XML 54 R39.htm IDEA: XBRL DOCUMENT v3.7.0.1
Benefit Plans (Tables)
12 Months Ended
Dec. 31, 2016
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]  
Funded Status of Plan



 

 

 

 

 

 

 



 

 

 

 

 

 

 



December 31

(Dollars in thousands)

2016

 

2015

Projected benefit obligation

$

(6,695)

 

 

$

(6,583)

 

Accumulated benefit obligation

 

(6,695)

 

 

 

(6,583)

 

Fair value of plan assets

 

4,887 

 

 

 

4,851 

 

Amounts recognized in the statement of financial condition consist of:

 

 

 

 

 

 

 

Other liabilities

$

(1,808)

 

 

$

(1,732)

 

Funded status

$

(1,808)

 

 

$

(1,732)

 

Amounts recognized in accumulated other comprehensive loss consist of:

 

 

 

 

 

 

 

Net loss

$

1,792 

 

 

$

1,812 

 

Total

$

1,792 

 

 

$

1,812 

 



Changes in Benefit Obligation and Fair Value of Plan Assets



 

 

 

 

 

 



 

 

 

 

 

 



Year ended December 31

(Dollars in thousands)

2016

2015

Change in benefit obligation

 

 

 

 

 

 

Benefit obligation at beginning of year

$

6,583 

 

$

6,783 

 

Interest cost

 

254 

 

 

243 

 

Actuarial loss (gain)

 

143 

 

 

(162)

 

Benefits paid

 

(285)

 

 

(281)

 

Benefit obligation at end of year

$

6,695 

 

$

6,583 

 

Change in plan assets

 

 

 

 

 

 

Fair value of assets at beginning of year

$

4,851 

 

$

5,197 

 

Actual return on plan assets

 

304 

 

 

(58)

 

Employer contribution

 

93 

 

 

57 

 

Benefits paid

 

(285)

 

 

(281)

 

Estimated expenses

 

(76)

 

 

(64)

 

Fair value of assets at end of year

$

4,887 

 

$

4,851 

 



Weighted Average Asset Allocations



 

 

 

 

 



 

 

 

 

 



December 31

 



2016

 

2015

Cash and cash equivalents

3.5 

%

 

2.6 

%

Equity securities

53.0 

 

 

55.1 

 

Fixed income securities

43.5 

 

 

42.3 

 

Total

100.0 

%

 

100.0 

%



Net Periodic Pension Cost



 

 

 

 

 

 



 

 

 

 

 

 



Year Ended December 31

(Dollars in thousands)

2016

2015

Service cost

$

59 

 

$

46 

 

Interest cost

 

254 

 

 

243 

 

Expected return on plan assets

 

(252)

 

 

(272)

 

Recognized net actuarial loss

 

128 

 

 

109 

 

Net periodic cost

$

189 

 

$

126 

 

Assumptions used:

 

 

 

 

 

 

Discount rate:

 

 

 

 

 

 

Obligation

 

4.09 

%

 

4.05 

%

Expense

 

4.05 

 

 

3.75 

 

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



2017

 

$

378 

 



2018

 

 

455 

 



2019

 

 

981 

 



2020

 

 

847 

 



2021

 

 

255 

 



2022-2026

 

 

1,993 

 



Fair Value of Plan Assets by Asset Categories







 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 



December 31, 2016



 

 

 

 

 

 

Assets at



 

 

 

 

 

 

Fair

(Dollars in thousands)

Level 1

Level 2

Level 3

Value

Mutual fund - equity:

 

 

 

 

 

 

 

 

US equities

$

1,398 

$

 -

$

 -

$

1,398 

International equities

 

1,080 

 

 -

 

 -

 

1,080 

Real estate

 

113 

 

 -

 

 -

 

113 

Mutual funds - fixed income:

 

 

 

 

 

 

 

 

Domestic fixed income

 

2,128 

 

 -

 

 -

 

2,128 

US corporate bonds, notes and cash:

 

 

 

 

 

 

 

 

Corporate bonds

 

 -

 

 -

 

 -

 

 -

Cash

 

168 

 

 -

 

 -

 

168 

Total assets measured at fair value on a recurring basis

$

4,887 

$

 -

$

 -

$

4,887 







 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 



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 



Stock Option Activity



 

 

 

 

 



 

 

 

 

 



Number

 

Weighted Average



Outstanding

 

Exercise Price

Outstanding January 1, 2015

163,586 

 

$

15.13 

 

Issued

 -

 

 

 -

 

Exercised

(99,086)

 

 

19.34 

 

Forfeited

 -

 

 

 -

 

Expired

 -

 

 

 -

 

Outstanding December 31, 2015

64,500 

 

$

8.67 

 

Issued

 -

 

 

 -

 

Exercised

(14,800)

 

 

6.93 

 

Forfeited

 -

 

 

 -

 

Expired

 -

 

 

 -

 

Outstanding December 31, 2016

49,700 

 

$

9.18 

 



Weighted Average Price And Weighted Average Remaining Contractual Life



 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

December 31, 2016

Range of

 

 

Weighted Average

 

 

Exercise

Number

Number

Exercise

Remaining

Intrinsic

Prices

Outstanding

Exercisable

Price

Contractual Life

Value

$

6.93-10.99

49,700 

49,700 

$

9.18 

1.40 years

$

955,000 







 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

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 



Stock Grant Activity



 

 

 

 

 



 

 

 

 

 



 

 

Weighted Average



Shares

 

Stock Price

Non-vested stock awards - January 1, 2015

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 

 

Granted

26,240 

 

 

27.82 

 

Forfeited

 -

 

 

 -

 

Vested

(47,720)

 

 

22.11 

 

Non-vested stock awards - December 31, 2016

55,775 

 

$

25.63 

 



Estimated 2017 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

$

66 

 

Interest cost

 

261 

 

Expected return on plan assets

 

(257)

 

Amortization of net loss

 

133 

 

Recognized net actuarial loss

 

107 

 

Estimated 2017 net periodic benefit cost

$

310