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Pension Plan (Tables)
12 Months Ended
Dec. 31, 2015
Pension Plan [Abstract]  
Plan's Funded Status and Amounts Recognized in the consolidated Balance Sheets

 

 

 

 

 

 

 

 

 

 

 

For the years ended December 31,

(In thousands)

    

2015

    

2014

Change in benefit obligation

 

 

 

 

 

 

Benefit obligation at beginning of year

 

$

15,438

 

$

14,488

Service cost

 

 

64

 

 

64

Interest cost

 

 

565

 

 

538

Benefits paid

 

 

(971)

 

 

(967)

Actuarial (gain) loss

 

 

(72)

 

 

1,315

Benefits obligation at end of year

 

$

15,024

 

$

15,438

Amounts recognized in accumulated other comprehensive income (loss)

 

 

 

 

 

 

Unrecognized prior service cost

 

 

 -

 

 

90

Unrecognized actuarial loss

 

 

3,677

 

 

3,935

AOCI related to pension plan

 

$

3,677

 

$

4,025

 

We

Assumptions Used to Determine the Benefit Obligations and the Net Periodic Pension Cost

The table below reflects the assumptions used to determine the benefit obligations:

 

 

 

 

 

 

 

 

As of December 31,

 

    

2015

    

2014

Discount rate

 

3.81

%  

 

3.52

%  

Rate of compensation increase

 

4.00

%  

 

4.00

%  

 

The table below reflects the assumptions used to determine the net periodic pension cost:

 

 

 

 

 

 

 

 

 

 

As of December 31,

 

    

2015

    

2014

Discount rate

 

3.81

%  

 

3.52

%  

Rate of compensation increase

 

4.00

%  

 

4.00

%  

 

Schedule of Net Benefit Costs [Table Text Block]

 

 

 

 

 

 

 

 

 

 

For the year ended

 

 

December 31,

(In thousands)

    

2015

    

2014

Service cost

 

$

64

 

$

64

Interest cost

 

 

565

 

 

538

Amortization of prior service cost

 

 

90

 

 

90

Amortization of actuarial loss

 

 

186

 

 

128

Net periodic benefit cost

 

$

905

 

$

820

 

Benefit Payments to be Made From the Non-qualified Pension Plan

 

 

 

 

 

 

 

 

 

As of December 31, 2015

 

 

 

Non-Qualified

(In thousands)

    

 

Pension Plans

2016

 

$

1,005

2017

 

 

1,015

2018

 

 

1,015

2019

 

 

1,028

2020

 

 

1,096

Next  five years thereafter

 

 

5,798

 

A substantial portion of the b