Annual report pursuant to Section 13 and 15(d)

PENSION PLANS. (Tables)

v3.8.0.1
PENSION PLANS. (Tables)
 12 Months Ended
Dec. 31, 2017
Retirement Plan [Member]  
Schedule of defined contribution plan schedule

Information related to the Retirement Plan as of and for the years ended December 31, 2017, 2016 and 2015 is presented below (dollars in thousands):

 

    2017     2016     2015  
                   
Changes in plan assets:                        
Fair value of plan assets, beginning   $ 12,423     $ 12,567     $ 13,180  
Actual gains (losses)     1,722       523       (298 )
Benefits paid     (665 )     (667 )     (315 )
Company contributions     478       —       —  
Participant contributions     —       —       —  
Fair value of plan assets, ending   $ 13,958     $ 12,423     $ 12,567  
Less: projected accumulated benefit obligation   $ 19,658     $ 18,455     $ 16,552  
Funded status, (underfunded)/overfunded   $ (5,700 )   $ (6,032 )   $ (3,985 )
                         
Amounts recognized in the consolidated balance sheets:                        
Other liabilities   $ (5,700 )   $ (6,032 )   $ (3,985 )
Accumulated other comprehensive loss (income)   $ 726     $ 1,047     $ (885 )
                         
Components of net periodic benefit costs are as follows:                        
Service cost   $ 391     $ 223     $ 211  
Interest cost     750       686       338  
Expected return on plan assets     (674 )     (794 )     (500 )
Net periodic benefit cost   $ 467     $ 115     $ 49  
                         
Loss (gain) recognized in other comprehensive income (expense)   $ (321 )   $ 1,932     $ (885 )
                         
Assumptions used in computation benefit obligations:                        
Discount rate     3.60 %     4.15 %     4.23 %
Expected long-term return on plan assets     6.00 %     6.75 %     7.75 %
Rate of compensation increase     —       —       —  
Schedule of expected benefit payments

The following table summarizes the expected benefit payments for the Company’s plan for each of the next five fiscal years and in the aggregate for the five fiscal years thereafter (in thousands):

 

December 31:        
  2018     $ 730  
  2019       740  
  2020       780  
  2021       790  
  2022       830  
  2023-27       4,820  
        $ 8,690  
Postretirement Plan [Member]  
Schedule of defined contribution plan schedule

Information related to the Postretirement Plan as of December 31, 2017 and 2016 is presented below (dollars in thousands):

 

 

    2017     2016  
             
Amounts at the end of the year:                
Accumulated/projected benefit obligation   $ 5,565     $ 5,371  
Fair value of plan assets     —       —  
Funded status, (underfunded)/overfunded   $ (5,565 )   $ (5,371 )
                 
Amounts recognized in the consolidated balance sheets:                
Accrued liabilities   $ (240 )   $ (310 )
Other liabilities   $ (5,325 )   $ (5,061 )
Accumulated other comprehensive loss   $ 1,508     $ 1,573  

 

    Years Ended December 31,  
    2017     2016     2015  
                   
Amounts recognized in the plan for the year:                        
Company contributions   $ 157     $ 163     $ 20  
Participant contributions   $ 22     $ 22     $ 15  
Benefits paid   $ (179 )   $ (184 )   $ (35 )
                         
Components of net periodic benefit costs are as follows:                        
Service cost   $ 84     $ 48     $ 32  
Interest cost     198       139       65  
Amortization of prior service costs     134       —       —  
Net periodic benefit cost   $ 416     $ 187     $ 97  
                         
Loss (gain) recognized in other comprehensive income   $ (65 )   $ 1,728     $ (155 )
                         
Discount rate used in computation of benefit obligations     3.80 %     3.95 %     3.67 %
Schedule of expected benefit payments

The following table summarizes the expected benefit payments for the Company’s plan for each of the next five fiscal years and in the aggregate for the five fiscal years thereafter (in thousands):

 

December 31:        
  2018     $ 240  
  2019       270  
  2020       300  
  2021       340  
  2022       330  
  2023-27       2,120  
        $ 3,600