Pension and Profit Sharing Plans (Tables)

12 Months Ended

Dec. 31, 2017

Benefit Obligation Activity and Fair Value of Plan Assets and Statement of Funded Status

Using an actuarial measurement date of December 31, 2017 and 2016, benefit obligation activity and fair value of plan assets for the years ended December 31, 2017 and 2016, and a statement of the funded status as of December 31, 2017 and 2016, are as follows (dollars in thousands):


	2017			2016
Reconciliation of benefit obligations:
Benefit obligation at January 1	$	15,453		$	16,002
Interest cost on projected benefit obligation		635			665
Actuarial loss		486			139
Benefits paid, including partial settlement of certain participant balances		(1,043	)		(1,353	)

Benefit obligation at December 31	$	15,531		$	15,453

Reconciliation of fair value of plan assets:
Fair value of plan assets at January 1	$	15,787		$	14,820
Actual return on plan assets		2,302			1,820
Employer contributions		—			500
Benefits paid, including partial settlement of certain participant balances		(1,043	)		(1,353	)

Fair value of plan assets at December 31		17,046			15,787

Funded status	$	1,515		$	334

Component of Accumulated Other Comprehensive Earnings

Amounts recognized as a component of accumulated other comprehensive earnings as of year-end that have not been recognized as a component of the net period benefit cost of the Company’s defined benefit pension plan are as follows (in thousands):


	2017			2016
Net actuarial loss	$	(3,597	)	$	(4,688	)
Deferred tax benefit		1,227			1,641

Amounts included in accumulated other comprehensive earnings, net of tax	$	(2,370	)	$	(3,047	)

Net Periodic Pension Cost

Net periodic benefit cost for the years ended December 31, 2017, 2016 and 2015, are as follows (dollars in thousands):


	Year Ended December 31,
	2017			2016			2015
Service cost — benefits earned during the period	$	—		$	—		$	—
Interest cost on projected benefit obligation		635			665			622
Expected return on plan assets		(974	)		(912	)		(948	)
Amortization of unrecognized net loss		249			375			222
Recognized loss on partial settlement of certain participant balances		—			267			—

Net periodic pension benefit expense (benefit)	$	(90	)	$	395		$	(104	)

Benefit Obligations and Net Periodic Pension Cost and Rate of Return on Plan Assets

The following table sets forth the rates used in the actuarial calculations of the present value of benefit obligations and net periodic pension cost and the rate of return on plan assets:


	2017			2016			2015
Weighted average discount rate		3.50	%		4.25	%		4.25	%
Expected long-term rate of return on assets		6.25	%		6.25	%		6.25	%

Pension Plan and Targeted Allocation Percentage

The major type of plan assets in the pension plan and the targeted allocation percentage as of December 31, 2017 and 2016 is as follows:


	December 31, 2017 Allocation			December 31, 2016 Allocation			Targeted Allocation
Equity securities		75	%		77	%		75	%
Debt securities		24	%		22	%		25	%
Cash and equivalents		1	%		1	%		—

Breakdown by Level

The breakdown by level is as follows (dollars in thousands):


	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total Fair Value
Money market fund	$	274	$	—	$	—	$	274
U.S. Treasury notes		—		149		—		149
Obligations of state and political subdivisions		—		634		—		634
Corporate bonds		—		868		—		868
Mortgage-backed securities		—		1,130		—		1,130
Corporate stocks and mutual funds		13,991		—		—		13,991

Total	$	14,265	$	2,781		—	$	17,046

Estimate of Undiscounted Projected Future Payments

An estimate of the undiscounted projected future payments to eligible participants for the next five years and the following five years in the aggregate is as follows (in thousands):


Year Ending December 31,
2018	$	1,064
2019	$	1,018
2020	$	1,036
2021	$	1,077
2022	$	1,063
2023 forward	$	5,309