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Note 12 - Pension and Other Postretirement Benefit Plans | 12 Months Ended
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Dec. 31, 2015
Compensation and Retirement Disclosure [Abstract] |
Pension and Other Postretirement Benefits Disclosure [Text Block] | 12. Pension and Other Postretirement Benefit Plans The amounts recognized in accumulated other comprehensive income, on a pre-tax basis, consist of the following, as of December 31:
|  | Net Actuarial loss (gain) |  | Prior Service cost (credit) |  | Total
|  | 2015 |  | 2014 |  | 2013 |  | 2015 |  | 2014 |  | 2013 |  | 2015 |  | 2014 |  | 2013
|  | (In thousands)
Employee Retirement Plan |  | $ | 8,589 |  |  | $ | 9,938 |  |  | $ | 5,899 |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 8,589 |  |  | $ | 9,938 |  |  | $ | 5,899 |
Other Postretirement Benefit Plans |  |  | 1,296 |  |  |  | 2,130 |  |  |  | 205 |  |  |  | (538 | ) |  |  | (623 | ) |  |  | (708 | ) |  |  | 758 |  |  |  | 1,507 |  |  |  | (503 | )
Outside Directors Plan |  |  | (562 | ) |  |  | (488 | ) |  |  | (496 | ) |  |  | 91 |  |  |  | 131 |  |  |  | 171 |  |  |  | (471 | ) |  |  | (357 | ) |  |  | (325 | )
Total |  | $ | 9,323 |  |  | $ | 11,580 |  |  | $ | 5,608 |  |  | $ | (447 | ) |  | $ | (492 | ) |  | $ | (537 | ) |  | $ | 8,876 |  |  | $ | 11,088 |  |  | $ | 5,071 |
Amounts in accumulated other comprehensive income to be recognized as components of net periodic expense for these plans in 2016 are as follows:
|  | Net Actuarial loss (gain) |  | Prior Service cost (credit) |  | Total
|  | (In thousands)
Employee Retirement Plan |  | $ | 808 |  |  | $ | - |  |  | $ | 808 |
Other Postretirement Benefit Plans |  |  | 47 |  |  |  | (85 | ) |  |  | (38 | )
Outside Directors Plan |  |  | (86 | ) |  |  | 40 |  |  |  | (46 | )
Total |  | $ | 769 |  |  | $ | (45 | ) |  | $ | 724 |
Employee Retirement Plan: The Bank has a funded noncontributory defined benefit retirement plan covering substantially all of its salaried employees who were hired before September 1, 2005 (the “Retirement Plan”). The benefits are based on years of service and the employee’s compensation during the three consecutive years out of the final ten years of service, which was completed prior to September 30, 2006, the date the Retirement Plan was frozen, that produces the highest average. The Bank’s funding policy is to contribute annually the amount recommended by the Retirement Plan’s actuary. The Bank’s Retirement Plan invests in diversified equity and fixed-income funds, which are independently managed by a third party. The Company did not make a contribution to the Retirement Plan during the years ended December 31, 2015 or 2014. The Company contributed $0.8 million to the Retirement Plan during the year ended December 31, 2013. The Company uses a December 31 measurement date for the Retirement Plan. The following table sets forth, for the Retirement Plan, the change in benefit obligation and assets, and for the Company, the amounts recognized in the Consolidated Statements of Financial Condition at December 31:
|  | 2015 |  | 2014
|  | (In thousands)
Change in benefit obligation: |  |  |  |  |  |  |  |
Projected benefit obligation at beginning of year |  | $ | 24,097 |  |  | $ | 19,740 |
Interest cost |  |  | 889 |  |  |  | 891 |
Actuarial (gain) loss |  |  | (1,208 | ) |  |  | 4,446 |
Benefits paid |  |  | (1,014 | ) |  |  | (980 | )
Projected benefit obligation at end of year |  |  | 22,764 |  |  |  | 24,097 |
Change in plan assets: |  |  |  |  |  |  |  |
Market value of assets at beginning of year |  |  | 20,509 |  |  |  | 20,496 |
Actual return on plan assets |  |  | 429 |  |  |  | 993 |
Benefits paid |  |  | (1,014 | ) |  |  | (980 | )
Market value of plan assets at end of year |  |  | 19,924 |  |  |  | 20,509 |
Accrued pension liability included in other liabilities |  | $ | (2,840 | ) |  | $ | (3,588 | )
The accumulated benefit obligation for the Retirement Plan was $22.8 million and $24.1 million at December 31, 2015 and 2014, respectively. Assumptions used to determine the Retirement Plan’s benefit obligations are as follows at December 31:
|  | 2015 |  | 2014
Weighted average discount rate |  |  | 4.06 | % |  |  | 3.76 | %
Rate of increase in future compensation levels |  |  | n/a |  |  |  | n/a |
Expected long-term rate of return on assets |  |  | 7.25 | % |  |  | 7.50 | %
The components of the net pension expense for the Retirement Plan are as follows for the years ended December 31:
|  | 2015 |  | 2014 |  | 2013
|  | (In thousands)
Interest cost |  | $ | 889 |  |  | $ | 891 |  |  | $ | 827 |
Amortization of unrecognized loss |  |  | 1,112 |  |  |  | 759 |  |  |  | 1,222 |
Expected return on plan assets |  |  | (1,400 | ) |  |  | (1,344 | ) |  |  | (1,261 | )
Net pension expense (benefit) |  |  | 601 |  |  |  | 306 |  |  |  | 788 |
Current year actuarial (gain) loss |  |  | (237 | ) |  |  | 4,798 |  |  |  | (4,722 | )
Amortization of actuarial loss |  |  | (1,112 | ) |  |  | (759 | ) |  |  | (1,222 | )
Total recognized in other comprehensive income |  |  | (1,349 | ) |  |  | 4,039 |  |  |  | (5,944 | )
Total recognized in net pension cost (benefit) and other comprehensive income |  | $ | (748 | ) |  | $ | 4,345 |  |  | $ | (5,156 | )
Assumptions used to develop periodic pension cost for the Retirement Plan for the years ended December 31:
|  | 2015 |  | 2014 |  | 2013
Weighted average discount rate |  |  | 3.76 | % |  |  | 4.60 | % |  |  | 3.75 | %
Rate of increase in future compensation levels |  |  | n/a |  |  |  | n/a |  |  |  | n/a |
Expected long-term rate of return on assets |  |  | 7.50 | % |  |  | 7.50 | % |  |  | 7.50 | %
The following benefit payments, which reflect expected future service, are expected to be paid by the Retirement Plan:
For the years ending December 31: |  | Future Benefit Payments
|  | (In thousands)
2016 |  | $ | 1,172 |
2017 |  |  | 1,184 |
2018 |  |  | 1,177 |
2019 |  |  | 1,192 |
2020 |  |  | 1,193 |
2021 – 2025 |  |  | 6,502 |
The long-term rate-of-return-on-assets assumption was set based on historical returns earned by equities and fixed income securities, adjusted to reflect expectations of future returns as applied to the plan's target allocation of asset classes. Equities and fixed income securities were assumed to earn real rates of return in the ranges of 8-10% and 3-5%, respectively. When these overall return expectations are applied to the plans target allocation, the result is an expected rate return of approximately 8%. The Retirement Plan’s weighted average asset allocations at December 31, by asset category, were:
|  | 2015 |  | 2014
Equity securities |  |  | 70 | % |  |  | 68 | %
Debt securities |  |  | 30 | % |  |  | 32 | %
Plan assets are invested in a diversified mix of stock and bond investment funds on the pooled account, group annuity platform of Prudential Retirement Services. Each fund has its own investment objectives, investment strategies and risks as detailed in its prospectus. The long-term investment objectives are to maintain plan assets at a level that will sufficiently cover long-term obligations and to generate a return on plan assets that will meet or exceed the rate at which long-term obligations will grow. A combination of equity and fixed income portfolios are used to help achieve these objectives based on a long-term, liability based strategic mix of 60% equities and 40% fixed income. Adjustments to this mix are made periodically based on current capital market conditions and plan funding levels. Performance of the investment fund managers is monitored on an ongoing basis using modern portfolio risk analysis and appropriate index benchmarks. The Bank does not expect to make a contribution to the Retirement Plan in 2016. The fair value of the pooled separate accounts is determined by the investment manager and is based on the value of the underlying assets held at December 31, 2015 and 2014. The following tables set forth the Retirement Plan’s assets which are all carried at fair value, and the method that was used to determine their fair value, at December 31, 2015 and 2014:
December 31, 2015 |  |  |  | Quoted Prices in Active Markets for Identical Assets |  | Significant Other Observable Inputs |  | Significant Other Unobservable Inputs
|  | Total |  | Level 1 |  | Level 2 |  | Level 3
|  | (In thousands)
Pooled Separate Accounts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. large-cap growth (a) |  | $ | 5,114 |  |  | $ | - |  |  | $ | 5,114 |  |  | $ | - |
U.S. large-cap value (b) |  |  | 4,619 |  |  |  | - |  |  |  | 4,619 |  |  |  | - |
U.S. small-cap blend (c) |  |  | 2,094 |  |  |  | - |  |  |  | 2,094 |  |  |  | - |
International blend (d) |  |  | 2,079 |  |  |  | - |  |  |  | 2,079 |  |  |  | - |
Bond fund (e) |  |  | 5,671 |  |  |  | - |  |  |  | 5,671 |  |  |  | - |
Prudential short term (f) |  |  | 347 |  |  |  | - |  |  |  | 347 |  |  |  | - |
Total |  | $ | 19,924 |  |  | $ | - |  |  | $ | 19,924 |  |  | $ | - |
December 31, 2014 |  |  |  | Quoted Prices in Active Markets for Identical Assets |  | Significant Other Observable Inputs |  | Significant Other Unobservable Inputs
|  | Total |  | Level 1 |  | Level 2 |  | Level 3
|  | (In thousands)
Pooled Separate Accounts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. large-cap growth (a) |  | $ | 4,832 |  |  | $ | - |  |  | $ | 4,832 |  |  | $ | - |
U.S. large-cap value (b) |  |  | 4,939 |  |  |  | - |  |  |  | 4,939 |  |  |  | - |
U.S. small-cap blend (c) |  |  | 2,163 |  |  |  | - |  |  |  | 2,163 |  |  |  | - |
International blend (d) |  |  | 1,966 |  |  |  | - |  |  |  | 1,966 |  |  |  | - |
Bond fund (e) |  |  | 6,274 |  |  |  | - |  |  |  | 6,274 |  |  |  | - |
Prudential short term (f) |  |  | 335 |  |  |  | - |  |  |  | 335 |  |  |  | - |
Total |  | $ | 20,509 |  |  | $ | - |  |  | $ | 20,509 |  |  | $ | - |
| a. | Comprised of large-cap stocks seeking to outperform, over the long term, the Russell 1000 Growth Index. The portfolio will typically hold between 55 and 70 stocks.
| b. | Comprised of large-cap stocks seeking to outperform the Russell 1000 Value benchmark over the rolling three and five year periods, or a full market cycle, whichever is longer.
| c. | Comprised of stocks with market capitalization of between $100 million and the market capitalization of the largest stock in the Russell 2000 index at the time of purchase. The portfolio will typically hold between 40 and 100 stocks.
| d. | Comprised of non-U.S. domiciled stocks. The portfolio will typically hold between 80 and 90 stocks.
| e. | Comprised of a portfolio of fixed income securities including U.S agency mortgage-backed securities and investment grade bonds.
| f. | Comprised of money market instruments with an emphasis on safety and liquidity.
Other Postretirement Benefit Plans: The Company sponsors two unfunded postretirement benefit plans (the “Postretirement Plans”) that cover all retirees who were full-time permanent employees with at least five years of service, and their spouses. Effective January 1, 2012, the Postretirement Plans are no longer available for new hires. One plan provides medical benefits through a 50% cost sharing arrangement. Effective January 1, 2000, the spouses of future retirees were required to pay 100% of the premiums for their coverage. The other plan provides life insurance benefits and is noncontributory. Effective January 1, 2010, life insurance benefits are not available for future retirees. Under these programs, eligible retirees receive lifetime medical and life insurance coverage for themselves and lifetime medical coverage for their spouses. The Company reserves the right to amend or terminate these plans at its discretion. Comprehensive medical plan benefits equal the lesser of the normal plan benefit or the total amount not paid by Medicare. Life insurance benefits for retirees are based on annual compensation and age at retirement. As of December 31, 2015, the Company has not funded these plans. The Company used a December 31 measurement date for these plans. The following table sets forth, for the Postretirement Plans, the change in benefit obligation and assets, and for the Company, the amounts recognized in the Consolidated Statements of Financial Condition at December 31:
|  | 2015 |  | 2014
|  | (In thousands)
Change in benefit obligation: |  |  |  |  |  |  |  |
Projected benefit obligation at beginning of year |  | $ | 8,073 |  |  | $ | 5,586 |
Service cost |  |  | 382 |  |  |  | 358 |
Interest cost |  |  | 300 |  |  |  | 253 |
Actuarial loss (gain) |  |  | (715 | ) |  |  | 1,925 |
Benefits paid |  |  | (63 | ) |  |  | (49 | )
Projected benefit obligation at end of year |  |  | 7,977 |  |  |  | 8,073 |
Change in plan assets: |  |  |  |  |  |  |  |
Market value of assets at beginning of year |  |  | - |  |  |  | - |
Employer contributions |  |  | 63 |  |  |  | 49 |
Benefits paid |  |  | (63 | ) |  |  | (49 | )
Market value of plan assets at end of year |  |  | - |  |  |  | - |
Accrued pension cost included in other liabilities |  | $ | (7,977 | ) |  | $ | (8,073 | )
The accumulated benefit obligation for the Postretirement Plans was $8.0 million and $8.1 million at December 31, 2015 and 2014, respectively. Assumptions used in determining the actuarial present value of the accumulated postretirement benefit obligations at December 31 are as follows:
|  | 2015 |  | 2014
Rate of return on plan assets |  |  | n/a |  |  |  | n/a |
Discount rate |  |  | 4.06 | % |  |  | 3.76 | %
Rate of increase in health care costs |  |  |  |  |  |  |  |
Initial |  |  | 7.00 | % |  |  | 8.00 | %
Ultimate (year 2018) |  |  | 5.00 | % |  |  | 5.00 | %
Annual rate of salary increase for life insurance |  |  | n/a |  |  |  | n/a |
The resulting net periodic postretirement expense consisted of the following components for the years ended December 31:
|  | 2015 |  | 2014 |  | 2013
|  | (In thousands)
Service cost |  | $ | 382 |  |  | $ | 358 |  |  | $ | 449 |
Interest cost |  |  | 300 |  |  |  | 253 |  |  |  | 219 |
Amortization of unrecognized loss |  |  | 119 |  |  |  | - |  |  |  | 50 |
Amortization of past service credit |  |  | (85 | ) |  |  | (85 | ) |  |  | (85 | )
Net postretirement benefit expense |  |  | 716 |  |  |  | 526 |  |  |  | 633 |
Current year actuarial (gain) loss |  |  | (715 | ) |  |  | 1,925 |  |  |  | (943 | )
Amortization of actuarial loss |  |  | (119 | ) |  |  | - |  |  |  | (50 | )
Amortization of prior service credit |  |  | 85 |  |  |  | 85 |  |  |  | 85 |
Total recognized in other comprehensive income |  |  | (749 | ) |  |  | 2,010 |  |  |  | (908 | )
Total recognized in net postretirement expense and other comprehensive income |  | $ | (33 | ) |  | $ | 2,536 |  |  | $ | (275 | )
Assumptions used to develop periodic postretirement expense for the Postretirement Plans for the years ended December 31 were:
|  | 2015 |  | 2014 |  | 2013
Rate of return on plan assets |  |  | n/a |  |  |  | n/a |  |  |  | n/a |
Discount rate |  |  | 3.76 | % |  |  | 4.60 | % |  |  | 3.75 | %
Rate of increase in health care costs |  |  |  |  |  |  |  |  |  |  |  |
Initial |  |  | 8.00 | % |  |  | 9.00 | % |  |  | 10.00 | %
Ultimate (year 2018) |  |  | 5.00 | % |  |  | 5.00 | % |  |  | 5.00 | %
Annual rate of salary increase for life insurance |  |  | n/a |  |  |  | n/a |  |  |  | n/a |
The health care cost trend rate assumptions have a significant effect on the amounts reported. A one percentage point change in assumed health care trend rates would have the following effects:
|  | Increase |  | Decrease
|  | (In thousands)
Effect on postretirement benefit obligation |  | $ | 1,634 |  |  | $ | (1,240 | )
Effect on total service and interest cost |  |  | 177 |  |  |  | (131 | )
The Company expects to pay benefits of $189,000 under its Postretirement Plans in 2016. The following benefit payments under the Postretirement Plan, which reflect expected future service, are expected to be paid:
For the years ending December 31: |  | Future Benefit Payments
|  | (In thousands)
2016 |  | $ | 189 |
2017 |  |  | 229 |
2018 |  |  | 255 |
2019 |  |  | 280 |
2020 |  |  | 263 |
2021 – 2025 |  |  | 1,524 |
Defined Contribution Plans: The Company maintains a tax qualified 401(k) plan which covers substantially all salaried employees who have completed one year of service. Currently, annual matching contributions under the Bank’s 401(k) plan equal 50% of the employee’s contributions, up to a maximum of 3% of the employee’s compensation. In addition, the 401(k) plan includes the Defined Contribution Retirement Plan (“DCRP”), under which the Bank contributes an amount equal to 4% of an employee’s eligible compensation as defined in the plan, and the Profit Sharing Plan (“PSP”), under which at the discretion of the Company’s Board of Directors a contribution is made. Contributions for the DCRP and PSP are made in the form of Company common stock at or after the end of each year. Annual contributions under these plans are subject to the limits imposed under the Internal Revenue Code. Contributions by the Company into the 401(k) plan vest 20% per year over the employee's first five years of service. Contributions to these plans are 100% vested upon a change of control (as defined in the applicable plan). Compensation expense recorded by the Company for these plans amounted to $3.0 million, $3.1 million and $2.9 million for the years ended December 31, 2015, 2014 and 2013, respectively. The Bank provides a non-qualified deferred compensation plan as an incentive for officers who have achieved the designated level and completed one year of service. Prior to January 1, 2015, the Plan included officers at a level that are no longer qualified to participate, however those that were eligible remain eligible to participate in the Plan. In addition to the amounts deferred by the officers, the Bank matches 50% of their contributions, generally up to a maximum of 5% of the officers’ salary. Matching contributions under this plan vest 20% per year for five years. The non-qualified deferred compensation plan assets are held in a rabbi trust totaling $10.6 million and $10.0 million at December 31, 2015 and 2014, respectively. Contributions become 100% vested upon a change of control (as defined in the plan). Compensation expense recorded by the Company for this plan amounted to $0.4 million for each of the years ended December 31, 2015, 2014 and 2013. Employee Benefit Trust: An Employee Benefit Trust (“EBT”) has been established to assist the Company in funding its benefit plan obligations. In connection with the Bank’s conversion to a federal stock savings bank in 1995, the EBT borrowed $7.9 million from the Company and used $7,000 of cash received from the Bank to purchase 2,328,750 shares of the common stock of the Company. The loan was repaid from the Company’s discretionary contributions to the EBT and dividend payments received on common stock held by the EBT. During the year ended December 31, 2010, the loan was fully repaid. Dividend payments received subsequent to the loan being repaid are used to purchase additional shares of common stock. Shares purchased with the loan proceeds are held in a suspense account for contribution to specified benefit plans. Shares released from the suspense account are used solely for funding matching contributions under the Bank’s 401(k) plan, contributions to the 401(k) plan for the DCRP, and contributions to the PSP. For the years ended December 31, 2015, 2014 and 2013, the Company funded $2.8 million, $2.7 million and $2.3 million, respectively, of employer contributions to the 401(k), DCRP and profit sharing plans from the EBT. Upon a change of control (as defined in the EBT), the EBT will terminate and any trust assets remaining after certain benefit plan contributions will be distributed to all full-time employees of the Company with at least one year of service, in proportion to their compensation over the four most recently completed calendar years plus the portion of the current year prior to the termination of the EBT. As shares are released from the suspense account, the Company reports compensation expense equal to the current market price of the shares, and the shares become outstanding for earnings per share computations. The EBT shares are as follows at December 31:
|  | 2015 |  | 2014
Shares owned by Employee Benefit Trust, beginning balance |  |  | 800,950 |  |  |  | 913,792 |
Shares purchased |  |  | 22,102 |  |  |  | 23,717 |
Shares released and allocated |  |  | (147,616 | ) |  |  | (136,559 | )
Shares owned by Employee Benefit Trust, ending balance |  |  | 675,436 |  |  |  | 800,950 |
Market value of unallocated shares. |  | $ | 14,616,435 |  |  | $ | 16,235,257 |
Outside Director Retirement Plan: The Bank has an unfunded noncontributory defined benefit Outside Director Retirement Plan (the “Directors’ Plan”), which provides benefits to each non-employee director who became a non-employee director before January 1, 2004, who has at least five years of service as a non-employee director and whose years of service as a non-employee director plus age equals or exceeds 55. Benefits are also payable to a non-employee director who became a non-employee director before January 1, 2004 and whose status as a non-employee director terminates because of death or disability or who is a non-employee director upon a change of control (as defined in the Directors’ Plan). Any person who became a non-employee director after January 1, 2004 is not eligible to participate in the Directors’ Plan. Upon termination an eligible director will be paid an annual retirement benefit equal to $48,000. Such benefit will be paid in equal monthly installments for the lesser of the number of months such director served as a non-employee director or 120 months. In the event of a termination of Board service due to a change of control, a non-employee director who has completed at least two years of service as a non-employee director will receive a cash lump sum payment equal to 120 months of benefit, and a non-employee director with less than two years of service will receive a cash lump sum payment equal to a number of months of benefit equal to the number of months of his service as a non-employee director. In the event of the director’s death, the surviving spouse will receive the equivalent benefit. No benefits will be payable to a director who is removed for cause. The Holding Company has guaranteed the payment of benefits under the Directors’ Plan, for this reason the Bank has assets held in a rabbi trust totaling $4.2 million and $3.9 million at December 31, 2015 and 2014, respectively. Upon adopting the Directors’ Plan, the Bank elected to immediately recognize the effect of adopting the Directors’ Plan. Subsequent plan amendments are amortized as a past service liability. The Bank uses a December 31 measurement date for the Directors’ Plan. The following table sets forth, for the Directors’ Plan, the change in benefit obligation and assets, and for the Company, the amounts recognized in the Consolidated Statements of Financial Condition at December 31:
|  | 2015 |  | 2014
|  | (In thousands)
Change in benefit obligation: |  |  |  |  |  |  |  |
Projected benefit obligation at beginning of year |  | $ | 2,663 |  |  | $ | 2,666 |
Service cost |  |  | 45 |  |  |  | 54 |
Interest cost |  |  | 95 |  |  |  | 116 |
Actuarial gain |  |  | (129 | ) |  |  | (53 | )
Benefits paid |  |  | (144 | ) |  |  | (120 | )
Projected benefit obligation at end of year |  |  | 2,530 |  |  |  | 2,663 |
Change in plan assets: |  |  |  |  |  |  |  |
Market value of assets at beginning of year |  |  | - |  |  |  | - |
Employer contributions |  |  | 144 |  |  |  | 120 |
Benefits paid |  |  | (144 | ) |  |  | (120 | )
Market value of plan assets at end of year |  |  | - |  |  |  | - |
Accrued pension cost included in other liabilities |  | $ | (2,530 | ) |  | $ | (2,663 | )
The accumulated benefit obligation for the Directors’ Plan was $2.5 million and $2.7 million at December 31, 2015 and 2014, respectively. The components of the net pension expense for the Directors’ Plan are as follows for the years ended December 31:
|  | 2015 |  | 2014 |  | 2013
|  | (In thousands)
Service cost |  | $ | 45 |  |  | $ | 54 |  |  | $ | 82 |
Interest cost |  |  | 95 |  |  |  | 116 |  |  |  | 98 |
Amortization of unrecognized gain |  |  | (56 | ) |  |  | (60 | ) |  |  | (36 | )
Amortization of past service liability |  |  | 40 |  |  |  | 40 |  |  |  | 40 |
Net pension expense |  |  | 124 |  |  |  | 150 |  |  |  | 184 |
Current actuarial gain |  |  | (130 | ) |  |  | (52 | ) |  |  | (122 | )
Amortization of actuarial gain |  |  | 56 |  |  |  | 60 |  |  |  | 36 |
Amortization of prior service cost |  |  | (40 | ) |  |  | (40 | ) |  |  | (40 | )
Total recognized in other comprehensive income |  |  | (114 | ) |  |  | (32 | ) |  |  | (126 | )
Total recognized in net pension expense and other comprehensive income |  | $ | 10 |  |  | $ | 118 |  |  | $ | 58 |
Assumptions used to determine benefit obligations and periodic pension expense for the Directors’ Plan for the years ended December 31:
|  | 2015 |  | 2014 |  | 2013
Weighted average discount rate for the benefit obligation |  |  | 4.06 | % |  |  | 3.76 | % |  |  | 4.60 | %
Weighted average discount rate for periodic pension benefit expense |  |  | 3.76 | % |  |  | 4.60 | % |  |  | 3.75 | %
Rate of increase in future compensation levels |  |  | n/a |  |  |  | n/a |  |  |  | n/a |
The following benefit payments under the Directors’ Plan, which reflect expected future service, are expected to be paid:
For the years ending December 31: |  | Future Benefit Payments
|  | (In thousands)
2016 |  | $ | 288 |
2017 |  |  | 288 |
2018 |  |  | 272 |
2019 |  |  | 288 |
2020 |  |  | 288 |
2021 – 2025 |  |  | 1,244 |
The Company expects to make payments of $288,000 under its Directors’ Plan in 2016.

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