Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2020

Schedule of Changes in Projected Benefit Obligations and Fair Value of Assets

The following tables provide a reconciliation of the changes in the benefit obligations and fair value of assets of the plans for the years ended December 31, 2020 and 2019, and a statement of the funded status as of December 31, 2020 and 2019:


	Pension Benefits						Post-retirement Benefits
(Dollars in thousands)	2020			2019			2020			2019
Change in benefit obligation:
Obligation at January 1	$	12,668		$	10,995		$	75		$	83

Interest cost	326			438			2			3
Plan participants’ contributions	—			—			59			121
Actuarial loss	1,708			1,696			6			—
Benefit payments	(238)			(461)			(71)			(132)


Settlements	(2,154)			—			—			—
Obligation at December 31	$	12,310		$	12,668		$	71		$	75
Accumulated benefit obligation at December 31	$	12,310		$	12,668		$	71		$	75

Change in plan assets:
Fair value of plan assets at January 1	$	11,866		$	10,234		$	—		$	—
Actual return on plan assets	1,378			2,093			—			—
Employer contributions	—			—			12			11
Plan participants’ contributions	—			—			59			121
Benefit payments	(238)			(461)			(71)			(132)
Settlements	(2,154)			—			—			—
Fair value of plan assets at December 31	$	10,852		$	11,866		$	—		$	—
Funded status at December 31	$	(1,458)		$	(802)		$	(71)		$	(75)
Amounts recognized in Consolidated Balance Sheets:

Accrued benefit liability	$	(1,458)		$	(802)		$	(71)		$	(75)
Net amount recognized	$	(1,458)		$	(802)		$	(71)		$	(75)
Amounts recognized in Accumulated Other Comprehensive Loss:
Unrecognized prior service cost	$	—		$	—		$	—		$	—
Unrecognized net loss (gain)	3,918			4,004			(39)			(48)
Total	$	3,918		$	4,004		$	(39)		$	(48)
Weighted-average assumptions at year-end:
Discount rate	2.38		%	3.12		%	2.38		%	3.12		%

Schedule of Net Periodic Benefit Costs

The following table details the components of the net periodic cost (benefit) for the plans at December 31:


	Pension Benefits									Post-retirement Benefits
(Dollars in thousands)	2020			2019			2018			2020			2019			2018
Interest cost	$	326		$	438		$	423		$	2		$	3		$	3
Expected return on plan assets	(747)			(782)			(640)			—			—			—
Amortization of prior service credit	—			—			—			—			(1)			—
Amortization of net loss (gain)	132			78			104			(5)			(5)			(5)

Settlement of benefit obligation	1,054			—			267			—			—			—
Net periodic cost (benefit)	$	765		$	(266)		$	154		$	(3)		$	(3)		$	(2)

Weighted-average assumptions:
Discount rate	2.53		%	4.20		%	3.55		%	3.12		%	4.20		%	3.40		%
Expected return on plan assets	7.50		%	7.50		%	7.50		%	n/a			n/a			n/a
Rate of compensation increase	n/a			n/a			n/a			n/a			n/a			n/a

Schedule of Allocation of Plan Assets

The following table provides the fair values of investments held in Peoples' pension plan at December 31, by major asset category:


(Dollars in thousands)	Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)
2020
Equity securities:

Mutual funds – equity	$	7,794	$	7,794	$	—
Debt securities:



Mutual funds – taxable income	2,898		2,898		—
Total fair value of pension assets	$	10,692	$	10,692	$	—
2019
Equity securities:

Mutual funds – equity	$	8,443	$	8,443	$	—
Debt securities:



Mutual funds – taxable income	3,163		3,163		—
Total fair value of pension assets	$	11,606	$	11,606	$	—

Schedule of Estimated Future Benefit Payments

Estimated future benefit payments, which reflect benefits attributable to estimated future service, for the years ending December 31 are as follows:


(Dollars in thousands)	Pension Benefits		Post-retirement Benefits
2021	$	1,131	$	11
2022	976		10
2023	697		9
2024	752		8
2025	618		7
2026 to 2030	3,146		23
Total	$	7,320	$	68