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Employee Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 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 2018, 2017 and 2016 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, 2015
 
522,338

 
$
6.45

 
5.1
 
$
2,561,095

Options granted
 
127,400

 
11.11

 
 
 
 
Options exercised
 
(90,871
)
 
7.97

 
 
 
 
Options forfeited
 
(1,833
)
 
7.00

 
 
 
 
Options expired
 
(4,275
)
 
7.64

 
 
 
 
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

Exercisable at December 31, 2018
 
312,779

 
$
8.33

 
5.4
 
$
3,886,738
Stock Options, Valuation Assumptions
The fair values of the options granted during 2018, 2017 and 2016 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,
 
 
2018
 
2017
 
2016
Number of options granted
 
203,000

 
47,100

 
127,400

Weighted average exercise price
 
$
20.15

 
$
16.37

 
$
11.11

Weighted average fair value of options
 
$
6.04

 
$
4.64

 
$
3.49

Expected life in years (1)
 
7.17

 
6.57

 
6.79

Expected volatility (2)
 
26.60
%
 
28.12
%
 
31.02
%
Risk-free interest rate (3)
 
2.61
%
 
2.18
%
 
1.94
%
Dividend yield (4)
 
1.23
%
 
1.15
%
 
1.38
%
 
(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 2018, 2017 and 2016: 
 
 
For the years ended December 31,
 
 
2018
 
2017
 
2016
Number of options exercised
 
115,962

 
94,679

 
90,871

Total intrinsic value of options exercised
 
$
1,949,853

 
$
1,073,474

 
$
451,288

Cash received from options exercised
 
576,119

 
509,047

 
549,918

Tax deduction realized from options exercised
 
548,104

 
438,514

 
184,351
Schedule of Stock Options, by Exercise Price Range
The following table summarizes information about stock options outstanding and exercisable at December 31, 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 - $6.00
 
80,361

 
3.3
 
$
5.45

 
80,361

 
$
5.45

$6.01 - $12.00
 
229,751

 
5.9
 
8.54

 
198,580

 
8.30

$12.01 - $18.00
 
74,066

 
8.1
 
15.69

 
33,838

 
15.37

$18.01 - $24.00
 
200,000

 
9.5
 
20.16

 
—

 
—

Total
 
584,178

 
7.1
 
$
13.00

 
312,779

 
$
8.33
Allocation of Share-based Compensation Costs
Compensation expense related to stock options and the related income tax benefit for the years ended December 31, 2018, 2017 and 2016 are detailed in the following table:
 
 
For the years ended December 31,
 
 
2018
 
2017
 
2016
Compensation expense
 
$
478,733

 
$
283,823

 
$
218,013

Income tax benefit
 
134,572

 
115,942

 
89,058

Compensation expense related to the restricted stock for the years ended December 31, 2018, 2017 and 2016 is detailed in the following table: 
 
 
For the years ended December 31,
 
 
2018
 
2017
 
2016
Compensation expense
 
$
574,236

 
$
462,470

 
$
327,151

Income tax benefit
 
161,418

 
188,919

 
133,644
Schedule of Nonvested Share Activity
The following table summarizes nonvested restricted stock activity for the year ended December 31, 2018:
 
 
Shares
 
Average grant date fair value
Nonvested restricted stock at December 31, 2017
 
94,003

 
$
12.53

Granted
 
47,550

 
20.77

Canceled
 
(1,624
)
 
17.00

Vested
 
(34,617
)
 
11.39

Nonvested restricted stock at December 31, 2018
 
105,312

 
$
16.55
Restricted Stock Awards Activity
Restricted stock awards granted during the years ended December 31, 2018, 2017 and 2016 were as follows: 
 
 
For the years ended December 31,
 
 
2018
 
2017
 
2016
Number of shares granted
 
47,550

 
38,400

 
44,016

Average grant date fair value
 
$
20.77

 
$
16.36

 
$
11.21
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, 2018, 2017 and 2016:
 
 
For the years ended December 31,
(In thousands)
 
2018
 
2017
 
2016
Service cost (1)
 
$
1,460

 
$
121

 
$
62

Interest cost
 
101

 
43

 
38

Amortization of prior service cost
 
83

 
83

 
83

Net periodic benefit cost
 
$
1,644

 
$
247

 
$
183



(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, 2018, 2017 and 2016: 
 
 
For the years ended December 31,
(In thousands)
 
2018
 
2017
 
2016
Benefit obligation, beginning of year
 
$
1,187

 
$
1,023

 
$
923

Service cost (1)
 
1,460

 
121

 
62

Interest cost
 
101

 
43

 
38

Benefit obligation, end of year
 
$
2,747

 
$
1,187

 
$
1,023


 
(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.