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Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2020

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:

			2020						2019
Change in benefit obligation
Benefit obligation, January 1			$	10,209					$	9,412
Interest cost			306						378
Actuarial loss (gain)			682						1,216
Benefits paid, including plan expenses			(839)						(797)
Benefit obligation, December 31			10,358						10,209
Change in plan assets
Fair value of plan assets, January 1			8,352						7,765
Investment return (loss)			750						1,384
Contributions			—						—
Benefits paid, including plan expenses			(839)						(797)
Fair value of plan assets, December 31			8,263						8,352
Deficiency in funded status at December 31, included on the consolidated balance sheets in accrued interest payable and other liabilities			$	(2,095)					$	(1,857)
Accumulated benefit obligation at December 31			$	10,358					$	10,209

			2020						2019
Change in accrued pension benefit costs
Accrued benefit cost at January 1			$	(1,857)					$	(1,647)
Contributions			—						—
Net periodic benefit cost			(176)						(268)
Net change in unrecognized actuarial loss and prior service cost			(62)						58
Accrued pension benefit cost at December 31			$	(2,095)					$	(1,857)

Components of net periodic benefit cost

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

			2020						2019						2018
Interest cost on benefit obligation			$	306					$	378					$	388
Expected return on plan assets			(488)						(452)						(554)
Amortization of unrecognized actuarial net loss			206						214						242
Settlement loss			152						128						269
Net periodic benefit cost			$	176					$	268					$	345

Actuarial assumptions used

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

			2020						2019						2018
Discount rate			2.30		%				3.07		%				4.11		%
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:

			2020						2019						2018
Discount rate			3.07		%				4.11		%				3.48		%
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:

			2020												2019
			Total						(Level 2)						Total						(Level 2)
Short-term investments			$	69					$	69					$	218					$	218
Common collective trusts
Fixed income			3,851						3,851						3,823						3,823
Equity investments			4,343						4,343						4,311						4,311
Total			$	8,263					$	8,263					$	8,352					$	8,352

Summary of Estimated future benefit payments

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

						Estimated Benefit Payments
2021						$	416
2022						422
2023						421
2024						416
2025						426
2026 - 2030						2,322

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:

			2020												2019
			Eligible Shares						Market Value						Eligible Shares						Market Value
Unissued			117,053						$	2,291					177,935						$	4,326
Shares held in Rabbi Trust			59,162						1,158						27,069						658
Total			176,215						$	3,449					205,004						$	4,984

Changes in Nonvested Restricted Stock Awards

A summary of changes in nonvested restricted stock awards for the year follows:

			Number of Shares						Fair Value
Balance, January 1, 2020			—						$	—
Granted			4,658						82
Vested			—						—
Forfeited			—						—
Balance, December 31, 2020			4,658						$	82

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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.

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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.

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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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Disclosure of the number and weighted-average grant date fair value for restricted stock and restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock and restricted stock units that were granted, vested, or forfeited during the year.

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