Employee Benefit Plans (Tables)

3 Months Ended

Mar. 31, 2020

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

Transactions Under the Company’s Stock Option Plans

Transactions under the Company’s stock option plans for the three months endedMarch 31, 2020 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, 2019	614,311		$	14.78	6.9	$	4,783,402
Options granted	101,000		20.39
Options exercised	(5,500	)	6.23
Options forfeited	—		—
Options expired	—		—
Outstanding at March 31, 2020	709,811		$	15.65	7.1	$	926,893
Exercisable at March 31, 2020	436,981		$	12.55	5.8	$	926,893

Stock Options, Valuation Assumptions

The fair values of the options granted during the three months ended March 31, 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 March 31,
	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)	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 months ended March 31, 2020 and 2019:

	For the three months ended March 31,
	2020		2019
Number of options exercised	5,500		20,434
Total intrinsic value of options exercised	$	86,241	$	240,403
Cash received from options exercised	$	34,265	$	165,943
Tax deduction realized from options	$	25,264	$	72,325

Schedule of Stock Options, by Exercise Price Range

The following table summarizes information about stock options outstanding and exercisable at March 31, 2020:

		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	59,011	2.4	$	5.60	59,011	$	5.60
	$6.01 - $12.00	190,767	5.0	8.73		190,767	8.73
	$12.01 - $18.00	102,533	7.9	15.94		67,533	15.78
	$18.01 - $24.00	357,500	8.8	20.91		119,670	20.26
	Total	709,811	7.1	$	15.65	436,981	$	12.55

Allocation of Share-based Compensation Costs

Compensation expense related to stock options and the related income tax benefit for the three months ended March 31, 2020 and 2019 are detailed in the following table:

	For the three months ended March 31,
	2020		2019
Compensation expense	$	192,489	$	136,356
Income tax benefit	$	55,629	$	39,407

Compensation expense related to restricted stock for the three months ended March 31, 2020 and 2019 is detailed in the following table:

	For the three months ended March 31,
	2020		2019
Compensation expense	$	172,905	$	146,288
Income tax benefit	$	49,969	$	42,277

Summary of Nonvested Restricted Stock Activity

The following table summarizes nonvested restricted stock activity for the three months ended March 31,2020:

	Shares		Average grant date fair value
Nonvested restricted stock at December 31, 2019	108,740		$	19.18
Granted	15,000		16.63
Cancelled	—		—
Vested	(33,718	)	17.08
Nonvested restricted stock at March 31, 2020	90,022		$	19.54

Restricted Stock Grants

Restricted stock awards granted during the three months ended March 31, 2020 and 2019 were as follows:

	For the three months ended March 31,
	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

The following table summarizes the components of the net periodic pension cost of the defined benefit plan recognized during the three months ended March 31,2020 and 2019:

	For the three months ended March 31,
(In thousands)	2020		2019
Service cost	$	31	$	47
Interest cost	37		29
Amortization of prior service cost	21		21
Net periodic benefit cost	$	89	$	97

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 three months endedMarch 31, 2020 and 2019:

	For the three months ended March 31,
(In thousands)	2020		2019
Benefit obligation, beginning of year	$	3,571	$	2,747
Service cost	31		47
Interest cost	37		29
Benefit obligation, end of period	$	3,639	$	2,823