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Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2018

Retirement Benefits [Abstract]

Changes in the projected benefit obligation, plan assets and Accrued pension benefit costs

Changes in the projected benefit obligation and plan assets during each year, the funded status of the plan, and the net amount recognized in our consolidated balance sheets using an actuarial measurement date of December 31, are summarized as follows during the years ended December 31:

	2018				2017
Change in benefit obligation
Benefit obligation, January 1	$	11,381			$	11,448
Interest cost	388				444
Actuarial (gain) loss	(1,194		)		578
Benefits paid, including plan expenses	(1,163		)		(1,089		)
Benefit obligation, December 31	9,412				11,381
Change in plan assets
Fair value of plan assets, January 1	9,469				9,325
Investment (loss) return	(541		)		1,033
Contributions	—				200
Benefits paid, including plan expenses	(1,163		)		(1,089		)
Fair value of plan assets, December 31	7,765				9,469
Deficiency in funded status at December 31, included on the consolidated balance sheets in accrued interest payable and other liabilities	$	(1,647	)		$	(1,912	)

	2018				2017
Change in accrued pension benefit costs
Accrued benefit cost at January 1	$	(1,912	)		$	(2,123	)
Contributions	—				200
Net periodic benefit cost	(345		)		(412		)
Net change in unrecognized actuarial loss and prior service cost	610				423
Accrued pension benefit cost at December 31	$	(1,647	)		$	(1,912	)

Components of net periodic benefit cost

The components of projected net periodic benefit cost are as follows for the year ending:

	December 31, 2019
Interest cost on projected benefit obligation	$	378
Expected return on plan assets	(452		)
Amortization of unrecognized actuarial net loss	214
Net periodic benefit cost	$	140

The components of net periodic benefit cost are as follows for the years ended December 31:

	2018				2017				2016
Interest cost on benefit obligation	$	388			$	444			$	485
Expected return on plan assets	(554		)		(546		)		(560		)
Amortization of unrecognized actuarial net loss	242				279				313
Settlement loss	269				235				—
Net periodic benefit cost	$	345			$	412			$	238

Actuarial assumptions used

The actuarial assumptions used in determining the benefit obligation are as follows for the years ended December 31:

	2018			2017			2016
Discount rate	4.11	%		3.48	%		3.96	%
Expected long-term rate of return on plan assets	6.00	%		6.00	%		6.00	%

The actuarial weighted average assumptions used in determining the net periodic pension costs are as follows for the years ended December 31:

	2018			2017			2016
Discount rate	3.48	%		3.96	%		4.13	%
Expected long-term rate of return on plan assets	6.00	%		6.00	%		6.00	%

Fair values of the Corporations pension plan assets by asset category

The fair values of our pension plan assets by asset category were as follows as of December 31:

	2018								2017
	Total				(Level 2)				Total				(Level 2)
Short-term investments	$	98			$	98			$	300			$	300
Common collective trusts
Fixed income	2,924				2,924				3,815				3,815
Equity investments	4,743				4,743				5,354				5,354
Total	$	7,765			$	7,765			$	9,469			$	9,469

Summary of Estimated future benefit payments

Estimated future benefit payments are as follows for the next ten years:

		Estimated Benefit Payments
2019		$	450
2020		486
2021		479
2022		481
2023		481
2024 - 2028		2,540

Components of shares eligible to be issued under the Directors Plan

The components of shares eligible to be issued under the Directors Plan were as follows as of December 31:

	2018							2017
	Eligible Shares			Market Value				Eligible Shares			Market Value
Unissued	203,498			$	4,591			195,140			$	5,513
Shares held in Rabbi Trust	16,673			376				31,769			897
Total	220,171			$	4,967			226,909			$	6,410

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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.

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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.

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Tabular disclosure of the assumptions used to determine for pension plans and/or other employee benefit plans the benefit obligation and net benefit cost, including assumed discount rates, rate increase in compensation increase, and expected long-term rates of return on plan assets.

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Tabular disclosure of an equity-based arrangement (such as stock or unit options and stock or unit awards) with an individual employee, which is generally an employment contract between the entity and a selected officer or key employee containing a promise by the employer to pay certain equity-based awards at future dates, sometimes including a period after retirement, upon compliance with stipulated requirements. This type of arrangement is distinguished from broader based employee benefit plans as it is usually tailored to the employee. Disclosure also typically includes the amount of related compensation expense recognized during the reporting period, the number of shares or units issued during the period under such arrangements, and the carrying amount as of the balance sheet date of the related liability.

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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.

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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.

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