(11) Employee Benefits (Tables)

12 Months Ended

Dec. 31, 2020

Retirement Benefits [Abstract]

Schedule of reconciliation of the change in the plan's benefit obligations

	December 31,
	2020			2019
	(In thousands)
Change in Projected Benefit Obligation
Projected benefit obligation, beginning of year	$	22,997		$	20,085
Service cost		–			–
Interest cost		693			808
Assumption changes		2,418			3,047
Actuarial (gain) loss		(89	)		141
Settlements		–			–
Benefits paid		(1,341	)		(1,084	)
Projected benefit obligation, end of year	$	24,678		$	22,997
Change in Plan Assets
Fair value of plan assets, beginning of year	$	15,910		$	14,368
Return on assets		2,775			3,017
Employer contribution		1,161			–
Expenses		(340	)		(391	)
Settlements		–			–
Benefits paid		(1,341	)		(1,084	)
Fair value of plan assets, end of year	$	18,165		$	15,910
Funded Status at end of year	$	(6,513	)	$	(7,087	)

Schedule of weighted average assumptions used to determine pension benefit obligations

	December, 31
	2020		2019
Weighted average assumptions used to determine benefit obligations
Discount rate		2.28%		3.07%
Weighted average assumptions used to determine net periodic benefit cost
Discount rate		3.07%		4.11%
Expected return on plan assets		7.25%		7.25%

Schedule of components of net periodic benefit cost

	December 31,
	2020			2019			2018
	(In thousands)
Amounts recognized on Consolidated Balance Sheet
Other assets	$	–		$	–		$	–
Other liabilities		(6,513	)		(7,087	)		(5,717	)
Net amount recognized	$	(6,513	)	$	(7,087	)	$	(5,717	)
Amounts recognized in accumulated other comprehensive loss consists of:
Net loss	$	13,297		$	13,092		$	11,896
Unrecognized transition asset		–			–			–
Net amount recognized	$	13,297		$	13,092		$	11,896
Components of net periodic benefit cost
Interest cost	$	693		$	808		$	775
Expected return on assets		(1,150	)		(1,012	)		(1,163	)
Amortization of transition asset		–			–			–
Amortization of net  loss		839			376			443
Net periodic benefit cost		382			172			55
Settlement (gain)/loss		–			–			–
Total	$	382		$	172		$	55
Benefit Obligation Recognized in Other Comprehensive Loss (Income)
Net loss (gain)	$	205		$	1,197		$	545
Prior service cost (credit)		–			–			–
Amortization of prior service cost		–			–			–
Net amount recognized in other comprehensive loss (income)	$	205		$	1,197		$	545

Schedule of weighted average asset allocation of our pension benefits

	December 31,
	2020		2019
Weighted Average Asset Allocation at Year-End
Asset Category
Equity securities		82%		82%
Debt securities		18%		18%
Cash and cash equivalents		0%		0%
Total		100%		100%

Schedule of estimated Future Benefit Payments

Cash Flows
Estimated Future Benefit Payments (In thousands)
2021	$	896
2022		933
2023		957
2024		983
2025		1,026
Years 2026 - 2029		5,678
Anticipated Contributions in 2021	$	522

Schedule of fair value of plan assets

	December 31, 2020
	Level 1 (1)		Level 2 (2)		Level 3 (3)		Total
Investment Name:	(in thousands)
Company Common Stock	$	3,811	$	–	$	–	$	3,811
Large Cap Value		–		2,523		–		2,523
Mid Cap Index		–		757		–		757
Small Cap Growth		–		765		–		765
Small Cap Value		–		785		–		785
Large Cap Blend		–		691		–		691
Growth		–		2,342		–		2,342
International Growth		–		3,003		–		3,003
Core Bond		–		1,809		–		1,809
High Yield		–		381		–		381
Inflation Protected Bond		–		485		–		485
Money Market		–		813		–		813
Total	$	3,811	$	14,354	$	–	$	18,165

	December 31, 2019
	Level 1 (1)		Level 2 (2)		Level 3 (3)		Total
Investment Name:	(in thousands)
Company Common Stock	$	2,950	$	–	$	–	$	2,950
Large Cap Value		–		2,370		–		2,370
Mid Cap Index		–		658		–		658
Small Cap Growth		–		655		–		655
Small Cap Value		–		674		–		674
Large Cap Blend		–		683		–		683
Growth		–		2,342		–		2,342
International Growth		–		2,667		–		2,667
Core Bond		–		1,909		–		1,909
High Yield		–		386		–		386
Inflation Protected Bond		–		509		–		509
Money Market		–		107		–		107
Total	$	2,950	$	12,960	$	–	$	15,910

________________________

(1) Company common stock is classified as level 1 and valued using quoted prices in active markets for identical assets.

(2) All other plan assets in stock, bond and money market funds are classified as level 2 and valued using significant observable inputs.

(3) There are no plan assets classified as level 3 in the fair value hierarchy as a result of having significant unobservable inputs.