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Benefit Plans (Tables)
12 Months Ended
Dec. 31, 2015
Benefit Plans [Abstract]  
Schedule Of Accumulated And Projected Benefit Obligations

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Years Ended December 31

(Dollars in thousands)

2015

 

2014

 

2013

 

 

 

 

 

 

 

 

 

Change in projected benefit obligation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Benefit obligation at beginning of measurement year

$

19,679 

 

$

17,281 

 

$

18,648 

Service cost

 

377 

 

 

337 

 

 

456 

Interest cost

 

695 

 

 

778 

 

 

715 

Actuarial loss  

 

(906)

 

 

2,529 

 

 

(1,798)

Benefits paid

 

(1,236)

 

 

(1,246)

 

 

(740)

Benefit obligation at end of measurement year

 

18,609 

 

 

19,679 

 

 

17,281 

 

 

 

 

 

 

 

 

 

Change in plan assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair value of plan assets at beginning of measurement year

 

19,677 

 

 

18,600 

 

 

18,764 

Actual return on plan assets net of expenses

 

(140)

 

 

2,323 

 

 

576 

Employer contribution

 

 -

 

 

 -

 

 

 -

Benefits paid

 

(1,236)

 

 

(1,246)

 

 

(740)

Fair value of plan assets at end of measurement year

 

18,301 

 

 

19,677 

 

 

18,600 

 

 

 

 

 

 

 

 

 

Funded status of projected benefit obligation

$

(308)

 

$

(2)

 

$

1,319 

 

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

2015

 

2014

 

2013

 

 

 

 

 

 

 

 

 

Net actuarial loss

$

(6,871)

 

$

(7,078)

 

$

(6,159)

Prior service cost obligation

 

94 

 

 

220 

 

 

345 

 

 

(6,777)

 

 

(6,858)

 

 

(5,814)

Tax effect

 

2,304 

 

 

2,332 

 

 

1,977 

Net amount recognized in accumulated other comprehensive loss

$

(4,473)

 

$

(4,526)

 

$

(3,837)

 

Schedule Of Net Benefit Costs

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Years Ended December 31

Components of net periodic pension cost

2015

 

2014

 

2013

 

 

 

 

 

 

 

 

 

Service cost

$

377 

 

$

337 

 

$

456 

Interest cost

 

695 

 

 

778 

 

 

715 

Expected return on plan assets

 

(1,182)

 

 

(1,163)

 

 

(1,247)

Amortization of prior service cost

 

(126)

 

 

(126)

 

 

(125)

Recognized net actuarial loss

 

623 

 

 

450 

 

 

761 

Net periodic pension cost

$

387 

 

$

276 

 

$

560 

 

Schedule Of Assumptions Used

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Years Ended December 31

 

2015

 

2014

 

2013

Assumptions used to determine benefit obligations:

 

 

 

 

 

 

 

 

Discount rate

 

4.06% 

 

 

3.72% 

 

 

4.76% 

Rate of compensation increase

 

4.00% 

 

 

4.00% 

 

 

4.00% 

 

 

 

 

 

 

 

 

 

Assumptions used to determine net periodic benefit cost:

 

 

 

 

 

 

 

 

Discount rate

 

3.72% 

 

 

4.76% 

 

 

3.89% 

Expected long-term return on plan assets

 

6.50% 

 

 

6.50% 

 

 

7.00% 

Rate of compensation increase

 

4.00% 

 

 

4.00% 

 

 

4.00% 

 

 

 

 

 

 

 

 

 

Asset allocations:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

9% 

 

 

4% 

 

 

10% 

Common stocks

 

31% 

 

 

33% 

 

 

33% 

Corporate bonds

 

7% 

 

 

8% 

 

 

6% 

Municipal bonds

 

43% 

 

 

45% 

 

 

43% 

Investment fund - debt

 

8% 

 

 

8% 

 

 

7% 

Insurance contracts

 

2% 

 

 

2% 

 

 

1% 

Total

 

100% 

 

 

100% 

 

 

100% 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

Value of shares  (in thousands)

$

68 

 

$

63 

 

$

49 

Percent of total plan assets

 

0.4% 

 

 

0.3% 

 

 

0.3% 

 

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, 2015 and 2014. For more information on the levels within the fair value hierarchy, please refer to Note 20.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Dollars in Thousands)

 

December 31, 2015

Asset  Description

 

Fair Value

 

Level 1

 

Level 2

 

Level 3

Cash and cash equivalents

 

$

1,579 

 

$

1,579 

 

$

 -

 

$

 -

Common stocks

 

 

5,691 

 

 

5,691 

 

 

 -

 

 

 -

Corporate bonds

 

 

1,336 

 

 

 -

 

 

1,336 

 

 

 -

Municipal bonds

 

 

7,898 

 

 

 -

 

 

7,898 

 

 

 -

Investment fund - debt

 

 

1,413 

 

 

1,413 

 

 

 -

 

 

 -

Cash value of life insurance

 

 

62 

 

 

 -

 

 

 -

 

 

62 

Deposit in immediate participation guarantee contract

 

 

322 

 

 

 -

 

 

 -

 

 

322 

Total assets

 

$

18,301 

 

$

8,683 

 

$

9,234 

 

$

384 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(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 

 

Schedule Of Changes In Fair Value Of Plan Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits in

 

 

 

 

Immediate

 

Cash Value

 

Participation

 

of  Life

 

Guarantee

 

Insurance

 

Contract

Balance - January 1, 2015

$

62 

 

$

315 

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

 

 -

 

 

(33)

Purchases, sales, issuances and settlement, net

 

 -

 

 

40 

Balance - December 31, 2015

$

62 

 

$

322 

 

 

 

 

 

 

Balance - January 1, 2014

$

91 

 

$

31 

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

 

 

 

16 

Purchases, sales, issuances and settlement, net

 

(32)

 

 

268 

Balance - December 31, 2014

$

62 

 

$

315 

 

Schedule Of Expected Benefit Payments

 

 

 

 

 

 

 

 

2016

 

$

1,616 

2017

 

 

1,161 

2018

 

 

1,036 

2019

 

 

1,150 

2020

 

 

1,521 

2021-2022

 

 

5,398 

 

 

$

11,882