Employee Benefit Plan (Tables)

12 Months Ended

Dec. 31, 2019

Components of Net Periodic Benefit Cost for Plan

The Company froze the plan benefits for all defined benefit plan participants effective December 31, 2010. Information pertaining to the activity in the plan for the years ended December 31, 2019 and 2018 is as follows (dollars in thousands):



	2019		2018
Change in Benefit Obligation
Benefit obligation, beginning of year	$	4,112	$	4,560
Interest cost		162		158
Actuarial loss/(gain)		473		(507)
Benefits paid		(635)		(99)
Settlement loss		2		—
Benefit obligation, ending	$	4,114	$	4,112

Change in Plan Assets
Fair value of plan assets, beginning of year	$	4,180	$	4,369
Actual return on plan assets		461		(90)
Benefits paid		(635)		(99)
Fair value of plan assets, ending		4,006		4,180
Funded status	$	(108)	$	68

Amounts Recognized in the Balance Sheet
Other assets	$	—	$	68
Other liabilities		(108)		—
Amounts Recognized in Accumulated Other Comprehensive Income (Loss)
Net loss	$	1,095	$	1,054
Prior service cost		40		45
Deferred tax		(249)		(242)
Total amount recognized	$	886	$	857
Accumulated benefit obligation	$	4,114	$	4,112



Components of net periodic cost (income)
Interest cost	$	162	$	158
Expected return on plan assets		(214)		(238)
Amortization of prior service cost		5		5
Recognized net loss due to settlement		140		—
Recognized net actuarial loss		47		60
Net periodic cost (income)	$	140	$	(15)

Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income


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

Net (gain) loss	$	41	$	(238)
Amortization of prior service cost		(5)		(5)
Total amount recognized	$	36	$	(243)
Total recognized in net periodic benefit (income) cost and accumulated other comprehensive (loss) income	$	176	$	(258)

Weighted-Average Assumptions Used in the Measurement of the Company's Benefit Obligation and Net Periodic Benefit Cost

The weighted-average assumptions used in the measurement of the Company’s benefit obligation and net periodic benefit cost are shown in the following table:


	December 31
	2019		2018
Discount rate used for net periodic pension cost	4.25	%	3.50	%
Discount rate used to determine obligation	3.25	%	4.25	%
Expected return on plan assets	5.50	%	5.50	%

Estimated Amounts that will Amortize from Accumulated Other Comprehensive Income into Net Periodic Benefit Cost

The estimated amounts that will amortize from accumulated other comprehensive income into net periodic benefit cost in 2020 are as follows (dollars in thousands):


Prior service cost	$	5
Net loss		49
Total amount recognized	$	54

Pension Plan's Weighted-Average Asset Allocations by Asset Category

The pension plan’s weighted-average asset allocations as of December 31, 2019 and 2018 by asset category were as follows:



	2019		2018
Asset Category
Mutual funds — fixed income	74.00	%	77.00	%
Mutual funds — equity	26.00		23.00
Cash and equivalents	—		—
Total	100.00	%	100.00	%

Fair Value of Plan Assets

The following table presents the fair value of plan assets as of December 31, 2019 and 2018 (dollars in thousands):


	Assets measured at Fair Value (Level 1)
	2019		2018

Cash	$	4	$	6
Mutual funds:
Fixed income funds		2,956		3,205
International funds		272		269
Large cap funds		364		342
Mid cap funds		137		125
Small cap funds		79		76
Stock fund		194		157
	$	4,006	$	4,180

Estimated Future Contributions and Benefit Payments, which Reflect Expected Future Service

Estimated future contributions and benefit payments, which reflect expected future service, as appropriate, are as follows (dollars in thousands):


Expected Employer Contributions
2020	$	—
Expected Benefit Payments
2020		182
2021		63
2022		125
2023		64
2024		177
2025-2029		2,940