Annual report pursuant to Section 13 and 15(d)

PENSION PLANS. (Tables)

v3.19.1
PENSION PLANS. (Tables)
 12 Months Ended
Dec. 31, 2018
Postretirement Plan [Member]  
Schedule of defined contribution plan schedule

Information related to the Retirement Plan as of and for the years ended December 31, 2018, 2017 and 2016 is presented below (dollars in thousands): 

 

    2018     2017     2016  
                   
Changes in plan assets:                  
Fair value of plan assets, beginning   $ 13,958     $ 12,423     $ 12,567  
Actual gains (losses)     (946 )     1,722       523  
Benefits paid     (667 )     (665 )     (667 )
Company contributions     912       478       —  
Participant contributions     —       —       —  
Fair value of plan assets, ending   $ 13,257     $ 13,958     $ 12,423  
Less: projected accumulated benefit obligation   $ 18,690     $ 19,658     $ 18,455  
Funded status, (underfunded)/overfunded   $ (5,433 )   $ (5,700 )   $ (6,032 )
                         
Amounts recognized in the consolidated balance sheets:                        
Other liabilities   $ (5,433 )   $ (5,700 )   $ (6,032 )
Accumulated other comprehensive loss (income)   $ 1,069     $ 726     $ 1,047  
                         
Components of net periodic benefit costs are as follows:                        
Service cost   $ 424     $ 391     $ 223  
Interest cost     694       750       686  
Expected return on plan assets     (816 )     (674 )     (794 )
Net periodic benefit cost   $ 302     $ 467     $ 115  
Loss (gain) recognized in other comprehensive income (expense)   $ 343     $ (321 )   $ 1,932  
                         
Assumptions used in computation benefit obligations:                        
Discount rate     4.15 %     3.60 %     4.15 %
Expected long-term return on plan assets     6.25 %     6.00 %     6.75 %
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:        
2019     $ 760  
2020       790  
2021       800  
2022       840  
2023       890  
2024-28       5,100  
      $ 9,180
Retirement Plan [Member]  
Schedule of defined contribution plan schedule

Information related to the Postretirement Plan as of December 31, 2018 and 2017 is presented below (dollars in thousands):

 

    2018     2017  
                 
Amounts at the end of the year:                
Accumulated/projected benefit obligation   $ 5,711     $ 5,565  
Fair value of plan assets     —          
Funded status, (underfunded)/overfunded   $ (5,711 )   $ (5,565 )
                 
Amounts recognized in the consolidated balance sheets:                
Accrued liabilities   $ (320 )   $ (240 )
Other liabilities   $ (5,392 )   $ (5,325 )
Accumulated other comprehensive loss   $ 1,390     $ 1,508  

 

    Years Ended December 31,  
    2018     2017     2016  
                   
Amounts recognized in the plan for the year:                        
Company contributions   $ 137     $ 157     $ 163  
Participant contributions   $ 14     $ 22     $ 22  
Benefits paid   $ (152 )   $ (179 )   $ (184 )
                         
Components of net periodic benefit costs are as follows:                        
Service cost   $ 84     $ 84     $ 48  
Interest cost     182       198       139  
Amortization of prior service costs     131       134       —  
Net periodic benefit cost   $ 397     $ 416     $ 187  
                         
Loss (gain) recognized in other comprehensive income   $ (118 )   $ (65 )   $ 1,728  
                         
Discount rate used in computation of benefit obligations     3.35 %     3.80 %     3.95 %
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:        
2019     $ 320  
2020       320  
2021       370  
2022       360  
2023       390  
2024-28       2,350  
      $ 4,110