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Employee Benefits Plan (Tables)
 12 Months Ended
Dec. 31, 2017
Retirement Benefits [Abstract]  
Schedule of changes in the projected benefit obligations
The following table sets forth the changes in the projected benefit obligation for the DB Pension Plan and SERPs and the accumulated post-retirement benefit obligation for the Life and Healthcare Plan; and the respective plan assets, and the plans’ funded status and amounts recognized in the Company’s Consolidated Statements of Condition at December 31, 2017 and 2016 (the measurement dates of the plans).
 
(in thousands)
DB Pension Plan
 
Life and Healthcare Plan
 
SERPs
 
2017
 
2016
 
2017
 
2016
 
2017
 
2016
Change in benefit obligation:
 
 
 
 
 
 
 
 
 
 
 
Benefit obligation at beginning of year
$
77,304

 
$
76,219

 
$
9,121

 
$
8,732

 
$
23,399

 
$
22,160

Service cost
0

 
0

 
192

 
258

 
166

 
171

Interest cost
2,501

 
2,473

 
268

 
283

 
852

 
832

Plan participants’ contributions
0

 
0

 
98

 
185

 
0

 
0

Amendments
0

 
0

 
(964
)
 
0

 
0

 
188

Curtailments
0

 
0

 
0

 
0

 
0

 
0

Actuarial loss (gain)
5,928

 
1,403

 
708

 
210

 
2,407

 
697

Benefits paid
(2,985
)
 
(2,791
)
 
(428
)
 
(547
)
 
(682
)
 
(649
)
Benefit obligation at end of year
$
82,748

 
$
77,304

 
$
8,995

 
$
9,121

 
$
26,142

 
$
23,399

Change in plan assets:
 
 
 
 
 
 
 
 
 
 
 
Fair value of plan assets at beginning of year
$
71,807

 
$
68,931

 
$
0

 
$
0

 
$
0

 
$
0

Actual return on plan assets
9,582

 
4,367

 
0

 
0

 
0

 
0

Plan participants’ contributions
0

 
0

 
98

 
185

 
0

 
0

Employer contributions
1,750

 
1,300

 
330

 
362

 
682

 
649

Benefits paid
(2,985
)
 
(2,791
)
 
(428
)
 
(547
)
 
(682
)
 
(649
)
Fair value of plan assets at end of year
$
80,154

 
$
71,807

 
$
0

 
$
0

 
$
0

 
$
0

Unfunded status
$
(2,594
)
 
$
(5,497
)
 
$
(8,995
)
 
$
(9,121
)
 
$
(26,142
)
 
$
(23,399
)
Schedule of net periodic benefit cost and other comprehensive income
Net periodic benefit cost and other comprehensive income (loss) includes the following components:
(in thousands)
DB Pension Plan
 
Life and Healthcare Plan
 
SERPs
Components of net periodic benefit cost (credit)
2017
2016
2015
 
2017
2016
2015
 
2017
2016
2015
Service cost
$
0

$
0

$
1,587

 
$
192

$
258

$
236

 
$
166

$
171

$
201

Interest cost
2,501

2,473

2,987

 
268

283

323

 
852

832

928

Expected return on plan assets
(5,088
)
(4,844
)
(5,028
)
 
0

0

0

 
0

0

0

Amortization of prior service (credit) cost
(10
)
(15
)
(448
)
 
(62
)
16

16

 
87

75

73

Recognized net actuarial loss
1,075

975

1,573

 
34

5

19

 
399

358

626

Recognized net actuarial gain due to curtailments
0

0

(6,003
)
 
0

0

0

 
0

0

0

Net periodic benefit (credit) cost
$
(1,522
)
$
(1,411
)
$
(5,332
)
 
$
432

$
562

$
594

 
$
1,504

$
1,436

$
1,828

Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss)
Net actuarial loss (gain)
$
1,434

$
1,880

$
(169
)
 
$
708

$
210

$
(467
)
 
$
2,407

$
697

$
(1,210
)
Recognized actuarial loss
(1,075
)
(975
)
(1,573
)
 
(34
)
(5
)
(19
)
 
(399
)
(358
)
(626
)
Prior service (credit) cost
0

0

0

 
(964
)
0

0

 
0

188

0

Recognized prior service cost (credit)
10

15

6,451

 
62

(16
)
(16
)
 
(87
)
(75
)
(73
)
Recognized in other comprehensive income (loss)
$
369

$
920

$
4,709

 
$
(228
)
$
189

$
(502
)
 
$
1,921

$
452

$
(1,909
)
Total recognized in net periodic benefit cost and other comprehensive income (loss)
$
(1,153
)
$
(491
)
$
(623
)
 
$
204

$
751

$
92

 
$
3,425

$
1,888

$
(81
)
Schedule of pre-tax amounts recognized as a component of accumulated other comprehensive income
Pre-tax amounts recognized as a component of accumulated other comprehensive income (loss) as of year-end that have not been recognized as a component of the Company’s combined net periodic benefit cost of the Company’s DB Pension Plan, Life and Healthcare Plan and SERPs are presented in the following table.  
(in thousands)
DB Pension Plan
 
Life and Healthcare Plan
 
SERPs
 
2017
 
2016
 
2015
 
2017
 
2016
 
2015
 
2017
 
2016
 
2015
Net actuarial loss (gain)
$
39,960

 
$
39,601

 
$
38,695

 
$
1,767

 
$
1,093

 
$
889

 
$
9,086

 
$
7,077

 
$
6,739

Prior service cost (credit)
(30
)
 
(40
)
 
(55
)
 
(668
)
 
235

 
250

 
602

 
689

 
576

Total
$
39,930

 
$
39,561

 
$
38,640

 
$
1,099

 
$
1,328

 
$
1,139

 
$
9,688

 
$
7,766

 
$
7,315
Schedule of pre-tax amounts expected to be recognized
The pre-tax amounts included in accumulated other comprehensive income (loss) that are expected to be recognized in net periodic pension cost during the fiscal year ended December 31, 2018 are shown below.

(in thousands)
DB Pension Plan
 
Life and Healthcare Plan
 
SERPs
Actuarial loss
1,041

 
62

 
529

Prior service cost
(10
)
 
(62
)
 
87

Total
1,031

 
0

 
616
Schedule of weighted-average assumptions
Weighted-average assumptions used in accounting for the plans were as follows:
(in thousands)
DB Pension Plan
 
Life and Healthcare Plan
 
SERPs
 
2017
 
2016
 
2015
 
2017
 
2016
 
2015
 
2017
 
2016
 
2015
Discount Rates
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Benefit Cost for Plan Year
3.89
%
 
4.05
%
 
3.81
%
 
3.97
%
 
4.14
%
 
3.80
%
 
4.10
%
 
4.32
%
 
4.00
%
Benefit Obligation at End of Plan Year
3.43
%
 
3.89
%
 
4.05
%
 
3.51
%
 
3.97
%
 
4.14
%
 
3.55
%
 
4.10
%
 
4.32
%
Expected long-term return on plan assets
7.25
%
 
7.25
%
 
7.25
%
 
N/A

 
N/A

 
N/A

 
N/A

 
N/A

 
N/A

Rate of compensation increase
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Benefit Cost for Plan Year
N/A

 
N/A

 
5.00
%
 
5.00
%
 
5.00
%
 
5.00
%
 
5.00
%
 
5.00
%
 
5.00
%
Benefit Obligation at End of Plan Year
N/A

 
N/A

 
5.00
%
 
5.00
%
 
5.00
%
 
5.00
%
 
5.00
%
 
5.00
%
 
5.00
%
Schedule of expected benefits to be paid in each of next five years
The benefits as of December 31, 2017, expected to be paid in each of the next five fiscal years, and in the aggregate for the five fiscal years thereafter were as follows:
 
(in thousands)
DB Pension Plan
 
Life and Healthcare Plan
 
SERPs
2018
$
3,947

 
$
502

 
$
673

2019
4,273

 
460

 
668

2020
4,155

 
446

 
693

2021
4,324

 
435

 
684

2022
4,227

 
435

 
738

2023-2027
23,444

 
2,262

 
4,453

Total
$
44,370

 
$
4,540

 
$
7,909
Schedule of weighted average asset allocation of plans
The Company’s DB Pension Plan’s weighted-average asset allocations at December 31, 2017 and 2016, respectively, by asset category are as follows:
 
 
2017
 
2016
Equity securities
65
%
 
68
%
Debt securities
34
%
 
30
%
Other
1
%
 
2
%
Total Allocation
100
%
 
100
%
Schedule of fair value measurement of pension plan
The major categories of assets in the Company’s DB Pension Plan as of year-end are presented in the following table. Assets are segregated by the level of valuation inputs within the fair value hierarchy established by ASC Topic 820 utilized to measure fair value (see Note 19-Fair Value Measurements). 
 
Fair Value Measurements
 
 
 
 
 
 
 
December 31, 2017
 
 
 
 
 
 
 
(in thousands)
Fair Value 2017
 
(Level 1)
 
(Level 2)
 
(Level 3)
Cash and cash equivalents
$
448

 
$
448

 
$
0

 
$
0

Common stocks
24,994

 
24,994

 
0

 
0

Mutual funds
54,712

 
54,712

 
0

 
0

Total Fair Value of Plan Assets
$
80,154

 
$
80,154

 
$
0

 
$
0

 
Fair Value Measurements
 
 
 
 
 
 
 
December 31, 2016
 
 
 
 
 
 
 
(in thousands)
Fair Value 2016
 
(Level 1)
 
(Level 2)
 
(Level 3)
Cash and cash equivalents
$
1,147

 
$
1,147

 
$
0

 
$
0

Common stocks
23,291

 
23,291

 
0

 
0

Mutual funds
46,619

 
46,619

 
0

 
0

Preferred stocks
750

 
0

 
750

 
0

Total Fair Value of Plan Assets
$
71,807

 
$
71,057

 
$
750

 
$
0