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Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2014
Benefit Plans [Abstract]  
Schedule Of Accumulated And Projected Benefit Obligations

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Years Ended December 31

(Dollars in thousands)

2014

 

2013

 

2012

 

 

 

 

 

 

 

 

 

Change in projected benefit obligation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Benefit obligation at beginning of measurement year

$
17,281 

 

$
18,648 

 

$
17,138 

Service cost

 
337 

 

 
456 

 

 
460 

Interest cost

 
778 

 

 
715 

 

 
716 

Actuarial loss  

 
2,529 

 

 
(1,798)

 

 
1,093 

Benefits paid

 
(1,246)

 

 
(740)

 

 
(759)

Benefit obligation at end of measurement year

 
19,679 

 

 
17,281 

 

 
18,648 

 

 

 

 

 

 

 

 

 

Change in plan assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair value of plan assets at beginning of measurement year

 
18,600 

 

 
18,764 

 

 
11,658 

Actual return on plan assets net of expenses

 
2,323 

 

 
576 

 

 
1,082 

Employer contribution

 

 -

 

 

 -

 

 
6,783 

Benefits paid

 
(1,246)

 

 
(740)

 

 
(759)

Fair value of plan assets at end of measurement year

 
19,677 

 

 
18,600 

 

 
18,764 

 

 

 

 

 

 

 

 

 

Funded status of projected benefit obligation

$
(2)

 

$
1,319 

 

$
116 

 

Schedule Of Amounts Recognized In Other Comprehensive Income (Loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amounts recognized in accumulated other comprehensive

For the Years Ended December 31

income (loss), net of tax

2014

 

2013

 

2012

 

 

 

 

 

 

 

 

 

Net actuarial loss

$
(7,078)

 

$
(6,159)

 

$
(8,047)

Prior service cost obligation

 
220 

 

 
345 

 

 
471 

 

 
(6,858)

 

 
(5,814)

 

 
(7,576)

Tax effect

 
2,332 

 

 
1,977 

 

 
2,576 

Net amount recognized in accumulated other comprehensive loss

$
(4,526)

 

$
(3,837)

 

$
(5,000)

 

Schedule Of Net Benefit Costs

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Years Ended December 31

Components of net periodic pension cost

2014

 

2013

 

2012

 

 

 

 

 

 

 

 

 

Service cost

$
337 

 

$
456 

 

$
460 

Interest cost

 
778 

 

 
715 

 

 
716 

Expected return on plan assets

 
(1,163)

 

 
(1,247)

 

 
(788)

Amortization of prior service cost

 
(126)

 

 
(125)

 

 
(125)

Recognized net actuarial loss

 
450 

 

 
761 

 

 
810 

Net periodic pension cost

$
276 

 

$
560 

 

$
1,073 

 

Schedule Of Assumptions Used

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Years Ended December 31

 

2014

 

2013

 

2012

Assumptions used to determine benefit obligations:

 

 

 

 

 

 

 

 

Discount rate

 
3.72% 

 

 
4.76% 

 

 
3.89% 

Rate of compensation increase

 
4.00% 

 

 
4.00% 

 

 
4.00% 

 

 

 

 

 

 

 

 

 

Assumptions used to determine net periodic benefit cost:

 

 

 

 

 

 

 

 

Discount rate

 
4.76% 

 

 
3.89% 

 

 
4.18% 

Expected long-term return on plan assets

 
6.50% 

 

 
7.00% 

 

 
7.00% 

Rate of compensation increase

 
4.00% 

 

 
4.00% 

 

 
4.00% 

 

 

 

 

 

 

 

 

 

Asset allocations:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 
4% 

 

 
10% 

 

 
35% 

Common stocks

 
33% 

 

 
33% 

 

 
22% 

Corporate bonds

 
8% 

 

 
6% 

 

 
3% 

Municipal bonds

 
45% 

 

 
43% 

 

 
38% 

Investment fund - debt

 
8% 

 

 
7% 

 

 

 -

Insurance contracts

 
2% 

 

 
1% 

 

 
2% 

Total

 
100% 

 

 
100% 

 

 
100% 

 

 

 

 

 

 

 

 

 

Shares of the Corporation's common stock held in the plan

 

 

 

 

 

 

 

 

Value of shares  (in thousands)

$
63 

 

$
49 

 

$
40 

Percent of total plan assets

 
0.3% 

 

 
0.3% 

 

 
0.2% 

 

Schedule Of Funded Status

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Years Ended December 31

Reconciliation of Funded Status

2014

 

2013

 

2012

Funded Status

$
(2)

 

$
1,319 

 

$
116 

Unrecognized net actuarial loss

 
7,078 

 

 
6,159 

 

 
8,047 

Unrecognized prior service cost

 
(220)

 

 
(345)

 

 
(471)

Net Asset recognized

$
6,856 

 

$
7,133 

 

$
7,692 

 

 

 

 

 

 

 

 

 

Accumulated Benefit Obligation

$
18,857 

 

$
16,596 

 

$
17,859 

 

Schedule Of Amounts Recognized In Balance Sheet

The following table sets forth by level, within the fair value hierarchy, the Plan's investments at fair value as of December 31, 2014 and 2013. For more information on the levels within the fair value hierarchy, please refer to Note 19.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Dollars in Thousands)

 

December 31, 2014

Asset  Description

 

Fair Value

 

Level 1

 

Level 2

 

Level 3

Cash and cash equivalents

 

$
718 

 

$
718 

 

$

 -

 

$

 -

Common stocks

 

 
6,437 

 

 
6,437 

 

 

 -

 

 

 -

Corporate bonds

 

 
1,656 

 

 

 -

 

 
1,656 

 

 

 -

Municipal bonds

 

 
8,946 

 

 

 -

 

 
8,946 

 

 

 -

Investment fund - equity

 

 
40 

 

 
40 

 

 

 

 

 

 

Investment fund - debt

 

 
1,503 

 

 
1,503 

 

 

 -

 

 

 -

Cash value of life insurance

 

 
62 

 

 

 -

 

 

 -

 

 
62 

Deposit in immediate participation guarantee contract

 

 
315 

 

 

 -

 

 

 -

 

 
315 

Total assets

 

$
19,677 

 

$
8,698 

 

$
10,602 

 

$
377 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Dollars in Thousands)

 

December 31, 2013

Asset  Description

 

Fair Value

 

Level 1

 

Level 2

 

Level 3

Cash and cash equivalents

 

$
1,753 

 

$
1,753 

 

$

 -

 

$

 -

Common stocks

 

 
6,210 

 

 
6,210 

 

 

 -

 

 

 -

Corporate bonds

 

 
1,162 

 

 

 -

 

 
1,162 

 

 

 -

Municipal bonds

 

 
8,041 

 

 

 -

 

 
8,041 

 

 

 -

Investment fund - debt

 

 
1,312 

 

 

 -

 

 
1,312 

 

 

 -

Cash value of life insurance

 

 
91 

 

 

 -

 

 

 -

 

 
91 

Deposit in immediate participation guarantee contract

 

 
31 

 

 

 -

 

 

 -

 

 
31 

Total assets

 

$
18,600 

 

$
7,963 

 

$
10,515 

 

$
122 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Schedule Of Changes In Fair Value Of Plan Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits in

 

 

 

 

Immediate

 

Cash Value

 

Participation

 

of  Life

 

Guarantee

 

Insurance

 

Contract

Balance - January 1, 2014

$
91 

 

$
31 

Unrealized gain (loss)  relating to investments held at the reporting date

 
3 

 

 
16 

Purchases, sales, issuances and settlement, net

 
(32)

 

 
268 

Balance - December 31, 2014

$
62 

 

$
315 

 

 

 

 

 

 

Balance - January 1, 2013

$
87 

 

$
227 

 Unrealized gain (loss)  relating to investments held at the reporting date

 
4 

 

 
10 

 Purchases, sales, issuances and settlement, net

 

 -

 

 
(206)

Balance - December 31, 2013

$
91 

 

$
31 

 

Schedule Of Expected Benefit Payments

 

 

 

 

 

 

 

 

2015

 

$
1,022 

2016

 

 
1,688 

2017

 

 
1,107 

2018

 

 
987 

2019

 

 
1,047 

2020-2023

 

 
5,324 

 

 

$
11,175