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Employee Benefit Plans (Tables)
12 Months Ended
Dec. 31, 2018
Compensation And Retirement Disclosure [Abstract]  
Change in Benefit Obligations

The following table summarizes the projected benefit obligations, plan assets, funded status and rate assumptions associated with the SERP based upon actuarial valuations, for the years ended December 31, 2018, 2017 and 2016.

 

Changes in benefit obligations

 

2018

 

 

2017

 

 

2016

 

Benefit obligation, beginning

 

$

2,485

 

 

$

2,531

 

 

$

2,372

 

Service cost

 

 

171

 

 

 

164

 

 

 

213

 

Interest cost

 

 

84

 

 

 

92

 

 

 

97

 

Actuarial gain

 

 

(18

)

 

 

(141

)

 

 

(77

)

Benefits paid

 

 

(148

)

 

 

(161

)

 

 

(74

)

Benefit obligation, ending

 

$

2,574

 

 

$

2,485

 

 

$

2,531

 

Funded status at December 31,

 

$

(2,574

)

 

$

(2,485

)

 

$

(2,531

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Changes in Plan Assets

 

 

 

 

 

 

 

 

 

 

 

 

Fair value of plan assets, beginning

 

$

-

 

 

$

-

 

 

$

-

 

Employer contributions

 

 

148

 

 

 

161

 

 

 

74

 

Benefits paid

 

 

(148

)

 

 

(161

)

 

 

(74

)

Fair value of plan assets, ending

 

$

-

 

 

$

-

 

 

$

-

 

Amounts Recognized on Balance Sheet

Amounts recognized on the Balance Sheets

 

2018

 

 

2017

 

 

2016

 

Other assets, deferred income tax benefit

 

$

513

 

 

$

542

 

 

$

861

 

Other liabilities

 

 

2,574

 

 

 

2,485

 

 

 

2,531

 

Accumulated other comprehensive income (loss)

 

140

 

 

125

 

 

 

11

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amounts recognized in accumulated other comprehensive income (loss)

 

 

 

 

 

 

 

 

 

 

 

 

Net gain (loss)

 

$

155

 

 

$

137

 

 

$

(4

)

Prior service cost

 

22

 

 

21

 

 

20

 

Net obligation at transition

 

 

-

 

 

 

-

 

 

 

-

 

Deferred tax expense

 

 

(37

)

 

 

(33

)

 

 

(5

)

Amount recognized

 

$

140

 

 

$

125

 

 

$

11

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Components of Net Periodic Benefit Cost

Components of net periodic benefit cost

 

2018

 

 

2017

 

 

2016

 

Service cost

 

$

171

 

 

$

164

 

 

$

213

 

Interest cost

 

84

 

 

92

 

 

97

 

Amortization of prior service cost

 

 

1

 

 

 

1

 

 

 

1

 

Net periodic benefit cost

 

$

256

 

 

$

257

 

 

$

311

 

 

Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income (Loss)

Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss)

 

2018

 

 

2017

 

 

2016

 

Net gain

 

$

18

 

 

$

140

 

 

$

77

 

Amortization of prior service cost

 

 

1

 

 

 

1

 

 

 

1

 

Total recognized

 

 

19

 

 

 

141

 

 

 

78

 

Less: Income tax effect

 

 

4

 

 

 

27

 

 

 

26

 

Net amount recognized in other comprehensive income (loss)

 

$

15

 

 

$

114

 

 

$

52

 

 

Total Recognized in Net Periodic Benefit Costs and Other Comprehensive (Income) Loss Before Income Tax

Total recognized, in thousands, in net periodic benefit costs and other comprehensive (income) loss before income tax is as follows.

 

2018

 

 

2017

 

 

2016

 

$

237

 

 

$

116

 

 

$

233

 

Weighted Average Assumptions

Weighted-average assumptions:

 

2018

 

2017

 

2016

Discount rate used for net periodic benefit cost

 

3.50%

 

3.75%

 

4.00%

Discount rate used for benefit obligation

 

4.00%

 

3.50%

 

3.75%

Rate of compensation increase for net periodic benefit cost and benefit obligation

 

3.25%

 

3.25%

 

3.25%

 

Schedule of Estimated Future Benefit Payments

Estimated future benefit payments, in thousands, are as follows.

 

For the years ending December 31,

 

Amount

 

2019

 

$

148

 

2020

 

$

203

 

2021

 

$

208

 

2022

 

$

208

 

2023

 

$

208

 

Thereafter

 

$

1,128