Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2015

Employee Benefit Plans [Abstract]

Schedule of Net Funded Status

The following tables summarize benefit obligation and funded status, plan asset activity, components of net pension cost, and weighted average assumptions for the Pension Plan and the SERP:

		Pension				SERP
(in thousands)		2015		2014		2015		2014
Change in Benefit Obligation
Obligation at the beginning of the year	$	39,348	$	28,329	$	5,827	$	5,084
Service cost		316		258		121		115
Interest cost		1,579		1,478		239		220
Change in discount rate and mortality assumptions		(1,207)		7,216		0		0
Actuarial losses		841		3,401		190		499
Benefits paid		(1,461)		(1,334)		(88)		(91)
Obligation at the end of the year		39,416		39,348		6,289		5,827
Change in Plan Assets
Fair value at the beginning of the year		38,967		34,848		0		0
Actual return on plan assets		(306)		2,453		0		0
Employer contribution		2,000		3,000		88		91
Benefits paid		(1,461)		(1,334)		(88)		(91)
Fair value at the end of the year		39,200		38,967		0		0
Unfunded Status	$	(216)	$	(381)	$	(6,289)	$	(5,827)

Components of Net Periodic Pension Plan Cost

		Pension				SERP
(in thousands)		2015		2014		2015		2014
Components of Net Pension Cost
Service cost	$	316	$	258	$	121	$	115
Interest cost		1,579		1,478		239		220
Expected return on assets		(2,965)		(2,653)		0		0
Amortization of transition asset		(19)		(39)		0		0
Amortization of recognized loss/(gain)		781		374		49		(17)
Amortization of prior service cost		12		12		20		20
Net pension (income)/expense in employee benefits	$	(296)	$	(570)	$	429	$	338
Weighted Average Assumptions used to
determine benefit obligations:
Discount rate for benefit obligations		4.50%		4.00%		4.00%		4.00%
Discount rate for net pension cost		4.00%		4.75%		0		0
Expected long-term return on assets		7.00%		7.75%		0		0
Rate of compensation increase		3.00%		3.00%		3.00%		3.00%
Mortality tables		RP-2014		RP-2014		N/A		N/A

Schedule of Target Asset Allocations

Asset Class	Normalized Target	Range
Cash	5%	0% - 20%
Fixed Income	40%	30% - 50%
Equities	55%	45% - 65%

Actual Plan Asset Allocations

As of December 31, 2015 and 2014, the value of Pension Plan investments was as follows:

December 31, 2015					Fair Value Hierarchy
(Dollars in thousands)		Assets at Fair Value	% of Portfolio		Level 1		Level 2
Cash and cash equivalents	$	2,260	5.8%	$	2,260	$	0
Fixed income securities:
U.S. Government and Agencies		131	0.3%		0		131
Taxable municipal bonds and notes		2,869	7.3%		0		2,869
Corporate bonds and notes		8,774	22.4%		0		8,774
Preferred stock		542	1.4%		0		542
Fixed income mutual funds		2,736	7.0%		2,736		0
Total fixed income		15,052	38.5%		2,736		12,316
Equities:
Large Cap		16,364	41.7%		16,364		0
Mid Cap		2,775	7.0%		2,775		0
Small Cap		1,061	2.7%		1,061		0
International		1,688	4.3%		1,688		0
Total equities		21,888	55.7%		21,888		0
Total market value	$	39,200	100.0%	$	26,884	$	12,316
December 31, 2014					Fair Value Hierarchy
(Dollars in thousands)		Assets at Fair Value	% of Portfolio		Level 1		Level 2
Cash and cash equivalents	$	1,043	2.7%	$	1,043	$	0
Fixed income securities:
U.S. Government and Agencies		613	1.6%		0		613
Taxable municipal bonds and notes		2,525	6.5%		0		2,525
Corporate bonds and notes		8,393	21.5%		0		8,393
Preferred stock		478	1.2%		0		478
Fixed income mutual funds		5,049	13.0%		5,049		0
Total fixed income		17,058	43.8%		5,049		12,009
Equities:
Large Cap		15,646	40.1%		15,646		0
Mid Cap		2,743	7.0%		2,743		0
Small Cap		1,305	3.4%		1,305		0
International		1,172	3.0%		1,172		0
Total equities		20,866	53.5%		20,866		0
Total market value	$	38,967	100.0%	$	26,958	$	12,009

Expected Future Benefit Payments

Estimated cash flows related to expected future benefit payments from the Pension Plan and SERP are as follows:

(In thousands)		Pension Plan		SERP
2016	$	1,337	$	141
2017		1,429		204
2018		1,473		242
2019		1,552		303
2020		1,660		301
2021-2025		10,077		1,769

Schedule of Amounts in Accumulated Other Comprehensive Income

Amounts included in accumulated other comprehensive loss as of December 31, 2015 and 2014, net of tax, are as follows:

		2015				2014
(In thousands)		Pension		SERP		Pension		SERP
Unrecognized net actuarial loss	$	12,641	$	306	$	11,375	$	217
Unrecognized prior service costs		20		4		28		16
Net transition asset		0		0		(11)		0
	$	12,661	$	310	$	11,392	$	233

Schedule of Amounts that Will Be Amortized from Other Comprehensive Loss

The estimated costs that will be amortized from accumulated other comprehensive loss into net periodic pension cost during the next fiscal year are as follows:

(In thousands)		Pension		SERP
Prior service costs	$	12	$	20
Net transition asset		0		0
Net actuarial loss		848		78
	$	860	$	98