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Employee Benefit Plans (Tables)
12 Months Ended
Dec. 31, 2019
Retirement Benefits [Abstract]  
Schedule of changes in the projected benefit obligations
The following table sets forth the changes in the projected benefit obligation for the DB Pension Plan and SERPs and the accumulated post-retirement benefit obligation for the Life and Healthcare Plan; and the respective plan assets, and the plans’ funded status and amounts recognized in the Company’s Consolidated Statements of Condition at December 31, 2019 and 2018 (the measurement dates of the plans).
 
 
DB Pension Plans
 
Life and Healthcare Plan
 
SERP Plan
(In thousands)
2019
 
2018
 
2019
 
2018
 
2019
 
2018
Change in benefit obligation:
 
 
 
 
 
 
 
 
 
 
 
Benefit obligation at beginning of year
$
79,689

 
$
82,748

 
$
7,857

 
$
8,995

 
$
23,539

 
$
26,142

Service cost
0

 
0

 
159

 
212

 
157

 
160

Interest cost
2,936

 
2,508

 
289

 
270

 
909

 
833

Plan participants’ contributions
0

 
0

 
87

 
122

 
0

 
0

Amendments
0

 
0

 
(203
)
 
0

 
2,022

 
0

Actuarial loss (gain)
10,996

 
(2,324
)
 
1,218

 
(1,337
)
 
6,128

 
(2,987
)
Benefits paid
(3,275
)
 
(3,243
)
 
(385
)
 
(405
)
 
(602
)
 
(609
)
Benefit obligation at end of year
$
90,346

 
$
79,689

 
$
9,022

 
$
7,857

 
$
32,153

 
$
23,539

Change in plan assets:
 
 
 
 
 
 
 
 
 
 
 
Fair value of plan assets at beginning of year
$
72,474

 
$
80,154

 
$
0

 
$
0

 
$
0

 
$
0

Actual return on plan assets
13,153

 
(4,437
)
 
0

 
0

 
0

 
0

Plan participants’ contributions
0

 
0

 
87

 
122

 
0

 
0

Employer contributions
0

 
0

 
298

 
283

 
602

 
609

Benefits paid
(3,275
)
 
(3,243
)
 
(385
)
 
(405
)
 
(602
)
 
(609
)
Fair value of plan assets at end of year
$
82,352

 
$
72,474

 
$
0

 
$
0

 
$
0

 
$
0

Unfunded status
$
(7,994
)
 
$
(7,215
)
 
$
(9,022
)
 
$
(7,857
)
 
$
(32,153
)
 
$
(23,539
)

Schedule of net periodic benefit cost and other comprehensive income
Net periodic benefit cost and other comprehensive income (loss) includes the following components:
(In thousands)
DB Pension Plans
 
Life and Healthcare Plan
 
SERP Plan
Components of net periodic benefit cost
2019
2018
2017
 
2019
2018
2017
 
2019
2018
2017
Service cost
$
0

$
0

$
0

 
$
159

$
212

$
192

 
$
157

$
160

$
166

Interest cost
2,936

2,508

2,501

 
289

270

268

 
909

833

852

Expected return on plan assets
(4,933
)
(5,648
)
(5,088
)
 
0

0

0

 
0

0

0

Amortization of prior service (credit) cost
(10
)
(10
)
(10
)
 
(62
)
(62
)
(62
)
 
104

87

87

Recognized net actuarial loss
1,334

1,118

1,075

 
0

62

34

 
343

539

399

Recognized net actuarial gain due to curtailments
0

0

0

 
(399
)
0

0

 
0

0

0

Net periodic benefit (credit) cost
$
(673
)
$
(2,032
)
$
(1,522
)
 
$
(13
)
$
482

$
432

 
$
1,513

$
1,619

$
1,504


Schedule of pre-tax amounts recognized as a component of accumulated other comprehensive income
Pre-tax amounts recognized as a component of accumulated other comprehensive income (loss) as of year-end that have not been recognized as a component of the Company’s combined net periodic benefit cost of the Company’s DB Pension Plan, Life and Healthcare Plan and SERPs are presented in the following table.  
(In thousands)
DB Pension Plans
 
Life and Healthcare Plan
 
SERP Plan
 
2019
 
2018
 
2017
 
2019
 
2018
 
2017
 
2019
 
2018
 
2017
Net actuarial loss (gain)
$
48,045

 
$
46,603

 
$
39,960

 
$
1,586

 
$
368

 
$
1,767

 
$
11,345

 
$
5,560

 
$
9,086

Prior service cost (credit)
(9
)
 
(20
)
 
(30
)
 
(348
)
 
(606
)
 
(668
)
 
2,433

 
514

 
602

Total
$
48,036

 
$
46,583

 
$
39,930

 
$
1,238

 
$
(238
)
 
$
1,099

 
$
13,778

 
$
6,074

 
$
9,688



Schedule of pre-tax amounts expected to be recognized
The pre-tax amounts included in accumulated other comprehensive income (loss) that are expected to be recognized in net periodic pension cost during the fiscal year ended December 31, 2020 are shown below.

(In thousands)
Pension Plans
 
Life and Healthcare Plan
 
SERP Plan
Actuarial loss
1,359

 
103

 
796

Prior service cost
(10
)
 
(61
)
 
285

Total
1,349

 
42

 
1,081


Schedule of weighted-average assumptions
Weighted-average assumptions used in accounting for the plans were as follows:
(In thousands)
DB Pension Plans
 
Life and Healthcare Plan
 
SERP Plan
 
2019
2018
2017
 
2019
2018
2017
 
2019
2018
2017
Discount Rates
 
 
 
 
 
 
 
 
 
 
 
Benefit Cost for Plan Year
4.08
%
3.43
%
3.89
%
 
4.13
%
3.51
%
3.97
%
 
4.16
%
3.55
%
4.10
%
Benefit Obligation at End of Plan Year
3.04
%
4.08
%
3.43
%
 
3.10
%
4.13
%
3.51
%
 
3.14
%
4.16
%
3.55
%
Expected long-term return on plan assets
7.00
%
7.25
%
7.25
%
 
N/A

N/A

N/A

 
N/A

N/A

N/A

Rate of compensation increase
 
 
 
 
 
 
 
 
 
 
 
Benefit Cost for Plan Year
N/A

N/A

N/A

 
4.00
%
5.00
%
5.00
%
 
5.00
%
5.00
%
5.00
%
Benefit Obligation at End of Plan Year
N/A

N/A

N/A

 
4.00
%
4.00
%
5.00
%
 
5.00
%
5.00
%
5.00
%

Schedule of expected benefits to be paid in each of next five years
The benefits as of December 31, 2019, expected to be paid in each of the next five fiscal years, and in the aggregate for the five fiscal years thereafter were as follows:
(In thousands)
DB Pension Plans
 
Life and Healthcare Plan
 
SERP Plan
2020
$
4,125

 
$
557

 
$
708

2021
4,275

 
447

 
700

2022
4,209

 
436

 
754

2023
4,386

 
429

 
863

2024
4,478

 
423

 
846

2025-2029
23,939

 
2,162

 
4,949

Total
$
45,412

 
$
4,454

 
$
8,820


Schedule of weighted average asset allocation of plans
The Company’s DB Pension Plan’s weighted-average asset allocations at December 31, 2019 and 2018, respectively, by asset category are as follows:
 
2019
 
2018
Equity securities
62
%
 
61
%
Debt securities
36
%
 
38
%
Other
2
%
 
1
%
Total Allocation
100
%
 
100
%

Schedule of fair value measurement of pension plan
The major categories of assets in the Company’s DB Pension Plan as of year-end are presented in the following table. Assets are segregated by the level of valuation inputs within the fair value hierarchy established by ASC Topic 820 utilized to measure fair value (see Note 19-Fair Value Measurements). 
 
Fair Value Measurements
 
 
 
 
 
 
 
December 31, 2019
 
 
 
 
 
 
 
(In thousands)
Fair Value 2019
 
(Level 1)
 
(Level 2)
 
(Level 3)
Cash and cash equivalents
$
1,367

 
$
1,367

 
$
0

 
$
0

Common stocks
26,574

 
26,574

 
0

 
0

Mutual funds
54,411

 
54,411

 
0

 
0

Total Fair Value of Plan Assets
$
82,352

 
$
82,352

 
$
0

 
$
0

 
Fair Value Measurements
 
 
 
 
 
 
 
December 31, 2018
 
 
 
 
 
 
 
(In thousands)
Fair Value 2018
 
(Level 1)
 
(Level 2)
 
(Level 3)
Cash and cash equivalents
$
1,018

 
$
1,018

 
$
0

 
$
0

Common stocks
20,648

 
20,648

 
0

 
0

Mutual funds
50,808

 
50,808

 
0

 
0

Total Fair Value of Plan Assets
$
72,474

 
$
72,474

 
$
0

 
$
0