XML 69 R54.htm IDEA: XBRL DOCUMENT

Retirement Plans (Tables)

12 Months Ended

Dec. 31, 2018

The Company recorded salaries & benefits expense attributable to the 401(k) Plan matching contributions and 401(k) Plan matching contributions for the years ended:


	Year Ended December 31,
(in thousands)	2018		2017		2016
401(k) Plan benefits expense	$	879	$	776	$	678
401(k) Plan contributions made by the Company	$	872	$	767	$	811

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:


	Year Ended December 31,
(in thousands)	2018		2017		2016
ESOP benefits expense	$	1,887	$	2,149	$	1,831
ESOP contributions made by the Company	$	1,952	$	2,073	$	1,368

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:


	Year Ended December 31,
(in thousands)	2018		2017		2016
Deferred compensation earnings credits included in noninterest expense	$	462	$	478	$	487

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.


	December 31,
(in thousands)	2018			2017
Transition obligation	$	3		$	4
Prior service cost		(194	)		(248	)
Net actuarial loss		4,993			5,596

Amount included in accumulated other comprehensive loss		4,802			5,352
Stranded OCI from tax rate change		—			(668	)
Deferred tax benefit		(1,420	)		(1,582	)

Amount included in accumulated other comprehensive loss, net of tax	$	3,382		$	3,102

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,
(in thousands)	2018			2017
Change in benefit obligation:
Benefit obligation at beginning of year	$	(28,472	)	$	(26,645	)
Service cost		(973	)		(941	)
Interest cost		(949	)		(991	)
Actuarial (loss)/gain		92			(1,203	)
Plan amendments		—			185
Benefits paid		1,106			1,123

Benefit obligation at end of year	$	(29,196	)	$	(28,472	)

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

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

Funded status	$	(29,196	)	$	(28,472	)
Unrecognized net obligation existing at January 1, 1986		3			4
Unrecognized net actuarial loss		4,993			5,596
Unrecognized prior service cost		(194	)		(248	)
Accumulated other comprehensive income		(4,802	)		(5,352	)

Accrued benefit cost	$	(29,196	)	$	(28,472	)

Accumulated benefit obligation	$	(27,544	)	$	(26,432	)

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:


	Year Ended December 31,
(in thousands)	2018			2017			2016
Net pension cost included the following components:
Service cost-benefits earned during the period	$	973		$	941		$	1,042
Interest cost on projected benefit obligation		949			991			1,025
Amortization of net obligation at transition		2			2			2
Amortization of prior service cost		(54	)		(12	)		(41	)
Recognized net actuarial loss		510			390			549

Net periodic pension cost	$	2,380		$	2,312		$	2,577

Assumptions Used in Accounting for Plans

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


	Year Ended December 31,
	2018			2017			2016
Discount rate used to calculate benefit obligation		3.96	%		3.40	%		3.80	%
Discount rate used to calculate net periodic pension cost		3.40	%		3.80	%		4.00	%
Average annual increase in executive compensation		3.25	%		3.25	%		2.50	%
Average annual increase in director compensation		0.00	%		0.00	%		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:


	Expected Benefit Payments to Participants		Estimated Company Contributions
	(in thousands)
2019	$	1,254	$	1,254
2020		1,668		1,668
2021		2,192		2,192
2022		2,161		2,161
2023		2,153		2,153
2024-2028		10,928		10,928