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Employee Benefits (Tables)
12 Months Ended
Dec. 31, 2019
Employee Benefits and Share-based Compensation, Noncash [Abstract]  
Schedule of employee stock ownership plan

 

 

 

 

    

December 31, 2019

Allocated

 

 —

Committed to be allocated

 

21,821

Unallocated

 

414,604

Total shares

 

436,425

 

Schedule of plan's funded status and amounts recognized in consolidated statement of financial condition

 

 

 

 

 

 

 

 

 

Years ended December 31, 

 

 

 

 

 

 

 

 

 

2019

 

2018

Projected and accumulated benefit obligation

 

$

(20,953)

 

$

(18,241)

Plan assets at fair value

 

 

20,628

 

 

17,459

Funded status included in other liabilities

 

$

(325)

 

$

(782)

 

Schedule of amounts recognized in accumulated other comprehensive loss

 

 

 

 

 

 

 

 

 

Years ended December 31, 

 

    

2019

    

2018

Net actuarial loss

 

$

4,948

 

$

5,616

 

Schedule of net periodic pension (benefit) cost and amounts recognized in other comprehensive income (loss)

 

 

 

 

 

 

 

 

 

Years ended December 31, 

 

 

 

 

 

 

 

 

 

2019

    

2018

Interest cost

 

$

734

 

$

689

Expected return on plan assets

 

 

(868)

 

 

(1,074)

Amortization of unrecognized loss

 

 

345

 

 

374

Net periodic cost (benefit)

 

$

211

 

$

(11)

 

Schedule of weighted-average assumptions used to determine the pension benefit obligation

 

 

 

 

 

 

 

 

Years ended December 31, 

 

 

    

2019

    

2018

 

Discount rate

 

3.25

%  

4.14

%

Rate of compensation increase

 

N/A

 

N/A

 

 


 

 

 

 

 

 

 

    

Years ended December 31, 

 

 

    

2019

    

2018

 

Discount rate

 

4.20

%  

3.53

%

Expected long-term return on plan assets

 

5.50

%  

6.00

%

Rate of compensation increase

 

N/A

 

N/A

 

 

Schedule of fair value of pension plan assets, by fair value hierarchy

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2019

 

    

Level 1

    

Level 2

    

Level 3

    

Total

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Investment in separate accounts

 

 

 

 

 

 

 

 

 

 

 

 

Fixed income

 

$

15,372

 

$

 —

 

$

 —

 

$

15,372

Equity

 

 

5,256

 

 

 —

 

 

 —

 

 

5,256

Total assets at fair value

 

$

20,628

 

$

 —

 

$

 —

 

$

20,628

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2018

 

    

Level 1

    

Level 2

    

Level 3

    

Total

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Investment in separate accounts

 

 

 

 

 

 

 

 

 

 

 

 

Fixed income

 

$

13,638

 

$

 —

 

$

 —

 

$

13,638

Equity

 

 

3,821

 

 

 —

 

 

 —

 

 

3,821

Total assets at fair value

 

$

17,459

 

$

 —

 

$

 —

 

$

17,459

 

Schedule of employer contributions and benefit payments

 

 

 

 

 

 

 

 

 

Year ended December 31, 

 

    

2019

    

2018

Employer Contribution

 

$

 —

    

$

570

Benefits paid

 

$

503

 

$

453

 

Schedule of benefit payments, which reflect expected future service

 

 

 

 

Fiscal Year Ending

    

Pension Benefits

2020

 

$

680

2021

 

 

720

2022

 

 

730

2023

 

 

750

2024

 

 

830

2025 – 2029

 

 

4,890