XML 67 R21.htm IDEA: XBRL DOCUMENT
v3.19.3.a.u2

Employee Benefit Plans | 12 Months Ended
--- | ---
Dec. 31, 2019
Retirement Benefits [Abstract] |
Employee Benefit Plans | Employee Benefit Plans The Corporation sponsors a contributory defined contribution Section 401(k) plan in which substantially all employees participate. The plan permits employees to make pre-tax contributions which are matched by the Corporation at 100% for every 1% contributed up to 3% then 50% for every 1% contributed up to the next 2% in total of the employee’s compensation. The Corporation’s matching contribution and related expenses were $906, $810 and $802 in 2019, 2018, and 2017, respectively. Profit sharing contributions to this plan, based on current year compensation, are 6.0% of total compensation plus 5.7% of the compensation in excess of $133. The Corporation recognized profit sharing expense of $1,949, $1,530 and $1,755 in 2019, 2018, and 2017 respectively. The Corporation has adopted a non-qualified supplemental executive retirement plan (“SERP") for certain executives to compensate those executive participants in the Corporation’s retirement plan whose benefits are limited by compensation limitations under current tax law. The SERP is considered an unfunded plan for tax and ERISA purposes and all obligations arising under the SERP are payable from the general assets of the Corporation. At December 31, 2019 and 2018, obligations of $6,333 and $5,867, respectively, were included in other liabilities for this plan. Expenses related to this plan were $724 in 2019, $776 in 2018 and $648 in 2017. The Corporation has established a Survivor Benefit Plan for the benefit of outside directors. The purpose of the plan is to provide life insurance benefits to beneficiaries of the Corporation’s directors who at the time of their death are participants in the plan. The plan is considered an unfunded plan for tax and ERISA purposes and all obligations arising under the plan are payable from the general assets of the Corporation. At December 31, 2019 and 2018, obligations of $1,330 and $1,330, respectively, were included in other liabilities for this plan. Expenses (benefits) related to this plan were $(1) in 2019, $66 in 2018 and $89 in 2017. The Corporation has an unfunded post retirement benefits plan which provides certain health care benefits for retired employees who have reached the age of 60 and retired with 30 years of service. The plan was amended in 2013 to include only employees hired prior to January 1, 2000. Benefits are provided for these retired employees and their qualifying dependents from the age of 60 through the age of 65. The following table sets forth the change in the benefit obligation of the plan as of and for the years ended December 31, 2019, 2018, and 2017:
| 2019 |  | 2018 |  | 2017
Benefit obligation at beginning of year | $ | 2,427 |  |  | $ | 2,740 |  |  | $ | 3,409 |
Interest cost | 89 |  |  | 83 |  |  | 114 |
Service cost | 74 |  |  | 87 |  |  | 103 |
Actual claims | (42 | ) |  | (79 | ) |  | (78 | )
Actuarial (gain) loss | (518 | ) |  | (404 | ) |  | (808 | )
Benefit obligation at end of year | $ | 2,030 |  |  | $ | 2,427 |  |  | $ | 2,740 |
Amounts recognized in accumulated other comprehensive income at December 31, 2019 and 2018 consist of:
| 2019 |  | 2018
Net actuarial gain (loss) | $ | 158 |  |  | $ | (383 | )
Tax effect | (34 | ) |  | 79 |
| $ | 124 |  |  | $ | (304 | )
The accumulated benefit obligation was $2,030 and $2,427 at December 31, 2019 and 2018, respectively. The following table sets forth the components of net periodic benefit cost and other amounts recognized in other comprehensive income:
| 2019 |  | 2018 |  | 2017
Service cost | $ | 74 |  |  | $ | 87 |  |  | $ | 103 |
Interest cost | 89 |  |  | 83 |  |  | 114 |
Net amortization of transition obligation and actuarial loss | 23 |  |  | 84 |  |  | 192 |
Net periodic benefit cost | 186 |  |  | 254 |  |  | 409 |
Net gain | (518 | ) |  | (404 | ) |  | (808 | )
Amortization | (23 | ) |  | (84 | ) |  | (192 | )
Total recognized in other comprehensive income | (541 | ) |  | (488 | ) |  | (1,000 | )
Total recognized in net periodic benefit cost and other comprehensive income | $ | (355 | ) |  | $ | (234 | ) |  | $ | (591 | )
The estimated net gain that will be amortized from accumulated other comprehensive income into net periodic benefit cost over the next fiscal year is zero. The weighted average discount rate used to calculate net periodic benefit cost was 3.78% in 2019, 3.13% in 2018, and 3.49% in 2017. The weighted average rate used to calculate accrued benefit obligations was 2.59% in 2019, 3.78% in 2018, and 3.13% in 2017. The health care cost trend rate used to measure the expected costs of benefits is 5.0% for 2020 and thereafter. A one percent increase in the health care trend rates would result in an increase of $155 in the benefit obligation as of December 31, 2019, and would increase the service and interest costs by $10 in future periods. A similar one percent decrease in health care trend rates would result in a decrease of $141 and $9 in the benefit obligation and services and interest costs, respectively, at December 31, 2019.

X
- References No definition available. + Details
Name: | us-gaap_CompensationAndRetirementDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for pension and other postretirement benefits. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -URI http://asc.fasb.org/topic&trid=2235017 + Details
Name: | us-gaap_PensionAndOtherPostretirementBenefitsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration