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Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2019

Employee Benefit Plans [Abstract]

Schedule of Net Funded Status



		Pension						Defined Benefit SERP
(in thousands)		2019			2018			2019			2018
Change in Benefit Obligation
Obligation at the beginning of the year		$	42,022		$	44,975		$	7,544		$	7,613
Service cost			265			324			120			112
Interest cost			1,748			1,586			272			321
Change in discount rate and mortality assumptions			7,981			—			—			—
Actuarial losses/(gains)			979			(3,049)			994			(276)
Benefits paid			(2,000)			(1,814)			(283)			(226)
Obligation at the end of the year			50,995			42,022			8,647			7,544
Change in Plan Assets
Fair value at the beginning of the year			43,056			47,216			—			—
Actual return on plan assets			7,773			(2,346)			—			—
Employer contribution			2,000			—			283			226
Benefits paid			(2,000)			(1,814)			(283)			(226)
Fair value at the end of the year			50,829			43,056			—			—
(Unfunded)/Funded Status		$	(166)		$	1,034		$	(8,647)		$	(7,544)



Components of Net Periodic Pension Plan Cost



		Pension						Defined Benefit SERP
(in thousands)		2019			2018			2019			2018
Components of Net Pension Cost
Service cost		$	265		$	324		$	120		$	112
Interest cost			1,748			1,586			272			321
Expected return on assets			(3,055)			(3,240)			—			—
Amortization of recognized loss			1,077			1,200			116			159
Amortization of prior service cost			—			9			(3)			(3)
Net pension (income)/expense in employee benefits		$	35		$	(121)		$	505		$	589
Weighted Average Assumptions used to   determine benefit obligations:
Discount rate for benefit obligations			3.25%			4.25%			3.14%			4.45%
Discount rate for net pension cost			4.25%			3.60%			—			—
Expected long-term return on assets			7.00%			7.00%			—			—
Rate of compensation increase			3.00%			3.00%			3.00%			3.00%
Mortality tables			PRI-2012 White Collar			RP-2014			N/A			N/A



Schedule of Target Asset Allocations



Asset Class		Normalized Target		Range
Cash		5%		0% - 20%
Fixed Income		40%		30% - 50%
Equities		55%		45% - 65%



Actual Plan Asset Allocations


December 31, 2019							Fair Value Hierarchy
(Dollars in thousands)		Assets at Fair Value			% of Portfolio		Level 1			Level 2
Cash and cash equivalents		$	247		0.5%		$	247		$	—
Fixed income securities:
U.S. Government and Agencies			1,904		3.7%			—			1,904
Taxable municipal bonds and notes			4,555		8.9%			—			4,555
Corporate bonds and notes			9,588		18.9%			—			9,588
Preferred stock			657		1.3%			—			657
Fixed income mutual funds			6,441		12.7%			6,441			—
Total fixed income			23,145		45.5%			6,441			16,704
Equities:
Large Cap			21,460		42.2%			21,460			—
Mid Cap			1,660		3.3%			1,660			—
Small Cap			1,009		2.0%			1,009			—
International			3,308		6.5%			3,308			—
Total equities			27,437		54.0%			27,437			—
Total market value		$	50,829		100.0%		$	34,125		$	16,704

December 31, 2018							Fair Value Hierarchy
(Dollars in thousands)		Assets at Fair Value			% of Portfolio		Level 1			Level 2
Cash and cash equivalents		$	1,834		4.3%			1,834		$	—
Fixed income securities:
U.S. Government and Agencies			1,394		3.2%			—			1,394
Taxable municipal bonds and notes			4,363		10.1%			—			4,363
Corporate bonds and notes			9,931		23.1%			—			9,931
Preferred stock			476		1.1%			—			476
Fixed income mutual funds			2,498		5.8%			2,498			—
Total fixed income			18,662		43.3%			2,498			16,164
Equities:
Large Cap			17,454		40.5%			17,454			—
Mid Cap			1,342		3.1%			1,342			—
Small Cap			884		2.1%			884			—
International			2,880		6.7%			2,880			—
Total equities			22,560		52.4%			22,560			—
Total market value		$	43,056		100.0%		$	26,892		$	16,164



Expected Future Benefit Payments



(In thousands)		Pension Plan			Defined Benefit SERP
2020		$	2,051		$	266
2021			2,136			330
2022			2,211			332
2023			2,360			332
2024			2,506			332
2025-2029			13,540			2,472



Schedule of Amounts in Accumulated Other Comprehensive Income



		2019						2018
(In thousands)		Pension			Defined Benefit SERP			Pension			Defined Benefit SERP
Unrecognized net actuarial loss		$	21,241		$	1,186		$	18,841		$	742
Unrecognized prior service costs			—			(3)			—			(7)
		$	21,241		$	1,183		$	18,841		$	735



Schedule of Amounts that Will Be Amortized from Other Comprehensive Loss



(In thousands)		Pension			Defined Benefit SERP
Prior service costs		$	—		$	(3)
Net actuarial loss			1,434			188
		$	1,434		$	185



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