Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2019

Schedule of status of Pension Plan and SERP


	Pension Plan				SERP
	December 31,
(Dollars in thousands)	2019		2018		2019		2018
Accumulated benefit obligation at end of year	$	21,367	$	18,713	$	9,702	$	9,473
Change in projected benefit obligation:
Benefit obligation at beginning of year	$	18,713	$	19,314	$	9,473	$	9,242
Service cost		164		141		84		97
Interest cost		811		728		162		151
Actuarial loss (gain)		2,558		(611)		—		—
Benefits paid		(879)		(859)		(17)		(17)
Benefit obligation at end of year		21,367		18,713		9,702		9,473
Change in plan assets:
Fair value of plan assets at beginning of year		17,500		15,927		—		—
Actual return on plan assets		2,814		(968)		—		—
Employer contributions		—		3,400		17		17
Benefits paid		(879)		(859)		(17)		(17)
Fair value of plan assets at end of year		19,435		17,500		—		—
Funded status at end of year	$	(1,932)	$	(1,213)	$	(9,702)	$	(9,473)
Amounts recognized in the Consolidated Balance Sheets:
Accounts payable and accrued expenses - liability	$	(1,932)	$	(1,213)	$	(9,702)	$	(9,473)
Amounts recognized in accumulated other comprehensive loss:
Net actuarial loss	$	11,008	$	10,380	$	—	$	—
Prior service cost		139		144		—		—
Accumulated other comprehensive loss, before tax	$	11,147	$	10,524	$	—	$	—

Schedule of changes recognized in accumulated other comprehensive loss for Pension Plan


	Pension Plan
	Year Ended December 31,
(Dollars in thousands)	2019		2018
Accumulated other comprehensive loss at beginning of year, before tax	$	10,524	$	9,245
Actuarial net loss arising during the period		961		1,562
Amortizations (recognized in net periodic benefit cost):
Actuarial loss		(333)		(278)
Prior service cost		(5)		(5)
Total recognized in other comprehensive loss		623		1,279
Accumulated other comprehensive loss at end of year, before tax	$	11,147	$	10,524

Schedule of weighted average assumptions used to determine benefit obligations


	Pension Plan				SERP
	Year Ended December 31,
	2019		2018		2019		2018
Assumptions used to determine the year-end benefit obligations:
Discount rate	3.30	%	4.30	%	5.02	%	5.03	%
Rate of compensation increase	N/A		N/A		5.00	%	5.00	%

Schedule of Pension Plan's assets measured at fair value


			Fair Value of Measurements at Report Date Using:
			Quoted Prices
			in Active		Significant
			Markets for		Other		Significant
			Identical		Observable		Unobservable
	Total Fair		Assets		Inputs		Inputs
(Dollars in thousands)	Value		(Level 1)		(Level 2)		(Level 3)
December 31, 2019:
Cash	$	3,021	$	3,021	$	—	$	—
Equities		11,576		11,576		—		—
Mutual funds (1)		4,838		4,838		—		—
Total	$	19,435	$	19,435	$	—	$	—

December 31, 2018:
Cash	$	4,128	$	4,128	$	—	$	—
Equities		9,008		9,008		—		—
Mutual funds (1)		4,364		4,364		—		—
Total	$	17,500	$	17,500	$	—	$	—

(1)

This category includes mutual funds that invest in equities and bonds. The mutual fund managers have the ability to change the amounts invested in equities and bonds depending on their investment outlook.

Schedule of estimated future benefit payments reflecting expected future service


	Pension
(Dollars in thousands)	Plan		SERP
2020	$	1,195	$	17
2021		1,263		8,639
2022		1,303		160
2023		1,309		149
2024		1,317		149
2025 - 2029		6,447		743
Total	$	12,834	$	9,857

Schedule of weighted average assumptions used to determine net periodic benefit cost


	Pension Plan				SERP
	Year Ended December 31,
(Dollars in thousands)	2019		2018		2019		2018
Assumptions used to determine the net periodic benefit cost:
Discount rate	4.30	%	3.70	%	5.02	%	5.02	%
Expected return on plan assets	7.25		7.25		-		-
Rate of compensation increase	N/A		N/A		5.00		5.00

Schedule of components of net periodic benefit cost


	Pension Plan				SERP
	Year Ended December 31,
(Dollars in thousands)	2019		2018		2019		2018
Net periodic benefit cost (income) for the year:
Service cost	$	164	$	141	$	84	$	97
Interest cost		811		728		162		151
Expected return on plan assets		(1,217)		(1,204)		—		—
Amortization of prior service cost		5		5		—		—
Recognized actuarial loss		333		278		—		—
Recognized curtailment loss		—		—		—		—
Net periodic benefit cost (income) for the year:	$	96	$	(52)	$	246	$	248