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Pension and Other Benefits (Tables)

12 Months Ended

Dec. 31, 2020

Schedule of Changes in Projected Benefit Obligations [Table Text Block]

The following table sets forth changes in projected benefit obligation, changes in fair value of plan assets, funded status, and amounts recognized in the consolidated statements of condition for the Company’s pension plans as of December 31, 2020 and 2019.

	2020		2019
	(dollars in thousands)
Change in Benefit Obligation:
Projected benefit obligation as of January 1,	$	12,533	$	10,969
Interest cost		364		453
Actuarial loss		1,300		1,909
Benefits paid		(721)		(798)
Projected benefit obligation as of December 31,	$	13,476	$	12,533
Change in Plan Assets:
Fair value of plan assets as of January 1,	$	14,616	$	13,023
Actual return on plan assets		1,973		2,391
Employer contributions		-		-
Benefits paid		(721)		(798)
Fair value of plan assets as of December 31,	$	15,868	$	14,616
Funded status	$	2,392	$	2,083

Schedule of Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized over Next Fiscal Year [Table Text Block]

Amounts recognized as a component of accumulated other comprehensive loss as of year-end that have not been recognized as a component of the net periodic pension expense for the plan are presented in the following table. The Company expects to recognize approximately $0.3 million of the net actuarial loss reported in the following table as of December 31, 2020 as a component of net periodic pension expense during 2021.

	2020		2019
	(dollars in thousands)
Net actuarial loss recognized in accumulated other comprehensive income	$	4,926	$	5,116

Schedule of Net Benefit Costs [Table Text Block]

The net periodic pension expense and other comprehensive income (before tax) for 2020, 2019 and 2018 includes the following:

	2020		2019		2018
	(dollars in thousands)
Interest cost	$	364	$	453	$	427
Expected return on plan assets		(784)		(697)		(765)
Net amortization		301		358		366
Total net periodic pension expense	$	(119)	$	114	$	28

Total gain recognized in other comprehensive income		(190)		(150)		(595)
Total recognized in net periodic expense and other comprehensive income (before tax)	$	(309)	$	(36)	$	(567)

Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets [Table Text Block]

The following table presents the weighted average assumptions used to determine the pension benefit obligations as of December 31, for the following periods:

	2020			2019
Discount rate		2.17	%		2.99	%
Rate of compensation increase		N/A			N/A

The following table presents the weighted average assumptions used to determine net periodic pension cost for the following three years:

	2021			2020			2019

Discount rate		2.17	%		2.99	%		4.05	%
Expected long-term return on plan assets		5.50	%		5.50	%		5.50	%
Rate of compensation increase		N/A			N/A			N/A

Schedule of Allocation of Plan Assets [Table Text Block]

The general investment policy of the Pension Trust is for the fund to experience growth in assets that will allow the market value to exceed the value of benefit obligations over time. The Company’s pension plan asset allocation as of December 31, 2020 and 2019, target allocation, and expected long-term rate of return by asset are as follows:

	Target Allocation		% of Plan Assets – Year Ended 2020		% of Plan Assets – Year Ended 2019		Weighted Average Expected Long-Term Rate of Return
Equity Securities
Domestic		50%		55%		47%		3.4%
International		10%		6%		7%		0.7%
Debt and/or fixed income securities		36%		35%		37%		1.2%
Cash and other alternative investments, including real estate funds, commodity funds, hedge funds and equity structured notes		4%		4%		9%		0.2%
Total		100%	$	100%	$	100%	$	5.5%

Schedule of Changes in Fair Value of Plan Assets [Table Text Block]

The fair values of the Company’s pension plan assets as of December 31, 2020 and 2019, by asset class, are as follows:

	December 31, 2020		Fair Value Measurements at Reporting Date Using
Asset Class			Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(dollars in thousands)
Cash	$	406	$	406	$	-	$	-
Equity securities:
U.S. companies		8,737		8,737		-		-
International companies		1,031		1,031		-		-
Debt and/or fixed income securities		5,522		5,522
Commodity funds		115		115
Real estate funds		57		57		-		-
Total	$	15,868	$	15,868	$	-	$	-

	December 31, 2019		Fair Value Measurements at Reporting Date Using
Asset Class			Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(dollars in thousands)
Cash	$	1,171	$	1,171	$	-	$	-
Equity securities:
U.S. companies		6,896		6,896		-		-
International companies		1,023		1,023		-		-
Debt and/or fixed income securities		5,355		5,355
Commodity funds		115		115
Real estate funds		56		56		-		-
Total	$	14,616	$	14,616	$	-	$	-

Schedule of Defined Benefit Plans Disclosures [Table Text Block]

The following benefit payments, which reflect expected future service, as appropriate, for the following years are as follows (dollars in thousands):

2021	$	754
2022		733
2023		712
2024		699
2025		697
2026-2030		3,664