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v3.20.4

(11) Employee Benefits (Tables) | 12 Months Ended
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Dec. 31, 2020
Retirement Benefits [Abstract] |
Schedule of reconciliation of the change in the plan's benefit obligations |
Schedule of reconciliation of the change in the plan's benefit obligations |  |  |  |  |  |  |  |
|  | December 31, |
|  | 2020 |  |  | 2019 |
|  | (In thousands) |
Change in Projected Benefit Obligation |  |  |  |  |  |  |  |
Projected benefit obligation, beginning of year |  | $ | 22,997 |  |  | $ | 20,085 |
Service cost |  |  | – |  |  |  | – |
Interest cost |  |  | 693 |  |  |  | 808 |
Assumption changes |  |  | 2,418 |  |  |  | 3,047 |
Actuarial (gain) loss |  |  | (89 | ) |  |  | 141 |
Settlements |  |  | – |  |  |  | – |
Benefits paid |  |  | (1,341 | ) |  |  | (1,084 | )
Projected benefit obligation, end of year |  | $ | 24,678 |  |  | $ | 22,997 |
Change in Plan Assets |  |  |  |  |  |  |  |
Fair value of plan assets, beginning of year |  | $ | 15,910 |  |  | $ | 14,368 |
Return on assets |  |  | 2,775 |  |  |  | 3,017 |
Employer contribution |  |  | 1,161 |  |  |  | – |
Expenses |  |  | (340 | ) |  |  | (391 | )
Settlements |  |  | – |  |  |  | – |
Benefits paid |  |  | (1,341 | ) |  |  | (1,084 | )
Fair value of plan assets, end of year |  | $ | 18,165 |  |  | $ | 15,910 |
Funded Status at end of year |  | $ | (6,513 | ) |  | $ | (7,087 | )
Schedule of weighted average assumptions used to determine pension benefit obligations |
Schedule of weighted average assumptions used to determine pension benefit obligations |  |  |  |  |  |  |  |
|  | December, 31 |
|  | 2020 |  |  | 2019 |
Weighted average assumptions used to determine benefit obligations |  |  |  |  |  |  |  |
Discount rate |  |  | 2.28% |  |  |  | 3.07% |
Weighted average assumptions used to determine net periodic benefit cost |  |  |  |  |  |  |  |
Discount rate |  |  | 3.07% |  |  |  | 4.11% |
Expected return on plan assets |  |  | 7.25% |  |  |  | 7.25% |
Schedule of components of net periodic benefit cost |
Schedule of components of net periodic benefit cost |  |  |  |  |  |  |  |  |  |  |  |
|  | December 31, |
|  | 2020 |  |  | 2019 |  |  | 2018 |
|  | (In thousands) |
Amounts recognized on Consolidated Balance Sheet |  |  |  |  |  |  |  |  |  |  |  |
Other assets |  | $ | – |  |  | $ | – |  |  | $ | – |
Other liabilities |  |  | (6,513 | ) |  |  | (7,087 | ) |  |  | (5,717 | )
Net amount recognized |  | $ | (6,513 | ) |  | $ | (7,087 | ) |  | $ | (5,717 | )
Amounts recognized in accumulated other comprehensive loss consists of: |  |  |  |  |  |  |  |  |  |  |  |
Net loss |  | $ | 13,297 |  |  | $ | 13,092 |  |  | $ | 11,896 |
Unrecognized transition asset |  |  | – |  |  |  | – |  |  |  | – |
Net amount recognized |  | $ | 13,297 |  |  | $ | 13,092 |  |  | $ | 11,896 |
Components of net periodic benefit cost |  |  |  |  |  |  |  |  |  |  |  |
Interest cost |  | $ | 693 |  |  | $ | 808 |  |  | $ | 775 |
Expected return on assets |  |  | (1,150 | ) |  |  | (1,012 | ) |  |  | (1,163 | )
Amortization of transition asset |  |  | – |  |  |  | – |  |  |  | – |
Amortization of net loss |  |  | 839 |  |  |  | 376 |  |  |  | 443 |
Net periodic benefit cost |  |  | 382 |  |  |  | 172 |  |  |  | 55 |
Settlement (gain)/loss |  |  | – |  |  |  | – |  |  |  | – |
Total |  | $ | 382 |  |  | $ | 172 |  |  | $ | 55 |
Benefit Obligation Recognized in Other Comprehensive Loss (Income) |  |  |  |  |  |  |  |  |  |  |  |
Net loss (gain) |  | $ | 205 |  |  | $ | 1,197 |  |  | $ | 545 |
Prior service cost (credit) |  |  | – |  |  |  | – |  |  |  | – |
Amortization of prior service cost |  |  | – |  |  |  | – |  |  |  | – |
Net amount recognized in other comprehensive loss (income) |  | $ | 205 |  |  | $ | 1,197 |  |  | $ | 545 |
Schedule of weighted average asset allocation of our pension benefits |
Schedule of weighted average asset allocation of our pension benefits |  |  |  |  |  |  |  |
|  | December 31, |
|  | 2020 |  |  | 2019 |
Weighted Average Asset Allocation at Year-End |  |  |  |  |  |  |  |
Asset Category |  |  |  |  |  |  |  |
Equity securities |  |  | 82% |  |  |  | 82% |
Debt securities |  |  | 18% |  |  |  | 18% |
Cash and cash equivalents |  |  | 0% |  |  |  | 0% |
Total |  |  | 100% |  |  |  | 100% |
Schedule of estimated Future Benefit Payments |
Schedule of estimated Future Benefit Payments |  |  |  |
Cash Flows |  |  |  |
Estimated Future Benefit Payments (In thousands) |  |  |  |
2021 |  | $ | 896 |
2022 |  |  | 933 |
2023 |  |  | 957 |
2024 |  |  | 983 |
2025 |  |  | 1,026 |
Years 2026 - 2029 |  |  | 5,678 |
Anticipated Contributions in 2021 |  | $ | 522 |
Schedule of fair value of plan assets |
Schedule of fair value of plan assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | December 31, 2020 |
|  | Level 1 (1) |  |  | Level 2 (2) |  |  | Level 3 (3) |  |  | Total |
Investment Name: |  | (in thousands) |
Company Common Stock |  | $ | 3,811 |  |  | $ | – |  |  | $ | – |  |  | $ | 3,811 |
Large Cap Value |  |  | – |  |  |  | 2,523 |  |  |  | – |  |  |  | 2,523 |
Mid Cap Index |  |  | – |  |  |  | 757 |  |  |  | – |  |  |  | 757 |
Small Cap Growth |  |  | – |  |  |  | 765 |  |  |  | – |  |  |  | 765 |
Small Cap Value |  |  | – |  |  |  | 785 |  |  |  | – |  |  |  | 785 |
Large Cap Blend |  |  | – |  |  |  | 691 |  |  |  | – |  |  |  | 691 |
Growth |  |  | – |  |  |  | 2,342 |  |  |  | – |  |  |  | 2,342 |
International Growth |  |  | – |  |  |  | 3,003 |  |  |  | – |  |  |  | 3,003 |
Core Bond |  |  | – |  |  |  | 1,809 |  |  |  | – |  |  |  | 1,809 |
High Yield |  |  | – |  |  |  | 381 |  |  |  | – |  |  |  | 381 |
Inflation Protected Bond |  |  | – |  |  |  | 485 |  |  |  | – |  |  |  | 485 |
Money Market |  |  | – |  |  |  | 813 |  |  |  | – |  |  |  | 813 |
Total |  | $ | 3,811 |  |  | $ | 14,354 |  |  | $ | – |  |  | $ | 18,165 |
|  | December 31, 2019 |
|  | Level 1 (1) |  |  | Level 2 (2) |  |  | Level 3 (3) |  |  | Total |
Investment Name: |  | (in thousands) |
Company Common Stock |  | $ | 2,950 |  |  | $ | – |  |  | $ | – |  |  | $ | 2,950 |
Large Cap Value |  |  | – |  |  |  | 2,370 |  |  |  | – |  |  |  | 2,370 |
Mid Cap Index |  |  | – |  |  |  | 658 |  |  |  | – |  |  |  | 658 |
Small Cap Growth |  |  | – |  |  |  | 655 |  |  |  | – |  |  |  | 655 |
Small Cap Value |  |  | – |  |  |  | 674 |  |  |  | – |  |  |  | 674 |
Large Cap Blend |  |  | – |  |  |  | 683 |  |  |  | – |  |  |  | 683 |
Growth |  |  | – |  |  |  | 2,342 |  |  |  | – |  |  |  | 2,342 |
International Growth |  |  | – |  |  |  | 2,667 |  |  |  | – |  |  |  | 2,667 |
Core Bond |  |  | – |  |  |  | 1,909 |  |  |  | – |  |  |  | 1,909 |
High Yield |  |  | – |  |  |  | 386 |  |  |  | – |  |  |  | 386 |
Inflation Protected Bond |  |  | – |  |  |  | 509 |  |  |  | – |  |  |  | 509 |
Money Market |  |  | – |  |  |  | 107 |  |  |  | – |  |  |  | 107 |
Total |  | $ | 2,950 |  |  | $ | 12,960 |  |  | $ | – |  |  | $ | 15,910 |
________________________
| (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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