XML 54 R38.htm IDEA: XBRL DOCUMENT

EMPLOYEE BENEFIT PLANS (Tables)

12 Months Ended

Dec. 31, 2017

Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]

Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan

The following tables set forth information about the plan for the year ended December 31, 2017:



(in thousands)	2017
Change in projected benefit obligation:
Projected benefit obligation on acquisition date	$	8,642
Service cost	—
Interest cost	334
Actuarial gain	662
Benefits paid	(269		)
Settlements	(349		)
Projected benefit obligation at end of year	9,020
Accumulated benefit obligation	9,020

Change in fair value of plan assets:
Fair value of plan assets on acquisition date	10,622
Expected return on plan assets	1,022
Contributions by employer	—
Benefits paid	(269		)
Settlements	(349		)
Fair value of plan assets at end of year	11,026

Overfunded status	$	(2,006	)

Amounts recognized in consolidated balance sheet:
Other assets	$	2,006

Schedule of Net Benefit Costs

Net periodic pension cost is comprised of the following for the year ended December 31, 2017:



(in thousands)	2017
Interest cost	$	334
Expected return on plan assets	(706		)
Settlement Charge	13
Net periodic pension benefit	$	(359	)

Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss)

Change in plan assets and benefit obligations recognized in accumulated other comprehensive income during 2017 are as follows:



(in thousands)	2017
Actuarial loss	$	346
Settlement charge	(13		)
Total recognized in accumulated other comprehensive income (pre-tax)	333
Total recognized in net periodic pension cost and other comprehensive income (pre-tax)	$	(26	)

Schedule of Assumptions Used

The principal actuarial assumptions used at December 31, 2017 were as follows:



	2017
Projected benefit obligation
Discount rate	3.56	%
Net periodic pension cost
Discount rate	4.09	%
Long term rate of return on plan assets	7.00

Schedule of Allocation of Plan Assets

The fair value of the Plan's assets by category and level within fair value hierarchy are as follows at December 31, 2017:



(in thousands)	Total		Level 1		Level 2
Asset Category
Equity mutual funds:
Large-cap	$	2,143	$	2,143	$	—
Mid-cap	612		612		—
Small-cap	613		613		—
International	1,150		1,150
Fixed income funds:
Fixed-income - core plus	3,896		3,896		—
Intermediate duration	1,316		1,316		—
Common stock	610		610		—
Common/collective trusts - large-cap	555		—		555
Cash equivalents - money market	130		130		—
Total	$	11,025	$	10,470	$	555

Schedule of Expected Benefit Payments

Estimated benefit payments under the Company's pension plan over the next 10 years at December 31, 2017 are as follows:



Year	Payments in Thousands
2018	$	342
2019	368
2020	392
2021	422
2022	439
2023-2027	2,316

Non-qualified Supplemental Executive Retirement Plan

Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]

Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan

The following table sets forth changes in benefit obligation, changes in plan assets, and the funded status of the plan as of and for the years ended December 31, 2017 and December 31, 2016:



(in thousands)	2017			2016
Change in benefit obligation:
Projected benefit obligation at beginning of year	$	3,670		$	3,811
Service cost	—			72
Interest cost	116			128
Actuarial loss/(gain)	16			(50		)
Benefits paid	(351		)	(291		)
Projected benefit obligation at end of year	3,451			3,670
Accumulated benefit obligation	$	3,451		$	3,670

Change in fair value of plan assets:
Fair value of plan assets at beginning of year	$	—		$	—
Expected return on plan assets	—			—
Contributions by employer	351			291
Benefits paid	(351		)	(291		)
Fair value of plan assets at end of year	$	—		$	—

Underfunded status	$	3,451		$	3,670

Amounts recognized in consolidated balance sheet
Other liabilities	$	3,451		$	3,720

Schedule of Net Benefit Costs

Net periodic benefit cost is comprised of the following for the years ended December 31, 2017 and 2016:



(in thousands)	2017		2016
Service cost	$	—	$	72
Interest cost	116		128
Expected return on plan assets	—		—
Amortization of unrecognized actuarial loss	21		28
Net periodic benefit cost	$	137	$	228

Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss)

Change in plan assets and benefit obligations recognized in accumulated other comprehensive income in 2017 and 2016 are as follows:



(in thousands)	2017			2016
Amortization of actuarial loss	$	(21	)	$	(28	)
Amortization of prior service credit	—			—
Actuarial loss (gain)	16			(50		)
Total recognized in accumulated other comprehensive income (pre-tax)	(5		)	(78		)
Total recognized in net periodic benefit cost and other comprehensive income (pre-tax)	$	132		$	150

Schedule of Assumptions Used

The principal actuarial assumptions used at December 31, 2017 and December 31, 2016 were as follows:

Schedule of Expected Benefit Payments

The Company expects to contribute the following amounts to fund benefit payments under the supplemental executive retirement plans:



(in thousands)	Payments
2018	$	378
2019	378
2020	293
2021	260
2022	260
2023-2036	2,778

Discount rate beginning of year

Discount rate end of year