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Benefit Plans (Tables)
12 Months Ended
Dec. 31, 2018
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]  
Funded Status of Plan



 

 

 

 

 

 

 



 

 

 

 

 

 

 



December 31

(Dollars in thousands)

2018

 

2017

Projected benefit obligation

$

(6,133)

 

 

$

(6,925)

 

Accumulated benefit obligation

 

(6,133)

 

 

 

(6,925)

 

Fair value of plan assets

 

4,457 

 

 

 

4,960 

 

Amounts recognized in the statement of financial condition consist of:

 

 

 

 

 

 

 

Other liabilities

$

(1,676)

 

 

$

(1,965)

 

Funded status

$

(1,676)

 

 

$

(1,965)

 

Amounts recognized in accumulated other comprehensive loss consist of:

 

 

 

 

 

 

 

Net loss

$

1,637 

 

 

$

1,849 

 

Total

$

1,637 

 

 

$

1,849 

 



Changes in Benefit Obligation and Fair Value of Plan Assets



 

 

 

 

 

 



 

 

 

 

 

 



Year ended December 31

(Dollars in thousands)

2018

2017

Change in benefit obligation

 

 

 

 

 

 

Benefit obligation at beginning of year

$

6,925 

 

$

6,695 

 

Interest cost

 

241 

 

 

262 

 

Actuarial (gain) loss

 

(567)

 

 

603 

 

Benefits paid

 

(466)

 

 

(635)

 

Benefit obligation at end of year

$

6,133 

 

$

6,925 

 

Change in plan assets

 

 

 

 

 

 

Fair value of assets at beginning of year

$

4,960 

 

$

4,887 

 

Actual return on plan assets

 

(226)

 

 

575 

 

Employer contribution

 

267 

 

 

211 

 

Benefits paid

 

(466)

 

 

(635)

 

Estimated expenses

 

(78)

 

 

(78)

 

Fair value of assets at end of year

$

4,457 

 

$

4,960 

 



Weighted Average Asset Allocations



 

 

 

 

 



 

 

 

 

 



December 31

 



2018

 

2017

Cash and cash equivalents

4.9 

%

 

3.3 

%

Equity securities

48.3 

 

 

53.1 

 

Fixed income securities

46.8 

 

 

43.6 

 

Total

100.0 

%

 

100.0 

%



Net Periodic Pension Cost



 

 

 

 

 

 



 

 

 

 

 

 



Year Ended December 31

(Dollars in thousands)

2018

2017

Service cost

$

80 

 

$

65 

 

Interest cost

 

241 

 

 

262 

 

Expected return on plan assets

 

(267)

 

 

(257)

 

Recognized net actuarial loss*

 

136 

 

 

133 

 

Recognized actuarial loss due to settlements

 

 -

 

 

106 

 

Net periodic cost

$

190 

 

$

309 

 

Assumptions used:

 

 

 

 

 

 

Discount rate:

 

 

 

 

 

 

Obligation

 

4.22 

%

 

3.61 

%

Expense

 

3.61 

 

 

4.09 

 

Rate of increase in compensation level

 

N/A

 

 

N/A

 

Expected long-term rate of return on assets

 

5.50 

 

 

5.50 

 

*Amounts are included in "Salaries and employee benefits" in the consolidated statements of income.



Estimated Future Benefit Payments



 

 

 

 

 



 

 

 

 

 

(Dollars in thousands)

Period

 

Benefits



2019

 

$

515 

 



2020

 

 

1,008 

 



2021

 

 

876 

 



2022

 

 

246 

 



2023

 

 

457 

 



2024-2028

 

 

1,726 

 



Fair Value of Plan Assets by Asset Categories







 

 

 

 

 

 

 

 

 

 

 

 



 

December 31, 2018



 

 

 

 

 

 

 

 

 

 

Assets at

(Dollars in thousands)

 

Level 1

 

Level 2

 

Level 3

 

Fair Value

Mutual fund - equity:

 

 

 

 

 

 

 

 

 

 

 

 

US equities

 

$

987 

 

$

 -

 

$

 -

 

$

987 

International equities

 

 

1,040 

 

 

 -

 

 

 -

 

 

1,040 

Real estate

 

 

126 

 

 

 -

 

 

 -

 

 

126 

Mutual funds - fixed income:

 

 

 

 

 

 

 

 

 

 

 

 

Domestic fixed income

 

 

2,086 

 

 

 -

 

 

 -

 

 

2,086 

US corporate bonds, notes and cash:

 

 

 

 

 

 

 

 

 

 

 

 

Cash

 

 

218 

 

 

 -

 

 

 -

 

 

218 

Total assets measured at fair value on a recurring basis

 

$

4,457 

 

$

 -

 

$

 -

 

$

4,457 







 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 



 

December 31, 2017



 

 

 

 

 

 

 

 

 

 

Assets at

(Dollars in thousands)

 

Level 1

 

Level 2

 

Level 3

 

Fair Value

Mutual fund - equity:

 

 

 

 

 

 

 

 

 

 

 

 

US equities

 

$

1,227 

 

$

 -

 

$

 -

 

$

1,227 

International equities

 

 

1,273 

 

 

 -

 

 

 -

 

 

1,273 

Real estate

 

 

133 

 

 

 -

 

 

 -

 

 

133 

Mutual funds - fixed income:

 

 

 

 

 

 

 

 

 

 

 

 

Domestic fixed income

 

 

2,163 

 

 

 -

 

 

 -

 

 

2,163 

US corporate bonds, notes and cash:

 

 

 

 

 

 

 

 

 

 

 

 

Cash

 

 

164 

 

 

 -

 

 

 -

 

 

164 

Total assets measured at fair value on a recurring basis

 

$

4,960 

 

$

 -

 

$

 -

 

$

4,960 



Stock Option Activity



 

 

 

 

 



 

 

 

 

 



Number

 

Weighted Average



Outstanding

 

Exercise Price

Outstanding January 1, 2017

49,700 

 

$

9.18 

 

Issued

 -

 

 

 -

 

Exercised

(33,250)

 

 

8.63 

 

Forfeited

 -

 

 

 -

 

Expired

 -

 

 

 -

 

Outstanding December 31, 2017

16,450 

 

$

10.31 

 

Issued

 -

 

 

 -

 

Exercised

(16,450)

 

 

10.31 

 

Forfeited

 -

 

 

 -

 

Expired

 -

 

 

 -

 

Outstanding December 31, 2018

 -

 

$

 -

 



Weighted Average Price And Weighted Average Remaining Contractual Life





 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

December 31, 2017

Range of

 

 

Weighted Average

 

 

Exercise

Number

Number

Exercise

Remaining

Intrinsic

Prices

Outstanding

Exercisable

Price

Contractual Life

Value

$

6.93-10.99

16,450 

16,450 

$

10.31 

0.95 years

$

385,000 



Stock Grant Activity



 

 

 

 

 



 

 

 

 

 



 

 

Weighted Average



Shares

 

Stock Price

Non-vested stock awards - January 1, 2017

55,775 

 

$

25.63 

 

Granted

500 

 

 

34.00 

 

Forfeited

(230)

 

 

22.92 

 

Vested

(24,915)

 

 

24.69 

 

Non-vested stock awards - December 31, 2017

31,130 

 

$

26.53 

 

Granted

10,750 

 

 

33.98 

 

Forfeited

(5,595)

 

 

29.00 

 

Vested

(17,695)

 

 

25.67 

 

Non-vested stock awards - December 31, 2018

18,590 

 

$

30.90 

 



Estimated 2018 Net Periodic Benefit Cost [Member]  
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]  
Net Periodic Pension Cost



 

 

 

 

 



 

 

 

 

 

(Dollars in thousands)

 

 

 

 

 

Service cost

 

$

82 

 

 

Interest cost

 

 

248 

 

 

Expected return on plan assets

 

 

(239)

 

 

Amortization of net loss

 

 

126 

 

 

Estimated 2019 net periodic benefit cost

 

$

217