Pension and Other Post Retirement Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2019

Retirement Benefits [Abstract]

Schedule of Plans' Funded Status and Amounts Recognized in the Balance Sheets

The table below sets forth the plans’ funded status and amounts recognized in the consolidated balance sheets at December 31, using measurement dates of December 31, 2019 and 2018.

	2019			2018
Change in Benefit Obligation:
Benefit obligation at beginning of year	$	73,193		$	82,157
Service cost	39			8
Interest cost	2,975			2,816
Actuarial (gain) loss	4,007			(6,129		)
Benefits paid	(5,145		)	(5,659		)
Net transfer in from MBT acquisition	1,701			—
Benefit obligation at end of year	$	76,770		$	73,193
Change in Plan Assets:
Fair value of plan assets at beginning of year	$	76,736		$	85,213
Actual return on plan assets	12,972			(3,427		)
Employer contributions	558			609
Benefits paid	(5,145		)	(5,659		)
End of year	85,121			76,736
Funded status at end of year	$	8,351		$	3,543
Assets and Liabilities Recognized in the Balance Sheets:
Deferred tax asset	$	3,278		$	3,855
Assets	$	13,291		$	7,024
Liabilities	$	4,940		$	3,481
Amounts Recognized in Accumulated Other Comprehensive Income Not Yet Recognized as Components of Net Periodic Cost, net of tax, consist of:
Accumulated loss	$	(9,712	)	$	(14,111	)
Prior service cost	(325		)	(409		)
	$	(10,037	)	$	(14,520	)

Schedule of Accumulated Benefit Obligation in Excess of Plan Assets

Information for pension plans with an accumulated benefit obligation in excess of plan assets consists solely of the non-qualified plans for certain employees, former employees and former non-employee directors, and is included in the table below.

	December 31, 2019		December 31, 2018
Projected benefit obligation	$	4,940	$	3,481
Accumulated benefit obligation	$	4,940	$	3,481
Fair value of plan assets	$	—	$	—

Schedule of Net Periodic Pension Costs

The following table shows the components of net periodic pension benefit cost:

	December 31, 2019			December 31, 2018			December 31, 2017
Service cost	$	39		$	8		$	10
Interest cost	2,975			2,816			3,353
Expected return on plan assets	(4,414		)	(4,891		)	(4,778		)
Amortization of prior service cost	87			87			90
Amortization of net loss	404			287			1,218
Settlement loss recognized	—			—			761
Net periodic pension benefit cost	$	(909	)	$	(1,693	)	$	654

Schedule of Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income (Loss)

Other changes in plan assets and benefit obligations recognized in other comprehensive income:

	December 31, 2019			December 31, 2018			December 31, 2017
Net periodic pension benefit cost	$	(909	)	$	(1,693	)	$	654
Net gain (loss)	4,552			(2,189		)	1,504
Amortization of net loss	404			287			1,979
Amortization of prior service cost	87			87			90
Total recognized in other comprehensive income (loss)	5,043			(1,815		)	3,573
Total recognized in net periodic pension benefit cost and other comprehensive income (loss)	$	5,952		$	(122	)	$	2,919

Schedule of Amounts in Accumulated Other Comprehensive Income to be Recognized over Next Fiscal Year

The estimated amounts that will be amortized from accumulated other comprehensive income into net periodic pension benefit cost over the next fiscal year are:

	December 31, 2019			December 31, 2018			December 31, 2017
Amortization of net loss	$	(208	)	$	(432	)	$	(830	)
Amortization of prior service cost	(87		)	(87		)	(87		)
Total	$	(295	)	$	(519	)	$	(917	)

Schedule of Assumptions Used

Significant assumptions include:

	December 31, 2019		December 31, 2018		December 31, 2017
Weighted-average Assumptions Used to Determine Benefit Obligation:
Discount rate	3.20	%	4.30	%	3.60	%
Rate of compensation increase for accruing active participants	n/a		n/a		n/a
Weighted-average Assumptions Used to Determine Cost:
Discount rate	4.30	%	3.60	%	4.20	%
Expected return on plan assets	6.00	%	6.00	%	6.00	%
Rate of compensation increase for accruing active participants	n/a		n/a		n/a

Schedule of Expected Benefit Payments

The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid as of December 31, 2019. The minimum contribution required in 2020 will likely be zero, but the Corporation may decide to make a discretionary contribution during the year.

2020	$	5,662
2021	5,549
2022	5,547
2023	5,418
2024	5,241
After 2024	24,435
	$	51,852

Schedule of Allocation of Plan Assets

Following is a description of the valuation methodologies used for pension plan assets measured at fair value on a recurring basis, as well as the general classification of pension plan assets pursuant to the valuation hierarchy.

Where quoted market prices are available in an active market, plan assets are classified within Level 1 of the valuation hierarchy.  Level 1 plan assets total $80,689,000 and $71,277,000 as of December 31, 2019 and 2018, respectively, and include cash and cash equivalents, common stocks, mutual funds and corporate bonds and notes.  If quoted market prices are not available, then fair values are estimated by using pricing models, quoted prices of plan assets with similar characteristics or discounted cash flows.  Level 2 plan assets total $4,432,000 and $5,459,000 as of December 31, 2019 and 2018, respectively, and include governmental agencies, taxable municipal bonds and notes, and certificates of deposit.  In certain cases where Level 1 or Level 2 inputs are not available, plan assets are classified within Level 3 of the hierarchy.  There are no assets classified within Level 3 of the hierarchy at December 31, 2019 and 2018.

			Fair Value Measurements Using
			Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
December 31, 2019	Fair Value		(Level 1)		(Level 2)		(Level 3)
Cash & Cash Equivalents	$	2,578	$	2,578	$	—	$	—
Corporate Bonds and Notes	17,629		17,629		—		—
Government Agency and Municipal Bonds and Notes	3,660		—		3,660		—
Certificates of Deposit	772		—		772		—
Party-in-Interest Investments
Common Stock	2,516		2,516		—		—
Mutual Funds
Taxable Bond	13,938		13,938		—		—
Large Cap Equity	21,958		21,958		—		—
Mid Cap Equity	10,407		10,407		—		—
Small Cap Equity	5,753		5,753		—		—
International Equity	3,898		3,898		—		—
Specialty Alternative Equity	2,012		2,012		—		—
	$	85,121	$	80,689	$	4,432	$	—

			Fair Value Measurements Using
			Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
December 31, 2018	Fair Value		(Level 1)		(Level 2)		(Level 3)
Cash & Cash Equivalents	$	3,026	$	3,026	$	—	$	—
Corporate Bonds and Notes	16,691		16,691		—		—
Government Agency and Municipal Bonds and Notes	4,479		—		4,479		—
Certificates of Deposit	980		—		980		—
Party-in-Interest Investments
Common Stock	2,073		2,073		—		—
Mutual Funds
Taxable Bond	12,817		12,817		—		—
Large Cap Equity	18,269		18,269		—		—
Mid Cap Equity	8,735		8,735		—		—
Small Cap Equity	4,713		4,713		—		—
International Equity	3,336		3,336		—		—
Specialty Alternative Equity	1,617		1,617		—		—
	$	76,736	$	71,277	$	5,459	$	—

Plan assets are re-balanced quarterly. At December 31, 2019 and 2018, plan assets by category are as follows:

	December 31, 2019				December 31, 2018
	Actual		Target		Actual		Target
Cash and cash equivalents	3.0	%	3.0	%	3.9	%	3.0	%
Equity securities	52.3		50.0		48.4		50.0
Debt securities	42.3		45.0		45.6		45.0
Alternative investments	2.4		2.0		2.1		2.0
	100.0	%	100.0	%	100.0	%	100.0	%