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Employee Benefits Plans (Tables)
 12 Months Ended
Dec. 31, 2018
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, 2018 and 2017 (the measurement dates of the plans).
 
 
DB Pension Plans
 
Life and Healthcare Plan
 
SERP Plan
(in thousands)
2018
 
2017
 
2018
 
2017
 
2018
 
2017
Change in benefit obligation:
 
 
 
 
 
 
 
 
 
 
 
Benefit obligation at beginning of year
$
82,748

 
$
77,304

 
$
8,995

 
$
9,121

 
$
26,142

 
$
23,399

Service cost
0

 
0

 
212

 
192

 
160

 
166

Interest cost
2,508

 
2,501

 
270

 
268

 
833

 
852

Plan participants’ contributions
0

 
0

 
122

 
98

 
0

 
0

Amendments
0

 
0

 
0

 
(964
)
 
0

 
0

Curtailments
0

 
0

 
0

 
0

 
0

 
0

Actuarial loss (gain)
(2,324
)
 
5,928

 
(1,337
)
 
708

 
(2,987
)
 
2,407

Benefits paid
(3,243
)
 
(2,985
)
 
(405
)
 
(428
)
 
(609
)
 
(682
)
Benefit obligation at end of year
$
79,689

 
$
82,748

 
$
7,857

 
$
8,995

 
$
23,539

 
$
26,142

Change in plan assets:
 
 
 
 
 
 
 
 
 
 
 
Fair value of plan assets at beginning of year
$
80,154

 
$
71,807

 
$
0

 
$
0

 
$
0

 
$
0

Actual return on plan assets
(4,437
)
 
9,582

 
0

 
0

 
0

 
0

Plan participants’ contributions
0

 
0

 
122

 
98

 
0

 
0

Employer contributions
0

 
1,750

 
283

 
330

 
609

 
682

Benefits paid
(3,243
)
 
(2,985
)
 
(405
)
 
(428
)
 
(609
)
 
(682
)
Fair value of plan assets at end of year
$
72,474

 
$
80,154

 
$
0

 
$
0

 
$
0

 
$
0

Unfunded status
$
(7,215
)
 
$
(2,594
)
 
$
(7,857
)
 
$
(8,995
)
 
$
(23,539
)
 
$
(26,142
)
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 Plans
 
Life and Healthcare Plan
 
SERP Plan
Components of net periodic benefit cost
2018
2017
2016
 
2018
2017
2016
 
2018
2017
2016
Service cost
$
0

$
0

$
0

 
$
212

$
192

$
258

 
$
160

$
166

$
171

Interest cost
2,508

2,501

2,473

 
270

268

283

 
833

852

832

Expected return on plan assets
(5,648
)
(5,088
)
(4,844
)
 
0

0

0

 
0

0

0

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

 
87

87

75

Recognized net actuarial loss
1,118

1,075

975

 
62

34

5

 
539

399

358

Net periodic benefit (credit) cost
$
(2,032
)
$
(1,522
)
$
(1,411
)
 
$
482

$
432

$
562

 
$
1,619

$
1,504

$
1,436

Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss)
Net actuarial loss (gain)
$
7,761

$
1,434

$
1,880

 
$
(1,337
)
$
708

$
210

 
$
(2,987
)
$
2,407

$
697

Recognized actuarial loss
(1,118
)
(1,075
)
(975
)
 
(62
)
(34
)
(5
)
 
(539
)
(399
)
(358
)
Prior service credit
0

0

0

 
0

(964
)
0

 
0

0

188

Recognized prior service cost (credit)
10

10

15

 
62

62

(16
)
 
(87
)
(87
)
(75
)
Recognized in other comprehensive income (loss)
$
6,653

$
369

$
920

 
$
(1,337
)
$
(228
)
$
189

 
$
(3,613
)
$
1,921

$
452

Total recognized in net periodic benefit cost and other comprehensive income
$
4,621

$
(1,153
)
$
(491
)
 
$
(855
)
$
204

$
751

 
$
(1,994
)
$
3,425

$
1,888
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 Plans
 
Life and Healthcare Plan
 
SERP Plan
 
2018
 
2017
 
2016
 
2018
 
2017
 
2016
 
2018
 
2017
 
2016
Net actuarial loss (gain)
$
46,603

 
$
39,960

 
$
39,601

 
$
368

 
$
1,767

 
$
1,093

 
$
5,560

 
$
9,086

 
$
7,077

Prior service cost (credit)
(20
)
 
(30
)
 
(40
)
 
(606
)
 
(668
)
 
235

 
514

 
602

 
689

Total
$
46,583

 
$
39,930

 
$
39,561

 
$
(238
)
 
$
1,099

 
$
1,328

 
$
6,074

 
$
9,688

 
$
7,766
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, 2019 are shown below.

(in thousands)
Pension Plans
 
Life and Healthcare Plan
 
SERP Plan
Actuarial loss
1,305

 
0

 
286

Prior service cost
(10
)
 
(62
)
 
87

Total
1,295

 
(62
)
 
373
Schedule of weighted-average assumptions
Weighted-average assumptions used in accounting for the plans were as follows:
(in thousands)
DB Pension Plans
 
Life and Healthcare Plan
 
SERP Plan
 
2018
 
2017
 
2016
 
2018
 
2017
 
2016
 
2018
 
2017
 
2016
Discount Rates
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Benefit Cost for Plan Year
3.43
%
 
3.89
%
 
4.05
%
 
3.51
%
 
3.97
%
 
4.14
%
 
3.55
%
 
4.10
%
 
4.32
%
Benefit Obligation at End of Plan Year
4.08
%
 
3.43
%
 
3.89
%
 
4.13
%
 
3.51
%
 
3.97
%
 
4.16
%
 
3.55
%
 
4.10
%
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

 
N/A

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

 
N/A

 
N/A

 
4.00
%
 
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, 2018, 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 Plans
 
Life and Healthcare Plan
 
SERP Plan
2019
$
3,950

 
$
529

 
$
673

2020
4,067

 
477

 
697

2021
4,210

 
430

 
688

2022
4,280

 
416

 
740

2023
4,463

 
439

 
845

2024-2028
23,686

 
2,162

 
4,475

Total
$
44,656

 
$
4,453

 
$
8,118
Schedule of weighted average asset allocation of plans
The Company’s DB Pension Plan’s weighted-average asset allocations at December 31, 2018 and 2017, respectively, by asset category are as follows:
 
2018
 
2017
Equity securities
65
%
 
65
%
Debt securities
34
%
 
34
%
Other
1
%
 
1
%
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, 2018
 
 
 
 
 
 
 
(in thousands)
Fair Value 2018
 
(Level 1)
 
(Level 2)
 
(Level 3)
Cash and cash equivalents
$
1,018

 
$
1,018

 
$
0

 
$
0

Common stocks
20,648

 
20,648

 
0

 
0

Mutual funds
50,808

 
50,808

 
0

 
0

Total Fair Value of Plan Assets
$
72,474

 
$
72,474

 
$
0

 
$
0

 
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