Retirement Plans (Tables)

12 Months Ended

Dec. 31, 2017

Amounts recognized as a component of accumulated other comprehensive loss as of year-end that have not been recognized as a component of the combined net period benefit cost of the Company’s defined benefit pension plans are presented in the following table. The Company expects to recognize approximately $509,000 of the net actuarial loss reported in the following table as of December 31, 2017 as a component of net periodic benefit cost during 2018.


	December 31,
(in thousands)	2017			2016
Transition obligation	$	4		$	7
Prior service cost		(248	)		(75	)
Net actuarial loss		5,596			4,782

Amount included in accumulated other comprehensive loss		5,352			4,714
Deferred tax benefit		(2,250	)		(1,982	)

Amount included in accumulated other comprehensive loss, net of tax	$	3,102		$	2,732

Information Pertaining to Activity in Supplemental Retirement Plans

Information pertaining to the activity in the supplemental retirement plans, using a measurement date of December 31, is as follows:


	December 31,
	2017			2016
	(in thousands)
Change in benefit obligation:
Benefit obligation at beginning of year	$	(26,645	)	$	(26,184	)
Acquisition		—			—
Service cost		(941	)		(1,042	)
Interest cost		(991	)		(1,025	)
Actuarial (loss)/gain		(1,203	)		511
Plan amendments		185			—
Benefits paid		1,123			1,095

Benefit obligation at end of year	$	(28,472	)	$	(26,645	)

Change in plan assets:
Fair value of plan assets at beginning of year	$	—		$	—

Fair value of plan assets at end of year	$	—		$	—

Funded status	$	(28,472	)	$	(26,645	)
Unrecognized net obligation existing at January 1, 1986		4			7
Unrecognized net actuarial loss		5,596			4,782
Unrecognized prior service cost		(248	)		(75	)
Accumulated other comprehensive income		(5,352	)		(4,714	)

Accrued benefit cost	$	(28,472	)	$	(26,645	)

Accumulated benefit obligation	$	(26,432	)	$	(25,241	)

Net Periodic Benefit Cost Recognized for Supplemental Retirement Plans

The following table sets forth the net periodic benefit cost recognized for the supplemental retirement plans:


	Years Ended December 31,
	2017			2016			2015
	(in thousands)
Net pension cost included the following components:
Service cost-benefits earned during the period	$	941		$	1,042		$	1,023
Interest cost on projected benefit obligation		991			1,025			957
Amortization of net obligation at transition		2			2			2
Amortization of prior service cost		(12	)		(41	)		(57	)
Recognized net actuarial loss		390			549			823

Net periodic pension cost	$	2,312		$	2,577		$	2,748

Assumptions Used in Accounting for Plans

The following table sets forth assumptions used in accounting for the plans:


	Years Ended December 31,
	2017			2016			2015
Discount rate used to calculate benefit obligation		3.40	%		3.80	%		4.00	%
Discount rate used to calculate net periodic pension cost		3.84	%		4.00	%		3.65	%
Average annual increase in executive compensation		3.25	%		2.50	%		2.50	%
Average annual increase in director compensation		0.00	%		2.50	%		2.50	%

Expected Benefit Payments to Participants and Estimated Contributions to be Made by Company

The following table sets forth the expected benefit payments to participants and estimated contributions to be made by the Company under the supplemental retirement plans for the years indicated:


Years Ended	Expected Benefit Payments to Participants		Estimated Company Contributions
	(in thousands)
2018	$	1,106	$	1,106
2019		1,067		1,067
2020		1,233		1,233
2021		1,859		1,859
2022		2,008		2,008
2023-2027	$	10,169	$	10,169