Retirement Plans (Tables)
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12 Months Ended |
Dec. 31, 2018 |
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| Retirement Benefits [Abstract] |
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| Summary of 401(k) Contribution Plan |
The Company recorded salaries & benefits expense
attributable to the 401(k) Plan matching contributions and 401(k)
Plan matching contributions for the years ended:
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Year Ended December 31, |
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| (in thousands) |
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2018 |
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2017 |
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2016 |
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|
401(k) Plan benefits expense
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$ |
879 |
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$ |
776 |
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$ |
678 |
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401(k) Plan contributions made by the Company
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$ |
872 |
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$ |
767 |
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$ |
811 |
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| Summary of ESOP Activities |
Expenses related to the Company’s ESOP, included in benefits
and other compensation costs under salaries and benefits expense,
and contributions to the plan for the years ended were:
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Year Ended December 31, |
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| (in thousands) |
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2018 |
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2017 |
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2016 |
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ESOP benefits expense
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|
$ |
1,887 |
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$ |
2,149 |
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$ |
1,831 |
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ESOP contributions made by the Company
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$ |
1,952 |
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$ |
2,073 |
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$ |
1,368 |
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| Schedule of Deferred Compensation Earnings Credits Included in Noninterest Expense |
Earnings credits on deferred balances included in noninterest
expense are included in the following table:
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Year Ended December 31, |
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| (in thousands) |
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2018 |
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2017 |
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2016 |
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Deferred compensation earnings credits included in noninterest
expense
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$ |
462 |
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$ |
478 |
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$ |
487 |
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| Defined Benefit Pension Plans |
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 $408,000 of the net actuarial loss reported
in the following table as of December 31, 2018 as a component
of net periodic benefit cost during 2019.
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December 31, |
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| (in thousands) |
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2018 |
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2017 |
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Transition obligation
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$ |
3 |
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$ |
4 |
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Prior service cost
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(194 |
) |
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(248 |
) |
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Net actuarial loss
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4,993 |
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5,596 |
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Amount included in accumulated other comprehensive loss
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4,802 |
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5,352 |
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Stranded OCI from tax rate change
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— |
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(668 |
) |
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Deferred tax benefit
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(1,420 |
) |
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(1,582 |
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Amount included in accumulated other comprehensive loss, net of
tax
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$ |
3,382 |
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$ |
3,102 |
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| 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:
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December 31, |
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| (in thousands) |
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2018 |
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2017 |
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Change in benefit obligation:
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Benefit obligation at beginning of year
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$ |
(28,472 |
) |
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$ |
(26,645 |
) |
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Service cost
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(973 |
) |
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(941 |
) |
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Interest cost
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(949 |
) |
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(991 |
) |
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Actuarial (loss)/gain
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|
92 |
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(1,203 |
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Plan amendments
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— |
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|
185 |
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Benefits paid
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1,106 |
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1,123 |
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Benefit obligation at end of year
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$ |
(29,196 |
) |
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$ |
(28,472 |
) |
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Change in plan assets:
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Fair value of plan assets at beginning of year
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$ |
— |
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$ |
— |
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Fair value of plan assets at end of year
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$ |
— |
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$ |
— |
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Funded status
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$ |
(29,196 |
) |
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$ |
(28,472 |
) |
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Unrecognized net obligation existing at January 1, 1986
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3 |
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4 |
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Unrecognized net actuarial loss
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4,993 |
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5,596 |
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Unrecognized prior service cost
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(194 |
) |
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(248 |
) |
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Accumulated other comprehensive income
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(4,802 |
) |
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(5,352 |
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Accrued benefit cost
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$ |
(29,196 |
) |
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$ |
(28,472 |
) |
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Accumulated benefit obligation
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$ |
(27,544 |
) |
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$ |
(26,432 |
) |
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| 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:
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Year Ended December 31, |
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| (in thousands) |
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2018 |
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2017 |
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2016 |
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Net pension cost included the following components:
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Service cost-benefits earned during the period
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$ |
973 |
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$ |
941 |
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$ |
1,042 |
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Interest cost on projected benefit obligation
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|
949 |
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|
991 |
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|
1,025 |
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Amortization of net obligation at transition
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2 |
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2 |
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2 |
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Amortization of prior service cost
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(54 |
) |
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(12 |
) |
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(41 |
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Recognized net actuarial loss
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|
510 |
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|
390 |
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|
549 |
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Net periodic pension cost
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$ |
2,380 |
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$ |
2,312 |
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$ |
2,577 |
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| Assumptions Used in Accounting for Plans |
The following table sets forth assumptions used in accounting for
the plans:
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Year Ended December 31, |
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2018 |
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2017 |
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2016 |
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Discount rate used to calculate benefit obligation
|
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3.96 |
% |
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3.40 |
% |
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|
3.80 |
% |
|
Discount rate used to calculate net periodic pension cost
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3.40 |
% |
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|
3.80 |
% |
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|
4.00 |
% |
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Average annual increase in executive compensation
|
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|
3.25 |
% |
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|
3.25 |
% |
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|
2.50 |
% |
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Average annual increase in director compensation
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|
0.00 |
% |
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|
0.00 |
% |
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|
2.50 |
% |
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| 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:
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Expected Benefit
Payments to
Participants |
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Estimated
Company
Contributions |
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| |
|
(in thousands) |
|
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2019
|
|
$ |
1,254 |
|
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$ |
1,254 |
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2020
|
|
|
1,668 |
|
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|
1,668 |
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2021
|
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|
2,192 |
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|
2,192 |
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2022
|
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|
2,161 |
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|
2,161 |
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2023
|
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|
2,153 |
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|
2,153 |
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2024-2028
|
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|
10,928 |
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|
10,928 |
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