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Retirement Plans and Other Postretirement Benefits (Tables)
 12 Months Ended
Dec. 31, 2020
Retirement Benefits [Abstract]  
Summary of Retirement Plans and Other Postretirement Benefits
Information with respect to the Retirement Plans and Other Postretirement Benefits follows:
Retirement PlansOther Postretirement Benefits
(Dollars in thousands)2020201920202019
Change in benefit obligation:
Benefit obligation at beginning of year$53,685 $46,868 $3,069 $2,283 
Service cost477 436 109 67 
Interest cost1,692 1,905 96 94 
Actuarial loss6,423 7,104 377 731 
Benefits paid(2,846)(2,628)(111)(106)
Benefit obligation at end of year$59,431 $53,685 $3,540 $3,069 
Change in plan assets:
Fair value of plan assets at beginning of year$51,607 $45,379 $— $— 
Actual return on plan assets6,306 8,696 — — 
Benefits paid(2,846)(2,628)(111)(106)
Corrective payment140 — — — 
Employer contribution and non-qualified benefit payments159 160 111 106 
Fair value of plan assets at end of year$55,366 $51,607 $— $— 
Funded status(4,065)(2,078)(3,540)(3,069)
Unrecognized net actuarial loss24,526 22,433 989 638 
Net amount recognized$20,461 $20,355 $(2,551)$(2,431)
Information for Pension Plans with Accumulated Benefit Obligation in Excess of Plan Assets
Information for the pension plan with an accumulated benefit obligation in excess of the fair value of plan assets at December 31, 2020 is shown below. Information for December 31, 2019 is shown for comparative purposes.
At December 31,
(Dollars in thousands)20202019
Projected benefit obligation$57,116 $51,443 
Accumulated benefit obligation55,642 48,629 
Fair value of plan assets55,366 51,607 
Components of Net Periodic Benefit Cost (Income)
Components of net periodic benefit cost were as follows: 
Retirement PlansOther Postretirement Benefits
(Dollars in thousands)202020192018202020192018
Service cost$477 $436 $560 $109 $67 $88 
Interest cost1,692 1,905 1,760 96 94 92 
Expected loss on plan assets(3,291)(3,061)(3,287)— — — 
Amortization of net actuarial loss1,176 1,176 1,120 26 — 4 
Accretion of prior service cost— (181)(283)— — — 
Net periodic benefit cost (income)$54 $275 $(130)$231 $161 $184 
Expected Amortization Expense
(Dollars in thousands)Retirement PlansOther Postretirement Benefits
Expected amortization expense for 2021:
Amortization of net actuarial loss$1,270 $46 
Accretion of prior service cost— — 
Summary of Benefit Payments Expected to be Paid
The following benefits payments, which reflect expected future service, as appropriate, are expected to be paid:
(Dollars in thousands)Retirement PlansOther Postretirement Benefits
For the fiscal year ending:
2021$2,956 $94 
20222,985 96 
20233,049 102 
20243,063 107 
20253,050 109 
Years 2026-203015,336 703 
       Total$30,439 $1,211 
Weighted-Average Assumptions Used to Determine Benefit Obligations
Weighted-average assumptions used to determine benefit obligations at December 31, 2020 and 2019 were as follows:
Retirement PlansOther Postretirement Benefits
2020201920202019
Assumed discount rate2.4 %3.2 %2.4 %3.2 %
Assumed salary increase rate3%-6%3% - 6%— — 

The benefit obligation for all plans at December 31, 2020 was based on the Pri-2012 White Collar Dataset Mortality Table with scale MP-2020 fully generational published by the Society of Actuaries. The discount rate is based on matching the Plan's projected cash flows to the spot rates in FTSE Pension Above Median Double-A Curve as of the disclosure date. The assumed salary increase considers available service years from the valuation date through the participant's normal retirement date.

Weighted-average assumptions used to determine net periodic costs for the years ended December 31, 2020 and 2019 were as follows:
Retirement PlansOther Postretirement Benefits
2020201920202019
Assumed discount rate3.2 %4.2 %3.2 %4.2 %
Assumed long-term rate of investment return6.5 %7.0 %— — 
Assumed salary increase rate3%-6%3% - 6%— — 
Summary of Corporation's Pension Plan Asset Allocation
The Corporation's pension plan asset allocation at December 31, 2020 and 2019, by asset category was as follows:
Percentage of Plan Assets at December 31,
20202019
Asset Category:
Equity securities60 %61 %
Debt securities37 38 
Other3 1 
Total100 %100 %
Major Categories of Assets in Corporation's Pension Plan
The major categories of assets in the Corporation's pension plan at year-end are presented in the following table. Assets are segregated by the level of the valuation inputs within the fair value hierarchy described in Note 18, "Fair Value Disclosures."
Fair Value Measurements at December 31,
(Dollars in thousands)20202019
Level 1:
Mutual funds$37,602 $34,332 
Short-term investments1,984 1,068 
Level 2:
U.S. government obligations5,721 6,167 
Corporate bonds6,204 6,540 
Certificates of deposit3,855 3,500 
Level 3:
Total fair value of plan assets$55,366 $51,607