Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2019

Benefit Plans

Schedule of Information About the Plan's Funded Status and Pension Cost

The Company uses a December 31st measurement date for the plan. Information about the plan’s funded status and pension cost follows:

	Pension Benefits
	2019		2018
	(In thousands)
Change in benefit obligation
Beginning of year	$	(4,157)	$	(4,672)
Service cost		(299)		(302)
Interest cost		(218)		(221)
Actuarial (loss) gain		(1,276)		470
Benefits paid		362		568
End of year		(5,588)		(4,157)
Change in fair value of plan assets
Beginning of year		5,041		5,605
Actual return on plan assets		967		(417)
Employer contribution		465		421
Benefits paid		(362)		(568)
End of year		6,111		5,041
Funded status at end of year	$	523	$	884

Schedule of Components of Net Periodic Benefit Cost

Amounts recognized in accumulated other comprehensive loss not yet recognized as components of net periodic benefit cost consist of:

	Pension Benefits
	2019		2018
	(In thousands)
Unamortized net loss	$	2,009	$	1,388
Unamortized prior service		(581)		(670)
	$	1,428	$	718

Schedule of Information For the Pension Plan With Respect To Accumulated Benefit Obligation And Plan Assets

Information for the pension plan with respect to accumulated benefit obligation and plan assets is as follows:

	December 31,
	2019		2018
	(In thousands)
Projected benefit obligation	$	5,588	$	4,157
Accumulated benefit obligation	$	5,032	$	3,840
Fair value of plan assets	$	6,111	$	5,041

Schedule of pension expense

	December 31,
	2019		2018
	(In thousands)
Components of net periodic benefit cost
Service cost	$	299	$	302
Interest cost		218		221
Expected return on plan assets		(468)		(445)
Amortization of prior service (credit) cost		(89)		(89)
Amortization of net loss		145		51
Net periodic benefit cost	$	105	$	40

Summary of Significant Assumptions

Significant assumptions include:

	Pension Benefits
	2019		2018
Weighted-average assumptions used to determine benefit obligation:
Discount rate	4.39	%	5.37	%
Rate of compensation increase	3.50	%	3.00	%
Weighted-average assumptions used to determine benefit cost:
Discount rate	4.39	%	5.37	%
Expected return on plan assets	7.50	%	7.50	%
Rate of compensation increase	3.00	%	3.00	%

Summary of Benefit Payments

The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid as of December 31, 2019:

	Pension
	Benefits
	(In thousands)
2020	$	516
2021		639
2022		412
2023		329
2024		339
2025‑2029		3,055
Total	$	5,290

Schedule of Target Asset Allocation Percentages

The target asset allocation percentages for both 2019 and 2018 are as follows:

Large-Cap stocks	Not to exceed 68%
Small-Cap stocks	Not to exceed 23%
Mid-Cap stocks	Not to exceed 23%
International equity securities	Not to exceed 30%
Fixed income investments	Not to exceed 35%
Alternative investments	Not to exceed 19%

Schedule of Investment of Fair Value of Plan Assets as a Percentage of the Total

At December 31, 2019 and 2018, the fair value of plan assets as a percentage of the total was invested in the following:

	December 31,
	2019		2018
Equity securities	70.6	%	71.8	%
Debt securities	29.1		27.0
Cash and cash equivalents	0.3		1.2
	100.0	%	100.0	%

Schedule of Fair Values of Company's Pension Plan By Asset Category

The fair values of Company’s pension plan assets at December 31st, by asset category are as follows:

December 31, 2019
			Fair Value Measurements Using
			Quoted Prices		Significant
			in Active		Other		Significant
			Markets for		Observable		Unobservable
			Identical Assets		Inputs		Inputs
Asset Category	Total Fair Value		(Level 1)		(Level 2)		(Level 3)
	(In thousands)
Mutual money market	$	186	$	186	$	––	$	––
Mutual funds – equities
ETF mutual funds		3,404		3,404		––		––
Large and small Cap		317		317		––		––
International		419		419
Commodities		178		178		––		––
Mutual funds – fixed income
Fixed income		1,324		1,324		––		––
ETF fixed income		283		283		––		––
Total	$	6,111	$	6,111	$	—	$	—

December 31, 2018
			Fair Value Measurements Using
			Quoted Prices		Significant
			in Active		Other		Significant
			Markets for		Observable		Unobservable
			Identical Assets		Inputs		Inputs
Asset Category	Total Fair Value		(Level 1)		(Level 2)		(Level 3)
	(In thousands)
Mutual money market	$	63	$	63	$	––	$	––
Mutual funds – equities
ETF mutual funds		2,860		2,860		––		––
Large and small Cap		260		260		––		––
International		346		346
Commodities		149		149		––		––
Mutual funds – fixed income
Fixed income		996		996		––		––
ETF fixed income		367		367		––		––
Total	$	5,041	$	5,041	$	—	$	—

Schedule of Share Information for the ESOP

Share information for the ESOP is as follows at December 31, 2019 and 2018:

	2019		2018
Allocated shares at beginning of the year	$	416,982	$	407,268
Shares released for allocation during the year		23,635		23,635
Net shares distributed due to retirement/diversification		(52,841)		(61,192)
Unearned shares		23,635		47,271
Total ESOP shares		411,411		416,982
Fair value of unearned shares at December 31st	$	338,000	$	539,000