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Benefits Plans (Tables)

12 Months Ended

Dec. 31, 2020

Benefits Plans [Abstract]

Pension Plan's Funded Status and Components of Net Periodic Pension Cost

Change in Benefit Obligation:		December 31,
		2020			2019
		(In Thousands)
Benefit obligation, beginning of year	$	7,834		$	7,581
Interest cost		245			310
Actuarial gain		773			689
Benefits paid		(459)			(479)
Lump sum distributions		(199)			(267)
Benefit obligation, ending	$	8,194		$	7,834
Change in Plan Assets:
Fair value of assets, beginning of year	$	7,576		$	6,964
Actual return (loss) on plan assets		194			1,358
Benefits paid		(459)			(479)
Lump sum distributions		(199)			(267)
Fair value of assets, ending	$	7,112		$	7,576
Reconciliation of Funded Status:
Projected benefit obligation	$	8,194		$	7,834
Fair value of assets		7,112			7,576
Unfunded status, included in other liabilities, net	$	(1,082)		$	(258)
Valuation assumptions used to determine benefit obligation at period end:
Discount rate		2.52%			3.22%
Salary increase rate		N/A			N/A

Net Periodic Pension and SERP Expense

Net Periodic Pension Expense:		December 31,
		2020			2019
		(In Thousands)
Interest cost	$	245		$	310
Expected return on assets		(441)			(404)
Amortization of net loss		316			312
Net Periodic Pension Cost (Credit)	$	120		$	218
Valuation assumptions used to determine net periodic benefit cost for the year:
Discount rate		3.22%			4.22%
Long term rate of return on plan assets		6.00%			6.00%
Salary increase rate		N/A			N/A

Asset Allocation Parameters by Asset Class

Asset Allocation Parameters by Asset Class
	Minimum	Target	Maximum
Equity
Large-Cap U.S.		36%
Mid/Small-Cap U.S.		12%
Non-U.S.		5%
Total-Equity	40%	53%	60%
Fixed Income
Long/Short Duration		44%
Money Market/Certificates of Deposit		3%
Total-Fixed Income	40%	47%	60%

Schedule of Fair Value of Plan Assets

The fair values of the Pension Plan assets at December 31, 2020, by asset category (see Note 2 for the definitions of levels), are as follows (In Thousands):

Asset Category		Total			(Level 1)			(Level 2)			(Level 3)
Mutual funds-Equity
Large-Cap Value (a)	$	954		$	954		$	-		$	-
Diversified Emerging Markets (g)		323			323			-			-
Large Blend (e)		1,592			1,592			-			-
Technology (h)		314			314			-			-
Mutual Funds-Fixed Income
Long Government (i)		252			252			-			-
Multi-Sector Bond (d)		1,192			1,192			-			-
High Yield Bond (f)		818			818			-			-
Intermediate Core Bond (j)		878			878
BCB Common Stock		574			574			-			-
Cash Equivalents
Money Market	$	215		$	215		$	-		$	-
Total	$	7,112		$	7,112		$	-		$	-

The fair values of the Company’s pension plan assets at December 31, 2019, by asset category (see Note 2 for the definitions of levels), are as follows (In Thousands):

s
Asset Category		Total			(Level 1)			(Level 2)			(Level 3)
Mutual funds-Equity
Large-Cap Value (a)	$	2,109		$	2,109		$	-		$	-
Mid-Cap Value (b)		325			325			-			-
Large Blend (e)		1,641			1,641			-			-
Mutual Funds-Fixed Income
World Bond (c)		787			787			-			-
Multi-Sector Bond (d)		880			880			-			-
High Yield Bond (f)		933			933			-			-
Stock
BCB Common Stock		715			715			-			-
Cash Equivalents
Money Market	$	186		$	186		$	-		$	-
Total	$	7,576		$	7,576		$	-		$	-

a)Large-value portfolios invest primarily in big U.S. companies that are less expensive or growing more slowly than other large-cap stocks. Stocks in the top 70 percent of the capitalization of the U.S. equity market are defined as large cap. Value is defined based on low valuations (low price ratios and high dividend yields) and slow growth (low growth rates for earnings, sales, book value, and cash flow).

b)Some mid-cap value portfolios focus on medium-size companies while others land here because they own a mix of small-, mid-, and large-cap stocks. All look for U.S. stocks that are less expensive or growing more slowly than the market. The U.S. mid-cap range for market capitalization typically falls between $1 billion and $8 billion and represents 20 percent of the total capitalization of the U.S. equity market. Value is defined based on low valuations (low price ratios and high dividend yields) and slow growth (low growth rates for earnings, sales, book value, and cash flow).

c)World-bond portfolios invest 40 percent or more of their assets in foreign bonds. Some world-bond portfolios follow a conservative approach, favoring high-quality bonds from developed markets. Others are more adventurous and own some lower-quality bonds from developed or emerging markets. Some portfolios invest exclusively outside the U.S., while others regularly invest in both U.S. and non- U.S. bonds.

d)Multi Sector portfolios seek income by diversifying their assets among several fixed-income sectors, usually U.S. government obligations, foreign bonds, and high-yield domestic debt securities.

e)This fund invests in 500 of the largest U.S. companies, which span many different industries and account for about three-fourths of the U.S. Stock Markets value.

f)High Yield Bond funds invest at least 65 percent of assets in bonds rated below BBB. This fund seeks to provide shareholders with a high level of current income with capital growth as a secondary objective.

g)The fund invests at least 80% of the value of its assets in equity securities and equity related instruments that are tied economically to emerging markets.

h)The fund normally invests at least 80% of the fund’s net assets in securities of issuers principally engaged in offering, using or developing products, processes or services that will provide or benefit significantly from technological advances and improvements.

i)The fund normally invests at least 80% of assets in securities included in the Bloomberg Barclays U.S. Long Treasury Bond Index.

j)Intermediate term core bond portfolios invest primarily in investment grade U.S. fixed-income issues including government, corporate, and securitized debt, and hold less than 5% in below-investment grade exposures.

 

Expected Benefit Payments

2021	$	521
2022		513
2023		505
2024		489
2025		491
2026-2030		2,354

Schedule of Share-Based Comensation Expense

		Years Ended December 31,
		2020			2019
Stock Option Expense	$	558		$	466
Restricted Stock Expense		636			521
Total share-based compensation expense	$	1,194		$	987

Summary of Status of Restricted Shares

	Number of Shares Awarded			Weighted Average Grant Date Fair Value
Non-vested at December 31, 2019	81,278			$                  11.96
Granted	-			-
Vested	(56,642)			11.77
Forfeited	(2,332)			11.97
Non-vested at December 31, 2020	22,304			$                  12.46

Summary of Stock Option Activity

		Number of Options			Range of Exercise Price			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term			Aggregate Intrinsic Value (000's)
Outstanding at January 1, 2019		1,104,600		$	8.93-13.32		$	11.36		7.84		$	194
Options forfeited		(1,000)			10.55			10.55
Options exercised		(1,500)			10.55			10.55
Options granted		98,875			12.46			12.46
Options expired		-			-			-
Outstanding at December 31, 2019		1,200,975		$	8.93-13.32		$	11.45		7.05		$	2,806
Options forfeited		(8,127)			11.26-12.46			11.68
Options exercised		(500)			10.55			10.55
Options granted		-			-			-
Options expired		-			-			-
Outstanding at December 31, 2020		1,192,348		$	8.93-13.32		$	11.45		6.04		$	333
Exercisable at December 31, 2020		817,536

Schedule of Assumptions Used

The key valuation assumptions and fair value of stock options granted during the twelve months ended December 31, 2019 were:
	Directors
Expected life	7.49	years
Risk-free interest rate	1.97	%
Volatility	22.3	%
Dividend yield	4.49	%
Fair value	$1.54

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