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Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2019
Retirement Benefits [Abstract]  
Pension Plan and Post-Retirement Healthcare and Life Insurance Plans
The following table sets forth information regarding the pension plan and post-retirement healthcare and life insurance plans (in thousands):
 PensionPost-retirement
 201920182017201920182017
Change in benefit obligation:
Benefit obligation at beginning of year$28,878  31,970  29,533  20,028  22,757  20,805  
Service cost—  —  —  80  115  105  
Interest cost1,198  1,094  1,227  837  786  871  
Actuarial loss 63  —  —  —  18  —  
Benefits paid(1,493) (1,401) (1,590) (600) (590) (560) 
Change in actuarial assumptions4,412  (2,785) 2,800  2,978  (3,058) 1,536  
Benefit obligation at end of year$33,058  28,878  31,970  23,323  20,028  22,757  
Change in plan assets:
Fair value of plan assets at beginning of year$43,449  46,870  43,153  —  —  —  
Actual return on plan assets7,976  (2,020) 5,307  —  —  —  
Employer contributions—  —  —  600  590  560  
Benefits paid(1,493) (1,401) (1,590) (600) (590) (560) 
Fair value of plan assets at end of year49,932  43,449  46,870  —  —  —  
Funded status at end of year$16,874  14,571  14,900  (23,323) (20,028) (22,757) 
Components of Accumulated Other Comprehensive Loss (Gain) related to Pension Plan and Other Post-retirement Benefits
The components of accumulated other comprehensive loss (gain) related to the pension plan and other post-retirement benefits, on a pre-tax basis, at December 31, 2019 and 2018 are summarized in the following table (in thousands):
 PensionPost-retirement
 2019201820192018
Unrecognized prior service cost$—  —  —  —  
Unrecognized net actuarial loss (gain)10,346  12,300  (3,621) (7,425) 
Total accumulated other comprehensive loss (gain)$10,346  12,300  (3,621) (7,425) 
Net Periodic Benefit Cost (Increase)
Net periodic benefit (increase) cost for the years ending December 31, 2019, 2018 and 2017, included the following components (in thousands):
 PensionPost-retirement
 201920182017201920182017
Service cost$—  —  —  80  115  105  
Interest cost1,198  1,094  1,227  837  786  871  
Return on plan assets(2,562) (2,769) (2,550) —  —  —  
Amortization of:
Net loss (gain) 1,015  795  920  (825) (396) (677) 
Unrecognized prior service cost—  —  —  —  —  —  
Net periodic benefit (increase) cost$(349) (880) (403) 92  505  299  
Weighted Average Actuarial Assumptions Used
The weighted average actuarial assumptions used in the plan determinations at December 31, 2019, 2018 and 2017 were as follows:
 PensionPost-retirement
 201920182017201920182017
Discount rate3.10 %4.25 %3.50 %3.10 %4.25 %3.50 %
Rate of compensation increase—  —  —  —  —  —  
Expected return on plan assets6.00  6.00  6.00  —  —  —  
Medical and life insurance benefits cost rate of increase—  —  —  6.00  6.00  6.00  
Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rate A 1% change in the assumed health care cost trend rate would have had the following effects on post-retirement benefits at December 31, 2019 (in thousands):
1% increase1% decrease
Effect on total service cost and interest cost$140  110  
Effect on post-retirement benefits obligation$3,900  3,100  
Estimated Future Benefit Payments
Estimated future benefit payments, which reflect expected future service, as appropriate for the next five years, are as follows (in thousands):
PensionPost-retirement
2020$1,615  749  
20211,670  804  
20221,695  817  
20231,743  864  
20241,805  877  
Weighted-Average Asset Allocation of Pension Plan Assets
The weighted-average asset allocation of pension plan assets at December 31, 2019 and 2018 were as follows:
Asset Category20192018
Domestic equities37 %34 %
Foreign equities11 %11 %
Fixed income50 %53 %
Real estate2 %2 %
Cash— %— %
Total100 %100 %
Target Allocation of Assets and Acceptable Ranges The target allocation of assets and acceptable ranges around the targets are as follows:
Asset CategoryTargetAllowable Range
Domestic equities37 %
30-41%
Foreign equities11 %
5-13%
Fixed income50 %
40-65%
Real estate2 %
0-4%
Cash0 %
0%
Total100 %
Assets Measured at Fair Value on Recurring Basis
The following tables present the assets that are measured at fair value on a recurring basis by level within the U.S. GAAP fair value hierarchy as reported on the statements of net assets available for Plan benefits at December 31, 2019 and 2018, respectively. Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement.
 Fair value measurements at December 31, 2019
(in thousands)Total(Level 1)(Level 2)(Level 3)
Group annuity contracts$81  —  81  —  
Mutual funds:
Fixed income16,609  16,609  —  —  
International equity5,535  5,535  —  —  
Large U.S. equity1,496  1,496  —  —  
Small/Mid U.S. equity996  996  —  —  
Total mutual funds24,636  24,636  —  —  
Pooled separate accounts25,215  —  25,215  —  
Total Plan assets$49,932  24,636  25,296  —  

 Fair value measurements at December 31, 2018
(in thousands)Total(Level 1)(Level 2)(Level 3)
Group annuity contracts$100  —  100  —  
Mutual funds:
Fixed income15,252  15,252  —  —  
International equity4,649  4,649  —  —  
Large U.S. equity1,224  1,224  —  —  
Small/Mid U.S. equity772  772  —  —  
Total mutual funds21,897  21,897  —  —  
Pooled separate accounts21,452  —  21,452  —  
Total Plan assets$43,449  21,897  21,552  —  
Status of Unvested Stock Awards
A summary status of the granted but unvested stock awards as of December 31, and changes during the year, is presented below:
 Restricted Stock Awards
 201920182017
Outstanding at beginning of year651,099  660,783  547,698  
Granted291,034  296,411  288,519  
Forfeited(46,914) (56,296) (62,677) 
Vested(226,393) (249,799) (112,757) 
Outstanding at the end of year668,826  651,099  660,783  
Status of Unexercised Stock Options
A summary of the status of the granted but unexercised stock options as of December 31, 2019, 2018 and 2017, and changes during the year is presented below:
 201920182017
 
Number
of
stock
options
Weighted
average
exercise
price
Number
of
stock
options
Weighted
average
exercise
price
Number
of
stock
options
Weighted
average
exercise
price
Outstanding at beginning of year470,979  $18.36  507,656  $16.84  703,669  $14.70  
Granted41,685  27.25  43,124  25.58  42,857  26.31  
Exercised(13,463) 10.35  (79,801) 12.61  (238,370) 12.22  
Forfeited—  —  —  —  —  —  
Expired—  —  —  —  (500) 17.94  
Outstanding at the end of year499,201  $19.32  470,979  $18.36  507,656  $16.84  
Stock Options Outstanding
The following table summarizes information about stock options outstanding at December 31, 2019:
 Options OutstandingOptions Exercisable
Range of exercise prices
Number
of
options
outstanding
Average
remaining
contractual
life
Weighted
average
exercise
price
Number
of
options
exercisable
Weighted
average
exercise
price
$14.50-15.23
148,474  2.2$14.88  148,474  $14.88  
$16.38-27.25
350,726  6.2$20.89  204,905  $18.28  
Weighted Average Assumptions of Fair Value Option Grants
The fair value of the option grants was estimated on the date of grant using the Black-Scholes option-pricing model with the following weighted average assumptions:
 For the year ended December 31,
 201920182017
Expected dividend yield3.38 %3.13 %2.89 %
Expected volatility22.01 %20.65 %20.34 %
Risk-free interest rate2.53 %2.65 %2.05 %
Expected option life8 years8 years8 years