Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2017

Schedule of Changes in Projected Benefit Obligations, Fair Value, and Funded Status


	December 31,
(Dollars in thousands)	2017			2016			2015
Change in benefit obligation
Projected benefit obligation, beginning	$	15,870		$	14,518		$	13,582
Service cost		1,120			1,076			1,040
Interest cost		552			528			468
Actuarial loss (gain)		1,194			276			(347)
Benefits paid		(928)			(528)			(351)
Prior service cost attributed to CVB participation		—			—			126
Projected benefit obligation, ending		17,808			15,870			14,518
Change in plan assets
Fair value of plan assets, beginning		16,202			14,697			14,084
Actual return on plan assets		2,480			1,033			(36)
Employer contributions		1,500			1,000			1,000
Benefits paid		(928)			(528)			(351)
Fair value of plan assets, ending		19,254			16,202			14,697
Funded status	$	1,446		$	332		$	179
Amounts recognized as an other asset	$	1,446		$	332		$	179
Amounts recognized in accumulated other comprehensive loss
Net loss	$	3,987		$	4,290		$	4,160
Prior service cost		(634)			(695)			(755)
Deferred taxes		(704)			(1,259)			(1,192)
Total recognized in accumulated other comprehensive loss	$	2,649		$	2,336		$	2,213
Weighted-average assumptions for benefit obligation at valuation date
Discount rate		3.3	%		3.7	%		3.8	%
Expected return on plan assets		7.3			7.5			7.5
Rate of compensation increase		3.0			3.0			3.0

Schedule of net periodic benefit costs


	Year Ended December 31,
(Dollars in thousands)	2017		2016		2015
Components of net periodic benefit cost:
Service cost	$	1,120	$	1,076	$	1,040
Interest cost		552		528		468
Expected return on plan assets		(1,138)		(1,045)		(1,043)
Amortization of prior service cost		(61)		(61)		(61)
Recognized net actuarial loss		154		158		130
Net periodic benefit cost		627		656		534
Other changes in plan assets and benefit obligations recognized in other comprehensive (income) loss
Net (gain) loss		(303)		129		602
Prior service cost		—		—		126
Amortization of prior service costs		61		60		61
Deferred taxes		85		(66)		(276)
Total recognized in other comprehensive (income) loss		(157)		123		513
Total recognized in net periodic benefit cost and other comprehensive loss	$	470	$	779	$	1,047

Schedule of weighted-average assumptions used for net periodic benefit cost


	January 1,
	2017		2016		2015
Weighted-average assumptions for net periodic benefit cost
Discount rate	3.7	%	3.8	%	3.6	%
Expected return on plan assets	7.3		7.5		7.5
Rate of compensation increase	3.0		3.0		3.0

Schedule of benefits expected to be paid by the plan in the next ten years


(Dollars in thousands)
2018	$	3,499
2019		801
2020		668
2021		803
2022		1,515
2023 – 2027		6,611
	$	13,897

Schedule of defined benefit pension plan weighted average asset allocations by asset category


	December 31,
	2017		2016
Mutual funds-fixed income	39	%	39	%
Mutual funds-equity	61		61
Cash and equivalents	*		*
	100	%	100	%

* Less than one percent.

Summary of fair value of defined benefit plan assets


	December 31, 2017
	Fair Value Measurements Using						Assets at Fair
(Dollars in thousands)	Level 1		Level 2		Level 3		Value
Mutual funds-fixed income 1	$	7,510	$	—	$	—	$	7,510
Mutual funds-equity 2		11,744		—		—		11,744
Cash and equivalents 3		—		—		—		—
Total pension plan assets	$	19,254	$	—	$	—	$	19,254


	December 31, 2016
	Fair Value Measurements Using						Assets at Fair
(Dollars in thousands)	Level 1		Level 2		Level 3		Value
Mutual funds-fixed income 1	$	6,273	$	—	$	—	$	6,273
Mutual funds-equity 2		9,929		—		—		9,929
Cash and equivalents 3		—		—		—		—
Total pension plan assets	$	16,202	$	—	$	—	$	16,202

This category includes investments in mutual funds focused on fixed income securities with both short-term and long-term investments. The funds are valued using the net asset value method in which an average of the market prices for the underlying investments is used to value the funds.

This category includes investments in mutual funds focused on equity securities with a diversified portfolio and includes investments in large cap and small cap funds, growth funds, international focused funds and value funds. The funds are valued using the net asset value method in which an average of the market prices for the underlying investments is used to value the funds.

This category comprises cash and short-term cash equivalent funds. The funds are valued at cost which approximates fair value.