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Employee Benefits (Tables)
12 Months Ended
Dec. 31, 2018
Defined Benefit Plan Disclosure [Line Items]  
Defined benefit pension plan funded

The following table sets forth the defined benefit pension plan’s funded status as of December 31, 2018 and 2017 and amounts recognized in the Company’s consolidated financial statements for each of the years in the period ended December 31, 2018:

 

(In thousands)

 

2018

 

 

2017

 

Change in benefit obligation:

 

 

 

 

 

 

 

 

Benefit obligation at beginning of period

 

$

5,909

 

 

$

5,785

 

Service cost

 

 

100

 

 

 

100

 

Interest cost

 

 

165

 

 

 

192

 

Actuarial loss (gain)

 

 

(797

)

 

 

224

 

Administrative expenses paid

 

 

(36

)

 

 

(40

)

Benefits paid

 

 

(225

)

 

 

(77

)

Settlements

 

 

 

 

 

(275

)

Benefit obligation at end of year

 

 

5,116

 

 

 

5,909

 

Change in plan assets:

 

 

 

 

 

 

 

 

Fair value of plan assets at beginning of period

 

 

6,130

 

 

 

4,689

 

Return on plan assets

 

 

(213

)

 

 

533

 

Employer contributions

 

 

 

 

 

1,300

 

Administrative expenses paid

 

 

(36

)

 

 

(40

)

Benefits paid

 

 

(225

)

 

 

(77

)

Settlements

 

 

 

 

 

(275

)

Fair value of plan assets at end of year

 

 

5,656

 

 

 

6,130

 

Funded status

 

$

540

 

 

$

221

 

 

 

 

 

 

 

 

 

 

 

(In thousands)

 

2018

 

 

2017

 

 

2016

 

Components of net periodic benefit cost:

 

 

 

 

 

 

 

 

 

 

 

 

Service cost

 

$

100

 

 

$

100

 

 

$

100

 

Interest cost

 

 

165

 

 

 

192

 

 

 

221

 

Expected return on plan assets

 

 

(319

)

 

 

(261

)

 

 

(234

)

Net loss amortization

 

 

 

 

 

65

 

 

 

53

 

Cost of settlements

 

 

 

 

 

45

 

 

 

156

 

Net periodic benefit cost

 

$

(54

)

 

$

141

 

 

$

296

 

Amount recognized in accumulated other comprehensive income:

 

 

 

 

 

 

 

 

 

 

 

 

Amortization of net actuarial loss

 

$

 

 

$

65

 

 

$

53

 

Net actuarial gain (loss)

 

 

265

 

 

 

48

 

 

 

(226

)

Adjustment for settlement

 

 

 

 

 

45

 

 

 

156

 

Gains (losses) on pension liability

 

 

265

 

 

 

158

 

 

 

(17

)

Tax effect

 

 

(62

)

 

 

(37

)

 

 

4

 

Net unrealized gains (losses) on pension liability

 

$

203

 

 

$

121

 

 

$

(13

)

Assumptions Used to Determine Benefit Obligations and Net Periodic Pension Cost

 

 

 

2018

 

 

2017

 

 

2016

 

Weighted average assumptions used to determine benefit

   obligations and net periodic pension cost at December 31:

 

 

 

 

 

 

 

 

 

 

 

 

Discount rate

 

 

3.92

%

 

 

3.21

%

 

 

3.52

%

Compensation increase rate

 

N/A

 

 

N/A

 

 

N/A

 

Census date

 

1/1/2019

 

 

1/1/2018

 

 

1/1/2017

 

Expected return on plan assets

 

 

5.50

%

 

 

5.50

%

 

 

5.50

%

 

Schedule of Defined Benefit Pension Plan Fair Values and Weighted-Average Asset Allocations by Asset Category

The Company’s defined benefit pension plan fair values and weighted-average asset allocations at December 31, 2018 and 2017, by asset category, were as follows:

 

 

 

2018

 

 

2017

 

(In thousands)

 

Fair

Value of

Plan

Assets

 

 

Asset

Allocations

 

 

Fair

Value of

Plan

Assets

 

 

Asset

Allocations

 

Asset Category:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity securities

 

$

2,262

 

 

 

40

%

 

$

2,382

 

 

 

39

%

Fixed income securities

 

 

3,311

 

 

 

59

 

 

 

3,342

 

 

 

55

 

Cash and cash equivalents

 

 

83

 

 

 

1

 

 

 

406

 

 

 

6

 

Total

 

$

5,656

 

 

 

100

%

 

$

6,130

 

 

 

100

%

 

Pension Plan  
Defined Benefit Plan Disclosure [Line Items]  
Schedule of Expected Benefit Payments

Retiree benefit payments, which reflect expected future service, are anticipated to be paid as follows:

 

(In thousands)

 

Amount

 

2019

 

$

1,173

 

2020

 

 

1,262

 

2021

 

 

298

 

2022

 

 

249

 

2023

 

 

497

 

2024-2028

 

 

1,301

 

Total

 

$

4,780

 

 

Other Pension Plan  
Defined Benefit Plan Disclosure [Line Items]  
Schedule of Expected Benefit Payments

Projected benefit payments under these plans are anticipated to be paid as follows:

 

Year

 

Amount

(In thousands)

 

2019

 

$

376

 

2020

 

 

376

 

2021

 

 

384

 

2022

 

 

384

 

2023

 

 

385

 

2024-2028

 

 

1,903

 

Total

 

$

3,808