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Pension and Other Benefits (Tables)

12 Months Ended

Dec. 31, 2019

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, 2019 and 2018.

	2019		2018
	(dollars in thousands)
Change in Benefit Obligation:
Projected benefit obligation at January 1,	$	10,969	$	13,129
Interest cost		453		427
Actuarial (gain) loss		1,909		(1,716)
Benefits paid		(798)		(871)
Projected benefit obligation at December 31,	$	12,533	$	10,969
Change in Plan Assets:
Fair value of plan assets at January 1,	$	13,023	$	12,609
Actual return on plan assets		2,391		(715)
Employer contributions		-		2,000
Benefits paid		(798)		(871)
Fair value of plan assets at December 31,	$	14,616	$	13,023
Funded status	$	2,083	$	2,054

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

Amounts recognized as a component of accumulated other comprehensive loss as of year-end that have not been recognized as a component of the net periodic pension expense for the plan are presented in the following table. The Company expects to recognize approximately $301,000 of the net actuarial loss reported in the following table as of December 31, 2019 as a component of net periodic pension expense during 2020.

	2019		2018
	(dollars in thousands)
Net actuarial loss recognized in accumulated other comprehensive income	$	5,116	$	5,265

Schedule of Net Benefit Costs [Table Text Block]

The net periodic pension expense and other comprehensive income (before tax) for 2019, 2018 and 2017 includes the following:

	2019		2018		2017
	(dollars in thousands)
Interest cost	$	453	$	427	$	478
Expected return on plan assets		(697)		(765)		(640)
Net amortization		358		366		412
Total net periodic pension expense	$	114	$	28	$	250

Total gain recognized in other comprehensive income		(150)		(595)		(410)
Total recognized in net periodic expense and other comprehensive income (before tax)	$	(36)	$	(567)	$	(160)

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
Other components of net periodic pension expense
As previously reported	$	-
As reported under the new guidance		250

Salaries and employee benefits
As previously reported	$	35,128
As reported under the new guidance		34,878

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.

	2019			2018			2017
Discount rate		2.99	%		4.05	%		3.41	%
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:

	2019			2018			2017
	(dollars in thousands)
Discount rate		2.99	%		4.05	%		3.41	%
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 general investment policy of the Pension Trust is for the fund to experience growth in assets that will allow the market value to exceed the value of benefit obligations over time. The Company’s pension plan asset allocation as of December 31, 2019 and 2018, target allocation, and expected long-term rate of return by asset are as follows:

	Target Allocation		% of Plan Assets – Year Ended 2019		% of Plan Assets – Year Ended 2018		Weighted Average Expected Long-Term Rate of Return
Equity Securities
Domestic		50%		47%		53%		3.4%
International		10%		7%		7%		0.7%
Debt and/or fixed income securities		36%		37%		36%		1.2%
Cash and other alternative investments, including real estate funds, commodity funds, hedge funds and equity structured notes		4%		9%		4%		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, 2019 and 2018, by asset class, are as follows:

	December 31, 2019		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	$	1,171	$	1,171	$	-	$	-
Equity securities:
U.S. companies		6,896		6,896		-		-
International companies		1,023		1,023		-		-
Debt and/or fixed income securities		5,355		5,355
Commodity funds		115		115
Real estate funds		56		56		-		-
Total	$	14,616	$	14,616	$	-	$	-

	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	$	-	$	-

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):

2020	$	722
2021		725
2022		702
2023		684
2024		670
2025-2029		3,489