Pension and Profit Sharing Plans (Tables)

12 Months Ended

Dec. 31, 2014

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, 2014 and 2013, benefit obligation activity and fair value of plan assets for the years ended December 31, 2014 and 2013, and a statement of the funded status as of December 31, 2014 and 2013, are as follows (dollars in thousands):

	2014			2013
Reconciliation of benefit obligations:
Benefit obligation at January 1	$	25,499		$	27,838
Interest cost on projected benefit obligation		1,131			1,020
Actuarial loss (gain)		1,075			(2,097	)
Benefits paid, including partial settlement of certain participant balances		(12,124	)		(1,262	)
Benefit obligation at December 31	$	15,581		$	25,499
Reconciliation of fair value of plan assets:
Fair value of plan assets at January 1	$	25,467		$	21,110
Actual return on plan assets		1,865			4,619
Employer contributions		250			1,000
Benefits paid, including partial settlement of certain participant balances		(12,124	)		(1,262	)
Fair value of plan assets at December 31		15,458			25,467
Funded status	$	(123	)	$	(32	)

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):

	2014			2013
Net actuarial loss	$	(4,435	)	$	(6,975	)
Deferred tax benefit		1,762			2,651
Amounts included in accumulated other comprehensive earnings, net of tax	$	(2,673	)	$	(4,324	)

Net Periodic Pension Cost

Net periodic pension benefit cost for the years ended December 31, 2014, 2013, and 2012, are as follows (dollars in thousands):

	Year Ended December 31,
	2014			2013			2012
Service cost - benefits earned during the period	$	—		$	—		$	—
Interest cost on projected benefit obligation		1,131			1,020			1,113
Expected return on plan assets		(1,497	)		(1,293	)		(1,140	)
Amortization of unrecognized net loss		337			786			659
Recognized loss on partial settlement of certain participant balances		2,909			—			—
Net periodic pension benefit expense	$	2,880		$	513		$	632

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:

	2014			2013			2012
Weighted average discount rate		4.10	%		4.75	%		3.75	%
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, 2014 and 2013 is as follows:

	December 31, 2014 Allocation			December 31, 2013 Allocation			Targeted Allocation
Equity securities		75	%		75	%		75	%
Debt securities		24	%		24	%		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	$	281	$	—	$	—	$	281
Obligations of state and political subdivisions		—		687		—		687
Corporate bonds		—		791		—		791
Mortgage-backed securities		—		1,178		—		1,178
Corporate stocks and mutual funds		12,521		—		—		12,521
Total	$	12,802	$	2,656	$	—	$	15,458

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,
2015	784
2016	805
2017	855
2018	874
2019	899
2020 forward	4,754