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Retirement Plans (Tables)
 12 Months Ended
Dec. 31, 2019
Retirement Benefits [Abstract]  
Schedule of Funded Status
The following schedule sets forth the changes in the benefit obligation and plan assets of the Corporation's Plans:
 
Pension Plans
 
Postretirement Benefit Plans
 
At or For the Year Ended December 31,
(In thousands)
2019
 
2018
 
2019
 
2018
Benefit obligation:
 
 
 
 
 
 
 
Benefit obligation, beginning of year
$
28,330

 
$
31,389

 
$
3,320

 
$
3,717

Benefit obligation acquired in Merger
136,587

 
—

 
2,271

 
—

Service cost
—

 
—

 
1

 
—

Interest cost
3,013

 
983

 
149

 
110

Net actuarial loss (gain)
3,831

 
(630
)
 
(19
)
 
(115
)
Benefits paid
(5,785
)
 
(3,412
)
 
(446
)
 
(392
)
Benefit obligations, end of year
165,976

 
28,330

 
5,276

 
3,320

Fair value of plan assets:
 
 
 
 
 
 
 
Fair value of plan assets, beginning of year
32,844

 
36,863

 
—

 
—

Fair value of plan assets acquired in Merger
141,746

 
—

 
—

 
—

Actual gain (loss) on plan assets
333

 
(607
)
 
—

 
—

Benefits paid
(5,439
)
 
(3,412
)
 
(377
)
 
(392
)
Employer contributions
—

 
—

 
377

 
392

Fair value of plan assets, end of year
169,484

 
32,844

 
—

 
—

Funded status of plan, end of period
$
3,508

 
$
4,514

 
$
(5,276
)
 
$
(3,320
)
Accumulated benefit obligation
$
165,976

 
$
28,330

 
 
 
 
Amounts recognized in the Consolidated Statements of Financial Condition:
 
 
 
 
 
 
 
Prepaid (accrued) benefit cost, end of period
$
3,508

 
$
4,514

 
$
(5,276
)
 
$
(3,320
)
Prior service cost included in accumulated other comprehensive income (loss)
$
—

 
$
—

 
$
(101
)
 
$
(147
)
Schedule of Assumptions Used to Determine the Estimated Benefit Obligation
The following schedule sets forth the changes in the benefit obligation and plan assets of the Corporation's Plans:
 
Pension Plans
 
Postretirement Benefit Plans
 
At or For the Year Ended December 31,
(In thousands)
2019
 
2018
 
2019
 
2018
Benefit obligation:
 
 
 
 
 
 
 
Benefit obligation, beginning of year
$
28,330

 
$
31,389

 
$
3,320

 
$
3,717

Benefit obligation acquired in Merger
136,587

 
—

 
2,271

 
—

Service cost
—

 
—

 
1

 
—

Interest cost
3,013

 
983

 
149

 
110

Net actuarial loss (gain)
3,831

 
(630
)
 
(19
)
 
(115
)
Benefits paid
(5,785
)
 
(3,412
)
 
(446
)
 
(392
)
Benefit obligations, end of year
165,976

 
28,330

 
5,276

 
3,320

Fair value of plan assets:
 
 
 
 
 
 
 
Fair value of plan assets, beginning of year
32,844

 
36,863

 
—

 
—

Fair value of plan assets acquired in Merger
141,746

 
—

 
—

 
—

Actual gain (loss) on plan assets
333

 
(607
)
 
—

 
—

Benefits paid
(5,439
)
 
(3,412
)
 
(377
)
 
(392
)
Employer contributions
—

 
—

 
377

 
392

Fair value of plan assets, end of year
169,484

 
32,844

 
—

 
—

Funded status of plan, end of period
$
3,508

 
$
4,514

 
$
(5,276
)
 
$
(3,320
)
Accumulated benefit obligation
$
165,976

 
$
28,330

 
 
 
 
Amounts recognized in the Consolidated Statements of Financial Condition:
 
 
 
 
 
 
 
Prepaid (accrued) benefit cost, end of period
$
3,508

 
$
4,514

 
$
(5,276
)
 
$
(3,320
)
Prior service cost included in accumulated other comprehensive income (loss)
$
—

 
$
—

 
$
(101
)
 
$
(147
)


Weighted-average rate assumptions of the Corporation's Plans follow:
 
Legacy TCF Pension Plan
 
Chemical Pension Plan
 
Legacy TCF Postretirement Plan
 
Chemical Postretirement Plan
(In thousands)
2019
 
2018
 
2017
 
2019
 
2018
 
2017
 
2019
 
2018
 
2017
 
2019
 
2018
 
2017
Discount rate used in determining benefit obligation -December 31
2.17
%
 
3.95
%
 
3.30
%
 
2.54
%
 
—
%
 
—
%
 
2.70
%
 
3.85
%
 
3.15
%
 
3.14
%
 
—
%
 
—
%
Discount rate used in determining expense
3.95

 
3.30

 
3.60

 
3.48

 
—

 
—

 
3.85

 
3.15

 
3.40

 
3.11

 
—

 
—

Expected long-term return on Pension Plan Assets
1.75

 
1.50

 
1.50

 
3.48

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

Health care cost trend rate assumed for next year
—

 
—

 
—

 
—

 
—

 
—

 
5.45

 
5.6

 
5.7

 
—

 
—

 
—

Final health care cost trend rate
—

 
—

 
—

 
—

 
—

 
—

 
4.50

 
4.5

 
4.5

 
—

 
—

 
—

Year that final health care trend rate is reached
—

 
—

 
—

 
—

 
—

 
—

 
2038

 
2038

 
2038

 
—

 
—

 
—
Schedule of Net Periodic Benefit Plan (Income) Cost Included in Other Non-interest Expense
The net periodic benefit plan (income) cost included in other noninterest expense for the Corporation's Plans was as follows for the years ended December 31:
 
Pension Plans
 
Postretirement Plans
(In thousands)
2019
 
2018
 
2017
 
2019
 
2018
 
2017
Interest cost
$
3,013

 
$
983

 
$
1,138

 
$
149

 
$
110

 
$
133

Service cost
—

 
—

 
—

 
1

 
—

 
—

Return on plan assets
(333
)
 
607

 
(1,174
)
 
—

 
—

 
—

Recognized actuarial (gain) loss
3,831

 
(630
)
 
765

 
(19
)
 
(115
)
 
(248
)
Amortization of prior service cost
—

 
—

 
—

 
(46
)
 
(46
)
 
(46
)
Net periodic benefit plan (income) cost
$
6,511

 
$
960

 
$
729

 
$
85

 
$
(51
)
 
$
(161
)
Schedule of Expected Future Benefit Payments Used to Determine the Benefit Obligation
The following schedule presents estimated future benefit payments for the next 10 years under the Corporation's Plans for retirees already receiving benefits and future retirees, assuming they retire and begin receiving unreduced benefits as soon as they are eligible:
(In thousands)
Pension Plans
Postretirement Plans
2020
$
168,945

$
623

2021
—

594

2022
—

563

2023
—

518

2024
—

484

2025 - 2029
—

1,866

Total
$
168,945

$
4,648
Schedule of Pension Plan Investments Measured at Fair Value on a Recurring Basis
The following schedule sets forth the fair value of the Pension Plans' assets and the level of valuation inputs used to value those assets at December 31, 2019 and 2018.
 
At December 31, 2019
(In thousands)
Level 1
 
Level 2
 
Level 3
 
Total
Cash
$
3,579

 
$
—

 
$
—

 
$
3,579

Debt Securities:
 
 
 
 
 
 
 
U.S. Treasury and government sponsored agency bonds and notes
—

 
86,952

 
—

 
86,952

Mutual funds(1)
69,845

 
—

 
—

 
69,845

Corporate bonds
—

 
6,718

 
—

 
6,718

Mortgage-backed securities
—

 
2,346

 
—

 
2,346

Other
775

 
—

 
—

 
775

Total investments at fair value
$
74,199

 
$
96,016

 
$
—

 
$
170,215

 
At December 31, 2018
(In thousands)
Level 1
 
Level 2
 
Level 3
 
Total
Cash
$
83

 
$
—

 
$
—

 
$
83

Debt Securities:
 
 
 
 
 
 
 
Mutual funds(1)
21,566

 
—

 
—

 
21,566

U.S. Treasury Bills
2,993

 
—

 
—

 
2,993

Mortgage-backed securities
—

 
3,399

 
—

 
3,399

Collective investment fund (measured at NAV of units as a practical expedient)
—

 
—

 
—

 
4,812

Total investments at fair value
$
24,642

 
$
3,399

 
$
—

 
$
32,853

(1) Comprised primarily of money market mutual funds, fixed-income bonds issued by the U.S. Treasury and government sponsored agencies and
bonds of U.S. and foreign issuers from diverse industries.
Schedule of Changes Recognized in Accumulated Other Comprehensive Income (Loss)
The following sets forth the changes in accumulated other comprehensive income (loss), before tax, related to the Corporation's Pension Plans and Postretirement Plans during 2019:
 
At or For the Year Ended December 31,
 
Postretirement Plans
(In thousands)
2019
 
2018
 
2017
Accumulated other comprehensive income (loss) before tax, beginning of period
$
(147
)
 
$
(193
)
 
$
(239
)
Net actuarial income (loss)
 
 
 
 
 
Amortization of prior service credit (recognized in net periodic benefit cost)
46

 
46

 
46

Accumulated other comprehensive income (loss) before tax, end of period
$
(101
)
 
$
(147
)
 
$
(193
)