Pension Plan (Tables)

12 Months Ended

Dec. 31, 2015

Information pertaining to the activity in the plan, using a measurement date of December 31, is as follows:

	Years ended December 31,
	2015			2014
	(in thousands)
Change in benefit obligation
Benefit obligation at beginning of year	$	7,104		$	5,656
Service cost		0			0
Interest cost		260			278
Benefits paid		(294	)		(298	)
Actuarial (gain) loss		(31	)		1,468
Benefit obligation at end of year	$	7,039		$	7,104

Change in plan assets
Fair value of plan assets at beginning of year	$	5,268		$	5,322
Actual return on plan assets		(283	)		244
Employer contribution		1,000			0
Benefits paid		(294	)		(298	)
Fair value of plan assets at end of year	$	5,691		$	5,268

Funded Status at end of year	$	(1,348	)	$	(1,836	)

Amounts recognized in the consolidated balance sheets at December 31,	2015			2014
Accrued pension liability	$	(1,348	)	$	(1,836	)

Amounts recognized in other comprehensive income (loss)
Loss	$	3,918		$	3,681
Deferred taxes		(1,332	)		(1,252	)
Net loss	$	2,586		$	2,429
Accumulated benefit obligation	$	7,039		$	7,104

Assumptions used to determine the benefit obligations at December 31,	2015			2014
Discount rate		4.03%			3.73%

	During the years ending December 31,
Weighted-average assumptions used to determine net periodic pension cost	2015		2014
Discount rate		3.73%		4.90%
Expected long-term rate of return on plan assets		7.00%		7.00%

	Years ended December 31,
Components of net periodic pension cost	2015				2014
	(in thousands)
Interest cost		$	260		$	278
Expected return on plan assets			(376	)		(362	)
Amortization of unrecognized loss			390			251
Net periodic pension cost		$	274		$	167

Components of other amounts recognized in other comprehensive income (loss)
Net actuarial (gain) loss	$	627		$	1,587
Settlement loss		0			0
Amortization of actuarial loss		(390	)		(251	)
Total recognized in other comprehensive income (loss)	$	237		$	1,336

Total recognized in net periodic benefit cost and other comprehensive income (loss)	$	511		$	1,503

Fair value is discussed in detail in Note 16. The fair value of the Company's pension plan assets by asset category are as follows:

	Assets at Fair Value as of December 31, 2015
	(in thousands)
Asset Category	Level 1		Level 2		Level 3		Total
Money market funds	$	654	$	0	$	0	$	654
Mutual funds		74		0		0		74
Common stock		2,766		0		0		2,766
Corporate bonds		0		2,133		0		2,133
Partnerships		0		64		0		64
Total assets at fair value	$	3,494	$	2,197	$	0	$	5,691

	Assets at Fair Value as of December 31, 2014
	(in thousands)
Asset Category	Level 1			Level 2			Level 3			Total
Money market funds		$	310		$	0		$	0		$	310
Mutual funds			73			0			0			73
Common stock			2,847			0			0			2,847
Corporate bonds			0			2,038			0			2,038
Total assets at fair value		$	3,230		$	2,038		$	0		$	5,268

Estimated future benefit payments, which reflect expected future service, as appropriate, are as follows (in thousands):