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Compensation and Benefit Plans (Tables)
12 Months Ended
Dec. 31, 2017
Compensation And Retirement Disclosure [Abstract]  
Summary Of Pension Plan Funded Status and Amounts Recognized in Financial Condition Statements

The following table sets forth the Old Pension Plan’s funded status and amounts recognized in the consolidated statements of financial condition as of December 31, 2017 and 2016 using a measurement date as of December 31, 2017 and 2016, respectively:

 

 

 

December 31,

 

 

 

2017

 

 

2016

 

Projected benefit obligation

 

$

(15,883

)

 

$

(14,142

)

Fair value of plan assets

 

 

14,732

 

 

 

15,038

 

Funded status

 

$

(1,151

)

 

$

896

 

Accumulated benefit obligation

 

$

(15,883

)

 

$

(14,142

)

 

 

 

 

 

 

 

 

 

 

 

December 31,

 

 

 

2017

 

 

2016

 

Changes in benefit obligation:

 

 

 

 

 

 

 

 

Beginning of period

 

$

14,142

 

 

$

14,903

 

Service cost

 

 

39

 

 

 

39

 

Interest cost

 

 

581

 

 

 

615

 

2017 interest rate change

 

 

1,338

 

 

 

 

2017 mortality change

 

 

1,906

 

 

 

 

(Gain)/ Loss

 

 

(1,345

)

 

 

(523

)

Administrative cost

 

 

(39

)

 

 

(39

)

Benefits paid

 

 

(739

)

 

 

(853

)

End of period

 

$

15,883

 

 

$

14,142

 

 

 

 

December 31,

 

 

 

2017

 

 

2016

 

Changes in plan assets:

 

 

 

 

 

 

 

 

Fair value of plan assets, beginning of year

 

$

15,038

 

 

$

14,553

 

Actual return on plan assets

 

 

472

 

 

 

507

 

Employer contributions

 

 

 

 

 

870

 

Plan participant contributions

 

 

 

 

 

 

Benefits paid

 

 

(739

)

 

 

(853

)

Administrative expenses paid

 

 

(39

)

 

 

(39

)

Fair value of plan assets, end of year

 

$

14,732

 

 

$

15,038

 

 

Benefit Costs Pretax Amounts Recognized in Accumulated Other Comprehensive Loss

Pretax amounts recognized in accumulated other comprehensive loss, which will be amortized into net periodic benefit cost over the coming years, consisted of the following components at December 31, 2017 and 2016:

 

 

 

December 31,

 

 

 

2017

 

 

2016

 

Net loss

 

$

(11,224

)

 

$

(9,217

)

 

Components of Net Periodic Benefit Cost

The components of net periodic benefit cost are as follows for the years ended December 31, 2017, 2016, and 2015:

 

 

 

For the Years Ended December 31,

 

 

 

2017

 

 

2016

 

 

2015

 

Service cost

 

$

39

 

 

$

39

 

 

$

35

 

Interest cost

 

 

581

 

 

 

615

 

 

 

584

 

Expected return on plan assets

 

 

(839

)

 

 

(848

)

 

 

(818

)

Amortization of prior service cost

 

 

25

 

 

 

25

 

 

 

25

 

Amortization of (gain)/loss

 

 

234

 

 

 

248

 

 

 

238

 

Net periodic benefit cost

 

$

40

 

 

$

79

 

 

$

64

 

 

Weighted Average Assumptions Used to Determine Net Benefit Obligations

Weighted-average assumptions used to determine the net benefit obligations consisted of the following as of December 31, 2017 and 2016:

 

 

 

December 31,

 

 

 

2017

 

 

2016

 

Discount rate

 

3.50%

 

 

4.25%

 

Rate of compensation increase

 

0.00%

 

 

0.00%

 

 

Weighted Average Assumptions Used to Determine Net Benefit Cost

 

Weighted-average assumptions used to determine the net benefit cost consisted of the following for the years ended December 31, 2017 and 2016:

 

 

 

December 31,

 

 

 

2017

 

 

2016

 

Discount rate

 

4.25%

 

 

4.25%

 

Rate of compensation increase

 

0.00%

 

 

0.00%

 

Expected long-term rate of return on assets

 

6.00%

 

 

6.00%

 

 

Employer Contributions and Benefit Payments

Employer contributions and benefit payments for the years ended December 31, 2017 and 2016 are as follows:

 

 

 

December 31,

 

 

 

2017

 

 

2016

 

Employer contribution

 

$

 

 

$

870

 

Benefits paid

 

$

739

 

 

$

853

 

 

Expected Employee Benefit Payments

Employee benefit payments expected to be paid in the future are as follows:

 

Year ending December 31,

 

 

 

 

2018

 

$

735

 

2019

 

 

736

 

2020

 

 

714

 

2021

 

 

695

 

2022

 

 

700

 

Thereafter

 

 

3,307

 

 

 

$

6,887

 

 

Schedule of Employee Stock Ownership Plan

 

 

 

Shares

 

 

Amount

 

Balance, beginning of year

 

 

 

 

$

 

New shares purchased

 

 

723,751

 

 

 

7,238

 

Shares released to participants

 

 

48,250

 

 

 

483

 

Shares allocated to participants

 

 

 

 

 

 

Balance, end of year

 

 

675,501

 

 

$

6,755