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Employee Benefit Plans (Tables)
 9 Months Ended
Sep. 30, 2018
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 the nine months ended September 30, 2018 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, 2017
 
504,573

 
$
8.31

 
5.7
 
$
5,772,843

Options granted
 
114,500

 
20.24

 
 
 
 
Options exercised
 
(100,973
)
 
4.95

 
 
 
 
Options forfeited
 
(7,433
)
 
15.47

 
 
 
 
Options expired
 
—

 
—

 
 
 
 
Outstanding at September 30, 2018
 
510,667

 
$
11.54

 
6.7
 
$
5,799,514

Exercisable at September 30, 2018
 
311,706

 
$
7.95

 
5.4
 
$
4,659,036
Stock Options, Valuation Assumptions
The fair values of the options granted during the nine months ended September 30, 2018 and 2017 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 September 30, 2018 and 2017:
 
 
For the three months ended September 30,
 
 
For the nine months ended September 30,
 
 
 
2018
 
 
2017
 
 
2018
 
 
2017
 
Number of options granted
 
—

 
 
—

 
 
114,500

 
 
47,100

 
Weighted average exercise price
 
$
—

 
 
$
—

 
 
$
20.24

 
 
$
16.37

 
Weighted average fair value of options
 
$
—

 
 
$
—

 
 
$
5.97

 
 
$
4.64

 
Expected life in years (1)
 
0.00

 
 
0.00

 
 
6.35

 
 
6.57

 
Expected volatility (2)
 
—

%
 
—

%
 
26.40

%
 
28.12

%
Risk-free interest rate (3)
 
—

%
 
—

%
 
2.48

%
 
2.18

%
Dividend yield (4)
 
—

%
 
—

%
 
1.14

%
 
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 Cash Proceeds Received from Share-based Payment Awards
The following table presents information about options exercised during the three and nine months ended September 30, 2018 and 2017:
 
 
For the three months ended September 30,
 
For the nine months ended September 30,
 
 
2018
 
2017
 
2018
 
2017
Number of options exercised
 
23,366

 
18,480

 
100,973

 
65,162

Total intrinsic value of options exercised
 
$
462,533

 
$
201,134

 
$
1,699,924

 
$
686,054

Cash received from options exercised
 
108,156

 
89,536

 
500,114

 
360,327

Tax deduction realized from options
 
$
130,018

 
$
82,163

 
$
477,849

 
$
280,253
Schedule of Stock Options, by Exercise Price Range
The following table summarizes information about stock options outstanding and exercisable at September 30, 2018:
 
 
 
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 - 4.00
 
12,600

 
0.8
 
$
3.69

 
12,600

 
$
3.69

 
4.01 - 8.00
 
159,600

 
4.1
 
6.21

 
159,600

 
6.21

 
8.01 - 12.00
 
152,901

 
7.0
 
9.40

 
115,497

 
9.22

 
12.01 - 16.00
 
44,066

 
8.2
 
14.96

 
14,007

 
14.93

 
16.01 - 20.00
 
101,500

 
9.0
 
18.86

 
10,002

 
16.75

 
20.01 - 24.00
 
40,000

 
9.4
 
21.15

 
—

 
—

 
Total
 
510,667

 
6.7
 
$
11.54

 
311,706

 
$
7.95
Allocation of Share-based Compensation Costs
Compensation expense related to stock options and the related income tax benefit for the three and nine months ended September 30, 2018 and 2017 are detailed in the following table:
 
 
For the three months ended September 30,
 
For the nine months ended September 30,
 
 
2018
 
2017
 
2018
 
2017
Compensation expense
 
$
115,345

 
$
71,675

 
$
357,007

 
$
212,514

Income tax benefit
 
32,424

 
29,279

 
100,355

 
86,812

Compensation expense related to restricted stock for the three and nine months ended September 30, 2018 and 2017 is detailed in the following table:
 
 
For the three months ended September 30,
 
For the nine months ended September 30,
 
 
2018
 
2017
 
2018
 
2017
Compensation expense
 
$
143,854

 
$
108,833

 
$
429,990

 
$
358,411

Income tax benefit
 
40,437

 
44,458

 
120,870

 
146,411
Summary of Nonvested Restricted Stock Activity
The following table summarizes nonvested restricted stock activity for the nine months ended September 30, 2018:
 
 
Shares
 
Average grant date fair value
Nonvested restricted stock at December 31, 2017
 
94,003

 
$
12.53

Granted
 
38,300

 
20.64

Cancelled
 
(1,624
)
 
17.00

Vested
 
(29,142
)
 
11.30

Nonvested restricted stock at September 30, 2018
 
101,537

 
$
15.87
Restricted Stock Grants
Restricted stock awards granted during the three and nine months ended September 30, 2018 and 2017 were as follows:
 
 
For the three months ended September 30,
 
For the nine months ended September 30,
 
 
2018
 
2017
 
2018
 
2017
Number of shares granted
 
—

 
—

 
38,300

 
38,400

Average grant date fair value
 
$
—

 
$
—

 
$
20.64

 
$
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 three and nine months ended September 30, 2018 and 2017:
 
 
For the three months ended
September 30,
 
For the nine months ended
September 30,
(In thousands)
 
2018
 
2017
 
2018
 
2017
Service cost (1)
 
$
953

 
$
35

 
$
1,159

 
$
86

Interest cost
 
16

 
11

 
47

 
32

Amortization of prior service cost
 
20

 
21

 
62

 
63

Net periodic benefit cost
 
$
989

 
$
67

 
$
1,268

 
$
181



(1) On September 27, 2018, the Company approved a change in calculation of the Retirement Benefit resulting in an additional $850 thousand in current expense.
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 nine months ended September 30, 2018 and 2017:
 
 
For the nine months ended September 30,
(In thousands)
 
2018
 
2017
Benefit obligation, beginning of year
 
$
1,187

 
$
1,023

Service cost (1)
 
1,159

 
86

Interest cost
 
47

 
32

Benefit obligation, end of period
 
$
2,393

 
$
1,141



(1) On September 27, 2018, the Company approved a change in calculation of the Retirement Benefit resulting in an additional $850 thousand in current expense.