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Employee Benefits (Tables)
 12 Months Ended
Dec. 31, 2015
Compensation and Retirement Disclosure [Abstract]  
Benefit Obligation and Plan Assets Deriving Funded Status, in Other Liabilities
The following table summarizes the activity in the benefit obligation and Plan assets deriving the funded status, which is recorded in other liabilities in the Consolidated Balance Sheets:
(dollars in thousands)
2015

2014

Change in Projected Benefit Obligation
 
 
Projected benefit obligation at beginning of year
$
113,124

$
95,969

Service cost
2,601

2,369

Interest cost
4,425

4,470

Actuarial (gain) loss
(4,257
)
16,020

Benefits paid
(6,146
)
(5,704
)
Projected Benefit Obligation at End of Year
$
109,747

$
113,124

Change in Plan Assets
 
 
Fair value of plan assets at beginning of year
$
93,486

$
89,556

Actual return on plan assets
(2,755
)
9,634

Benefits paid
(6,146
)
(5,704
)
Fair Value of Plan Assets at End of Year
$
84,585

$
93,486

Funded Status
$
(25,162
)
$
(19,638
)
Accumulated Other Comprehensive Income (Loss)
The following table sets forth the amounts recognized in accumulated other comprehensive income (loss) at December 31:
(dollars in thousands)
2015

2014

Prior service credit
$
(1,029
)
$
(1,167
)
Net actuarial loss
34,376

30,726

Total (Before Tax Effects)
$
33,347

$
29,559
Actuarial Weighted Average Assumptions Used in Determining Benefit Obligation
Below are the actuarial weighted average assumptions used in determining the benefit obligation:
 
2015

2014

Discount rate
4.25
%
4.00
%
Rate of compensation increase
3.00
%
3.00
%
Components of Net Periodic Pension Cost and Other Changes in Plan Assets and Benefit Obligation Recognized in Other Comprehensive Income (Loss)
The following table summarizes the components of net periodic pension cost and other changes in Plan assets and benefit obligations recognized in other comprehensive income (loss) for the years ended December 31:
(dollars in thousands)
2015

2014

2013

Components of Net Periodic Pension Cost
 
 
 
Service cost—benefits earned during the period
$
2,601

$
2,369

$
2,767

Interest cost on projected benefit obligation
4,425

4,470

3,985

Expected return on plan assets
(7,180
)
(6,907
)
(6,207
)
Amortization of prior service credit
(138
)
(137
)
(138
)
Recognized net actuarial loss
2,028

941

2,425

Net Periodic Pension Expense
$
1,736

$
736

$
2,832

Other Changes in Plan Assets and Benefit Obligation Recognized in Other Comprehensive Income (Loss)
 
 
 
Net actuarial loss (gain)
$
5,678

$
13,294

$
(15,499
)
Recognized net actuarial loss
(2,028
)
(941
)
(2,425
)
Recognized prior service credit
138

137

138

Total (Before Tax Effects)
$
3,788

$
12,490

$
(17,786
)
Total Recognized in Net Benefit Cost and Other Comprehensive Income (Loss) (Before Tax Effects)
$
5,524

$
13,226

$
(14,954
)
Actuarial Weighted Average Assumptions Used in Determining Net Periodic Pension Cost
The following table summarizes the actuarial weighted average assumptions used in determining net periodic pension cost:
 
2015

2014

2013

Discount rate
4.00
%
4.75
%
4.00
%
Rate of compensation increase
3.00
%
3.00
%
3.00
%
Expected return on assets
8.00
%
8.00
%
8.00
%
Estimated Future Benefit Payments
The following table provides information regarding estimated future benefit payments to be paid in each of the next five years and in the aggregate for the five years thereafter:
(dollars in thousands)
Amount

 
 
2016
$
6,455

2017
6,250

2018
6,643

2019
6,676

2020
7,298

2021 - 2025
38,488
Pension Plan Assets Measured at Fair Value on Recurring Basis
The following tables present our Plan assets measured at fair value on a recurring basis by fair value hierarchy level at December 31, 2015 and 2014. There were no transfers between Level 1 and Level 2 for items of a recurring basis during the periods presented. There were no purchases or transfers of Level 3 plan assets in 2015.
 
December 31, 2015
 
Fair Value Asset Classes(1)
(dollars in thousands)
Level 1

Level 2

Level 3

Total

Cash and cash equivalents(2)
$
—

$
3,371

$
—

$
3,371

Fixed income(3)
27,054

—

—

27,054

Equities:
 
 
 
 
Equity index mutual funds—international(4)
3,421

—

—

3,421

Domestic individual equities(5)
50,739

—

—

50,739

Total Assets at Fair Value
$
81,214

$
3,371

$
—

$
84,585

(1)
Refer to Note 1 Summary of Significant Accounting Policies, Fair Value Measurements for a description of levels within the fair value hierarchy.
(2)
This asset class includes FDIC insured money market instruments.
(3)
This asset class includes a variety of fixed income mutual funds which primarily invest in investment grade rated securities. Investment managers have discretion to invest in fixed income related securities including futures, options and other derivatives. Investments may be made in currencies other than the U.S. dollar.
(4)
The sole investment within this asset class is the Harbor International Institutional Fund.
(5)
This asset class includes individual domestic equities invested in an active all-cap strategy. It may also include convertible bonds.
 
December 31, 2014
 
Fair Value Asset Classes(1)
(dollars in thousands)
Level 1

Level 2

Level 3

Total

Cash and cash equivalents(2)
$
—

$
5,073

$
—

$
5,073

Fixed income(3)
26,726

—

—

26,726

Equities:
 
 
 
 
Equity index mutual funds—international(4)
3,728

—

—

3,728

Domestic individual equities(5)
57,085

—

—

57,085

International individual equities(6)
874

—

—

874

Total Assets at Fair Value
$
88,413

$
5,073

$
—

$
93,486

(1)
Refer to Note 1 Summary of Significant Accounting Policies, Fair Value Measurements for a description of levels within the fair value hierarchy.
(2)
This asset class includes FDIC insured money market instruments.
(3)
This asset class includes a variety of fixed income mutual funds which primarily invest in investment grade rated securities. Investment managers have discretion to invest in fixed income related securities including futures, options and other derivatives. Investments may be made in currencies other than the U.S. dollar.
(4)
The sole investment within this asset class is MSCI EAFE Index iShares.
(5)
This asset class includes individual domestic equities invested in an active all-cap strategy. It may also include convertible bonds.
(6)
This asset class includes American Depository Receipts.