Annual report pursuant to Section 13 and 15(d)

Employee Benefit Plans (Tables)

v3.19.3.a.u2
Employee Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2019
Share-based Payment Arrangement [Abstract]  
Schedule of Net Funded Status
The following table sets forth the Plan’s changes in benefit obligation, changes in fair value of plan assets, and funded status as of December 31, 2019 and 2018 using a measurement date of December 31 (in thousands): 

  December 31, 2019 December 31, 2018
Change in projected benefits obligation:
Projected benefit obligation at beginning of year
 $ 4,745    $ 5,032   
Service cost
 666    157   
Interest cost
 197    183   
Actuarial (gain) loss
 1,208    (369)  
Benefits paid
 (239)   (258)  
 Projected benefit obligation at end of year
 $ 6,577    $ 4,745   
Change in plan assets:
Fair value of plan assets at beginning of year
 $ 5,313    $ 5,356   
Actual return on plan assets
 1,041    (185)  
Contributions by employer
 500    400   
Benefits paid
 (239)   (258)  
Fair value of plan assets at end of year
 6,615    5,313   
Funded (unfunded) status at end of year $ 38    $ 568   
Schedule of Defined Benefit Plans Disclosures
Amounts recognized in the balance sheets as of December 31, 2019 and 2018 consist of (in thousands): 

  December 31, 2019 December 31, 2018
Assets $ 38    $ 568   
Liabilities —    —   
  $ 38    $ 568   
Schedule of Amounts Recognized in Other Comprehensive Income (Loss)
Amounts recognized in accumulated other comprehensive income (loss) consist of the following as of December 31, 2019 and 2018 (in thousands):

  December 31, 2019 December 31, 2018
Net actuarial loss $ (1,849)   $ (1,365)  
Amounts recognized in accumulated other comprehensive income (loss), before taxes (1,849)   (1,365)  
Income tax benefit 388    287   
Amounts recognized in accumulated other comprehensive income (loss), after taxes $ (1,461)   $ (1,078)  
Schedule of Net Benefit Costs
Net periodic benefit cost for the years ended December 31, 2019, 2018 and 2017 include the following components (in thousands):

Years Ended December 31,
  2019 2018 2017
Components of net periodic benefit cost:
Service cost $ 666    $ 157    $ 147   
Interest cost 197    183    201   
Expected return on plan assets (364)   (367)   (339)  
Amortization of net loss 46    64    108   
Net periodic benefit cost $ 545    $ 37    $ 117   
Schedule of Other Changes in Plan Assets and Benefit Obligations
Other changes in plan assets and benefit obligations recognized in other comprehensive income for the years ended December 31, 2019, 2018 and 2017 (in thousands): 

Years Ended December 31,
  2019 2018 2017
Net actuarial (gain) loss $ 530    $ 183    $ (132)  
Recognized actuarial loss (46)   (64)   (108)  
Total recognized in other comprehensive income, before taxes $ 484    $ 119    $ (240)  
Total recognized in net benefit cost and other comprehensive income, before taxes $ 1,029    $ 156    $ (123)  
Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets
The following table summarizes the Plan assets in excess of projected benefit obligation and accumulated benefit obligation at December 31, 2019 and 2018 (in thousands): 

  December 31, 2019 December 31, 2018
Plan assets in excess of projected benefit obligation:
Projected benefit obligation
 $ 6,577    $ 4,745   
Fair value of plan assets
 $ 6,615    $ 5,313   
Plan assets in excess of accumulated benefit obligation:
Accumulated benefit obligation
 $ 5,056    $ 4,173   
Fair value of plan assets
 $ 6,615    $ 5,313   
Schedule of Assumptions Used
The following are weighted-average assumptions used to determine benefit obligations and costs at December 31, 2019, 2018 and 2017: 

Years Ended December 31,
  2019 2018 2017
Weighted average assumptions used to determine benefit obligations as of December 31:
Discount rate
 3.25  % 4.25  % 3.75  %
Rate of compensation increase
 7.29  % 7.29  % 7.29  %
Weighted average assumptions used to determine benefit costs for the years ended December 31:
Discount rate
 4.25  % 3.75  % 4.25  %
Expected return on plan assets
 7.00  % 7.00  % 7.00  %
Rate of compensation increase
 7.29  % 7.29  % 7.29  %
Schedule of Plan Assets by Major Asset Category
The fair values of plan assets by major asset category at December 31, 2019 and 2018, respectively, are as follows (in thousands):  
  Total Quoted Prices in
Active Markets for
Identical Assets
(Level 1)		 Significant Other
Observable Inputs
(Level 2)		 Significant
Unobservable
Inputs
(Level 3)
As of December 31, 2019:
Cash and cash equivalents — money markets $ 528    $ 528    $ —    $ —   
Equities 1,133    1,133    —    —   
Equity funds 1,939    1,939    —    —   
Fixed income funds 465    465    —    —   
Taxable bonds 2,550    2,550    —    —   
Total $ 6,615    $ 6,615    $ —    $ —   
As of December 31, 2018:
Cash and cash equivalents — money markets $ 407    $ 407    $ —    $ —   
Equities 813    813    —    —   
Equity funds 2,448    2,448    —    —   
Fixed income funds 1,645    1,645    —    —   
Total $ 5,313    $ 5,313    $ —    $ —   
Schedule of Expected Benefit Payments
The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid for the following ten-year period (in thousands):
 
Year ending December 31, Amount
2020 $ 258   
2021 254   
2022 250   
2023 246   
2024 240   
2025 to 2029 1,252