XML 61 R46.htm IDEA: XBRL DOCUMENT v3.20.4
Supplemental Compensation Plans (Tables) - Pension Plan [Member]
12 Months Ended
Dec. 31, 2020
Salary Continuation Plan [Member]  
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]  
Pension Benefit Plans
The Bank uses a December 31, measurement date for these plans.

 
For the Year Ended December 31,
 
   
2020
   
2019
   
2018
 
Change in benefit obligation
                 
Benefit obligation at beginning of year
 
$
5,871
   
$
5,322
   
$
5,419
 
Service cost
   
256
     
213
     
174
 
Interest cost
   
180
     
221
     
185
 
Plan loss (gain)
   
1,092
     
387
     
(184
)
Benefits Paid
   
(272
)
   
(272
)
   
(272
)
Benefit obligation at end of year
 
$
7,127
   
$
5,871
   
$
5,322
 
                         
Change in plan assets
                       
Employer Contribution
 
$
272
   
$
272
   
$
272
 
Benefits Paid
   
(272
)
   
(272
)
   
(272
)
Fair value of plan assets at end of year
 
$
   
$
   
$
 
                         
Reconciliation of funded status
                       
Funded status
 
$
(7,127
)
 
$
(5,871
)
 
$
(5,322
)
Unrecognized net plan loss
   
2,919
     
1,943
     
1,643
 
Unrecognized prior service cost
   
35
     
37
     
39
 
Net amount recognized
 
$
(4,173
)
 
$
(3,891
)
 
$
(3,640
)
                         
Amounts recognized in the consolidated balance sheets consist of:
                       
Accrued benefit liability
 
$
(7,127
)
 
$
(5,871
)
 
$
(5,322
)
Accumulated other comprehensive loss
   
2,954
     
1,980
     
1,682
 
Net amount recognized
 
$
(4,173
)
 
$
(3,891
)
 
$
(3,640
)
Components of Net Periodic Benefit Cost
The Company expects to recognize approximately $207 of the unrecognized net actuarial loss and prior service cost as a component of net periodic benefit cost in 2021.

 
For the Year Ended December 31,
 
   
2020
   
2019
   
2018
 
Components of net periodic benefit cost
                 
Service cost
 
$
256
   
$
213
   
$
174
 
Interest cost
   
180
     
221
     
185
 
Amortization of prior service cost
   
2
     
2
     
2
 
Recognized actuarial loss
   
115
     
87
     
101
 
Net periodic benefit cost
   
553
     
523
     
462
 
                         
Additional Information
                       
Minimum benefit obligation at year end
 
$
7,127
   
$
5,871
   
$
5,322
 
Increase (decrease) in minimum liability included in other comprehensive income (loss)
 
$
974
   
$
298
   
$
(287
)
Assumptions Used to Determine Benefit Obligations
Assumptions used to determine benefit obligations at December 31
 
2020
   
2019
   
2018
 
Discount rate used to determine net periodic benefit cost for years ended December 31
   
3.00
%
   
4.10
%
   
3.40
%
                         
Discount rate used to determine benefit obligations at December 31
   
2.30
%
   
3.00
%
   
4.10
%
                         
Future salary increases
   
6.20
%
   
5.70
%
   
5.70
%
Expected Future Services Expected to Be Paid in Future Fiscal Years
For unfunded plans, contributions to the Salary Continuation Plan are the benefit payments made to participants. The Bank paid $272 in benefit payments during fiscal 2021. The following benefit payments, which reflect expected future service, are expected to be paid in future fiscal years:

Year ending December 31,
 
Pension Benefits
 
2021
 
$
276
 
2022
   
332
 
2023
   
332
 
2024
   
332
 
2025
   
394
 
2026-2030
   
1,733
 
Directors' Retirement Plan [Member]  
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]  
Pension Benefit Plans
The Bank uses a December 31 measurement date for the Directors’ Retirement Plan.

 
For the Year Ended December 31,
 
   
2020
   
2019
   
2018
 
Change in benefit obligation
                 
Benefit obligation at beginning of year
 
$
820
   
$
787
   
$
856
 
Service cost
   
     
2
     
12
 
Interest cost
   
19
     
28
     
25
 
Plan loss (gain)
   
52
     
63
     
(37
)
Benefits paid
   
(60
)
   
(60
)
   
(69
)
Benefit obligation at end of year
 
$
831
   
$
820
   
$
787
 
                         
Change in plan assets
                       
Employer contribution
 
$
60
   
$
60
   
$
69
 
Benefits paid
   
(60
)
   
(60
)
   
(69
)
Fair value of plan assets at end of year
 
$
   
$
   
$
 
                         
Reconciliation of funded status
                       
Funded status
 
$
(831
)
 
$
(820
)
 
$
(787
)
Unrecognized net plan gain
   
74
     
22
     
(40
)
Net amount recognized
 
$
(757
)
 
$
(798
)
 
$
(827
)
                         
Amounts recognized in the statement of financial position consist of:
                       
Accrued benefit liability
 
$
(831
)
 
$
(820
)
 
$
(787
)
Accumulated other comprehensive loss (income)
   
74
     
22
     
(40
)
Net amount recognized
 
$
(757
)
 
$
(798
)
 
$
(827
)
Components of Net Periodic Benefit Cost
 
For the Year Ended December 31,
 
   
2020
   
2019
   
2018
 
Components of net periodic benefit cost
                 
Service cost
 
$
   
$
2
   
$
12
 
Interest cost
   
19
     
28
     
25
 
Recognized actuarial gain
   
     
     
 
Net periodic benefit cost
   
19
     
30
     
37
 
                         
Additional Information
                       
Minimum benefit obligation at year end
 
$
831
   
$
820
   
$
787
 
Increase (decrease) in minimum liability included in other comprehensive income (loss)
 
$
52
   
$
62
   
$
(36
)
Assumptions Used to Determine Benefit Obligations
Assumptions used to determine benefit obligations at December 31
 
2020
   
2019
   
2018
 
Discount rate used to determine net periodic benefit cost for years ended December 31
   
2.40
%
   
3.70
%
   
3.00
%
                         
Discount rate used to determine benefit obligations at December 31
   
1.30
%
   
2.40
%
   
3.70
%
Expected Future Services Expected to Be Paid in Future Fiscal Years
For unfunded plans, contributions to the Directors’ Retirement Plan are the benefit payments made to participants. The Bank paid $60 in benefit payments during fiscal 2021. The following benefit payments, which reflect expected future service, are expected to be paid in future fiscal years:

Year ending December 31,
 
Pension Benefits
 
2021
 
$
75
 
2022
   
76
 
2023
   
75
 
2024
   
75
 
2025
   
74
 
2026-2030
   
345