Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2018

Employee Benefit Plans [Abstract]

Schedule of Net Funded Status

		Pension				Defined Benefit SERP
(in thousands)		2018		2017		2018		2017
Change in Benefit Obligation
Obligation at the beginning of the year	$	44,975	$	41,086	$	7,613	$	7,302
Service cost		324		278		112		113
Interest cost		1,586		1,650		321		293
Change in discount rate and mortality assumptions		0		3,285		0		0
Actuarial (gains)/losses		(3,049)		450		(276)		112
Benefits paid		(1,814)		(1,774)		(226)		(207)
Obligation at the end of the year		42,022		44,975		7,544		7,613
Change in Plan Assets
Fair value at the beginning of the year		47,216		40,989		0		0
Actual return on plan assets		(2,346)		5,001		0		0
Employer contribution		0		3,000		226		207
Benefits paid		(1,814)		(1,774)		(226)		(207)
Fair value at the end of the year		43,056		47,216		0		0
Funded/(Unfunded) Status	$	1,034	$	2,241	$	(7,544)	$	(7,613)

Components of Net Periodic Pension Plan Cost

		Pension				Defined Benefit SERP
(in thousands)		2018		2017		2018		2017
Components of Net Pension Cost
Service cost	$	324	$	278	$	112	$	113
Interest cost		1,586		1,650		321		293
Expected return on assets		(3,240)		(3,002)		0		0
Amortization of recognized loss		1,200		1,057		159		146
Amortization of prior service cost		9		12		(3)		(3)
Net pension (income)/expense in employee benefits	$	(121)	$	(5)	$	589	$	549
Weighted Average Assumptions used to
determine benefit obligations:
Discount rate for benefit obligations		4.25%		3.60%		4.45%		4.00%
Discount rate for net pension cost		3.60%		4.10%		0		0
Expected long-term return on assets		7.00%		7.00%		0		0
Rate of compensation increase		3.00%		3.00%		3.00%		3.00%
Mortality tables		RP-2014		RP-2014		N/A		N/A

Schedule of Target Asset Allocations

Asset Class	Normalized Target	Range
Cash	5%	0% - 20%
Fixed Income	40%	30% - 50%
Equities	55%	45% - 65%

Actual Plan Asset Allocations

As of December 31, 2018 and 2017, the value of Pension Plan investments was as follows:

December 31, 2018					Fair Value Hierarchy
(Dollars in thousands)		Assets at Fair Value	% of Portfolio		Level 1		Level 2
Cash and cash equivalents	$	1,834	4.3%	$	1,834	$	0
Fixed income securities:
U.S. Government and Agencies		1,394	3.2%		0		1,394
Taxable municipal bonds and notes		4,363	10.1%		0		4,363
Corporate bonds and notes		9,931	23.1%		0		9,931
Preferred stock		476	1.1%		0		476
Fixed income mutual funds		2,498	5.8%		2,498		0
Total fixed income		18,662	43.3%		2,498		16,164
Equities:
Large Cap		17,454	40.5%		17,454		0
Mid Cap		1,342	3.1%		1,342		0
Small Cap		884	2.1%		884		0
International		2,880	6.7%		2,880		0
Total equities		22,560	52.4%		22,560		0
Total market value	$	43,056	100.0%	$	26,892	$	16,164
December 31, 2017					Fair Value Hierarchy
(Dollars in thousands)		Assets at Fair Value	% of Portfolio		Level 1		Level 2
Cash and cash equivalents	$	1,887	4.0%	$	1,887	$	0
Fixed income securities:
U.S. Government and Agencies		508	1.1%		0		508
Taxable municipal bonds and notes		4,070	8.6%		0		4,070
Corporate bonds and notes		10,483	22.2%		0		10,483
Preferred stock		540	1.1%		0		540
Fixed income mutual funds		3,031	6.4%		3,031		0
Total fixed income		18,632	39.4%		3,031		15,601
Equities:
Large Cap		16,840	35.7%		16,840		0
Mid Cap		2,077	4.4%		2,077		0
Small Cap		1,974	4.2%		1,974		0
International		5,806	12.3%		5,806		0
Total equities		26,697	56.6%		26,697		0
Total market value	$	47,216	100.0%	$	31,615	$	15,601

Expected Future Benefit Payments

Estimated cash flows related to expected future benefit payments from the Pension Plan and Defined Benefit SERP are as follows:

(In thousands)		Pension Plan		Defined Benefit SERP
2019	$	1,850	$	315
2020		1,971		319
2021		2,059		374
2022		2,192		377
2023		2,273		369
2024-2028		12,944		2,453

Schedule of Amounts in Accumulated Other Comprehensive Income

		2018				2017
(In thousands)		Pension		Defined Benefit SERP		Pension		Defined Benefit SERP
Unrecognized net actuarial loss	$	18,841	$	742	$	17,883	$	860
Unrecognized prior service costs		0		(7)		7		(8)
	$	18,841	$	735	$	17,890	$	852

Schedule of Amounts that Will Be Amortized from Other Comprehensive Loss

The estimated costs that will be amortized from accumulated other comprehensive loss into net periodic pension cost during the next fiscal year are as follows:

(In thousands)		Pension		Defined Benefit SERP
Prior service costs	$	0	$	(3)
Net actuarial loss		1,077		116
	$	1,077	$	113