Pension and Other Benefits (Tables)

12 Months Ended

Dec. 31, 2018

Retirement Benefits [Abstract]

Schedule of Changes in Projected Benefit Obligations [Table Text Block]

The following table sets forth changes in projected benefit obligation, changes in fair value of plan assets, funded status, and amounts recognized in the consolidated statements of condition for the Company’s pension plans at December 31, 2018 and 2017.

	2018		2017
	(dollars in thousands)
Change in Benefit Obligation:
Projected benefit obligation at January 1,	$	13,129	$	12,682
Interest cost		427		478
Actuarial (gain) loss		(1,716)		879
Benefits paid		(871)		(910)
Projected benefit obligation at December 31,	$	10,969	$	13,129
Change in Plan Assets:
Fair value of plan assets at January 1,	$	12,609	$	12,002
Actual return on plan assets		(715)		1,517
Employer contributions		2,000		-
Benefits paid		(871)		(910)
Fair value of plan assets at December 31,	$	13,023	$	12,609
Funded status	$	2,054	$	(520)

Schedule of Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized over Next Fiscal Year [Table Text Block]

The Company expects to recognize approximately $358,000 of the net actuarial loss reported in the following table as of December 31, 2018 as a component of net periodic pension expense during 2019.

	2018		2017
	(dollars in thousands)
Net actuarial loss recognized in accumulated other comprehensive income	$	5,265	$	5,860

Schedule of Net Benefit Costs [Table Text Block]

The net periodic pension expense and other comprehensive income (before tax) for 2018, 2017 and 2016 includes the following:

	2018		2017		2016
	(dollars in thousands)
Interest cost	$	427	$	478	$	514
Expected return on plan assets		(765)		(640)		(617)
Net amortization		366		412		407
Total net periodic pension expense	$	28	$	250	$	304
Total gain recognized in other comprehensive income		(595)		(410)		(405)
Total recognized in net periodic expense and other comprehensive income (before tax)	$	(567)	$	(160)	$	(101)

Schedule of Retrospective Application to Consolidated Statement of Condition [Table Text Block]

This ASU is also required to be applied retrospectively to all periods presented. The following table summarizes the impact of retrospective application to the Consolidated Statement of Condition for the period presented:

	2017		2016
Other components of net periodic pension expense
As previously reported	$	-	$	-
As reported under the new guidance		250		304
Salaries and employee benefits
As previously reported	$	35,128	$	31,030
As reported under the new guidance		34,878		30,726

Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets [Table Text Block]

The following table presents the weighted average assumptions used to determine the pension benefit obligations at December 31, for the following three years.

	2018			2017			2016
Discount rate		4.05	%		3.41	%		3.88	%
Rate of compensation increase		N/A			N/A			N/A

The following table presents the weighted average assumptions used to determine net periodic pension cost for the following three years: 

	2018			2017			2016
	(dollars in thousands)
Discount rate		4.05	%		3.41	%		3.88	%
Expected long-term return on plan assets		5.50	%		5.50	%		5.50	%
Rate of compensation increase		N/A			N/A			N/A

Schedule of Allocation of Plan Assets [Table Text Block]

The Company’s pension plan asset allocation as of December 31, 2018 and 2017, target allocation, and expected long-term rate of return by asset are as follows:

	Target Allocation		% of Plan Assets – Year Ended 2018		% of Plan Assets – Year Ended 2017		Weighted Average Expected Long-Term Rate of Return
Equity Securities
Domestic		50%		53%		41%		3.4%
International		10%		7%		8%		0.7%
Debt and/or fixed income securities		36%		36%		49%		1.2%
Cash and other alternative investments, including real estate funds, commodity funds, hedge funds and equity structured notes		4%		4%		2%		0.2%
Total		100%	$	100%	$	100%	$	5.5%

Schedule of Changes in Fair Value of Plan Assets [Table Text Block]

The fair values of the Company’s pension plan assets at December 31, 2018 and 2017, by asset class, are as follows:

	December 31, 2018		Fair Value Measurements at Reporting Date Using
Asset Class			Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(dollars in thousands)
Cash	$	298	$	298	$	-	$	-
Equity securities:
U.S. companies		6,957		6,957		-		-
International companies		901		901		-		-
Debt and/or fixed income securities		4,651		4,651
Commodity funds		161		161
Real estate funds		55		55		-		-
Total	$	13,023	$	13,023	$	-	$	-
	December 31, 2017		Fair Value Measurements at Reporting Date Using
Asset Class			Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(dollars in thousands)
Cash	$	175	$	175	$	-	$	-
Equity securities:
U.S. companies		5,175		5,175		-		-
International companies		1,056		1,056		-		-
Debt and/or fixed income securities		6,139		6,139
Real estate funds		64		64		-		-
Total	$	12,609	$	12,609	$	-	$	-

Schedule of Defined Benefit Plans Disclosures [Table Text Block]

The following benefit payments, which reflect expected future service, as appropriate, for the following years are as follows (dollars in thousands):

2019	$	716
2020		712
2021		724
2022		709
2023		697
2024-2028		3,514