | Compensation expense | | $ | 166,620 |
| | $ | 144,839 |
| | $ | 312,908 |
| | $ | 286,136 |
| Income tax benefit | | 48,153 |
| | 40,714 |
| | 90,430 |
| | 80,433 |
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| Summary of Nonvested Restricted Stock Activity |
The following table summarizes nonvested restricted stock activity for the six months ended June 30, 2019: | | | | | | | | | | | Shares | | Average grant date fair value | Nonvested restricted stock at December 31, 2018 | | 105,312 |
| | $ | 16.55 |
| Granted | | 30,150 |
| | 20.65 |
| Cancelled | | (1,350 | ) | | 17.92 |
| Vested | | (35,438 | ) | | 14.11 |
| Nonvested restricted stock at June 30, 2019 | | 98,674 |
| | $ | 18.66 |
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| Restricted Stock Grants |
Restricted stock awards granted during the three and six months ended June 30, 2019 and 2018 were as follows: | | | | | | | | | | | | | | | | | | | | For the three months ended June 30, | | For the six months ended June 30, | | | 2019 | | 2018 | | 2019 | | 2018 | Number of shares granted | | — |
| | — |
| | 30,150 |
| | 38,300 |
| Average grant date fair value | | $ | — |
| | $ | — |
| | $ | 20.65 |
| | $ | 20.64 |
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| Summary of Components of Net Periodic Pension Cost of Defined Benefit Plan Recognized |
The following table summarizes the components of the net periodic pension cost of the defined benefit plan recognized during the three and six months ended June 30, 2019 and 2018: | | | | | | | | | | | | | | | | | | | | For the three months ended
June 30, | | For the six months ended
June 30, | (In thousands) | | 2019 | | 2018 | | 2019 | | 2018 | Service cost | | $ | 172 |
| | $ | 94 |
| | $ | 219 |
| | $ | 206 |
| Interest cost | | 34 |
| | 18 |
| | 63 |
| | 31 |
| Amortization of prior service cost | | 21 |
| | 21 |
| | 42 |
| | 42 |
| Net periodic benefit cost | | $ | 227 |
| | $ | 133 |
| | $ | 324 |
| | $ | 279 |
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| Summary Of Changes In Benefit Obligations Of Defined Benefit Plan |
The following table summarizes the changes in benefit obligations of the defined benefit plan during the six months ended June 30, 2019 and 2018: | | | | | | | | | | | | For the six months ended June 30, | (In thousands) | | 2019 | | 2018 | Benefit obligation, beginning of year | | $ | 2,747 |
| | $ | 1,187 |
| Service cost | | 219 |
| | 206 |
| Interest cost | | 63 |
| | 31 |
| Benefit obligation, end of period | | $ | 3,029 |
| | $ | 1,424 |
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