Rendering

Component: (Network and Table)
Network
1038 - Disclosure - Pension and Profit Sharing Plans (Tables)
(http://www.ffin.com/taxonomy/role/NotesToFinancialStatementsPensionAndOtherPostretirementBenefitsDisclosureTextBlockTables)
Table(Implied)
Slicers (applies to each fact value in each table cell)
Reporting Entity [Axis]0000036029 (http://www.sec.gov/CIK)
Compensation and Retirement Disclosure [Abstract]Period [Axis]
2016-01-01 - 2016-12-31
Compensation and Retirement Disclosure [Abstract]
 
Benefit Obligation Activity and Fair Value of Plan Assets and Statement of Funded Status

Using an actuarial measurement date of December 31, 2016 and 2015, benefit obligation activity and fair value of plan assets for the years ended December 31, 2016 and 2015, and a statement of the funded status as of December 31, 2016 and 2015, are as follows (dollars in thousands):

 

     2016      2015  

Reconciliation of benefit obligations:

      

Benefit obligation at January 1

    $ 16,002       $ 15,581   

Interest cost on projected benefit obligation

      665         622   

Actuarial loss (gain)

      139         635   

Benefits paid, including partial settlement of certain participant balances

      (1,353 )       (836 ) 
  

 

 

     

 

 

  

Benefit obligation at December 31

    $ 15,453       $ 16,002   
  

 

 

     

 

 

  

Reconciliation of fair value of plan assets:

      

Fair value of plan assets at January 1

    $ 14,820       $ 15,458   

Actual return on plan assets

      1,820         (302 ) 

Employer contributions

      500         500   

Benefits paid, including partial settlement of certain participant balances

      (1,353 )       (836 ) 
  

 

 

     

 

 

  

Fair value of plan assets at December 31

      15,787         14,820   
  

 

 

     

 

 

  

Funded status

    $ 334       $ (1,182 ) 
  

 

 

     

 

 

  
  
Component of Accumulated Other Comprehensive Earnings

Amounts recognized as a component of accumulated other comprehensive earnings as of year-end that have not been recognized as a component of the net period benefit cost of the Company’s defined benefit pension plan are as follows (in thousands):

 

     2016      2015  

Net actuarial loss

    $ (4,688 )     $ (6,098 ) 

Deferred tax benefit

      1,641         2,134   
  

 

 

     

 

 

  

Amounts included in accumulated other comprehensive earnings, net of tax

    $ (3,047 )     $ (3,964 ) 
  

 

 

     

 

 

  
  
Net Periodic Pension Cost

Net periodic benefit cost for the years ended December 31, 2016, 2015, and 2014, are as follows (dollars in thousands):

 

     Year Ended December 31,  
     2016      2015      2014  

Service cost - benefits earned during the period

    $ —         $ —         $ —     

Interest cost on projected benefit obligation

      665         622         1,131   

Expected return on plan assets

      (912 )       (948 )       (1,497 ) 

Amortization of unrecognized net loss

      375         222         337   

Recognized loss on partial settlement of certain participant balances

      267         —           2,909   
  

 

 

     

 

 

     

 

 

  

Net periodic pension benefit expense (benefit)

    $ 395       $ (104 )     $ 2,880   
  

 

 

     

 

 

     

 

 

  
  
Benefit Obligations and Net Periodic Pension Cost and Rate of Return on Plan Assets

The following table sets forth the rates used in the actuarial calculations of the present value of benefit obligations and net periodic pension cost and the rate of return on plan assets:

 

     2016     2015     2014  

Weighted average discount rate

      4.25 %      4.25 %      4.10 % 

Expected long-term rate of return on assets

      6.25 %      6.25 %      6.25 % 
  
Pension Plan and Targeted Allocation Percentage

The major type of plan assets in the pension plan and the targeted allocation percentage as of December 31, 2016 and 2015 is as follows:

 

     December 31, 2016
Allocation		     December 31, 2015
Allocation		     Targeted
Allocation		  

Equity securities

      77 %      74 %      75 % 

Debt securities

      22 %      25 %      25 % 

Cash and equivalents

      1 %      1 %      —     
  
Breakdown by Level

The breakdown by level is as follows (dollars in thousands):

 

     Level 1
Inputs		      Level 2
Inputs		      Level 3
Inputs		      Total Fair
Value		  

Money market fund

    $ 100       $ —         $ —         $ 100   

Obligations of state and political subdivisions

      —           659         —           659   

Corporate bonds

      —           885         —           885   

Mortgage-backed securities

      —           956         —           956   

Corporate stocks and mutual funds

      13,187         —           —           13,187   
  

 

 

     

 

 

     

 

 

     

 

 

  

Total

    $ 13,287       $ 2,500       $ —         $ 15,787   
  

 

 

     

 

 

     

 

 

     

 

 

  
  
Estimate of Undiscounted Projected Future Payments

An estimate of the undiscounted projected future payments to eligible participants for the next five years and the following five years in the aggregate is as follows (in thousands):

 

Year Ending December 31,

       

2017

      856   

2018

      872   

2019

      892   

2020

      913   

2021

      935   

2022 forward

      4,861