| Employee Benefit Plans [Abstract] | Period [Axis] |
|---|
2016-01-01 - 2016-12-31 |
|---|
Employee Benefit Plans [Abstract] | |
Schedule of Net Funded Status |
The following tables summarize benefit obligation and funded status, plan asset activity, components of net pension cost, and weighted average assumptions for the Pension Plan and the SERP:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pension
|
|
SERP
|
|
(in thousands)
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
Change in Benefit Obligation
|
|
|
|
|
|
|
|
|
|
Obligation at the beginning of the year
|
$
|
39,416
|
$
|
39,348
|
$
|
6,289
|
$
|
5,827
|
|
Service cost
|
|
305
|
|
316
|
|
100
|
|
121
|
|
Interest cost
|
|
1,740
|
|
1,579
|
|
279
|
|
239
|
|
Change in discount rate and mortality assumptions
|
|
3,127
|
|
(1,207)
|
|
0
|
|
0
|
|
Actuarial losses
|
|
149
|
|
841
|
|
775
|
|
190
|
|
Settlement losses
|
|
(268)
|
|
0
|
|
0
|
|
0
|
|
Benefits paid
|
|
(3,383)
|
|
(1,461)
|
|
(141)
|
|
(88)
|
|
Obligation at the end of the year
|
|
41,086
|
|
39,416
|
|
7,302
|
|
6,289
|
|
Change in Plan Assets
|
|
|
|
|
|
|
|
|
|
Fair value at the beginning of the year
|
|
39,200
|
|
38,967
|
|
0
|
|
0
|
|
Actual return on plan assets
|
|
2,172
|
|
(306)
|
|
0
|
|
0
|
|
Employer contribution
|
|
3,000
|
|
2,000
|
|
141
|
|
88
|
|
Benefits paid
|
|
(3,383)
|
|
(1,461)
|
|
(141)
|
|
(88)
|
|
Fair value at the end of the year
|
|
40,989
|
|
39,200
|
|
0
|
|
0
|
|
Unfunded Status
|
$
|
(97)
|
$
|
(216)
|
$
|
(7,302)
|
$
|
(6,289)
|
|
Components of Net Periodic Pension Plan Cost |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pension
|
|
SERP
|
|
(in thousands)
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
Components of Net Pension Cost
|
|
|
|
|
|
|
|
|
|
Service cost
|
$
|
305
|
$
|
316
|
$
|
100
|
$
|
121
|
|
Interest cost
|
|
1,740
|
|
1,579
|
|
279
|
|
239
|
|
Expected return on assets
|
|
(2,796)
|
|
(2,965)
|
|
0
|
|
0
|
|
Amortization of transition asset
|
|
0
|
|
(19)
|
|
0
|
|
0
|
|
Amortization of recognized loss
|
|
848
|
|
781
|
|
73
|
|
49
|
|
Amortization of prior service cost
|
|
12
|
|
12
|
|
20
|
|
20
|
|
Net pension expense/(income) in employee benefits
|
$
|
109
|
$
|
(296)
|
$
|
472
|
$
|
429
|
|
|
|
|
|
|
|
|
|
|
|
Weighted Average Assumptions used to
|
|
|
|
|
|
|
|
|
|
determine benefit obligations:
|
|
|
|
|
|
|
|
|
|
Discount rate for benefit obligations
|
|
4.10%
|
|
4.50%
|
|
4.00%
|
|
4.00%
|
|
Discount rate for net pension cost
|
|
4.50%
|
|
4.00%
|
|
0
|
|
0
|
|
Expected long-term return on assets
|
|
7.00%
|
|
7.00%
|
|
0
|
|
0
|
|
Rate of compensation increase
|
|
3.00%
|
|
3.00%
|
|
3.00%
|
|
3.00%
|
|
Mortality tables
|
|
RP-2014
|
|
RP-2014
|
|
N/A
|
|
N/A
|
|
Schedule of Target Asset Allocations |
|
|
|
|
|
|
|
|
|
Asset Class
|
Normalized Target
|
Range
|
|
Cash
|
5%
|
0% - 20%
|
|
Fixed Income
|
40%
|
30% - 50%
|
|
Equities
|
55%
|
45% - 65%
|
|
Actual Plan Asset Allocations |
As of December 31, 2016 and 2015, the value of Pension Plan investments was as follows:
|
|
|
|
|
|
|
|
|
|
December 31, 2016
|
|
|
|
|
Fair Value Hierarchy
|
|
(Dollars in thousands)
|
|
Assets at Fair Value
|
% of Portfolio
|
|
Level 1
|
|
Level 2
|
|
Cash and cash equivalents
|
$
|
1,951
|
4.8%
|
$
|
1,951
|
$
|
0
|
|
Fixed income securities:
|
|
|
|
|
|
|
|
|
U.S. Government and Agencies
|
|
227
|
0.5%
|
|
0
|
|
227
|
|
Taxable municipal bonds and notes
|
|
3,630
|
8.9%
|
|
0
|
|
3,630
|
|
Corporate bonds and notes
|
|
9,500
|
23.2%
|
|
0
|
|
9,500
|
|
Preferred stock
|
|
492
|
1.2%
|
|
0
|
|
492
|
|
Fixed income mutual funds
|
|
2,682
|
6.5%
|
|
2,682
|
|
0
|
|
Total fixed income
|
|
16,531
|
40.3%
|
|
2,682
|
|
13,849
|
|
Equities:
|
|
|
|
|
|
|
|
|
Large Cap
|
|
16,917
|
41.3%
|
|
16,917
|
|
0
|
|
Mid Cap
|
|
2,477
|
6.0%
|
|
2,477
|
|
0
|
|
Small Cap
|
|
1,199
|
2.9%
|
|
1,199
|
|
0
|
|
International
|
|
1,914
|
4.7%
|
|
1,914
|
|
0
|
|
Total equities
|
|
22,507
|
54.9%
|
|
22,507
|
|
0
|
|
Total market value
|
$
|
40,989
|
100.0%
|
$
|
27,140
|
$
|
13,849
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2015
|
|
|
|
|
Fair Value Hierarchy
|
|
(Dollars in thousands)
|
|
Assets at Fair Value
|
% of Portfolio
|
|
Level 1
|
|
Level 2
|
|
Cash and cash equivalents
|
$
|
2,260
|
5.8%
|
$
|
2,260
|
$
|
0
|
|
Fixed income securities:
|
|
|
|
|
|
|
|
|
U.S. Government and Agencies
|
|
131
|
0.3%
|
|
0
|
|
131
|
|
Taxable municipal bonds and notes
|
|
2,869
|
7.3%
|
|
0
|
|
2,869
|
|
Corporate bonds and notes
|
|
8,774
|
22.4%
|
|
0
|
|
8,774
|
|
Preferred stock
|
|
542
|
1.4%
|
|
0
|
|
542
|
|
Fixed income mutual funds
|
|
2,736
|
7.0%
|
|
2,736
|
|
0
|
|
Total fixed income
|
|
15,052
|
38.5%
|
|
2,736
|
|
12,316
|
|
Equities:
|
|
|
|
|
|
|
|
|
Large Cap
|
|
16,364
|
41.7%
|
|
16,364
|
|
0
|
|
Mid Cap
|
|
2,775
|
7.0%
|
|
2,775
|
|
0
|
|
Small Cap
|
|
1,061
|
2.7%
|
|
1,061
|
|
0
|
|
International
|
|
1,688
|
4.3%
|
|
1,688
|
|
0
|
|
Total equities
|
|
21,888
|
55.7%
|
|
21,888
|
|
0
|
|
Total market value
|
$
|
39,200
|
100.0%
|
$
|
26,884
|
$
|
12,316
|
|
Expected Future Benefit Payments |
Estimated cash flows related to expected future benefit payments from the Pension Plan and SERP are as follows:
|
|
|
|
|
|
|
(In thousands)
|
|
Pension Plan
|
|
SERP
|
|
2017
|
$
|
1,689
|
$
|
215
|
|
2018
|
|
1,745
|
|
257
|
|
2019
|
|
1,908
|
|
319
|
|
2020
|
|
1,998
|
|
315
|
|
2021
|
|
2,127
|
|
371
|
|
2022-2026
|
|
11,995
|
|
1,999
|
|
Schedule of Amounts in Accumulated Other Comprehensive Income |
Amounts included in accumulated other comprehensive loss as of December 31, 2016 and 2015, net of tax, are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2016
|
|
2015
|
|
(In thousands)
|
|
Pension
|
|
SERP
|
|
Pension
|
|
SERP
|
|
Unrecognized net actuarial loss
|
$
|
14,335
|
$
|
729
|
$
|
12,641
|
$
|
306
|
|
Unrecognized prior service costs
|
|
13
|
|
(8)
|
|
20
|
|
4
|
|
|
$
|
14,348
|
$
|
721
|
$
|
12,661
|
$
|
310
|
|
Schedule of Amounts that Will Be Amortized from Other Comprehensive Loss |
The estimated costs that will be amortized from accumulated other comprehensive loss into net periodic pension cost during the next fiscal year are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands)
|
|
Pension
|
|
SERP
|
|
Prior service costs
|
$
|
12
|
$
|
(3)
|
|
Net actuarial loss
|
|
1,057
|
|
146
|
|
|
$
|
1,069
|
$
|
143
|
|