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Employee Benefit Plans (Tables) | 12 Months Ended
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Dec. 31, 2019
Employee Benefit Plans |
Schedule of Changes in Projected Benefit Obligations, Fair Value, and Funded Status |
|  | December 31, |
(Dollars in thousands) |  | 2019 |  | 2018 |
Change in benefit obligation |  |  |  |  |  |  |
Projected benefit obligation, beginning |  | $ | 17,205 |  | $ | 17,808 |
Service cost |  |  | 1,218 |  |  | 1,232 |
Interest cost |  |  | 609 |  |  | 521 |
Actuarial loss (gain) |  |  | 2,834 |  |  | (1,308) |
Benefits paid |  |  | (1,072) |  |  | (1,048) |
Projected benefit obligation, ending |  |  | 20,794 |  |  | 17,205 |
Change in plan assets |  |  |  |  |  |  |
Fair value of plan assets, beginning |  |  | 20,156 |  |  | 19,254 |
Actual return on plan assets |  |  | 3,722 |  |  | (1,050) |
Employer contributions |  |  | — |  |  | 3,000 |
Benefits paid |  |  | (1,072) |  |  | (1,048) |
Fair value of plan assets, ending |  |  | 22,806 |  |  | 20,156 |
Funded status |  | $ | 2,012 |  | $ | 2,951 |
Amounts recognized as an other asset |  | $ | 2,012 |  | $ | 2,951 |
Amounts recognized in accumulated other comprehensive loss |  |  |  |  |  |  |
Net loss |  | $ | 5,239 |  | $ | 5,017 |
Prior service credits |  |  | (504) |  |  | (572) |
Deferred taxes |  |  | (995) |  |  | (933) |
Total recognized in accumulated other comprehensive loss |  | $ | 3,740 |  | $ | 3,512 |
Weighted-average assumptions for benefit obligation at valuation date |  |  |  |  |  |  |
Discount rate |  |  | 2.9 | % |  | 4.0 | %
Rate of compensation increase |  |  | 3.0 |  |  | 3.0 |
Interest crediting rate |  |  | 5.0 |  |  | 5.0 |
Schedule of net periodic benefit costs |
|  |  | Year Ended December 31, |
(Dollars in thousands) |  |  | 2019 |  | 2018 |  | 2017 |
Components of net periodic benefit cost: |  |  |  |  |  |  |  |  |  |  |
Service cost, included in salaries and employee benefits |  |  | $ | 1,218 |  | $ | 1,232 |  | $ | 1,120 |
Other components of net periodic benefit cost: |  |  |  |  |  |  |  |  |  |  |
Interest cost |  |  |  | 609 |  |  | 521 |  |  | 552 |
Expected return on plan assets |  |  |  | (1,297) |  |  | (1,413) |  |  | (1,138) |
Amortization of prior service credit |  |  |  | (68) |  |  | (62) |  |  | (61) |
Amortization of net obligation at transition |  |  |  | — |  |  | — |  |  | — |
Recognized net actuarial losses |  |  |  | 187 |  |  | 125 |  |  | 154 |
Other components of net periodic benefit cost, included in other noninterest income |  |  |  | (569) |  |  | (829) |  |  | (493) |
Net periodic benefit cost |  |  | $ | 649 |  | $ | 403 |  |  | 627 |
Schedule of weighted-average assumptions used for net periodic benefit cost |
|  | January 1, |
|  | 2019 |  | 2018 |  | 2017 |
Weighted-average assumptions for net periodic benefit cost |  |  |  |  |  |  |
Discount rate |  | 4.0 | % | 3.3 | % | 3.7 | %
Expected return on plan assets |  | 7.3 |  | 7.3 |  | 7.3 |
Rate of compensation increase |  | 3.0 |  | 3.0 |  | 3.0 |
Schedule of benefits expected to be paid by the plan in the next ten years |
(Dollars in thousands) |  |  |  |
2020 |  | $ | 4,460 |
2021 |  |  | 615 |
2022 |  |  | 828 |
2023 |  |  | 1,492 |
2024 |  |  | 1,252 |
2025 – 2029 |  |  | 7,466 |
|  | $ | 16,113 |
Schedule of defined benefit pension plan weighted average asset allocations by asset category |
|  | December 31, |
|  | 2019 |  | 2018 |
Mutual funds-fixed income |  | 38 | % | 42 | %
Mutual funds-equity |  | 62 |  | 58 |
Cash and equivalents |  | * |  | * |
|  | 100 | % | 100 | %
* Less than one percent.
Summary of fair value of defined benefit plan assets |
|  | December 31, 2019 |
|  | Fair Value Measurements Using |  | Assets at Fair |
(Dollars in thousands) |  | Level 1 |  | Level 2 |  | Level 3 |  | Value |
Mutual funds-fixed income 1 |  | $ | 8,744 |  | $ | — |  | $ | — |  | $ | 8,744 |
Mutual funds-equity 2 |  |  | 14,062 |  |  | — |  |  | — |  |  | 14,062 |
Cash and equivalents 3 |  |  | — |  |  | — |  |  | — |  |  | — |
Total pension plan assets |  | $ | 22,806 |  | $ | — |  | $ | — |  | $ | 22,806 |
|  | December 31, 2018 |
|  | Fair Value Measurements Using |  | Assets at Fair |
(Dollars in thousands) |  | Level 1 |  | Level 2 |  | Level 3 |  | Value |
Mutual funds-fixed income 1 |  | $ | 8,497 |  | $ | — |  | $ | — |  | $ | 8,497 |
Mutual funds-equity 2 |  |  | 11,659 |  |  | — |  |  | — |  |  | 11,659 |
Cash and equivalents 3 |  |  | — |  |  | — |  |  | — |  |  | — |
Total pension plan assets |  | $ | 20,156 |  | $ | — |  | $ | — |  | $ | 20,156 |
| 1 |  | This category includes investments in mutual funds focused on fixed income securities with both short-term and long-term investments. The funds are valued using the net asset value method in which an average of the market prices for the underlying investments is used to value the funds.
| 2 |  | This category includes investments in mutual funds focused on equity securities with a diversified portfolio and includes investments in large cap and small cap funds, growth funds, international focused funds and value funds. The funds are valued using the net asset value method in which an average of the market prices for the underlying investments is used to value the funds.
| 3 |  | This category comprises cash and short-term cash equivalent funds. The funds are valued at cost which approximates fair value.

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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=118255775&loc=d3e1928-114920 + 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=118255775&loc=d3e1928-114920 + Details
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