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Employee Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2019
Defined Benefit Plan Disclosure [Line Items]  
Compensation Expense and Related Tax Benefits for Restricted Stock

The following table presents compensation expense and related tax benefits for restricted stock awards recognized on the consolidated statement of income.

 

 

 

 

 

 

 

(Dollars in thousands)

 

 

 

 

 

 

 

    

2019

    

2018

Compensation expense

 

$

109

 

$

77

Tax benefit

 

 

(23)

 

 

(16)

Net income effect

 

$

86

 

$

61

 

Summary of Non-Vested Restricted Shares Activity

The following table presents a summary of non-vested restricted shares activity for 2019.

 

 

 

 

 

 

 

    

 

    

Weighted

 

 

 

 

Average

 

 

 

 

Grant Date

 

 

Shares

 

Fair Value

Non-vested at January 1, 2019

 

13,020

 

$

18.78

Vested

 

(4,360)

 

 

18.05

Cancelled

 

 —

 

 

 —

Forfeited

 

(800)

 

 

19.62

Granted

 

7,500

 

 

20.00

Non-vested at December 31, 2019

 

15,360

 

 

19.54

 

Schedule of Stock Options Activity

A summary of the status of the outstanding stock options as of December 31, 2019 and 2018, and changes during the years ending on those dates is presented below:

 

 

 

 

 

 

 

 

 

 

 

 

 

2019

 

2018

 

    

 

    

Weighted

    

 

    

Weighted

 

 

 

 

Average

 

 

 

Average

 

 

 

 

Exercise

 

 

 

Exercise

 

 

Shares

 

Price

 

Shares

 

Price

Outstanding at beginning of year

 

113,756

 

$

17.76

 

125,026

 

$

17.91

Granted

 

 —

 

 

 —

 

 —

 

 

 —

Exercised

 

(20,609)

 

 

17.66

 

(5,170)

 

 

17.47

Forfeited

 

 —

 

 

 —

 

(6,100)

 

 

21.10

Outstanding at end of year

 

93,147

 

$

17.78

 

113,756

 

$

17.76

 

 

 

 

 

 

 

 

 

 

 

Options exercisable at year-end

 

92,147

 

 

  

 

110,911

 

 

  

Weighted-average fair value of options granted during the year

 

  

 

$

 —

 

  

 

$

 —

Intrinsic value of options exercised during the year

 

  

 

$

43,135

 

  

 

$

15,240

Intrinsic value of options outstanding and exercisable at December 31, 2019

 

  

 

$

144,656

 

  

 

 

  

 

JVB Plan [Member]  
Defined Benefit Plan Disclosure [Line Items]  
Schedule of Allocation of Plan Assets

The following table illustrates the equity instruments, by fair value hierarchy, included in the JVB Plan’s assets at fair value as of December 31, 2018. Due to the liquidation of the JVB Plan in the third quarter of 2019, no assets remained at December 31, 2019.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    

    

 

    

(Level 1)

    

(Level 2)

    

(Level 3)

 

 

  

 

 

Quoted Prices in

 

Significant Other

 

Significant Other

(Dollars in thousands)

 

December 31, 

 

Active Markets for

 

Observable

 

Unobservable

 

 

2018

 

Identical Assets

 

Inputs

 

Inputs

Measured at fair value on a recurring basis:

 

 

  

 

 

  

 

 

  

 

 

  

Mutual funds

 

$

11,891

 

$

11,891

 

$

 —

 

$

 —

Money market funds

 

 

241

 

 

241

 

 

 —

 

 

 —

 

 

$

12,132

 

$

12,132

 

$

 —

 

$

 —

 

Schedule of Net Funded Status

The measurement date for the JVB Plan is December 31. Information pertaining to the activity in the defined benefit plan was as follows:

 

 

 

 

 

 

 

(Dollars in thousands)

 

Years ended December 31, 

 

    

2019

    

2018

Change in projected benefit obligation ("PBO")

 

 

 

 

 

 

PBO at beginning of year

 

$

12,555

 

$

15,554

Interest cost

 

 

299

 

 

521

Change in assumptions

 

 

1,477

 

 

(1,208)

Actuarial loss

 

 

(1,326)

 

 

(244)

Group annuity purchase

 

 

(9,021)

 

 

 —

Settlement payments

 

 

(3,569)

 

 

(1,485)

Benefits paid

 

 

(415)

 

 

(583)

PBO at end of period

 

$

 —

 

$

12,555

Change in plan assets

 

 

  

 

 

  

Fair value of plan assets at beginning of year

 

$

12,182

 

$

13,117

Actual return on plan assets, net of expenses

 

 

1,254

 

 

(217)

Employer contribution

 

 

 —

 

 

1,350

Group annuity purchase

 

 

(9,021)

 

 

 —

Settlement payments

 

 

(3,569)

 

 

(1,485)

Benefits paid

 

 

(415)

 

 

(583)

Benefits transferred to 401(k) Plan

 

 

(431)

 

 

 —

Fair value of plan assets at end of period

 

$

 —

 

$

12,182

Funded status, included in other (liabilities) assets

 

$

 —

 

$

(373)

 

 

 

 

 

 

 

Amounts recognized in accumulated comprehensive loss before income taxes consist of:

 

 

  

 

 

  

Unrecognized actual loss

 

$

 —

 

$

(884)

Accumulated benefit obligation

 

$

 —

 

$

12,555

 

Components of Net Periodic Pension Cost

Pension expense for the JVB Plan included the following components for the years ended December 31:

 

 

 

 

 

 

 

 

 

 

Year Ended

 

(Dollars in thousands)

 

December 31, 

 

 

    

2019

    

2018

    

Components of net periodic pension cost:

 

 

 

 

 

 

 

Interest cost

 

$

299

 

$

521

 

Expected return on plan assets

 

 

(182)

 

 

(690)

 

Recognized net actuarial loss

 

 

1,277

 

 

339

 

Net periodic pension cost

 

 

1,394

 

 

170

 

Total recognized in other comprehensive income

 

 

(2,197)

 

 

(884)

 

Total recognized in net periodic pension benefit and other comprehensive income

 

$

(803)

 

$

(714)

 

 

Schedule of Assumptions Used

Assumptions used to determine benefit obligations were:

 

 

 

 

 

 

 

    

2019

    

2018

    

Discount rate

 

 —

%  

4.10

%  

Rate of compensation increase

 

N/A

 

N/A

 

 

Assumptions used to determine the net periodic benefit cost were:

 

 

 

 

 

 

 

    

2019

    

2018

    

Discount rate

 

 —

%  

 3.50

%  

Expected long-term return on plan assets

 

 —

 

4.20

 

Rate of compensation increase

 

N/A

 

N/A