Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2019

Employee Benefits and Share-based Compensation, Noncash [Abstract]

Transactions under the Company’s stock option plans

Transactions under the Company’s stock option plans for 2019, 2018 and 2017 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, 2016	552,759		$	7.26	5.7	$	4,663,432
Options granted	47,100		16.37
Options exercised	(94,679	)	6.19
Options forfeited	—		—
Options expired	(607	)	11.48
Outstanding at December 31, 2017	504,573		$	8.31	5.7	$	5,772,843
Options granted	203,000		20.15
Options exercised	(115,962	)	4.97
Options forfeited	(7,433	)	15.47
Options expired	—		—
Outstanding at December 31, 2018	584,178		$	13.00	7.1	$	4,574,680
Options granted	96,000		21.31
Options exercised	(60,534	)	7.49
Options forfeited	(5,333	)	19.38
Options expired	—		—
Outstanding at December 31, 2019	614,311		$	14.78	6.9	$	4,783,402
Exercisable at December 31, 2019	372,794		$	11.16	5.6	$	4,254,086

Stock Options, Valuation Assumptions

The fair values of the options granted during 2019, 2018 and 2017 were estimated on the date of grant using the Black-Scholes option-pricing model with the following weighted average assumptions: 

	For the years ended December 31,
	2019			2018			2017
Number of options granted	96,000			203,000			47,100
Weighted average exercise price	$	21.31		$	20.15		$	16.37
Weighted average fair value of options	$	6.20		$	6.04		$	4.64
Expected life in years (1)	8.23			7.17			6.57
Expected volatility (2)	27.05		%	26.60		%	28.12		%
Risk-free interest rate (3)	2.21		%	2.61		%	2.18		%
Dividend yield (4)	1.37		%	1.23		%	1.15		%

(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 Information About Options Exercised

Upon exercise, the Company issues shares from its authorized but unissued common stock to satisfy the options.  The following table presents information about options exercised during 2019, 2018 and 2017: 

	For the years ended December 31,
	2019		2018		2017
Number of options exercised	60,534		115,962		94,679
Total intrinsic value of options exercised	$	792,446	$	1,949,853	$	1,073,474
Cash received from options exercised	453,326		576,119		509,047
Tax deduction realized from options exercised	238,407		548,104		438,514

Schedule of Stock Options, by Exercise Price Range

The following table summarizes information about stock options outstanding and exercisable at December 31, 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	2.7	$	5.60	61,761	$	5.60
$6.01 - $12.00	193,517	5.2	8.70		193,517	8.70
$12.01 - $18.00	67,533	7.1	15.78		52,336	15.60
$18.01 - $24.00	291,500	8.8	20.54		65,180	20.16
Total	614,311	6.9	$	14.78	372,794	$	11.16

Allocation of Share-based Compensation Costs

Compensation expense related to stock options and the related income tax benefit for the years ended December 31, 2019, 2018 and 2017 are detailed in the following table:

	For the years ended December 31,
	2019		2018		2017
Compensation expense	$	606,626	$	478,733	$	283,823
Income tax benefit	175,315		134,572		115,942

Compensation expense related to the restricted stock for the years ended December 31, 2019, 2018 and 2017 is detailed in the following table: 

	For the years ended December 31,
	2019		2018		2017
Compensation expense	$	664,484	$	574,236	$	462,470
Income tax benefit	192,036		161,418		188,919

Schedule of Nonvested Share Activity

The following table summarizes nonvested restricted stock activity for the year ended December 31, 2019:

	Shares		Average grant date fair value
Nonvested restricted stock at December 31, 2018	105,312		$	16.55
Granted	46,050		20.84
Canceled	(1,557	)	16.78
Vested	(41,065	)	14.40
Nonvested restricted stock at December 31, 2019	108,740		$	19.18

Restricted Stock Awards Activity

Restricted stock awards granted during the years ended December 31, 2019, 2018 and 2017 were as follows: 

	For the years ended December 31,
	2019		2018		2017
Number of shares granted	46,050		47,550		38,400
Average grant date fair value	$	20.84	$	20.77	$	16.36

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 years ended December 31, 2019, 2018 and 2017:

	For the years ended December 31,
(In thousands)	2019		2018		2017
Service cost (1)	$	689	$	1,460	$	121
Interest cost	135		101		43
Amortization of prior service cost	83		83		83
Net periodic benefit cost	$	907	$	1,644	$	247

(1) On September 27, 2018, the Company approved a change in calculation of the Retirement Benefit resulting in an additional $1.1 million in current expense.

Summary of Changes in Benefit Obligations of Defined Benefit Plan Recognized

The following table summarizes the changes in benefit obligations of the defined benefit plan recognized during the years ended December 31, 2019, 2018 and 2017: 

	For the years ended December 31,
(In thousands)	2019		2018		2017
Benefit obligation, beginning of year	$	2,747	$	1,187	$	1,023
Service cost (1)	689		1,460		121
Interest cost	135		101		43
Benefit obligation, end of year	$	3,571	$	2,747	$	1,187

(1) On September 27, 2018, the Company approved a change in calculation of the Retirement Benefit resulting in an additional $1.1 million in current expense.