Employee Benefit Plans (Tables)
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12 Months Ended |
Dec. 31, 2018 |
Retirement Benefits [Abstract] |
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Summary of Plan's Funded Status |
The following is a summary of the plan’s funded status as of December 31: | | | | | | | Change in benefit obligation | | | | | | | | | Benefit obligation at beginning of year | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Benefit obligation at end of year | | | | | | | | | | | | | | | | | | Fair value of plan assets at beginning of year | | | | | | | | | Actual return on plan assets | | | | | | | | | | | | | | | | | | Fair value of plan assets at end of year | | | | | | | | | Funded status at the end of the year | | | | | | | | |
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Amounts Recognized in Balance Sheet |
| | | | | | | | | (dollars in thousands) | | 2018 | | | 2017 | | Amounts recognized in the Balance Sheet | | | | | | | | | | | $ | 4,912 | | | $ | 4,539 | | Unrecognized net actuarial loss | | | (1,313 | ) | | | (1,249 | ) | | | | | | | | | | Amount recognized in other assets | | $ | 3,599 | | | $ | 3,290 | | | | | | | | | | |
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Amounts Recognized in Accumulated Comprehensive Income (Loss) |
Amounts recognized in accumulated comprehensive income (loss) | | | | | | | | | Unrecognized net actuarial loss | | $ | (1,313 | ) | | $ | (1,249 | ) | | | | 275 | | | | 262 | | | | | | | | | | | Amount recognized in accumulated comprehensive income (loss), net | | $ | (1,038 | ) | | $ | (987 | ) | | | | | | | | | |
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Prepaid Benefit Detail |
| | | | | | | | | | | $ | (4,493 | ) | | $ | (5,223 | ) | | | | 8,092 | | | | 8,513 | | Unrecognized net actuarial loss | | | 1,313 | | | | 1,249 | | | | | | | | | | | | | | 4,912 | | | | 4,539 | | | | | | | | | | |
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Components of Net Periodic Pension Cost |
Components of net periodic pension cost | | | | | | | | | | | $ | 173 | | | $ | 191 | | Expected return on plan assets | | | (576 | ) | | | (552 | ) | Recognized net loss due to settlement | | | — | | | | 86 | | Recognized net actuarial loss | | | 30 | | | | 28 | | | | | | | | | | | Net periodic benefit expense | | | (373 | ) | | | (247 | ) | | | | | | | | | |
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Summary of Plan, Additional Disclosure Information |
Additional disclosure information | | | | | | | | | Accumulated benefit obligation | | $ | 4,493 | | | $ | 5,223 | | Vested benefit obligation | | $ | 4,493 | | | $ | 5,223 | | Discount rate used for net periodic pension cost | | | 3.50 | % | | | 4.00 | % | Discount rate used for disclosure | | | 4.25 | % | | | 3.50 | % | Expected return on plan assets | | | 7.00 | % | | | 7.00 | % | Rate of compensation increase | | | N/A | | | | N/A | | Average remaining service (years) | | | 12 | | | | 13 | |
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Fair Values of Pension Plan Assets, by Asset Category |
Using the same fair value hierarchy described in Note 13, the fair values of the Company’s pension plan assets, by asset category, are as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Cash equivalents and short term investments | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Mutual funds – fixed income | | | | | | | | | | | | | | | | | Total assets at fair value | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Cash equivalents and short term investments | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Mutual funds – fixed income | | | | | | | | | | | | | | | | | Total assets at fair value | | | | | | | | | | | | | | | | |
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Estimated Future Benefit Payments |
Estimated Future Benefit Payments
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Pension Plan's Weighted-Average Asset Allocations, by Asset Category |
The pension plan’s weighted-average asset allocations at December 31, 2018 and 2017, by asset category are as follows: | | | | | | | Mutual funds – fixed income | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
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Funded Status (Market Value of Plan Assets Divided by Funding Target) as of July 1 |
Funded Status (market value of plan assets divided by funding target) as of July 1
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