XML 56 R41.htm IDEA: XBRL DOCUMENT v3.7.0.1
Employee Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2016
Employee Benefit Plans  
Schedule of Changes in Projected Benefit Obligations, Fair Value, and Funded Status

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 

 

(Dollars in thousands)

    

2016

    

2015

    

2014

 

Change in benefit obligation

 

 

 

 

 

 

 

 

 

 

Projected benefit obligation, beginning

 

$
14,518

 

$
13,582

 

$
10,659

 

Service cost

 

 
1,076

 

 
1,040

 

 
763

 

Interest cost

 

 
528

 

 
468

 

 
451

 

Actuarial (gain) loss

 

 
276

 

 
(347)

 

 
1,882

 

Benefits paid

 

 
(528)

 

 
(351)

 

 
(173)

 

Prior service cost attributed to CVB participation

 

 

 —

 

 
126

 

 

 —

 

Projected benefit obligation, ending

 

 
15,870

 

 
14,518

 

 
13,582

 

Change in plan assets

 

 

 

 

 

 

 

 

 

 

Fair value of plan assets, beginning

 

 
14,697

 

 
14,084

 

 
11,624

 

Actual return on plan assets

 

 
1,033

 

 
(36)

 

 
633

 

Employer contributions

 

 
1,000

 

 
1,000

 

 
2,000

 

Benefits paid

 

 
(528)

 

 
(351)

 

 
(173)

 

Fair value of plan assets, ending

 

 
16,202

 

 
14,697

 

 
14,084

 

Funded status

 

$
332

 

$
179

 

$
502

 

Amounts recognized as an other asset

 

$
332

 

$
179

 

$
502

 

Amounts recognized in accumulated other comprehensive loss

 

 

 

 

 

 

 

 

 

 

Net loss

 

$
4,290

 

$
4,160

 

$
3,558

 

Prior service cost

 

 
(695)

 

 
(755)

 

 
(942)

 

Deferred taxes

 

 
(1,259)

 

 
(1,192)

 

 
(916)

 

Total recognized in accumulated other comprehensive loss

 

$
2,336

 

$
2,213

 

$
1,700

 

Weighted-average assumptions for benefit obligation at valuation date

 

 

 

 

 

 

 

 

 

 

Discount rate

 

 
3.7

%  

 
3.8

%  

 
3.6

%

Expected return on plan assets

 

 
7.5

 

 
7.5

 

 
7.5

 

Rate of compensation increase

 

 
3.0

 

 
3.0

 

 
3.0

 

 

Schedule of net periodic benefit costs

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31, 

 

(Dollars in thousands)

    

2016

    

2015

    

2014

 

Components of net periodic benefit cost:

 

 

 

 

 

 

 

 

 

 

Service cost

 

$
1,076

 

$
1,040

 

$
763

 

Interest cost

 

 
528

 

 
468

 

 
451

 

Expected return on plan assets

 

 
(1,045)

 

 
(1,043)

 

 
(832)

 

Amortization of prior service cost

 

 
(61)

 

 
(61)

 

 
(68)

 

Recognized net actuarial loss

 

 
158

 

 
130

 

 
33

 

Net periodic benefit cost

 

 
656

 

 
534

 

 
347

 

Other changes in plan assets and benefit obligations recognized in other comprehensive loss

 

 

 

 

 

 

 

 

 

 

Net loss

 

 
129

 

 
602

 

 
2,048

 

Prior service cost

 

 

 —

 

 
126

 

 

 —

 

Amortization of prior service costs

 

 
60

 

 
61

 

 
68

 

Deferred taxes

 

 
(66)

 

 
(276)

 

 
(741)

 

Total recognized in accumulated other comprehensive loss

 

 
123

 

 
513

 

 
1,375

 

Total recognized in net periodic benefit cost and other comprehensive loss

 

$
779

 

$
1,047

 

$
1,722

 

 

Schedule of weighted-average assumptions used for net periodic benefit cost

 

 

 

 

 

 

 

 

 

 

January 1,

 

 

    

2016

    

2015

    

2014

 

Weighted-average assumptions for net periodic benefit cost

 

 

 

 

 

 

 

Discount rate

 
3.8

%  
3.6

%  
4.4

%

Expected return on plan assets

 
7.5

 
7.5

 
7.5

 

Rate of compensation increase

 
3.0

 
3.0

 
3.0

 

 

Schedule of benefits expected to be paid by the plan in the next ten years

 

 

 

 

 

(Dollars in thousands)

    

    

 

 

2017

 

$
1,862

 

2018

 

 
2,147

 

2019

 

 
783

 

2020

 

 
664

 

2021

 

 
785

 

2022 – 2026

 

 
7,133

 

 

 

$
13,374

 

 

Schedule of defined benefit pension plan weighted average asset allocations by asset category

 

 

 

 

 

 

 

 

December 31, 

 

 

    

2016

    

2015

 

Mutual funds-fixed income

 
39

%  
41

%

Mutual funds-equity

 
61

 
59

 

Cash and equivalents

 

*

 

*

 

 

 
100

%  
100

%

* Less than one percent.

Summary of fair value of defined benefit plan assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2016

 

 

 

Fair Value Measurements Using

 

Assets at Fair

 

(Dollars in thousands)

    

Level 1

    

Level 2

    

Level 3

    

Value

 

Mutual funds-fixed income 1

 

$
6,273

 

$

 —

 

$

 —

 

$
6,273

 

Mutual funds-equity 2

 

 
9,929

 

 

 —

 

 

 —

 

 
9,929

 

Cash and equivalents 3

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

Total pension plan assets

 

$
16,202

 

$

 —

 

$

 —

 

$
16,202

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2015

 

 

 

Fair Value Measurements Using

 

Assets at Fair

 

(Dollars in thousands)

    

Level 1

    

Level 2

    

Level 3

    

Value

 

Mutual funds-fixed income 1

 

$
5,944

 

$

 —

 

$

 —

 

$
5,944

 

Mutual funds-equity 2

 

 
8,741

 

 

 —

 

 

 —

 

 
8,741

 

Cash and equivalents 3

 

 
12

 

 

 —

 

 

 —

 

 
12

 

Total pension plan assets

 

$
14,697

 

$

 —

 

$

 —

 

$
14,697

 

 

1

This category includes investments in mutual funds focused on fixed income securities with both short-term and long-term investments. The funds are valued using the net asset value method in which an average of the market prices for the underlying investments is used to value the funds.

2

This category includes investments in mutual funds focused on equity securities with a diversified portfolio and includes investments in large cap and small cap funds, growth funds, international focused funds and value funds. The funds are valued using the net asset value method in which an average of the market prices for the underlying investments is used to value the funds.

3

This category comprises cash and short-term cash equivalent funds. The funds are valued at cost which approximates fair value.