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Employee Benefit Plans (Tables) | 12 Months Ended
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Dec. 31, 2015
Compensation and Retirement Disclosure [Abstract] |
Amounts included in Accumulated other comprehensive income, before tax | The following amounts are included in Accumulated other comprehensive income (loss) in the Consolidated Balance Sheet before affecting such amounts for income taxes:
December 31, | 2015 |  | 2014
(Dollars in thousands) |  |  |  |  |
Net prior service costs | $ | 6,846 |  | $ | 17,246
Net actuarial loss |  | (7,280) |  |  | (8,436)
| $ | (434) |  | $ | 8,810
Funded status of post-retirement benefit plans | The following table reconciles the beginning and ending balances of the benefit obligation and the fair value of plan assets for the other post-retirement benefit plan.
December 31, | 2015 |  | 2014
(Dollars in thousands) |  |  |  |  |
Change in benefit obligation |  |  |  |  |
| Benefit obligation at beginning of year | $ | 34,645 |  | $ | 46,142
| Service cost |  | 549 |  |  | 1,018
| Interest cost |  | 1,540 |  |  | 2,255
| Plan amendments |  | 7,412 |  |  | (2,057)
| Actuarial (gain) loss |  | (3,723) |  |  | (10,897)
| Prescription drug subsidy |  | 227 |  |  | 264
| Employee contribution |  | 2,222 |  |  | 2,216
| Benefits paid |  | (4,101) |  |  | (4,296)
| Benefit obligation at end of year |  | 38,771 |  |  | 34,645
Change in plan assets |  |  |  |  |
| Fair value of plan assets at beginning of year |  | 51,324 |  |  | 49,743
| Actual return (loss) on plan assets |  | 395 |  |  | 3,495
| Employee contribution |  | 2,222 |  |  | 2,216
| Employer contribution |  | 168 |  |  | 166
| Benefits paid |  | (4,101) |  |  | (4,296)
| Fair value of plan assets at end of year |  | 50,008 |  |  | 51,324
Funded status | $ | 11,237 |  | $ | 16,679
Fair value of plan assets | The following table sets forth by level within the fair value hierarchy the plans’ assets at fair value, as of December 31, 2015 and 2014. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. A financial instrument’s level within the fair value hierarchy is not representative of its expected performance or its over all risk profile, and therefore Level 3 assets are not necessarily higher risk than Level 2 assets or Level 1 assets. There were no Level 3 assets for any years presented. Mutual funds are valued based on the closing price reported on the active market on which the individual securities are traded. The bank common trust is entirely comprised of the BlackRock Intermediate Government/Credit Bond Index Fund F (“BlackRock Bond Fund”) and is valued using the market approach which values the underlying investments in the fund using observable inputs for similar assets.
December 31, 2015 | Level 1 |  | Level 2 |  | Total
(Dollars in thousands) |  |  |  |  |  |  |  |
Mutual funds |  |  |  |  |  |  |  |
| International equity 1 | $ | 11,912 |  | $ | – |  | $ | 11,912
| Money market 2 |  | 3,139 |  |  | – |  |  | 3,139
| US large cap 3 |  | 22,327 |  |  | – |  |  | 22,327
Bank common trust |  |  |  |  |  |  |  |
| Bond 4 |  | – |  |  | 12,630 |  |  | 12,630
Total plan assets at fair value | $ | 37,378 |  | $ | 12,630 |  | $ | 50,008
December 31, 2014 | Level 1 |  | Level 2 |  | Total
(Dollars in thousands) |  |  |  |  |  |  |  |
Mutual funds |  |  |  |  |  |  |  |
| Bond 5 | $ | 12,842 |  | $ | – |  | $ | 12,842
| International equity 1 |  | 12,003 |  |  | – |  |  | 12,003
| Money market 2 |  | 2,053 |  |  | – |  |  | 2,053
| US large cap 3 |  | 20,191 |  |  | – |  |  | 20,191
| US small cap 6 |  | 4,234 |  |  | – |  |  | 4,234
Other |  | – |  |  | 1 |  |  | 1
Total plan assets at fair value | $ | 51,323 |  | $ | 1 |  | $ | 51,324
1 | International equity - This type of fund seeks to provide long-term capital appreciation by investing in the stocks of companies located outside the United States that are considered to have the potential for above-average capital appreciation.
2 | Money market - This type of fund seeks as high a level of current income as is consistent with the preservation of capital and the maintenance of liquidity by investing in a diversified portfolio of high-quality, dollar-denominated short-term debt securities.
3 | US large cap - This type of fund seeks to track the performance of several benchmark indices that measure the investment return of large-capitalization stocks. The funds attempt to replicate the indices by investing substantially all of their assets in the stocks that make up the various indices in approximately the same proportion as the weighting in the indices.
4 | Bond (bank common trust) – This type of fund seeks to achieve maximum total return by investing in Bond Index Funds and other short-term investments.
5 | Bond (mutual funds) - This type of fund seeks to achieve a maximum total return, consistent with preservation of capital and prudent investment management by investing in a wide spectrum of fixed income instruments including bonds, debt securities and other similar instruments issued by government and private-sector entities.
6 | US small cap - This type of fund seeks to track the performance of a benchmark index that measures the investment return of small-capitalization stocks. The fund attempts to replicate the index by investing substantially all of its assets in the stocks that make up the index in approximately the same proportion as the weighting in the index.
Plan asset investment allocation | The following table summarizes how plan assets are invested.
|  |  |  | Allocation of Plan Assets
|  |  |  | at December 31,
Investment |  | Target Asset |  |  |  |
Category |  | Allocation |  | 2015 |  | 2014
U.S. equities |  | 45% |  | 44.7% |  | 47.6%
International equities |  | 25% |  | 23.8% |  | 23.4%
Debt securities |  | 30% |  | 31.5% |  | 29.0%
Net periodic benefit cost | Net periodic benefit cost recorded in the Consolidated Statement of Operations includes the following components:
Year Ended December 31, | 2015 |  | 2014 |  | 2013
(Dollars in thousands) |  |  |  |  |  |  |  |
Service cost | $ | 549 |  | $ | 1,018 |  | $ | 1,348
Interest cost |  | 1,540 |  |  | 2,255 |  |  | 2,137
Expected return on plan assets |  | (3,252) |  |  | (3,402) |  |  | (3,065)
Amortization of prior service costs 1 |  | (2,988) |  |  | (3,644) |  |  | (3,605)
Amortization of actuarial losses 2 |  | 290 |  |  | 1,287 |  |  | 2,452
Net post-retirement cost (benefit) | $ | (3,861) |  | $ | (2,486) |  | $ | (733)
1 | Based on straight-line amortization over the average time remaining before active employees become fully eligible for plan benefits.
2 | Based on straight-line amortization over the average time remaining before active employees retire.
Assumptions used to calculate net periodic benefit cost | The following assumptions were used to determine benefit obligations and net periodic benefit cost:
December 31, | 2015 |  | 2014
Benefit obligations |  |  |
Discount rate | 4.40% |  | 4.20%
Net periodic benefit cost |  |  |
Discount rate | 4.20% |  | 5.00%
Expected return on plan assets | 6.50% |  | 7.00%
Change in health care cost trend rate | A 1% increase or decrease in assumed health care cost trend rates would have the following effects as of and for the year ended December 31, 2015:
| One Percent
| Increase |  | Decrease
(Dollars in thousands) |  |  |  |  |
Effect on total service and interest cost components | $ | 14 |  | $ | (13)
Effect on post-retirement benefit obligation | $ | 230 |  | $ | (202)
Estimated future post-retirement benefit payments | The following estimated future benefit payments, which reflect expected future service, are expected to be paid:
Year | Estimated Future Post-Retirement Benefit Payments
(Dollars in thousands) |  |
2016 | $ | 1,823
2017 |  | 1,969
2018 |  | 2,061
2019 |  | 2,163
2020 |  | 2,257
2021-2025 |  | 12,229

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- Definition Tabular disclosure of the major categories of plan assets of pension plans and/or other employee benefit plans. This information may include, but is not limited to, the target allocation of plan assets, the fair value of each major category of plan assets, and the level within the fair value hierarchy in which the fair value measurements fall. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (d)(5) -URI http://asc.fasb.org/extlink&oid=58740216&loc=d3e1928-114920 + Details
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- Definition Tabular disclosure of the amounts that are recognized in the balance sheet (or statement of financial position) for pension plans and/or other employee benefit plans, showing separately the assets and current and noncurrent liabilities (if applicable) recognized. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=58740216&loc=d3e1928-114920 + Details
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- Definition Tabular disclosure of the reconciliation of beginning and ending balances of the fair value of plan assets of pension plans and/or other employee benefit plans showing separately, if applicable, the effects during the period attributable to each of the following: actual return on plan assets, foreign currency exchange rate changes, contributions by the employer, contributions by plan participants, benefits paid, business combinations, divestitures, and settlements. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=58740216&loc=d3e1928-114920 + Details
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- Definition Tabular disclosure of benefits expected to be paid by pension plans and/or other employee benefit plans in each of the next five fiscal years and in the aggregate for the five fiscal years thereafter. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=58740216&loc=d3e1928-114920 + Details
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