Employee Benefits (Tables)

12 Months Ended

Dec. 31, 2019

Retirement Benefits [Abstract]

Schedule of Projected Benefit Obligations, Fair Value of Plan Assets and Funded (Unfunded) Status

The following table presents the plans’ projected benefit obligations, fair value of plan assets and funded (unfunded) status:

(Dollars in thousands)	Qualified Pension Plan						Non-Qualified Retirement Plans
At December 31,	2019			2018			2019			2018
Change in Benefit Obligation:
Benefit obligation at beginning of period		$73,380			$80,723			$14,626			$15,203
Service cost	2,037			2,244			126			108
Interest cost	2,967			2,715			563			475
Actuarial loss (gain)	10,453			(7,830		)	2,028			(252		)
Benefits paid	(5,546		)	(4,344		)	(905		)	(908		)
Administrative expenses	(150		)	(128		)	—			—
Benefit obligation at end of period	83,141			73,380			16,438			14,626
Change in Plan Assets:
Fair value of plan assets at beginning of period	86,180			87,364			—			—
Actual return on plan assets	13,265			288			—			—
Employer contributions	—			3,000			905			908
Benefits paid	(5,546		)	(4,344		)	(905		)	(908		)
Administrative expenses	(150		)	(128		)	—			—
Fair value of plan assets at end of period	93,749			86,180			—			—
Funded (unfunded) status at end of period		$10,608			$12,800			($16,438	)		($14,626	)

Schedule of Components of Accumulated Other Comprehensive Income (Loss) Related to Retirements Plans

The following table presents components of accumulated other comprehensive income related to the qualified pension plan and non-qualified retirement plans, on a pre-tax basis:

(Dollars in thousands)	Qualified Pension Plan					Non-Qualified Retirement Plans
At December 31,	2019		2018			2019		2018
Net actuarial loss		$10,343		$9,453			$7,405		$5,785
Prior service credit	—		(16		)	—		—
Total pre-tax amounts recognized in accumulated other comprehensive income		$10,343		$9,437			$7,405		$5,785

Schedule of Net Periodic Benefit Costs and Other Amounts Recognized in Other Comprehensive Income (Loss)

The following table presents components of net periodic benefit cost and other amounts recognized in other comprehensive income (loss), on a pre-tax basis:

(Dollars in thousands)	Qualified Pension Plan									Non-Qualified Retirement Plans
Years ended December 31,	2019			2018			2017			2019		2018			2017
Net Periodic Benefit Cost:
Service cost (1)		$2,037			$2,244			$2,149			$126		$108			$129
Interest cost (2)	2,967			2,715			2,673			563		475			428
Expected return on plan assets (2)	(4,495		)	(5,272		)	(4,942		)	—		—			—
Amortization of prior service credit (2)	(16		)	(23		)	(23		)	—		(1		)	(1		)
Recognized net actuarial loss (2)	792			1,496			1,114			408		411			347
Net periodic benefit cost	1,285			1,160			971			1,097		993			903
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income (on a pre-tax basis):
Net loss (gain)	890			(4,342		)	(1,798		)	1,620		(663		)	1,928
Prior service credit	16			23			23			—		1			1
Recognized in other comprehensive income (loss)	906			(4,319		)	(1,775		)	1,620		(662		)	1,929
Total recognized in net periodic benefit cost and other comprehensive income (loss)		$2,191			($3,159	)		($804	)		$2,717		$331			$2,832

(1) Included in salaries and employee benefits expense in the Consolidated Statements of Income.

(2)

Included in other expenses in the Consolidated Statements of Income.

Schedule of Assumptions Used for Net Periodic Benefit Cost

The following table presents the measurement date and weighted-average assumptions used to determine benefit obligations at December 31, 2019 and 2018:

	Qualified Pension Plan				Non-Qualified Retirement Plans
	2019		2018		2019		2018
Measurement date	Dec 31, 2019		Dec 31, 2018		Dec 31, 2019		Dec 31, 2018
Discount rate	3.42	%	4.38	%	3.30	%	4.30	%
Rate of compensation increase	3.75		3.75		3.75		3.75

The following table presents the measurement date and weighted-average assumptions used to determine net periodic benefit cost for the years ended December 31, 2019, 2018 and 2017:

	Qualified Pension Plan						Non-Qualified Retirement Plans
	2019		2018		2017		2019		2018		2017
Measurement date	Dec 31, 2018		Dec 31, 2017		Dec 31, 2016		Dec 31, 2018		Dec 31, 2017		Dec 31, 2016
Equivalent single discount rate for benefit obligations	4.38	%	3.69	%	4.18	%	4.28	%	3.58	%	3.96	%
Equivalent single discount rate for service cost	4.44		3.76		4.29		4.48		3.79		4.25
Equivalent single discount rate for interest cost	4.12		3.42		3.73		3.98		3.22		3.36
Expected long-term return on plan assets	5.75		6.75		6.75		N/A		N/A		N/A
Rate of compensation increase	3.75		3.75		3.75		3.75		3.75		3.75

Schedule of Fair Value and Allocation of Plan Assets

The following table presents the asset allocations of the qualified pension plan, by asset category:

December 31,	2019		2018
Asset Category:
Cash and cash equivalents	10.6	%	30.2	%
Fixed income securities	44.4		40.3
Equity securities	45.0		29.5
Total	100.0	%	100.0	%

The following tables present the fair values of the qualified pension plan’s assets:

(Dollars in thousands)
	Fair Value Measurements Using						Assets at Fair Value
December 31, 2019	Level 1		Level 2		Level 3
Assets:
Cash and cash equivalents		$9,902		$—		$—		$9,902
Obligations of U.S. government-sponsored enterprises	—		28,615		—		28,615
Obligations of states and political subdivisions	—		2,998		—		2,998
Corporate bonds	—		10,033		—		10,033
Common stocks	14,593		—		—		14,593
Mutual funds	27,608		—		—		27,608
Total plan assets		$52,103		$41,646		$—		$93,749

(Dollars in thousands)
	Fair Value Measurements Using						Assets at Fair Value
December 31, 2018	Level 1		Level 2		Level 3
Assets:
Cash and cash equivalents		$25,986		$—		$—		$25,986
Obligations of U.S. government-sponsored enterprises	—		21,787		—		21,787
Obligations of states and political subdivisions	—		2,597		—		2,597
Corporate bonds	—		10,361		—		10,361
Common stocks	9,957		—		—		9,957
Mutual funds	15,492		—		—		15,492
Total plan assets		$51,435		$34,745		$—		$86,180

Schedule of Expected Future Benefit Payments

The following table presents the benefit payments, which reflect expected future service, as appropriate, expected to be paid:

	(Dollars in thousands)	Qualified Pension Plan		Non-Qualified Retirement Plans
Years ending December 31,	2020		$4,748		$898
	2021	3,803		887
	2022	4,083		878
	2023	4,574		876
	2024	4,588		871
	2025 and thereafter	27,957		4,343