Pension and Retirement Plans (Tables)

12 Months Ended

Dec. 31, 2019

Compensation And Retirement Disclosure [Abstract]

Components of Projected Benefit Obligations and Funded Status

Projected benefit obligations and funded status were as follows:

	Pension Plan						Supplemental Retirement Plan
	2019			2018			2019			2018
	(dollars in thousands)
Change in projected benefit obligation
Obligation at beginning of year	$	40,522		$	43,943		$	8,830		$	9,204
Service cost		—			—			283			354
Interest cost		1,680			1,557			349			309
Actuarial loss/(gain)		4,670			(3,659	)		770			(499	)
Benefits paid		(1,471	)		(1,319	)		(610	)		(538	)
Obligation at end of year		45,401			40,522			9,622			8,830
Change in plan assets
Fair value at beginning of year		42,648			45,247			—			—
Actual return on plan assets		8,954			(1,280	)		—			—
Employer contribution		—			—			610			538
Benefits paid		(1,471	)		(1,319	)		(610	)		(538	)
Fair value at end of year		50,131			42,648			—			—
Funded status at end of year	$	4,730		$	2,126		$	(9,622	)	$	(8,830	)

Projected benefit obligations and funded status were as follows:

	Postretirement Healthcare Plan
	2019			2018
	(dollars in thousands)
Change in projected benefit obligation
Obligation at beginning of year	$	598		$	617
Service cost		25			23
Interest cost		25			22
Actuarial loss/(gain)		76			(30	)
Benefits paid		(35	)		(34	)
Obligation at end of year		689			598
Change in plan assets
Fair value at beginning of year		—			—
Actual return on plan assets		—			—
Employer contribution		35			33
Benefits paid		(35	)		(33	)
Fair value at end of year		—			—
Funded status at end of year	$	(689	)	$	(598	)

Schedule of Amounts Recognized in Consolidated Balance Sheets

Amounts recognized in the consolidated balance sheets consisted of:

	Pension Plan				Supplemental Retirement Plan
	2019		2018		2019			2018
	(dollars in thousands)
Other assets/(liabilities)	$	4,730	$	2,126	$	(9,622	)	$	(8,830	)

Amounts recognized in the consolidated balance sheets consisted of:

	Postretirement Healthcare Plan
	2019			2018
	(dollars in thousands)
Other liabilities	$	(689	)	$	(598	)

Schedule of Amounts Recognized in Accumulated Other Comprehensive Loss

Amounts recognized in accumulated other comprehensive loss consisted of:

	Pension Plan						Supplemental Retirement Plan
	2019			2018			2019		2018
	(dollars in thousands)
Net actuarial loss/(gain)	$	3,709		$	5,427		$	1,128	$	358
Prior service (benefit)		(7	)		(12	)		—		—
Total	$	3,702		$	5,415		$	1,128	$	358

Amounts recognized in accumulated other comprehensive loss consisted of:

	Postretirement Healthcare Plan
	2019			2018
	(dollars in thousands)
Net actuarial (gain)/loss	$	(34	)	$	(113	)
Prior service cost		—			—
Total	$	(34	)	$	(113	)

Certain Disaggregated Information to Retirement Plans

Certain disaggregated information related to our retirement plans were as follows:

	Pension Plan				Supplemental Retirement Plan
	2019		2018		2019			2018
	(dollars in thousands)
Projected benefit obligation	$	45,401	$	40,522	$	9,622		$	8,830
Accumulated benefit obligation		45,401		40,522		9,207			8,567
Fair value of plan assets		50,131		42,648		—			—
Funded status at end of year		4,730		2,126		(9,622	)		(8,830	)

Components of Net Periodic Benefit Cost and Amounts Recognized in Other Comprehensive Income/ (Loss)

The components of net periodic benefit cost and amounts recognized in other comprehensive income/ (loss) were as follows:

	Pension Plan						Supplemental Retirement Plan
	2019			2018			2019		2018
	(dollars in thousands)
Net periodic benefit cost
Service cost	$	—		$	—		$	283	$	354
Interest cost		1,680			1,557			349		309
Expected return on assets		(2,721	)		(2,891	)		—		—
Amortization of prior service credit		(4	)		(4	)		—		—
Amortization of net actuarial loss/(gain)		154			106			—		4
Net periodic benefit cost		(891	)		(1,232	)		632		667
Amounts recognized in other comprehensive income/( loss)
Net actuarial loss/(gain)		(1,563	)		512			770		(499	)
Amortization of prior service credit		4			4					(4	)
Amortization of net actuarial gain		(154	)		(106	)		—		—
Total recognized in other comprehensive income/( loss)		(1,713	)		410			770		(503	)
Total recognized in net periodic benefit cost and other    comprehensive income/( loss)	$	(2,604	)	$	(822	)	$	1,402	$	164

The components of net periodic benefit cost and amounts recognized in other comprehensive income were as follows:

	Postretirement Healthcare Plan
	2019			2018
	(dollars in thousands)
Net periodic benefit cost
Service cost	$	25		$	23
Interest cost		25			22
Expected return on assets		—			—
Amortization of prior service credit		—			—
Amortization of net actuarial gain		(3	)		—
Net periodic benefit cost		47			45
Amounts recognized in other comprehensive income/( loss)
Net actuarial (gain) loss		76			(30	)
Amortization of prior service credit		—			—
Amortization of net actuarial gain		3			—
Total recognized in other comprehensive income/( loss)		79			(30	)
Total recognized in net periodic benefit cost and    other comprehensive  income/( loss)	$	126		$	15

Schedule of Weighted-average Assumptions Used to Determine Projected Benefit Obligations and Net Periodic Benefit Cost

Weighted-average assumptions used to determine projected benefit obligations are as follows:

	Pension Plan						Supplemental Retirement Plan
	2019			2018			2019			2018
Discount rate		3.22	%		4.23	%		3.04	%		4.10	%
Rate of compensation increase	N/A			N/A				4.00	%		4.00	%

Weighted-average assumptions used to determine net periodic benefit cost are as follows:

	Pension Plan						Supplemental Retirement Plan
	2019			2018			2019			2018
Discount rate		4.23	%		3.58	%		4.10	%		3.39	%
Expected long-term return on plan assets		6.50	%		6.50	%	N/A			N/A
Rate of compensation increase	N/A			N/A				4.00	%		4.00	%

Weighted-average assumptions used to determine projected benefit obligations are as follows:

	Postretirement Healthcare Plan
	2019			2018
Discount rate		3.26	%		4.22	%
Rate of compensation increase	N/A			N/A

Weighted-average assumptions used to determine net periodic benefit cost are as follows:

	Postretirement Healthcare Plan
	2019			2018
Discount rate		4.22	%		3.58	%
Expected long-term return on plan assets	N/A			N/A
Rate of compensation increase	N/A			N/A

Schedule of Pension Plan Weighted-average Asset Allocations by Asset

The Company’s Pension Plan weighted-average asset allocations by asset category were as follows:

	December 31,
	2019			2018
Equity securities		53	%		60	%
Debt securities		36			35
Other		3			1
Cash and equivalents		8			4
Total		100	%		100	%

Summary of Various Categories of Pension Plan Assets

The following table summarizes the various categories of the Pension Plan’s assets:

	Fair Value as of December 31, 2019
	Level 1		Level 2		Level 3		Total
	(dollars in thousands)
Asset category
Cash and cash equivalents	$	4,834	$	—	$	—	$	4,834
Fixed Income		—		7,197		—		7,197
Equity securities
Common Stock
Large cap core		17,180		—		—		17,180
Mid cap core		—		—		—		—
Small cap core		2,627		—		—		2,627
Mutual funds
Domestic Equity		3,931		—		—		3,931
International		3,650		—		—		3,650
Domestic Fixed Income		10,712						10,712
Preferred Stock		—		—		—		—
Total	$	42,934	$	7,197	$	—	$	50,131

Information to Retirement Plans with Accumulated Benefit Obligation in Excess of Plan Assets

Information for retirement plans with an accumulated benefit obligation in excess of plan assets:

	Postretirement Healthcare Plan
	2019		2018
	(dollars in thousands)
Projected benefit obligation	$	689	$	598
Accumulated benefit obligation		689		598
Fair value of plan assets		—		—

Schedule of Assumed Health Care Cost Trend Rates

Assumed health care cost trend rates are as follows:

	Postretirement Healthcare Plan
	2019			2018
Health care cost trend rate assumed for next year		4.00	%		4.00	%
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)		4.00	%		4.00	%
Year that the rate reaches the ultimate trend rate		2019			2018

Schedule of Effect on One-percentage-point Change in Assumed Health Care Cost Trend Rates

A one-percentage-point change in assumed health care cost trend rates would have the following effects:

	One Percentage Point
	Increase		Decrease
	(dollars in thousands)
Effect on total service and interest cost	$	—	$	—
Effect on postretirement benefit obligation		2		(2	)

Schedule of Benefits Expected to be Paid in the Next Ten Years

Benefits expected to be paid in the next ten years are as follows:

	Pension Plan		Supplemental Retirement Plan		Postretirement Healthcare Plan		Total
	(dollars in thousands)
Year-ended December 31,
2020	$	1,751	$	594	$	30	$	2,375
2021		1,813		591		30		2,434
2022		1,948		609		31		2,588
2023		2,061		605		31		2,697
2024		2,135		602		31		2,768
2025-2029 inclusive		11,784		2,916		166		14,866
Ten year total	$	21,492	$	5,917	$	319	$	27,728

Schedule of Estimated Amounts That will be Amortized from Accumulated Other Comprehensive Income into Net Periodic Benefit Cost

The estimated amounts that will be amortized from accumulated other comprehensive income into net periodic benefit cost during 2019 are as follows:

	Pension Plan			Supplemental Retirement Plan		Postretirement Healthcare Plan		Total
	(dollars in thousands)
Prior service cost	$	(4	)	$	—	$	—	$	(4	)
Net (gain)/loss		—			—		—		—
Total	$	(4	)	$	—	$	—	$	(4	)