Retirement Plans (Tables) - Non-contributory defined benefit pension plan
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12 Months Ended |
Dec. 31, 2019 |
Retirement Plans |
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Schedule of the pension plan's funded status and amounts recognized in the company's accompanying consolidated financial statements |
| | | | | | | | | | | | | December 31, | | (Dollars in thousands) | | 2019 | | 2018 | | 2017 | | Change in benefit obligation: | | | | | | | | | | | Benefit obligation at beginning of year | | $ | 28,906 | | $ | 31,500 | | $ | 28,800 | | Service cost | | | 121 | | | 77 | | | 127 | | Interest cost | | | 1,158 | | | 1,080 | | | 1,124 | | Actuarial (gain) loss | | | 2,471 | | | (2,442) | | | 2,665 | | Benefits paid | | | (538) | | | (1,188) | | | (1,138) | | Expenses | | | (318) | | | (121) | | | (78) | | Plan termination settlements | | | (31,800) | | | — | | | — | | Benefit obligation at end of year | | | — | | | 28,906 | | | 31,500 | | Change in plan assets: | | | | | | | | | | | Fair value of plan assets at beginning of year | | | 30,545 | | | 31,387 | | | 28,216 | | Actual return on plan assets | | | 2,111 | | | 467 | | | 4,387 | | Benefits paid | | | (538) | | | (1,188) | | | (1,138) | | Expenses | | | (318) | | | (121) | | | (78) | | Plan termination settlements | | | (31,800) | | | — | | | — | | Fair value of plan assets at end of year | | | — | | | 30,545 | | | 31,387 | | Funded (unfunded) status | | $ | — | | $ | 1,639 | | $ | (113) | |
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Schedule of components of net periodic benefit cost and other amounts recognized in other comprehensive income |
| | | | | | | | | | | | | | December 31, | (Dollars in thousands) | | | 2019 | | 2018 | | 2017 | Interest cost | | | $ | 1,157 | | $ | 1,079 | | $ | 1,124 | Service cost | | | | 121 | | | 78 | | | 127 | Expected return on plan assets | | | | (2,361) | | | (2,328) | | | (2,213) | Recognized net actuarial loss | | | | 483 | | | 775 | | | 751 | Net periodic pension benefit | | | | (600) | | | (396) | | | (211) | Plan termination settlement | | | | 10,126 | | | — | | | — | Net periodic pension cost with settlement | | | | 9,526 | | | (396) | | | — | Net (gain) loss | | | | 2,722 | | | (581) | | | 491 | Amortization of net gain | | | | (483) | | | (775) | | | (751) | Plan termination settlement adjustment | | | | (10,126) | | | — | | | — | Total amount recognized in other comprehensive income | | | | (7,887) | | | (1,356) | | | (260) | Total recognized in net periodic benefit cost and other comprehensive income | | | $ | 1,639 | | $ | (1,752) | | $ | (471) |
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Schedule of accumulated benefit obligations in excess of plan assets |
| | | | | | | | | | December 31, | | (Dollars in thousands) | | 2019 | | 2018 | | Projected benefit obligation | | $ | — | | $ | 28,906 | | Accumulated benefit obligation | | | — | | | 28,906 | | Fair value of plan assets | | | — | | | 30,545 | |
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Schedule of weighted average assumptions used to determine benefit obligations and net periodic benefit cost |
| | | | | | | | | | Year ended | | | | December 31, | | | | 2019 | | 2018 | | 2017 | | Discount rate | | 4.10 | % | 3.50 | % | 4.00 | % | Expected long-term return on plan assets | | 7.75 | % | 7.75 | % | 7.75 | % |
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Schedule of expenses incurred and charged against operations with regard to all of the company's retirement plans |
| | | | | | | | | | | | | Year Ended December 31, | | (Dollars in thousands) | | 2019 | | 2018 | | 2017 | | Pension | | $ | — | | $ | (309) | | $ | (351) | | Pension plan termination expense | | | 9,526 | | | — | | | — | | Employee savings plan/ 401(k) | | | 6,659 | | | 7,948 | | | 7,381 | | Supplemental executive retirement plan | | | 2,343 | | | 368 | | | 1,334 | | Post-retirement benefits | | | 144 | | | 254 | | | 251 | | | | $ | 18,672 | | $ | 8,261 | | $ | 8,615 | |
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