Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2017

Employee Benefit Plans [Abstract]

Schedule of Net Funded Status

The following tables summarize benefit obligation and funded status, plan asset activity, components of net pension cost, and weighted average assumptions for the Pension Plan and the SERP:

		Pension				SERP
(in thousands)		2017		2016		2017		2016
Change in Benefit Obligation
Obligation at the beginning of the year	$	41,086	$	39,416	$	7,302	$	6,289
Service cost		278		305		113		100
Interest cost		1,650		1,740		293		279
Change in discount rate and mortality assumptions		3,285		3,127		0		0
Actuarial losses		450		149		112		775
Settlement losses		0		(268)		0		0
Benefits paid		(1,774)		(3,383)		(207)		(141)
Obligation at the end of the year		44,975		41,086		7,613		7,302
Change in Plan Assets
Fair value at the beginning of the year		40,989		39,200		0		0
Actual return on plan assets		5,001		2,172		0		0
Employer contribution		3,000		3,000		207		141
Benefits paid		(1,774)		(3,383)		(207)		(141)
Fair value at the end of the year		47,216		40,989		0		0
Funded/(Unfunded) Status	$	2,241	$	(97)	$	(7,613)	$	(7,302)

Components of Net Periodic Pension Plan Cost

		Pension				SERP
(in thousands)		2017		2016		2017		2016
Components of Net Pension Cost
Service cost	$	278	$	305	$	113	$	100
Interest cost		1,650		1,740		293		279
Expected return on assets		(3,002)		(2,796)		0		0
Amortization of transition asset		0		0		0		0
Amortization of recognized loss		1,057		848		146		73
Amortization of prior service cost		12		12		(3)		20
Net pension (income)/expense in employee benefits	$	(5)	$	109	$	549	$	472
Weighted Average Assumptions used to
determine benefit obligations:
Discount rate for benefit obligations		3.60%		4.10%		4.00%		4.00%
Discount rate for net pension cost		4.10%		4.50%		0		0
Expected long-term return on assets		7.00%		7.00%		0		0
Rate of compensation increase		3.00%		3.00%		3.00%		3.00%
Mortality tables		RP-2014		RP-2014		N/A		N/A

Schedule of Target Asset Allocations

Asset Class	Normalized Target	Range
Cash	5%	0% - 20%
Fixed Income	40%	30% - 50%
Equities	55%	45% - 65%

Actual Plan Asset Allocations

As of December 31, 2017 and 2016, the value of Pension Plan investments was as follows:

December 31, 2017					Fair Value Hierarchy
(Dollars in thousands)		Assets at Fair Value	% of Portfolio		Level 1		Level 2
Cash and cash equivalents	$	1,887	4.0%	$	1,887	$	0
Fixed income securities:
U.S. Government and Agencies		508	1.1%		0		508
Taxable municipal bonds and notes		4,070	8.6%		0		4,070
Corporate bonds and notes		10,483	22.2%		0		10,483
Preferred stock		540	1.1%		0		540
Fixed income mutual funds		3,031	6.4%		3,031		0
Total fixed income		18,632	39.4%		3,031		15,601
Equities:
Large Cap		16,840	35.7%		16,840		0
Mid Cap		2,077	4.4%		2,077		0
Small Cap		1,974	4.2%		1,974		0
International		5,806	12.3%		5,806		0
Total equities		26,697	56.6%		26,697		0
Total market value	$	47,216	100.0%	$	31,615	$	15,601
December 31, 2016					Fair Value Hierarchy
(Dollars in thousands)		Assets at Fair Value	% of Portfolio		Level 1		Level 2
Cash and cash equivalents	$	1,951	4.8%	$	1,951	$	0
Fixed income securities:
U.S. Government and Agencies		227	0.5%		0		227
Taxable municipal bonds and notes		3,630	8.9%		0		3,630
Corporate bonds and notes		9,500	23.2%		0		9,500
Preferred stock		492	1.2%		0		492
Fixed income mutual funds		2,682	6.5%		2,682		0
Total fixed income		16,531	40.3%		2,682		13,849
Equities:
Large Cap		16,917	41.3%		16,917		0
Mid Cap		2,477	6.0%		2,477		0
Small Cap		1,199	2.9%		1,199		0
International		1,914	4.7%		1,914		0
Total equities		22,507	54.9%		22,507		0
Total market value	$	40,989	100.0%	$	27,140	$	13,849

Expected Future Benefit Payments

Estimated cash flows related to expected future benefit payments from the Pension Plan and SERP are as follows:

(In thousands)		Pension Plan		SERP
2018	$	1,850	$	238
2019		1,971		308
2020		2,059		307
2021		2,192		363
2022		2,273		365
2023-2027		12,944		2,189

Schedule of Amounts in Accumulated Other Comprehensive Income

Amounts included in accumulated other comprehensive loss as of December 31, 2017 and 2016, net of tax, are as follows:

		2017				2016
(In thousands)		Pension		SERP		Pension		SERP
Unrecognized net actuarial loss	$	17,883	$	860	$	14,335	$	729
Unrecognized prior service costs		7		(8)		13		(8)
	$	17,890	$	852	$	14,348	$	721

Schedule of Amounts that Will Be Amortized from Other Comprehensive Loss

The estimated costs that will be amortized from accumulated other comprehensive loss into net periodic pension cost during the next fiscal year are as follows:

(In thousands)		Pension		SERP
Prior service costs	$	9	$	(3)
Net actuarial loss		1,200		161
	$	1,209	$	158