Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2018

Schedule of Changes in projected benefit obligations, plan assets, funded status and rate assumptions


	December 31,
(Dollars in thousands)	2018			2017
Change in benefit obligation
Projected benefit obligation, beginning	$	17,808		$	15,870
Service cost		1,232			1,120
Interest cost		521			552
Actuarial (gain) loss		(1,308)			1,194
Benefits paid		(1,048)			(928)
Projected benefit obligation, ending		17,205			17,808
Change in plan assets
Fair value of plan assets, beginning		19,254			16,202
Actual return on plan assets		(1,050)			2,480
Employer contributions		3,000			1,500
Benefits paid		(1,048)			(928)
Fair value of plan assets, ending		20,156			19,254
Funded status	$	2,951		$	1,446
Amounts recognized as an other asset	$	2,951		$	1,446
Amounts recognized in accumulated other comprehensive loss
Net loss	$	5,017		$	3,987
Prior service cost		(572)			(634)
Deferred taxes		(933)			(704)
Total recognized in accumulated other comprehensive loss	$	3,512		$	2,649
Weighted-average assumptions for benefit obligation at valuation date
Discount rate		4.0	%		3.3	%
Rate of compensation increase		3.0			3.0
Interest crediting rate		5.0			5.0

Schedule of net periodic benefit costs


	Year Ended December 31,
(Dollars in thousands)	2018		2017		2016
Components of net periodic benefit cost:
Service cost, included in salaries and employee benefits	$	1,232	$	1,120	$	1,076

Other components of net periodic benefit cost:
Interest cost		521		552		528
Expected return on plan assets		(1,413)		(1,138)		(1,045)
Amortization of prior service credit		(62)		(61)		(60)
Recognized net actuarial losses		125		154		157
Other components of net periodic benefit cost, included in other noninterest income		(829)		(493)		(420)

Net periodic benefit cost	$	403	$	627		656

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


	January 1,
	2018		2017		2016
Weighted-average assumptions for net periodic benefit cost
Discount rate	3.3	%	3.7	%	3.8	%
Expected return on plan assets	7.3		7.3		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)
2019	$	3,904
2020		628
2021		811
2022		815
2023		1,454
2024 – 2028		6,587
	$	14,199

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


	December 31,
	2018		2017
Mutual funds-fixed income	42	%	39	%
Mutual funds-equity	58		61
Cash and equivalents	*		*
	100	%	100	%

* Less than one percent.

Summary of fair value of defined benefit plan assets


	December 31, 2018
	Fair Value Measurements Using						Assets at Fair
(Dollars in thousands)	Level 1		Level 2		Level 3		Value
Mutual funds-fixed income 1	$	8,497	$	—	$	—	$	8,497
Mutual funds-equity 2		11,659		—		—		11,659
Cash and equivalents 3		—		—		—		—
Total pension plan assets	$	20,156	$	—	$	—	$	20,156


	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

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.