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Employee Benefits (Tables)
12 Months Ended
Dec. 31, 2019
Retirement Benefits [Abstract]  
Schedule of reconciliation of changes in the benefit obligation and the fair value of plan assets, as well as the funded status recognized in the consolidated statements of condition for the pension plans and postretirement benefit plan
The following table provides a reconciliation of changes in benefit obligation and fair value of plan assets, as well as the funded status recognized in the Company’s consolidated statements of condition for the Pension Plans and postretirement benefit plan for the years ended December 31, 2019, and December 31, 2018.
 
Pension Benefits
 
Postretirement Benefits
(dollars in thousands)
2019

 
2018

 
2019

 
2018

Benefit Obligation at Beginning of Year
$
102,662

 
$
110,080

 
$
23,452

 
$
24,206

Service Cost



 
455


457

Interest Cost
4,401


4,193

 
1,025


936

Plan Amendment 3

 

 

 

Actuarial Losses (Gains)
10,359

 
(5,031
)
 
4,095

 
(869
)
Employer Benefits Paid 1
(6,785
)
 
(6,580
)
 
(1,456
)
 
(1,278
)
Benefit Obligation at End of Year
$
110,637

 
$
102,662

 
$
27,571

 
$
23,452

Fair Value of Plan Assets at Beginning of Year
$
85,553

 
$
96,908

 
$

 
$

Actual Return on Plan Assets
14,400

 
(5,246
)
 

 

Employer Contributions
470

 
471

 
1,456

 
1,278

Employer Benefits Paid 1
(6,785
)
 
(6,580
)
 
(1,456
)
 
(1,278
)
Fair Value of Plan Assets at End of Year
$
93,638

 
$
85,553

 
$

 
$

Funded Status at End of Year 2
$
(16,999
)
 
$
(17,109
)
 
$
(27,571
)
 
$
(23,452
)
1 
Participants' contributions relative to the postretirement benefit plan were offset against employer benefits paid in the table above. Participants' contributions for postretirement benefits were $0.7 million and $0.6 million for the years ended December 31, 2019, and December 31, 2018, respectively.
2 
Amounts are recognized in Retirement Benefits Payable in the consolidated statements of condition.
Schedule of amounts recognized in accumulated other comprehensive income (loss)
The following presents the amounts recognized in the Company’s accumulated other comprehensive income for the Pension Plans and postretirement benefit plan as of December 31, 2019, and December 31, 2018.
 
Pension Benefits
 
Postretirement Benefits
(dollars in thousands)
2019

 
2018

 
2019

 
2018

Amounts Recognized in Accumulated Other
Comprehensive Income (Loss), Net of Tax
 
 
 
 
 
 
 
Net Actuarial Gains (Losses)
$
(41,404
)
 
$
(42,127
)
 
$
1,003

 
$
4,261

Net Prior Service Credit

 

 
1,645

 
1,856

Total Amounts Recognized in Accumulated Other
Comprehensive Income (Loss), Net of Tax
$
(41,404
)
 
$
(42,127
)
 
$
2,648

 
$
6,117



Schedule of components of net periodic benefit cost
Components of net periodic benefit cost for the Company’s Pension Plans and the postretirement benefit plan are presented in the following table for the years ended December 31, 2019, December 31, 2018, and December 31, 2017.
 
Pension Benefits
 
Postretirement Benefits
(dollars in thousands)
2019

 
2018

 
2017

 
2019

 
2018

 
2017

Service Cost
$

 
$

 
$

 
$
455

 
$
457

 
$
453

Interest Cost
4,401

 
4,193

 
4,665

 
1,025

 
936

 
1,093

Expected Return on Plan Assets
(4,993
)
 
(5,122
)
 
(5,011
)
 

 

 

Amortization of:

 

 

 

 

 

     Prior Service Credit 1

 

 

 
(288
)
 
(567
)
 
(322
)
Net Actuarial Losses (Gains) 1
1,937

 
2,099

 
1,817

 
(339
)
 
(264
)
 
(435
)
Net Periodic Benefit Cost
$
1,345

 
$
1,170

 
$
1,471

 
$
853

 
$
562

 
$
789

1 
Represents reclassification adjustments from accumulated other comprehensive income during the period.
Schedule of assumptions used to determine the benefit obligations/net periodic cost
Assumptions used to determine the benefit obligations as of December 31, 2019, and December 31, 2018, for the Company’s Pension Plans and postretirement benefit plan were as follows:
 
Pension Benefits
 
Postretirement Benefits
 
2019

 
2018

 
2019

 
2018

Weighted Average Assumptions as of December 31:
 
 
 
 
 
 
 
Discount Rate
3.36
%
 
4.41
%
 
3.42
%
 
4.48
%
Health Care Cost Trend Rate Assumed For Next Year

 

 
5.70
%
 
6.00
%

Schedule of assumptions used in calculation net periodic benefit cost
Assumptions used to determine the net periodic benefit cost for the Company’s Pension Plans and postretirement benefit plan for the years ended December 31, 2019, December 31, 2018, and December 31, 2017, were as follows:
 
Pension Benefits
 
Postretirement Benefits
 
2019

 
2018

 
2017

 
2019

 
2018

 
2017

Weighted Average Assumptions as of December 31:
 
 
 
 
 
 
 
 
 
 
 
Discount Rate
4.41
%
 
3.90
%
 
4.45
%
 
4.48
%
 
3.96
%
 
4.57
%
Expected Long-Term Rate of Return on Plan Assets
5.75
%
 
5.75
%
 
5.75
%
 

 

 

Health Care Cost Trend Rate

 

 

 
6.00
%
 
6.30
%
 
6.50
%

Schedule of expected benefits to be paid in each of the next five years and in the aggregate for the five years thereafter
As of December 31, 2019, expected benefits to be paid in each of the next five years and in the aggregate for the five years thereafter were as follows:
(dollars in thousands)
Pension Benefits
 
 
Postretirement Benefits
 
2020
 
$
7,073

 
 
$
1,027

2021
 
7,215

 
 
1,064

2022
 
7,229

 
 
1,146

2023
 
7,238

 
 
1,224

2024
 
7,240

 
 
1,332

Years 2025-2029
 
35,104

 
 
8,612


Schedule of the fair values of the retirement plan assets by asset category
 
Fair Value Measurements
Asset Category 
(dollars in thousands)
Quoted Prices in
Active Markets for
Identical Assets
(Level 1)
 
Significant Other
Observable
Inputs
(Level 2)
 
Significant Other
Unobservable Inputs
(Level 3)
 
 
Total as of Dec. 31, 2019

 
Total as of Dec. 31, 2018

Cash
 
$
1,269

 
$

 
$

 
$
1,269

 
$
726

Equity Securities – Mutual Funds:
 
 
 
 
 
 
 
 
 
 
Large-Cap
 
1,731

 

 

 
1,731

 
1,593

Mixed-Cap
 
29,336

 

 

 
29,336

 
25,298

International
 
23,961

 

 

 
23,961

 
21,621

Emerging Market
 
2,342

 

 

 
2,342

 
2,150

Fixed Income Securities – Mutual Funds
 
34,999

 

 

 
34,999

 
34,165

Total
 
$
93,638

 
$

 
$

 
$
93,638

 
$
85,553