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Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2014
Benefit Plans [Abstract]  
Funded Status of Plan

 

 

 

 

 

 

 

 

 

 

 

December 31

(Dollars in thousands)

2014

2013

Projected benefit obligation

$
(6,783)

$
(6,250)

Accumulated benefit obligation

 
(6,783)

 
(6,250)

Fair value of plan assets

 
5,197 

 
5,274 

Amounts recognized in the statement of financial position consist of:

 

 

 

 

Liabilities

$
(1,586)

$
(976)

Funded status

$
(1,586)

$
(976)

Amounts recognized in accumulated other comprehensive loss consist of:

 

 

 

 

Net loss

$
1,734 

$
1,104 

Total

$
1,734 

$
1,104 

 

Changes in Benefit Obligation and Fair Value of Plan Assets

 

 

 

 

 

 

 

 

 

 

 

Year ended December 31

(Dollars in thousands)

2014

2013

Change in benefit obligation

 

 

 

 

Benefit obligation at beginning of year

$
6,250 

$
7,221 

Interest cost

 
275 

 
254 

Actuarial (gain) loss

 
636 

 
(728)

Benefits paid

 
(378)

 
(497)

Benefit obligation at end of year

$
6,783 

$
6,250 

Change in plan assets

 

 

 

 

Fair value of assets at beginning of year

$
5,274 

$
5,283 

Actual return on plan assets

 
235 

 
507 

Employer contribution

 
103 

 

 -

Benefits paid

 
(378)

 
(497)

Estimated expenses

 
(37)

 
(19)

Fair value of assets at end of year

$
5,197 

$
5,274 

 

Plan Asset Allocations

 

 

 

 

 

 

 

 

 

 

 

December 31

 

 

2014

2013

Cash and cash equivalents
2.4 

%
14.4 

%

Equity securities
57.8 

 
34.2 

 

Fixed income securities
39.8 

 
51.4 

 

Total
100.0 

%
100.0 

%

 

Net Periodic Pension Costs

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31

 

(Dollars in thousands)

2014

2013

Service cost

$
44 

$
43 

 

Interest cost

 
275 

 
254 

 

Expected return on plan assets

 
(285)

 
(281)

 

Recognized net actuarial loss

 
49 

 
151 

 

Net periodic cost

$
83 

$
167 

 

Assumptions used:

 

 

 

 

 

Discount rate:

 

 

 

 

 

Obligation

 
3.75 

%
4.50 

%

Expense

 
4.50 

 
3.60 

 

Rate of increase in compensation level

 

N/A

 

N/A

 

Expected long-term rate of return on assets

 
5.5 

 
5.5 

 

 

Estimated Future Benefit Payments

 

 

 

 

 

 

 

 

(Dollars in thousands)

Period

 

Benefits

 

2015

$
576 

 

2016

 
278 

 

2017

 
300 

 

2018

 
353 

 

2019

 
425 

 

2020-2024

 
3,081 

 

Fair Value of Plan Assets by Asset Categories

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2014

 

 

 

 

 

 

 

Assets at

 

 

 

 

 

 

 

Fair

(Dollars in thousands)

Level 1

Level 2

Level 3

Value

Mutual fund - equity:

 

 

 

 

 

 

 

 

US equities

$
1,622 

$

 -

$

 -

$
1,622 

International equities

 
1,245 

 

 -

 

 -

 
1,245 

Real estate

 
133 

 

 -

 

 -

 
133 

Mutual funds - fixed income:

 

 

 

 

 

 

 

 

Domestic fixed income

 

 -

 

 -

 

 -

 

 -

US corporate bonds, notes and cash:

 

 

 

 

 

 

 

 

Corporate bonds

 

 -

 
2,070 

 

 -

 
2,070 

Cash

 
127 

 

 -

 

 -

 
127 

Total assets measured at fair value on a recurring basis

$
3,127 

$
2,070 

$

 -

$
5,197 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2013

 

 

 

 

 

 

 

Assets at

 

 

 

 

 

 

 

Fair

(Dollars in thousands)

Level 1

Level 2

Level 3

Value

Mutual fund - equity:

 

 

 

 

 

 

 

 

US equities

$
872 

$

 -

$

 -

$
872 

International equities

 
839 

 

 -

 

 -

 
839 

Real estate

 
91 

 

 -

 

 -

 
91 

Mutual funds - fixed income:

 

 

 

 

 

 

 

 

Domestic fixed income

 
665 

 

 -

 

 -

 
665 

US corporate bonds, notes and cash:

 

 

 

 

 

 

 

 

Corporate bonds

 

 -

 
2,045 

 

 -

 
2,045 

Cash

 
762 

 

 -

 

 -

 
762 

Total assets measured at fair value on a recurring basis

$
3,229 

$
2,045 

$

 -

$
5,274 

 

Stock Option Activity

 

 

 

 

 

 

 

 

 

Number

Weighted Average

 

Outstanding

Exercise Price

Outstanding January 1, 2013
214,618 

$
15.98 

Issued

 -

 

-

Exercised

 -

 

-

Forfeited
(1,000)

 
10.31 

Expired
(6,315)

 
18.66 

Outstanding December 31, 2013
207,303 

$
15.92 

Issued

 -

 

-

Exercised
(24,906)

 
15.92 

Forfeited

 -

 

 -

Expired
(18,811)

 
22.78 

Outstanding December 31, 2014
163,586 

$
15.13 

 

Weighted Average Price And Weighted Average Remaining Contractual Life

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2014

Range of

 

 

Weighted Average

 

 

Exercise

Number

Number

Exercise

Remaining

 

Intrinsic

Prices

Outstanding

Exercisable

Price

Contractual Life

 

Value

$  6.93-10.99
80,650 
80,650 

$
8.66 
3.15 

 years

$
1,044,000 

 14.00-19.99
34,895 
34,895 

 
17.51 
0.97 

 years

 
143,000 

 23.00-24.27
48,041 
48,041 

 
24.27 
0.29 

 years

 

 -

Total
163,586 
163,586 

$
15.13 
1.85 

 years

$
1,187,000 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2013

Range of

 

 

Weighted Average

 

 

Exercise

Number

Number

Exercise

Remaining

 

Intrinsic

Prices

Outstanding

Exercisable

Price

Contractual Life

 

Value

$  6.93-13.99
85,050 

 -

$
8.65 
4.15 

 years

$
1,029,000 

 14.00-19.99
55,401 
55,401 

 
17.51 
1.97 

 years

 
180,000 

 20.00-22.99
18,811 
18,811 

 
22.78 
0.97 

 years

 

 -

 23.00-24.27
48,041 
48,041 

 
24.27 
1.29 

 years

 

 -

Total
207,303 
122,253 

$
15.92 
2.62 

 years

$
1,209,000 

 

Stock Grant Activity

 

 

 

 

 

 

 

 

 

 

Weighted Average

 

Shares

Stock Price

Non-vested stock awards - January 1, 2013
48,270 

$
11.39 

Granted
17,125 

 
20.43 

Forfeited
(400)

 
15.56 

Vested
(14,200)

 
6.93 

Non-vested stock awards - December 31, 2013
50,795 

$
15.65 

Granted
25,135 

 
21.72 

Forfeited

 -

 

 -

Vested

 -

 

 -

Non-vested stock awards - December 31, 2014
75,930 

$
17.66