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12. Employee Benefits (Tables) | 12 Months Ended
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Dec. 31, 2018
Employee Benefits |
Schedule of reconciliation of the change in the plan's benefit obligations | The following tables represents a reconciliation of the change in the plan’s benefit obligations, fair value of plan assets, and funded status at December 31, 2018 and 2017:
|  | December 31, |
|  | 2018 |  |  | 2017 |
|  | (In thousands) |
Change in Projected Benefit Obligation |  |  |  |  |  |  |  |
Projected benefit obligation, beginning of year |  | $ | 22,562 |  |  | $ | 21,515 |
Service cost |  |  | – |  |  |  | – |
Interest cost |  |  | 775 |  |  |  | 855 |
Assumption changes |  |  | (1,867 | ) |  |  | 1,535 |
Actuarial (gain) loss |  |  | (361 | ) |  |  | (298 | )
Settlements |  |  | – |  |  |  | – |
Benefits paid |  |  | (1,024 | ) |  |  | (1,045 | )
Projected benefit obligation, end of year |  | $ | 20,085 |  |  | $ | 22,562 |
Change in Plan Assets |  |  |  |  |  |  |  |
Fair value of plan assets, beginning of year |  | $ | 16,446 |  |  | $ | 16,243 |
Return on assets |  |  | (1,806 | ) |  |  | 1,508 |
Employer contribution |  |  | 1,000 |  |  |  | – |
Expenses |  |  | (248 | ) |  |  | (260 | )
Settlements |  |  | – |  |  |  | – |
Benefits paid |  |  | (1,024 | ) |  |  | (1,045 | )
Fair value of plan assets, end of year |  | $ | 14,368 |  |  | $ | 16,446 |
Funded Status at end of year |  | $ | (5,717 | ) |  | $ | (6,116 | )
Schedule of weighted average assumptions used to determine pension benefit obligations | Weighted average assumptions used to determine benefit obligations and cost at December 31, 2018 and 2017 were as follows:
|  | December, 31 |
|  | 2018 |  |  | 2017 |
Weighted average assumptions used to determine benefit obligations |  |  |  |  |  |  |  |
Discount rate |  |  | 4.11% |  |  |  | 3.50% |
Weighted average assumptions used to determine net periodic benefit cost |  |  |  |  |  |  |  |
Discount rate |  |  | 3.50% |  |  |  | 4.05% |
Expected return on plan assets |  |  | 7.25% |  |  |  | 7.25% |
Schedule of components of net periodic benefit cost | The expected long-term rate of return is based on the weighted average of historical returns on individual asset categories, which are described in more detail below.
|  | December 31, |
|  | 2018 |  |  | 2017 |  |  | 2016 |
|  | (In thousands) |
Amounts recognized on Consolidated Balance Sheet |  |  |  |  |  |  |  |  |  |  |  |
Other assets |  | $ | – |  |  | $ | – |  |  | $ | – |
Other liabilities |  |  | (5,717 | ) |  |  | (6,116 | ) |  |  | (5,272 | )
Net amount recognized |  | $ | (5,717 | ) |  | $ | (6,116 | ) |  | $ | (5,272 | )
Amounts recognized in accumulated other comprehensive loss consists of: |  |  |  |  |  |  |  |  |  |  |  |
Net loss |  | $ | 11,896 |  |  | $ | 11,350 |  |  | $ | 10,618 |
Unrecognized transition asset |  |  | – |  |  |  | – |  |  |  | – |
Net amount recognized |  | $ | 11,896 |  |  | $ | 11,350 |  |  | $ | 10,618 |
Components of net periodic benefit cost |  |  |  |  |  |  |  |  |  |  |  |
Interest cost |  | $ | 775 |  |  | $ | 855 |  |  | $ | 882 |
Expected return on assets |  |  | (1,163 | ) |  |  | (1,149 | ) |  |  | (1,199 | )
Amortization of transition asset |  |  | – |  |  |  | – |  |  |  | – |
Amortization of net loss |  |  | 443 |  |  |  | 405 |  |  |  | 553 |
Net periodic benefit cost |  |  | 55 |  |  |  | 111 |  |  |  | 236 |
Settlement (gain)/loss |  |  | – |  |  |  | – |  |  |  | – |
Total |  | $ | 55 |  |  | $ | 111 |  |  | $ | 236 |
Benefit Obligation Recognized in Other Comprehensive Loss (Income) |  |  |  |  |  |  |  |  |  |  |  |
Net loss (gain) |  | $ | 545 |  |  | $ | 732 |  |  | $ | 25 |
Prior service cost (credit) |  |  | – |  |  |  | – |  |  |  | – |
Amortization of prior service cost |  |  | – |  |  |  | – |  |  |  | – |
Net amount recognized in other comprehensive loss (income) |  | $ | 545 |  |  | $ | 732 |  |  | $ | 25 |
Schedule of weighted average asset allocation of our pension benefits | The weighted average asset allocation of our pension benefits at December 31, 2018 and 2017 were as follows:
|  | December 31, |
|  | 2018 |  |  | 2017 |
Weighted Average Asset Allocation at Year-End |  |  |  |  |  |  |  |
Asset Category |  |  |  |  |  |  |  |
Equity securities |  |  | 78% |  |  |  | 83% |
Debt securities |  |  | 22% |  |  |  | 17% |
Cash and cash equivalents |  |  | 0% |  |  |  | 0% |
Total |  |  | 100% |  |  |  | 100% |
Schedule of estimated Future Benefit Payments |
| Estimated Future Benefit Payments (In thousands) |  |  |  |
| 2019 |  | $ | 829 |
| 2020 |  |  | 873 |
| 2021 |  |  | 911 |
| 2022 |  |  | 947 |
| 2023 |  |  | 976 |
| Years 2024 - 2028 |  |  | 5,507 |
| Anticipated Contributions in 2019 |  | $ | – |
Schedule of fair value of plan assets | The fair value of plan assets at December 31, 2018 and 2017, by asset category, is as follows:
|  | December 31, 2018 |
|  | Level 1 (1) |  |  | Level 2 (2) |  |  | Level 3 (3) |  |  | Total |
Investment Name: |  | (in thousands) |
Company Common Stock |  | $ | 2,635 |  |  | $ | – |  |  | $ | – |  |  | $ | 2,635 |
Large Cap Value |  |  | – |  |  |  | 1,983 |  |  |  | – |  |  |  | 1,983 |
Mid Cap Index |  |  | – |  |  |  | 563 |  |  |  | – |  |  |  | 563 |
Small Cap Growth |  |  | – |  |  |  | 559 |  |  |  | – |  |  |  | 559 |
Small Cap Value |  |  | – |  |  |  | 558 |  |  |  | – |  |  |  | 558 |
Large Cap Blend |  |  | – |  |  |  | 587 |  |  |  | – |  |  |  | 587 |
Growth |  |  | – |  |  |  | 2,031 |  |  |  | – |  |  |  | 2,031 |
International Growth |  |  | – |  |  |  | 2,301 |  |  |  | – |  |  |  | 2,301 |
Core Bond |  |  | – |  |  |  | 1,921 |  |  |  | – |  |  |  | 1,921 |
High Yield |  |  | – |  |  |  | 364 |  |  |  | – |  |  |  | 364 |
Inflation Protected Bond |  |  | – |  |  |  | 510 |  |  |  | – |  |  |  | 510 |
Money Market |  |  | – |  |  |  | 356 |  |  |  | – |  |  |  | 356 |
Total |  | $ | 2,635 |  |  | $ | 11,733 |  |  | $ | – |  |  | $ | 14,368 |
|  | December 31, 2017 |
|  | Level 1 (1) |  |  | Level 2 (2) |  |  | Level 3 (3) |  |  | Total |
Investment Name: |  | (in thousands) |
Company Common Stock |  | $ | 3,633 |  |  | $ | – |  |  | $ | – |  |  | $ | 3,633 |
Large Cap Value |  |  | – |  |  |  | 2,324 |  |  |  | – |  |  |  | 2,324 |
Mid Cap Index |  |  | – |  |  |  | 654 |  |  |  | – |  |  |  | 654 |
Small Cap Growth |  |  | – |  |  |  | 657 |  |  |  | – |  |  |  | 657 |
Small Cap Value |  |  | – |  |  |  | 647 |  |  |  | – |  |  |  | 647 |
Large Cap Blend |  |  | – |  |  |  | 661 |  |  |  | – |  |  |  | 661 |
Growth |  |  | – |  |  |  | 2,313 |  |  |  | – |  |  |  | 2,313 |
International Growth |  |  | – |  |  |  | 2,683 |  |  |  | – |  |  |  | 2,683 |
Core Bond |  |  | – |  |  |  | 1,870 |  |  |  | – |  |  |  | 1,870 |
High Yield |  |  | – |  |  |  | 373 |  |  |  | – |  |  |  | 373 |
Inflation Protected Bond |  |  | – |  |  |  | 505 |  |  |  | – |  |  |  | 505 |
Money Market |  |  | – |  |  |  | 126 |  |  |  | – |  |  |  | 126 |
Total |  | $ | 3,633 |  |  | $ | 12,813 |  |  | $ | – |  |  | $ | 16,446 |
| (1) | Company common stock is classified as level 1 and valued using quoted prices in active markets for identical assets.
| (2) | All other plan assets in stock, bond and money market funds are classified as level 2 and valued using significant observable inputs.
| (3) | There are no plan assets classified as level 3 in the fair value hierarchy as a result of having significant unobservable inputs.

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