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Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2020

Retirement Benefits [Abstract]

Pension Plan and Post-Retirement Healthcare and Life Insurance Plans

The following table sets forth information regarding the pension plan and post-retirement healthcare and life insurance plans (in thousands):

			Pension																		Post-retirement
			2020						2019						2018						2020						2019						2018
Change in benefit obligation:
Benefit obligation at beginning of year			$	33,058					28,878						31,970						23,323						20,028						22,757
Service cost			—						—						—						78						80						115
Interest cost			1,000						1,198						1,094						712						837						786
Actuarial loss			381						63						—						(169)						—						18
Benefits paid			(1,630)						(1,493)						(1,401)						(627)						(600)						(590)
Change in actuarial assumptions			2,361						4,412						(2,785)						(4,512)						2,978						(3,058)
Benefit obligation at end of year			$	35,170					33,058						28,878						18,805						23,323						20,028
Change in plan assets:
Fair value of plan assets at beginning of year			$	49,932					43,449						46,870						—						—						—
Actual return on plan assets			6,315						7,976						(2,020)						—						—						—
Employer contributions			—						—						—						627						600						590
Benefits paid			(1,630)						(1,493)						(1,401)						(627)						(600)						(590)
Fair value of plan assets at end of year			54,617						49,932						43,449						—						—						—
Funded status at end of year			$	19,447					16,874						14,571						(18,805)						(23,323)						(20,028)

Components of Accumulated Other Comprehensive Loss (Gain) related to Pension Plan and Other Post-retirement Benefits

The components of accumulated other comprehensive loss (gain) related to the pension plan and other post-retirement benefits, on a pre-tax basis, at December 31, 2020 and 2019 are summarized in the following table (in thousands):

			Pension												Post-retirement
			2020						2019						2020						2019
Unrecognized prior service cost			$	—					—						—						—
Unrecognized net actuarial loss (gain)			9,026						10,346						(8,055)						(3,621)
Total accumulated other comprehensive loss (gain)			$	9,026					10,346						(8,055)						(3,621)

Net Periodic Benefit Cost (Increase)

Net periodic (benefit) increase cost for the years ending December 31, 2020, 2019 and 2018, included the following components (in thousands):

			Pension																		Post-retirement
			2020						2019						2018						2020						2019						2018
Service cost			$	—					—						—						78						80						115
Interest cost			1,000						1,198						1,094						712						837						786
Return on plan assets			(2,949)						(2,562)						(2,769)						—						—						—
Amortization of:
Net loss (gain)			696						1,015						795						(248)						(825)						(396)
Unrecognized prior service cost			—						—						—						—						—						—
Net periodic (benefit) increase cost			$	(1,253)					(349)						(880)						542						92						505

Weighted Average Actuarial Assumptions Used

The weighted average actuarial assumptions used in the plan determinations at December 31, 2020, 2019 and 2018 were as follows:

			Pension																		Post-retirement
			2020						2019						2018						2020						2019						2018
Discount rate			2.30		%				3.10		%				4.25		%				2.30		%				3.10		%				4.25		%
Rate of compensation increase			—						—						—						—						—						—
Expected return on plan assets			6.00						6.00						6.00						—						—						—
Medical and life insurance benefits cost rate of increase			—						—						—						6.00						6.00						6.00

Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rate

A 1% change in the assumed health care cost trend rate would have had the following effects on post-retirement benefits at December 31, 2020 (in thousands):

			1% increase						1% decrease
Effect on total service cost and interest cost			$	140					110
Effect on post-retirement benefits obligation			$	3,900					3,100

Estimated Future Benefit Payments

Estimated future benefit payments, which reflect expected future service, as appropriate for the next five years, are as follows (in thousands):

			Pension						Post-retirement
2021			$	1,721					780
2022			1,740						789
2023			1,774						821
2024			1,779						822
2025			1,772						850

Weighted-Average Asset Allocation of Pension Plan Assets

The weighted-average asset allocation of pension plan assets at December 31, 2020 and 2019 were as follows:

Asset Category						2020						2019
Domestic equities						39		%				37		%
Foreign equities						12		%				11		%
Fixed income						47		%				50		%
Real estate						2		%				2		%
Cash						—		%				—		%
Total						100		%				100		%

Target Allocation of Assets and Acceptable Ranges

The target allocation of assets and acceptable ranges around the targets are as follows:

Asset Category						Target						Allowable Range
Domestic equities						37		%				30-41%
Foreign equities						11		%				5-13%
Fixed income						50		%				40-65%
Real estate						2		%				0-4%
Cash						0		%				0%
Total						100		%

Assets Measured at Fair Value on Recurring Basis

The following tables present the assets that are measured at fair value on a recurring basis by level within the U.S. GAAP fair value hierarchy as reported on the statements of net assets available for Plan benefits at December 31, 2020 and 2019, respectively. Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement.

			Fair value measurements at December 31, 2020
(in thousands)			Total						(Level 1)						(Level 2)						(Level 3)
Group annuity contracts			$	64					—						64						—
Mutual funds:
Fixed income			25,418						25,418						—						—
International equity			6,581						6,581						—						—
Large U.S. equity			1,677						1,677						—						—
Small/Mid U.S. equity			1,225						1,225						—						—
Total mutual funds			34,901						34,901						—						—
Pooled separate accounts			19,652						—						19,652						—
Total Plan assets			$	54,617					34,901						19,716						—

			Fair value measurements at December 31, 2019
(in thousands)			Total						(Level 1)						(Level 2)						(Level 3)
Group annuity contracts			$	81					—						81						—
Mutual funds:
Fixed income			16,609						16,609						—						—
International equity			5,535						5,535						—						—
Large U.S. equity			1,496						1,496						—						—
Small/Mid U.S. equity			996						996						—						—
Total mutual funds			24,636						24,636						—						—
Pooled separate accounts			25,215						—						25,215						—
Total Plan assets			$	49,932					24,636						25,296						—

Status of Unvested Stock Awards

A summary status of the granted but unvested stock awards as of December 31, and changes during the year, is presented below:

			Restricted Stock Awards
			2020						2019						2018
Outstanding at beginning of year			668,826						651,099						660,783
Granted			429,122						291,034						296,411
Forfeited			(59,938)						(46,914)						(56,296)
Vested			(252,829)						(226,393)						(249,799)
Outstanding at the end of year			785,181						668,826						651,099

Status of Unexercised Stock Options

A summary of the status of the granted but unexercised stock options as of December 31, 2020, 2019 and 2018, and changes during the year is presented below:

			2020												2019												2018
			Number of stock options						Weighted average exercise price						Number of stock options						Weighted average exercise price						Number of stock options						Weighted average exercise price
Outstanding at beginning of year			499,201						$	19.32					470,979						$	18.36					507,656						$	16.84
Granted			107,240						20.62						41,685						27.25						43,124						25.58
Exercised			—						—						(13,463)						10.35						(79,801)						12.61
Forfeited			(10,000)						14.68						—						—						—						—
Expired			—						—						—						—						—						—
Outstanding at the end of year			596,441						$	17.96					499,201						$	19.32					470,979						$	18.36

Stock Options Outstanding

The following table summarizes information about stock options outstanding at December 31, 2020:

			Options Outstanding																		Options Exercisable
Range of exercise prices			Number of options outstanding						Average remaining contractual life						Weighted average exercise price						Number of options exercisable						Weighted average exercise price
$14.50-15.23			138,475						1.1						$	14.89					138,475						$	14.89
$16.38-27.25			457,966						6.1						$	20.83					279,901						$	19.50

Weighted Average Assumptions of Fair Value Option Grants

The fair value of the option grants was estimated on the date of grant using the Black-Scholes option-pricing model with the following weighted average assumptions:

			For the year ended December 31,
			2020						2019						2018
Expected dividend yield			4.46		%				3.38		%				3.13		%
Expected volatility			20.33		%				22.01		%				20.65		%
Risk-free interest rate			0.75		%				2.53		%				2.65		%
Expected option life			8 years						8 years						8 years

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