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Benefit Plans (Tables)
12 Months Ended
Dec. 31, 2015
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]  
Funded Status of Plan

 

 

 

 

 

 

 

 

 

 

 

December 31

(Dollars in thousands)

2015

2014

Projected benefit obligation

$

(6,583)

$

(6,783)

Accumulated benefit obligation

 

(6,583)

 

(6,783)

Fair value of plan assets

 

4,851 

 

5,197 

Amounts recognized in the statement of financial position consist of:

 

 

 

 

Other liabilities

$

(1,732)

$

(1,586)

Funded status

$

(1,732)

$

(1,586)

Amounts recognized in accumulated other comprehensive loss consist of:

 

 

 

 

Net loss

$

1,812 

$

1,734 

Total

$

1,812 

$

1,734 

 

Changes in Benefit Obligation and Fair Value of Plan Assets

 

 

 

 

 

 

 

 

 

 

 

Year ended December 31

(Dollars in thousands)

2015

2014

Change in benefit obligation

 

 

 

 

Benefit obligation at beginning of year

$

6,783 

$

6,250 

Interest cost

 

243 

 

275 

Actuarial (gain) loss

 

(162)

 

636 

Benefits paid

 

(281)

 

(378)

Benefit obligation at end of year

$

6,583 

$

6,783 

Change in plan assets

 

 

 

 

Fair value of assets at beginning of year

$

5,197 

$

5,274 

Actual return on plan assets

 

(58)

 

235 

Employer contribution

 

57 

 

103 

Benefits paid

 

(281)

 

(378)

Estimated expenses

 

(64)

 

(37)

Fair value of assets at end of year

$

4,851 

$

5,197 

 

Plan Asset Allocations

 

 

 

 

 

 

 

 

 

 

 

December 31

 

 

2015

2014

Cash and cash equivalents

2.6 

%

2.4 

%

Equity securities

55.1 

 

57.8 

 

Fixed income securities

42.3 

 

39.8 

 

Total

100.0 

%

100.0 

%

 

Net Periodic Pension Cost

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31

 

(Dollars in thousands)

2015

2014

Service cost

$

46 

$

44 

 

Interest cost

 

243 

 

275 

 

Expected return on plan assets

 

(272)

 

(285)

 

Recognized net actuarial loss

 

109 

 

49 

 

Net periodic cost

$

126 

$

83 

 

Assumptions used:

 

 

 

 

 

Discount rate:

 

 

 

 

 

Obligation

 

4.05 

%

3.75 

%

Expense

 

3.75 

 

4.50 

 

Rate of increase in compensation level

 

N/A

 

N/A

 

Expected long-term rate of return on assets

 

5.50 

 

5.50 

 

 

Estimated Future Benefit Payments

 

 

 

 

 

 

 

 

(Dollars in thousands)

Period

 

Benefits

 

2016

$

622 

 

2017

 

306 

 

2018

 

361 

 

2019

 

431 

 

2020

 

917 

 

2021-2025

 

2,387 

 

Fair Value of Plan Assets by Asset Categories

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2015

 

 

 

 

 

 

 

Assets at

 

 

 

 

 

 

 

Fair

(Dollars in thousands)

Level 1

Level 2

Level 3

Value

Mutual fund - equity:

 

 

 

 

 

 

 

 

US equities

$

1,345 

$

 -

$

 -

$

1,345 

International equities

 

1,202 

 

 -

 

 -

 

1,202 

Real estate

 

126 

 

 -

 

 -

 

126 

Mutual funds - fixed income:

 

 

 

 

 

 

 

 

Domestic fixed income

 

2,052 

 

 -

 

 -

 

2,052 

US corporate bonds, notes and cash:

 

 

 

 

 

 

 

 

Corporate bonds

 

 -

 

 -

 

 -

 

 -

Cash

 

126 

 

 -

 

 -

 

126 

Total assets measured at fair value on a recurring basis

$

4,851 

$

 -

$

 -

$

4,851 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

2,070 

 

 -

 

 -

 

2,070 

US corporate bonds, notes and cash:

 

 

 

 

 

 

 

 

Corporate bonds

 

 -

 

 -

 

 -

 

 -

Cash

 

127 

 

 -

 

 -

 

127 

Total assets measured at fair value on a recurring basis

$

5,197 

$

 -

$

 -

$

5,197 

 

Stock Option Activity

 

 

 

 

 

 

 

 

 

Number

Weighted Average

 

Outstanding

Exercise Price

Outstanding January 1, 2014

207,303 

$

15.92 

Issued

 -

 

-

Exercised

(24,906)

 

15.92 

Forfeited

 -

 

 -

Expired

(18,811)

 

22.78 

Outstanding December 31, 2014

163,586 

$

15.13 

Issued

 -

 

-

Exercised

(99,086)

 

19.34 

Forfeited

 -

 

 -

Expired

 -

 

 -

Outstanding December 31, 2015

64,500 

$

8.67 

 

Weighted Average Price And Weighted Average Remaining Contractual Life

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2015

Range of

 

 

Weighted Average

 

 

Exercise

Number

Number

Exercise

Remaining

 

Intrinsic

Prices

Outstanding

Exercisable

Price

Contractual Life

 

Value

$  6.93-10.99

64,500  64,500 

$

8.67  2.15 

 years

$

1,344,000 

Total

64,500  64,500 

$

8.67  2.15 

 years

$

1,344,000 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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 

 

Stock Grant Activity

 

 

 

 

 

 

 

 

 

 

Weighted Average

 

Shares

Stock Price

Non-vested stock awards - January 1, 2014

50,795 

$

15.65 

Granted

25,135 

 

21.72 

Forfeited

 -

 

 -

Vested

 -

 

 -

Non-vested stock awards - December 31, 2014

75,930 

$

17.66 

Granted

26,595 

 

27.55 

Forfeited

(1,270)

 

19.21 

Vested

(24,000)

 

12.28 

Non-vested stock awards - December 31, 2015

77,255 

$

22.71 

 

Estimated 2016 Net Periodic Benefit Cost [Member]  
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]  
Net Periodic Pension Cost

 

 

 

 

 

 

(Dollars in thousands)

 

 

Service cost

$

44 

Interest cost

 

254 

Expected return on plan assets

 

(253)

Recognized net actuarial gain

 

128 

Estimated 2016 net periodic benefit cost

$

173