Annual report pursuant to Section 13 and 15(d)

PENSION PLANS. (Tables)

v3.20.1
PENSION PLANS. (Tables)
 12 Months Ended
Dec. 31, 2019
Postretirement Plan [Member]  
Schedule of defined contribution plan schedule
    2019     2018  
Changes in plan assets:                
 Fair value of plan assets, beginning   $ 13,257     $ 13,958  
 Actual gains (losses)     2,692       (946 )
 Benefits paid     (698 )     (667 )
 Company contributions     403       912  
 Participant contributions     —       —  
 Fair value of plan assets, ending   $ 15,654     $ 13,257  
 Less: projected accumulated benefit obligation   $ 21,643     $ 18,690  
 Funded status, (underfunded)/overfunded   $ (5,989 )   $ (5,433 )
                 
Amounts recognized in the consolidated balance sheets:                
 Other liabilities   $ (5,989 )   $ (5,433 )
 Accumulated other comprehensive loss (income)   $ 1,654     $ 1,069  
                 
Components of net periodic benefit costs are as follows:                
 Service cost   $ 374     $ 424  
 Interest cost     760       694  
 Expected return on plan assets     (760 )     (816 )
 Net periodic benefit cost   $ 374     $ 302  
                 
 Loss recognized in other comprehensive income (expense)   $ 585     $ 343  
                 
 Assumptions used in computation benefit obligations:                
 Discount rate     3.25 %     4.15 %
 Expected long-term return on plan assets     6.25 %     6.25 %
 Rate of compensation increase     —       —  
Schedule of expected benefit payments

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

 

December 31:

      
2020   $ 800  
2021     810  
2022     840  
2023     880  
2024     920  
2025-29     5,250  
    $ 9,500  
Retirement Plan [Member]  
Schedule of defined contribution plan schedule

Information related to the Postretirement Plan as of December 31, 2019 and 2018 is presented below (dollars in thousands):

 

    2019     2018  
Amounts at the end of the year:                
 Accumulated/projected benefit obligation   $ 5,274     $ 5,711  
 Fair value of plan assets     —       —  
 Funded status, (underfunded)/overfunded   $ (5,274 )   $ (5,711 )
                 
Amounts recognized in the consolidated balance sheets:                
 Accrued liabilities   $ (280 )   $ (320 )
 Other liabilities   $ (4,994 )   $ (5,391 )
 Accumulated other comprehensive loss   $ 716     $ 1,390  

 

    Years Ended December 31,  
    2019     2018  
             
Amounts recognized in the plan for the year:                
Company contributions   $ 171     $ 137  
Participant contributions   $ 24     $ 14  
Benefits paid   $ (195 )   $ (152 )
                 
Components of net periodic benefit costs are as follows:            
Service cost   $ 67     $ 83  
Interest cost     219       182  
Amortization of prior service costs     122       131  
Net periodic benefit cost   $ 408     $ 396  
                 
 Gain recognized in other comprehensive income   $ (674 )   $ (118 )
                 
Discount rate used in computation of benefit obligations     2.95 %     3.35 %

Schedule of expected benefit payments

The following table summarizes the expected benefit payments for the Company's Post-Retirement Plan for each of the next five fiscal years and in the aggregate for the five fiscal years thereafter (in thousands):

 

December 31:      
2020   $ 280  
2021     320  
2022     300  
2023     330  
2024     370  
Thereafter     2,060  
    $ 3,660