XML 28 R38.htm IDEA: XBRL DOCUMENT v3.20.1

EMPLOYEE BENEFIT PLANS (Tables)

12 Months Ended

Dec. 31, 2019

Pension Plans

Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]

Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan

The following tables set forth information about the plan for the year ended December 31, 2019 and 2018:

(in thousands)		2019				2018
Change in projected benefit obligation:
Projected benefit obligation at beginning of year		$	8,009			$	9,020
Service cost		—				—
Interest cost		331				315
Actuarial loss (gain)		1,068				(771		)
Benefits paid		(300		)		(291		)
Settlements		(182		)		(264		)
Projected benefit obligation at end of year		8,926				8,009
Change in fair value of plan assets:
Fair value of plan assets at beginning of year		9,990				11,026
Expected return on plan assets		1,570				(481		)
Contributions by employer		—				—
Benefits paid		(300		)		(291		)
Settlements		(182		)		(264		)
Fair value of plan assets at end of year		11,078				9,990
Overfunded status		$	(2,152	)		$	(1,981	)
Amounts recognized in consolidated balance sheet:
Other assets		$	2,152			$	1,981

Schedule of Net Benefit Costs

Net periodic pension cost is comprised of the following for the year ended December 31, 2019 and 2018:

(in thousands)		2019				2018
Interest cost		$	331			$	315
Expected return on plan assets		(638		)		(706		)
Settlement Charge		—				—
Net periodic pension benefit credit		$	(307	)		$	(391	)

(in thousands)		2019				2018
Net actuarial loss		$	145			$	415
Settlement charge		—				—
Net period pension benefit credit		(307		)		(391		)
Total recognized in net periodic benefit (credit) cost and other comprehensive (income) loss		$	(162	)		$	24

Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss)

Change in plan assets and benefit obligations recognized in accumulated other comprehensive income as of December 31, 2019 and 2018 are as follows:

(in thousands)		2019				2018
Net actuarial loss		$	145			$	415
Settlement charge		—				—
Prior service cost		748				333
Total accumulated other comprehensive loss (pre-tax)		$	893			$	748

Schedule of Assumptions Used

The principal actuarial assumptions used at December 31, 2019 and 2018 were as follows:

		2019			2018
Projected benefit obligation
Discount rate		3.23	%		4.23	%
Net periodic pension cost
Discount rate		4.23	%		3.56	%
Long-term rate of return on plan assets		6.50			6.50

Schedule of Allocation of Plan Assets

The fair value of the Plan's assets by category and level within fair value hierarchy are as follows at December 31, 2019 and 2018:

		2019
(in thousands)		Total				Level 1				Level 2
Asset Category
Equity mutual funds:
Large-cap		$	2,144			$	2,144			$	—
Mid-cap		590				590				—
Small-cap		557				557				—
International		1,009				1,009
Fixed income funds:
Fixed-income - core plus		4,028				4,028				—
Intermediate duration		1,371				1,371				—
Common stock		574				574				—
Common/collective trusts - large-cap		566				—				566
Cash equivalents - money market		230				230				—
Total		$	11,069			$	10,503			$	566

		2018
(in thousands)		Total				Level 1				Level 2
Asset Category
Equity mutual funds:
Large-cap		$	1,730			$	1,730			$	—
Mid-cap		477				477				—
Small-cap		469				469				—
International		845				845
Fixed income funds:
Fixed-income - core plus		3,945				3,945				—
Intermediate duration		1,321				1,321				—
Common stock		506				506				—
Common/collective trusts - large-cap		469				—				469
Cash equivalents - money market		228				228				—
Total		$	9,990			$	9,521			$	469

Schedule of Expected Benefit Payments

Estimated benefit payments under the Company's pension plan over the next 10 years at December 31, 2019 are as follows:

Year		Payments in Thousands
2020		$	365
2021		364
2022		383
2023		379
2024		394
2025-2029		2,262

Non-qualified Supplemental Executive Retirement Plan

Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]

Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan

The following table sets forth changes in benefit obligation, changes in plan assets, and the funded status of the plan as of and for the years ended December 31, 2019 and December 31, 2018:

(in thousands)		2019				2018
Change in benefit obligation:
Projected benefit obligation at beginning of year		$	3,033			$	3,451
Service cost		—				—
Interest cost		103				102
Actuarial loss/(gain)		221				(142		)
Benefits paid		(378		)		(378		)
Projected benefit obligation at end of year		$	2,979			$	3,033
Change in fair value of plan assets:
Fair value of plan assets at beginning of year		$	—			$	—
Expected return on plan assets		—				—
Contributions by employer		378				378
Benefits paid		(378		)		(378		)
Fair value of plan assets at end of year		$	—			$	—
Underfunded status		$	2,979			$	3,033
Amounts recognized in consolidated balance sheet
Other liabilities		$	2,979			$	3,033

Schedule of Net Benefit Costs

Net periodic benefit cost is comprised of the following for the years ended December 31, 2019 and 2018:

(in thousands)		2019				2018
Interest cost		$	103			$	102
Expected return on plan assets		—				—
Amortization of unrecognized actuarial loss		15				29
Net periodic benefit cost		$	118			$	131

(in thousands)		2019				2018
Net actuarial loss (gain)		$	220			$	(142	)
Amortization of unrecognized actuarial loss		(15		)		(29		)
Total recognized in net periodic benefit cost and other comprehensive loss		$	205			$	(171	)

Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss)

Change in plan assets and benefit obligations recognized in accumulated other comprehensive income in 2019 and 2018 are as follows:

(in thousands)		2019				2018
Accumulated other comprehensive income at beginning of the year (pre-tax)		$	414			$	585
Actuarial loss (gain)		220				(142		)
Amortization of actuarial loss		(15		)		(29		)
Accumulated other comprehensive income at end of year (pre-tax)		$	619			$	414

Schedule of Assumptions Used

The principal actuarial assumptions used at December 31, 2019 and December 31, 2018 were as follows:

		2019			2018
Discount rate beginning of year		3.83	%		3.13	%
Discount rate end of year		2.65			3.83

Schedule of Expected Benefit Payments

The Company expects to contribute the following amounts to fund benefit payments under the supplemental executive retirement plans:

(in thousands)		Payments
2020		$	293
2021		260
2022		260
2023		260
2024		260
2025-2036		2,027

X

- Definition

Tabular disclosure of the change in the benefit obligation, fair value of plan assets, and funded status of pension plans or other employee benefit plans.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (a)(b)(c)
-URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920

+ Details

Name:	us-gaap_ChangesInProjectedBenefitObligationsFairValueOfPlanAssetsAndFundedStatusOfPlanTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

No definition available.

+ Details

Name:	us-gaap_DefinedBenefitPlansAndOtherPostretirementBenefitPlansTableTextBlockLineItems
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the major categories of plan assets of pension plans and/or other employee benefit plans. This information may include, but is not limited to, the target allocation of plan assets, the fair value of each major category of plan assets, and the level within the fair value hierarchy in which the fair value measurements fall.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (d)(5)
-URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920

+ Details

Name:	us-gaap_ScheduleOfAllocationOfPlanAssetsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of assumption used to determine benefit obligation and net periodic benefit cost of defined benefit plan. Includes, but is not limited to, discount rate, rate of compensation increase, expected long-term rate of return on plan assets and interest crediting rate.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (k)
-URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920

+ Details

Name:	us-gaap_ScheduleOfAssumptionsUsedTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the changes in plan assets and benefit obligations recognized in other comprehensive income (loss) during the period.

+ References

No definition available.

+ Details

Name:	us-gaap_ScheduleOfDefinedBenefitPlanAmountsRecognizedInOtherComprehensiveIncomeLossTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of benefits expected to be paid by pension plans and/or other employee benefit plans in each of the next five fiscal years and in the aggregate for the five fiscal years thereafter.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920

+ Details

Name:	us-gaap_ScheduleOfExpectedBenefitPaymentsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the components of net benefit costs for pension plans and/or other employee benefit plans including service cost, interest cost, expected return on plan assets, gain (loss), prior service cost or credit, transition asset or obligation, and gain (loss) recognized due to settlements or curtailments.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (h)
-URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920

+ Details

Name:	us-gaap_ScheduleOfNetBenefitCostsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Details

Name:	us-gaap_RetirementPlanTypeAxis=us-gaap_PensionPlansDefinedBenefitMember
Namespace Prefix:
Data Type:	na
Balance Type:
Period Type:

X

- Details

Name:	us-gaap_RetirementPlanTypeAxis=us-gaap_SupplementalEmployeeRetirementPlanDefinedBenefitMember
Namespace Prefix:
Data Type:	na
Balance Type:
Period Type: