Pension and Profit Sharing Plans (Tables)

12 Months Ended

Dec. 31, 2018

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

Using an actuarial measurement date of December 31, 2018 and 2017, benefit obligation activity and fair value of plan assets for the years ended December 31, 2018 and 2017, and a statement of the funded status as of December 31, 2018 and 2017, are as follows (dollars in thousands):


	2018			2017
Reconciliation of benefit obligations:
Benefit obligation at January 1	$	15,531		$	15,453
Interest cost on projected benefit obligation		523			635
Actuarial (gain) loss		(811	)		486
Benefits paid, including settlement of certain participant balances		(8,630	)		(1,043	)

Benefit obligation at December 31	$	6,613		$	15,531

Reconciliation of fair value of plan assets:
Fair value of plan assets at January 1	$	17,046		$	15,787
Actual return on plan assets		365			2,302
Employer contributions		—			—
Benefits paid, including settlement of certain participant balances		(8,630	)		(1,043	)

Fair value of plan assets at December 31		8,781			17,046

Funded status	$	2,168		$	1,515

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 (dollars in thousands):


	2018			2017
Net actuarial loss	$	(1,717	)	$	(3,597	)
Deferred tax benefit		393			1,227

Amounts included in accumulated other comprehensive earnings, net of tax	$	(1,324	)	$	(2,370	)

Net Periodic Pension Cost

Net periodic benefit cost for the years ended December 31, 2018, 2017 and 2016, are as follows (dollars in thousands):


	Year Ended December 31,
	2018			2017			2016
Service cost—benefits earned during the period	$	—		$	—		$	—
Interest cost on projected benefit obligation		523			635			665
Expected return on plan assets		(1,028	)		(974	)		(912	)
Amortization of unrecognized net loss		186			249			375
Recognized loss on partial settlement of certain participant balances		1,546			—			267

Net periodic pension benefit expense (benefit)	$	1,227		$	(90	)	$	395

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:


	2018			2017			2016
Weighted average discount rate		4.25	%		3.50	%		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, 2018 and 2017 is as follows:


	December 31, 2018 Allocation			December 31, 2017 Allocation			Targeted Allocation
Equity securities		72	%		75	%		75	%
Debt securities		27	%		24	%		25	%
Cash and equivalents		1	%		1	%		—

Breakdown by Level

hierarchy. 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	$	87	$	—	$	—	$	87
Obligations of state and political subdivisions		—		208		—		208
Corporate bonds		—		449		—		449
Mortgage-backed securities		—		901		—		901
Corporate stocks and mutual funds		7,136		—		—		7,136

Total	$	7,223	$	1,558	$	—	$	8,781

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 (dollars in thousands):


Year Ending December 31,
2019	$	837
2020	$	318
2021	$	388
2022	$	398
2023	$	333
2024 forward	$	2,339