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Benefit Plans (Tables) | 12 Months Ended
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Dec. 31, 2019
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:
| 2019 |  | 2018
Change in benefit obligation |  |  |
Benefit obligation, January 1 | $ | 9,412 |  |  | $ | 11,381 |
Interest cost | 378 |  |  | 388 |
Actuarial loss (gain) | 1,216 |  |  | (1,194 | )
Benefits paid, including plan expenses | (797 | ) |  | (1,163 | )
Benefit obligation, December 31 | 10,209 |  |  | 9,412 |
Change in plan assets |  |  |
Fair value of plan assets, January 1 | 7,765 |  |  | 9,469 |
Investment return (loss) | 1,384 |  |  | (541 | )
Contributions | — |  |  | — |
Benefits paid, including plan expenses | (797 | ) |  | (1,163 | )
Fair value of plan assets, December 31 | 8,352 |  |  | 7,765 |
Deficiency in funded status at December 31, included on the consolidated balance sheets in accrued interest payable and other liabilities | $ | (1,857 | ) |  | $ | (1,647 | )
| 2019 |  | 2018
Change in accrued pension benefit costs |  |  |
Accrued benefit cost at January 1 | $ | (1,647 | ) |  | $ | (1,912 | )
Contributions | — |  |  | — |
Net periodic benefit cost | (268 | ) |  | (345 | )
Net change in unrecognized actuarial loss and prior service cost | 58 |  |  | 610 |
Accrued pension benefit cost at December 31 | $ | (1,857 | ) |  | $ | (1,647 | )
Components of net periodic benefit cost | The components of net periodic benefit cost are as follows for the years ended December 31:
| 2019 |  | 2018 |  | 2017
Interest cost on benefit obligation | $ | 378 |  |  | $ | 388 |  |  | $ | 444 |
Expected return on plan assets | (452 | ) |  | (554 | ) |  | (546 | )
Amortization of unrecognized actuarial net loss | 214 |  |  | 242 |  |  | 279 |
Settlement loss | 128 |  |  | 269 |  |  | 235 |
Net periodic benefit cost | $ | 268 |  |  | $ | 345 |  |  | $ | 412 |
The components of projected net periodic benefit cost are as follows for the year ending:
| December 31, 2020
Interest cost on projected benefit obligation | $ | 306 |
Expected return on plan assets | (488 | )
Amortization of unrecognized actuarial net loss | 205 |
Net periodic benefit cost | $ | 23 |
Actuarial assumptions used | The actuarial assumptions used in determining the benefit obligation are as follows for the years ended December 31:
| 2019 |  | 2018 |  | 2017
Discount rate | 3.07 | % |  | 4.11 | % |  | 3.48 | %
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:
| 2019 |  | 2018 |  | 2017
Discount rate | 4.11 | % |  | 3.48 | % |  | 3.96 | %
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:
| 2019 |  | 2018
| Total |  | (Level 2) |  | Total |  | (Level 2)
Short-term investments | $ | 218 |  |  | $ | 218 |  |  | $ | 98 |  |  | $ | 98 |
Common collective trusts |  |  |  |  |  |  |
Fixed income | 3,823 |  |  | 3,823 |  |  | 2,924 |  |  | 2,924 |
Equity investments | 4,311 |  |  | 4,311 |  |  | 4,743 |  |  | 4,743 |
Total | $ | 8,352 |  |  | $ | 8,352 |  |  | $ | 7,765 |  |  | $ | 7,765 |
Summary of Estimated future benefit payments | Estimated future benefit payments are as follows for the next ten years:
|  | Estimated Benefit Payments
2020 |  | $ | 466 |
2021 |  | 459 |
2022 |  | 462 |
2023 |  | 460 |
2024 |  | 454 |
2025 - 2029 |  | 2,465 |
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:
| 2019 |  | 2018
| Eligible Shares |  | Market Value |  | Eligible Shares |  | Market Value
Unissued | 177,935 |  |  | $ | 4,326 |  |  | 203,498 |  |  | $ | 4,591 |
Shares held in Rabbi Trust | 27,069 |  |  | 658 |  |  | 16,673 |  |  | 376 |
Total | 205,004 |  |  | $ | 4,984 |  |  | 220,171 |  |  | $ | 4,967 |

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- 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=108410482&loc=d3e1928-114920 + Details
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- 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=108410482&loc=d3e1928-114920 + Details
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- Definition 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. + 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=108410482&loc=d3e1928-114920 + Details
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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 710 -SubTopic 10 -Section 55 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=6409961&loc=d3e20487-108367 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=109197908&loc=d3e5070-113901 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 710 -SubTopic 10 -Section 30 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6409875&loc=d3e20015-108363 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=109197908&loc=d3e5047-113901 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 710 -SubTopic 10 -Section 55 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=6409961&loc=d3e20517-108367 + Details
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- 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=108410482&loc=d3e1928-114920 + Details
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