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Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2020

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, 2020 and 2019 (the measurement dates of the plans).

			DB Pension Plan												Life and Healthcare Plan												SERP Plan
(In thousands)			2020						2019						2020						2019						2020						2019
Change in benefit obligation:
Benefit obligation at beginning of year			$	90,346					$	79,689					$	9,022					$	7,857					$	32,153					$	23,539
Service cost			0						0						173						159						214						157
Interest cost			2,371						2,936						245						289						914						909
Plan participants’ contributions			0						0						90						87						0						0
Amendments			0						0						0						(203)						0						2,022
Actuarial loss (gain)			10,046						10,996						1,340						1,218						4,070						6,128
Benefits paid			(4,742)						(3,275)						(362)						(385)						(641)						(602)
Benefit obligation at end of year			$	98,021					$	90,346					$	10,508					$	9,022					$	36,710					$	32,153
Change in plan assets:
Fair value of plan assets at beginning of year			$	82,352					$	72,474					$	0					$	0					$	0					$	0
Actual return on plan assets			11,562						13,153						0						0						0						0
Plan participants’ contributions			0						0						90						87						0						0
Employer contributions			0						0						272						298						641						602
Benefits paid			(4,742)						(3,275)						(362)						(385)						(641)						(602)
Fair value of plan assets at end of year			$	89,172					$	82,352					$	0					$	0					$	0					$	0
Unfunded status			$	(8,849)					$	(7,994)					$	(10,508)					$	(9,022)					$	(36,710)					$	(32,153)

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 Plan												Life and Healthcare Plan												SERP Plan
Components of net periodic benefit cost			2020			2019			2018						2020			2019			2018						2020			2019			2018
Service cost			$	0		$	0		$	0					$	173		$	159		$	212					$	214		$	157		$	160
Interest cost			2,371			2,936			2,508						245			289			270						914			909			833
Expected return on plan assets			(5,416)			(4,933)			(5,648)						0			0			0						0			0			0
Amortization of prior service (credit) cost			(10)			(10)			(10)						(61)			(62)			(62)						285			104			87
Recognized net actuarial loss			1,411			1,334			1,118						155			0			62						800			343			539
Recognized net actuarial gain due to curtailments			0			0			0						0			(399)			0						0			0			0
Net periodic benefit (credit) cost			$	(1,644)		$	(673)		$	(2,032)					$	512		$	(13)		$	482					$	2,213		$	1,513		$	1,619

Service cost is included in salaries and wages in the Consolidated Statements of Income. The other components of net periodic benefit costs are included in other operating expense in the Consolidated Statements of Income.

Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss):

(In thousands)			DB Pension Plan												Life and Healthcare Plan												SERP Plan
			2020			2019			2018						2020			2019			2018						2020			2019			2018
Net actuarial loss (gain)			$	3,899		$	2,776		$	7,761					$	1,340		$	1,218		$	(1,337)					$	4,070		$	6,128		$	(2,987)
Recognized actuarial loss			(1,411)			(1,334)			(1,118)						(155)			0			(62)						(800)			(343)			(539)
Prior service credit			0			0			0						0			(203)			0						0			2,022			0
Recognized prior service cost (credit)			10			10			10						61			62			62						(285)			(104)			(87)
Prior service cost (credit) recognized due to curtailment			0			0			0						0			399			0						0			0			0
Recognized in other comprehensive income (loss)			$	2,498		$	1,452		$	6,653					$	1,246		$	1,476		$	(1,337)					$	2,985		$	7,703		$	(3,613)
Total recognized in net periodic benefit cost and other comprehensive income (loss)			$	854		$	779		$	4,621					$	1,758		$	1,463		$	(855)					$	5,198		$	9,216		$	(1,994)

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 Plan																		Life and Healthcare Plan																		SERP Plan
			2020						2019						2018						2020						2019						2018						2020						2019						2018
Net actuarial loss (gain)			$	50,533					$	48,045					$	46,603					$	2,771					$	1,586					$	368					$	14,614					$	11,345					$	5,560
Prior service cost (credit)			1						(9)						(20)						(287)						(348)						(606)						2,148						2,433						514
Total			$	50,534					$	48,036					$	46,583					$	2,484					$	1,238					$	(238)					$	16,762					$	13,778					$	6,074

Schedule of weighted-average assumptions

Weighted-average assumptions used in accounting for the plans were as follows:

(In thousands)			DB Pension Plan												Life and Healthcare Plan												SERP Plan
			2020			2019			2018						2020			2019			2018						2020			2019			2018
Discount Rates
Benefit Cost for Plan Year			3.04		%	4.08		%	3.43		%				3.10 %			4.13		%	3.51		%				3.14 %			4.16		%	3.55		%
Benefit Obligation at End of Plan Year			2.24		%	3.04		%	4.08		%				2.33 %			3.10		%	4.13		%				2.37 %			3.14		%	4.16		%
Expected long-term return on plan assets			6.75		%	7.00		%	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 %			4.00		%	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		%	4.00		%				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, 2020, 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 Plan						Life and Healthcare Plan						SERP Plan
2021			$	4,290					$	472					$	719
2022			4,206						452						773
2023			4,393						446						880
2024			4,444						468						863
2025			4,625						463						860
2026-2030			23,920						2,341						6,130
Total			$	45,878					$	4,642					$	10,225

Schedule of weighted average asset allocation of plans

The Company’s DB Pension Plan’s weighted-average asset allocations at December 31, 2020 and 2019, respectively, by asset category are as follows:

			2020						2019
Equity securities			63		%				62		%
Debt securities			36		%				36		%
Other			1		%				2		%
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, 2020
(In thousands)			Fair Value 2020						(Level 1)						(Level 2)						(Level 3)
Cash and cash equivalents			$	2,417					$	2,417					$	0					$	0
Common stocks			26,422						26,422						0						0
Mutual funds			60,333						60,333						0						0
Total Fair Value of Plan Assets			$	89,172					$	89,172					$	0					$	0

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

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