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Retirement Plans (Tables) - Non-contributory defined benefit pension plan
12 Months Ended
Dec. 31, 2020
Retirement Plans  
Schedule of the pension plan's funded status and amounts recognized in the company's accompanying consolidated financial statements

December 31,

 

(Dollars in thousands)

2020

2019

2018

 

Change in benefit obligation:

    

    

    

    

    

    

Benefit obligation at beginning of year

$

$

28,906

$

31,500

Service cost

121

77

Interest cost

 

 

1,158

 

1,080

Actuarial (gain) loss

 

 

2,471

 

(2,442)

Benefits paid

 

 

(538)

 

(1,188)

Expenses

(318)

(121)

Plan termination settlements

(31,800)

Benefit obligation at end of year

 

 

 

28,906

Change in plan assets:

Fair value of plan assets at beginning of year

 

 

30,545

 

31,387

Actual return on plan assets

 

 

2,111

 

467

Benefits paid

 

 

(538)

 

(1,188)

Expenses

(318)

(121)

Plan termination settlements

(31,800)

Fair value of plan assets at end of year

 

 

 

30,545

Funded (unfunded) status

$

$

$

1,639

Schedule of components of net periodic benefit cost and other amounts recognized in other comprehensive income

December 31,

(Dollars in thousands)

2020

2019

2018

Interest cost

    

$

    

$

1,157

    

$

1,079

Service cost

121

78

Expected return on plan assets

 

 

(2,361)

 

(2,328)

Recognized net actuarial loss

 

 

483

 

775

Net periodic pension benefit

 

 

(600)

 

(396)

Plan termination settlement

10,126

Net periodic pension cost with settlement

9,526

Net (gain) loss

 

 

2,722

 

(581)

Amortization of net gain

 

 

(483)

 

(775)

Plan termination settlement adjustment

(10,126)

Total amount recognized in other comprehensive income

 

 

(7,887)

 

(1,356)

Total recognized in net periodic benefit cost and other comprehensive income

$

$

1,639

$

(1,752)

Schedule of weighted average assumptions used to determine benefit obligations and net periodic benefit cost

Year ended

 

December 31,

 

2020

2019

2018

 

Discount rate

    

%  

4.10

%  

3.50

Expected long-term return on plan assets

 

%  

7.75

%  

7.75

%

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)

2020

2019

2018

 

Pension

    

$

    

$

    

$

(309)

Pension plan termination expense

9,526

Employee savings plan/ 401(k)

 

10,962

 

6,659

 

7,948

Supplemental executive retirement plan

 

2,862

 

2,343

 

368

Post-retirement benefits

 

43

 

144

 

254

$

13,867

$

18,672

$

8,261