Employee Benefit Plans (Tables)

6 Months Ended

Jun. 30, 2020

Jun. 30, 2019

Employee Benefit and Share-based Payment Arrangement, Noncash Expense [Abstract]

Transactions Under the Company's Stock Option Plans

				Weighted
		Weighted		average
		average		remaining	Aggregate
		exercise		contractual	intrinsic
	Shares	price		life in years	value
Outstanding at December 31, 2019	614,311	$	14.78	6.9	$	4,783,402
Options granted	101,000		20.39
Options exercised	(54,611)		7.24
Options forfeited	(9,999)		20.79
Options expired	—		—
Outstanding at June 30, 2020	650,701	$	16.19	7.0	$	1,235,282
Exercisable at June 30, 2020	387,870	$	13.21	5.7	$	1,235,282

Stock Options, Valuation Assumptions

The fair values of the options granted during the three and six months ended June 30, 2020 and 2019 were estimated on the date of grant using the Black-Scholes option-pricing model with the following weighted average assumptions:

	For the three months ended June 30,						For the six months ended June 30,
	2020			2019			2020			2019
Number of options granted		—			—			101,000			55,000
Weighted average exercise price	$	—		$	—		$	20.39		$	20.61
Weighted average fair value of options	$	—		$	—		$	5.54		$	6.21
Expected life in years (1)		0.00			0.00			8.66			8.23
Expected volatility (2)		—	%		—	%		27.13	%		27.08	%
Risk-free interest rate (3)		—	%		—	%		1.55	%		2.55	%
Dividend yield (4)		—	%		—	%		1.61	%		1.36	%

(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

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 the three and six months ended June 30, 2020 and 2019:

	For the three months ended June 30,				For the six months ended June 30,
	2020		2019		2020		2019
Number of options exercised		49,111		32,000		54,611		52,434
Total intrinsic value of options exercised	$	388,981	$	464,208	$	475,222	$	704,610
Cash received from options exercised	$	361,253	$	197,121	$	395,518	$	363,064
Tax deduction realized from options	$	113,952	$	139,657	$	139,216	$	211,982

Schedule of Stock Options, by Exercise Price Range

The following table summarizes information about stock options outstanding and exercisable at June 30, 2020:

	Options outstanding					Options exercisable
			Weighted average	Weighted			Weighted
		Options	remaining contractual	average		Options	average
Range of exercise prices		outstanding	life (in years)	exercise price		exercisable	exercise price
$0.00 - $6.00		44,000	2.0	$	5.65	44,000	$	5.65
$6.01 - $12.00		156,667	4.7		8.85	156,667		8.85
$12.01 - $18.00		102,533	7.6		15.94	67,533		15.78
$18.01 - $24.00		347,501	8.5		20.92	119,670		20.26
Total		650,701	7.0	$	16.19	387,870	$	13.21

Allocation of Share-based Compensation Costs

Compensation expense related to restricted stock for the three and six months ended June 30, 2020 and 2019 is detailed in the following table:

	For the three months ended June 30,				For the six months ended June 30,
	2020		2019		2020		2019
Compensation expense	$	161,173	$	166,620	$	334,078	$	312,908
Income tax benefit	$	46,580	$	48,153	$	96,549	$	90,430

Compensation expense related to stock options and the related income tax benefit for the three and six months ended June 30, 2020 and 2019 are detailed in the following table:

Summary of Nonvested Restricted Stock Activity

		Average grant
	Shares	date fair value
Nonvested restricted stock at December 31, 2019	108,740	$	19.18
Granted	15,000		16.63
Cancelled	(5,937)		19.97
Vested	(33,718)		17.08
Nonvested restricted stock at June 30, 2020	84,085	$	19.51

Restricted Stock Grants

Restricted stock awards granted during the three and six months ended June 30, 2020 and 2019 were as follows:

	For the three months ended June 30,				For the six months ended June 30,
	2020		2019		2020		2019
Number of shares granted		—		—		15,000		30,150
Average grant date fair value	$	—	$	—	$	16.63	$	20.65

Summary of Components of Net Periodic Pension Cost of Defined Benefit Plan Recognized

	For the three months ended June 30,				For the six months ended June 30,
(In thousands)	2020		2019		2020		2019
Service cost	$	32	$	172	$	63	$	219
Interest cost		37		34		74		63
Amortization of prior service cost		21		21		42		42
Net periodic benefit cost	$	90	$	227	$	179	$	324

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, 2020 and 2019:

	For the six months ended June 30,
(In thousands)	2020		2019
Benefit obligation, beginning of year	$	3,571	$	2,747
Service cost		63		219
Interest cost		74		63
Benefit obligation, end of period	$	3,708	$	3,029