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Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2020

Employee Benefit Plans

Schedule of employee benefits charged to operating expenses

​

​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​
(in thousands)		2020			2019			2018
Payroll taxes	​	$	1,273	​	$	1,112	​	$	1,156
Medical plans	​		1,854	​		1,826	​		2,109
401(k) match and profit sharing	​	​	1,586	​	​	1,290	​	​	956
Periodic pension cost	​		1,614	​		1,430	​		1,707
Other	​		59	​		63	​		67
Total employee benefits	​	$	6,386	​	$	5,721	​	$	5,995

Schedule of obligations and funded status

​

​	​	​	​	​	​	​
(in thousands)		2020			2019
Change in projected benefit obligation:	​	​	​	​	​	​
Balance, January 1	​	$	34,009		$	26,892
Service cost	​		1,614			1,430
Interest cost	​		1,127			1,169
Actuarial loss	​		933			5,164
Benefits paid	​		(726)			(646)
Balance, December 31,	​	$	36,957		$	34,009
Change in plan assets:	​	​	​	​	​	​
Fair value, January 1	​	$	25,689		$	19,672
Actual return on plan assets	​		4,725			5,164
Employer contribution	​		500			1,610
Expenses paid	​		(104)			(111)
Benefits paid	​		(726)			(646)
Fair value, December 31,	​	$	30,084		$	25,689
Funded status at end of year	​	$	(6,873)		$	(8,320)
Accumulated benefit obligation	​	$	30,156		$	26,380
​	​	​	​	​	​	​
Amounts recognized in the statement of financial position consist of the following:	​	​	​	​	​	​
(in thousands)		2020			2019
Noncurrent assets	​	$	—		$	—
Current liabilities	​		—			—
Noncurrent liabilities	​		(6,873)			(8,320)
Net liability at end of year	​	$	(6,873)		$	(8,320)

Schedule of components of net pension cost

​

​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​
(in thousands)		2020			2019			2018
Service cost - benefits earned during the year	​	$	1,614	​	$	1,430	​	$	1,707
Interest costs on projected benefit obligations (a)	​		1,127	​		1,169	​		1,037
Expected return on plan assets (a)	​		(1,598)	​		(1,467)	​		(1,327)
Expected administrative expenses (a)	​		110	​		122	​		93
Amortization of prior service cost (a)	​		50	​		79	​		79
Amortization of unrecognized net loss (a)	​		164	​		—	​		140
Net periodic pension cost	​	$	1,467	​	$	1,333	​	$	1,729
​	​	​	​	​	​	​	​	​	​

(a) The components of net periodic pension cost other than the service cost component are included in other non-interest expense.

​

Schedule of amounts not yet reflected in net periodic benefit cost and included in accumulated other comprehensive loss, including amounts recognized in other comprehensive income

​

​	​	​	​	​	​	​
(in thousands)		2020			2019
Prior service costs	​	$	—	​	$	(49)
Net accumulated actuarial net loss	​		(2,311)	​		(4,675)
Accumulated other comprehensive loss	​		(2,311)	​		(4,724)
Net periodic benefit cost in excess of cumulative employer contributions	​		(4,562)	​		(3,596)
Net amount recognized at December 31,  balance sheet	​	$	(6,873)	​	$	(8,320)
Net actuarial gain (loss) arising during period	​	$	2,200	​	$	(1,455)
Prior service cost amortization	​		50	​		79
Amortization of net actuarial loss	​		164	​		—
Total recognized in other comprehensive income (loss)	​	$	2,414	​	$	(1,376)
Total recognized in net periodic pension cost and other comprehensive (loss) income	​	$	(947)	​	$	2,709

Schedule of assumptions utilized to determine benefit obligations and to determine pension expense

​

​	​	​	​	​	​	​	​
​		2020		2019		2018
Determination of benefit obligation at year end:	​	​	​	​	​	​	​
Discount rate		2.80	%	3.45	%	4.40	%
Annual rate of compensation increase		4.50	%	4.00	%	4.00	%
Determination of pension expense for year ended:							​
Discount rate for the service cost		3.45	%	4.40	%	3.75	%
Annual rate of compensation increase		4.00	%	4.00	%	4.00	%
Expected long-term rate of return on plan assets		6.75	%	6.75	%	6.75	%

Schedule of fair value of the Company's pension plan assets, by asset category

​

​	​	​	​	​	​	​	​	​	​	​	​
​		​	​		Fair Value Measurements
​	​	​	​	​	Quoted Prices		​	​	​	​
​	​	​	​	​	in Active		​	​	​	​
​	​	​	​	​	Markets for		​	Other		​	Significant
​	​	​	​	​	Identical		​	Observable		​	Unobservable
​	​	​	​	​	Assets		​	Inputs		​	Inputs
(in thousands)		Fair Value			(Level 1)			(Level 2)			(Level 3)
December 31, 2020	​	​	​	​	​	​	​	​	​	​	​
Cash equivalents	​	$	666	​	$	666	​	$	—	$	—
U.S government agency obligations	​		311	​		—	​		311		—
Equity securities	​	​	1,473	​	​	1,473	​	​	—	​	—
Mutual funds	​		27,634	​		27,634	​		—		—
Total	​	$	30,084	​	$	29,773	​	$	311	$	—
December 31, 2019	​	​	​	​	​	​	​	​	​	​	​
Cash equivalents	​	$	1,940	​	$	1,940	​	$	—	$	—
U.S government agency obligations	​		300	​		—	​		300		—
Corporate bonds	​	​	307	​	​	—	​	​	307	​	—
Equity securities	​	​	1,436	​	​	1,436	​	​	—	​	—
Mutual funds	​		21,706	​		21,706	​		—		—
Total	​	$	25,689	​	$	25,082	​	$	607	$	—

Schedule of future benefit payments expected to be paid

​

​	​	​	​
​		Pension
Year	​	benefits
(in thousands)	​	​	​
2021		$	871
2022		​	1,007
2023		​	1,034
2024		​	1,037
2025		​	1,102
2026 to 2030		​	7,403

X

- Definition

Tabular disclosure of the amounts related to pension plans and/or other employee benefit plans in accumulated other comprehensive income or loss, which have not yet been recognized as components of net periodic benefit cost. Also includes amount of net gain (loss) and net prior service cost or credit recognized in other comprehensive income (loss) for the period for pension plans and/or other employee benefit plans, and reclassification adjustments of other comprehensive income (loss) for the period, as those amounts, including amortization of the net transition asset or obligation, are recognized as components of net periodic benefit cost.

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Summary of employee benefits charged to operating expenses.

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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.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
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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.

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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.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 20
-Section 50
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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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Tabular disclosure of the components of net benefit costs for pension plans and/or other employee benefit plans including service cost, interest cost, expected return on plan assets, gain (loss), prior service cost or credit, transition asset or obligation, and gain (loss) recognized due to settlements or curtailments.

+ References

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