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Employee Benefit Plans (Tables)

12 Months Ended

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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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 one or more of the entity's defined benefit pension plans or one or more other defined benefit postretirement plans, separately for pension plans and other postretirement benefit plans including the entity's schedule of fair value of plan assets for defined benefit or other postretirement plans.

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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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