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Employee Benefit Plans (Tables)
12 Months Ended
Dec. 31, 2019
Employee Benefit Plans [Abstract]  
Schedule Of Projected Benefit Obligation And Changes In Plan Assets For The Defined Benefit Pension Plan



 

 

 

 

 



 

 

 

 

 

(in Thousands of Dollars)

 

 

2019

 

2018



 

 

 

 

 

   Change in projected benefit obligation:

 

 

 

 

 



 

 

 

 

 

   Projected benefit obligation at beginning of year

 

$

(7,186)

$

(8,465)

   Service cost

 

 

(55)

 

(64)

   Interest cost

 

 

(312)

 

(279)

   Actuarial gain (loss)

 

 

(515)

 

1,040 

   Benefits paid

 

 

553 

 

582 

   Benefit obligation at end of year

 

$

(7,515)

$

(7,186)



 

 

 

 

 

   Change in plan assets:

 

 

 

 

 



 

 

 

 

 

   Fair value of plan assets at beginning of year

 

$

6,136 

$

7,110 

   Actual return on plan assets

 

 

1,275 

 

(401)

   Benefits paid

 

 

(558)

 

(573)

   Fair value of assets at end of year

 

 

6,853 

 

6,136 

   Funded status at end of year

 

$

(662)

$

(1,050)



Schedule of Amounts Recognized in Accumulated Other Comprehensive Income



 

 

 

 

 



 

 

2019

 

2018

Transition asset

 

$

 -

$

 -

Prior service credit

 

 

 -

 

 -

Gain

 

 

375 

 

207 

   Total

 

$

375 

$

207 



Components Of Net Pension Cost (Income)



 

 

 

 

 

 

 

 

 

 

 



 

 

2019

 

2018



 

 

 

 

 

Service cost benefits earned during the period

 

$

55 

$

64 

Interest cost on projected benefit obligation

 

 

312 

 

279 

Actual return on assets

 

 

(379)

 

(441)

Net amortization and deferral

 

 

 -

 

 -

 

 

 

 

 

 

     NET PERIODIC PENSION COST (INCOME)

 

$

(12)

$

(98)



Schedule of Weighted Average Assumptions Used to Determine the Benefit Obligation and the Net Periodic Cost

        

The weighted average assumptions used to determine the benefit obligation at December 31 are as follows:

 

 



 

 

 

 

 



 

 

 

 

 

 

 

2019

 

2018

 



 

 

 

 

 

Discount rate

 

3.55 

%

4.54 

%



    The weighted average assumptions used to determine the net periodic pension cost at December 31 are as follows:





 

 

 

 

 





 

 

 

 

 



 

 

 

 

 

 

 

2019

 

2018

 



 

 

 

 

 

Discount rate

 

4.54 

%

3.43 

%

Expected long-term return on plan assets

 

6.50 

%

6.50 

%

Rate of compensation increase

 

0.00 

%

0.00 

%



Schedule Of Target Asset Allocations



 

 

 

 

 



 

 

 

 

 

 

 

2019

 

2018

 



 

 

 

 

 

Cash equivalents

 

0.0 

%

4.2 

%

Equity securities

 

31.7 

%

46.1 

%

Fixed income securities

 

57.7 

%

45.8 

%

Other

 

10.6 

%

3.9 

%



 

100.0 

%

100.0 

%



Schedule of Asset Allocation and Fair Value of Plan Assets



 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 



 

December 31, 2019



 

 

 

 

Quoted Market

 

Other

 

 

 



 

 

 

 

Price in

 

Observable

 

Unobservable



 

 

 

 

Active Markets

 

Inputs

 

Inputs



 

Total

 

(Level 1)

 

(Level 2)

 

(Level 3)



(in thousands of dollars)



 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

   Cash (including foreign currencies)

 

$

 

$

 

$

 -

 

$

 -

Equity securities:

 

 

 

 

 

 

 

 

 

 

 

 

   Common stock

 

 

3,066 

 

 

3,066 

 

 

 -

 

 

 -

   Depository receipts

 

 

47 

 

 

47 

 

 

 -

 

 

 -

   Preferred stock

 

 

22 

 

 

22 

 

 

 -

 

 

 -

Fixed income securities:

 

 

 

 

 

 

 

 

 

 

 

 

   Corporate bonds

 

 

678 

 

 

 -

 

 

678 

 

 

 -

   Government issue

 

 

2,860 

 

 

 -

 

 

2,560 

 

 

 -

   Collateralized mortgage obligations

 

 

174 

 

 

 -

 

 

174 

 

 

 -

Other

 

 

 -

 

 

 -

 

 

 -

 

 

 -

Total

 

$

6,853 

 

$

3,141 

 

$

3,412 

 

$

 -



 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 



 

December 31, 2018



 

 

 

 

Quoted Market

 

Other

 

 

 



 

 

 

 

Price in

 

Observable

 

Unobservable



 

 

 

 

Active Markets

 

Inputs

 

Inputs



 

Total

 

(Level 1)

 

(Level 2)

 

(Level 3)



(in thousands of dollars)



 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

   Cash (including foreign currencies)

 

$

 

$

 

$

 -

 

$

 -

   Short-term investment funds

 

 

 

 

 -

 

 

 

 

 -

Equity securities:

 

 

 

 

 

 

 

 

 

 

 

 

   Common stock

 

 

2,475 

 

 

2,475 

 

 

 -

 

 

 -

   Depository receipts

 

 

42 

 

 

42 

 

 

 -

 

 

 -

   Commingled Pension Trust Fund

 

 

 

 

 -

 

 

 

 

 -

   Preferred stock

 

 

20 

 

 

20 

 

 

 -

 

 

 -

Fixed income securities:

 

 

 

 

 

 

 

 

 

 

 

 

   Corporate bonds

 

 

608 

 

 

 -

 

 

608 

 

 

 -

   Government issue

 

 

2,228 

 

 

 -

 

 

2,228 

 

 

 -

   Mortgage-backed securities

 

 

 

 

 -

 

 

 

 

 -

   Collateralized mortgage obligations

 

 

156 

 

 

 -

 

 

156 

 

 

 -

Commingled Pension Trust Fund

 

 

 

 

 -

 

 

 

 

 -

Other

 

 

601 

 

 

 -

 

 

 -

 

 

601 

Total

 

$

6,136 

 

$

2,543 

 

$

2,992 

 

$

601 



Schedule of Changes in Level 3 Assets



 

 

 

 

 



 

 

 

 

 

 

 

 

2019

 

2018



 

 

 

 

 

Balance, January 1

 

$

601 

$

255 

Realized gain

 

 

187 

 

 -

Purchase

 

 

 -

 

 -

Sales

 

 

(610)

 

 -

Unrealized gain (loss)

 

 

(178)

 

346 

Balance, December 31

 

$

 -

$

601